# EDGAR Filing Document

**Accession Number:** 0001551901
**File Stem:** 0001104659-25-109139
**Filing Date:** 2025-11
**Character Count:** 424473
**Document Hash:** bc9b89f16b469225a27b3b5eb13ddc49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-109139.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001104659-25-109139

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stellus Capital Investment Corp
- **CENTRAL INDEX KEY:** 0001551901

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00971
- **FILM NUMBER:** 251466235

**BUSINESS ADDRESS:**
- **STREET 1:** 4400 POST OAK PARKWAY
- **STREET 2:** SUITE 2200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027
- **BUSINESS PHONE:** (713) 292-5400

**MAIL ADDRESS:**
- **STREET 1:** 4400 POST OAK PARKWAY
- **STREET 2:** SUITE 2200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027

?xml version='1.0' encoding='ASCII'? Stellus Capital Investment Corp_September 30, 2025

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

&nbsp;&nbsp;&nbsp;&nbsp;**☒** **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended September 30, 2025**

**OR**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**COMMISSION FILE NUMBER: 814-00971**

**STELLUS CAPITAL INVESTMENT CORPORATION**

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Maryland** |  | **46-0937320** |
| (State or Other Jurisdiction of<br>Incorporation or Organization) |  | (I.R.S. Employer<br>Identification No.) |

---

**4400 Post Oak Parkway, Suite 2200**

**Houston, Texas 77027**

(Address of Principal Executive Offices) (Zip Code)

**(713) 292-5400**

(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class**  | **Trading Symbol(s)**  | **Name of each exchange on which registered**  |
| Common Stock, par value $0.001 per share  | SCM  | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act&nbsp;&nbsp;&nbsp;&nbsp; ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

The number of shares of the issuer's Common Stock, par value $0.001 per share, outstanding as of November 10, 2025 was 28,947,254.

------

[**Table of Contents**](#TOC)

#### STELLUS CAPITAL INVESTMENT CORPORATION

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [**PART I. FINANCIAL INFORMATION**](#FINANCIALINFORMATION_190883) | [**PART I. FINANCIAL INFORMATION**](#FINANCIALINFORMATION_190883) |  |
| [Item 1.](#Item1FinancialStatements_40584) | [Financial Statements](#Item1FinancialStatements_40584) | 1 |
|  | [Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024](#CONSOLIDATEDSTATEMENTSOFASSETS_308524) | 1 |
|  | [Consolidated Statements of Operations for the three and nine-month periods ended September 30, 2025 and 2024 (unaudited)](#CONSOLIDATEDSTATEMENTSOFOPERATIONS_43703) | 2 |
|  | [Consolidated Statements of Changes in Net Assets for the three and nine-month periods ended September 30, 2025 and 2024 (unaudited)](#Net_assets) | 3 |
|  | [Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2025 and 2024 (unaudited)](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_766288) | 4 |
|  | [Consolidated Schedules of Investments as of September 30, 2025 (unaudited) and December 31, 2024](#ConsolidatedScheduleofInvestments_881048) | 5 |
|  | [Notes to Unaudited Financial Statements](#SIGNIFICANTACCOUNTINGPOLICIES_487392) | 35 |
| [Item 2.](#ManagementsDiscussionandAnalysisofFinanc) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ManagementsDiscussionandAnalysisofFinanc) | 67 |
| [Item 3.](#QuantitativeandQualitativeDisclosures_41) | [Quantitative and Qualitative Disclosures About Market Risk](#QuantitativeandQualitativeDisclosures_41) | 86 |
| [Item 4.](#ControlsandProcedures_95479) | [Controls and Procedures](#ControlsandProcedures_95479) | 87 |
| [**PART II. OTHER INFORMATION**](#OTHERINFORMATION_842266) | [**PART II. OTHER INFORMATION**](#OTHERINFORMATION_842266) |  |
| [Item 1.](#LegalProceedings_799170) | [Legal Proceedings](#LegalProceedings_799170) | 87 |
| [Item 1A.](#RiskFactors_15966) | [Risk Factors](#RiskFactors_15966) | 87 |
| [Item 2.](#UnregisteredSalesofEquitySecurities_7720) | [Unregistered Sales of Equity Securities and Use of Proceeds](#UnregisteredSalesofEquitySecurities_7720) | 87 |
| [Item 3.](#DefaultsUponSeniorSecurities_978024) | [Defaults Upon Senior Securities](#DefaultsUponSeniorSecurities_978024) | 87 |
| [Item 4.](#Item4_171764) | [Mine Safety Disclosures](#Item4_171764) | 88 |
| [Item 5.](#OtherInformation_116478) | [Other Information](#OtherInformation_116478) | 88 |
| [Item 6.](#EXHIBITS_807941) | [Exhibits](#EXHIBITS_807941) | 89 |
| [**SIGNATURES**](#Signatures) | [**SIGNATURES**](#Signatures) | 90 |

---

[**Table of Contents**](#TOC)

#### PART I — FINANCIAL INFORMATION

#### STELLUS CAPITAL INVESTMENT CORPORATION

#### CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
**Item 1. Financial Statements**

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025**<br>**(unaudited)** | <br>**December 31, 2024** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Controlled investments at fair value (amortized cost of $33,202,703 and $17,934,808, respectively) | $13568095 | $7652436 |
| &nbsp;&nbsp;Non-controlled, non-affiliated investments, at fair value (amortized cost of $986,914,541 and $943,853,898, respectively) | 996641541 | 945845252 |
| &nbsp;&nbsp;Cash and cash equivalents | 9024020 | 20058594 |
| &nbsp;&nbsp;Receivable for sales and repayments of investments | 437552 | 335689 |
| &nbsp;&nbsp;Interest receivable | 7047686 | 4947765 |
| &nbsp;&nbsp;Income tax receivable | 1522198 | 1301965 |
| &nbsp;&nbsp;Other receivables | 99111 | 87995 |
| &nbsp;&nbsp;Related party receivable | 22500 | 3687 |
| &nbsp;&nbsp;Prepaid expenses | 281634 | 666866 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1028644337 | $980900249 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;Notes Payable | $172522707 | $99444355 |
| &nbsp;&nbsp;Credit Facility payable | 163995602 | 172314315 |
| &nbsp;&nbsp;SBA-guaranteed debentures | 295805634 | 321251939 |
| &nbsp;&nbsp;Dividends payable | 3858669 | 3663233 |
| &nbsp;&nbsp;Management fees payable | 4401305 | 4034109 |
| &nbsp;&nbsp;Income incentive fees payable | 2642033 | 3109560 |
| &nbsp;&nbsp;Interest payable | 5912375 | 5281343 |
| &nbsp;&nbsp;Related party payable | 136535 |  |
| &nbsp;&nbsp;Unearned revenue | 640637 | 548626 |
| &nbsp;&nbsp;Administrative services payable | 507139 | 393513 |
| &nbsp;&nbsp;Other accrued expenses and liabilities | 491374 | 937316 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $650914010 | $610978309 |
| **Commitments and contingencies (Note 7)** |  |  |
| **Net Assets** | $377730327 | $369921940 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;Common stock, par value $0.001 per share (100,000,000 shares authorized; 28,947,254 and 27,481,118 shares issued and outstanding, respectively) | $28947 | $27481 |
| &nbsp;&nbsp;Paid-in capital | 399410630 | 379549272 |
| &nbsp;&nbsp;Total distributable loss | (21709250) | (9654813) |
| **Net Assets** | $377730327 | $369921940 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $1028644337 | $980900249 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value Per Share** | $13.05 | $13.46 |

---

[**Table of Contents**](#TOC)

#### STELLUS CAPITAL INVESTMENT CORPORATION
**CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **INVESTMENT INCOME** |  |  |  |  |
| From controlled investments: |  |  |  |  |
| &nbsp;&nbsp;Interest income | $— | $— | $— | $81636 |
| From non-controlled, non-affiliated investments |  |  |  |  |
| &nbsp;&nbsp;Interest income | 23634587 | 24403375 | 69923357 | 72969302 |
| &nbsp;&nbsp;Payment-in-kind interest income | 1378166 | 934986 | 3870717 | 2490854 |
| &nbsp;&nbsp;Other income | 1262956 | 1159898 | 3129895 | 3579415 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | $26275709 | $26498259 | $76923969 | $79121207 |
| **OPERATING EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;Management fees | $4401305 | $3959554 | $12735472 | $11664020 |
| &nbsp;&nbsp;Valuation fees | 172364 | 151535 | 368760 | 343753 |
| &nbsp;&nbsp;Administrative services expenses | 592409 | 469274 | 1515991 | 1441436 |
| &nbsp;&nbsp;Income incentive fees | 2166047 | 2564922 | 6460613 | 7616562 |
| &nbsp;&nbsp;Professional fees | 395098 | 312034 | 1125937 | 847866 |
| &nbsp;&nbsp;Directors' fees | 93250 | 93250 | 297750 | 315750 |
| &nbsp;&nbsp;Insurance expense | 99248 | 126362 | 295006 | 376840 |
| &nbsp;&nbsp;Interest expense and other fees | 8949075 | 7956403 | 25892109 | 23840473 |
| &nbsp;&nbsp;Income tax expense | 515686 | 360192 | 1444184 | 1304948 |
| &nbsp;&nbsp;Other general and administrative expenses | 227037 | 245043 | 945690 | 908185 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | $17611519 | $16238569 | $51081512 | $48659833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income incentive fee waiver | (471251) |  | (2643020) | (1826893) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses, net of fee waivers** | $17140268 | $16238569 | $48438492 | $46832940 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | $9135441 | $10259690 | $28485477 | $32288267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on controlled investments | $— | $— | $(1132576) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on non-controlled, non-affiliated investments | 2867155 | (3297615) | (2827517) | (21689864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on foreign currency translations | (9422) | (22095) | (59080) | (76990) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | (164762) |  | (164762) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on controlled investments | 51367 | 248746 | 1397134 | 923505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation on non-controlled, non-affiliated investments | (5187426) | 8255272 | (3906233) | 25512422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation on foreign currency translations | (325) | 14588 | 38540 | 5099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit for taxes on net unrealized depreciation on investments |  |  |  | 188893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit for taxes on net realized loss on investments |  | 2221 |  | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $6692028 | $15460807 | $21830983 | $37153553 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income Per Share—basic and diluted** | $0.32 | $0.39 | $1.01 | $1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations Per Share – basic and diluted** | $0.23 | $0.59 | $0.78 | $1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Shares of Common Stock Outstanding—basic and diluted** | 28480472 | 26326426 | 28168527 | 25066626 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Distributions Per Share—basic and diluted** | $0.40 | $0.40 | $1.20 | $1.21 |

---

[**Table of Contents**](#TOC)

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Number** <br>**of shares** | **Par** <br>**value** | <br>**Paid-in** <br>**capital** | **Total**<br>**distributable**<br>**(loss)**  | <br>**Net Assets** |
| **Balances at December 31, 2023** | 24125642 | $24125 | $335918984 | $(16003321) | $319939788 |
| Net investment income |  |  |  | 10235916 | 10235916 |
| Net realized loss on investments |  |  |  | (20384731) | (20384731) |
| Net realized loss on foreign currency translations |  |  |  | (25106) | (25106) |
| Net change in unrealized appreciation on investments |  |  |  | 23518590 | 23518590 |
| Net change in unrealized depreciation on foreign currency translations |  |  |  | (3602) | (3602) |
| Provision for taxes on unrealized appreciation on investments |  |  |  | (192607) | (192607) |
| Distributions from net investment income |  |  |  | (9647844) | (9647844) |
| **Balances at March 31, 2024** | 24125642 | $24125 | $335918984 | $(12502705) | $323440404 |
| Net investment income |  |  |  | 11792661 | 11792661 |
| Net realized gain on investments |  |  |  | 1992482 | 1992482 |
| Net realized loss on foreign currency translations |  |  |  | (29789) | (29789) |
| Net change in unrealized depreciation on investments |  |  |  | (5586681) | (5586681) |
| Net change in unrealized depreciation on foreign currency translations |  |  |  | (5887) | (5887) |
| Benefit for taxes on unrealized depreciation on investments |  |  |  | 381500 | 381500 |
| Distributions from net investment income |  |  |  | (10049073) | (10049073) |
| Issuance of common stock, net of offering costs<sup>(1)</sup> | 1855356 | 1856 | 25248020 |  | 25249876 |
| **Balances at June 30, 2024** | 25980998 | $25981 | $361167004 | $(14007492) | $347185493 |
| Net investment income |  |  |  | 10259690 | 10259690 |
| Net realized loss on investments |  |  |  | (3297615) | (3297615) |
| Net realized loss on foreign currency translation |  |  |  | (22095) | (22095) |
| Net change in unrealized appreciation on investments |  |  |  | 8504018 | 8504018 |
| Net change in unrealized appreciation on foreign currency translations |  |  |  | 14588 | 14588 |
| Benefit for taxes on net realized loss on investments |  |  |  | 2221 | 2221 |
| Distributions from net investment income |  |  |  | (10625512) | (10625512) |
| Issuance of common stock, net of offering costs<sup>(1)</sup> | 1058366 | 1058 | 14263441 |  | 14264499 |
| **Balances at September 30, 2024** | 27039364 | $27039 | $375430445 | $(9172197) | $366285287 |
| **Balances at December 31, 2024** | 27481118 | $27481 | $379549272 | $(9654813) | $369921940 |
| Net investment income |  |  |  | 9788809 | 9788809 |
| Net realized loss on investments |  |  |  | (5967221) | (5967221) |
| Net realized loss on foreign currency translations |  |  |  | (29655) | (29655) |
| Net change in unrealized appreciation on investments |  |  |  | 1193293 | 1193293 |
| Net change in unrealized depreciation on foreign currency translations |  |  |  | 8319 | 8319 |
| Distributions from net investment income |  |  |  | (11087389) | (11087389) |
| Issuance of common stock, net of offering costs<sup>(1)</sup> | 656085 | 656 | 8937430 |  | 8938086 |
| **Balances at March 31, 2025** | 28137203 | $28137 | $388486702 | $(15748657) | $372766182 |
| Net investment income |  |  |  | 9561227 | 9561227 |
| Net realized loss on investments |  |  |  | (860027) | (860027) |
| Net realized loss on foreign currency translations |  |  |  | (20003) | (20003) |
| Net change in unrealized appreciation on investments |  |  |  | 1433667 | 1433667 |
| Net change in unrealized appreciation on foreign currency translations |  |  |  | 30546 | 30546 |
| Distributions from net investment income |  |  |  | (11363618) | (11363618) |
| Issuance of common stock, net of offering costs<sup>(1)</sup> | 278945 | 279 | 3822637 |  | 3822916 |
| **Balances at June 30, 2025** | 28416148 | $28416 | $392309339 | $(16966865) | $375370890 |
| Net investment income |  |  |  | 9135441 | 9135441 |
| Net realized gain on investments |  |  |  | 2867155 | 2867155 |
| Net realized loss on foreign currency translations |  |  |  | (9422) | (9422) |
| Loss on **debt** extinguishment |  |  |  | (164762) | (164762) |
| Net change in unrealized depreciation on investments |  |  |  | (5136059) | (5136059) |
| Net change in unrealized depreciation on foreign currency translations |  |  |  | (325) | (325) |
| Distributions from net investment income |  |  |  | (11434413) | (11434413) |
| Issuance of common stock, net of offering costs<sup>(1)</sup> | 531106 | 531 | 7101291 |  | 7101822 |
| **Balances at September 30, 2025** | 28947254 | $28947 | $399410630 | $(21709250) | $377730327 |

---

(1) See Note 4 to the consolidated financial statements contained herein for more information on offering costs.

[**Table of Contents**](#TOC)

**CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net increase in net assets resulting from operations | $21830983 | $37153553 |
| &nbsp;&nbsp;Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (141983167) | (112624812) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales and repayments of investments | 85635632 | 87308914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation (appreciation) on investments | 2509099 | (26435927) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translations | (37811) | (5099) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in investments due to PIK | (3870717) | (2490856) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (2172972) | (2045992) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax benefit |  | (188893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan structure fees | 954033 | 825891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 447751 | 335345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount on Notes Payable | 63395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan fees on SBA-guaranteed debentures | 553695 | 784763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | 3960093 | 21689864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | 164762 |  |
| &nbsp;&nbsp;Changes in other assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in interest receivable | (2099921) | (1389856) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in income tax receivable | (220233) | (228663) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other receivables | (11116) | (25000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in related party receivables | (18813) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in prepaid expenses  | 385232 | 349950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in management fees payable | 367196 | 1041018 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in income incentive fees payable | (467527) | 269396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in administrative services payable | 113626 | (1118) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest payable | 631032 | (3988133) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in related party payable | 136535 | 1898854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in unearned revenue | 92011 | 152623 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in other accrued expenses and liabilities | (445942) | 718139 |
| **Net Cash (Used) Provided in Operating Activities** | $(33483144) | $3103961 |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the issuance of common stock | $20588960 | $40370901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales load for common stock issued | (308998) | (606145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs paid for common stock issued | (417138) | (243067) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholder distributions paid | (33689984) | (26718082) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Notes Payable | 125000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Notes Payable | (50000000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium from issuance of Notes Payable | 648000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount from issuance of Notes Payable | (770250) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing costs paid on Notes Payable | (2475306) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of SBA-guaranteed debentures | (26000000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing costs paid on Credit Facility | (1525014) | (101348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under Credit Facility | 198900000 | 122400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of Credit Facility | (207501700) | (125751700) |
| **Net Cash Provided by Financing Activities** | $22448570 | $9350559 |
| **Net (Decrease) Increase in Cash and Cash Equivalents** | $(11034574) | $12454520 |
| **Cash and Cash Equivalents Balance at Beginning of Period** | $20058594 | $26125741 |
| **Cash and Cash Equivalents Balance at End of Period** | $9024020 | $38580261 |
| **Supplemental and Non-Cash Activities** |  |  |
| &nbsp;&nbsp;Cash paid for interest expense | $24940287 | $25882607 |
| &nbsp;&nbsp;Income and excise tax paid | 1664417 | 1533611 |
| &nbsp;&nbsp;Exchange of investments | 1663301 | 8256411 |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK**<sup>(8)</sup> | <br>**Investment**<br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Control investments (23)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **EH Real Estate Services, LLC** |  |  |  |  |  |  |  |  |  | Skokie, IL |  |  |  |  |
| Term Loan A-1 | (16) | First Lien |  | 15.00% | -% | -% | -% | 9/3/2021 | 9/3/2026 | FIRE: Real Estate | $1882226  | 1882226 | 178811 | 0.05% |
| Term Loan A-2 | (16) | First Lien |  | 15.00% | -% | -% | -% | 4/3/2023 | 9/3/2026 |  | 650943  | 650943 | 61840 | 0.02% |
| Term Loan A-3 | (16) | First Lien |  | 15.00% | -% | -% | -% | 6/7/2023 | 9/3/2026 |  | 230678  | 230678 | 21914 | 0.01% |
| Term Loan A-4 | (16) | First Lien |  | 15.00% | -% | -% | -% | 7/12/2023 | 9/3/2026 |  | 1505537  | 1505537 | 1505537 | 0.40% |
| Term Loan A-5 | (16) | First Lien |  | 15.00% | -% | -% | -% | 1/8/2024 | 9/3/2026 |  | 5880756  | 5880756 | 5880756 | 1.56% |
| Revolver | (16)(22) | First Lien |  | 15.00% | -% | -% | -% | 10/3/2023 | 9/3/2026 |  | 63597  | 63597 | 63597 | 0.02% |
| EH Holdco, LLC Common Units |  | Equity |  |  |  |  |  | 10/3/2023 |  |  | 15356 | 3 | - | 0.00% |
| EH Holdco, LLC Series A Preferred Units |  | Equity |  |  |  |  |  | 9/3/2021 |  |  | 7892 | 7891642 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $18105382 | $7712455 | 2.06% |
| **J.R. Watkins, LLC** |  |  |  |  |  |  |  |  |  | San Francisco |  |  |  |  |
| Term Loan (SBIC) | (4)(19) | First Lien |  | 4.09% |  | -% |  | 12/22/2017 | 12/31/2026 | Consumer Goods: Non-Durable | 10034958  | 10034958 | 2107341 | 0.56% |
| Term Loan (SBIC) | (4)(19) | First Lien |  | 5.00% |  | -% |  | 12/22/2017 | 12/31/2026 |  | 3562250  | 3562250 | 748073 | 0.20% |
| Priority Revolver (SBIC) | (4)(19) | First Lien |  | 5.00% | -% | -% | -% | 5/3/2024 | 12/31/2026 |  | 1500113  | 1500113 | 3000226 | 0.79% |
| J.R. Watkins Ultimate Holdings, LLC Class A Units (SBIC) | (4) | Equity |  |  |  |  |  | 4/9/2025 |  |  | 500 | - | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15097321 | $5855640 | 1.55% |
| **Total Control investments** |  |  |  |  |  |  |  |  |  |  |  | $33202703 | $13568095 | 3.61% |
| **Non-controlled, non-affiliated investments** | (4)(5) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **2X LLC** |  |  |  |  |  |  |  |  |  | Berwyn, PA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 2.00% | 9.00% |  | 6/5/2023 | 6/5/2028 | Services: Business | $5390204  | 5306951 | 5363253 | 1.42% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 2.00% | 9.00% |  | 10/31/2023 | 6/5/2028 |  | 1419420  | 1396059 | 1412323 | 0.37% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 2.00% | 9.00% |  | 12/2/2024 | 6/5/2028 |  | 3822742  | 3776972 | 3803628 | 1.01% |
| Revolver | (9)(11) | First Lien | 3M SOFR+ | 5.00% | 2.00% | 9.00% |  | 6/5/2023 | 6/5/2028 |  | 42500  | 42500 | 42288 | 0.01% |
| 2X Investors LP Class A Units |  | Equity |  |  |  |  |  | 6/5/2023 |  |  | 43875 | 176915 | 1275364 | 0.34% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10699397 | $11896856 | 3.15% |
| **Ad.Net Acquisition, LLC** | (9) |  |  |  |  |  |  |  |  | Los Angeles, CA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.26% |  | 5/7/2021 | 5/7/2026 | Services: Business | $14925735  | 14891318  | 14925735  | 3.95% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.26% |  | 5/7/2021 | 5/7/2026 |  | 854217  | 854217 | 854217 | 0.23% |
| Ad.Net Holdings, Inc. Series A Common Stock (SBIC II) | (5) | Equity |  |  |  |  |  | 5/7/2021 |  |  | 7794 | 77941  | 0  | 0.00% |
| Ad.Net Holdings, Inc. Series A Preferred Stock (SBIC II) | (5) | Equity |  |  |  |  |  | 5/7/2021 |  |  | 7015 | 701471  | 523329  | 0.14% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $16524947 | $16303281 | 4.32% |
| **AdCellerant LLC** | (9) |  |  |  |  |  |  |  |  | Denver, CO |  |  |  |  |
| Term A Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 6.00% | 2.00% | 10.16% |  | 12/12/2023 | 12/12/2028 | Media: Advertising, Printing & Publishing | $9825000  | 9686224 | 9775875 | 2.59% |
| AdCellerant Holdings, LLC Series A Units |  | Equity |  |  |  |  |  | 12/12/2023 |  |  | 728710 | 728710 | 581560 | 0.15% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10414934 | $10357435 | 2.74% |
| **ADS Group Opco, LLC** |  |  |  |  |  |  |  |  |  | Lakewood, CO |  |  |  |  |
| Term Loan (SBIC II) | (5)(25) | First Lien |  | 5.00% | -% | -% | -% | 6/4/2021 | 12/31/2027 | Aerospace & Defense | $12851659  | 12806678 | 10538360 | 2.79% |
| Priority Revolver (SBIC II) | (5)(9)(25) | First Lien |  | 5.00% | -% | -% | -% | 9/30/2024 | 12/31/2027 |  | 35305  | 35305 | 70610 | 0.02% |
| ADS Group Topco, LLC Class A Units |  | Equity |  |  |  |  |  | 6/4/2021 |  |  | 77626 | 288691 | - | 0.00% |
| ADS Group Topco, LLC Class B Units |  | Equity |  |  |  |  |  | 6/4/2021 |  |  | 56819 | 211309 | - | 0.00% |
| ADS Group Topco, LLC Class D Units |  | Equity |  |  |  |  |  | 9/30/2024 |  |  | 432 | - | - | 0.00% |
| ADS Group Topco, LLC Class Y Units |  | Equity |  |  |  |  |  | 4/11/2023 |  |  | 48216 | 165027 | - | 0.00% |
| ADS Group Topco, LLC Class Z Units |  | Equity |  |  |  |  |  | 6/15/2022 |  |  | 72043 | 267929 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13774939 | $10608970 | 2.81% |
| **Advanced Barrier Extrusions, LLC** |  |  |  |  |  |  |  |  |  | Rhinelander, WI |  |  |  |  |
| Term Loan B (SBIC) | (4)(11)(13) | First Lien | 1M SOFR+ | 9.50% | 1.00% | -% | -% | 11/30/2020 | 11/30/2026 | Containers, Packaging, & Glass | $16843750  | 16765188 | - | 0.00% |
| Super Priority Term Loan (SBIC) | (4)(13) | First Lien |  | 15.00% |  | -% | -% | 12/6/2024 | 11/30/2026 |  | 795882  | 970378 | 2077252 | 0.55% |
| Super Priority Term Loan (SBIC) | (4)(13) | First Lien |  | 15.00% |  | -% | -% | 2/5/2025 | 11/30/2026 |  | 875000  | 875000 | 2283750 | 0.60% |
| Super Priority Term Loan (SBIC) | (4)(13) | First Lien |  | 15.00% |  | -% | -% | 3/26/2025 | 11/30/2026 |  | 500000  | 500000 | 1305000 | 0.35% |
| Term Loan A (SBIC) | (4)(13) | First Lien | 1M SOFR+ | 9.50% | 1.00% | -% | -% | 3/26/2025 | 11/30/2026 |  | 2607637  | 565204 | - | 0.00% |
| Revolver (SBIC) | (4)(13) | First Lien | 1M SOFR+ | 9.50% | 1.00% | -% | -% | 3/26/2025 | 11/30/2026 |  | 1558434  | 337790 | - | 0.00% |
| GP ABX Holdings Partnership, L.P. Partner Interests |  | Equity |  |  |  |  |  | 8/8/2018 |  |  | 644737 | 528395 | - | 0.00% |
| GP ABX Holdings Partnership, L.P. Series B Preferred Interests |  | Equity |  |  |  |  |  | 1/5/2023 |  |  | 1562 | 156182 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $20698137 | $5666002 | 1.50% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **AGT Robotique Inc.** | (7)(27) |  |  |  |  |  |  |  |  | Trois Rivieres, Canada |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 7.50% | 1.00% | 9.50% |  | 6/24/2024 | 6/22/2029 | Capital Equipment | $10592844  | 10423517 | 10380987 | 2.75% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10423517 | $10380987 | 2.75% |
| **American Refrigeration, LLC** | (9) |  |  |  |  |  |  |  |  | Jacksonville, FL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.25% | 1.50% | 10.25% |  | 3/31/2023 | 3/31/2028 | Capital Equipment | $8068786  | 7952902 | 8068786 | 2.14% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.50% | 10.25% |  | 3/31/2023 | 3/31/2028 |  | 98500  | 97677 | 98500 | 0.03% |
| AR-USA Holdings, LLC Class A Units | (6) | Equity |  |  |  |  |  | 3/31/2023 |  |  | 141 | 129350 | 230449 | 0.06% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8179929 | $8397735 | 2.23% |
| **AMII Acquisition, LLC** | (9) |  |  |  |  |  |  |  |  | Coral Gables, FL |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 4.50% | 1.50% | 8.50% |  | 12/4/2024 | 12/4/2029 | Services: Consumer | $8753322  | 8639426 | 8709555 | 2.31% |
| AMII Holdings, LP Class B Units |  | Equity |  |  |  |  |  | 12/3/2024 |  |  | 14246 | 142460 | 167804 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8781886 | $8877359 | 2.35% |
| **Amika OpCo LLC** | (9) |  |  |  |  |  |  |  |  | Brooklyn, NY |  |  |  |  |
| Term Loan | (11) | First Lien | 6M SOFR+ | 5.25% | 0.75% | 9.27% |  | 7/1/2022 | 7/1/2029 | Consumer Goods: Non-Durable | $94638  | 93452 | 94638 | 0.03% |
| Term Loan | (11) | First Lien | 6M SOFR+ | 5.75% | 0.75% | 10.19% |  | 12/5/2023 | 7/1/2029 |  | 9536040  | 9393862 | 9536040 | 2.52% |
| Ishtar Co-Invest-B LP Partnership Interests |  | Equity |  |  |  |  |  | 7/1/2022 |  |  | 77778 | 38133 | 288702 | 0.08% |
| Oshun Co-Invest-B LP Partnership Interests |  | Equity |  |  |  |  |  | 7/1/2022 |  |  | 22222 | 21141 | 82485 | 0.02% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9546588 | $10001865 | 2.65% |
| **Anne Lewis Strategies, LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| SG AL Investment, LLC Common Units | (6) | Equity |  |  |  |  |  | 3/5/2021 |  | Washington, DC | 1000 | 327192 | 2680825 | 0.71% |
| SG AL Investment, LLC Common-A Units | (6) | Equity |  |  |  |  |  | 12/22/2023 |  | Services: Business | 239 | 482200 | 985826 | 0.26% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $809392 | $3666651 | 0.97% |
| **APE Holdings, LLC** |  |  |  |  |  |  |  |  |  | Deer Park, TX |  |  |  |  |
| Class A Units |  | Equity |  |  |  |  |  | 9/5/2014 |  | Chemicals, Plastics, & Rubber | 375000 | 375000 | 26037 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $375000 | $26037 | 0.01% |
| **Atmosphere Aggregator Holdings II, L.P.** |  |  |  |  |  |  |  |  |  | Atlanta, GA |  |  |  |  |
| Common Units | (6) | Equity |  |  |  |  |  | 1/26/2016 |  | Services: Business | 254250 | - | 2374938 | 0.63% |
| Stratose Aggregator Holdings, L.P. Common Units | (6) | Equity |  |  |  |  |  | 6/30/2015 |  |  | 750000 | - | 8708106 | 2.31% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $- | $11083044 | 2.94% |
| **ArborWorks, LLC** |  |  |  |  |  |  |  |  |  | Oakhurst, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.50% | 1.00% | -% | 10.75% | 11/6/2023 | 11/6/2028 | Environmental Industries | $3885033  | 3885033 | 3885033 | 1.03% |
| Revolver | (9) | First Lien |  | 15.00% |  | -% | 15.00% | 11/6/2023 | 11/6/2028 |  | 1152118  | 1152118 | 1152118 | 0.31% |
| ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units |  | Equity |  |  |  |  |  | 11/6/2023 |  |  | 16037 | 3610847 | 5804957 | 1.54% |
| ArborWorks Intermediate Holdco, LLC Class B-1 Preferred Units |  | Equity |  |  |  |  |  | 11/6/2023 |  |  | 16037 | - | - | 0.00% |
| ArborWorks Intermediate Holdco, LLC Class A-1 Common Units |  | Equity |  |  |  |  |  | 11/6/2023 |  |  | 1923 | - | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8647998 | $10842108 | 2.88% |
| **Arctiq, Inc.** |  |  |  |  |  |  |  |  |  | Irvine, CA |  |  |  |  |
| Term Loan  | (11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.00% |  | 8/8/2023 | 8/8/2028 | High Tech Industries | $10946847  | 10768700 | 10892113 | 2.88% |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.00% | 2.00% | 10.16% |  | 11/6/2024 | 8/8/2028 |  | 1287000  | 1266447 | 1280565 | 0.34% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.00% |  | 8/8/2023 | 8/8/2028 |  | 400985  | 397611 | 398980 | 0.11% |
| Green Topco Holdings, LLC Class A Units | (6) | Equity |  |  |  |  |  | 8/8/2023 |  |  | 271401 | 202628 | 307896 | 0.08% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12635386 | $12879554 | 3.41% |
| **Axis Portable Air, LLC** |  |  |  |  |  |  |  |  |  | Phoenix, AZ |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.50% | 2.00% | 9.50% |  | 3/22/2022 | 3/22/2028 | Capital Equipment | $9333750  | 9246171 | 9333750 | 2.47% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.50% | 2.00% | 9.50% |  | 4/17/2023 | 3/22/2028 |  | 1860472  | 1838974 | 1860472 | 0.49% |
| Revolver | (9)(11) | First Lien | 3M SOFR+ | 5.50% | 2.00% | 9.50% |  | 3/22/2022 | 3/22/2028 |  | 15000  | 15000 | 15000 | 0.00% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 5.50% | 2.00% | 9.50% |  | 3/22/2022 | 3/22/2028 |  | 98250  | 97752 | 98250 | 0.03% |
| Axis Air Parent, LLC Preferred Units |  | Equity |  |  |  |  |  | 3/22/2022 |  |  | 4436 | 443636 | 1803893 | 0.48% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11641533 | $13111365 | 3.47% |
| **Baker Manufacturing Company, LLC** |  |  |  |  |  |  |  |  |  | Evansville, IN |  |  |  |  |
| BSC Blue Water Holdings, LLC Series A Units (SBIC II) | (5) | Equity |  |  |  |  |  | 7/5/2022 |  | Capital Equipment | 743770 | 743770 | 999787 | 0.26% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $743770 | $999787 | 0.26% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Bart & Associates, LLC** |  |  |  |  |  |  |  |  |  | McLean, VA |  |  |  |  |
| Term Loan (SBIC) | (4)(10)(12) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.67% |  | 8/16/2024 | 8/16/2030 | High Tech Industries | $8853273  | 8719494 | 8853273 | 2.34% |
| Delayed Draw Term Loan | (10)(12) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.67% |  | 8/16/2024 | 8/16/2030 |  | $1729054  | 1714489 | 1729054 | 0.46% |
| B&A Partners Holding, LLC Series A Preferred Units |  | Equity |  |  |  |  |  | 8/16/2024 |  |  | 722411 | 722411 | 791832 | 0.21% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11156394 | $11374159 | 3.01% |
| **BL Products Parent, L.P.** |  |  |  |  |  |  |  |  |  | Houston, TX |  |  |  |  |
| Class A Units |  | Equity |  |  |  |  |  | 2/1/2022 |  | Capital Equipment | 879060 | 983608 | 1248562 | 0.33% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $983608 | $1248562 | 0.33% |
| **Café Valley, Inc.** |  |  |  |  |  |  |  |  |  | Phoenix, AZ |  |  |  |  |
| CF Topco LLC Units |  | Equity |  |  |  |  |  | 8/28/2019 |  | Beverage & Food | 9160 | 916015 | 2102347 | 0.56% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $916015 | $2102347 | 0.56% |
| **Camp Profiles LLC** | (9) |  |  |  |  |  |  |  |  | Boston, MA |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.40% |  | 9/3/2021 | 9/3/2026 | Media: Advertising, Printing & Publishing | $9840000  | 9795182 | 9840000 | 2.61% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.40% |  | 12/3/2024 | 9/3/2026 |  | 2233125  | 2214041 | 2233125 | 0.59% |
| CIVC VI-A 829 Blocker, LLC Units |  | Equity |  |  |  |  |  | 9/3/2021 |  |  | 250 | 250000 | 897020 | 0.24% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12259223 | $12970145 | 3.44% |
| **Carolinas Buyer, Inc.** | (9) |  |  |  |  |  |  |  |  | Charlotte, NC |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 1.50% | 9.00% |  | 12/20/2024 | 12/20/2030 | Beverage & Food | $6796831  | 6689171 | 6660894 | 1.76% |
| Carolinas Holding, L.P. Class A Units |  | Equity |  |  |  |  |  | 12/20/2024 |  |  | 466 | 465637 | 478613 | 0.13% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7154808 | $7139507 | 1.89% |
| **CEATI International Inc.** | (7)(9) |  |  |  |  |  |  |  |  | Montreal, Canada |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.00% |  | 2/19/2021 | 12/31/2027 | Services: Business | $8371416  | 8354781 | 8371416 | 2.22% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.00% |  | 12/20/2024 | 12/31/2027 |  | 3174963  | 3153097 | 3174963 | 0.84% |
| CEATI Holdings, LP Class A Units |  | Equity |  |  |  |  |  | 2/19/2021 |  |  | 250000 | 132919 | 281049 | 0.07% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11640797 | $11827428 | 3.13% |
| **Cerebro Buyer, LLC** | (9) |  |  |  |  |  |  |  |  | Columbia, SC |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.16% |  | 3/15/2023 | 3/15/2029 | Healthcare & Pharmaceuticals | $4526683  | 4451615 | 4526683 | 1.20% |
| Cerebro Holdings Partnership, L.P. Series A Partner Interests |  | Equity |  |  |  |  |  | 3/15/2023 |  |  | 62961 | 62961 | 75984 | 0.02% |
| Cerebro Holdings Partnership, L.P. Series B Partner Interests | (6) | Equity |  |  |  |  |  | 3/15/2023 |  |  | 341091 | 328640 | 411638 | 0.11% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $4843216 | $5014305 | 1.33% |
| **CF Arch Holdings LLC** |  |  |  |  |  |  |  |  |  | Houston, TX |  |  |  |  |
| Class A Units | (6) | Equity |  |  |  |  |  | 8/10/2022 |  | Services: Business | 100000 | 88511 | 167828 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $88511 | $167828 | 0.04% |
| **CF512, Inc.** | (9) |  |  |  |  |  |  |  |  | Blue Bell, PA |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.36% |  | 9/1/2021 | 9/1/2026 | Media: Advertising, Printing & Publishing | $13256558  | 13196179 | 13190275 | 3.49% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.19% |  | 9/1/2021 | 9/1/2026 |  | 2862695  | 2855923 | 2848382 | 0.75% |
| Revolver | (11) | First Lien | 1M SOFR+ | 6.00% | 1.00% | 10.18% |  | 9/1/2021 | 9/1/2026 |  | 9000  | 9000 | 8955 | 0.00% |
| StellPen Holdings, LLC Membership Interests |  | Equity |  |  |  |  |  | 9/1/2021 |  |  | 220930 | 220930 | 161651 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $16282032 | $16209263 | 4.28% |
| **Champion Services Acquireco LLC** | (9) |  |  |  |  |  |  |  |  | Round Rock, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 1.00% | 9.02% |  | 9/19/2025 | 9/19/2030 | Construction & Building | $12000000  | 11760000 | 11760000 | 3.11% |
| Champion Services Holdings LLC Class A-1 Units |  | Equity |  |  |  |  |  | 9/19/2025 |  |  | 268889 | 268889 | 268889 | 0.07% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12028889 | $12028889 | 3.18% |
| **Channel Partners Intermediateco, LLC** | (9) |  |  |  |  |  |  |  |  | Tampa Bay, FL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.75% | 2.00% | 11.23% |  | 2/24/2022 | 2/7/2027 | Retail | $13016567  | 12974459 | 13016567 | 3.46% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.75% | 2.00% | 11.23% |  | 3/27/2023 | 2/7/2027 |  | 1659782  | 1652908 | 1659782 | 0.44% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.75% | 2.00% | 11.20% |  | 2/24/2022 | 2/7/2027 |  | 53333  | 53333 | 53333 | 0.01% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.75% | 2.00% | 11.23% |  | 2/24/2022 | 2/7/2027 |  | 20000  | 20000 | 20000 | 0.01% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.75% | 2.00% | 11.28% |  | 2/24/2022 | 2/7/2027 |  | 10000  | 10000 | 10000 | 0.00% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.75% | 2.00% | 11.06% |  | 2/24/2022 | 2/7/2027 |  | 6667  | 6667 | 6667 | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $14717367 | $14766349 | 3.92% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **CompleteCase, LLC** |  |  |  |  |  |  |  |  |  | Seattle, WA |  |  |  |  |
| CompleteCase Holdings, Inc. Class A Common Stock (SBIC II) | (5) | Equity |  |  |  |  |  | 12/21/2020 |  | Services: Consumer | 417 | 5 | - | 0.00% |
| CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II) | (5) | Equity |  |  |  |  |  | 12/21/2020 |  |  | 522 | 521734 | 167494 | 0.04% |
| CompleteCase Holdings, Inc. Class A Common Stock |  | Equity |  |  |  |  |  | 4/27/2023 |  |  | 89 | 1 | - | 0.00% |
| CompleteCase Holdings, Inc. Series C Preferred Stock |  | Equity |  |  |  |  |  | 4/27/2023 |  |  | 111 | 111408 | 111409 | 0.03% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $633148 | $278903 | 0.07% |
| **Compost 360 Acquisition, LLC** | (9) |  |  |  |  |  |  |  |  | Tampa, FL |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 9.00% | 1.50% | 8/2/2023 | 8/2/2028 | Environmental Industries | $9445255  | 9292194 | 8878540 | 2.35% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 9.00% | 1.50% | 8/2/2023 | 8/2/2028 |  | 1039830  | 1028846 | 977440 | 0.26% |
| Revolver | (11) | First Lien | 3M SOFR+ | 8.50% | 2.00% | 12.49% |  | 8/2/2023 | 8/2/2028 |  | 5000  | 5000 | 4700 | 0.00% |
| Revolver | (11) | First Lien | 3M SOFR+ | 8.50% | 2.00% | 12.50% |  | 8/2/2023 | 8/2/2028 |  | 301  | 301 | 283 | 0.00% |
| Compost 360 Investments, LLC Class A Units |  | Equity |  |  |  |  |  | 8/2/2023 |  |  | 3124 | 300041 | 86180 | 0.02% |
| Compost 360 Investments, LLC Preferred Units |  | Equity |  |  |  |  |  | 8/29/2025 |  |  | 614 | 27630 | 34555 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10654012 | $9981698 | 2.64% |
| **COPILOT Provider Support Services, LLC** | (9) |  |  |  |  |  |  |  |  | Maitland, FL |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.40% |  | 11/22/2022 | 11/22/2027 | Healthcare & Pharmaceuticals | $4850000  | 4801124 | 4850000 | 1.28% |
| QHP Project Captivate Blocker, Inc. Common Stock |  | Equity |  |  |  |  |  | 11/22/2022 |  |  | 4 | 285714 | 376376 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5086838 | $5226376 | 1.38% |
| **Craftable Intermediate II Inc.** | (9) |  |  |  |  |  |  |  |  | Dallas, TX |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.75% | 1.50% | 9.75% |  | 6/30/2023 | 6/30/2028 | High Tech Industries | $9907250  | 9783558 | 9907250 | 2.62% |
| Gauge Craftable LP Partnership Interests |  | Equity |  |  |  |  |  | 6/30/2023 |  |  | 626690 | 626690 | 1098180 | 0.29% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10410248 | $11005430 | 2.91% |
| **Curion Holdings, LLC** | (9) |  |  |  |  |  |  |  |  | Chicago, IL |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.40% | 0.25% | 7/29/2022 | 7/29/2027 | Services: Business | $12689339  | 12582369 | 12562446 | 3.34% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.40% | 0.25% | 7/29/2022 | 7/29/2027 |  | 101578  | 101578 | 100562 | 0.03% |
| SP CS Holdings LLC Class A Units |  | Equity |  |  |  |  |  | 7/29/2022 |  |  | 739999 | 739999 | 640603 | 0.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13423946 | $13303611 | 3.54% |
| **DFO Enterprises, LLC** | (9) |  |  |  |  |  |  |  |  | Rochester, MN |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.25% | 1.50% | 9.25% |  | 9/22/2025 | 9/22/2030 | Capital Equipment | $11580474  | 11377816 | 11377816 | 3.01% |
| DFO Ultimate Holding, LP Class A Units |  | Equity |  |  |  |  |  | 9/22/2025 |  |  | 8931 | 412252 | 412252 | 0.11% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11790068 | $11790068 | 3.12% |
| **DMD Systems Recovery, LLC** | (9) |  |  |  |  |  |  |  |  | Tempe, AZ |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 1.00% | 9.00% |  | 8/22/2025 | 8/22/2031 | High Tech Industries | $6100000  | 5994353 | 5994353 | 1.59% |
| Phoenix Parent LLC Common Units |  | Equity |  |  |  |  |  | 8/19/2025 |  |  | 180000 | 180000 | 180000 | 0.05% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $6174353 | $6174353 | 1.64% |
| **DTE Holding Company, LLC** |  |  |  |  |  |  |  |  |  | Roselle, IL |  |  |  |  |
| Class A-2 Units |  | Equity |  |  |  |  |  | 4/13/2018 |  | Energy: Oil & Gas | 776316 | 466204 | - | 0.00% |
| Class AA Units |  | Equity |  |  |  |  |  | 4/13/2018 |  |  | 723684 | 723684 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $1189888 | $- | 0.00% |
| **EHI Buyer, Inc.** |  |  |  |  |  |  |  |  |  | Grand Prarie, TX |  |  |  |  |
| EHI Group Holdings, L.P. Class A Units | (6) | Equity |  |  |  |  |  | 7/31/2023 |  | Environmental Industries | 618 | 221764 | 1243019 | 0.33% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $221764 | $1243019 | 0.33% |
| **Elder Care Opco LLC** | (9) |  |  |  |  |  |  |  |  | Scarsdale, NY |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.00% | 1.50% | 9.00% |  | 7/31/2025 | 7/31/2030 | Healthcare & Pharmaceuticals | $7785007  | 7653258 | 7652326 | 2.03% |
| Rallyday Elder Care Co-Investors LP Partnership Interests |  | Equity |  |  |  |  |  | 7/31/2025 |  |  | 910966 | 916719 | 916719 | 0.24% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8569977 | $8569045 | 2.27% |
| **Elliott Aviation, LLC** |  |  |  |  |  |  |  |  |  | Moline, IL |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 8.00% | 2.00% | -% | 12.48% | 1/31/2020 | 12/31/2025 | Aerospace & Defense | $9302742  | 9302742 | 8605036 | 2.28% |
| SP EA Holdings LLC Term Loan |  | Unsecured |  | 15.00% | -% | -% | 15.00% | 10/26/2023 | 12/31/2026 |  | 73467  | 73467 | - | 0.00% |
| Term Loan |  | First Lien |  | 4.31% | -% | -% | 4.31% | 4/25/2025 | 12/31/2025 |  | 59179  | 59179 | 53261 | 0.01% |
| Revolver A | (11) | First Lien | 1M SOFR+ | 8.00% | 2.00% | -% | 12.48% | 1/31/2020 | 12/31/2025 |  | 1537015  | 1537015 | 1537015 | 0.41% |
| Revolver B | (11) | First Lien | 1M SOFR+ | 8.00% | 2.00% | -% | 12.48% | 3/1/2023 | 12/31/2025 |  | 723780  | 723780 | 723780 | 0.19% |
| Revolver C (Priority) | (11) | First Lien | 1M SOFR+ | 8.00% | 2.00% | -% | 12.48% | 3/7/2025 | 12/31/2025 |  | 988246  | 988246 | 988246 | 0.26% |
| SP EA Holdings LLC Class A Units |  | Equity |  |  |  |  |  | 1/31/2020 |  |  | 105938486 | 901594 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13586023 | $11907338 | 3.15% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Environmental Remedies, LLC** | (9) |  |  |  |  |  |  |  |  | Hayward, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.25% | 1.50% | 9.25% |  | 1/15/2025 | 1/15/2030 | Services: Business | $7294108  | 7165370 | 7148226 | 1.89% |
| ERI Parent Holdings, LLC Class A Units |  | Equity |  |  |  |  |  | 1/15/2025 |  |  | 163109 | 163109 | 150200 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7328479 | $7298426 | 1.93% |
| **Equine Network, LLC** |  |  |  |  |  |  |  |  |  | Boulder, CO |  |  |  |  |
| Term A Loan (SBIC) | (4)(11) | First Lien | 1M SOFR+ | 6.50% | 1.00% | 10.78% |  | 5/22/2023 | 5/22/2028 | Hotel, Gaming, & Leisure | $6966875  | 6854372 | 6966875 | 1.84% |
| Term A Loan  | (11) | First Lien | 1M SOFR+ | 6.50% | 1.00% | 10.78% |  | 7/28/2025 | 5/22/2028 |  | $2122453  | 2072036 | 2122453 | 0.56% |
| Revolver | (9)(11) | First Lien | 1M SOFR+ | 6.50% | 1.00% | 10.78% |  | 5/22/2023 | 5/22/2028 |  | 116667  | 116667 | 116667 | 0.03% |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 6.50% | 1.00% | 10.78% |  | 5/22/2023 | 5/22/2028 |  | 98400  | 98400 | 98400 | 0.03% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9141475 | $9304395 | 2.46% |
| **Eskola LLC** | (9) |  |  |  |  |  |  |  |  | Morristown, TN |  |  |  |  |
| Term Loan | (10)(12) | First Lien | 3M SOFR+ | 5.50% | 1.50% | 10.23% |  | 12/19/2024 | 12/19/2029 | Construction & Building | $7501661  | 7386009 | 7276611 | 1.93% |
| Delayed Draw Term Loan | (10)(12) | First Lien | 3M SOFR+ | 5.50% | 1.50% | 10.23% |  | 12/19/2024 | 12/19/2029 |  | 2777794  | 2759457 | 2694460 | 0.71% |
| Eskola Holdings, LLC Class A Units | (6) | Equity |  |  |  |  |  | 12/19/2024 |  |  | 314 | 893747 | 509173 | 0.13% |
| Eskola Holdings, LLC Class C Units |  | Equity |  |  |  |  |  | 6/4/2025 |  |  | 28 | 56349 | 29780 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11095562 | $10510024 | 2.78% |
| **evolv Consulting, LLC** | (9) |  |  |  |  |  |  |  |  | Dallas, TX |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.79% |  | 12/7/2023 | 12/7/2028 | Services: Business | $9825000  | 9685044 | 9825000 | 2.60% |
| evolv Holdco, LLC Preferred Units |  | Equity |  |  |  |  |  | 12/7/2023 |  |  | 473485 | 473485 | 498613 | 0.13% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10158529 | $10323613 | 2.73% |
| **Evriholder Acquisition, Inc.** |  |  |  |  |  |  |  |  |  | Anaheim, CA |  |  |  |  |
| Term Loan (SBIC II) | (5)(9)(11) | First Lien | 1M SOFR+ | 6.75% | 1.50% | 11.01% |  | 1/23/2023 | 1/24/2028 | Consumer Goods: Durable | $12185051  | 12020223 | 12124126 | 3.21% |
| KEJ Holdings LP Class A Units |  | Equity |  |  |  |  |  | 1/23/2023 |  |  | 873333 | 873333 | 975775 | 0.26% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12893556 | $13099901 | 3.47% |
| **Exacta Land Surveyors, LLC** | (20) |  |  |  |  |  |  |  |  | Cleveland, OH |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 9.90% | 1.00% | 2/8/2019 | 12/31/2025 | Services: Business | $16309329  | 16309329 | 15575410 | 4.13% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 9.90% | 1.00% | 7/15/2022 | 12/31/2025 |  | 991967  | 991967 | 947328 | 0.25% |
| SP EA Holdings LLC Term Loan |  | Unsecured |  | 15.00 |  |  | 15.00% | 4/22/2024 | 6/30/2026 |  | 100211  | 100211 | 82674 | 0.02% |
| SP ELS Holdings LLC Class A Units |  | Equity |  |  |  |  |  | 2/8/2019 |  |  | 1338661 | 1124414 | 285594 | 0.08% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $18525921 | $16891006 | 4.48% |
| **Exigo, LLC** | (9) |  |  |  |  |  |  |  |  | Dallas, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.25% | 1.00% | 10.51% |  | 3/16/2022 | 3/16/2027 | Services: Business | $8654024  | 8610148 | 8654024 | 2.29% |
| Gauge Exigo Coinvest, LLC Common Units |  | Equity |  |  |  |  |  | 3/16/2022 |  |  | 377535 | 377535 | 371512 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8987683 | $9025536 | 2.39% |
| **FairWave Holdings, LLC** | (9) |  |  |  |  |  |  |  |  | Kansas City, MO |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 10.75% |  | 4/1/2024 | 4/1/2029 | Beverage & Food | $7501036  | 7371597 | 7501036 | 1.99% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 10.75% |  | 4/1/2024 | 4/1/2029 |  | 514030  | 514030 | 514030 | 0.14% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 10.75% |  | 4/1/2024 | 4/1/2029 |  | 2647795  | 2622191 | 2647795 | 0.70% |
| GRC Java Holdings, LLC Class A Units |  | Equity |  |  |  |  |  | 4/1/2024 |  |  | 2985 | 304909 | 394430 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10812727 | $11057291 | 2.93% |
| **FiscalNote Boards LLC** | (7)(9) |  |  |  |  |  |  |  |  | Toronto, Canada |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 5.25% | 1.00% | 9.41% |  | 3/11/2024 | 3/12/2029 | Services: Business | $3691304  | 3635937 | 3654391 | 0.97% |
| FCP-Connect Holdings LLC Class A Common Shares |  | Equity |  |  |  |  |  | 5/28/2024 |  |  | 284 | - | - | 0.00% |
| FCP-Connect Holdings LLC Series A Preferred Shares |  | Equity |  |  |  |  |  | 5/28/2024 |  |  | 284 | 190382 | 166619 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $3826319 | $3821010 | 1.01% |
| **General LED OPCO, LLC** |  |  |  |  |  |  |  |  |  | San Antonio, TX |  |  |  |  |
| Term Loan | (11) | Second Lien | 3M SOFR+ | 9.00% | 1.50% | 13.10% |  | 5/1/2018 | 3/31/2026 | Services: Business | $4500000  | 4493395 | 4410000 | 1.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $4493395 | $4410000 | 1.17% |
| **GS HVAM Intermediate, LLC** | (9) |  |  |  |  |  |  |  |  | Carlsbad, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.85% |  | 10/18/2019 | 11/30/2026 | Beverage & Food | $12155917  | 12152376 | 12155917 | 3.22% |
| Revolver | (11) | First Lien | 1M SOFR+ | 6.50% | 1.00% | 10.76% |  | 10/18/2019 | 11/30/2026 |  | $1767677  | 1767677 | 1767677 | 0.47% |
| HV GS Acquisition, LP Class A Interests |  | Equity |  |  |  |  |  | 10/2/2019 |  |  | 2144 | 563209 | 4819404 | 1.28% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $14483262 | $18742998 | 4.97% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **GSF Buyer, LLC** | (9) |  |  |  |  |  |  |  |  | North Andover, MA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 1.00% | 9.31% |  | 4/30/2025 | 4/30/2031 | Beverage & Food | $4260028  | 4199479 | 4260028 | 1.13% |
| GSF Group Holdings, L.P. Class A2 Units |  | Equity |  |  |  |  |  | 4/30/2025 |  |  | 241 | 240595 | 246256 | 0.07% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $4440074 | $4506284 | 1.20% |
| **Guidant Corp.** | (9) |  |  |  |  |  |  |  |  | Erie, PA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.50% |  | 3/11/2024 | 3/12/2029 | Energy: Oil & Gas | $9878780  | 9617931 | 9878780 | 2.62% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.50% |  | 3/11/2024 | 3/12/2029 |  | 422283  | 422283 | 422283 | 0.11% |
| Titan Meter Topco LP Class A Units |  | Equity |  |  |  |  |  | 3/11/2024 |  |  | 574863 | 581608 | 807073 | 0.21% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10621822 | $11108136 | 2.94% |
| **Heartland Business Systems, LLC** |  |  |  |  |  |  |  |  |  | Little Chute, WI |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.70% |  | 8/26/2022 | 8/26/2027 | Services: Business | $9725000  | 9639048 | 9725000 | 2.57% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.70% |  | 8/26/2022 | 8/26/2027 |  | 48875  | 48630 | 48875 | 0.01% |
| AMCO HBS Holdings, LP Class A Units | (6) | Equity |  |  |  |  |  | 8/26/2022 |  |  | 2861 | 168655 | 824744 | 0.22% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9856333 | $10598619 | 2.80% |
| **Husk AcquireCo Inc.** | (7) |  |  |  |  |  |  |  |  | Vaughan, Canada |  |  |  |  |
| Term Loan | (11) | First Lien | 6M SOFR+ | 5.75% | 1.50% | 10.00% |  | 11/14/2024 | 11/15/2029 | Beverage & Food | $5277346  | 5209526 | 5224573 | 1.38% |
| SK Spectra Holdings LP Class A Units |  | Equity |  |  |  |  |  | 11/15/2024 |  |  | 298 | 297765 | 274780 | 0.07% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5507291 | $5499353 | 1.45% |
| **HV Watterson Holdings, LLC** | (9) |  |  |  |  |  |  |  |  | Schaumburg, IL |  |  |  |  |
| Term Loan |  | First Lien |  | 12.00% | -% | 12.00% |  | 12/17/2021 | 12/17/2026 | Services: Business | $13609537  | 13534610 | 11295916 | 2.99% |
| Revolver |  | First Lien |  | 12.00% | -% | 12.00% |  | 12/17/2021 | 12/17/2026 |  | 99975  | 99975 | 82979 | 0.02% |
| Delayed Draw Term Loan |  | First Lien |  | 12.00% | -% | 12.00% |  | 12/17/2021 | 12/17/2026 |  | 330617  | 329559 | 274412 | 0.07% |
| HV Watterson Parent, LLC Class A Units |  | Equity |  |  |  |  |  | 12/17/2021 |  |  | 1632 | 1631591 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15595735 | $11653307 | 3.08% |
| **I2P Holdings, LLC** |  |  |  |  |  |  |  |  |  | Cleveland, OH |  |  |  |  |
| Series A Preferred Units |  | Equity |  |  |  |  |  | 1/31/2018 |  | Services: Business | 750000 | - | 1862581 | 0.49% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $- | $1862581 | 0.49% |
| **Identity Theft Guard Solutions, Inc.** | (9) |  |  |  |  |  |  |  |  | Portland, OR |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 5.50% | 1.50% | 9.66% |  | 2/28/2025 | 2/28/2030 | Services: Business | $8679273  | 8521651 | 8592480 | 2.27% |
| IDX Parent, LLC Class A-2 Units |  | Equity |  |  |  |  |  | 2/28/2025 |  |  | 352915 | 352915 | 625270 | 0.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8874566 | $9217750 | 2.44% |
| **Impact Home Services LLC** |  |  |  |  |  |  |  |  |  | Tampa, FL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.50% |  | 4/28/2023 | 4/28/2028 | Services: Consumer | $5819939  | 5734091 | 5703540 | 1.51% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.50% |  | 10/11/2023 | 4/28/2028 |  | 530438  | 522066 | 519829 | 0.14% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.50% |  | 6/30/2023 | 4/28/2028 |  | 264543  | 260535 | 259252 | 0.07% |
| Revolver | (11)(17) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.50% |  | 4/28/2023 | 4/28/2028 |  | 82500  | 82500 | 80850 | 0.02% |
| Impact Holdings Georgia LLC Class A Units |  | Equity |  |  |  |  |  | 4/28/2023 |  |  | 375 | 375156 | - | 0.00% |
| Impact Holdings Georgia LLC Class A-1 Units |  | Equity |  |  |  |  |  | 1/31/2024 |  |  | 38 | 37962 | 41701 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7012310 | $6605172 | 1.75% |
| **Infolinks Media Buyco, LLC** |  |  |  |  |  |  |  |  |  | Ridgewood, NJ |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.50% |  | 11/1/2021 | 11/1/2026 | Media: Advertising, Printing & Publishing | $7168033  | 7130176 | 7168033 | 1.90% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.50% |  | 6/6/2024 | 11/1/2026 |  | 2440641  | 2422249 | 2440641 | 0.65% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.50% |  | 11/1/2021 | 11/1/2026 |  | 1451588  | 1445970 | 1451588 | 0.38% |
| Tower Arch Infolinks Media, LP LP Interests | (6)(15) | Equity |  |  |  |  |  | 10/28/2021 |  |  | 459200 | 205642 | 606542 | 0.16% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11204037 | $11666804 | 3.09% |
| **Informativ, LLC** | (9) |  |  |  |  |  |  |  |  | Fresno, CA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.65% |  | 7/30/2021 | 7/30/2026 | High Tech Industries | $8329705  | 8297767 | 8329705 | 2.21% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.65% |  | 3/31/2022 | 7/30/2026 |  | 6279817  | 6252494 | 6279817 | 1.66% |
| Credit Connection Holdings, LLC Series A Units | (6) | Equity |  |  |  |  |  | 7/30/2021 |  |  | 804384 | 682150 | 1474614 | 0.39% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15232411 | $16084136 | 4.26% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Inoapps Bidco, LLC** |  |  |  |  |  |  |  |  |  | Houston, TX |  |  |  |  |
| Term Loan B | (11) | First Lien | 3M SONIA+ | 5.75% | 1.00% | 9.88% |  | 2/15/2022 | 2/15/2027 | High Tech Industries | £9675000  | $13035109 | $12942420 | 3.43% |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.75% | 1.00% | 10.03% |  | 2/15/2022 | 2/15/2027 |  | 100000  | 100000 | 99500 | 0.03% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 5.75% | 1.00% | 10.32% |  | 2/15/2022 | 2/15/2027 |  | 80833  | 80548 | 80429 | 0.02% |
| Inoapps Holdings, LLC Series A-1 Preferred Units |  | Equity |  |  |  |  |  | 2/15/2022 |  |  | 739844 | 783756 | 1068014 | 0.28% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13999413 | $14190363 | 3.76% |
| **iNovex Information Systems Incorporated** | (9) |  |  |  |  |  |  |  |  | Columbia, MD |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.25% |  | 12/17/2024 | 12/17/2030 | Services: Business | $7465768  | 7364414 | 7391110 | 1.96% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7364414 | $7391110 | 1.96% |
| **International Cybernetics Acquisition, LLC** | (9) |  |  |  |  |  |  |  |  | Largo, FL |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.25% | 1.50% | 9.25% |  | 6/3/2025 | 6/3/2030 | Services: Business | $4736133  | 4657494 | 4688772 | 1.24% |
| International Cybernetics Holdings, LP Class B Units |  | Equity |  |  |  |  |  | 6/2/2025 |  |  | 1051 | 105113 | 83678 | 0.02% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $4762607 | $4772450 | 1.26% |
| **Invincible Boat Company LLC** |  |  |  |  |  |  |  |  |  | Opa Locka, FL |  |  |  |  |
| Term Loan | (11) | First Lien |  | 7.50% |  | 8.00% | 3.81% | 8/28/2019 | 3/31/2028 | Consumer Goods: Durable | $5301351  | 5301351 | 4585669 | 1.21% |
| Term Loan (SBIC II) | (5)(11) | First Lien |  | 7.50% |  | 8.00% | 3.81% | 8/28/2019 | 3/31/2028 |  | 4893555  | 4893555 | 4232925 | 1.12% |
| Term Loan (SBIC II) | (5)(11) | First Lien |  | 7.50% |  | 8.00% | 3.81% | 6/1/2021 | 3/31/2028 |  | 1088880  | 1088880 | 941881 | 0.25% |
| Revolver | (9)(11) | First Lien | 1M SOFR+ | 7.50% | 1.50% | 11.81% |  | 8/28/2019 | 3/31/2028 |  | 1063830  | 1063830 | 920213 | 0.24% |
| Warbird Parent Holdco, LLC Class A Units |  | Equity |  |  |  |  |  | 8/28/2019 |  |  | 1362575 | 1299691 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13647307 | $10680688 | 2.82% |
| **Ledge Lounger, Inc.** |  |  |  |  |  |  |  |  |  | Katy, TX |  |  |  |  |
| Term Loan A (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 7.50% | 1.00% | -% | 11.95% | 11/9/2021 | 11/9/2027 | Consumer Goods: Durable | $7438972  | 7418864 | 6749474 | 1.79% |
| Revolver | (11) | First Lien | 3M SOFR+ | 7.50% | 1.00% | -% | 11.95% | 11/9/2021 | 11/9/2027 |  | 83865  | 84079 | 76091 | 0.02% |
| SP L2 Holdings LLC Class A Units (SBIC) | (4) | Equity |  |  |  |  |  | 11/9/2021 |  |  | 375000 | 375000 | - | 0.00% |
| SP L2 Holdings LLC Class C Units (SBIC) | (4) | Equity |  |  |  |  |  | 10/9/2024 |  |  | 140834 | 34504 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7912447 | $6825565 | 1.81% |
| **Lightning Intermediate II, LLC** | (9) |  |  |  |  |  |  |  |  | Jacksonville, FL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 6M SOFR+ | 6.00% | 1.00% | 10.17% |  | 6/6/2022 | 6/6/2027 | Consumer Goods: Non-Durable | $11544230  | 11453181 | 11428788 | 3.03% |
| Gauge Vimergy Coinvest, LLC Units |  | Equity |  |  |  |  |  | 6/6/2022 |  |  | 399 | 391274 | 374206 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11844455 | $11802994 | 3.13% |
| **Luxium Solutions, LLC** |  |  |  |  |  |  |  |  |  | Deerfield Beach, OH |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.25% |  | 5/10/2024 | 12/1/2027 | High Tech Industries | $8190058  | 8108382 | 8190058 | 2.17% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.25% |  | 5/10/2024 | 12/1/2027 |  | 1185247  | 1179121 | 1185247 | 0.31% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9287503 | $9375305 | 2.48% |
| **MacKenzie-Childs Acquisition, Inc.** | (9) |  |  |  |  |  |  |  |  | Aurora, NY |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.65% |  | 9/2/2022 | 9/2/2027 | Consumer Goods: Durable | $88553  | 87953 | 88553 | 0.02% |
| Revolver | (11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.96% |  | 9/2/2022 | 9/2/2027 |  | 20000  | 20000 | 20000 | 0.01% |
| Revolver | (11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.57% |  | 9/2/2022 | 9/2/2027 |  | 20000  | 20000 | 20000 | 0.01% |
| Revolver | (11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.65% |  | 9/2/2022 | 9/2/2027 |  | 13333  | 13333 | 13333 | 0.00% |
| MacKenzie-Childs Investment, LP Partnership Interests |  | Equity |  |  |  |  |  | 9/2/2022 |  |  | 100000 | 100000 | 169201 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $241286 | $311087 | 0.08% |
| **Madison Logic Holdings, Inc.** | (9) |  |  |  |  |  |  |  |  | New York, NY |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 7.00% | 1.00% | 11.16% |  | 12/30/2022 | 12/30/2028 | Media: Advertising, Printing & Publishing | 3615967  | 3560030 | 3417089 | 0.90% |
| Term Loan | (11) | First Lien | 1M SOFR+ | 7.50% | 1.00% | -% | 7.50% | 12/30/2022 | 12/30/2028 |  | 903992  | 890008 | 854272 | 0.23% |
| BC Partners Glengarry Co-Investment LP Class 1 Interests |  | Equity |  |  |  |  |  | 7/7/2023 |  |  | 394767 | 394767 | 137667 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $4844805 | $4409028 | 1.17% |
| **MBH Management LLC** | (9) |  |  |  |  |  |  |  |  | Washington, DC |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 5.00% | 1.50% | 9.16% |  | 11/15/2024 | 11/15/2029 | Healthcare & Pharmaceuticals | $9405667  | 9244630 | 9311610 | 2.47% |
| MBH Parent, LLC Common Units |  | Equity |  |  |  |  |  | 11/15/2024 |  |  | 646944 | 646944 | 898591 | 0.24% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9891574 | $10210201 | 2.71% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **MedLearning Group, LLC** |  |  |  |  |  |  |  |  |  | New York, NY |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.75% | 1.00% | 9.75% |  | 3/26/2024 | 12/30/2027 | Healthcare & Pharmaceuticals | $4274241  | 4218113 | 4210127 | 1.11% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.75% | 1.00% | 9.75% |  | 3/26/2024 | 12/30/2027 |  | 2505173  | 2472275 | 2467595 | 0.65% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.75% | 1.00% | 9.75% |  | 3/26/2024 | 12/30/2027 |  | 2045737  | 2018947 | 2015051 | 0.53% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.75% | 1.00% | 9.75% |  | 8/5/2025 | 12/30/2027 |  | 997500  | 983449 | 982538 | 0.26% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 5.75% | 1.00% | 9.75% |  | 3/26/2024 | 12/30/2027 |  | 2436635  | 2414521 | 2400085 | 0.64% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12107305 | $12075396 | 3.19% |
| **Michelli, LLC** | (9) |  |  |  |  |  |  |  |  | New Orleans, LA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.00% |  | 12/21/2023 | 12/21/2028 | Capital Equipment | $4912500  | 4842383 | 4912500 | 1.30% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.00% |  | 12/21/2023 | 12/21/2028 |  | 3847337  | 3817316 | 3847337 | 1.02% |
| SP MWM Holdco LLC Class A Units |  | Equity |  |  |  |  |  | 12/21/2023 |  |  | 509215 | 509215 | 492228 | 0.13% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9168914 | $9252065 | 2.45% |
| **Microbe Formulas LLC** | (9) |  |  |  |  |  |  |  |  | Meridian, ID |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 5.75% | 1.00% | 10.01% |  | 4/4/2022 | 4/3/2028 | Consumer Goods: Non-Durable | $6062357  | 6033241 | 6062357 | 1.60% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 5.75% | 1.00% | 10.01% |  | 11/20/2024 | 4/3/2028 |  | 4222431  | 4205787 | 4222431 | 1.12% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10239028 | $10284788 | 2.72% |
| **Mobotrex Acquisition, LLC** | (9) |  |  |  |  |  |  |  |  | Davenport, IA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 1.00% | 9.00% |  | 2/28/2025 | 6/7/2030 | Wholesale | $5111355  | 5041283 | 5060241 | 1.34% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 1.00% | 9.00% |  | 2/28/2025 | 6/7/2030 |  | 45547  | 45215 | 45092 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5086498 | $5105333 | 1.35% |
| **MOM Enterprises, LLC** | (9) |  |  |  |  |  |  |  |  | Richmond, CA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.48% | 2.00% | 10.48% |  | 5/19/2021 | 5/19/2026 | Consumer Goods: Non-Durable | $15232974  | 15185259 | 15156810 | 4.02% |
| MBliss SPC Holdings, LLC Units |  | Equity |  |  |  |  |  | 5/19/2021 |  |  | 933333 | 933333 | 804755 | 0.21% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $16118592 | $15961565 | 4.23% |
| **Monarch Behavioral Therapy, LLC** | (9) |  |  |  |  |  |  |  |  | Addison, TX |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.16% |  | 6/6/2024 | 6/6/2030 | Healthcare & Pharmaceuticals | $6680077  | 6568792 | 6646677 | 1.76% |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.16% |  | 6/6/2024 | 6/6/2030 |  | 216815  | 216815 | 215731 | 0.06% |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.19% |  | 6/6/2024 | 6/6/2030 |  | 144543  | 144543 | 143820 | 0.04% |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.22% |  | 6/6/2024 | 6/6/2030 |  | 72272  | 72272 | 71911 | 0.02% |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.14% |  | 6/6/2024 | 6/6/2030 |  | 36136  | 36136 | 35955 | 0.01% |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.16% |  | 6/6/2024 | 6/6/2030 |  | 603326  | 597848 | 600309 | 0.16% |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.16% |  | 6/6/2024 | 6/6/2030 |  | 158602  | 157162 | 157809 | 0.04% |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.16% |  | 6/6/2024 | 6/6/2030 |  | 144184  | 142875 | 143463 | 0.04% |
| BI Investors, LLC Class A Units |  | Equity |  |  |  |  |  | 6/6/2024 |  |  | 4286 | 424738 | 403679 | 0.11% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8361181 | $8419354 | 2.24% |
| **Monitorus Holding, LLC** | (7) |  |  |  |  |  |  |  |  | London, UK |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.51% |  | 5/24/2022 | 5/24/2027 | Media: Diversified & Production | $105498  | 105119 | 104443 | 0.03% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.51% |  | 6/27/2025 | 5/24/2027 |  | 1470000  | 1677570 | 1709730 | 0.45% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.51% |  | 5/24/2022 | 5/24/2027 |  | 53249  | 58032 | 57452 | 0.02% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.51% |  | 5/24/2022 | 5/24/2027 |  | 53249  | 57748 | 57171 | 0.02% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.51% |  | 5/24/2022 | 5/24/2027 |  | 105748  | 106733 | 105666 | 0.03% |
| Sapphire Aggregator S.a r.l. Convertible Bonds | (14) | Unsecured |  | 8.00% | -% | -% | 7.76% | 9/30/2024 | 12/21/2025 |  | 12560  | 14041 | 14607 | 0.00% |
| Sapphire Aggregator S.a r.l. Convertible Bonds | (14) | Unsecured |  | 8.00% | -% | -% | 8.00% | 1/31/2025 | 3/31/2026 |  | 8977  | 9454 | 10441 | 0.00% |
| Sapphire Aggregator S.a r.l. Class A Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557689 | 11156 | 7693 | 0.00% |
| Sapphire Aggregator S.a r.l. Class B Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 7693 | 0.00% |
| Sapphire Aggregator S.a r.l. Class C Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 7693 | 0.00% |
| Sapphire Aggregator S.a r.l. Class D Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 7693 | 0.00% |
| Sapphire Aggregator S.a r.l. Class E Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 7693 | 0.00% |
| Sapphire Aggregator S.a r.l. Class F Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 7693 | 0.00% |
| Sapphire Aggregator S.a r.l. Class G Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 7693 | 0.00% |
| Sapphire Aggregator S.a r.l. Class H Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 7693 | 0.00% |
| Sapphire Aggregator S.a r.l. Class I Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 7693 | 0.00% |
| Sapphire Aggregator S.a r.l. Class 2 Ordinary Shares |  | Equity |  |  |  |  |  | 3/31/2025 |  |  | 1230022 | 6651 | 15750 | 0.00% |
| Sapphire Aggregator S.a r.l. Shares |  | Equity |  |  |  |  |  | 6/30/2025 |  |  | 2713016 | 15898 | 32062 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $2151650 | $2176559 | 0.56% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Morgan Electrical Group Intermediate Holdings, Inc.** | (9) |  |  |  |  |  |  |  |  | Freemont, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.25% | 1.50% | 10.41% |  | 8/3/2023 | 8/3/2029 | Construction & Building | $4281876  | 4212124 | 4239057 | 1.12% |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 6.25% | 1.50% | 10.41% |  | 8/3/2023 | 8/3/2029 |  | 1692715  | 1678262 | 1675788 | 0.44% |
| Morgan Electrical Group Holdings, LLC Series A-2 Preferred Units |  | Equity |  |  |  |  |  | 8/3/2023 |  |  | 380 | 380330 | 252971 | 0.07% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $6270716 | $6167816 | 1.63% |
| **Naumann/Hobbs Material Handling Corporation II, Inc.** |  |  |  |  |  |  |  |  |  | Phoenix, AZ |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 10.75% |  | 8/30/2019 | 3/31/2026 | Services: Business | $8042557  | 8042557 | 7841493 | 2.08% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 10.75% |  | 8/30/2019 | 3/31/2026 |  | 5071666  | 5071666 | 4944874 | 1.31% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 10.75% |  | 8/30/2019 | 3/31/2026 |  | 1776256  | 1776256 | 1731850 | 0.46% |
| Naumann Hobbs Holdings, L.P. Class A-1 Units |  | Equity |  |  |  |  |  | 9/29/2022 |  |  | 123 | 220379 | - | 0.00% |
| Naumann Hobbs Holdings, L.P. Class A-2 Units |  | Equity |  |  |  |  |  | 9/29/2022 |  |  | 123 | 220379 | - | 0.00% |
| Naumann Hobbs Holdings, L.P. Class B Units |  | Equity |  |  |  |  |  | 12/27/2024 |  |  | 142 | 142200 | 458907 | 0.12% |
| Naumann Hobbs Holdings, L.P. Class W-1 Units |  | Equity |  |  |  |  |  | 5/27/2025 |  |  | 57 | - | - | 0.00% |
| Naumann Hobbs Holdings, L.P. Class W-2 Units |  | Equity |  |  |  |  |  | 5/27/2025 |  |  | 49 | - | 182867 | 0.05% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15473437 | $15159991 | 4.02% |
| **NINJIO, LLC** | (9) |  |  |  |  |  |  |  |  | Westlake Village, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.50% | 10.25% |  | 10/12/2022 | 10/12/2027 | Media: Diversified & Production | $4962500  | 4915071 | 4962500 | 1.31% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.50% | 10.25% |  | 10/12/2022 | 10/12/2027 |  | 100000  | 99388 | 100000 | 0.03% |
| NINJIO Holdings, LLC Units |  | Equity |  |  |  |  |  | 10/12/2022 |  |  | 184 | 313253 | 341302 | 0.09% |
| Gauge NINJIO Blocker LLC Preferred Units |  | Equity |  |  |  |  |  | 9/22/2023 |  |  | 14 | 14470 | 21616 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5342182 | $5425418 | 1.44% |
| **Norplex Micarta Acquisition, Inc.** | (9) |  |  |  |  |  |  |  |  | Postville, IA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.25% | 1.50% | 9.56% |  | 10/31/2024 | 10/31/2029 | Chemicals, Plastics, & Rubber | $12902500  | 12682376 | 12773475 | 3.38% |
| Revolver | (11) | First Lien | 3M SOFR+ | 5.25% | 1.50% | 9.25% |  | 10/31/2024 | 10/31/2029 |  | $83333  | 83333 | 82500 | 0.02% |
| Norplex Micarta Parent, LP Preferred Units |  | Equity |  |  |  |  |  | 10/31/2024 |  |  | 739804 | 739804 | 652487 | 0.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13505513 | $13508462 | 3.57% |
| **NS412, LLC** |  |  |  |  |  |  |  |  |  | Dallas, TX |  |  |  |  |
| Term Loan | (11) | Second Lien | 3M SOFR+ | 8.25% | 1.00% | 12.35% |  | 5/6/2019 | 5/6/2027 | Services: Consumer | $7615000  | 7612364 | 7615000 | 2.02% |
| NS Group Holding Company, LLC Class A Units |  | Equity |  |  |  |  |  | 5/6/2019 |  |  | 782 | 795002 | 969847 | 0.26% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8407366 | $8584847 | 2.28% |
| **NuSource Financial Acquisition, Inc.** |  |  |  |  |  |  |  |  |  | Eden Prairie, MN |  |  |  |  |
| Term Loan (SBIC II) | (5) | Unsecured |  | 13.75% | -% | -% | 13.75% | 1/29/2021 | 1/31/2027 | Services: Business | $6771450  | 6746889 | 6771450 | 1.79% |
| NuSource Holdings, Inc. Warrants (SBIC II) | (5) | Equity |  |  |  |  |  | 1/29/2021 |  |  | 54966 | - | 948410 | 0.25% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $6746889 | $7719860 | 2.04% |
| **Onpoint Industrial Services, LLC** |  |  |  |  |  |  |  |  |  | Deer Park, TX |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.00% | 1.75% | 10.00% |  | 11/16/2022 | 11/16/2027 | Services: Business | $12288436  | 12164180 | 12288436 | 3.25% |
| Spearhead TopCo, LLC Class A Units |  | Equity |  |  |  |  |  | 11/16/2022 |  |  | 606742 | 606742 | 1069791 | 0.28% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12770922 | $13358227 | 3.53% |
| **Pacific Shoring Holdings, LLC** | (9) |  |  |  |  |  |  |  |  | Santa Rosa, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 1.50% | 9.00% |  | 1/10/2025 | 1/10/2030 | Capital Equipment | $8457500  | 8326590 | 8330638 | 2.21% |
| PSP Ultimate Holding, LP Class A Units |  | Equity |  |  |  |  |  | 1/10/2025 |  |  | 10606 | 498491 | 591719 | 0.16% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8825081 | $8922357 | 2.37% |
| **PCP MT Aggregator Holdings, L.P.** | (7) |  |  |  |  |  |  |  |  | Oak Brook, IL |  |  |  |  |
| Common Units | (6) | Equity |  |  |  |  |  | 3/29/2019 |  | Finance | 825020 | - | 5948068 | 1.57% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $- | $5948068 | 1.57% |
| **PCS Software, Inc.** | (9) |  |  |  |  |  |  |  |  | Shenandoah, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.50% | 9.65% | 0.50% | 7/1/2019 | 6/30/2027 | Transportation & Logistics | $13798505  | 13798505 | 13729512 | 3.63% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.00% | 1.50% | 9.65% | 0.50% | 7/1/2019 | 6/30/2027 |  | 1809640  | 1809640 | 1800592 | 0.48% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.00% | 1.50% | 9.65% | 0.50% | 7/1/2019 | 6/30/2027 |  | 439  | 430 | 437 | 0.00% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.50% | 9.65% | 0.50% | 7/1/2019 | 6/30/2027 |  | 954205  | 954205 | 949434 | 0.25% |
| PCS Software Parent, LLC Class A Common Units |  | Equity |  |  |  |  |  | 9/16/2022 |  |  | 471211 | 9995 | 317081 | 0.08% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $16572775 | $16797056 | 4.44% |
| **Pearl Media Holdings, LLC** | (24) |  |  |  |  |  |  |  |  | Garland, TX |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.40% |  | 8/31/2022 | 8/31/2027 | Media: Advertising, Printing & Publishing | $8612522  | 8536205 | 8440272 | 2.23% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8536205  | $8440272  | 2.23% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Peltram Group Holdings LLC** |  |  |  |  |  |  |  |  |  | Auburn, WA |  |  |  |  |
| Class A Units | (6) | Equity |  |  |  |  |  | 12/30/2021 |  | Construction & Building | 508516 | 451142 | 879389 | 0.23% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $451142 | $879389 | 0.23% |
| **Plus Delta Buyer LLC** | (9) |  |  |  |  |  |  |  |  | Carlsbad, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.25% | 1.50% | 9.25% |  | 1/16/2025 | 1/16/2031 | Services: Business | $7363000  | 7228103 | 7289370 | 1.93% |
| Plus Delta Parent LLC Class A Units |  | Equity |  |  |  |  |  | 1/16/2025 |  |  | 325765 | 325764 | 341792 | 0.09% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7553867 | $7631162 | 2.02% |
| **Premiere Digital Services, Inc.** | (9) |  |  |  |  |  |  |  |  | Los Angeles, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 5.25% | 1.00% | 9.41% |  | 11/3/2021 | 11/3/2026 | Media: Broadcasting & Subscription | $12101792  | 12085987 | 12101792 | 3.20% |
| Premiere Digital Holdings, Inc. Common Stock |  | Equity |  |  |  |  |  | 10/18/2018 |  |  | 5000 | - | 3068540 | 0.81% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12085987 | $15170332 | 4.01% |
| **Red's All Natural, LLC** |  |  |  |  |  |  |  |  |  | Franklin, TN |  |  |  |  |
| Term Loan (SBIC II) | (5)(10)(12) | First Lien | 3M SOFR+ | 4.50% | 1.50% | 9.60% |  | 1/31/2023 | 1/31/2029 | Beverage & Food | $8815327  | 8701726 | 8815327 | 2.33% |
| Centeotl Co-Invest B, LP Common Units |  | Equity |  |  |  |  |  | 1/31/2023 |  |  | 710600 | 710600 | 415704 | 0.11% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9412326 | $9231031 | 2.44% |
| **RIA Advisory Borrower, LLC** | (9) |  |  |  |  |  |  |  |  | Coral Gables, FL |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.50% | 2.00% | 9.95% |  | 5/1/2023 | 8/2/2027 | High Tech Industries | $5850000  | 5790499 | 5850000 | 1.55% |
| Revolver | (11) | First Lien | 3M SOFR+ | 5.50% | 2.00% | 9.95% |  | 5/1/2023 | 8/2/2027 |  | 85982  | 85982 | 85982 | 0.02% |
| RIA Advisory Aggregator, LLC Class A Units |  | Equity |  |  |  |  |  | 5/1/2023 |  |  | 104425 | 165078 | 234764 | 0.06% |
| RIA Products Aggregator, LLC Class A Units |  | Equity |  |  |  |  |  | 5/1/2023 |  |  | 81251 | 78390 | 39195 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $6119949 | $6209941 | 1.64% |
| **Said Intermediate, LLC** | (9) |  |  |  |  |  |  |  |  | Boston, MA |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.66% |  | 6/13/2024 | 6/13/2029 | Media: Advertising, Printing & Publishing | $7387013  | 7270230 | 7313143 | 1.94% |
| FCP-Said Holdings, LLC Class A Common Shares |  | Equity |  |  |  |  |  | 6/13/2024 |  |  | 804 | - | - | 0.00% |
| FCP-Said Holdings, LLC Series A Preferred Shares |  | Equity |  |  |  |  |  | 6/13/2024 |  |  | 852 | 350649 | 281309 | 0.07% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7620879 | $7594452 | 2.01% |
| **Sales Benchmark Index, LLC** |  |  |  |  |  |  |  |  |  | Dallas, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.20% |  | 1/7/2020 | 7/7/2026 | Services: Business | $12040777  | 12040777 | 12040777 | 3.19% |
| Revolver | (9)(11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.20% |  | 1/7/2020 | 7/7/2026 |  | 443820  | 443820 | 443820 | 0.12% |
| SBI Holdings Investments LLC Class A Units |  | Equity |  |  |  |  |  | 1/7/2020 |  |  | 66573 | 665730 | 564450 | 0.15% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13150327 | $13049047 | 3.46% |
| **Service Minds Company, LLC** |  |  |  |  |  |  |  |  |  | Bradenton, FL |  |  |  |  |
| Term Loan | (26) | First Lien |  | 12.50% |  | -% | -% | 2/7/2022 | 2/7/2028 | Services: Consumer | $5324759  | 5279117 | 3434470 | 0.91% |
| Revolver | (18)(26) | First Lien |  | 12.50% |  | -% | -% | 2/7/2022 | 2/7/2028 |  | 83115  | 83115 | 53609 | 0.01% |
| Priority Revolver | (18)(26) | First Lien |  | 12.50% |  | -% | -% | 7/2/2024 | 2/7/2028 |  | 20223  | 20223 | 40446 | 0.01% |
| Priority Revolver | (18)(26) | First Lien |  | 12.50% |  | -% | -% | 9/13/2024 | 2/7/2028 |  | 20000  | 20000 | 40000 | 0.01% |
| Priority Revolver | (18)(26) | First Lien |  | 12.50% |  | -% | -% | 11/12/2024 | 2/7/2028 |  | 45000  | 45000 | 90000 | 0.02% |
| Priority Revolver | (18)(26) | First Lien |  | 12.50% |  | -% | -% | 1/3/2025 | 2/7/2028 |  | 10000  | 10000 | 20000 | 0.01% |
| Priority Revolver | (18)(26) | First Lien |  | 12.50% |  | -% | -% | 2/7/2025 | 2/7/2028 |  | 31000  | 31000 | 62000 | 0.02% |
| Delayed Draw Term Loan | (26) | First Lien |  | 12.50% |  | -% | -% | 2/7/2022 | 2/7/2028 |  | 98473  | 97985 | 63515 | 0.02% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5586440 | $3804040 | 1.01% |
| **Simpler Trading, LLC** |  |  |  |  |  |  |  |  |  | Austin, TX |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien |  | 10.00% |  | -% | 10.00% | 12/28/2021 | 3/21/2030 | Education | $2796011  | 2812710 | 2796011 | 0.74% |
| Simpler Trading, LLC Preferred Units (SBIC) |  | Equity |  |  |  |  |  | 3/21/2025 |  |  | 1657 | 1656650 | 580163 | 0.15% |
| Simpler Ultimate Holdings, LLC Class A Units (SBIC) |  | Equity |  |  |  |  |  | 3/21/2025 |  |  | 281936 | 281936 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $4751296 | $3376174 | 0.89% |
| **Solid Surface Holdco, LLC** | (9) |  |  |  |  |  |  |  |  | Charlotte, NC |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.00% |  | 6/6/2025 | 6/6/2030 | Services: Business | $5680037  | 5572132 | 5594836 | 1.48% |
| Carolina Topco Holdings, LP Class A-1 Units |  | Equity |  |  |  |  |  | 6/6/2025 |  |  | 3774 | 377437 | 415446 | 0.11% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5949569 | $6010282 | 1.59% |
| **Strategus, LLC** | (9) |  |  |  |  |  |  |  |  | Englewood, CO |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 1.00% | 9.00% |  | 1/27/2025 | 1/27/2031 | Media: Advertising, Printing & Publishing | $7781935  | 7657206 | 7626296 | 2.02% |
| CIVC Strategus Blocker, LLC Class A Units |  | Equity |  |  |  |  |  | 1/27/2025 |  |  | 170 | 170362 | 193724 | 0.05% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7827568 | $7820020 | 2.07% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **TAC LifePort Holdings, LLC** |  |  |  |  |  |  |  |  |  | Woodland, WA |  |  |  |  |
| Common Units | (6) | Equity |  |  |  |  |  | 3/1/2021 |  | Aerospace & Defense | 546543 | 488173 | 1651159 | 0.44% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $488173 | $1651159 | 0.44% |
| **Teckrez, LLC** |  |  |  |  |  |  |  |  |  | Jacksonville, FL |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.75% | 2.00% | 11.01% |  | 5/24/2024 | 11/30/2028 | Chemicals, Plastics, & Rubber | $4250946  | 4202484 | 4229691 | 1.12% |
| Revolver | (11) | First Lien | 1M SOFR+ | 6.75% | 2.00% | 11.01% |  | 5/24/2024 | 11/30/2028 |  | 1297999  | 1297999 | 1291509 | 0.34% |
| Revolver |  | First Lien | 1M SOFR+ | 6.75% | 2.00% | 11.01% |  | 5/24/2024 | 11/30/2028 |  | 144222  | 144222 | 143501 | 0.04% |
| HH-Teckrez Parent, LP Preferred Units |  | Equity |  |  |  |  |  | 5/24/2024 |  |  | 90139 | 90139 | 133543 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5734844 | $5798244 | 1.54% |
| **The Hardenbergh Group, Inc.** | (9) |  |  |  |  |  |  |  |  | Livonia, MI |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.60% |  | 8/7/2023 | 8/7/2028 | Healthcare & Pharmaceuticals | $10291860  | 10124981 | 10291860 | 2.72% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.60% |  | 9/30/2024 | 8/7/2028 |  | 795991  | 783466 | 795991 | 0.21% |
| BV HGI Holdings, L.P. Class A Units |  | Equity |  |  |  |  |  | 8/7/2023 |  |  | 677548 | 677548 | 645862 | 0.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11585995 | $11733713 | 3.10% |
| **The Millennium Alliance LLC** | (9) |  |  |  |  |  |  |  |  | New York, NY |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.00% | 1.00% | 9.00% |  | 7/31/2025 | 7/31/2031 | Services: Business | $11500000  | 11330327 | 11331072 | 3.00% |
| BV MA Blocker, Inc. Class A-2 Common Stock |  | Equity |  |  |  |  |  | 7/31/2025 |  |  | 52 | 515556 | 515556 | 0.14% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11845883 | $11846628 | 3.14% |
| **Tiger 21, LLC** | (9) |  |  |  |  |  |  |  |  | New York, NY |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 1.00% | 9.00% |  | 12/30/2024 | 12/30/2030 | Services: Consumer | $11910000  | 11694547 | 11850450 | 3.14% |
| Tiger 21 Blocker, Inc. Class A-3 Common Stock |  | Equity |  |  |  |  |  | 12/30/2024 |  |  | 565 | 564635 | 739756 | 0.20% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12259182 | $12590206 | 3.34% |
| **Tilley Distribution, Inc.** | (9) |  |  |  |  |  |  |  |  | Baltimore, MD |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.15% |  | 4/1/2022 | 12/31/2026 | Chemicals, Plastics, & Rubber | 82861  | 82471 | 79961 | 0.02% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.15% |  | 4/1/2022 | 12/31/2026 |  | 9016  | 8974 | 8700 | 0.00% |
| Revolver |  | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.15% |  | 4/1/2022 | 12/31/2026 |  | $13043  | 13043 | 12586 | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $104488 | $101247 | 0.02% |
| **TradePending OpCo Aggregator, LLC** | (9) |  |  |  |  |  |  |  |  | Carrboro, NC |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.40% |  | 3/2/2021 | 3/2/2026 | High Tech Industries | $9453535  | 9431488 | 9453535 | 2.50% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.40% |  | 8/4/2023 | 3/2/2026 |  | 2417579  | 2407235 | 2417579 | 0.64% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.40% |  | 3/2/2021 | 3/2/2026 |  | 33333  | 33333 | 33333 | 0.01% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.40% |  | 8/4/2023 | 3/2/2026 |  | 674985  | 673465 | 674985 | 0.18% |
| TradePending Holdings, LLC Series A Units |  | Equity |  |  |  |  |  | 3/2/2021 |  |  | 908333 | 947699 | 1965044 | 0.52% |
| TradePending Holdings, LLC Series A-1 Units |  | Equity |  |  |  |  |  | 8/4/2023 |  |  | 132783 | 260254 | 390381 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13753474 | $14934857 | 3.95% |
| **TriplePoint Acquisition Holdings LLC** | (9) |  |  |  |  |  |  |  |  | Columbus, OH |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.25% |  | 5/31/2024 | 5/31/2029 | Construction & Building | $5289535  | 5206395 | 5289535 | 1.40% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.25% |  | 4/8/2025 | 5/31/2029 |  | 1764940  | 1733139 | 1764940 | 0.47% |
| TriplePoint Holdco LLC Class A Units | (6) | Equity |  |  |  |  |  | 5/31/2024 |  |  | 557968 | 521584 | 1662972 | 0.44% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7461118 | $8717447 | 2.31% |
| **Unicat Catalyst Holdings, LLC** | (21) |  |  |  |  |  |  |  |  | Alvin, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.50% | 1.00% | 10.76% |  | 4/27/2021 | 4/27/2026 | Chemicals, Plastics, & Rubber | $6703125  | 6684599 | 6703125 | 1.77% |
| Unicat Catalyst, LLC Class A Units |  | Equity |  |  |  |  |  | 4/27/2021 |  |  | 7500 | 750000 | 605471 | 0.16% |
| Unicat Catalyst, LLC Class A-1 Units |  | Equity |  |  |  |  |  | 12/13/2023 |  |  | 974 | 58446 | 63589 | 0.02% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7493045 | $7372185 | 1.95% |
| **U.S. Expediters, LLC** | (9) |  |  |  |  |  |  |  |  | Stafford, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.45% |  | 12/22/2021 | 12/22/2026 | Healthcare & Pharmaceuticals | $14348318  | 14266043 | 13272194 | 3.51% |
| Cathay Hypnos LLC Units |  | Equity |  |  |  |  |  | 12/22/2021 |  |  | 1737087 | 1353155 | 161766 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15619198 | $13433960 | 3.55% |
| **USDTL AcquisitionCo, Inc.** | (9) |  |  |  |  |  |  |  |  | Des Plaines, IL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 5.00% | 1.50% | 9.00% |  | 12/9/2024 | 12/9/2030 | Healthcare & Pharmaceuticals | $5955000  | 5847964 | 5865675 | 1.55% |
| USDTL Holdings, LLC Preferred Units |  | Equity |  |  |  |  |  | 12/9/2024 |  |  | 110 | 110000 | 144257 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5957964 | $6009932 | 1.59% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Venbrook Buyer, LLC** |  |  |  |  |  |  |  |  |  | Los Angeles, CA |  |  |  |  |
| Term Loan B (SBIC) | (4) | First Lien |  | 13.25% |  | 4.25% | 9.00% | 3/13/2020 | 3/13/2026 | Services: Business | $15567454  | 15541641 | 14399896 | 3.81% |
| Term Loan B |  | First Lien |  | 13.25% |  | 4.25% | 9.00% | 3/13/2020 | 3/13/2026 |  | 177127  | 176833 | 163842 | 0.04% |
| Revolver |  | First Lien |  | 13.25% |  | 4.25% | 9.00% | 3/13/2020 | 3/13/2026 |  | 2750080  | 2750080 | 2543824 | 0.67% |
| Delayed Draw Term Loan |  | First Lien |  | 13.25% |  | 4.25% | 9.00% | 3/13/2020 | 3/13/2026 |  | 5308287  | 5303174 | 4910165 | 1.30% |
| Venbrook Holdings, LLC Convertible Term Loan | (14) | Unsecured |  | 10.00% | -% | -% | 10.00% | 3/31/2022 | 12/20/2028 |  | 117483  | 117483 | - | 0.00% |
| Venbrook Holdings, LLC Common Units |  | Equity |  |  |  |  |  | 3/13/2020 |  |  | 822758 | 819262 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $24708473 | $22017727 | 5.82% |
| **WER Holdings, LLC** | (9) |  |  |  |  |  |  |  |  | Sugar Hill, GA |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.67% |  | 4/11/2024 | 4/11/2030 | Services: Business | $2670362  | 2626848 | 2657010 | 0.70% |
| Term Loan (SBIC) | (4)(11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.66% |  | 5/30/2025 | 4/11/2030 |  | 425817  | 419754 | 423688 | 0.11% |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.69% |  | 4/11/2024 | 4/11/2030 |  | 137346  | 137346 | 136659 | 0.04% |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.66% |  | 4/11/2024 | 4/11/2030 |  | 137346  | 137346 | 136659 | 0.04 |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.82% |  | 4/11/2024 | 4/11/2030 |  | 137346  | 137346 | 136659 | 0.04 |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.78% |  | 4/11/2024 | 4/11/2030 |  | 49445  | 49445 | 49198 | 0.01 |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.64% |  | 4/11/2024 | 4/11/2030 |  | 818201  | 810778 | 814110 | 0.22% |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.78% |  | 4/11/2024 | 4/11/2030 |  | 511484  | 506844 | 508927 | 0.13 |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.66% |  | 5/30/2025 | 4/11/2030 |  | 884786  | 878150 | 880362 | 0.23% |
| Blade Landscape Investments, LLC Class A Units |  | Equity |  |  |  |  |  | 4/11/2024 |  |  | 1803 | 180300 | 283203 | 0.07% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5884157 | $6026475 | 1.59% |
| **Whisps Holdings LP** |  |  |  |  |  |  |  |  |  | Elgin, IL |  |  |  |  |
| Class A Units |  | Equity |  |  |  |  |  | 4/18/2019 |  | Beverage & Food | 500000 | 500000 | - | 0.00% |
| Class A-1 Units |  | Equity |  |  |  |  |  | 3/6/2023 |  |  | 280939 | 182610 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $682610 | $- | 0.00% |
| **Xanitos, Inc.** | (9) |  |  |  |  |  |  |  |  | Newtown Square, PA |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.65% |  | 6/25/2021 | 6/25/2026 | Healthcare & Pharmaceuticals | $12256000  | 12212736 | 12256000 | 3.24% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.65% |  | 6/25/2021 | 6/25/2026 |  | 55000  | 55000 | 55000 | 0.01% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.65% |  | 6/25/2021 | 6/25/2026 |  | 40000  | 40000 | 40000 | 0.01% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.68% |  | 6/25/2021 | 6/25/2026 |  | 30000  | 30000 | 30000 | 0.01% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.65% |  | 6/25/2021 | 6/25/2026 |  | 2159481  | 2155343 | 2159481 | 0.57% |
| Pure TopCo, LLC Class A Units |  | Equity |  |  |  |  |  | 6/25/2021 |  |  | 442133 | 1053478 | 3101184 | 0.82% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15546557 | $17641665 | 4.66% |
| **Total Non-control, non-affiliated investments** |  |  |  |  |  |  |  |  |  |  |  | $986914541 | $996641541 | 263.83% |
| **Total Investments** |  |  |  |  |  |  |  |  |  |  |  | $1020117244 | $1010209636 | 267.44% |
| **LIABILITIES IN EXCESS OF OTHER ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  | $(632479309) | (167.44)% |
| **NET ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  | $377730327 | 100.00% |

---

---

| |
|:---|
| (1)<br>The fair value of the investment was determined using significant unobservable inputs. See Note 1 to the consolidated financial statements contained herein for a discussion of the methodologies used to value securities in the portfolio. All investments are valued using significant unobservable inputs, which are considered level 3 under the fair value hierarchy.<br>|
| (2)<br>Debt investments are income producing and equity securities are non-income producing, unless otherwise noted.<br>|
| (3)<br>Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted, Euro ("€"), or Great British Pound ("£").<br>|
| (4)<br>Investments held by the SBIC I subsidiary (as defined in Note 1 to the consolidated financial statements contained herein), which include $7,124,017 of cash and $228,677,829 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility (as defined in Note 9). Stellus Capital Investment Corporation's (the "Company") obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries (as defined in Note 1).<br>|
| (5)<br>Investments held by the SBIC II subsidiary (as defined in Note 1 to the consolidated financial statements contained herein), which include $353,670 of cash and $281,892,428 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility. The Company's obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries.<br>|
| (6)<br>Security is income-producing through dividends or distributions.<br>|
| (7)<br>The investment is not a "qualifying asset" under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company may not acquire any non-qualifying assets unless, at the time of the acquisition, qualifying assets represent at least 70% of the Company's total assets. Qualifying assets represent approximately 95.2% of the Company's total assets as of September 30, 2025.<br>|
| (8)<br>Represents a PIK interest security. At the option of the issuer, interest can be paid in cash or cash and PIK interest. The percentage of PIK interest shown is the maximum PIK interest that can be elected by the issuer.<br>|

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

(9)As of September 30, 2025, the Company had the following outstanding revolver and delayed draw term loan commitments:

(10) ---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Security** | <br>**Unfunded** <br>**Commitment** | **Unused** <br>**Commitment** <br>**Fee** | <br>**Maturity** |
| 2X LLC | Revolver | $57500 | 0.50% | June 5, 2028 |
| Ad.Net Acquisition, LLC | Revolver | 444803 | 0.50% | May 7, 2026 |
| AdCellerant LLC | Revolver | 875995 | 0.50% | December 12, 2028 |
| ADS Group Opco, LLC | Revolver | 34148 | 0.00% | December 31, 2027 |
| American Refrigeration, LLC | Revolver | 100000 | 0.50% | March 31, 2028 |
| AMII Acquisition, LLC | Revolver | 500000 | 0.50% | December 4, 2029 |
| Amika OpCo LLC \* | Revolver | 100000 | 0.50% | July 1, 2028 |
| ArborWorks, LLC | Revolver | 901432 | 0.00% | November 6, 2028 |
| Axis Portable Air LLC | Revolver | 85000 | 0.50% | March 22, 2028 |
| Camp Profiles LLC | Revolver | 100000 | 0.50% | September 3, 2026 |
| Carolinas Buyer, Inc. | Delayed Draw Term Loan | 2216358 | 1.00% | December 20, 2030 |
| Carolinas Buyer, Inc. | Revolver | 100000 | 0.50% | December 20, 2030 |
| CEATI International Inc. | Revolver | 100000 | 0.50% | December 31, 2027 |
| Cerebro Buyer, LLC | Delayed Draw Term Loan | 1130707 | 1.00% | March 15, 2029 |
| Cerebro Buyer, LLC | Revolver | 100000 | 0.50% | March 15, 2029 |
| CF512, Inc. | Revolver | 91000 | 0.50% | September 1, 2026 |
| Champion Services Acquireco LLC | Revolver | 100000 | 0.50% | September 19, 2030 |
| Channel Partners Intermediateco, LLC | Revolver | 10000 | 0.50% | February 7, 2027 |
| Compost 360 Acquisition, LLC | Revolver | 78333 | 0.50% | August 2, 2028 |
| COPILOT Provider Support Services, LLC | Revolver | 100000 | 0.50% | November 22, 2027 |
| Craftable Intermediate II Inc. | Revolver | 100000 | 0.50% | June 30, 2028 |
| Curion Holdings, LLC | Revolver | 20285 | 0.50% | July 29, 2027 |
| DFO Enterprises, LLC | Revolver | 100000 | 0.50% | September 22, 2030 |
| DMD Systems Recovery, LLC | Delayed Draw Term Loan | 1000000 | 0.50% | August 22, 2031 |
| DMD Systems Recovery, LLC | Revolver | 100000 | 0.50% | August 22, 2031 |
| Elder Care Opco LLC | Delayed Draw Term Loan | 2500000 | 0.75% | July 31, 2030 |
| Elder Care Opco LLC | Revolver | 100000 | 0.50% | July 31, 2030 |
| Environmental Remedies, LLC | Delayed Draw Term Loan | 2681986 | 0.50% | January 15, 2030 |
| Environmental Remedies, LLC | Revolver | 100000 | 0.50% | January 15, 2030 |
| Equine Network, LLC | Revolver | 50000 | 0.50% | May 22, 2028 |
| Eskola, LLC | Delayed Draw Term Loan\*\* | 3918298 | 1.00% | December 19, 2029 |
| evolv Consulting, LLC | Revolver | 1363636 | 0.50% | December 7, 2028 |
| Evriholder Acquisition, Inc. | Revolver | 100000 | 0.50% | January 24, 2028 |
| Exigo, LLC | Revolver | 100000 | 0.50% | March 16, 2027 |
| FairWave Holdings, LLC | Revolver | 628259 | 0.50% | April 1, 2029 |
| FiscalNote Boards LLC | Delayed Draw Term Loan | 627139 | 1.00% | March 12, 2029 |
| FiscalNote Boards LLC | Revolver | 391962 | 0.50% | March 12, 2029 |
| GS HVAM Intermediate, LLC | Revolver | 883838 | 0.50% | November 30, 2026 |
| GSF Buyer, LLC | Delayed Draw Term Loan | 2847136 | 1.00% | April 30, 2031 |
| GSF Buyer, LLC | Revolver | 100000 | 0.50% | April 30, 2031 |
| Guidant Corp. | Revolver | 633424 | 0.50% | March 12, 2029 |
| HV Watterson Holdings, LLC | Revolver | 25 | 0.50% | December 17, 2026 |
| Identity Theft Guard Solutions, Inc. | Revolver | 100000 | 0.50% | February 28, 2030 |
| Informativ, LLC | Revolver | 100000 | 0.50% | July 30, 2026 |
| iNovex Information Systems Incorporated | Revolver | 100000 | 0.50% | December 17, 2030 |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Security** | <br>**Unfunded** <br>**Commitment** | **Unused** <br>**Commitment** <br>**Fee** | <br>**Maturity** |
| International Cybernetics Acquisition, LLC | Delayed Draw Term Loan | $3561003 | 1.00% | June 3, 2030 |
| International Cybernetics Acquisition, LLC | Revolver | 100000 | 0.50% | June 3, 2030 |
| Invincible Boat Company LLC | Revolver | 531915 | 0.50% | March 31, 2028 |
| Lightning Intermediate II, LLC | Revolver | 100000 | 0.50% | June 5, 2028 |
| MacKenzie-Childs Acquisition, Inc. | Revolver | 46667 | 0.50% | September 2, 2027 |
| Madison Logic Holdings, Inc. | Revolver | 52632 | 0.50% | December 30, 2027 |
| MBH Management LLC | Delayed Draw Term Loan | 500000 | 1.00% | November 15, 2029 |
| MBH Management LLC | Revolver | 500000 | 0.50% | November 15, 2029 |
| Michelli, LLC | Revolver | 1296076 | 0.50% | December 21, 2028 |
| Microbe Formulas LLC | Revolver | 100000 | 0.50% | April 3, 2028 |
| Mobotrex Acquisition, LLC | Delayed Draw Term Loan | 63765 | 1.00% | June 7, 2030 |
| Mobotrex Acquisition, LLC | Revolver | 100000 | 0.50% | June 7, 2030 |
| MOM Enterprises, LLC | Revolver | 100000 | 0.50% | May 19, 2026 |
| Monarch Behavioral Therapy, LLC | Delayed Draw Term Loan | 173452 | 1.00% | June 6, 2030 |
| Monarch Behavioral Therapy, LLC | Revolver | 252951 | 0.50% | June 6, 2030 |
| Morgan Electrical Group Intermediate Holdings, Inc. | Revolver | 100000 | 0.50% | August 3, 2029 |
| NINJIO, LLC | Revolver | 100000 | 0.50% | October 12, 2027 |
| Norplex Micarta Acquisition, Inc. | Revolver | 416667 | 0.50% | October 31, 2029 |
| Pacific Shoring Holdings, LLC | Revolver | 100000 | 0.50% | January 10, 2030 |
| PCS Software, Inc. | Revolver | 1317704 | 0.50% | June 30, 2027 |
| Plus Delta Buyer LLC | Delayed Draw Term Loan | 3753955 | 1.00% | January 16, 2031 |
| Plus Delta Buyer LLC | Revolver | 100000 | 0.50% | January 16, 2031 |
| Premiere Digital Services, Inc. | Revolver | 576923 | 0.50% | November 3, 2026 |
| RIA Advisory Borrower, LLC | Revolver | 14018 | 0.50% | August 2, 2027 |
| Said Intermediate, LLC | Revolver | 1168831 | 0.50% | June 13, 2029 |
| Sales Benchmark Index, LLC | Revolver | 665730 | 0.50% | July 7, 2026 |
| Simpler Trading, LLC | Revolver | 20000 | 0.50% | March 21, 2030 |
| Solid Surface Holdco, LLC | Delayed Draw Term Loan | 4270705 | 1.00% | June 6, 2030 |
| Solid Surface Holdco, LLC | Revolver | 100000 | 0.50% | June 6, 2030 |
| Strategus, LLC | Delayed Draw Term Loan | 2524737 | 1.00% | January 27, 2031 |
| Strategus, LLC | Revolver | 100000 | 0.50% | January 27, 2031 |
| The Hardenbergh Group, Inc. | Revolver | 100000 | 0.50% | August 6, 2028 |
| The Millennium Alliance LLC | Revolver | 100000 | 0.50% | July 31, 2031 |
| Tiger 21, LLC | Revolver | 100000 | 0.50% | December 30, 2030 |
| Tilley Distribution, Inc. | Revolver | 86957 | 0.50% | December 31, 2026 |
| TradePending OpCo Aggregator, LLC | Revolver | 66667 | 0.50% | March 2, 2026 |
| TriplePoint Acquisition Holdings LLC | Delayed Draw Term Loan | 1339123 | 1.00% | May 31, 2029 |
| TriplePoint Acquisition Holdings LLC | Revolver | 743957 | 0.50% | May 31, 2029 |
| U.S. Expediters, LLC | Revolver | 30000 | 0.50% | December 22, 2026 |
| USDTL AcquisitionCo, Inc. | Delayed Draw Term Loan | 500000 | 1.00% | December 9, 2030 |
| USDTL AcquisitionCo, Inc. | Revolver | 100000 | 0.50% | December 9, 2030 |
| WER Holdings, LLC | Delayed Draw Term Loan | 1408896 | 1.00% | April 11, 2030 |
| WER Holdings, LLC | Delayed Draw Term Loan | 73263 | 0.00% | April 11, 2030 |
| WER Holdings, LLC\*\*\* | Revolver | 362594 | 0.50% | April 11, 2030 |
| Xanitos, Inc. | Revolver | 75000 | 0.50% | June 25, 2026 |
|  | Total Unfunded Debt Commitments | $53765452 |  |  |

---

(a) ---

| |
|:---|
| A<br>|
| \* Included in this investment is a Line of Credit in the amount of $4,861, with a Line of Credit rate of 5.25% and a maturity of July 1, 2028.<br>\*\* This a last-out delayed draw term loan with contractual rates higher than the applicable rates.<br>\*\*\* Included in this investment is a Line of Credit in the amount of $42,138, with Line of Credit rate of 5.50% and a maturity of April 11, 2030.<br>(10)<br>This loan is a unitranche investment. <br>|
| (11)<br>These loans include an interest rate floor feature, which is lower than the applicable rates; therefore, the floor is not in effect. <br>|
| (12)<br>These loans are last-out term loans with contractual rates higher than the applicable rates; therefore, the floor is not in effect.<br>|
| (13)<br>Investment has been on non-accrual since November 1, 2024. The stated coupon rate is presented for reference, but both the cash and payment-in-kind ("PIK") interest rates are reflected as 0% to indicate that, consistent with the Company's revenue recognition policy, no interest income is currently being accrued or recognized.<br>|
| (14)<br>This loan is convertible to common units at maturity or at the election of the majority of holders.<br>|
| (15)<br>Excluded from the investment is an uncalled capital commitment in an amount not to exceed $290,800.<br>|

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

---

| |
|:---|
| (16)<br>Investment has been on non-accrual since the later of January 1, 2023 or the investment date. The stated coupon rate is presented for reference, but both the cash and PIK interest rates are reflected as 0% to indicate that, consistent with the Company's revenue recognition policy, no interest income is currently being accrued or recognized.<br>|
| (17)<br>Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $17,500 with an unfunded rate of 0.50% and a maturity of April 28, 2028. The Company has full discretion to fund the revolver commitment.<br>|
| (18)<br>The Company has full discretion to fund the revolver commitment, with an unfunded rate of 0.00% and a maturity of February 7, 2028.<br>(19)<br>Investment has been on non-accrual since the later of January 1, 2024 or the investment date. The stated coupon rate is presented for reference, but both the cash and PIK interest rates are reflected as 0% to indicate that, consistent with the Company's revenue recognition policy, no interest income is currently being accrued or recognized.<br>(20)<br>Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,500,000, with an unfunded rate of 0.00% and a maturity of December 31, 2025.<br>(21)<br>Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,000,000, with an unfunded rate of 0.00% and a maturity of April 27, 2026. The Company has full discretion to fund the revolver commitment.<br>(22)<br>Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,881,927, with an unfunded rate of 0.00% and a maturity of September 3, 2026. The Company has full discretion to fund the revolver commitment.<br>(23)<br>As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" the portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the three and nine months ended September 30, 2025 in portfolio companies deemed to be a "Control Investment" of the Company were as follows: <br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Additions** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Reductions** | | | | |
| <br>**Investments** | <br>**Security** | **Value** | **(a)** | **(b)** | **Amount of Realized**<br>**Gain (Loss)** | **Amount of Unrealized**<br>**Appreciation (Depreciation)** | **September 30, 2025**<br>**Value** | **Interest Income**<br>**(c)** |
| **EH Real Estate Services, LLC** |  |  |  |  |  |  |  |  |
| Term Loan A-1 | First Lien | $254101 | $- | $- | $- | $(75290) | $178811 | $- |
| Term Loan A-2 | First Lien | 87877 | - | - | - | (26037) | 61840 | - |
| Term Loan A-3 | First Lien | 31142 | - | - | - | (9228) | 21914 | - |
| Term Loan A-4 | First Lien | 1505537 | - | - | - | - | 1505537 | - |
| Term Loan A-5 | First Lien | 5710182 | 170574 | - | - | - | 5880756 | - |
| Revolver | First Lien | 63597 | - | - | - | - | 63597 | - |
| EH Holdco, LLC Common Units | Equity | - | - | - | - | - | - | - |
| EH Holdco, LLC Series A Preferred Units | Equity | - | - | - | - | - | - | - |
| **J.R. Watkins, LLC** |  |  |  |  |  |  |  | - |
| Term Loan | First Lien | $2855414 | $- | $- | $- | $- | 2855414 | - |
| Revolver | First Lien | 236250 | 375113 | - | - | 2388863 | 3000226 | - |
| Class A Preferred | Equity | - | - | - | (1132576) | 1132576 | - | - |
| Class A Units | Equity | - | - | - | - | - | - | - |
| **Total Control Investments** |  | $10744100 | $545687 | $- | $(1132576) | $3410884 | $13568095 | $- |

---

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b) Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the "Control" category.

&nbsp;&nbsp;&nbsp;&nbsp;(24) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $100,000 , with an unfunded rate of 0.00% and a maturity of August 31, 2027 . The Company has full discretion to fund the revolver commitment.

&nbsp;&nbsp;&nbsp;&nbsp;(25) Investment has been on non-accrual since the later of September 1, 2024 or the investment date. The stated coupon rate is presented for reference, but both the cash and PIK interest rates are reflected as 0% to indicate that, consistent with the Company's revenue recognition policy, no interest income is currently being accrued or recognized.

&nbsp;&nbsp;&nbsp;&nbsp;(26) Investment has been on non-accrual since the later of August 21, 2024 or the investment date. The stated coupon rate is presented for reference, but both the cash and PIK interest rates are reflected as 0% to indicate that, consistent with the Company's revenue recognition policy, no interest income is currently being accrued or recognized.

&nbsp;&nbsp;&nbsp;&nbsp;(27) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,526,599.84 , with an unfunded rate of 0.50% and a maturity of June 22, 2029 . The Company has full discretion to fund the revolver commitment.

**Abbreviation Legend**

PIK — Payment-In-Kind

PRIME — U.S. Prime Rate

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment**<br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Control investments (23)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **EH Real Estate Services, LLC** |  |  |  |  |  |  |  |  |  | Skokie, IL |  |  |  |  |
| Term Loan A-1 | (16) | First Lien |  | 15.00% | -% | -% | -% | 9/3/2021 | 9/3/2026 | FIRE: Real Estate | $1882226  | 1882226 | 254101 | 0.07% |
| Term Loan A-2 | (16) | First Lien |  | 15.00% | -% | -% | -% | 4/3/2023 | 9/3/2026 |  | 650943  | 650943 | 87877 | 0.02% |
| Term Loan A-3 | (16) | First Lien |  | 15.00% | -% | -% | -% | 6/7/2023 | 9/3/2026 |  | 230678  | 230678 | 31142 | 0.01% |
| Term Loan A-4 | (16) | First Lien |  | 15.00% | -% | -% | -% | 7/12/2023 | 9/3/2026 |  | 1505537  | 1505537 | 1505537 | 0.41% |
| Term Loan A-5 | (16) | First Lien |  | 15.00% | -% | -% | -% | 1/8/2024 | 9/3/2026 |  | 5710182  | 5710182 | 5710182 | 1.54% |
| Revolver | (16)(22) | First Lien |  | 15.00% | -% | -% | -% | 10/3/2023 | 9/3/2026 |  | 63597  | 63597 | 63597 | 0.02% |
| EH Holdco, LLC Common Units |  | Equity |  |  |  |  |  | 10/3/2023 |  |  | 15356 | 3 | - | 0.00% |
| EH Holdco, LLC Series A Preferred Units |  | Equity |  |  |  |  |  | 9/3/2021 |  |  | 7892 | 7891642 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $17934808 | $7652436 | 2.07% |
| **Total Control investments** |  |  |  |  |  |  |  |  |  |  |  | $17934808 | $7652436 | 2.07% |
| **Non-controlled, non-affiliated investments** | (4)(5) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **2X LLC** | (9) |  |  |  |  |  |  |  |  | Berwyn, PA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 2.00% | 9.33% |  | 6/5/2023 | 6/5/2028 | Services: Business | $5431456  | 5329224 | 5404299 | 1.46% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 2.00% | 9.33% |  | 10/31/2023 | 6/5/2028 |  | 1430283  | 1401610 | 1423132 | 0.38% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 2.00% | 9.33% |  | 12/2/2024 | 6/5/2028 |  | 3851702  | 3795049 | 3832443 | 1.04% |
| Revolver | (11) | First Lien | 3M SOFR+ | 5.00% | 2.00% | 9.33% |  | 6/5/2023 | 6/5/2028 |  | 12500  | 12500 | 12438 | 0.00% |
| 2X Investors LP Class A Units |  | Equity |  |  |  |  |  | 6/5/2023 |  |  | 58949 | 589496 | 779253 | 0.21% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11127879 | $11451565 | 3.09% |
| **Ad.Net Acquisition, LLC** | (9) |  |  |  |  |  |  |  |  | Los Angeles, CA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.59% |  | 5/7/2021 | 5/7/2026 | Services: Business | $15042647  | 14971098  | 15042647  | 4.07% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.59% |  | 5/7/2021 | 5/7/2026 |  | 854217  | 854217 | 854217 | 0.23% |
| Ad.Net Holdings, Inc. Series A Common Stock (SBIC II) | (5) | Equity |  |  |  |  |  | 5/7/2021 |  |  | 7794 | 77941  | 68620  | 0.02% |
| Ad.Net Holdings, Inc. Series A Preferred Stock (SBIC II) | (5) | Equity |  |  |  |  |  | 5/7/2021 |  |  | 7015 | 701471  | 617581  | 0.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $16604727 | $16583065 | 4.49% |
| **AdCellerant LLC** | (9) |  |  |  |  |  |  |  |  | Denver, CO |  |  |  |  |
| Term A Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 6.00% | 2.00% | 10.38% |  | 12/12/2023 | 12/12/2028 | Media: Advertising, Printing & Publishing | $9900000  | 9734838 | 9850500 | 2.66% |
| AdCellerant Holdings, LLC Serires A Units |  | Equity |  |  |  |  |  | 12/12/2023 |  |  | 728710 | 728710 | 633353 | 0.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10463548 | $10483853 | 2.83% |
| **ADS Group Opco, LLC** |  |  |  |  |  |  |  |  |  | Lakewood, CO |  |  |  |  |
| Term Loan (SBIC II) | (5)(25) | First Lien |  | 5.00% | -% | -% | -% | 6/4/2021 | 12/31/2027 | Aerospace & Defense | $12851659  | 12764381 | 10474102 | 2.83% |
| Revolver (SBIC II) | (5)(9)(25) | First Lien |  | 5.00% | -% | -% | -% | 9/30/2024 | 12/31/2027 |  | 9260  | 9260 | 7547 | 0.00% |
| ADS Group Topco, LLC Class A Units |  | Equity |  |  |  |  |  | 6/4/2021 |  |  | 77626 | 288691 | - | 0.00% |
| ADS Group Topco, LLC Class B Units |  | Equity |  |  |  |  |  | 6/4/2021 |  |  | 56819 | 211309 | - | 0.00% |
| ADS Group Topco, LLC Class D Units |  | Equity |  |  |  |  |  | 9/30/2024 |  |  | 432 | - | - | 0.00% |
| ADS Group Topco, LLC Class Y Units | (6) | Equity |  |  |  |  |  | 4/11/2023 |  |  | 48216 | 165027 | - | 0.00% |
| ADS Group Topco, LLC Class Z Units |  | Equity |  |  |  |  |  | 6/15/2022 |  |  | 72043 | 267929 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13706597 | $10481649 | 2.83% |
| **Advanced Barrier Extrusions, LLC** |  |  |  |  |  |  |  |  |  | Rhinelander, WI |  |  |  |  |
| Term Loan B (SBIC) | (4)(11)(13) | First Lien | 1M SOFR+ | 9.50% | 1.00% | -% | -% | 11/30/2020 | 11/30/2026 | Containers, Packaging, & Glass | $16843750  | 16718372 | 12464374 | 3.38% |
| Term Loan (SBIC) | (4)(13) | First Lien |  | 15.00% | -% | -% | -% | 12/6/2024 | 12/20/2024 |  | 604622  | 604622 | 447420 | 0.13% |
| GP ABX Holdings Partnership, L.P. Partner Interests |  | Equity |  |  |  |  |  | 8/8/2018 |  |  | 644737 | 528395 | - | 0.00% |
| GP ABX Holdings Partnership, L.P. Series B Preferred Interests |  | Equity |  |  |  |  |  | 1/5/2023 |  |  | 1562 | 156182 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $18007571 | $12911794 | 3.51% |
| **AGT Robotique Inc.** | (7)(9) |  |  |  |  |  |  |  |  | Trois Rivieres, Canada |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.58% |  | 6/24/2024 | 6/22/2029 | Capital Equipment | $10673296  | 10476264 | 10513197 | 2.84% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10476264 | $10513197 | 2.84% |
| **American Refrigeration, LLC** | (9) |  |  |  |  |  |  |  |  | Jacksonville, FL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.25% | 1.50% | 10.58% |  | 3/31/2023 | 3/31/2028 | Capital Equipment | $8130853  | 7985352 | 8130853 | 2.20% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.50% | 10.58% |  | 3/31/2023 | 3/31/2028 |  | 99250  | 98216 | 99250 | 0.03% |
| AR-USA Holdings, LLC Class A Units | (6) | Equity |  |  |  |  |  | 3/31/2023 |  |  | 141 | 135778 | 193132 | 0.05% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8219346 | $8423235 | 2.28% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment**<br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **AMII Acquisition, LLC** | (9) |  |  |  |  |  |  |  |  | Coral Gables, FL |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 4.75% | 1.50% | 9.08% |  | 12/4/2024 | 12/4/2029 | Services: Consumer | $8819468  | 8688867 | 8688867 | 2.35% |
| AMII Holdings, LP Class B Units |  | Equity |  |  |  |  |  | 12/3/2024 |  |  | 14246 | 142460 | 142460 | 0.04% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8831327 | $8831327 | 2.39% |
| **Amika OpCo LLC** | (9) |  |  |  |  |  |  |  |  | Brooklyn, NY |  |  |  |  |
| Term Loan | (11) | First Lien | 6M SOFR+ | 5.25% | 0.75% | 9.65% |  | 7/1/2022 | 7/1/2029 | Consumer Goods: Non-Durable | $94638  | 93260 | 94638 | 0.03% |
| Term Loan | (11) | First Lien | 6M SOFR+ | 5.75% | 0.75% | 10.33% |  | 12/5/2023 | 7/1/2029 |  | 9608834  | 9444289 | 9608834 | 2.60% |
| Ishtar Co-Invest-B LP Partnership Interests | (6) | Equity |  |  |  |  |  | 7/1/2022 |  |  | 77778 | 38133 | 228190 | 0.06% |
| Oshun Co-Invest-B LP Partnership Interests | (6) | Equity |  |  |  |  |  | 7/1/2022 |  |  | 22222 | 21141 | 65196 | 0.02% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9596823 | $9996858 | 2.71% |
| **Anne Lewis Strategies, LLC** | (9) |  |  |  |  |  |  |  |  | Washington, DC |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.33% |  | 3/5/2021 | 5/9/2028 | Services: Business | $9096354  | 9044354 | 9096354 | 2.46% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.33% |  | 4/15/2022 | 5/9/2028 |  | 2838697  | 2818874 | 2838697 | 0.77% |
| SG AL Investment, LLC Common Units | (6) | Equity |  |  |  |  |  | 3/5/2021 |  |  | 1000 | 416800 | 3794487 | 1.03% |
| SG AL Investment, LLC Common-A Units |  | Equity |  |  |  |  |  | 12/22/2023 |  |  | 239 | 492905 | 985826 | 0.27% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12772933 | $16715364 | 4.53% |
| **APE Holdings, LLC** |  |  |  |  |  |  |  |  |  | Deer Park, TX |  |  |  |  |
| Class A Units |  | Equity |  |  |  |  |  | 9/5/2014 |  | Chemicals, Plastics, & Rubber | 375000 | 375000 | 25745 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $375000 | $25745 | 0.01% |
| **Atmosphere Aggregator Holdings II, L.P.** |  |  |  |  |  |  |  |  |  | Atlanta, GA |  |  |  |  |
| Common Units | (6) | Equity |  |  |  |  |  | 1/26/2016 |  | Services: Business | 254250 | - | 2779048 | 0.75% |
| Stratose Aggregator Holdings, L.P. Common Units | (6) | Equity |  |  |  |  |  | 6/30/2015 |  |  | 750000 | - | 8197783 | 2.22% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $- | $10976831 | 2.97% |
| **ArborWorks, LLC** |  |  |  |  |  |  |  |  |  | Oakhurst, CA |  |  |  |  |
| Term Loan | (11)(17) | First Lien | 1M SOFR+ | 6.50% | 1.00% | -% | -% | 11/6/2023 | 11/6/2028 | Environmental Industries | $3461538  | 3461538 | 3288461 | 0.89% |
| Revolver | (9)(17) | First Lien |  | 15.00% | -% | -% | -% | 11/6/2023 | 11/6/2028 |  | 700195  | 700195 | 665185 | 0.18% |
| ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units |  | Equity |  |  |  |  |  | 11/6/2023 |  |  | 16037 | 3610847 | 2750612 | 0.74% |
| ArborWorks Intermediate Holdco, LLC Class B-1 Preferred Units |  | Equity |  |  |  |  |  | 11/6/2023 |  |  | 16037 | - | - | 0.00% |
| ArborWorks Intermediate Holdco, LLC Class A-1 Common Units |  | Equity |  |  |  |  |  | 11/6/2023 |  |  | 1923 | - | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7772580 | $6704258 | 1.81% |
| **Axis Portable Air, LLC** | (9) |  |  |  |  |  |  |  |  | Phoenix, AZ |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.75% | 2.00% | 10.23% |  | 3/22/2022 | 3/22/2028 | Capital Equipment | $9405000  | 9293207 | 9405000 | 2.54% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.75% | 2.00% | 10.23% |  | 4/17/2023 | 3/22/2028 |  | 1874674  | 1847626 | 1874674 | 0.51% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 5.75% | 1.00% | 10.23% |  | 3/22/2022 | 3/22/2028 |  | 99000  | 98368 | 99000 | 0.03% |
| Axis Air Parent, LLC Preferred Units |  | Equity |  |  |  |  |  | 3/22/2022 |  |  | 4436 | 443636 | 1596690 | 0.43% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11682837 | $12975364 | 3.51% |
| **Baker Manufacturing Company, LLC** |  |  |  |  |  |  |  |  |  | Evansville, IN |  |  |  |  |
| BSC Blue Water Holdings, LLC Series A Units (SBIC II) | (5) | Equity |  |  |  |  |  | 7/5/2022 |  | Capital Equipment | 743770 | 743770 | 920343 | 0.25% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $743770 | $920343 | 0.25% |
| **Bart & Associates, LLC** | (9) |  |  |  |  |  |  |  |  | McLean, VA |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.58% |  | 8/16/2024 | 8/16/2030 | High Tech Industries | $8920366  | 8770557 | 8875764 | 2.40% |
| Revolver | (11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.58% |  | 8/16/2024 | 8/16/2030 |  | 104668  | 104668 | 104145 | 0.03% |
| B&A Partners Holding, LLC Series A Preferred Units |  | Equity |  |  |  |  |  | 8/16/2024 |  |  | 418671 | 418671 | 393458 | 0.11% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9293896 | $9373367 | 2.54% |
| **BL Products Parent, L.P.** |  |  |  |  |  |  |  |  |  | Houston, TX |  |  |  |  |
| Class A Units |  | Equity |  |  |  |  |  | 2/1/2022 |  | Capital Equipment | 879060 | 983608 | 1443497 | 0.39% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $983608 | $1443497 | 0.39% |
| **Café Valley, Inc.** |  |  |  |  |  |  |  |  |  | Phoenix, AZ |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 7.24% | 2.00% | 11.57% |  | 8/28/2019 | 8/28/2026 | Beverage & Food | $15372619  | 15372618 | 15372619 | 4.16% |
| CF Topco LLC Units |  | Equity |  |  |  |  |  | 8/28/2019 |  |  | 9160 | 916015 | 1801833 | 0.49% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $16288633 | $17174452 | 4.65% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment**<br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Camp Profiles LLC** | (9) |  |  |  |  |  |  |  |  | Boston, MA |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.73% |  | 9/3/2021 | 9/3/2026 | Media: Advertising, Printing & Publishing | $9916875  | 9839972 | 9916875 | 2.68% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 5.25% | 1.00% | 9.73% |  | 12/3/2024 | 9/3/2026 |  | 2250000  | 2217644 | 2250000 | 0.61% |
| CIVC VI-A 829 Blocker, LLC Units |  | Equity |  |  |  |  |  | 9/3/2021 |  |  | 250 | 250000 | 770951 | 0.21% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12307616 | $12937826 | 3.50% |
| **Carolinas Buyer, Inc.** | (9) |  |  |  |  |  |  |  |  | Charlotte, NC |  |  |  |  |
| Term Loan | (4)(11) | First Lien | 3M SOFR+ | 5.25% | 1.50% | 9.60% |  | 12/20/2024 | 12/20/2030 | Beverage & Food | $6796831  | 6677886 | 6677886 | 1.81% |
| Carolinas Holdings, L.P. Class A Units |  | Equity |  |  |  |  |  | 12/20/2024 |  |  | 466 | 465637 | 465633 | 0.13% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7143523 | $7143519 | 1.94% |
| **CEATI International Inc.** | (7)(9) |  |  |  |  |  |  |  |  | Montreal, Canada |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.33% |  | 2/19/2021 | 12/31/2027 | Services: Business | $8439915  | 8394322 | 8439915 | 2.28% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.35% |  | 12/20/2024 | 12/31/2027 |  | 3200000  | 3171714 | 3200000 | 0.87% |
| CEATI Holdings, LP Class A Units | (6) | Equity |  |  |  |  |  | 2/19/2021 |  |  | 250000 | 132919 | 272853 | 0.07% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11698955 | $11912768 | 3.22% |
| **Cerebro Buyer, LLC** | (9) |  |  |  |  |  |  |  |  | Columbia, SC |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.36% |  | 3/15/2023 | 3/15/2029 | Healthcare & Pharmaceuticals | $4526683  | 4439292 | 4526683 | 1.22% |
| Cerebro Holdings Partnership, L.P. Series A Partner Interests |  | Equity |  |  |  |  |  | 3/15/2023 |  |  | 62961 | 62961 | 71365 | 0.02% |
| Cerebro Holdings Partnership, L.P. Series B Partner Interests | (6) | Equity |  |  |  |  |  | 3/15/2023 |  |  | 341091 | 333925 | 386619 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $4836178 | $4984667 | 1.34% |
| **CF Arch Holdings LLC** |  |  |  |  |  |  |  |  |  | Houston, TX |  |  |  |  |
| Class A Units |  | Equity |  |  |  |  |  | 8/10/2022 |  | Services: Business | 100000 | 100000 | 197987 | 0.05% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $100000 | $197987 | 0.05% |
| **CF512, Inc.** | (9) |  |  |  |  |  |  |  |  | Blue Bell, PA |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.69% |  | 9/1/2021 | 9/1/2026 | Media: Advertising, Printing & Publishing | $13360125  | 13256520 | 13293324 | 3.59% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.52% |  | 9/1/2021 | 9/1/2026 |  | 2885002  | 2873374 | 2870577 | 0.78% |
| StellPen Holdings, LLC Membership Interests |  | Equity |  |  |  |  |  | 9/1/2021 |  |  | 220930 | 220930 | 181659 | 0.05% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $16350824 | $16345560 | 4.42% |
| **Channel Partners Intermediateco, LLC** | (9) |  |  |  |  |  |  |  |  | Tampa Bay, FL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 7.00% | 2.00% | 11.93% |  | 2/24/2022 | 2/7/2027 | Retail | $13117995  | 13054902 | 12986815 | 3.51% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 7.00% | 2.00% | 11.93% |  | 3/27/2023 | 2/7/2027 |  | 1672682  | 1662516 | 1655955 | 0.45% |
| Revolver | (11) | First Lien | 1M SOFR+ | 7.00% | 2.00% | 11.44% |  | 2/24/2022 | 2/7/2027 |  | 81667  | 81667 | 80850 | 0.02% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $14799085 | $14723620 | 3.98% |
| **CompleteCase, LLC** | (9) |  |  |  |  |  |  |  |  | Seattle, WA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.98% |  | 12/21/2020 | 12/21/2025 | Services: Consumer | $6584450  | 6553762 | 6551528 | 1.77% |
| CompleteCase Holdings, Inc. Class A Common Stock (SBIC II) | (5) | Equity |  |  |  |  |  | 12/21/2020 |  |  | 417 | 5 | 1 | 0.00% |
| CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II) | (5) | Equity |  |  |  |  |  | 12/21/2020 |  |  | 522 | 521734 | 137569 | 0.04% |
| CompleteCase Holdings, Inc. Class A Common Stock |  | Equity |  |  |  |  |  | 4/27/2023 |  |  | 89 | 1 | - | 0.00% |
| CompleteCase Holdings, Inc. Series C Preferred Stock |  | Equity |  |  |  |  |  | 4/27/2023 |  |  | 111 | 111408 | 29376 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7186910 | $6718474 | 1.82% |
| **Compost 360 Acquisition, LLC** | (9) |  |  |  |  |  |  |  |  | Tampa, FL |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.83% |  | 8/2/2023 | 8/2/2028 | Environmental Industries | $9475162  | 9289539 | 9190907 | 2.48% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.83% |  | 8/2/2023 | 8/2/2028 |  | 1037841  | 1024868 | 1006706 | 0.27% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.83% |  | 8/2/2023 | 8/2/2028 |  | 86000  | 86000 | 83420 | 0.02% |
| Compost 360 Investments, LLC Class A Units |  | Equity |  |  |  |  |  | 8/2/2023 |  |  | 3124 | 300041 | 222957 | 0.06% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10700448 | $10503990 | 2.83% |
| **COPILOT Provider Support Services, LLC** | (9) |  |  |  |  |  |  |  |  | Maitland, FL |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.98% |  | 11/22/2022 | 11/22/2027 | Healthcare & Pharmaceuticals | $4887500  | 4823845 | 4863063 | 1.31% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.98% |  | 11/22/2022 | 11/22/2027 |  | 28333  | 28333 | 28191 | 0.01% |
| QHP Project Captivate Blocker, Inc. Common Stock |  | Equity |  |  |  |  |  | 11/22/2022 |  |  | 4 | 285714 | 184176 | 0.05% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5137892 | $5075430 | 1.37% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment**<br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Craftable Intermediate II Inc.** | (9) |  |  |  |  |  |  |  |  | Dallas, TX |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.50% | 1.50% | 10.83% |  | 6/30/2023 | 6/30/2028 | High Tech Industries | $9982878  | 9830912 | 9982878 | 2.70% |
| Gauge Craftable LP Partnership Interests |  | Equity |  |  |  |  |  | 6/30/2023 |  |  | 626690 | 626690 | 991476 | 0.27% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10457602 | $10974354 | 2.97% |
| **Curion Holdings, LLC** | (9) |  |  |  |  |  |  |  |  | Chicago, IL |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.73% |  | 7/29/2022 | 7/29/2027 | Services: Business | $12766151  | 12619342 | 12702320 | 3.43% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.73% |  | 7/29/2022 | 7/29/2027 |  | 86211  | 86211 | 85780 | 0.02% |
| SP CS Holdings LLC Class A Units |  | Equity |  |  |  |  |  | 7/29/2022 |  |  | 739999 | 739999 | 795702 | 0.22% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13445552 | $13583802 | 3.67% |
| **DRS Holdings III, Inc.** | (9) |  |  |  |  |  |  |  |  | St. Louis, MO |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.25% | 1.00% | 10.71% |  | 11/1/2019 | 11/1/2025 | Consumer Goods: Durable | $8586464  | 8571140 | 8586464 | 2.32% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8571140 | $8586464 | 2.32% |
| **DTE Holding Company, LLC** |  |  |  |  |  |  |  |  |  | Roselle, IL |  |  |  |  |
| Class A-2 Units |  | Equity |  |  |  |  |  | 4/13/2018 |  | Energy: Oil & Gas | 776316 | 466204 | - | 0.00% |
| Class AA Units |  | Equity |  |  |  |  |  | 4/13/2018 |  |  | 723684 | 723684 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $1189888 | $- | 0.00% |
| **EHI Buyer, Inc.** |  |  |  |  |  |  |  |  |  | Grand Prarie, TX |  |  |  |  |
| EHI Group Holdings, L.P. Class A Units | (6) | Equity |  |  |  |  |  | 7/31/2023 |  | Environmental Industries | 618 | 430653 | 1073808 | 0.29% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $430653 | $1073808 | 0.29% |
| **Elliott Aviation, LLC** |  |  |  |  |  |  |  |  |  | Moline, IL |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.00% | 2.00% | 10.51% | 2.00% | 1/31/2020 | 6/30/2025 | Aerospace & Defense | $8712311  | 8709082 | 8276695 | 2.24% |
| Term Loan |  | Unsecured |  | 15.00% | -% | -% | 15.00% | 10/26/2023 | 1/31/2026 |  | 65807  | 65807 | 49355 | 0.01% |
| Revolver A | (11) | First Lien | 1M SOFR+ | 6.00% | 2.00% | 10.51% | 2.00% | 1/31/2020 | 6/30/2025 |  | 1439463  | 1439463 | 1367490 | 0.37% |
| Revolver B | (11) | First Lien | 1M SOFR+ | 6.00% | 2.00% | 10.51% | 2.00% | 3/1/2023 | 6/30/2025 |  | 677843  | 677843 | 643951 | 0.17% |
| SP EA Holdings LLC Class A Units |  | Equity |  |  |  |  |  | 1/31/2020 |  |  | 1048896 | 901489 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11793684 | $10337491 | 2.79% |
| **EOS Fitness Holdings, LLC** |  |  |  |  |  |  |  |  |  | Phoenix, AZ |  |  |  |  |
| Class A Preferred Units |  | Equity |  |  |  |  |  | 12/30/2014 |  | Hotel, Gaming, & Leisure | 118 | - | - | 0.00% |
| Class B Common Units |  | Equity |  |  |  |  |  | 12/30/2014 |  |  | 3017 | - | 889366 | 0.24% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $- | $889366 | 0.24% |
| **Equine Network, LLC** | (9) |  |  |  |  |  |  |  |  | Boulder, CO |  |  |  |  |
| Term A Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 11.28% |  | 5/22/2023 | 5/22/2028 | Hotel, Gaming, & Leisure | $7020201  | 6881178 | 7020201 | 1.90% |
| Revolver | (11) | First Lien | 1M SOFR+ | 6.50% | 1.00% | 10.97% |  | 5/22/2023 | 5/22/2028 |  | 133333  | 133333 | 133333 | 0.04% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 11.35% |  | 5/22/2023 | 5/22/2028 |  | 99150  | 99150 | 99150 | 0.03% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7113661 | $7252684 | 1.97% |
| **Eskola LLC** | (9) |  |  |  |  |  |  |  |  | Morristown, TN |  |  |  |  |
| Last Out Term Loan | (10)(12) | First Lien | 3M SOFR+ | 5.00% | 1.50% | 9.96% |  | 12/19/2024 | 12/19/2029 | Construction & Building | $7558348  | 7426077 | 7426077 | 2.01% |
| Last Out Delayed Draw Term Loan | (10)(12) | First Lien | 3M SOFR+ | 5.00% | 1.50% | 9.94% |  | 12/19/2024 | 12/19/2029 |  | 2798784  | 2777793 | 2749805 | 0.74% |
| Eskola Holdings, LLC Class A Units |  | Equity |  |  |  |  |  | 12/19/2024 |  |  | 314 | 893991 | 893738 | 0.24% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11097861 | $11069620 | 2.99% |
| **evolv Consulting, LLC** | (9) |  |  |  |  |  |  |  |  | Dallas, TX |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 11.09% |  | 12/7/2023 | 12/7/2028 | Services: Business | $9900000  | 9733850 | 9850500 | 2.66% |
| evolv Holdco, LLC Preferred Units |  | Equity |  |  |  |  |  | 12/7/2023 |  |  | 473485 | 473485 | 430948 | 0.12% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10207335 | $10281448 | 2.78% |
| **Evriholder Acquisition, Inc.** | (9)  |  |  |  |  |  |  |  |  | Anaheim, CA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 11.23% |  | 1/23/2023 | 1/24/2028 | Consumer Goods: Durable | $12426869  | 12213973 | 12426869 | 3.36% |
| KEJ Holdings LP Class A Units |  | Equity |  |  |  |  |  | 1/23/2023 |  |  | 873333 | 873333 | 1376994 | 0.37% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13087306 | $13803863 | 3.73% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment**<br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Exacta Land Surveyors, LLC** | (20) |  |  |  |  |  |  |  |  | Cleveland, OH |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 5.75% | 1.50% | 10.23% | 1.00% | 2/8/2019 | 7/31/2025 | Services: Business | $16313133  | 16313132 | 15334344 | 4.16% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 5..75% | 1.50% | 10.23% | 1.00% | 7/15/2022 | 7/31/2025 |  | 991945  | 991945 | 932428 | 0.25% |
| Term Loan |  | Unsecured |  |  |  |  | 15.00% | 4/22/2024 | 6/30/2026 |  | 100211  | 100211 | 80169 | 0.02% |
| SP ELS Holdings LLC Class A Units |  | Equity |  |  |  |  |  | 2/8/2019 |  |  | 1338661 | 1124414 | 227350 | 0.06% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $18529702 | $16574291 | 4.49% |
| **Exigo, LLC** | (9) |  |  |  |  |  |  |  |  | Dallas, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.25% | 1.00% | 10.71% |  | 3/16/2022 | 3/16/2027 | Services: Business | $8721980  | 8657351 | 8678370 | 2.36% |
| Gauge Exigo Coinvest, LLC Common Units |  | Equity |  |  |  |  |  | 3/16/2022 |  |  | 377535 | 377535 | 353743 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9034886 | $9032113 | 2.46% |
| **FairWave Holdings, LLC** | (9) |  |  |  |  |  |  |  |  | Kansas City, MO |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 1.50% | 10.83% |  | 4/1/2024 | 4/1/2029 | Beverage & Food | $7558150  | 7406992 | 7444778 | 2.01% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 1.50% | 10.83% |  | 4/1/2024 | 4/1/2029 |  | 656817  | 656817 | 646965 | 0.17% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 1.50% | 10.83% |  | 4/1/2024 | 4/1/2029 |  | 1688532  | 1669955 | 1663204 | 0.45% |
| GRC Java Holdings, LLC Class A Units |  | Equity |  |  |  |  |  | 4/1/2024 |  |  | 2856 | 285572 | 371158 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10019336 | $10126105 | 2.73% |
| **FiscalNote Boards LLC** | (7)(9) |  |  |  |  |  |  |  |  | Toronto, Canada |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 5.25% | 1.00% | 9.61% |  | 3/11/2024 | 3/12/2029 | Services: Business | $4279247  | 4204427 | 4193662 | 1.13% |
| FCP-Connect Holdings LLC Class A Common Shares |  | Equity |  |  |  |  |  | 5/28/2024 |  |  | 284 | - | - | 0.00% |
| FCP-Connect Holdings LLC Series A Preferred Shares |  | Equity |  |  |  |  |  | 5/28/2024 |  |  | 284 | 190382 | 218894 | 0.06% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $4394809 | $4412556 | 1.19% |
| **Florachem Corporation** | (9)  |  |  |  |  |  |  |  |  | Jacksonville, FL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.98% |  | 4/29/2022 | 4/29/2028 | Chemicals, Plastics, & Rubber | $9750000  | 9630079 | 9750000 | 2.64% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.98% |  | 4/29/2022 | 4/29/2028 |  | 66667  | 66667 | 66667 | 0.02% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.98% |  | 4/29/2022 | 4/29/2028 |  | 53213  | 53213 | 53213 | 0.01% |
| SK FC Holdings, L.P. Class A Units |  | Equity |  |  |  |  |  | 4/29/2022 |  |  | 362 | 362434 | 613507 | 0.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10112393 | $10483387 | 2.84% |
| **General LED OPCO, LLC** |  |  |  |  |  |  |  |  |  | San Antonio, TX |  |  |  |  |
| Term Loan | (11) | Second Lien | 3M SOFR+ | 9.00% | 1.50% | 13.43% |  | 5/1/2018 | 3/31/2026 | Services: Business | $4500000  | 4484133 | 4410000 | 1.19% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $4484133 | $4410000 | 1.19% |
| **Green Intermediateco II, Inc.** |  |  |  |  |  |  |  |  |  | Irvine, CA |  |  |  |  |
| Term Loan  | (11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.33% |  | 8/8/2023 | 8/8/2028 | High Tech Industries | $11030624  | 10814754 | 10920318 | 2.95% |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.00% | 2.00% | 10.36% |  | 11/6/2024 | 8/8/2028 |  | 1296750  | 1271726 | 1283783 | 0.35% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.33% |  | 8/8/2023 | 8/8/2028 |  | 404046  | 399952 | 400006 | 0.11% |
| Green Topco Holdings, LLC Class A Units | (6) | Equity |  |  |  |  |  | 8/8/2023 |  |  | 271401 | 219664 | 362217 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12706096 | $12966324 | 3.51% |
| **GS HVAM Intermediate, LLC** | (9) |  |  |  |  |  |  |  |  | Carlsbad, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 11.24% |  | 10/18/2019 | 2/28/2026 | Beverage & Food | $12260275  | 12251602 | 12260275 | 3.31% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 11.16% |  | 10/18/2019 | 2/28/2026 |  | 2174242  | 2174242 | 2174242 | 0.59% |
| HV GS Acquisition, LP Class A Interests | (6) | Equity |  |  |  |  |  | 10/2/2019 |  |  | 2144 | 563209 | 4852169 | 1.31% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $14989053 | $19286686 | 5.21% |
| **Guidant Corp.** | (9) |  |  |  |  |  |  |  |  | Erie, PA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.83% |  | 3/11/2024 | 3/12/2029 | Energy: Oil & Gas | $9954000  | 9648493 | 9954000 | 2.69% |
| Titan Meter Topco LP Class A Units |  | Equity |  |  |  |  |  | 3/11/2024 |  |  | 515578 | 515578 | 774031 | 0.21% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10164071 | $10728031 | 2.90% |
| **Heartland Business Systems, LLC** |  |  |  |  |  |  |  |  |  | Little Chute, WI |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.73% |  | 8/26/2022 | 8/26/2027 | Services: Business | $9775000  | 9658966 | 9775000 | 2.64% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.73% |  | 8/26/2022 | 8/26/2027 |  | 49125  | 48799 | 49125 | 0.01% |
| AMCO HBS Holdings, LP Class A Units | (6) | Equity |  |  |  |  |  | 8/26/2022 |  |  | 2861 | 219823 | 616165 | 0.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9927588 | $10440290 | 2.82% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment**<br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Husk AcquireCo Inc.** |  |  |  |  |  |  |  |  |  | Vaughan, Canada |  |  |  |  |
| Term Loan | (7)(11) | First Lien | 6M SOFR+ | 5.75% | 1.50% | 10.16% |  | 11/14/2024 | 11/15/2029 | Beverage & Food | $5317225  | 5239463 | 5239463 | 1.42% |
| SK Spectra Holdings LP Class A Units |  | Equity |  |  |  |  |  | 11/15/2024 |  |  | 298 | 297765 | 297765 | 0.08% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5537228 | $5537228 | 1.50% |
| **HV Watterson Holdings, LLC** | (9) |  |  |  |  |  |  |  |  | Schaumburg, IL |  |  |  |  |
| Term Loan |  | First Lien |  | 12.00% | -% | 8.00% | 4.00% | 12/17/2021 | 12/17/2026 | Services: Business | $13372834  | 13256191 | 13105377 | 3.54% |
| Revolver |  | First Lien |  | 12.00% | -% | 8.00% | 4.00% | 12/17/2021 | 12/17/2026 |  | 97994  | 97994 | 96034 | 0.03% |
| Delayed Draw Term Loan |  | First Lien |  | 12.00% | -% | 8.00% | 4.00% | 12/17/2021 | 12/17/2026 |  | 324861  | 323234 | 318364 | 0.09% |
| HV Watterson Parent, LLC Class A Units |  | Equity |  |  |  |  |  | 12/17/2021 |  |  | 1632 | 1631591 | 394674 | 0.11% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15309010 | $13914449 | 3.77% |
| **I2P Holdings, LLC** |  |  |  |  |  |  |  |  |  | Cleveland, OH |  |  |  |  |
| Series A Preferred Units |  | Equity |  |  |  |  |  | 1/31/2018 |  | Services: Business | 750000 | - | 3618142 | 0.98% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $- | $3618142 | 0.98% |
| **Impact Home Services LLC** | (9) |  |  |  |  |  |  |  |  | Tampa, FL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.83% |  | 4/28/2023 | 4/28/2028 | Services: Consumer | $5847846  | 5740907 | 5643171 | 1.53% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.83% |  | 10/11/2023 | 4/28/2028 |  | 532972  | 522558 | 514318 | 0.14% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.83% |  | 6/30/2023 | 4/28/2028 |  | 265811  | 260822 | 256508 | 0.07% |
| Revolver | (11)(27) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.83% |  | 4/28/2023 | 4/28/2028 |  | 82500  | 82500 | 79613 | 0.02% |
| Impact Holdings Georgia LLC Class A Units |  | Equity |  |  |  |  |  | 4/28/2023 |  |  | 375 | 375156 | - | 0.00% |
| Impact Holdings Georgia LLC Class A-1 Units |  | Equity |  |  |  |  |  | 1/31/2024 |  |  | 38 | 37962 | 23001 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7019905 | $6516611 | 1.77% |
| **Infolinks Media Buyco, LLC** |  |  |  |  |  |  |  |  |  | Ridgewood, NJ |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.83% |  | 11/1/2021 | 11/1/2026 | Media: Advertising, Printing & Publishing | $7168033  | 7107521 | 7168033 | 1.94% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.83% |  | 6/6/2024 | 11/1/2026 |  | 2440641  | 2411660 | 2440641 | 0.66% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.83% |  | 11/1/2021 | 11/1/2026 |  | 1462725  | 1453825 | 1462725 | 0.40% |
| Tower Arch Infolinks Media, LP LP Interests | (6)(15) | Equity |  |  |  |  |  | 10/28/2021 |  |  | 452781 | 208809 | 682924 | 0.18% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11181815 | $11754323 | 3.18% |
| **Informativ, LLC** | (9) |  |  |  |  |  |  |  |  | Fresno, CA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.98% |  | 7/30/2021 | 7/30/2026 | High Tech Industries | $8394781  | 8335177 | 8394781 | 2.27% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.98% |  | 3/31/2022 | 7/30/2026 |  | 6328624  | 6277694 | 6328624 | 1.71% |
| Credit Connection Holdings, LLC Series A Units |  | Equity |  |  |  |  |  | 7/30/2021 |  |  | 804384 | 804384 | 1456662 | 0.39% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15417255 | $16180067 | 4.37% |
| **Inoapps Bidco, LLC** | (9) |  |  |  |  |  |  |  |  | Houston, TX |  |  |  |  |
| Term Loan B | (11) | First Lien | 3M SONIA+ | 5.75% | 1.00% | 10.56% |  | 2/15/2022 | 2/15/2027 | High Tech Industries | £9750000  | $13094801 | $12114950 | 3.28% |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.75% | 1.00% | 10.22% |  | 2/15/2022 | 2/15/2027 |  | 80000  | 80000 | 80000 | 0.02% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 5.75% | 1.00% | 10.60% |  | 2/15/2022 | 2/15/2027 |  | 81458  | 81032 | 81458 | 0.02% |
| Inoapps Holdings, LLC Series A-1 Preferred Units |  | Equity |  |  |  |  |  | 2/15/2022 |  |  | 739844 | 783756 | 1001613 | 0.27% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $14039589 | $13278021 | 3.59% |
| **iNovex Information Systems Incorporated** | (9) |  |  |  |  |  |  |  |  | Columbia, MD |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 5.25% | 1.00% | 9.63% |  | 12/17/2024 | 12/17/2030 | Services: Business | $7522184  | 7409351 | 7409351 | 2.00% |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.25% | 1.00% | 9.61% |  | 12/17/2024 | 12/17/2030 |  | 28000  | 28000 | 27580 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7437351 | $7436931 | 2.01% |
| **Invincible Boat Company LLC** |  |  |  |  |  |  |  |  |  | Opa Locka, FL |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 7.50% | 1.50% | 12.01% |  | 8/28/2019 | 12/31/2026 | Consumer Goods: Durable | $5342606  | 5328007 | 5182328 | 1.40% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 7.50% | 1.50% | 12.01% |  | 8/28/2019 | 12/31/2026 |  | 4931637  | 4918069 | 4783688 | 1.29% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 7.50% | 1.50% | 12.01% |  | 6/1/2021 | 12/31/2026 |  | 1096691  | 1092703 | 1063790 | 0.29% |
| Revolver | (11) | First Lien | 1M SOFR+ | 7.50% | 1.50% | 12.01% |  | 8/28/2019 | 12/31/2026 |  | 1063830  | 1063830 | 1031915 | 0.28% |
| Warbird Parent Holdco, LLC Class A Units |  | Equity |  |  |  |  |  | 8/28/2019 |  |  | 1362575 | 1299691 | 367676 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13702300 | $12429397 | 3.36% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment**<br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **J.R. Watkins, LLC** |  |  |  |  |  |  |  |  |  | San Francisco,CA |  |  |  |  |
| Term Loan (SBIC) | (4)(19) | First Lien |  | 12.00% | -% | -% | -% | 12/22/2017 | 5/3/2026 | Consumer Goods: Non-Durable | $13597208  | 13597207 | 2855414 | 0.77% |
| Revolver (SBIC) | (4)(9)(19) | First Lien |  | 5.00% | -% | -% | -% | 5/3/2024 | 5/3/2026 |  | 1125000  | 1125000 | 236250 | 0.06% |
| J.R. Watkins Holdings, Inc. Class A Preferred Stock |  | Equity |  |  |  |  |  | 12/22/2017 |  |  | 1133 | 1132576 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15854783 | $3091664 | 0.83% |
| **Ledge Lounger, Inc.** | (9) |  |  |  |  |  |  |  |  | Katy, TX |  |  |  |  |
| Term Loan A (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.98% | 1.00% | 11/9/2021 | 11/9/2027 | Consumer Goods: Durable | $7439791  | 7376964 | 7030602 | 1.90% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.98% | 1.00% | 11/9/2021 | 11/9/2027 |  | 58443  | 58443 | 55229 | 0.01% |
| SP L2 Holdings LLC Class A Units (SBIC) | (4) | Equity |  |  |  |  |  | 11/9/2021 |  |  | 375000 | 375000 | - | 0.00% |
| SP L2 Holdings LLC Class C Units (SBIC) | (4) | Equity |  |  |  |  |  | 10/9/2024 |  |  | 140834 | 34504 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7844911 | $7085831 | 1.91% |
| **Lightning Intermediate II, LLC** | (9) |  |  |  |  |  |  |  |  | Jacksonville, FL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 6M SOFR+ | 6.50% | 1.00% | 11.03% |  | 6/6/2022 | 6/6/2027 | Consumer Goods: Non-Durable | $12899115  | 12758237 | 12834619 | 3.47% |
| Gauge Vimergy Coinvest, LLC Units |  | Equity |  |  |  |  |  | 6/6/2022 |  |  | 399 | 391274 | 125618 | 0.03% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13149511 | $12960237 | 3.50% |
| **Luxium Solutions, LLC** |  |  |  |  |  |  |  |  |  | Deerfield, OH |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.58% |  | 5/10/2024 | 12/1/2027 | High Tech Industries | $8252261  | 8147122 | 8211000 | 2.22% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.58% |  | 5/10/2024 | 12/1/2027 |  | 1194249  | 1186357 | 1188278 | 0.32% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9333479 | $9399278 | 2.54% |
| **MacKenzie-Childs Acquisition, Inc.** | (9) |  |  |  |  |  |  |  |  | Aurora, NY |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.48% |  | 9/2/2022 | 9/2/2027 | Consumer Goods: Durable | $88553  | 87756 | 88553 | 0.02% |
| MacKenzie-Childs Investment, LP Partnership Interests |  | Equity |  |  |  |  |  | 9/2/2022 |  |  | 100000 | 100000 | 100282 | 0.03% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $187756 | $188835 | 0.05% |
| **Madison Logic Holdings, Inc.** | (9) |  |  |  |  |  |  |  |  | New York, NY |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 7.00% | 1.00% | 11.34% |  | 12/30/2022 | 12/30/2028 | Media: Advertising, Printing & Publishing | $3579241  | 3507484 | 3471864 | 0.94% |
| Term Loan | (11) | First Lien | 1M SOFR+ | 7.50% | 1.00% |  | 11.84% | 12/30/2022 | 12/30/2028 |  | 894810  | 876871 | 867966 | 0.23% |
| BC Partners Glengarry Co-Investment LP Class 1 Interests | (6) | Equity |  |  |  |  |  | 7/7/2023 |  |  | 394767 | 394767 | 214870 | 0.06% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $4779122 | $4554700 | 1.23% |
| **MBH Management LLC** | (9) |  |  |  |  |  |  |  |  | Washington, DC |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 5.25% | 1.50% | 9.61% |  | 11/15/2024 | 11/15/2029 | Healthcare & Pharmaceuticals | $9476743  | 9291975 | 9291975 | 2.51% |
| MBH Parent, LLC Common Units |  | Equity |  |  |  |  |  | 11/15/2024 |  |  | 646944 | 646944 | 646944 | 0.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9938919 | $9938919 | 2.68% |
| **MedLearning Group, LLC** | (9) |  |  |  |  |  |  |  |  | New York, NY |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.58% |  | 3/26/2024 | 12/30/2027 | Healthcare & Pharmaceuticals | $4306952  | 4234800 | 4242348 | 1.15% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.58% |  | 3/26/2024 | 12/30/2027 |  | 2524493  | 2482201 | 2486626 | 0.67% |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.58% |  | 3/26/2024 | 12/30/2027 |  | 2061314  | 2026873 | 2030394 | 0.55% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.58% |  | 3/26/2024 | 12/30/2027 |  | 489038  | 484148 | 481702 | 0.13% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9228022 | $9241070 | 2.50% |
| **Michelli, LLC** | (9) |  |  |  |  |  |  |  |  | New Orleans, LA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.75% | 2.00% | 10.08% |  | 12/21/2023 | 12/21/2028 | Capital Equipment | $4950000  | 4866492 | 4925250 | 1.33% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 5.75% | 2.00% | 10.08% |  | 12/21/2023 | 12/21/2028 |  | 3876499  | 3840682 | 3857117 | 1.04% |
| SP MWM Holdco LLC Class A Units |  | Equity |  |  |  |  |  | 12/21/2023 |  |  | 509215 | 509215 | 589463 | 0.16% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9216389 | $9371830 | 2.53% |
| **Microbe Formulas LLC** | (9) |  |  |  |  |  |  |  |  | Meridian, ID |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 5.75% | 1.00% | 10.21% |  | 4/4/2022 | 4/3/2028 | Consumer Goods: Non-Durable | $7575773  | 7530069 | 7575773 | 2.05% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 1M SOFR+ | 5.75% | 1.00% | 10.22% |  | 11/20/2024 | 4/3/2028 |  | 4254419  | 4233579 | 4254419 | 1.15% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11763648 | $11830192 | 3.20% |
| **MOM Enterprises, LLC** | (9) |  |  |  |  |  |  |  |  | Richmond, CA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.48% | 2.00% | 10.81% |  | 5/19/2021 | 5/19/2026 | Consumer Goods: Non-Durable | $15890333  | 15787537 | 15810880 | 4.27% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.48% | 2.00% | 10.81% |  | 5/19/2021 | 5/19/2026 |  | 37500  | 37500 | 37313 | 0.01% |
| MBliss SPC Holdings, LLC Units |  | Equity |  |  |  |  |  | 5/19/2021 |  |  | 933333 | 933333 | 746138 | 0.20% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $16758370 | $16594331 | 4.48% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Monarch Behavioral Therapy, LLC** | (9) |  |  |  |  |  |  |  |  | Addison, TX |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.36% |  | 6/6/2024 | 6/6/2030 | Healthcare & Pharmaceuticals | $6730812  | 6605639 | 6663504 | 1.80% |
| Revolver | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.34% |  | 6/6/2024 | 6/6/2030 |  | 36136  | 36136 | 35775 | 0.01% |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 5.00% | 1.00% | 9.36% |  | 6/6/2024 | 6/6/2030 |  | 382715  | 378952 | 378888 | 0.10% |
| BI Investors, LLC Class A Units | (6) | Equity |  |  |  |  |  | 6/6/2024 |  |  | 4286 | 424738 | 434111 | 0.12% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7445465 | $7512278 | 2.03% |
| **Monitorus Holding, LLC** | (7) |  |  |  |  |  |  |  |  | London, UK |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 7.00% | 1.00% | 11.59% |  | 5/24/2022 | 5/24/2027 | Media: Diversified & Production | $106248  | 105711 | 105186 | 0.03% |
| Revolver | (11) | First Lien | 3M SOFR+ | 7.00% | 1.00% | 11.59% |  | 5/24/2022 | 5/24/2027 |  | 106498  | 115781 | 114623 | 0.03% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 7.00% | 1.00% | 11.59% |  | 5/24/2022 | 5/24/2027 |  | 106248  | 107237 | 106165 | 0.03% |
| Sapphire Aggregator S.a r.l. Convertible Bonds | (14) | Unsecured |  | 8.00% | -% | -% | 8.00% | 11/15/2023 | 3/31/2025 |  | 6030  | 6473 | 6216 | 0.00% |
| Sapphire Aggregator S.a r.l. Convertible Bonds | (14) | Unsecured |  | 8.00% | -% | -% | 8.00% | 3/1/2024 | 6/30/2025 |  | 12241  | 13291 | 12620 | 0.00% |
| Sapphire Aggregator S.a r.l. Convertible Bonds | (14) | Unsecured |  | 8.00% | -% | -% | 8.00% | 9/30/2024 | 12/21/2025 |  | 11629  | 13002 | 11989 | 0.00% |
| Sapphire Aggregator S.a r.l. Class A Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557689 | 11156 | 12326 | 0.00% |
| Sapphire Aggregator S.a r.l. Class B Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 12326 | 0.00% |
| Sapphire Aggregator S.a r.l. Class C Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 12326 | 0.00% |
| Sapphire Aggregator S.a r.l. Class D Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 12326 | 0.00% |
| Sapphire Aggregator S.a r.l. Class E Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 12326 | 0.00% |
| Sapphire Aggregator S.a r.l. Class F Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 12326 | 0.00% |
| Sapphire Aggregator S.a r.l. Class G Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 12326 | 0.00% |
| Sapphire Aggregator S.a r.l. Class H Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 12326 | 0.00% |
| Sapphire Aggregator S.a r.l. Class I Shares |  | Equity |  |  |  |  |  | 9/1/2022 |  |  | 557682 | 11156 | 12326 | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $461899 | $467733 | 0.09% |
| **Morgan Electrical Group Intermediate Holdings, Inc.** | (9) |  |  |  |  |  |  |  |  | Fremont, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.25% | 1.50% | 10.61% |  | 8/3/2023 | 8/3/2029 | Construction & Building | $4395044  | 4313186 | 4373069 | 1.18% |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 6.25% | 1.50% | 10.61% |  | 8/3/2023 | 8/3/2029 |  | 1705604  | 1688941 | 1697076 | 0.46% |
| Morgan Electrical Group Holdings, LLC Series A-2 Preferred Units |  | Equity |  |  |  |  |  | 8/3/2023 |  |  | 380 | 380330 | 308668 | 0.08% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $6382457 | $6378813 | 1.72% |
| **Naumann/Hobbs Material Handling Corporation II, Inc.** |  |  |  |  |  |  |  |  |  | Phoenix, AZ |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 11.08% |  | 8/30/2019 | 8/30/2025 | Services: Business | $8125763  | 8116850 | 8044505 | 2.17% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 11.08% |  | 8/30/2019 | 8/30/2025 |  | 5124136  | 5118576 | 5072895 | 1.37% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.75% | 1.50% | 11.08% |  | 8/30/2019 | 8/30/2025 |  | 1763033  | 1763033 | 1745403 | 0.47% |
| Naumann Hobbs Holdings, L.P. Class A-1 Units |  | Equity |  |  |  |  |  | 9/29/2022 |  |  | 123 | 220379 | - | 0.00% |
| Naumann Hobbs Holdings, L.P. Class A-2 Units |  | Equity |  |  |  |  |  | 9/29/2022 |  |  | 123 | 220379 | - | 0.00% |
| Naumann Hobbs Holdings, L.P. Class B Units |  | Equity |  |  |  |  |  | 12/27/2024 |  |  | 142 | 142200 | 937078 | 0.25% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15581417 | $15799881 | 4.26% |
| **NINJIO, LLC** | (9) |  |  |  |  |  |  |  |  | Westlake Village, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 1.50% | 11.08% |  | 10/12/2022 | 10/12/2027 | Media: Diversified & Production | $4962500  | 4900478 | 4962500 | 1.34% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 1.50% | 11.08% |  | 10/12/2022 | 10/12/2027 |  | 33333  | 33333 | 33333 | 0.01% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 1.50% | 11.08% |  | 10/12/2022 | 10/12/2027 |  | 100000  | 99204 | 100000 | 0.03% |
| NINJIO Holdings, LLC Units |  | Equity |  |  |  |  |  | 10/12/2022 |  |  | 184 | 313253 | 314702 | 0.09% |
| Gauge NINJIO Blocker LLC Preferred Units |  | Equity |  |  |  |  |  | 9/22/2023 |  |  | 14 | 14470 | 56585 | 0.02% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5360738 | $5467120 | 1.49% |
| **Norplex Micarta Acquisition, Inc.** | (9) |  |  |  |  |  |  |  |  | Postville, IA |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 5.25% | 1.50% | 9.84% |  | 10/31/2024 | 10/31/2029 | Chemicals, Plastics, & Rubber | $13000000  | 12746682 | 12746682 | 3.45% |
| Norplex Micarta Parent, LP Preferred Units |  | Equity |  |  |  |  |  | 10/31/2024 |  |  | 739804 | 739804 | 739804 | 0.20% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13486486 | $13486486 | 3.65% |
| **NS412, LLC** |  |  |  |  |  |  |  |  |  | Dallas, TX |  |  |  |  |
| Term Loan | (11) | Second Lien | 3M SOFR+ | 8.75% | 1.00% | 13.18% |  | 5/6/2019 | 5/6/2026 | Services: Consumer | $7615000  | 7589599 | 7538850 | 2.04% |
| NS Group Holding Company, LLC Class A Units |  | Equity |  |  |  |  |  | 5/6/2019 |  |  | 782 | 795002 | 598221 | 0.16% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8384601 | $8137071 | 2.20% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **NuSource Financial Acquisition, Inc.** |  |  |  |  |  |  |  |  |  | Eden Prairie, MN |  |  |  |  |
| Term Loan (SBIC II) | (5) | Unsecured |  | 13.75% | -% | 8.00% | 5.75% | 1/29/2021 | 1/31/2027 | Services: Business | $6484567  | 6448091 | 6452144 | 1.74% |
| NuSource Holdings, Inc. Warrants (SBIC II) | (5) | Equity |  |  |  |  |  | 1/29/2021 |  |  | 54966 | - | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $6448091 | $6452144 | 1.74% |
| **Onpoint Industrial Services, LLC** |  |  |  |  |  |  |  |  |  | Deer Park, TX |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 7.00% | 1.75% | 11.33% |  | 11/16/2022 | 11/16/2027 | Services: Business | $12351615  | 12190355 | 12351615 | 3.34% |
| Spearhead TopCo, LLC Class A Units |  | Equity |  |  |  |  |  | 11/16/2022 |  |  | 606742 | 606742 | 986938 | 0.27% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12797097 | $13338553 | 3.61% |
| **PCP MT Aggregator Holdings, L.P.** | (7) |  |  |  |  |  |  |  |  | Oak Brook, IL |  |  |  |  |
| Common Units |  | Equity |  |  |  |  |  | 3/29/2019 |  | Finance | 825020 | 119281 | 5092459 | 1.38% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $119281 | $5092459 | 1.38% |
| **PCS Software, Inc.** | (9) |  |  |  |  |  |  |  |  | Shenandoah, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.50% | 10.48% |  | 7/1/2019 | 1/1/2026 | Transportation & Logistics | $13882311  | 13882310 | 13812899 | 3.73% |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.00% | 1.50% | 10.48% |  | 7/1/2019 | 1/1/2026 |  | 1820631  | 1820631 | 1811528 | 0.49% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.00% | 1.50% | 10.48% |  | 7/1/2019 | 1/1/2026 |  | 571195  | 571195 | 568339 | 0.15% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.50% | 10.48% |  | 7/1/2019 | 1/1/2026 |  | 960000  | 960000 | 955200 | 0.26% |
| PCS Software Parent, LLC Class A Common Units |  | Equity |  |  |  |  |  | 9/16/2022 |  |  | 471211 | 9995 | 384522 | 0.10% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $17244131 | $17532488 | 4.73% |
| **Pearl Media Holdings, LLC** | (24) |  |  |  |  |  |  |  |  | Garland, TX |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.73% |  | 8/31/2022 | 8/31/2027 | Media: Advertising, Printing & Publishing | $8680556  | 8577517 | 8593750 | 2.32% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8577517  | $8593750  | 2.32% |
| **Peltram Group Holdings LLC** |  |  |  |  |  |  |  |  |  | Auburn, WA |  |  |  |  |
| Class A Units | (6) | Equity |  |  |  |  |  | 12/30/2021 |  | Construction & Building | 508516 | 492499 | 693537 | 0.19% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $492499 | $693537 | 0.19% |
| **Premiere Digital Services, Inc.** | (9) |  |  |  |  |  |  |  |  | Los Angeles, CA |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 5.25% | 1.00% | 9.59% |  | 11/3/2021 | 11/3/2026 | Media: Broadcasting & Subscription | $12196092  | 12170577 | 12196092 | 3.30% |
| Premiere Digital Holdings, Inc. Common Stock |  | Equity |  |  |  |  |  | 10/18/2018 |  |  | 5000 | - | 2118619 | 0.57% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12170577 | $14314711 | 3.87% |
| **Red's All Natural, LLC** |  |  |  |  |  |  |  |  |  | Franklin, TN |  |  |  |  |
| Last Out Term Loan (SBIC II) | (5)(10)(12) | First Lien | 3M SOFR+ | 4.50% | 1.50% | 9.88% |  | 1/31/2023 | 1/31/2029 | Beverage & Food | $8815327  | 8681968 | 8815327 | 2.38% |
| Centeotl Co-Invest B, LP Common Units |  | Equity |  |  |  |  |  | 1/31/2023 |  |  | 710600 | 710600 | 818825 | 0.22% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $9392568 | $9634152 | 2.60% |
| **RIA Advisory Borrower, LLC** | (9) |  |  |  |  |  |  |  |  | Coral Gables, FL |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 11.22% |  | 5/1/2023 | 8/2/2027 | High Tech Industries | $5895000  | 5815274 | 5895000 | 1.59% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 11.22% |  | 5/1/2023 | 8/2/2027 |  | 26114  | 26114 | 26114 | 0.01% |
| RIA Advisory Aggregator, LLC Class A Units |  | Equity |  |  |  |  |  | 5/1/2023 |  |  | 104425 | 165078 | 127378 | 0.03% |
| RIA Products Aggregator, LLC Class A Units |  | Equity |  |  |  |  |  | 5/1/2023 |  |  | 81251 | 78390 | 78390 | 0.02% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $6084856 | $6126882 | 1.65% |
| **Rogers Mechanical Contractors, LLC** | (9) |  |  |  |  |  |  |  |  | Atlanta, GA |  |  |  |  |
| Term Loan | (11) | First Lien | 6M SOFR+ | 6.25% | 1.00% | 10.91% |  | 4/28/2021 | 9/28/2028 | Construction & Building | $8668481  | 8619680 | 8581796 | 2.32% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $8619680 | $8581796 | 2.32% |
| **Said Intermediate, LLC** | (9) |  |  |  |  |  |  |  |  | Boston, MA |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.86% |  | 6/13/2024 | 6/13/2029 | Media: Advertising, Printing & Publishing | $7443117  | 7307325 | 7331470 | 1.98% |
| FCP-Said Holdings, LLC Class A Common Shares |  | Equity |  |  |  |  |  | 6/13/2024 |  |  | 804 | - | - | 0.00% |
| FCP-Said Holdings, LLC Series A Preferred Shares |  | Equity |  |  |  |  |  | 6/13/2024 |  |  | 852 | 350649 | 290102 | 0.08% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7657974 | $7621572 | 2.06% |
| **Sales Benchmark Index, LLC** | (9) |  |  |  |  |  |  |  |  | Dallas, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 2.00% | 10.53% |  | 1/7/2020 | 7/7/2026 | Services: Business | $12148958  | 12144103 | 12148958 | 3.28% |
| SBI Holdings Investments LLC Class A Units |  | Equity |  |  |  |  |  | 1/7/2020 |  |  | 66573 | 665730 | 627734 | 0.17% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12809833 | $12776692 | 3.45% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Footnotes** | <br>**Security**<sup>(2)</sup> | **Coupon** | **Coupon** | <br>**Floor** | <br>**Cash** | <br>**PIK** | <br>**Investment** <br>**Date** | <br>**Maturity** | <br>**Headquarters/** <br>**Industry** | **Principal**<br>**Amount/**<br>**Shares**<sup>(3)</sup> | <br>**Amortized**<br>**Cost** | <br>**Fair** <br>**Value**<sup>(1)</sup> | **% of** <br>**Net** <br>**Assets** |
| **Service Minds Company, LLC** |  |  |  |  |  |  |  |  |  | Bradenton, FL |  |  |  |  |
| Term Loan | (11)(26) | First Lien | PRIME+ | 7.50% | 1.00% | -% | -% | 2/7/2022 | 2/7/2028 | Services: Consumer | $5431921  | 5373590 | 3340631 | 0.90% |
| Revolver | (11)(18)(26) | First Lien | PRIME+ | 7.50% | 1.00% | -% | -% | 2/7/2022 | 2/7/2028 |  | 83533  | 83533 | 51373 | 0.01% |
| Revolver | (11)(18)(26) | First Lien | PRIME+ | 7.50% | 1.00% | -% | -% | 7/2/2024 | 2/7/2028 |  | 20223  | 20223 | 20223 | 0.01% |
| Revolver | (11)(18)(26) | First Lien | PRIME+ | 7.50% | 1.00% | -% | -% | 9/13/2024 | 2/7/2028 |  | 20000  | 20000 | 20000 | 0.01% |
| Revolver | (11)(18)(26) | First Lien | PRIME+ | 7.50% | 1.00% | -% | -% | 11/12/2024 | 2/7/2028 |  | 45000  | 45000 | 45000 | 0.01% |
| Delayed Draw Term Loan | (11)(26) | First Lien | PRIME+ | 7.50% | 1.00% | -% | -% | 2/7/2022 | 2/7/2028 |  | 99116  | 98498 | 60956 | 0.02% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5640844 | $3538183 | 0.96% |
| **TAC LifePort Holdings, LLC** |  |  |  |  |  |  |  |  |  | Woodland, WA |  |  |  |  |
| Common Units | (6) | Equity |  |  |  |  |  | 3/1/2021 |  | Aerospace & Defense | 546543 | 513825 | 804951 | 0.22% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $513825 | $804951 | 0.22% |
| **Teckrez, LLC** | (9) |  |  |  |  |  |  |  |  | Jacksonville, FL |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.75% | 2.00% | 11.21% |  | 5/24/2024 | 11/30/2028 | Chemicals, Plastics, & Rubber | $4283396  | 4225574 | 4261979 | 1.15% |
| Revolver | (11) | First Lien | 1M SOFR+ | 6.75% | 2.00% | 11.21% |  | 5/24/2024 | 11/30/2028 |  | 721110  | 721110 | 717504 | 0.19% |
| HH-Teckrez Parent, LP Preferred Units |  | Equity |  |  |  |  |  |  |  |  | 90139 | 90139 | 127187 | 0.03% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5036823 | $5106670 | 1.37% |
| **The Hardenbergh Group, Inc.** | (9) |  |  |  |  |  |  |  |  | Livonia, MI |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.93% |  | 8/7/2023 | 8/7/2028 | Healthcare & Pharmaceuticals | $10370624  | 10168144 | 10370624 | 2.80% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.50% | 2.00% | 10.93% |  | 9/30/2024 | 8/7/2028 |  | 802021  | 786798 | 802021 | 0.22% |
| BV HGI Holdings, L.P. Class A Units |  | Equity |  |  |  |  |  | 8/7/2023 |  |  | 434504 | 434504 | 337963 | 0.09% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $11389446 | $11510608 | 3.11% |
| **Tiger 21, LLC** | (9) |  |  |  |  |  |  |  |  | New York, NY |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.00% | 1.00% | 9.32% |  | 12/30/2024 | 12/30/2030 | Services: Consumer | $12000000  | 11760000 | 11760000 | 3.18% |
| Tiger 21 Blocker, Inc. Class A-3 Common Stock |  | Equity |  |  |  |  |  | 12/30/2024 |  |  | 565 | 564635 | 564635 | 0.15% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $12324635 | $12324635 | 3.33% |
| **Tilley Distribution, Inc.** | (9) |  |  |  |  |  |  |  |  | Baltimore, MD |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.00% | 1.00% | 10.48% |  | 4/1/2022 | 12/31/2026 | Chemicals, Plastics, & Rubber | $92610  | 91943 | 89369 | 0.02% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $91943 | $89369 | 0.02% |
| **Trade Education Acquisition, L.L.C.** |  |  |  |  |  |  |  |  |  | Austin, TX |  |  |  |  |
| Term Loan (SBIC) | (4)(28) | First Lien |  | -% | 1.00% | -% |  | 12/28/2021 | 12/28/2027 | Education | $9944460  | 9836078 | 5320286 | 1.44% |
| Revolver | (9)(28) | First Lien | 1M SOFR+ | 9.25% | 1.00% | -% |  | 12/28/2021 | 12/28/2027 |  | 39000  | 39000 | 20865 | 0.01% |
| Trade Education Holdings, L.L.C. Class A Units |  | Equity |  |  |  |  |  | 12/28/2021 |  |  | 662660 | 662660 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $10537738 | $5341151 | 1.45% |
| **TradePending OpCo Aggregator, LLC** | (9) |  |  |  |  |  |  |  |  | Carrboro, NC |  |  |  |  |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.73% |  | 3/2/2021 | 3/2/2026 | High Tech Industries | $9527778  | 9473791 | 9527778 | 2.58% |
| Term Loan (SBIC II) | (5)(11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.73% |  | 8/4/2023 | 3/2/2026 |  | 2436128  | 2411250 | 2436128 | 0.66% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.73% |  | 3/2/2021 | 3/2/2026 |  | 33333  | 33333 | 33333 | 0.01% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 2.00% | 10.73% |  | 8/4/2023 | 3/2/2026 |  | 680137  | 676477 | 680137 | 0.18% |
| TradePending Holdings, LLC Series A Units | (6) | Equity |  |  |  |  |  | 3/2/2021 |  |  | 908333 | 947699 | 1973113 | 0.53% |
| TradePending Holdings, LLC Series A-1 Units |  | Equity |  |  |  |  |  | 8/4/2023 |  |  | 132783 | 260254 | 520010 | 0.14% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $13802804 | $15170499 | 4.10% |
| **TriplePoint Acquisition Holdings LLC** | (9) |  |  |  |  |  |  |  |  | Columbus, OH |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.83% |  | 5/31/2024 | 5/31/2029 | Construction & Building | $5329708  | 5232677 | 5303059 | 1.43% |
| TriplePoint Holdco LLC Class A Units | (6) | Equity |  |  |  |  |  | 5/31/2024 |  |  | 557968 | 549818 | 953034 | 0.26% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $5782495 | $6256093 | 1.69% |
| **Unicat Catalyst Holdings, LLC** | (21) |  |  |  |  |  |  |  |  | Alvin, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 1M SOFR+ | 6.50% | 1.00% | 10.96% |  | 4/27/2021 | 4/27/2026 | Chemicals, Plastics, & Rubber | $6843750  | 6801773 | 6843750 | 1.85% |
| Unicat Catalyst, LLC Class A Units |  | Equity |  |  |  |  |  | 4/27/2021 |  |  | 7500 | 750000 | 819105 | 0.22% |
| Unicat Catalyst, LLC Class A-1 Units |  | Equity |  |  |  |  |  | 12/13/2023 |  |  | 701 | 38683 | 53090 | 0.01% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $7590456 | $7715945 | 2.08% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Footnotes** | **Security**<sup>(2)</sup> | **Coupon** | **Coupon** | **Floor** | **Cash** | **PIK** | **Date** | **Maturity** | **Industry** | **Shares**<sup>(3)</sup> | **Cost** | **Value**<sup>(1)</sup> | **Assets** |
| **U.S. Expediters, LLC** | (9) |  |  |  |  |  |  |  |  | Stafford, TX |  |  |  |  |
| Term Loan | (11) | First Lien | 3M SOFR+ | 6.25% | 1.00% | 10.78% |  | 12/22/2021 | 12/22/2026 | Healthcare & Pharmaceuticals | $14460123  | 14331044 | 14315522 | 3.87% |
| Cathay Hypnos LLC Units |  | Equity |  |  |  |  |  | 12/22/2021 |  |  | 1737087 | 1353155 | 975688 | 0.26% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15684199 | $15291210 | 4.13% |
| **USDTL AcquisitionCo, Inc.** | (9) |  |  |  |  |  |  |  |  | Des Plaines, IL |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 5.25% | 1.50% | 9.58% |  | 12/9/2024 | 12/9/2030 | Healthcare & Pharmaceuticals | $6000000  | 5881196 | 5881196 | 1.59% |
| Revolver | (11) | First Lien | 3M SOFR+ | 5.25% | 1.50% | 9.58% |  | 12/9/2024 | 12/9/2030 |  | 20000  | 20000 | 19604 | 0.01% |
| USDTL Holdings, LLC Preferred Units |  | Equity |  |  |  |  |  | 12/9/2024 |  |  | 110 | 110000 | 109998 | 0.03% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $6011196 | $6010798 | 1.63% |
| **Venbrook Buyer, LLC** |  |  |  |  |  |  |  |  |  | Los Angeles, CA |  |  |  |  |
| Term Loan B (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 8.50% | 1.50% | 5.48% | 7.50% | 3/13/2020 | 3/13/2026 | Services: Business | $14603639  | 14541079 | 13873457 | 3.75% |
| Term Loan B | (11) | First Lien | 3M SOFR+ | 8.50% | 1.50% | 5.48% | 7.50% | 3/13/2020 | 3/13/2026 |  | 166160  | 165448 | 157852 | 0.04% |
| Revolver | (11) | First Lien | 3M SOFR+ | 8.50% | 1.50% | 5.48% | 7.50% | 3/13/2020 | 3/13/2026 |  | 2579814  | 2579814 | 2450823 | 0.66% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 8.50% | 1.50% | 5.48% | 7.50% | 3/13/2020 | 3/13/2026 |  | 4979640  | 4967241 | 4730658 | 1.28% |
| Venbrook Holdings, LLC Convertible Term Loan | (14) | Unsecured |  | 10.00% | -% | -% | 10.00% | 3/31/2022 | 12/20/2028 |  | 108991  | 108991 | - | 0.00% |
| Venbrook Holdings, LLC Common Units |  | Equity |  |  |  |  |  | 3/13/2020 |  |  | 822758 | 819262 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $23181835 | $21212790 | 5.73% |
| **WER Holdings, LLC** | (9) |  |  |  |  |  |  |  |  | Sugar Hill, GA |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 6M SOFR+ | 5.50% | 1.00% | 9.95% |  | 4/11/2024 | 4/11/2030 | Services: Business | $2690643  | 2641658 | 2650283 | 0.72% |
| Revolver | (11) | First Lien | 3M SOFR+ | 5.50% | 1.00% | 9.83% |  | 4/11/2024 | 4/11/2030 |  | 133870  | 133870 | 131862 | 0.04% |
| Delayed Draw Term Loan | (11) | First Lien | 1M SOFR+ | 5.50% | 1.00% | 9.87% |  | 4/11/2024 | 4/11/2030 |  | 824382  | 816172 | 812016 | 0.22% |
| Blade Landscape Investments, LLC Class A Units |  | Equity |  |  |  |  |  |  |  |  | 1803 | 180300 | 192289 | 0.05% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $3772000 | $3786450 | 1.03% |
| **Whisps Holdings LP** |  |  |  |  |  |  |  |  |  | Elgin, IL |  |  |  |  |
| Class A Units |  | Equity |  |  |  |  |  | 4/18/2019 |  | Beverage & Food | 500000 | 500000 | - | 0.00% |
| Class A-1 Units |  | Equity |  |  |  |  |  | 3/6/2023 |  |  | 182610 | 182610 | - | 0.00% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $682610 | $- | 0.00% |
| **Xanitos, Inc.** | (9) |  |  |  |  |  |  |  |  | Newtown Square, PA |  |  |  |  |
| Term Loan (SBIC) | (4)(11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.98% |  | 6/25/2021 | 6/25/2026 | Healthcare & Pharmaceuticals | $12352000  | 12267321 | 12352000 | 3.34% |
| Revolver | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.98% |  | 6/25/2021 | 6/25/2026 |  | 140000  | 140000 | 140000 | 0.04% |
| Delayed Draw Term Loan | (11) | First Lien | 3M SOFR+ | 6.50% | 1.00% | 10.98% |  | 6/25/2021 | 6/25/2026 |  | 2176309  | 2168201 | 2176309 | 0.59% |
| Pure TopCo, LLC Class A Units |  | Equity |  |  |  |  |  |  |  |  | 442133 | 1053478 | 1245129 | 0.34% |
| Total |  |  |  |  |  |  |  |  |  |  |  | $15629000 | $15913438 | 4.31% |
| **Total Non-control, non-affiliated investments** |  |  |  |  |  |  |  |  |  |  |  | $943853898 | $945845252 | 255.69% |
| **Total Investments** |  |  |  |  |  |  |  |  |  |  |  | $961788706 | $953497688 | 257.76% |
| **LIABILITIES IN EXCESS OF OTHER ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  | $(583575748) | (157.76)% |
| **NET ASSETS** |  |  |  |  |  |  |  |  |  |  |  |  | $369921940 | 100.00% |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| |
|:---|
| (1)<br>The fair value of the investment was determined using significant unobservable inputs. See Note 1 to the consolidated financial statements contained herein for a discussion of the methodologies used to value securities in the portfolio.<br>|
| (2)<br>Debt investments are income producing and equity securities are non-income producing, unless otherwise noted.<br>|
| (3)<br>Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted, Euro ("€"), or Great British Pound ("£").<br>|
| (4)<br>Investments held by the SBIC subsidiary (as defined in Note 1 to the consolidated financial statements contained herein), which include $16,925,317 of cash and $240,789,911 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility (as defined in Note 9). Stellus Capital Investment Corporation's (the "Company") obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries (as defined in Note 1 to the consolidated financial statements contained herein).<br>|
| (5)<br>Investments held by the SBIC II subsidiary (as defined in Note 1 to the consolidated financial statements contained herein), which include $2,793,535 of cash and $272,646,904 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility. The Company's obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries.<br>|
| (6)<br>Security is income producing through dividends or distributions.<br>|
| (7)<br>The investment is not a "qualifying asset" under the Investment Company Act of 1940, as amended. The Company may not acquire any non-qualifying assets unless, at the time of the acquisition, qualifying assets represent at least 70% of the Company's total assets. Qualifying assets represent approximately 95.2% of the Company's total assets as of December 31, 2024.<br>|

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[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)<br>Represents a PIK interest security. At the option of the issuer, interest can be paid in cash or cash and PIK interest. The percentage of PIK interest shown is the maximum PIK interest that can be elected by the issuer.<br>(9)<br>At December 31, 2024, the Company had the following outstanding revolver and delayed draw term loan commitments:<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Security** | <br>**Unfunded** <br>**Commitment** | **Unused** <br>**Commitment** <br>**Fee** | <br>**Maturity** |
| 2X LLC | Revolver | $87500 | 0.50% | June 5, 2028 |
| Ad.Net Acquisition, LLC | Revolver | 444803 | 0.50% | May 7, 2026 |
| AdCellerant LLC | Revolver | 875995 | 0.50% | December 12, 2028 |
| ADS Group Opco, LLC | Revolver | 60149 | 0.00% | December 31, 2027 |
| AGT Robotique Inc. | Revolver | 1526600 | 0.50% | June 22, 2029 |
| American Refrigeration, LLC | Revolver | 100000 | 0.50% | March 31, 2028 |
| AMII Acquisition, LLC | Revolver | 500000 | 0.50% | December 4, 2029 |
| Amika OpCo LLC \*  | Revolver | 100000 | 0.50% | July 1, 2028 |
| Anne Lewis Strategies, LLC | Revolver | 50000 | 0.50% | May 9, 2028 |
| ArborWorks, LLC | Revolver | 1325032 | 0.00% | November 6, 2028 |
| Axis Portable Air LLC | Revolver | 100000 | 0.50% | March 22, 2028 |
| Bart & Associates, LLC | Revolver | 942010 | 0.50% | August 16, 2030 |
| Bart & Associates, LLC | Delayed Draw Term Loan | 1733387 | 1.00% | August 16, 2030 |
| Camp Profiles LLC | Revolver | 100000 | 0.50% | September 3, 2026 |
| Carolinas Buyer, Inc. | Delayed Draw Term Loan | 2216358 | 1.00% | December 20, 2030 |
| Carolinas Buyer, Inc. | Revolver | 100000 | 0.50% | December 20, 2030 |
| CEATI International Inc. | Revolver | 100000 | 0.50% | December 31, 2027 |
| Cerebro Buyer, LLC | Delayed Draw Term Loan | 1130707 | 1.00% | March 15, 2029 |
| Cerebro Buyer, LLC | Revolver | 100000 | 0.50% | March 15, 2029 |
| CF512, Inc. | Revolver | 100000 | 0.50% | September 1, 2026 |
| Channel Partners Intermediateco, LLC | Revolver | 18333 | 0.50% | February 7, 2027 |
| CompleteCase, LLC | Revolver | 166667 | 0.50% | December 21, 2025 |
| Compost 360 Acquisition, LLC | Revolver | 14000 | 0.50% | August 2, 2028 |
| COPILOT Provider Support Services, LLC | Revolver | 71667 | 0.50% | November 22, 2027 |
| Craftable Intermediate II Inc. | Revolver | 100000 | 0.50% | June 30, 2028 |
| Curion Holdings, LLC | Revolver | 35499 | 0.50% | July 29, 2027 |
| DRS Holdings III, Inc. | Revolver | 909091 | 0.50% | November 1, 2025 |
| Equine Network, LLC | Revolver | 33333 | 0.50% | May 22, 2028 |
| Eskola, LLC\*\* | Delayed Draw Term Loan | 3918298 | 1.00% | December 19, 2029 |
| evolv Consulting, LLC | Revolver | 1363636 | 0.50% | December 7, 2028 |
| Evriholder Acquisition, Inc. | Revolver | 100000 | 0.50% | January 24, 2028 |
| Exigo, LLC | Revolver | 100000 | 0.50% | March 16, 2027 |
| FairWave Holdings, LLC | Delayed Draw Term Loan | 976811 | 0.50% | April 1, 2029 |
| FairWave Holdings, LLC | Revolver | 485473 | 0.50% | April 1, 2029 |
| FiscalNote Boards LLC | Delayed Draw Term Loan | 627139 | 1.00% | March 12, 2029 |
| FiscalNote Boards LLC | Revolver | 391962 | 0.50% | March 12, 2029 |
| Florachem Corporation | Revolver | 33333 | 0.50% | April 29, 2028 |
| GS HVAM Intermediate, LLC | Revolver | 477273 | 0.50% | February 28, 2026 |
| Guidant Corp. | Revolver | 1055707 | 0.50% | March 12, 2029 |
| HV Watterson Holdings, LLC | Revolver | 2006 | 0.50% | December 17, 2026 |
| Impact Home Services LLC | Delayed Draw Term Loan | 1571984 | 1.00% | April 28, 2028 |

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Security** | <br>**Unfunded** <br>**Commitment** | **Unused** <br>**Commitment** <br>**Fee** | <br>**Maturity** |
| Informativ, LLC | Revolver | $100000 | 0.50% | July 30, 2026 |
| Inoapps Bidco, LLC | Revolver | 20000 | 0.50% | February 15, 2027 |
| iNovex Information Systems Incorporated | Revolver | 72000 | 0.50% | December 17, 2030 |
| J.R. Watkins, LLC | Revolver | 337433 | 0.00% | May 3, 2026 |
| Ledge Lounger, Inc. | Revolver | 24915 | 0.50% | November 9, 2027 |
| Lightning Intermediate II, LLC | Revolver | 100000 | 0.50% | June 6, 2027 |
| MacKenzie-Childs Acquisition, Inc. | Revolver | 100000 | 0.50% | September 2, 2027 |
| Madison Logic Holdings, Inc. | Revolver | 52632 | 0.50% | December 30, 2027 |
| MBH Management LLC | Delayed Draw Term Loan | 500000 | 1.00% | November 15, 2029 |
| MBH Management LLC | Revolver | 500000 | 0.50% | November 15, 2029 |
| MedLearning Group, LLC | Delayed Draw Term Loan | 1956150 | 1.00% | December 30, 2027 |
| Michelli, LLC | Revolver | 1296076 | 0.50% | December 21, 2028 |
| Microbe Formulas LLC | Revolver | 100000 | 0.50% | April 3, 2028 |
| MOM Enterprises, LLC | Revolver | 62500 | 0.50% | May 19, 2026 |
| Monarch Behavioral Therapy, LLC | Delayed Draw Term Loan | 701036 | 1.00% | June 6, 2030 |
| Monarch Behavioral Therapy, LLC | Revolver | 686582 | 0.50% | June 6, 2030 |
| Morgan Electrical Group Intermediate Holdings, Inc. | Delayed Draw Term Loan | 1145662 | 1.00% | August 3, 2029 |
| Morgan Electrical Group Intermediate Holdings, Inc. | Revolver | 100000 | 0.50% | August 3, 2029 |
| NINJIO, LLC | Revolver | 66667 | 0.50% | October 12, 2027 |
| Norplex Micarta Acquisition, Inc. | Revolver | 500000 | 0.50% | October 31, 2029 |
| PCS Software, Inc. | Revolver | 746948 | 0.50% | January 1, 2026 |
| Premiere Digital Services, Inc. | Revolver | 576923 | 0.50% | November 3, 2026 |
| RIA Advisory Borrower, LLC | Revolver | 73886 | 0.50% | August 2, 2027 |
| Rogers Mechanical Contractors, LLC | Revolver | 83333 | 0.50% | September 28, 2028 |
| Said Intermediate, LLC | Revolver | 1168831 | 0.50% | June 13, 2029 |
| Sales Benchmark Index, LLC | Revolver | 1109551 | 0.50% | July 26, 2026 |
| Teckrez, LLC | Revolver | 721110 | 1.00% | November 30, 2028 |
| The Hardenbergh Group, Inc. | Revolver | 100000 | 0.50% | August 6, 2028 |
| Tiger 21, LLC | Revolver | 100000 | 0.50% | December 30, 2030 |
| Tilley Distribution, Inc. | Revolver | 100000 | 0.50% | December 31, 2026 |
| Trade Education Acquisition, L.L.C. | Revolver | 41000 | 0.50% | December 28, 2027 |
| TradePending OpCo Aggregator, LLC | Revolver | 66667 | 0.50% | March 2, 2026 |
| TriplePoint Acquisition Holdings LLC | Delayed Draw Term Loan | 1339123 | 1.00% | May 31, 2029 |
| TriplePoint Acquisition Holdings LLC | Revolver | 743957 | 0.50% | May 31, 2029 |
| U.S. Expediters, LLC | Revolver | 30000 | 0.50% | December 22, 2026 |
| USDTL AcquisitionCo, Inc. | Delayed Draw Term Loan | 500000 | 1.00% | December 9, 2030 |
| USDTL AcquisitionCo, Inc. | Revolver | 80000 | 0.50% | December 9, 2030 |
| WER Holdings, LLC | Delayed Draw Term Loan | 514059 | 1.00% | April 11, 2030 |
| WER Holdings, LLC\*\*\* | Revolver | 267739 | 0.50% | April 11, 2030 |
| Xanitos, Inc. | Revolver | 60000 | 0.50% | June 25, 2026 |
|  | Total Unfunded Debt Commitments | $40989533 |  |  |

---

\* Included in this investment is Line of Credit in the amount of $4,861, with Line of Credit rate of 5.25% and a maturity of July 1, 2028.

\*\* This a last-out delayed draw term loan with contractual rates higher than the applicable rates.

\*\*\* Included in this investment is Line of Credit in the amount of $41,071, with Line of Credit rate of 5.50% and a maturity of April 11, 2030.

---

| |
|:---|
| A<br>|
| (10)<br>This loan is a unitranche investment. <br>|
| (11)<br>These loans include an interest rate floor feature which is lower than the applicable rates; therefore, the floor is not in effect. <br>|
| (12)<br>These loans are last-out term loans with contractual rates higher than the applicable rates; therefore, the floor is not in effect.<br>|
| (13)<br>Investment has been on non-accrual since November 1, 2024.<br>|
| (14)<br>This loan is convertible to common units at maturity or at the majority of holders.<br>|
| (15)<br>Excluded from the investment is an uncalled capital commitment in an amount not to exceed $297,219. <br>|
| (16)<br>Investment has been on non-accrual since the later of January 1, 2023 or the investment date.Investment has been on non-accrual since November 6, 2023.<br>(17)<br>Investment has been on non-accrual since November 6, 2023.<br>|

---

[**Table of Contents**](#TOC)

**Stellus Capital Investment Corporation**

**Consolidated Schedule of Investments**

**December 31, 2024**

(18)<br>The Company has full discretion to fund the revolver commitment, with an unfunded rate of 0.00% and a maturity of February 7, 2028. As of December 31, 2024, there was no undrawn revolver commitment.<br>(19)<br>Investment has been on non-accrual since January 1, 2024.<br>(20)<br>Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,000,000, with an unfunded rate of 0.50% and a maturity of April 27, 2026. The Company has full discretion to fund the revolver commitment.<br>(21)<br>Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,500,000, with an unfunded rate of 0.00% and a maturity of July 31, 2025. The Company has full discretion to fund the revolver commitment.<br>(22)<br>Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,200,821, with an unfunded rate of 0.00% and a maturity of September 3, 2026. The Company has full discretion to fund the revolver commitment.<br>(23)<br>Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Security** | <br>**December 31, 2023**<br>**Value** | <br>**Gross Additions**<br>**(a)** | <br>**Gross Reductions**<br>**(b)** | <br>**Amount of Realized**<br>**Gain (loss)** | <br>**Amount of Unrealized**<br>**Gain (loss)** | <br>**December 31, 2024**<br>**Value** | **Amount of Interest**<br>**Credited to Income**<br>**(c)** |
| **EH Real Estate Services, LLC** |  |  |  |  |  |  |  |  |
| Term Loan A-1 | First Lien | $- | $1882226 | $- | $- | $(1628125) | $254101 | - |
| Term Loan A-1 (SBIC) | First Lien | 3042204 | - | (5255564) | - | 2213360 | - | 81636 |
| Term Loan A-2 | First Lien | 325059 | 80664 | - | - | (317846) | 87877 | - |
| Term Loan A-2 (SBIC) | First Lien | 650118 | - | (1140558) | - | 490440 | - | - |
| Term Loan A-3 | First Lien | 111979 | 34223 | - | - | (115060) | 31142 | - |
| Term Loan A-3 (SBIC) | First Lien | 223959 | - | (392910) | - | 168951 | - | - |
| Term Loan A-4 | First Lien | 496828 | 1003691 | - | - | 5018 | 1505537 | - |
| Term Loan A-4 (SBIC) | First Lien | 993654 | - | (1003691) | - | 10037 | - | - |
| Term Loan A-5 | First Lien | - | 5710182 | - | - | - | 5710182 | - |
| Revolver | First Lien | 332190 | 68434 | (337027) | - | - | 63597 | - |
| EH Holdco, LLC Common Units | Equity | 3 | - | - | - | (3) | - | - |
| EH Holdco, LLC Series A Preferred Units | Equity | - | - | - | - | - | - | - |
| **Total Control Investments** |  | $6175994 | $8779420 | $(8129750) | $- | $826772 | $7652436 | 81636 |

---

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b) Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.

&nbsp;&nbsp;&nbsp;&nbsp;(24) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $100,000 , with an unfunded rate of 0.00% and a maturity of August 31, 2027 . The Company has full discretion to fund the revolver commitment.

&nbsp;&nbsp;&nbsp;&nbsp;(25) Investment has been on non-accrual since the later of September 1, 2024 or the investment date.

&nbsp;&nbsp;&nbsp;&nbsp;(26) Investment has been on non-accrual since the later of August 21, 2024 or the investment date.

&nbsp;&nbsp;&nbsp;&nbsp;(27) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $17,500 with an unfunded rate of 0.50% and a maturity of April 28, 2028 . The Company has full discretion to fund the revolver commitment.

&nbsp;&nbsp;&nbsp;&nbsp;(28) Investment has been on non-accrual since June 1, 2024.

**Abbreviation Legend**

BSBY — Bloomberg Short-Term Bank Yield Index

PIK — Payment-In-Kind

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

#### NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

#### Nature of Operations
Stellus Capital Investment Corporation ("we", "us", "our" and the "Company") was formed as a Maryland corporation on May 18, 2012 ("Inception") and is an externally managed, closed-end, non-diversified investment management company. The Company is applying the guidance of Accounting Standards Codification ("ASC") Topic 946, Financial Services Investment Companies ("ASC Topic 946"). The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and has elected to be treated, qualifies, and intends to qualify annually to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), for U.S. federal income tax purposes. The Company's investment activities are managed by the Company's investment adviser, Stellus Capital Management, LLC ("Stellus Capital" or the "Advisor").

As of September 30, 2025, the Company had issued a total of 28,947,254 shares and raised $419,105,333 in gross proceeds since Inception, incurring an aggregate of $12,903,815 in offering expenses and underwriting fees. Additionally, the Company has received $672,917 in offering expenses reimbursements from the Advisor for net proceeds from offerings of $406,874,435. The Company's shares are currently listed on the New York Stock Exchange under the symbol "SCM". See Note 4 to the consolidated financial statements contained herein for further details.

The Company has established the following wholly owned subsidiaries: SCIC — Consolidated Blocker, Inc., SCIC — Invincible Blocker 1, Inc., SCIC — SKP Blocker 1, Inc., SCIC — APE Blocker 1, Inc., SCIC — Venbrook Blocker, Inc., SCIC — CC Blocker 1, Inc., SCIC — ERC Blocker 1, Inc., and SCIC — Hollander Blocker 1, Inc., which are structured as Delaware entities, to hold equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass-through entities) (collectively, the "Taxable Subsidiaries"). The Taxable Subsidiaries are consolidated for U.S. generally accepted accounting principles ("U.S. GAAP") reporting purposes, and the portfolio investments held by them are included in the consolidated financial statements.

On June 14, 2013, the Company formed Stellus Capital SBIC, LP (the "SBIC I subsidiary"), a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. On June 20, 2014, the SBIC I subsidiary received a license from the U.S. Small Business Administration ("SBA") to operate as a small business investment company ("SBIC") under Section 301(c) of the Small Business Investment Company Act of 1958, as amended (the "SBIC Act"). The SBIC I subsidiary and its general partner are consolidated for U.S. GAAP reporting purposes, and the portfolio investments held by it are included in the consolidated financial statements.

On November 29, 2018, the Company formed Stellus Capital SBIC II, LP (the "SBIC II subsidiary"), a Delaware limited partnership. On August 14, 2019, the SBIC II subsidiary received a license from the SBA to operate as an SBIC under Section 301(c) of the SBIC Act. The SBIC II subsidiary and its general partner, Stellus Capital SBIC GP, LLC, are consolidated for U.S. GAAP reporting purposes, and the portfolio investments held by it are included in the consolidated financial statements.

The SBIC licenses allow the SBIC I subsidiary and SBIC II subsidiary (together, "the SBIC subsidiaries") to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten-year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with 10-year maturities. The SBA, as a creditor, will have a superior claim to the SBIC subsidiaries' assets over the Company's stockholders in the event the Company liquidates one or both of the SBIC subsidiaries or the SBA exercises its remedies under the SBA-guaranteed debentures issued by the SBIC subsidiaries upon an event of default. For the SBIC I subsidiary, SBA regulations limit the amount that the SBIC I subsidiary may borrow to a maximum of $150,000,000 when it has at least $75,000,000 in regulatory capital, as such term is defined by the SBA. For the SBIC II subsidiary, SBA regulations limit the amounts that the SBIC II subsidiary may borrow to

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

$175,000,000 when the licensee has at least $87,500,000 in regulatory capital, as such term is defined by the SBA. For two or more SBICs under common control, the maximum amount of outstanding SBA-guaranteed debentures cannot exceed $350,000,000. As of both September 30, 2025 and December 31, 2024, the SBIC I subsidiary had $75,000,000 in regulatory capital. As of both September 30, 2025 and December 31, 2024, the SBIC II subsidiary had $87,500,000 in regulatory capital.

As of September 30, 2025 and December 31, 2024, the SBIC I subsidiary had $124,000,000 and $150,000,000 of SBA-guaranteed debentures outstanding, respectively. As of both September 30, 2025 and December 31, 2024, the SBIC II subsidiary had $175,000,000 of SBA-guaranteed debentures outstanding. See footnotes (4) and (5) of the Consolidated Schedule of Investments for additional information regarding the treatment of investments in the SBIC subsidiaries with respect to the Credit Facility (as defined in Note 9).

Under the 1940 Act, the Company is allowed to incur a maximum asset coverage ratio of 150% if certain requirements are met, including the approval of a "required majority" (as such term is defined in Section 57(o) of the 1940 Act) of the Company's Board of Directors (the "Board") and the approval of the Company's stockholders. On April 4, 2018, the Board, including a "required majority" of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. At the Company's 2018 annual meeting of stockholders, the Company's stockholders also approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, the asset coverage ratio requirement applicable to the Company was decreased from 200% to 150%, effective June 29, 2018. The amount of leverage that the Company employs at any time depends on its assessment of the market and other factors at the time of any proposed borrowing. As of September 30, 2025, the Company's asset coverage ratio was 210%.

The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments in lower middle-market companies. The Company seeks to achieve its investment objective by originating and investing primarily in private U.S. lower 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, second lien, unitranche and unsecured debt financings, often with corresponding equity co-investments. The Company sources investments primarily through the extensive network of relationships that the principals of Stellus Capital have developed with financial sponsor firms, financial institutions, lower middle-market companies, management teams and other professional intermediaries.

#### Summary of Significant Accounting Policies

#### Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in conformity with generally accepted accounting principles in the U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Accordingly, certain disclosures accompanying the annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.

In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of the financial statements for the interim periods included herein. The results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of the operating results to be expected for the full year. Also, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024.

In accordance with Regulation S-X under the Exchange Act, the Company does not consolidate portfolio company investments. The accounting records of the Company are maintained in U.S. dollars.

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

#### Economic Developments
Economic activity has continued to accelerate across sectors and regions. Nonetheless, the Company has observed and continues to observe supply chain interruptions, labor resource shortages, commodity inflation, fluctuating interest rates, bank impairments and failures, economic sanctions in response to international conflicts and instances of geopolitical, economic and financial market instability in the United States and abroad, including as a result of the imposition of tariffs in the United States or its trading partners and the prolonged shutdown of the government. One or more of these factors may contribute to increased market volatility and may have long- and short-term effects in the United States and worldwide financial markets.

#### Portfolio Investment Classification
The Company classifies its portfolio investments in accordance with the requirements of the 1940 Act as follows: (a) "Control Investments" are defined as investments in which the Company owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) "Affiliate Investments" are defined as investments in which the Company owns between 5% and 25% of the voting securities and does not have rights to maintain greater than 50% of the board representation, and (c) "Non-controlled, non-affiliate investments" are defined as investments that are neither Control Investments or Affiliate Investments.

#### Cash and Cash Equivalents
Cash consists of bank demand deposits. The Company deems certain money market mutual funds, U.S. Treasury Bills, and other high-quality, short-term debt securities as cash equivalents.

As of September 30, 2025, cash balances totaling $5,174, including foreign currency of $657 (acquisition cost of $657), did not exceed Federal Deposit Insurance Corporation ("FDIC") insurance protection levels of $250,000. In addition, as of September 30, 2025, the Company held $9,018,846 in cash equivalents in money market mutual funds, which are carried at net asset value, which is considered a Level 1 valuation technique. All of the Company's cash deposits are held at large established high credit quality financial institutions, and management believes that risk of loss associated with any uninsured balances is remote.

#### Fair Value Measurements
The Company accounts for all of its financial instruments at fair value in accordance with ASC Topic 820, *Fair Value Measurements and Disclosures* ("ASC Topic 820"). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its financial instruments related to receivables and payables approximate the fair value of these items due to the short maturity of these instruments, which are considered Level 2 in the fair value hierarchy.

The Credit Facility, SBA-guaranteed debentures, and Notes Payable (as defined in Note 11) are carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of September 30, 2025, the estimated fair value of the Credit Facility approximates the carrying value because the interest rates adjust to the current market interest rate (Level 3 classification). Valuation techniques and significant inputs used to determine fair value include company details; credit, market and liquidity risk and events; financial health of the company; place in the capital structure; interest rate; and terms and conditions of the Credit Facility. The estimated fair value of the SBA-guaranteed debentures and Notes Payable was determined by discounting projected remaining payments using market interest rates for borrowings of the Company and entities with similar credit risks at the measurement date. At the measurement date, the estimated fair values of the SBA-guaranteed debentures, 2026 Notes Payable (as defined below) and 2030 Notes Payable (as defined below) as prepared for disclosure purposes was $288,459,825 (Level 3 classification), $49,610,950 (Level 2 classification) and $122,633,470 (Level 3

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

classification), respectively. See Note 6 to the consolidated financial statements contained herein for further discussion regarding the fair value measurements and hierarchy.

#### Consolidation
As permitted under Regulation S-X under the Exchange Act and ASC Topic 946, the Company generally does not consolidate its investments in a portfolio company other than an investment company subsidiary. Accordingly, the Company consolidated the results of the SBIC subsidiaries and the Taxable Subsidiaries. All intercompany balances have been eliminated upon consolidation.

#### Use of Estimates
The preparation of the Consolidated Statements of Assets and Liabilities in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. Additionally, as explained in Note 1, the consolidated financial statements include investments in the portfolio whose values have been determined in good faith by the Board, pursuant to procedures approved by the Board, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the investment portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.

#### Deferred Financing Costs
Deferred financing costs, prepaid loan fees on SBA-guaranteed debentures and prepaid loan structure fees consist of fees and expenses paid in connection with the closing of the Company's Credit Facility, Notes Payable and SBA-guaranteed debentures and are capitalized at the time of payment. These costs are amortized using the straight line method over the term of the respective instrument and are presented as an offset to the corresponding debt on the Consolidated Statements of Assets and Liabilities.

#### Offering Costs
Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company's common stock, including legal, accounting, printing fees and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is consummated and shown on the Consolidated Statements of Changes in Net Assets as a reduction to Paid-in capital. As of September 30, 2025, there was no such costs on the Consolidated Statement of Assets and Liabilities.

#### Investments
Rule 2a-5 under the 1940 Act ("Rule 2a-5") establishes requirements for determining the fair value of a BDC's investments in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of directors of BDCs to designate certain parties to perform fair value determinations, subject to oversight of the board of directors and compliance with certain conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a board of directors must determine the fair value of a security. Rule 31a-4 under the 1940 Act ("Rule 31a-4") establishes additional recordkeeping requirements related to fair value determinations. While the Board has not elected to designate the Advisor as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order to comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

As a BDC, the Company will generally invest in illiquid loans and securities, including debt and equity securities of private lower middle-market companies. Section 2(a)(41) of the 1940 Act requires that a BDC value its assets as follows: (i) the third-party price for securities for which a market quotation is readily available; and (ii) for all other securities and assets, fair value, as determined in good faith under procedures adopted by a BDC's board or valuation designee, as applicable. Under procedures established by the Board, the Company values investments for which market quotations are readily available at such market quotations. The Company obtains these market values from an independent pricing service or at the midpoint of the bid and ask prices obtained from at least two brokers or dealers (if available; otherwise, by a principal market maker or a primary market dealer). Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined in good faith by the Board. Such determination of fair value may involve subjective judgments and estimates. The Company also engages independent valuation providers to review the valuation of each portfolio investment that does not have a readily available market quotation at least twice annually.

Debt and equity investments purchased within approximately 90 days of the valuation date will be valued at cost plus accreted discount, or minus amortized premium, which approximates fair value. With respect to unquoted securities, the Board values each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board uses the pricing indicated by the external event to corroborate and/or assist in the valuation. Because the Company expects that there will not be a readily available market quotation for many of the investments in its portfolio, the Company expects to value most of its portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company's investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In following these approaches, the types of factors that will be taken into account in fair value pricing investments include, as relevant, but are not limited to:

● available current market data, including relevant and applicable market trading and transaction comparables;

● applicable market yields and multiples;

● financial covenants;

● call protection provisions;

● information rights;

● the nature and realizable value of any collateral;

● the portfolio company's ability to make payments, its earnings and discounted cash flows and the markets in which it does business;

● comparisons of financial ratios of peer companies that are public;

● comparable merger and acquisition transactions; and

● the principal market and enterprise values.

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**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

#### Revenue Recognition
The Company records interest income on an accrual basis to the extent such interest is deemed collectible. Payment-in-kind ("PIK") interest represents contractual interest accrued and added to the loan balance that generally becomes due at maturity. The Company will not accrue any form of interest on loans and debt securities if it has reason to doubt its ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company then accretes or amortizes such amounts using the effective interest method as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fee is recorded as interest income. The Company records prepayment premiums on loans and debt securities as other income. Dividend income, if any, will be recognized on the ex-dividend date.

A presentation of the interest income the Company has earned from portfolio companies for the three and nine months ended September 30, 2025 and 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Loan interest | $22752870 | $23489366 | $67234416 | $69960767 |
| PIK income | 1378166 | 934986 | 3870717 | 2490854 |
| Fee amortization income<sup>(1)</sup> | 799208 | 734121 | 2351134 | 2256653 |
| Fee income acceleration<sup>(2)</sup> | 82509 | 179888 | 337807 | 833518 |
| Total Interest Income | $25012753 | $25338361 | $73794074 | $75541792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes amortization of fees on unfunded commitments.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Unamortized loan origination fees recognized upon full or partial realization of investment.

To maintain the Company's treatment as a RIC, substantially all of this income must be paid to stockholders in the form of distributions, even if the Company has not collected any cash.

Management considers portfolio company specific circumstances as well as other economic factors in determining collectability of interest income. As of September 30, 2025, the Company had loans to five portfolio companies that were on non-accrual status, which represented approximately 6.7% of the Company's loan portfolio at cost and 3.7% at fair value. As of December 31, 2024, the Company had loans to seven portfolio companies that were on non-accrual status, which represented approximately 8.3% of the Company's loan portfolio at cost and 5.4% at fair value. As of September 30, 2025 and December 31, 2024, $9,656,621 and $6,509,852, respectively, of income from investments on non-accrual had not been accrued. If a loan or debt security's status significantly improves regarding the debtor's ability to service the debt or other obligations, or if a loan or debt security is sold or written off, the Company will remove it from non-accrual status.

#### Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation
Realized gains or losses are measured by the difference between the net proceeds from the repayment, sale or disposition and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Foreign currency amounts are translated into U.S. Dollars (USD) on the following basis:

● fair value of investment securities, other assets and liabilities—at the spot exchange rate on the last business day of the period; and

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**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

● purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such investment transactions, income or expenses.

#### Investment Transaction Costs
Costs that are material and associated with an investment transaction, including legal expenses, are included in the cost basis of purchases and deducted from the proceeds of sales unless such costs are reimbursed by the borrower.

#### Receivables and Payables for Unsettled Securities Transactions
The Company records all investments on a trade date basis.

#### U.S. Federal Income Taxes
The Company has elected and intends to qualify annually to be treated as a RIC under Subchapter M of the Code. To qualify as a RIC, among other things, the Company generally is required to timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each year. So long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the Company represents obligations of the Company's investors and will not be reflected in the Consolidated Financial Statements of the Company.

To avoid a 4% U.S federal excise tax on undistributed earnings, the Company is required to distribute each calendar year the sum of (i) 98% of its ordinary income for such calendar year, (ii) 98.2% the amount by which the Company's capital gain exceeds its capital loss (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year, and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax, or the "Excise Tax Avoidance Requirement". For this purpose, however, any net ordinary income or capital gain net income retained by the Company that is subject to U.S. federal income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). The Company, at its discretion, may choose not to distribute all its taxable income for the calendar year and pay a non-deductible 4% excise tax on this income. If the Company chooses to do so, all other things being equal, this would increase expenses and reduce the amount of cash available to be distributed to stockholders. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes on estimated excess taxable income as taxable income is earned.

Current income tax expense for the three months ended September 30, 2025 and 2024 of $515,686 and $360,192, respectively, was mostly related to excise and franchise taxes. Income tax expense for the nine months ended September 30, 2025 and 2024 of $1,444,184 and $1,304,948, respectively, was mostly related to excise and franchise taxes.

The Company evaluates tax positions taken or expected to be taken while preparing its tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet a "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the applicable period. As of September 30, 2025 and December 31, 2024, the Company had not recorded a liability for any unrecognized tax positions. Management's evaluation of uncertain tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. The Company's policy is to include interest and penalties related to income taxes, if applicable, in general and administrative expenses. Any expenses for the three and nine months ended September 30, 2025 and 2024 were de minimis.

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The Taxable Subsidiaries are direct wholly owned subsidiaries of the Company that have elected to be treated as corporations for U.S. federal income tax purposes, and as a result, the income of the Taxable Subsidiaries is subject to U.S. federal income tax at corporate rates. The Taxable Subsidiaries permit the Company to hold equity investments in portfolio companies that are "pass through" entities for tax purposes and continue to comply with the "source-of-income" requirements contained in RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company's consolidated financial statements.

The Taxable Subsidiaries use the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

For both the three and nine months ended September 30, 2025, the Company recorded deferred income tax benefit of $0 related to the Taxable Subsidiaries. For the three and nine months ended September 30, 2024, the Company recorded deferred income tax benefit of $0 and $188,893, respectively, related to the Taxable Subsidiaries. In addition, as of both September 30, 2025 and December 31, 2024, the Company had a net deferred tax liability of $0.

#### Earnings per Share
Basic per share calculations are computed utilizing the weighted average number of shares of the Company's common stock outstanding for the period. The Company has no common stock equivalents. As a result, there is no difference between diluted earnings per share and basic per share amounts.

#### Paid-In Capital
The Company records the proceeds from the sale of shares of its common stock on a net basis to (i) capital stock and (ii) paid-in capital in excess of par value, excluding all commissions and marketing support fees.

#### Distributable (Loss) Earnings
The components that make up distributable (loss) earnings on the Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Accumulated net realized loss from investments, net of cumulative dividends of $30,352,761 for both periods | $(45392562) | $(41267707) |
| Net realized loss on foreign currency translations | (272381) | (213301) |
| Net unrealized depreciation on non-controlled, non-affiliated investments and cash equivalents, net of deferred tax liability of $0 for both periods | (9821399) | (7312300) |
| Net unrealized appreciation (depreciation) on foreign currency translations | 23321 | (15219) |
| Accumulated undistributed net investment income | 33753771 | 39153714 |
| Total distributable loss | $(21709250) | $(9654813) |

---

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**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

#### Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for years beginning after December 15, 2024. Early adoption is permitted; however, the Company has not elected to adopt this provision as of the date of the financial statements contained in this quarterly report on Form 10-Q. The Company is still assessing the impact of the new guidance. However, it does not expect ASU 2023-09 to have a material impact on the consolidated financial statements and the notes thereto.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance; however, the Company does not expect a material impact on its consolidated financial statements.

See Note 13 to the consolidated financial statements contained herein for further discussion regarding recently issued accounting standards.

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes the impact of the recently issued standards and any that are not yet effective will not have a material impact on the Company's consolidated financial statements upon adoption.

#### NOTE 2 — RELATED PARTY ARRANGEMENTS

#### Investment Advisory Agreement
The Company has entered into an investment advisory agreement (the "Investment Advisory Agreement") with Stellus Capital, pursuant to which Stellus Capital serves as its investment adviser. Pursuant to this agreement, the Company has agreed to pay to Stellus Capital an annual base management fee of 1.75% of gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents, and an incentive fee.

For the three and nine months ended September 30, 2025, the Company recorded an expense for base management fees of $4,401,305 and $12,735,472, respectively. For the three and nine months ended September 30, 2024, the Company recorded an expense for base management fees of $3,959,554 and $11,664,020, respectively. As of September 30, 2025 and December 31, 2024, $4,401,305 and $4,034,109 of such management fees, respectively, were payable to Stellus Capital.

The incentive fee has two components, the investment income incentive fee and the capital gains incentive fee, as follows:

#### Investment Income Incentive Fee
The investment income component of the incentive fee ("Income Incentive Fee") is calculated, and payable to the Advisor, quarterly in arrears based on the Company's pre-incentive fee net investment income for the immediately preceding calendar quarter, subject to a cumulative total return requirement and to deferral of non-cash amounts. The pre-incentive fee net investment income, which is expressed as a rate of return on the value of the Company's net assets attributable to the Company's common stock for the immediately preceding calendar quarter, will have a 2.0% (which is 8.0% annualized) hurdle rate (also referred to as the "Hurdle"). Pre-incentive fee net investment income means interest income, dividend income and any other income accrued during the calendar quarter, minus the Company's operating expenses for the quarter, excluding the incentive fee. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

securities), accrued income that the Company has not yet received in cash. The Advisor receives no incentive fee for any calendar quarter in which the Company's pre-incentive fee net investment income does not exceed the Hurdle. Subject to the cumulative total return requirement described below, the Advisor receives 100% of the Company's pre-incentive fee net investment income for any calendar quarter with respect to that portion of the pre-incentive net investment income for such quarter, if any, that exceeds the Hurdle but is less than 2.5% (which is 10.0% annualized) of net assets (also referred to as the "Catch-up") and 20.0% of the Company's pre-incentive fee net investment income for such calendar quarter, if any, greater than 2.5% (10.0% annualized) of net assets.

The foregoing Income Incentive Fee is subject to a total return requirement, which provides that no incentive fee in respect of the Company's pre-incentive fee net investment income is payable except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding calendar quarters exceeds the cumulative incentive fees accrued and/or paid for the 11 preceding quarters. In other words, any Income Incentive Fee that is payable in a calendar quarter is limited to the lesser of (i) 20% of the amount by which the Company's pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle, subject to the Catch-up, and (ii) (x) 20% of the cumulative net increase in net assets resulting from operations for the then current and 11 preceding quarters minus (y) the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters. For the foregoing purpose, the "cumulative net increase in net assets resulting from operations" is the amount, if positive, of the sum of pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then-current and 11 preceding calendar quarters. In addition, the Advisor is not paid the portion of such incentive fee that is attributable to deferred interest until the Company actually receives such interest in cash.

For the three and nine months ended September 30, 2025, the Company incurred $2,166,047 and $6,460,613 of Income Incentive Fees, respectively. For the three and nine months ended September 30, 2024, the Company incurred $2,564,922 and $7,616,562 of Income Incentive Fees, respectively. As of September 30, 2025 and December 31, 2024, $2,642,033 and $3,109,560, respectively, of such Income Incentive Fees were payable to the Advisor, of which $1,589,170 and $2,351,703, respectively, were currently payable (as explained below). As of September 30, 2025 and December 31, 2024, $1,052,863 and $757,857, respectively, of Income Incentive Fees incurred but not paid by the Company were generated from deferred interest (i.e. PIK, certain discount accretion and deferred interest) and are not payable until such amounts are received by the Company in cash. For the three and nine months ended September 30, 2025, $471,251 and $2,643,020, respectively, of Income Incentive Fees accrued but not paid by the Company were permanently written off due to the Cumulative Pre-Incentive Fee Net Return limitation. For the three and nine months ended September 30, 2024, $0 and $1,826,893, respectively, of Income Incentive Fees accrued but not paid by the Company were permanently written off due to the Cumulative Pre-Incentive Fee Net Return limitation.

#### Capital Gains Incentive Fee
The Company also pays the Advisor an incentive fee based on capital gains (the "Capital Gains Incentive Fee"). The Capital Gains Incentive Fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date). The Capital Gains Incentive Fee is equal to 20.0% of the Company's cumulative aggregate realized capital gains from Inception through the end of that calendar year, computed net of the cumulative aggregate realized capital losses and cumulative aggregate unrealized capital depreciation through the end of such year. The aggregate amount of any previously paid Capital Gains Incentive Fees is subtracted from such Capital Gains Incentive Fee calculated.

U.S. GAAP requires that the Capital Gains Incentive Fee accrual considers the cumulative aggregate realized gains and losses and unrealized capital appreciation or depreciation of investments and other financial instruments in the calculation, as an incentive fee would be payable if such unrealized capital appreciation or depreciation were realized, even though such realized gains and losses and unrealized capital appreciation or depreciation is not permitted to be considered in calculating the Capital Gains Incentive Fee actually payable under the Investment Advisory Agreement. There can be no assurance that unrealized appreciation or depreciation will be realized in the future. Accordingly, such fees, as calculated and accrued, may not necessarily be payable under the Investment Advisory Agreement, and may never be paid based upon the computation of incentive fees in subsequent periods.

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

For both the three and nine months ended September 30, 2025 and 2024, the Company did not incur any Capital Gains Incentive Fee. As of both September 30, 2025 and December 31, 2024, no Capital Gains Incentive Fees were accrued.

The following tables summarize the components of the incentive fees discussed above:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Investment income incentive fees incurred | $2166047 | $2564922 | $6460613 | $7616562 |
| Income incentive fees waived | (471251) |  | (2643020) | (1826893) |
| &nbsp;&nbsp;Incentive fees expense | $1694796 | $2564922 | $3817593 | $5789669 |

---

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Investment income incentive fee currently payable | $1589170 | $2351703 |
| Investment income incentive fee deferred | 1052863 | 757857 |
| &nbsp;&nbsp;Incentive fee payable | $2642033 | $3109560 |

---

#### Director Fees
For the three and nine months ended September 30, 2025, the Company recorded an expense relating to independent director fees of $93,250 and $297,750, respectively. For the three and nine months ended September 30, 2024, the Company recorded an expense relating to independent director fees of $93,250 and $315,750, respectively. As of both September 30, 2025 and December 31, 2024, the Company had no unpaid independent director fees.

#### Co-Investment Pursuant to SEC Order
On May 9, 2022, the Company received a new exemptive order (the "Order") that superseded prior co-investment exemptive relief orders and permits the Company to co-invest with additional types of private funds, other BDCs, and registered investment companies managed by Stellus Capital or an adviser that is controlled, controlling, or under common control with Stellus Capital, subject to the conditions included therein. Pursuant to the Order, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors must make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching of the Company or its stockholders on the part of any person concerned; (2) the transaction is consistent with the interests of the Company's stockholders and is consistent with its investment objectives and strategies; (3) the investment by the Company's affiliates would not disadvantage the Company, and the Company's participation would not be on a basis different from or less advantageous than that on which the Company's affiliates are investing and (4) the proposed investment by the Company would not benefit the Advisor, the other affiliated funds that are participating in the investment, or any affiliated person of any of them (other than parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act.

The Company co-invests, subject to the conditions in the Order, with a private BDC and private credit funds managed by Stellus Capital or an affiliate thereof that have investment strategies that are similar or identical to the Company's investment strategy, and the Company may co-invest with other BDCs, registered investment companies and private credit funds managed by Stellus Capital or an adviser that is controlled, controlling, or under common control with Stellus Capital in the future. The Company believes that such co-investments may afford it additional investment opportunities and an ability to achieve greater diversification.

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**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

#### Administrative Agent
The Company serves as the administrative agent on certain investment transactions, including co-investments with its affiliates under the Order. As of September 30, 2025, there was $136,535 due to related parties related to interest paid by a borrower to the Company as administrative agent, which is included in "Related party payable" on the Consolidated Statement of Assets and Liabilities. As of December 31, 2024, there was no cash due to related parties related to interest paid by a borrower to a Company as administrative agent. Additionally, as of September 30, 2025, there was $30,000 due to other investment funds related to interest paid by a borrower to the Company as administrative agent, which is included in "Other accrued expenses and liabilities" on the Consolidated Statement of Assets and Liabilities. As of December 31, 2024, there was no cash due to other investment funds related to interest paid by a borrower to the Company as administrative agent.

#### License Agreement
The Company has entered into a license agreement with Stellus Capital under which Stellus Capital has agreed to grant the Company a non-exclusive, royalty-free license to use the name "Stellus Capital." Under this agreement, the Company has a right to use the "Stellus Capital" name for so long as Stellus Capital or one of its affiliates remains its investment adviser. Other than with respect to this limited license, the Company has no legal right to the "Stellus Capital" name. This license agreement will remain in effect for so long as the Investment Advisory Agreement with Stellus Capital is in effect.

#### Administration Agreement
The Company has entered into an administration agreement (the "Administration Agreement") with Stellus Capital, pursuant to which Stellus Capital furnishes the Company with office facilities and equipment and provides the Company with the clerical, bookkeeping, recordkeeping and other administrative services necessary to conduct day-to-day operations. Under this Administration Agreement, Stellus Capital performs, or oversees the performance of, its required administrative services, which includes, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to its stockholders and reports filed with the SEC.

For the three and nine months ended September 30, 2025, the Company recorded expenses of $489,176 and $1,258,279, respectively, related to the Administration Agreement that are included in "Administrative services expenses" on the Company's Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company recorded expenses of $388,874 and $1,200,178, respectively, related to the Administration Agreement that are included in "Administrative services expenses" on the Company's Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, $489,176 and $389,502, respectively, remained payable to Stellus Capital related to the Administration Agreement and were included in "Administrative services payable" on the Company's Consolidated Statements of Assets and Liabilities.

#### Indemnification
The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations under the Investment Advisory Agreement, Stellus Capital and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of Stellus Capital's services under the Investment Advisory Agreement or otherwise as the Company's investment adviser.

The Company has also entered into indemnification agreements with its directors. The indemnification agreements are intended to provide the Company's directors the maximum indemnification permitted under Maryland law and the 1940 Act. Each indemnification agreement provides that the Company shall indemnify the director who is a party to the agreement (an "Indemnitee"), including the

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**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, other than a proceeding by or in the right of the Company.

#### NOTE 3 — DISTRIBUTIONS
Distributions are generally declared by the Company's Board each calendar quarter and recognized as distribution liabilities on the declaration date. Stockholder distributions, if any, will be determined by the Board. Any distribution to stockholders is declared out of assets legally available for distribution.

For the three and nine months ended September 30, 2025, the Company declared aggregate distributions of $0.40 and $1.20 per share on its common stock, respectively. For the three and nine months ended September 30, 2024, the Company declared aggregate distributions of $0.40 and $1.20 per share on its common stock, respectively. The distributions declared for the three and nine months ended September 30, 2024 differ from the amounts disclosed in the Statements of Operations as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of the period-end. The Company has declared aggregate distributions of $17.75 per share on its common stock since Inception as described below:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share**<sup>(1)</sup> |
| **Fiscal 2012** |  |  | $0.18 |
| **Fiscal 2013** |  |  | $1.36 |
| **Fiscal 2014** |  |  | $1.42 |
| **Fiscal 2015** |  |  | $1.36 |
| **Fiscal 2016** |  |  | $1.36 |
| **Fiscal 2017** | **Various** | **Various** | $1.36 |
| **Fiscal 2018** |  |  | $1.36 |
| **Fiscal 2019** |  |  | $1.36 |
| **Fiscal 2020** |  |  | $1.15 |
| **Fiscal 2021** |  |  | $1.14 |
| **Fiscal 2022** |  |  | $1.30 |
| **Fiscal 2023** |  |  | $1.60 |
| **Fiscal 2024** |  |  | $1.60 |
| **Fiscal 2025** |  |  |  |
| &nbsp;&nbsp;January 9, 2025 | January 31, 2025 | February 14, 2025 | $0.1333 |
| &nbsp;&nbsp;January 9, 2025 | February 28, 2025 | March 14, 2025 | $0.1333 |
| &nbsp;&nbsp;January 9, 2025 | March 31, 2025 | April 15, 2025 | $0.1333 |
| &nbsp;&nbsp;April 4, 2025 | April 30, 2025 | May 15, 2025 | $0.1333 |
| &nbsp;&nbsp;April 4, 2025 | May 30, 2025 | June 13, 2025 | $0.1333 |
| &nbsp;&nbsp;April 4, 2025 | June 30, 2025 | July 15, 2025 | $0.1333 |
| &nbsp;&nbsp;July 2, 2025 | July 31, 2025 | August 15, 2025 | $0.1333 |
| &nbsp;&nbsp;July 2, 2025 | August 29, 2025 | September 15, 2025 | $0.1333 |
| &nbsp;&nbsp;July 2, 2025 | September 30, 2025 | October 15, 2025 | $0.1333 |
| **Total** |  |  | $**17.75** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Distributions for fiscal years 2012 through 2024 are shown in aggregate amounts.

The Company has adopted an "opt-out" dividend reinvestment plan ("DRIP"), pursuant to which a stockholder whose shares are held in his own name will receive distributions in shares of the Company's common stock under the Company's DRIP unless he elects to receive distributions in cash. Stockholders whose shares are held in the name of a broker or the nominee of a broker may have distributions

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**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

reinvested only if such service is provided by the broker or the nominee, or if the broker of the nominee permits participation in the Company's DRIP.

Although distributions paid in the form of additional shares of the Company's common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, investors participating in the Company's DRIP will not receive any corresponding cash distributions with which to pay any such applicable taxes. Any distributions reinvested through the issuance of shares through the Company's DRIP will increase the Company's gross assets on which the base management fee and the incentive fee are determined and paid to Stellus Capital. The Company did not issue any new shares in connection with the DRIP during either of the three and nine months ended September 30, 2025 or 2024.

#### NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES
The table below illustrates the number of common stock shares the Company issued since Inception through various equity offerings and pursuant to the Company's DRIP.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuance of Common Stock** | <br>**Number of**<br>**Shares** | <br>**Gross**<br>**Proceeds**<sup>(1)(2)</sup> | <br>**Underwriting**<br>**fees** | <br>**Offering**<br>**Expenses** | <br>**Fees Covered**<br>**by Advisor**  | <br>**Net**<br>**Proceeds**<sup>(3)</sup> | **Average**<br>**Offering**<br>**Price** |
| Year ended December 31, 2012 | 12035023 | $180522093 | $4959720 | $835500 | $— | $174726873 | $14.90 |
| Year ended December 31, 2013 | 63998 | 899964 |  |  |  | 899964 | 14.06 |
| Year ended December 31, 2014 | 380936 | 5485780 | 75510 | 29904 |  | 5380366 | 14.47 |
| Year ended December 31, 2017 | 3465922 | 48741406 | 1358880 | 307021 |  | 47075505 | 14.06 |
| Year ended December 31, 2018 | 7931 | 93737 |  |  |  | 93737 | 11.85 |
| Year ended December 31, 2019 | 3177936 | 45862995 | 1015127 | 559261 | 37546 | 44326153 | 14.43 |
| Year ended December 31, 2020 | 354257 | 5023843 | 5680 | 84592 | 66423 | 4999994 | 14.40 |
| Year ended December 31, 2021 | 31592 | 449515 | 6744 | 53327 | 4255 | 393699 | 14.23 |
| Year ended December 31, 2022 | 149174 | 2070935 | 31066 | 530842 | 87605 | 1596632 | 13.88 |
| Year ended December 31, 2023 | 4458873 | 62871349 | 943248 | 247701 | 477088 | 62157488 | 14.10 |
| Year ended December 31, 2024 | 3355476 | 46494756 | 698166 | 435390 |  | 45361200 | 13.86 |
| Three months ended March 31, 2025 | 656085 | 9256982 | 138908 | 179987 |  | 8938087 | 14.11 |
| Three months ended June 30, 2025 | 278945 | 3896384 | 58556 | 14913 |  | 3822915 | 13.97 |
| Three months ended September 30, 2025 | 531106 | 7435594 | 111534 | 222238 |  | 7101822 | 14.00 |
| Total | 28947254 | $419105333 | $9403139 | $3500676 | $672917 | $406874435 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net of partial share transactions. Such share transactions impacted gross proceeds by ($94) , $757 , ($1,051) , ($142) , ($31) and ($29) in 2020, 2019, 2018, 2017, 2016 and 2015, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes common shares issued under the DRIP of $228,943 and $94,788 during the years ended December 31, 2020 and 2018, respectively; $0 for the three and nine months ended September 30, 2025 and years ended December 31, 2024, 2023, 2022, 2021, 2019, 2017, 2016 and 2015, and $390,505 , $938,385 , and $113,000 for the years ended December 31, 2014, 2013, and 2012, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Total Net Proceeds per this equity table will differ from the Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024 in the amount of $7,434,858 , which represents a cumulative tax reclassification of stockholders' equity in accordance with U.S. GAAP. This reclassification reduces paid-in capital and increases (decreases) distributable earnings (loss) (by increasing (decreasing) accumulated undistributed gain (deficit)).

On November 16, 2021, the Company entered into an equity distribution agreement, as amended and restated on August 29, 2022 (the "2021 Equity Distribution Agreement"), with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2021 Equity Distribution Agreement, the Company was permitted to issue and sell, from time to time, up to $50,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies.

On August 11, 2023, the Company entered into an equity distribution agreement (the "2023 Equity Distribution Agreement") with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2023 Equity

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

Distribution Agreement, the Company may issue and sell, from time to time, up to $100,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies. Upon execution of the 2023 Equity Distribution Agreement, the Company no longer sold any shares under the 2021 Equity Distribution Agreement.

On September 9, 2025, the Company entered into an equity distribution agreement (the "2025 Equity Distribution Agreement" and together with the 2023 Equity Distribution Agreement and the 2021 Equity Distribution Agreement, the "Equity Distribution Agreements") with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2025 Equity Distribution Agreement, the Company may issue and sell, from time to time, up to $100,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies. Upon execution of the 2025 Equity Distribution Agreement, the Company no longer sold any shares under the 2023 Equity Distribution Agreement. The Company refers to its issuance and sale of shares under the Equity Distribution Agreements as the "ATM Program".

The Company issued 531,106 and 1,466,136 shares during the three and nine months ended September 30, 2025, respectively, under the ATM Program, for gross proceeds of $7,435,594 and $20,588,960 and underwriting fees and other expenses of $333,772 and $726,136, respectively. The average per share offering price of shares issued in the ATM Program during the three and nine months ended September 30, 2025 was $14.00 and $14.04, respectively. The Advisor agreed to reimburse the Company for underwriting fees and expenses to the extent the per share price of the shares to the public, less underwriting fees, was less than the then-current net asset value per share. For the three and nine months ended September 30, 2025, the Advisor was not required to reimburse underwriting fees as all shares were issued at a premium to net asset value.

#### NOTE 5 — NET INCREASE IN NET ASSETS PER COMMON SHARE
The following information sets forth the computation of net increase in net assets resulting from operations per common share for the three and nine months ended September 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net increase in net assets resulting from operations | $6692028 | $15460807 | $21830983 | $37153553 |
| Weighted average common shares | 28480472 | 26326426 | 28168527 | 25066626 |
| Net increase in net assets resulting from operations per share | $0.23 | $0.59 | $0.78 | $1.48 |

---

#### NOTE 6 — PORTFOLIO INVESTMENTS AND FAIR VALUE
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly; and

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by management.

The Company considers whether the volume and level of activity for the asset or liability have significantly decreased and identifies transactions that are not orderly in determining fair value. Accordingly, if the Company determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. Valuation techniques such as an income approach might be appropriate to supplement or replace a market approach in those circumstances.

At September 30, 2025, the Company had investments in 115 portfolio companies. The composition of the Company's investments as of September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Cost** | **Fair Value** |
| Senior Secured – First Lien<sup>(1)</sup> | $938399987 | $901964292 |
| Senior Secured – Second Lien | 12105759 | 12025000 |
| Unsecured Debt | 7061545 | 6879172 |
| Equity | 62549953 | 89341172 |
| Total Investments | $1020117244 | $1010209636 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes unitranche investments, which accounted for 2.9% of the Company's portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. The Company's unitranche loans will expose it to certain risk associated with second lien and subordinated loans to the extent it invests in the "last-out" tranche .

At December 31, 2024, the Company had investments in 105 portfolio companies. The composition of its investments as of December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Cost** | **Fair Value** |
| Senior Secured – First Lien<sup>(1)</sup> | $884322462 | $856096255 |
| Senior Secured – Second Lien | 12073732 | 11948850 |
| Unsecured Debt | 6755866 | 6612493 |
| Equity | 58636646 | 78840090 |
| Total Investments | $961788706 | $953497688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) I ncludes unitranche investments, which accounted for 2.0% of the Company's portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. The Company's unitranche loans will expose it to certain risk associated with second lien and subordinated loans to the extent it invests in the "last-out" tranche .

The Company's investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of September 30, 2025 and December 31, 2024, the Company had 73 and 71 of such investments, respectively, with aggregate unfunded commitments of $54,056,252 and $41,286,752, respectively. The Company maintains sufficient liquidity (through cash on hand and available borrowings under the Credit Facility) to fund such unfunded loan commitments should the need arise.

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The aggregate gross unrealized appreciation and depreciation and the aggregate cost and fair value of the Company's portfolio company securities as of September 30, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Aggregate cost of portfolio company securities | $1020117244 | $961788706 |
| Gross unrealized appreciation of portfolio company securities | 60129946 | 47590719 |
| Gross unrealized depreciation of portfolio company securities | (69951344) | (54903019) |
| Gross unrealized appreciation on foreign currency translations of portfolio company securities | 32293 | 3973 |
| Gross unrealized depreciation on foreign currency translations of portfolio company securities | (118503) | (982691) |
| Aggregate fair value of portfolio company securities | $1010209636 | $953497688 |

---

The fair values of the Company's investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active**<br>**Markets**<br>**for Identical**<br>**Securities**<br>**(Level 1)** | <br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | <br>**Total** |
| Senior Secured – First Lien | $— | $— | $901964292 | $901964292 |
| Senior Secured – Second Lien |  |  | 12025000 | 12025000 |
| Unsecured Debt |  |  | 6879172 | 6879172 |
| Equity |  |  | 89341172 | 89341172 |
| Total Investments | $— | $— | $1010209636 | $1010209636 |

---

The fair values of the Company's investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active**<br>**Markets**<br>**for Identical**<br>**Securities**<br> **(Level 1)** | <br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | <br>**Total** |
| Senior Secured – First Lien | $— | $— | $856096255 | $856096255 |
| Senior Secured – Second Lien |  |  | 11948850 | 11948850 |
| Unsecured Debt |  |  | 6612493 | 6612493 |
| Equity |  |  | 78840090 | 78840090 |
| Total Investments | $— | $— | $953497688 | $953497688 |

---

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The change in aggregate values of Level 3 portfolio investments during the nine months ended September 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Senior Secured**<br>**Loans-First**<br>**Lien** | **Senior Secured**<br>**Loans-Second**<br>**Lien** | <br>**Unsecured**<br>**Debt** | <br>**Equity** | <br>**Total** |
| Fair value at beginning of period | $856096255 | $11948850 | $6612493 | $78840090 | $953497688 |
| Purchases of investments | 136414727 |  | 9454 | 7222288 | 143646469 |
| PIK interest | 3559279 |  | 305636 | 5802 | 3870717 |
| Sales and redemptions | (82373846) |  | (21325) | (4917571) | (87312742) |
| Realized gains | (5651669) |  |  | 1602792 | (4048877) |
| Change in unrealized (depreciation) appreciation included in earnings<sup>(1)</sup> | (9091167) | 44123 | (42401) | 6580346 | (2509099) |
| Change in unrealized appreciation on foreign currency included in earnings | 881684 |  | 3399 | 7425 | 892508 |
| Amortization of premium and accretion of discount, net | 2129029 | 32027 | 11916 |  | 2172972 |
| Fair value at end of period | $901964292 | $12025000 | $6879172 | $89341172 | $1010209636 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes reversal of positions during the nine months ended September 30, 2025.

There were no Level 3 transfers during the nine months ended September 30, 2025.

The change in aggregate values of Level 3 portfolio investments during the year ended December 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Senior Secured**<br>**Loans-First**<br>**Lien** | **Senior Secured**<br>**Loans-Second**<br>**Lien** | <br>**Unsecured**<br>**Debt** | <br>**Equity** | <br>**Total** |
| Fair value at beginning of period | $774789320 | $21957500 | $5956280 | $71757583 | $874460683 |
| Purchases of investments | 213545132 |  | 117066 | 7492735 | 221154933 |
| PIK interest | 2824403 |  | 485708 |  | 3310111 |
| Sales and redemptions | (126924841) | (9782348) |  | (14985096) | (151692285) |
| Realized (losses) gains | (1580768) | (20475000) |  | 6212362 | (15843406) |
| Change in unrealized (depreciation) appreciation included in earnings<sup>(1)</sup> | (9026597) | 20187185 | 40312 | 8369509 | 19570409 |
| Change in unrealized depreciation on foreign currency included in earnings | (169778) |  | (1778) | (7003) | (178559) |
| Amortization of premium and accretion of discount, net | 2639384 | 61513 | 14905 |  | 2715802 |
| Fair value at end of period | $856096255 | $11948850 | $6612493 | $78840090 | $953497688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes reversal of positions during the year ended December 31, 2024.

There were no Level 3 transfers during the year ended December 31, 2024.

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The following is a summary of geographical concentration of the Company's investment portfolio as of September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Cost** | <br>**Fair Value** | **% of Total**<br>**Investments at**<br>**Fair Value** |
| California | $183748258 | $182402421 | 18.06% |
| Texas | 165321802 | 163325964 | 16.17% |
| Florida | 102127944 | 96923046 | 9.59% |
| New York | 59415026 | 59803255 | 5.92% |
| Pennsylvania | 53149808 | 56855920 | 5.63% |
| Illinois | 68541548 | 56534711 | 5.60% |
| Colorado | 41158916 | 38090820 | 3.77% |
| Ohio | 35274542 | 36846339 | 3.65% |
| Arizona | 34205338 | 36548056 | 3.62% |
| Canada | 31397924 | 31528778 | 3.12% |
| North Carolina | 26857851 | 28084646 | 2.78% |
| Massachusetts | 24320176 | 25070881 | 2.48% |
| Tennessee | 20507888 | 19741055 | 1.95% |
| Minnesota | 18536957 | 19509928 | 1.93% |
| Iowa | 18592011 | 18613795 | 1.84% |
| Georgia | 5884157 | 17109519 | 1.69% |
| Wisconsin | 30554470 | 16264621 | 1.61% |
| District of Columbia | 10700966 | 13876852 | 1.37% |
| Michigan | 11585995 | 11733713 | 1.16% |
| New Jersey | 11204037 | 11666804 | 1.15% |
| Virginia | 11156394 | 11374159 | 1.13% |
| Missouri | 10812727 | 11057291 | 1.09% |
| Idaho | 10239028 | 10284788 | 1.02% |
| Louisiana | 9168914 | 9252065 | 0.92% |
| Oregon | 8874566 | 9217750 | 0.91% |
| Maryland | 7468902 | 7492357 | 0.74% |
| South Carolina | 4843216 | 5014305 | 0.50% |
| Washington | 1572463 | 2809451 | 0.28% |
| United Kingdom | 2151650 | 2176559 | 0.22% |
| Indiana | 743770 | 999787 | 0.10% |
| Total Investments | $1020117244 | $1010209636 | 100.00% |

---

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The following is a summary of geographical concentration of the Company's investment portfolio as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Cost** | <br>**Fair Value** | **% of Total**<br>**Investments**<br>**at Fair Value** |
| Texas | $159028754 | $154041942 | 16.15% |
| California | 160285777 | 152583692 | 16.00% |
| Florida | 108434730 | 104718969 | 10.98% |
| Illinois | 66486029 | 56591435 | 5.94% |
| Pennsylvania | 53271774 | 54438594 | 5.71% |
| Arizona | 43552887 | 46839063 | 4.91% |
| New York | 36116358 | 36306098 | 3.81% |
| Ohio | 33645676 | 35847804 | 3.76% |
| Canada | 32107256 | 32375749 | 3.40% |
| Colorado | 31283806 | 28218186 | 2.96% |
| Wisconsin | 27935159 | 23352084 | 2.45% |
| District of Columbia | 22711852 | 26654283 | 2.80% |
| Georgia | 12391680 | 23345077 | 2.45% |
| North Carolina | 20946327 | 22314018 | 2.34% |
| Tennessee | 20490429 | 20703772 | 2.17% |
| Massachusetts | 19965590 | 20559398 | 2.16% |
| Missouri | 18590476 | 18712569 | 1.96% |
| Iowa | 13486486 | 13486486 | 1.41% |
| Idaho | 11763648 | 11830192 | 1.24% |
| New Jersey | 11181815 | 11754323 | 1.23% |
| Michigan | 11389446 | 11510608 | 1.21% |
| Louisiana | 9216389 | 9371830 | 0.98% |
| Virginia | 9293896 | 9373367 | 0.98% |
| Washington | 8193234 | 8216962 | 0.86% |
| Maryland | 7529294 | 7526300 | 0.79% |
| Minnesota | 6448091 | 6452144 | 0.68% |
| South Carolina | 4836178 | 4984667 | 0.52% |
| Indiana | 743770 | 920343 | 0.10% |
| United Kingdom | 461899 | 467733 | 0.05% |
| Total Investments | $961788706 | $953497688 | 100.00% |

---

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The following is a summary of industry concentration of the Company's investment portfolio as of September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Cost** | <br>**Fair Value** | **% of Total**<br>**Investments at**<br>**Fair Value** |
| Services: Business | $257044495 | $268333506 | 26.56% |
| High Tech Industries | 98769131 | 102228098 | 10.13% |
| Healthcare & Pharmaceuticals | 97569805 | 98333947 | 9.74% |
| Media: Advertising, Printing & Publishing | 78989683 | 79467419 | 7.87% |
| Capital Equipment | 61756420 | 64102926 | 6.35% |
| Beverage & Food | 53409113 | 58278811 | 5.77% |
| Consumer Goods: Non-Durable | 62845984 | 53906852 | 5.34% |
| Services: Consumer | 42680332 | 40740527 | 4.03% |
| Construction & Building | 37307427 | 38303565 | 3.79% |
| Consumer Goods: Durable | 34694596 | 30917241 | 3.06% |
| Chemicals, Plastics, & Rubber | 27212890 | 26806175 | 2.65% |
| Aerospace & Defense | 27849135 | 24167467 | 2.39% |
| Environmental Industries | 19523774 | 22066825 | 2.18% |
| Transportation & Logistics | 16572775 | 16797056 | 1.66% |
| Media: Broadcasting & Subscription | 12085987 | 15170332 | 1.50% |
| Retail | 14717367 | 14766349 | 1.46% |
| Energy: Oil & Gas | 11811710 | 11108136 | 1.10% |
| Hotel, Gaming, & Leisure | 9141475 | 9304395 | 0.92% |
| FIRE: Real Estate | 18105382 | 7712455 | 0.76% |
| Media: Diversified & Production | 7493832 | 7601977 | 0.75% |
| Finance | - | 5948068 | 0.59% |
| Containers, Packaging, & Glass | 20698137 | 5666002 | 0.56% |
| Wholesale | 5086498 | 5105333 | 0.51% |
| Education | 4751296 | 3376174 | 0.33% |
| Total Investments | $1020117244 | $1010209636 | 100.00% |

---

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The following is a summary of industry concentration of the Company's investment portfolio as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Cost** | <br>**Fair Value** | **% of Total**<br>**Investments**<br>**at Fair Value** |
| Services: Business | $219665133 | $234908112 | 24.64% |
| High Tech Industries | 91135577 | 93468792 | 9.81% |
| Healthcare & Pharmaceuticals | 85300317 | 85478418 | 8.97% |
| Media: Advertising, Printing & Publishing | 71318416 | 72291584 | 7.58% |
| Beverage & Food | 64052951 | 68902142 | 7.23% |
| Consumer Goods: Non-Durable | 67123135 | 54473282 | 5.71% |
| Services: Consumer | 49388222 | 46066301 | 4.83% |
| Capital Equipment | 41322214 | 43647466 | 4.58% |
| Consumer Goods: Durable | 43393413 | 42094390 | 4.41% |
| Chemicals, Plastics, & Rubber | 36693101 | 36907602 | 3.87% |
| Construction & Building | 32374992 | 32979859 | 3.46% |
| Aerospace & Defense | 26014106 | 21624091 | 2.27% |
| Environmental Industries | 18903681 | 18282056 | 1.92% |
| Transportation & Logistics | 17244131 | 17532488 | 1.84% |
| Retail | 14799085 | 14723620 | 1.54% |
| Media: Broadcasting & Subscription | 12170577 | 14314711 | 1.50% |
| Containers, Packaging, & Glass | 18007571 | 12911794 | 1.35% |
| Energy: Oil & Gas | 11353959 | 10728031 | 1.13% |
| Hotel, Gaming, & Leisure | 7113661 | 8142050 | 0.85% |
| FIRE: Real Estate | 17934808 | 7652436 | 0.80% |
| Media: Diversified & Production | 5822637 | 5934853 | 0.62% |
| Education | 10537738 | 5341151 | 0.56% |
| Finance | 119281 | 5092459 | 0.53% |
| Total Investments | $961788706 | $953497688 | 100.00% |

---

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The following provides quantitative information about Level 3 fair value measurements as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description:** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Range (Average)**<sup>(1)(3)</sup> |
| First lien debt | $844074850 | Income approach<sup>(2)</sup> | HY credit spreads | -9.47% to 9.11% (-0.27%) |
|  |  |  | Risk free rates | -1.06% to 2.01% (-0.38%) |
|  |  | Market approach<sup>(2)</sup> | Market multiples | 3.4x to 26.9x (12.5x)<sup>(4)</sup> |
|  | $57889442 | Transaction value | Transaction price | N/A |
| Second lien debt | $12025000 | Income approach<sup>(2)</sup> | HY credit spreads | -0.20% to 0.07% (-0.10%) |
|  |  |  | Risk free rates | -0.69% to -0.05% (-0.29%) |
|  |  | Market approach<sup>(2)</sup> | Market multiples | 6.7x to 13.7x (11.1x)<sup>(4)</sup> |
| Unsecured debt | $6879172 | Income approach<sup>(2)</sup> | HY credit spreads | -0.62% to 0.97% (0.96%) |
|  |  |  | Risk free rates | -0.70% to -0.21% (-0.69%) |
|  | $- | Transaction value | Transaction price | N/A |
| Equity investments | $67756963 | Market approach<sup>(5)</sup> | EBITDA multiple | 3.3x to 18.2x (10.3x) |
|  |  |  | Revenue multiple | 6.9x to 9.2x (7.8x) |
|  | $4049594 | Enterprise value | Enterprise value | N/A |
|  | $17534615 | Transaction value | Transaction price | N/A |
| Total Long Term Level 3 Investments | $1010209636 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Weighted average based on fair value as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Included but not limited to (a) the market approach, which is used to determine sufficient enterprise value, and (b) the income approach, which is based on discounting future cash flows using an appropriate market yield.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company calculates the price of the loan by discounting future cash flows, which include forecasted future BSBY, SOFR, or SONIA rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan's yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors could result in a significantly lower or higher fair value measurement. As an example, the "Range (Average)" for first lien debt instruments in the table above indicates that the change in the HY credit spreads between the date a loan closed and the valuation date ranged from (9.47)% ((947) basis points) to 9.11% (911 basis points). The average of all changes was (0.27)% ((27) basis points).

&nbsp;&nbsp;&nbsp;&nbsp;(4) Median of LTM (last twelve months) EBITDA multiples of comparable companies.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The primary significant unobservable input used in the fair value measurement of the Company's equity investments is the EBITDA multiple (the "Multiple"). Significant increases (decreases) in the Multiple in isolation could result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach.

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The following provides quantitative information about Level 3 fair value measurements as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description:** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Range (Average)**<sup>(1)(3)</sup> |
| First lien debt | $778177769 | Income approach<sup>(2)</sup> | HY credit spreads | -3.39% to 8.32% (-0.54%) |
|  |  |  | Risk free rates | -1.18% to 2.44% (0.19%) |
|  |  | Market approach<sup>(2)</sup> | Market multiples | 4.6x to 26.3x (13.3x)(4) |
|  | $77918486 | Transaction value | Transaction price | N/A |
| Second lien debt | $11948850 | Income approach<sup>(2)</sup> | HY credit spreads | -0.72% to -0.32% (-0.46%) |
|  |  |  | Risk free rates | -0.35% to 0.14% (-0.04%) |
|  |  | Market approach<sup>(2)</sup> | Market multiples | 5.3 to 11.8x (9.4x)(4) |
| Unsecured debt | $6581668 | Income approach<sup>(2)</sup> | HY credit spreads | 0.18% to 0.18% (0.18%) |
|  |  |  | Risk free rates | -0.18% to -0.18% (-0.18%) |
|  | $30825 | Transaction value | Transaction price | N/A |
| Equity investments | $64002282 | Market approach<sup>(5)</sup> | EBITDA multiple | 3.5x to 18.3x (10.4x) |
|  | $14837808 | Transaction value | Transaction price | N/A |
| Total Long Term Level 3 Investments | $953497688 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Weighted average based on fair value as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Inclusive of but not limited to (a) the market approach, which is used to determine sufficient enterprise value, and (b) the income approach which is based on discounting future cash flows using an appropriate market yield.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company calculates the price of the loan by discounting future cash flows, which include forecasted future BSBY, SOFR, or SONIA rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan's yield at the original investment and is adjusted as of the valuation date based on changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors would result in a significantly lower or higher fair value measurement. As an example, the "Range (Average)" for a first lien debt instruments in the table above indicates that the change in the HY credit spreads between the date a loan closed and the valuation date ranged from (3.39)% (339) basis points) to 8.32% (832 basis points). The average of all changes was (0.54)% ((54) basis points).

&nbsp;&nbsp;&nbsp;&nbsp;(4) Median of LTM (last twelve months) EBITDA multiples of comparable companies.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The primary significant unobservable input used in the fair value measurement of the Company's equity investments is the Multiple. Significant increases (decreases) in the Multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach .

#### NOTE 7 — COMMITMENTS AND CONTINGENCIES
The Company is currently not subject to any material legal proceedings, nor, to the Company's knowledge, is any material legal proceeding threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company's rights under contracts with the Company's portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon the Company's business, financial condition or results of operations.

As of September 30, 2025, the Company had $53,765,452 in unfunded debt commitments and $290,800 in unfunded equity commitments to 73 existing portfolio companies. As of December 31, 2024, the Company had $40,989,533 in unfunded debt commitments and $297,219 in unfunded equity commitments to 71 existing portfolio companies. As of September 30, 2025, the Company

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

had sufficient liquidity (through cash on hand and available borrowings under the Credit Facility) to fund such unfunded loan commitments should the need arise.

#### NOTE 8 — FINANCIAL HIGHLIGHTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine months ended**  | **For the nine months ended**  | **For the nine months ended**  |  |
|  | |  | |  |
|  | **September 30, 2025**<br>**(unaudited)** |  | **September 30, 2024**<br>**(unaudited)** |  |
| **Per Share Data:**<sup>(1)</sup> |  |  |  |  |
| Net asset value at beginning of period | $13.46 |  | $13.26 |  |
| Net investment income | 1.01 |  | 1.29 |  |
| Change in unrealized (depreciation) appreciation on investments | (0.09) |  | 1.05 |  |
| Net realized loss | (0.13) |  | (0.87) |  |
| Loss on debt extinguishment | (0.01) |  |  |  |
| Benefit for taxes on net unrealized depreciation on investments |  |  | 0.01 |  |
| Total from operations | $0.78 |  | $1.48 |  |
| Sales load | (0.01) |  | (0.02) |  |
| Offering costs | (0.01) |  | (0.01) |  |
| Stockholder distributions from: |  |  |  |  |
| &nbsp;&nbsp;Net investment income | (1.20) |  | (1.21) |  |
| Accretive effect of stock offerings (issuing shares above net asset value per share) | 0.02 |  | 0.02 |  |
| Other<sup>(6)</sup> | 0.01 |  | 0.03 |  |
| Net asset value at end of period | $13.05 |  | $13.55 |  |
| Per share market value at end of period | $13.06 |  | $13.69 |  |
| Total return based on market value<sup>(2)</sup> | 3.33 | % | 14.97 | % |
| Weighted average shares outstanding for the period | 28168527 |  | 25066626 |  |
| **Ratio/Supplemental Data:**<sup>(1)</sup> |  |  |  |  |
| Net assets at end of period | $377730327 |  | $366285287 |  |
| Weighted average net assets | $374769974 |  | $334932796 |  |
| Annualized ratio of gross operating expenses to net assets<sup>(5)</sup> | 18.22 | % | 19.30 | % |
| Annualized ratio of net operating expenses to net assets<sup>(5)</sup> | 17.28 | % | 18.57 | % |
| Annualized ratio of interest expense and other fees to net assets | 9.24 | % | 9.48 | % |
| Annualized ratio of net investment income before fee waiver to net assets<sup>(5)</sup> | 9.22 | % | 12.12 | % |
| Annualized ratio of net investment income to net assets<sup>(5)</sup> | 10.16 | % | 12.84 | % |
| Portfolio turnover<sup>(3)</sup> | 8.69 | % | 13.07 | % |
| Notes payable | $175000000 |  | $100000000 |  |
| Credit Facility payable | $167638569 |  | $157374851 |  |
| SBA-guaranteed debentures | $299000000 |  | $325000000 |  |
| Asset coverage ratio<sup>(4)</sup> | 2.10 | x | 2.42 | x |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on weighted average shares of common stock outstanding for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total return on market value is based on the change in market price per share since the end of the prior year and assumes enrollment in the Company's DRIP. The total returns are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Portfolio turnover is calculated as the lesser of purchases or sales and repayments of investments divided by average portfolio balance and is not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Asset coverage ratio is equal to total assets less all liabilities and indebtedness not represented by senior securities over the aggregate amount of the senior securities. SBA-guaranteed debentures are excluded from the numerator and denominator.

&nbsp;&nbsp;&nbsp;&nbsp;(5) These ratios include the impact of income tax benefit (provision) on net unrealized depreciation (appreciation) in Taxable Subsidiaries of $0 and $188,893 for the nine months ended September 30, 2025 and 2024, respectively, which are not reflected in total operating expenses or net investment income. The impact of the tax benefit (provision) on net unrealized depreciation (appreciation) to weighted average net assets for the nine months ended September 30, 2025 and 2024 is 0.00% and 0.08% , respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of the period-end.

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

#### NOTE 9 — CREDIT FACILITY
On October 11, 2017, the Company entered into a senior secured revolving credit agreement, as amended, dated as of October 10, 2017, that was amended and restated on December 21, 2021, February 28, 2022, May 13, 2022, November 21, 2023, October 30, 2024 and September 11, 2025 with Zions Bancorporation, N.A., dba Amegy Bank and various other lenders (the "Credit Facility").

The Credit Facility provides for borrowings up to a maximum of $335,000,000 on a committed basis with an accordion feature that allows the Company to increase the aggregate commitments up to $365,000,000, subject to new or existing lenders agreeing to participate in the increase and other customary conditions.

Pursuant to the Sixth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, the Credit Facility will bear interest, subject to the Company's election, on a per annum basis equal to (i) term SOFR plus 2.25% (or 2.50% during certain periods in which the Company's asset coverage ratio is equal to or below 1.90 to 1.00) with a 0.25% SOFR floor, or (ii) 1.25% (or 1.50% during certain periods in which the Company's asset coverage ratio is equal to or below 1.90 to 1.00) plus an alternate base rate based on the highest of the prime rate (subject to a 3% floor), Federal Funds Rate plus 0.50% and one-month term SOFR plus 1.00%. The Company pays unused commitment fees of 0.50% per annum on the unused lender commitments under the Credit Facility. The commitment to fund the revolver expires on September 11, 2029, after which the Company may no longer borrow under the Credit Facility and must begin repaying principal equal to 1/12 of the aggregate amount outstanding under the Credit Facility each month. Any amounts borrowed under the Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on September 11, 2030.

The Company's obligations to the lenders are secured by a first priority security interest in its portfolio of securities and cash not held at the SBIC subsidiaries, but excluding short term investments. The Credit Facility contains certain covenants, including but not limited to: (i) maintaining a minimum liquidity test of at least $10,000,000, including cash, liquid investments and undrawn availability, (ii) maintaining an asset coverage ratio of at least 1.67 to 1.00, (iii) maintaining a minimum stockholder's equity, and (iv) maintaining a minimum interest coverage ratio of at least 1.75 to 1.00. As of September 30, 2025 and December 31, 2024, the Company was in compliance with these covenants.

As of September 30, 2025 and December 31, 2024, $167,638,569 and $175,386,301, respectively, was outstanding under the Credit Facility. The carrying amount of the amount outstanding under the Credit Facility approximates its fair value. The fair value of the Credit Facility is determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Credit Facility is estimated based upon market interest rates for the Company's own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of September 30, 2025, the Company has incurred costs of $8,846,541 in connection with the current Credit Facility, which are being amortized over the life of the facility. Additionally, $341,979 of costs from a prior credit facility will continue to be amortized over the life of the Credit Facility. As of September 30, 2025 and December 31, 2024, $3,642,967 and $3,071,986, respectively, of such prepaid loan structure fees and administration fees had yet to be amortized. These prepaid loan fees are presented on the Company's Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

The following is a summary of the Credit Facility, net of prepaid loan structure fees:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Credit Facility payable | $167638569 | $175386301 |
| Prepaid loan structure fees | (3642967) | (3071986) |
| Credit Facility payable, net of prepaid loan structure fees | $163995602 | $172314315 |

---

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

Interest is paid monthly or quarterly in arrears. The following table summarizes the interest expense and amortized loan fees on the Credit Facility for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $3085157 | $3471508 | $9842739 | $10372179 |
| Loan fee amortization | 319287 | 281512 | 954032 | 825891 |
| Total interest and financing expenses | $3404444 | $3753020 | $10796771 | $11198070 |
| Weighted average interest rate | 7.4% | 8.2% | 7.3% | 8.3% |
| Effective interest rate (including fee amortization) | 8.1% | 8.9% | 8.0% | 9.0% |
| Average debt outstanding | $166138980 | $168397547 | $179383336 | $166056580 |
| Cash paid for interest and unused fees | $3103346 | $3617115 | $9816233 | $10531396 |

---

#### NOTE 10 — SBA-GUARANTEED DEBENTURES
Due to the SBIC subsidiaries' status as licensed SBICs, the Company has the ability to issue debentures guaranteed by the SBA at favorable interest rates. Under the regulations applicable to SBIC funds, a single licensee can have outstanding debentures guaranteed by the SBA subject to a regulatory leverage limit, up to two times the amount of "regulatory capital", as such term is defined by the SBA. As of both September 30, 2025 and December 31, 2024, the SBIC I subsidiary had $75,000,000 regulatory capital and $124,000,000 and $150,000,000 of SBA-guaranteed debentures outstanding, respectively.

As of both September 30, 2025 and December 31, 2024, the SBIC II subsidiary had $87,500,000 in regulatory capital. As of both September 30, 2025 and December 31, 2024, the SBIC II subsidiary had $175,000,000 of SBA-guaranteed debentures outstanding.

On August 12, 2014, the Company obtained exemptive relief from the SEC to permit it to exclude the debt of the SBIC subsidiaries guaranteed by the SBA from its asset coverage test under the 1940 Act. The exemptive relief provides the Company with increased flexibility under the asset coverage test by permitting it to borrow up to $325,000,000 more than it would otherwise be able to absent the receipt of this exemptive relief.

On a stand-alone basis, the SBIC subsidiaries held $483,769,103 and $510,105,270 in assets at September 30, 2025 and December 31, 2024, respectively, which accounted for approximately 47.0% and 52.0% of the Company's total consolidated assets, respectively.

Debentures guaranteed by the SBA have fixed interest rates that equal prevailing 10-year U.S. Treasury Note rates plus a market spread and have a maturity of ten years with interest payable semi-annually. The principal amount of the debentures is not required to be paid before maturity, but may be pre-paid at any time with no prepayment penalty. SBA-guaranteed debentures drawn before October 1, 2019 incur upfront fees of 3.425%, which consists of a 1.00% commitment fee and a 2.425% issuance discount, which are amortized over the life of the SBA-guaranteed debentures. SBA-guaranteed debentures are also subject to certain fees payable by the SBICs at the time such debentures are drawn. SBA-guaranteed debenturesdrawn after October 1, 2019 incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures. Once pooled, which occurs in March and September of each applicable year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The following tables summarize the SBIC subsidiaries' aggregate SBA-guaranteed debentures outstanding as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuance Date** | **Licensee** | **Maturity Date** | **Debenture Amount** | **Interest Rate** | **SBA Annual Charge** |
| October 22, 2015 | SBIC I subsidiary | March 1, 2026 | $6500000 | 2.51% | 0.36% |
| October 22, 2015 | SBIC I subsidiary | March 1, 2026 | 1500000 | 2.51% | 0.74% |
| November 10, 2015 | SBIC I subsidiary | March 1, 2026 | 8800000 | 2.51% | 0.74% |
| November 18, 2015 | SBIC I subsidiary | March 1, 2026 | 1500000 | 2.51% | 0.74% |
| November 25, 2015 | SBIC I subsidiary | March 1, 2026 | 8800000 | 2.51% | 0.74% |
| December 16, 2015 | SBIC I subsidiary | March 1, 2026 | 2200000 | 2.51% | 0.74% |
| December 29, 2015 | SBIC I subsidiary | March 1, 2026 | 9700000 | 2.51% | 0.74% |
| November 28, 2017 | SBIC I subsidiary | March 1, 2028 | 25000000 | 3.19% | 0.22% |
| April 27, 2018 | SBIC I subsidiary | September 1, 2028 | 40000000 | 3.55% | 0.22% |
| July 30, 2018 | SBIC I subsidiary | September 1, 2028 | 17500000 | 3.55% | 0.22% |
| September 25, 2018 | SBIC I subsidiary | March 1, 2029 | 2500000 | 3.11% | 0.22% |
| **Total SBIC I subsidiary SBA-guaranteed Debentures** |  |  | $124000000 |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuance Date** | **Licensee** | **Maturity Date** | **Debenture Amount** | **Interest Rate** | **SBA Annual Charge** |
| October 17, 2019 | SBIC II subsidiary | March 1, 2030 | $6000000 | 2.08% | 0.09% |
| November 15, 2019 | SBIC II subsidiary | March 1, 2030 | 5000000 | 2.08% | 0.09% |
| December 17, 2020 | SBIC II subsidiary | March 1, 2031 | 9000000 | 1.67% | 0.09% |
| December 17, 2020 | SBIC II subsidiary | March 1, 2031 | 6500000 | 1.67% | 0.27% |
| February 16, 2021 | SBIC II subsidiary | March 1, 2031 | 13500000 | 1.67% | 0.27% |
| February 26, 2021 | SBIC II subsidiary | March 1, 2031 | 10000000 | 1.67% | 0.27% |
| March 2, 2021 | SBIC II subsidiary | March 1, 2031 | 10000000 | 1.67% | 0.27% |
| April 21, 2021 | SBIC II subsidiary | September 1, 2031 | 10000000 | 1.30% | 0.27% |
| May 14, 2021 | SBIC II subsidiary | September 1, 2031 | 6700000 | 1.30% | 0.27% |
| May 28, 2021 | SBIC II subsidiary | September 1, 2031 | 7300000 | 1.30% | 0.27% |
| July 23, 2021 | SBIC II subsidiary | September 1, 2031 | 16000000 | 1.30% | 0.27% |
| February 25, 2022 | SBIC II subsidiary | March 1, 2032 | 10000000 | 2.94% | 0.27% |
| March 29, 2022 | SBIC II subsidiary | September 1, 2032 | 10000000 | 4.26% | 0.27% |
| April 1, 2022 | SBIC II subsidiary | September 1, 2032 | 6670000 | 4.26% | 0.27% |
| April 12, 2022 | SBIC II subsidiary | September 1, 2032 | 6665000 | 4.26% | 0.27% |
| April 21, 2022 | SBIC II subsidiary | September 1, 2032 | 6665000 | 4.26% | 0.27% |
| June 30, 2022 | SBIC II subsidiary | September 1, 2032 | 3600000 | 4.26% | 0.27% |
| July 28, 2022 | SBIC II subsidiary | September 1, 2032 | 6400000 | 4.26% | 0.27% |
| September 9, 2022 | SBIC II subsidiary | March 1, 2033 | 6000000 | 5.17% | 0.27% |
| November 9, 2022 | SBIC II subsidiary | March 1, 2033 | 7600000 | 5.17% | 0.27% |
| August 8, 2023 | SBIC II subsidiary | September 1, 2033 | 9120000 | 5.69% | 0.27% |
| September 19, 2023 | SBIC II subsidiary | March 1, 2034 | 2280000 | 5.04% | 0.27% |
| **Total SBIC II subsidiary SBA-guaranteed Debentures** |  |  | $175000000 |  |  |
| **Total SBA-guaranteed Debentures** |  |  | $299000000 |  |  |

---

The fair values of the SBA-guaranteed debentures are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair values of the SBA-guaranteed debentures are estimated based upon market interest rates for our own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of September 30, 2025 and December 31,

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

2024, the SBA-guaranteed debentures would be deemed to be Level 3, as defined in Note 6 to the consolidated financial statements contained herein.

As of both September 30, 2025 and December 31, 2024, the Company has incurred $11,148,750 in financing costs related to the SBA-guaranteed debentures since receiving its licenses, which were recorded as prepaid loan fees and are being amortized over the life of the debentures. As of September 30, 2025 and December 31, 2024, $3,194,366 and $3,748,061 of prepaid financing costs had yet to be amortized, respectively. These prepaid loan fees are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

The following is a summary of the SBA-guaranteed debentures, net of prepaid loan fees:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| SBA-guaranteed Debentures payable | $299000000 | $325000000 |
| Prepaid loan fees | (3194366) | (3748061) |
| SBA-guaranteed Debentures, net of prepaid loan fees | $295805634 | $321251939 |

---

The following table summarizes the interest expense and amortized fees on the SBA-guaranteed debentures for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $2494181 | $2637331 | $7526849 | $7860045 |
| Debenture fee amortization | 182435 | 234704 | 553695 | 784763 |
| Total interest and financing expenses | $2676616 | $2872035 | $8080544 | $8644808 |
| Weighted average interest rate | 3.2% | 3.2% | 3.3% | 3.2% |
| Effective interest rate (including fee amortization) | 3.5% | 3.5% | 3.5% | 3.6% |
| Average debt outstanding | $305252717 | $325000000 | $308083333 | $325000000 |
| Cash paid for interest | $5039393 | $5268363 | $10228054 | $10470211 |

---

#### NOTE 11 — NOTES
On January 14, 2021, the Company issued $100,000,000 in aggregate principal amount of 4.875% fixed-rate notes due 2026 (the "2026 Notes Payable"). The 2026 Notes Payable will mature on March 30, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 31, 2025, at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2026 Notes Payable is payable semi-annually beginning September 30, 2021. As of September 30, 2025 and December 31, 2024, the aggregate carrying amount of the 2026 Notes Payable was approximately $49,889,237 and $99,444,355, respectively. The 2026 Notes Payable are institutional, non-traded notes.

In connection with the issuance and maintenance of the 2026 Notes Payable, the Company incurred $2,327,835 of fees, which are being amortized over the term of the 2026 Notes Payable. On September 30, 2025, the Company prepaid $50,000,000 in aggregate principal of the 2026 Notes. For the three and nine months ended September 30, 2025, the Company recorded a make-whole payment of $54,000 and accelerated $110,762 of unamortized upfront fees which are recognized as a loss on debt extinguishment in the Consolidated Statemements of Operations. As of September 30, 2025 and December 31, 2024, $110,763 and $555,645 of prepaid financing costs had yet to be amortized, respectively. These financing costs are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

On April 1, 2025 and September 25, 2025, the Company issued $75,000,000 and $50,000,000, respectively, in aggregate principal amount of 7.250% fixed-rate notes due 2030 (the "2030 Notes Payable" and together with the 2026 Notes Payable, the "Notes Payable").

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The 2030 Notes Payable will mature on April 1, 2030 and may be redeemed in whole or in part at any time or from time to time at the Company's option on or after October 1, 2029, at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2030 Notes Payable is payable semi-annually beginning October 1, 2025. As of September 30, 2025, the aggregate carrying amount of the 2030 Notes Payable was approximately $122,633,470. The 2030 Notes Payable are institutional, non-traded notes.

In connection with the issuance and maintenance of the 2030 Notes Payable, the Company incurred $2,597,556 of fees, which are being amortized over the term of the 2030 Notes Payable. As of September 30, 2025, $2,366,530 of prepaid financing costs had yet to be amortized. These financing costs are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

The following table summarizes the interest expense and deferred financing costs on the 2026 Notes Payable for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $1217979 | $1218750 | $3655479 | $3662250 |
| Deferred financing costs | 112598 | 112598 | 334122 | 335345 |
| Total interest and financing expenses | $1330577 | $1331348 | $3989601 | $3997595 |
| Weighted average interest rate | 4.9% | 4.8% | 4.9% | 4.9% |
| Effective interest rate (including fee amortization) | 5.3% | 5.3% | 5.3% | 5.3% |
| Average debt outstanding | $99456522 | $100000000 | $99816850 | $100000000 |
| Cash paid for interest | $2443500 | $2437500 | $4881000 | $4881000 |

---

The following is a summary of the 2026 Notes Payable, net of deferred financing costs:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| 2026 Notes Payable | $50000000 | $100000000 |
| Deferred financing costs | (110763) | (555645) |
| 2026 Notes Payable, net of deferred financing costs and discount | $49889237 | $99444355 |

---

The following table summarizes the interest expense and deferred financing costs on the 2030 Notes Payable for the three and nine months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2025** |
| Interest expense | $1419792 | $2794167 |
| Deferred financing costs | 85685 | 167629 |
| Discount amortization | 31959 | 63395 |
| Total interest and financing expenses | $1537436 | $3025191 |
| Weighted average interest rate | 7.2% | 7.3%<sup>(1)</sup> |
| Effective interest rate (including fee amortization) | 7.8% | 7.9%<sup>(1)</sup> |
| Average debt outstanding | $78260870 | $76639344<br><sup>(1)</sup> |
| Cash paid for interest | $— | $15000 |

---

(1) Calculated for the period from April 1, 2025, the date of the 2030 Notes Payable offering, through September 30, 2025.

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The following is a summary of the 2030 Notes Payable, net of deferred financing costs:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| 2030 Notes Payable | $125000000 | $— |
| Deferred financing costs | (2307677) |  |
| Premium on 2030 Notes Payable | 648000 |  |
| Discount on 2030 Notes Payable | (706853) |  |
| 2030 Notes Payable, net of deferred financing costs and discount | $122633470 | $— |

---

The indenture and supplements thereto relating to the Notes Payable contain certain covenants, including but not limited to (i) a requirement that the Company comply with the asset coverage requirements of the 1940 Act or any successor provisions, and (ii) a requirement to provide financial information to the holders of the notes and the trustee under the indenture if the Company should no longer be subject to the reporting requirements under the Exchange Act. As of September 30, 2025 and 2024, the Company was in compliance with these covenants.

#### NOTE 12 — SUBSEQUENT EVENTS
The Company's management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except for the following described below.

#### Investment Portfolio
The Company invested in the following portfolio companies subsequent to September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Activity Type** | **Date** | **Company Name** | **Company Description** | **Investment Amount** | **Instrument Type** |
| Add-On Investment | October 1, 2025 | The Hardenbergh Group, Inc.\* | Provider of patient safety, clinical risk mitigation, and healthcare compliance solutions | $500000 | Senior Secured – First Lien |
| Add-On Investment | October 3, 2025 | EH Real Estate Services, LLC\* | Offers residential property brokerage, title & settlement, and property and casualty insurance brokerage services to home buyers<br>and sellers | $183470 | Senior Secured – First Lien |
| Add-On Investment | October 17, 2025 | J.R. Watkins, LLC\* | Manufacturer and distributor of home and personal care products<br>| $18000 | Priority Revolver Commitment |
| New Investment | October 17, 2025 | Fidus Systems Inc.  | Provider of outsourced electronic product development and engineering services | $4759099 | Senior Secured – First Lien |
|  |  |  |  | $3172733 | Delayed Draw Term Loan Commitment |
|  |  |  |  | $100000 | Revolver Commitment |
|  |  |  |  | $267728 | Equity |
| Add-On Investment | November 6, 2025 | Mobotrex Acquisition, LLC\* | Distributor and manufacturer of intelligent traffic solution equipment | $3523787 | Senior Secured – First Lien |
|  |  |  |  | $1549698 | Delayed Draw Term Loan Commitment |
|  |  |  |  | $73776 | Revolver Commitment |
| Add-On Investment | November 6, 2025 | Ad.Net Acquisition, LLC\* | A digital marketing company that targets high-conversion consumers through cost-per-click digital media advertising | $1896568 | Senior Secured – First Lien |
|  |  |  |  | $85027 | Equity |

---

\* Existing portfolio company

[**Table of Contents**](#TOC)

**STELLUS CAPITAL INVESTMENT CORPORATION**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

The Company realized the following portfolio company investment subsequent to September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Activity Type** | **Date** | **Company Name** | **Company Description** | **Proceeds Received** | **Realized Gain** | **Instrument Type** |
| Full Repayment | October 25, 2025 | Heartland Business Systems, LLC | End-to-end information technologies solutions provider | $9725000 | $— | Senior Secured – First Lien |
|  |  |  |  | $48875 | $— | Delayed Draw Term Loan |
| Full Repayment | November 3, 2025 | NuSource Financial Acquisition, Inc. | Provider of technology integration and installation of teller machines, maintenance services, and security solutions | $7014746 | $— | Unsecured |
| Full Realization |  |  |  | $1066715 | $1066715 | Warrants |

---

\* Existing portfolio company

#### Credit Facility
The outstanding balance under the Credit Facility as of November 10, 2025 was $182,800,000.

#### Dividends Declared
On October 8, 2025, the Board declared a regular monthly dividend for each of October 2025, November 2025, and December 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Declared** | **Ex-Dividend**<br>**Date** | **Record**<br>**Date** | **Payment**<br>**Date** | **Amount per**<br>**Share** |
| 10/8/2025 | 10/31/2025 | 10/31/2025 | 11/14/2025 | $0.1333 |
| 10/8/2025 | 11/28/2025 | 11/28/2025 | 12/15/2025 | $0.1333 |
| 10/8/2025 | 12/31/2025 | 12/31/2025 | 1/15/2026 | $0.1333 |

---

#### NOTE 13 — REPORTABLE SEGMENTS

#### ASU 2023-07
In November 2023, the FASB issued ASU 2023-07 - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 as of December 31, 2024 and has applied ASU 2023-07 retrospectively for the three and nine months ended September 30, 2024. The adoption of ASU 2023-07 impacted the financial statement disclosures of the Company and did not impact the Company's financial position or the results of its operations. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Company operates under one operating segment and reporting unit, investment management. The CODM is the Chief Executive Officer of the Company, who is responsible for determining the Company's investment strategy, capital allocation, expense structure, and significant transactions impacting the Company. The operating expenses as disclosed on the consolidated statement of operations represent the significant expense categories that are provided to the CODM. Key metrics considered by the CODM in making decisions on the allocation of invested capital include, but are not limited to, net investment income and net increase in net assets resulting from operations that is reported on the Consolidated Statement of Operations, fair value of investments as disclosed on the Consolidated Schedule of Investments, as well as distributions made to the Company's shareholders.

[**Table of Contents**](#TOC)

#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

#### Forward-Looking Statements
Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or Stellus Capital Investment Corporation's ("we", "us", "our" and the "Company") future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, including statements as to:

● our future operating results;

● our business prospects and the prospects of our portfolio companies;

● the effect of investments that we expect to make;

● our contractual arrangements and relationships with third parties;

● actual and potential conflicts of interest with Stellus Capital Management, LLC ("Stellus Capital" or the "Advisor");

● the dependence of our future success on the general economy and its effect on the industries in which we invest;

● the impact of interest rate volatility on our business and our portfolio companies;

● the ability of our portfolio companies to achieve their objectives;

● the use of borrowed money to finance a portion of our investments;

● the adequacy of our financing sources and working capital;

● the timing of cash flows, if any, from the operations of our portfolio companies;

● the ability of Stellus Capital to locate suitable investments for us and to monitor and administer our investments;

● the ability of Stellus Capital to attract and retain highly talented professionals;

● our ability to maintain our qualification as a regulated investment company ("RIC") and as a business development company ("BDC"); and

● the effect of future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to BDC or RICs.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words "may," "might," "will," "intend," "should," "could," "can," "would," "expect," "believe," "estimate," "anticipate," "predict," "potential," "plan" or similar words.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report on Form 10-Q. Actual results could differ materially from those anticipated in our forward-looking statements, and future results could differ materially from historical performance. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law or U.S. Securities and Exchange Commission ("SEC") rule or regulation. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

[**Table of Contents**](#TOC)

#### Overview
We were organized as a Maryland corporation on May 18, 2012, and formally commenced operations on November 7, 2012. Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through debt and related equity investments in lower middle-market companies.

We are an externally managed, non-diversified, closed-end investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"). Our investment activities are managed by our investment adviser, Stellus Capital.

As a BDC, we are required to comply with certain regulatory requirements. For instance, as a BDC, we must not acquire any assets other than "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets. Qualifying assets include investments in "eligible portfolio companies" (as defined in the 1940 Act). Under the relevant SEC rules, the term "eligible portfolio company" includes all private operating companies, operating companies whose securities are not listed on a national securities exchange, and certain public operating companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250 million, in each case organized and with their principal place of business in the United States.

We have elected, qualified, and intend to continue to qualify annually to be treated for tax purposes as a RIC under Subchapter M of the internal Revenue Code of 1986, as amended (the "Code"). To maintain our qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. As of September 30, 2025, we were in compliance with the RIC requirements. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any income we distribute to our stockholders.

On March 23, 2018, the Small Business Credit Availability Act (the "SBCAA") was signed into law, which included various changes to regulations under the federal securities laws that impact BDCs. The SBCAA included changes to the 1940 Act to allow BDCs to decrease their asset coverage requirement to 150% from 200% subject to certain circumstances.

On April 4, 2018, our board of directors (the "Board"), including a "required majority" (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. At our 2018 annual meeting of stockholders our stockholders also approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, the asset coverage ratio applicable to us was decreased from 200% to 150%, effective June 29, 2018, which effectively increased the amount of leverage we may incur. As of September 30, 2025, our asset coverage ratio was 210%. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing.

***Economic Developments***

Economic activity has continued to accelerate across sectors and regions. Nonetheless, we have observed and continue to observe supply chain interruptions, labor resource shortages, commodity inflation, fluctuating interest rates, bank impairments and failures, economic sanctions in response to international conflicts and instances of geopolitical, economic and financial market instability in the United States and abroad, including as a result of the imposition of tariffs in the United States or its trading partners and the prolonged shutdown of the government. One or more of these factors may contribute to increased market volatility and may have long- and short-term effects in the United States and worldwide financial markets.

#### Portfolio Composition and Investment Activity

#### Portfolio Composition
We originate and invest primarily in privately held lower middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA) with a focus on investing through first lien (including unitranche) loans, often with a corresponding equity investmen.

[**Table of Contents**](#TOC)

As of September 30, 2025, we had $1,010.2 million (at fair value) invested in 115 portfolio companies. As of September 30, 2025, our portfolio included approximately 89% of first lien debt, 1% of second lien debt, 1% of unsecured debt and 9% of equity investments at fair value. The composition of our investments at cost and fair value as of September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Cost** | **Fair Value** |
| Senior Secured – First Lien<sup>(1)</sup> | $938399987 | $901964292 |
| Senior Secured – Second Lien | 12105759 | 12025000 |
| Unsecured Debt | 7061545 | 6879172 |
| Equity | 62549953 | 89341172 |
| Total Investments at Fair Value | $1020117244 | $1010209636 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes unitranche investments, which account for 2.9% of our portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. Our unitranche loans may expose us to certain risk associated with second lien and subordinated loans to the extent we invest in the "last-out" tranche.

As of December 31, 2024, we had $953.5 million (at fair value) invested in 105 portfolio companies. As of December 31, 2024, our portfolio included approximately 90% of first lien debt, 1% of second lien debt, 1% of unsecured debt and 8% of equity investments at fair value. The composition of our investments at cost and fair value as of December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Cost** | **Fair Value** |
| Senior Secured – First Lien<sup>(1)</sup> | $884322462 | $856096255 |
| Senior Secured – Second Lien | 12073732 | 11948850 |
| Unsecured Debt | 6755866 | 6612493 |
| Equity | 58636646 | 78840090 |
| Total Investments at Fair Value | $961788706 | $953497688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes unitranche investments, which account for 2.0% of our portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. Our unitranche loans may expose us to certain risk associated with second lien and subordinated loans to the extent we invest in the "last-out" tranche.

Our investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require us to provide funding when requested by portfolio companies in accordance with the terms and conditions of the underlying loan agreements. As of September 30, 2025 and December 31, 2024, we had unfunded commitments of $54.1 million and $41.3 million, respectively, to provide financing to 73 and 71 portfolio companies, respectively. As of September 30, 2025, we had sufficient liquidity (through cash on hand and available borrowings under the Credit Facility (as defined below)) to fund such unfunded commitments should the need arise.

[**Table of Contents**](#TOC)

The following is a summary of geographical concentration of our investment portfolio as of September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Cost** | <br>**Fair Value** | **% of Total**<br>**Investments at**<br>**Fair Value** |
| California | $183748258 | $182402421 | 18.06% |
| Texas | 165321802 | 163325964 | 16.17% |
| Florida | 102127944 | 96923046 | 9.59% |
| New York | 59415026 | 59803255 | 5.92% |
| Pennsylvania | 53149808 | 56855920 | 5.63% |
| Illinois | 68541548 | 56534711 | 5.60% |
| Colorado | 41158916 | 38090820 | 3.77% |
| Ohio | 35274542 | 36846339 | 3.65% |
| Arizona | 34205338 | 36548056 | 3.62% |
| Canada | 31397924 | 31528778 | 3.12% |
| North Carolina | 26857851 | 28084646 | 2.78% |
| Massachusetts | 24320176 | 25070881 | 2.48% |
| Tennessee | 20507888 | 19741055 | 1.95% |
| Minnesota | 18536957 | 19509928 | 1.93% |
| Iowa | 18592011 | 18613795 | 1.84% |
| Georgia | 5884157 | 17109519 | 1.69% |
| Wisconsin | 30554470 | 16264621 | 1.61% |
| District of Columbia | 10700966 | 13876852 | 1.37% |
| Michigan | 11585995 | 11733713 | 1.16% |
| New Jersey | 11204037 | 11666804 | 1.15% |
| Virginia | 11156394 | 11374159 | 1.13% |
| Missouri | 10812727 | 11057291 | 1.09% |
| Idaho | 10239028 | 10284788 | 1.02% |
| Louisiana | 9168914 | 9252065 | 0.92% |
| Oregon | 8874566 | 9217750 | 0.91% |
| Maryland | 7468902 | 7492357 | 0.74% |
| South Carolina | 4843216 | 5014305 | 0.50% |
| Washington | 1572463 | 2809451 | 0.28% |
| United Kingdom | 2151650 | 2176559 | 0.22% |
| Indiana | 743770 | 999787 | 0.10% |
| Total Investments at Fair Value | $1020117244 | $1010209636 | 100.00% |

---

[**Table of Contents**](#TOC)

The following is a summary of geographical concentration of our investment portfolio as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Cost** | <br>**Fair Value** | **% of Total**<br>**Investments at**<br>**Fair Value** |
| Texas | $159028754 | $154041942 | 16.15% |
| California | 160285777 | 152583692 | 16.00% |
| Florida | 108434730 | 104718969 | 10.98% |
| Illinois | 66486029 | 56591435 | 5.94% |
| Pennsylvania | 53271774 | 54438594 | 5.71% |
| Arizona | 43552887 | 46839063 | 4.91% |
| New York | 36116358 | 36306098 | 3.81% |
| Ohio | 33645676 | 35847804 | 3.76% |
| Canada | 32107256 | 32375749 | 3.40% |
| Colorado | 31283806 | 28218186 | 2.96% |
| Wisconsin | 27935159 | 23352084 | 2.45% |
| District of Columbia | 22711852 | 26654283 | 2.80% |
| Georgia | 12391680 | 23345077 | 2.45% |
| North Carolina | 20946327 | 22314018 | 2.34% |
| Tennessee | 20490429 | 20703772 | 2.17% |
| Massachusetts | 19965590 | 20559398 | 2.16% |
| Missouri | 18590476 | 18712569 | 1.96% |
| Iowa | 13486486 | 13486486 | 1.41% |
| Idaho | 11763648 | 11830192 | 1.24% |
| New Jersey | 11181815 | 11754323 | 1.23% |
| Michigan | 11389446 | 11510608 | 1.21% |
| Louisiana | 9216389 | 9371830 | 0.98% |
| Virginia | 9293896 | 9373367 | 0.98% |
| Washington | 8193234 | 8216962 | 0.86% |
| Maryland | 7529294 | 7526300 | 0.79% |
| Minnesota | 6448091 | 6452144 | 0.68% |
| South Carolina | 4836178 | 4984667 | 0.52% |
| Indiana | 743770 | 920343 | 0.10% |
| United Kingdom | 461899 | 467733 | 0.05% |
|  | $961788706 | $953497688 | 100.00% |

---

[**Table of Contents**](#TOC)

The following is a summary of industry concentration of our investment portfolio as of September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Cost** | <br>**Fair Value** | **% of Total**<br>**Investments at**<br>**Fair Value** |
| Services: Business | $257044495 | $268333506 | 26.56% |
| High Tech Industries | 98769131 | 102228098 | 10.13% |
| Healthcare & Pharmaceuticals | 97569805 | 98333947 | 9.74% |
| Media: Advertising, Printing & Publishing | 78989683 | 79467419 | 7.87% |
| Capital Equipment | 61756420 | 64102926 | 6.35% |
| Beverage & Food | 53409113 | 58278811 | 5.77% |
| Consumer Goods: Non-Durable | 62845984 | 53906852 | 5.34% |
| Services: Consumer | 42680332 | 40740527 | 4.03% |
| Construction & Building | 37307427 | 38303565 | 3.79% |
| Consumer Goods: Durable | 34694596 | 30917241 | 3.06% |
| Chemicals, Plastics, & Rubber | 27212890 | 26806175 | 2.65% |
| Aerospace & Defense | 27849135 | 24167467 | 2.39% |
| Environmental Industries | 19523774 | 22066825 | 2.18% |
| Transportation & Logistics | 16572775 | 16797056 | 1.66% |
| Media: Broadcasting & Subscription | 12085987 | 15170332 | 1.50% |
| Retail | 14717367 | 14766349 | 1.46% |
| Energy: Oil & Gas | 11811710 | 11108136 | 1.10% |
| Hotel, Gaming, & Leisure | 9141475 | 9304395 | 0.92% |
| FIRE: Real Estate | 18105382 | 7712455 | 0.76% |
| Media: Diversified & Production | 7493832 | 7601977 | 0.75% |
| Finance |  | 5948068 | 0.59% |
| Containers, Packaging, & Glass | 20698137 | 5666002 | 0.56% |
| Wholesale | 5086498 | 5105333 | 0.51% |
| Education | 4751296 | 3376174 | 0.33% |
| Total | $1020117244 | $1010209636 | 100.00% |

---

[**Table of Contents**](#TOC)

The following is a summary of industry concentration of our investment portfolio as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Cost** | <br>**Fair Value** | **% of Total**<br>**Investments at**<br>**Fair Value** |
| Services: Business | $219665133 | $234908112 | 24.64% |
| High Tech Industries | 91135577 | 93468792 | 9.81% |
| Healthcare & Pharmaceuticals | 85300317 | 85478418 | 8.97% |
| Media: Advertising, Printing & Publishing | 71318416 | 72291584 | 7.58% |
| Beverage & Food | 64052951 | 68902142 | 7.23% |
| Consumer Goods: Non-Durable | 67123135 | 54473282 | 5.71% |
| Services: Consumer | 49388222 | 46066301 | 4.83% |
| Capital Equipment | 41322214 | 43647466 | 4.58% |
| Consumer Goods: Durable | 43393413 | 42094390 | 4.41% |
| Chemicals, Plastics, & Rubber | 36693101 | 36907602 | 3.87% |
| Construction & Building | 32374992 | 32979859 | 3.46% |
| Aerospace & Defense | 26014106 | 21624091 | 2.27% |
| Environmental Industries | 18903681 | 18282056 | 1.92% |
| Transportation & Logistics | 17244131 | 17532488 | 1.84% |
| Retail | 14799085 | 14723620 | 1.54% |
| Media: Broadcasting & Subscription | 12170577 | 14314711 | 1.50% |
| Containers, Packaging, & Glass | 18007571 | 12911794 | 1.35% |
| Energy: Oil & Gas | 11353959 | 10728031 | 1.13% |
| Hotel, Gaming, & Leisure | 7113661 | 8142050 | 0.85% |
| FIRE: Real Estate | 17934808 | 7652436 | 0.80% |
| Media: Diversified & Production | 5822637 | 5934853 | 0.62% |
| Education | 10537738 | 5341151 | 0.56% |
| Finance | 119281 | 5092459 | 0.53% |
|  | $961788706 | $953497688 | 100.00% |

---

At September 30, 2025, our average portfolio company investment at amortized cost and fair value was approximately $8.9 million and $8.8 million, respectively, and our largest portfolio company investment at amortized cost and fair value was approximately $24.7 million and $22.0 million, respectively. At December 31, 2024, our average portfolio company investment at amortized cost and fair value was approximately $9.2 million and $9.2 million, respectively, and our largest portfolio company investment at amortized cost and fair value was approximately $23.2 million and $21.2 million, respectively.

At September 30, 2025 and December 31, 2024, 90.4% and 94.5% of our debt investments bore interest based on floating rates (subject to interest rate floors), respectively, and 9.6% and 5.5% bore interest at fixed rates, respectively.

The weighted average yield on all of our debt investments as of September 30, 2025 and December 31, 2024 was approximately 10.0% and 10.3%, respectively. The weighted average yield on all of our investments, including non-income producing equity positions, as of September 30, 2025 and December 31, 2024 was approximately 9.4% and 9.7%, respectively. The weighted average yield was computed using the effective interest rates for all of our debt investments, including accretion of original issue discount. The weighted average yield of our debt investments is not the same as a return on investment for our stockholders, but rather relates to a portion of our investment portfolio and is calculated before the payment of all of our subsidiaries' fees and expenses.

As of September 30, 2025 and December 31, 2024, we had cash and cash equivalents of $9.0 million and $20.1 million, respectively.

#### Investment Activity
During the nine months ended September 30, 2025, we made an aggregate of $142.0 million of investments in 14 new portfolio companies and 18 existing portfolio companies. During the nine months ended September 30, 2025, we received an aggregate of $85.6 million in proceeds from repayments of our investments.

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During the nine months ended September 30, 2024, we made an aggregate of $112.6 million of investments in 12 new portfolio companies and 18 existing portfolio companies. During the nine months ended September 30, 2024, we received an aggregate of $87.3 million in proceeds from repayments of our investments.

Our level of investment activity can vary substantially from period to period depending on many factors, including the amount of debt and equity capital to lower middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

#### Asset Quality
In addition to various risk management and monitoring tools, Stellus Capital uses an investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio. This investment rating system uses a five-level numeric scale. The following is a description of the conditions associated with each investment category:

● Investment Category 1 is used for investments that are performing above expectations, and whose risks remain favorable compared to the expected risk at the time of the original investment.

● Investment Category 2 is used for investments that are performing within expectations and whose risks remain neutral compared to the expected risk at the time of the original investment. All new loans are initially rated 2.

● Investment Category 3 is used for investments that are performing below expectations and that require closer monitoring, but where no loss of return or principal is expected. Portfolio companies with a rating of 3 may be out of compliance with financial covenants.

● Investment Category 4 is used for investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are often in work out. Investments with a rating of 4 are those for which some loss of return but no loss of principal is expected.

● Investment Category 5 is used for investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are almost always in work out. Investments with a rating of 5 are those for which some loss of return and principal is expected.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **(dollars in millions)** | **(dollars in millions)** | **(dollars in millions)** | **(dollars in millions)** | **(dollars in millions)** | **(dollars in millions)** |
| |  |  | **Number of** |  |  | **Number of** |
| |  | **% of Total** | **Portfolio** |  | **% of Total** | **Portfolio** |
| <br>**Investment Category** | **Fair Value** | **Portfolio** | **Companies**<sup>(1)</sup> | **Fair Value** | **Portfolio** | **Companies**<sup>(1)</sup> |
| 1 | $261.2 | 26% | 30 | $227.2 | 24% | 24 |
| 2 | 571.8 | 57% | 62 | 564.5 | 59% | 61 |
| 3 | 143.5 | 13% | 15 | 112.0 | 12% | 11 |
| 4 | 27.8 | 3% | 3 | 41.3 | 4% | 5 |
| 5 | 5.9 | 1% | 7 | 8.5 | 1% | 5 |
| Total | $1010.2 | 100% | 117 | $953.5 | 100% | 106 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Two portfolio companies appear in two categories as of September 30, 2025 and one portfolio company appears in two categories as of December 31, 2024.

#### Loans and Debt Securities on Non-Accrual Status
We will not accrue interest on loans and debt securities if we have reason to doubt our ability to collect such interest. As of September 30, 2025, we had loans to five portfolio companies that were on non-accrual status, which represented approximately 6.7% of our loan portfolio at cost and 3.7% at fair value. As of December 31, 2024, we had loans to seven portfolio companies that were on non-accrual status, which represented approximately 8.3% of our loan portfolio at cost and 5.4% at fair value. As of September 30, 2025 and December 31, 2024, $9.7 million and $6.5 million of income from investments on non-accrual had not been accrued, respectively.

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#### Results of Operations
An important measure of our financial performance is net increase (decrease) in net assets resulting from operations, which includes net investment income (loss), net realized gain (loss) and net unrealized appreciation (depreciation). Net investment income (loss) is the difference between our income from interest, dividends, fees and other investment income and our operating expenses, including interest on borrowed funds. Net realized gain (loss) on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost. Net unrealized appreciation (depreciation) on investments is the net change in the fair value of our investment portfolio.

#### Comparison of the Three and Nine months Ended September 30, 2025 and 2024
*Revenues*

We generate revenue in the form of interest income on debt investments and capital gains and distributions, if any, on investment securities that we may acquire in portfolio companies. Our debt investments typically have a term of five to seven years and bear interest primarily at floating rates. Interest on our debt securities is generally payable quarterly. Payments of principal on our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments may pay interest in-kind, or PIK interest. Any outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the maturity date. The level of interest income we receive is directly related to the balance of interest-bearing investments multiplied by the weighted average yield of our investments. We expect that the total dollar amount of interest and any dividend income that we earn will increase as the size of our investment portfolio increases. In addition, we may generate revenue in the form of prepayment fees, commitment, loan origination, structuring or due diligence fees, fees for providing significant managerial assistance and consulting fees.

The following shows the breakdown of investment income for the three and nine months ended September 30, 2025 and 2024 (in millions).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest income<sup>(1)</sup> | $23.6 | $24.2 | $69.6 | $72.2 |
| PIK interest  | 1.4 | 0.9 | 3.9 | 2.5 |
| Miscellaneous fees<sup>(1)</sup> | 1.3 | 1.4 | 3.5 | 4.4 |
| Total | $26.3 | $26.5 | $76.9 | $79.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For the three and nine months ended September 30, 2025, we recognized $0.5 million and $1.1 million, respectively, of non-recurring income related to early repayments and amendments to specific loan positions. For the three and nine months ended September 30, 2024, we recognized $0.4 million and $1.8 million, respectively, of non-recurring income related to early repayments and amendments to specific loan positions.

The decrease in investment income for the three and nine months ended September 30, 2025 was due primarily to a decrease in prevailing market rates on our loans, typically in reference to the Secured Overnight Financing Rate ("SOFR"), partially offset by an increase in our principal debt outstanding.

*Expenses*

Our primary operating expenses include the payment of fees to Stellus Capital under the Investment Advisory Agreement, our allocable portion of overhead expenses under the Administration Agreement and other operating costs described below. We bear all other out-of-pocket costs and expenses of our operations and transactions, which may include:

● organization and offering costs;

● valuing our assets and calculating our net asset value (including the cost and expenses of any independent valuation firm);

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● fees and expenses payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments;

● interest payable on debt, if any, incurred to finance our investments and expenses related to unsuccessful portfolio acquisition efforts;

● offerings of our commons stock and other securities;

● base management and incentive fees;

● administration fees and expenses, if any, payable under the Administration Agreement (including our allocable portion of Stellus Capital's overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs);

● transfer agent and custodial fees and expenses;

● U.S. federal and state registration fees;

● all costs of registration and listing our securities on any securities exchange;

● U.S. federal, state and local taxes;

● independent directors' fees and expenses;

● costs of preparing and filing reports or other documents required by the SEC or other regulators;

● costs of any reports, proxy statements or other notices to stockholders, including printing costs;

● costs and fees associated with any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

● direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;

● proxy voting expenses; and

● all other expenses incurred by us or Stellus Capital in connection with administering our business.

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The following shows the breakdown of operating expenses for the three and nine months ended September 30, 2025 and 2024 (in millions).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;Management fees | $4.4 | $3.9 | $12.8 | $11.7 |
| &nbsp;&nbsp;Valuation fees | 0.2 | 0.1 | 0.4 | 0.3 |
| &nbsp;&nbsp;Administrative services expenses | 0.6 | 0.5 | 1.5 | 1.5 |
| &nbsp;&nbsp;Income incentive fees | 2.2 | 2.6 | 6.5 | 7.6 |
| &nbsp;&nbsp;Professional fees | 0.4 | 0.3 | 1.1 | 0.8 |
| &nbsp;&nbsp;Directors' fees | 0.1 | 0.1 | 0.3 | 0.3 |
| &nbsp;&nbsp;Insurance expense | 0.1 | 0.1 | 0.3 | 0.4 |
| &nbsp;&nbsp;Interest expense and other fees | 8.9 | 8.0 | 25.9 | 23.9 |
| &nbsp;&nbsp;Income tax expense | 0.5 | 0.4 | 1.4 | 1.3 |
| &nbsp;&nbsp;Other general and administrative expenses | 0.2 | 0.2 | 0.9 | 0.9 |
| **Total Operating Expenses** | $17.6 | $16.2 | $51.1 | $48.7 |
| &nbsp;&nbsp;Income incentive fee waiver | (0.5) |  | (2.7) | (1.9) |
| **Total Operating Expenses, net of fee waivers** | $17.1 | $16.2 | $48.4 | $46.8 |

---

The increase in operating expenses for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024 was due to increased management fees and interest expense due to overall portfolio growth.

#### Net Investment Income
For the three months ended September 30, 2025, net investment income was $9.1 million, or $0.32 per common share (based on 28,480,472 weighted average shares outstanding for the three months ended September 30, 2025).

For the three months ended September 30, 2024, net investment income was $10.3 million, or $0.39 per common share (based on 26,326,426 weighted average shares outstanding for the three months ended September 30, 2024).

For the nine months ended September 30, 2025, net investment income was $28.5 million, or $1.01 per common share (based on 28,168,527 weighted average shares outstanding for the nine months ended September 30, 2025).

For the nine months ended September 30, 2024, net investment income was $32.3 million, or $1.29 per common share (based on 25,066,626 weighted average shares outstanding for the nine months ended September 30, 2024).

The decrease in net investment income over the respective three and nine months periods was due to decreased interest income as explained in the "Revenues" section above, as well as higher operating expenses as explained in the "Expenses" section above.

#### Net Realized Gains and Losses
We measure net realized gains or losses by the difference between the net proceeds from the repayment, sale or other disposition and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized.

Proceeds from repayments of investments and amortization of certain other investments for the three months ended September 30, 2025 totaled $39.0 million and net realized gains totaled $2.9 million.

Proceeds from repayments of investments and amortization of certain other investments for the three months ended September 30, 2024 totaled $15.5 million and net realized losses totaled ($3.3) million.

Proceeds from repayments of investments and amortization of certain other investments for the nine months ended September 30, 2025 totaled $85.6 million and net realized losses totaled ($4.0) million.

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Proceeds from repayments of investments and amortization of certain other investments for the nine months ended September 30, 2024 totaled $87.3 million and net realized losses totaled ($21.7) million.

#### Net Change in Unrealized Appreciation (Depreciation) of Investments
Net change in unrealized (depreciation) appreciation primarily reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded appreciation or depreciation when gains or losses are realized.

Net change in unrealized (depreciation) appreciation on investments and cash equivalents for the three months ended September 30, 2025 and 2024 totaled ($5.1) million and $8.5 million, respectively.

The change in unrealized appreciation over the respective periods was due to reversals of previous write-downs that were realized and company-specific investment write-ups, offset by company-specific write-downs.

Net change in unrealized (depreciation) appreciation on investments and cash equivalents for the nine months ended September 30, 2025 and 2024 totaled ($2.5) million and $26.4 million, respectively.

The change in unrealized (depreciation) appreciation over the respective periods was due to reversals of previous write-ups that were realized and company-specific investment write-downs, offset by company-specific write-ups.

#### Benefit for Taxes on Unrealized Investments
We have direct wholly owned subsidiaries that have elected to be taxable entities (the "Taxable Subsidiaries"). The Taxable Subsidiaries permit us to hold equity investments in portfolio companies, which are "pass through" entities for U.S. federal income tax purposes and continue to comply with the "source income" requirements contained in RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with us for U.S. federal income tax purposes and may generate U.S. federal income tax expense, benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. The U.S. federal income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in our consolidated financial statements. For both the three and nine months ended September 30, 2025, we recognized a benefit for income tax on unrealized investments of $0.0 million for the Taxable Subsidiaries. For the three and nine months ended September 30, 2024, we recognized a benefit for income tax on unrealized investments of $0.0 million and $0.2 million for the Taxable Subsidiaries, respectively. As of both September 30, 2025 and December 31, 2024, there was $0.0 million of deferred tax liabilities on the Consolidated Statements of Assets and Liabilities.

#### Net Increase in Net Assets Resulting from Operations
For the three months ended September 30, 2025, net increase in net assets resulting from operations totaled $6.7 million, or $0.23 per common share (based on 28,480,472 weighted average shares outstanding for the three months ended September 30, 2025).

For the three months ended September 30, 2024, net increase in net assets resulting from operations totaled $15.5 million, or $0.59 per common share (based on 26,326,426 weighted average shares outstanding for the three months ended September 30, 2024).

The net decrease in net assets between the respective periods was due to higher unrealized depreciation, offset by higher realized gains in the current year.

For the nine months ended September 30, 2025, net increase in net assets resulting from operations totaled $21.8 million, or $0.78 per common share (based on 28,168,527 weighted average shares outstanding for the nine months ended September 30, 2025).

For the nine months ended September 30, 2024, net increase in net assets resulting from operations totaled $37.2 million, or $1.48 per common share (based on 25,066,626 weighted average shares outstanding for the nine months ended September 30, 2024).

The net decrease in net assets between the respective periods was due to higher unrealized depreciation and lower net investment income, offset by decreased net realized losses in the current year.

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#### Financial Condition, Liquidity and Capital Resources

#### Cash Flows from Operating and Financing Activities
Our operating activities used net cash of $33.5 million for the nine months ended September 30, 2025, primarily in connection with the purchase of portfolio investments, offset by the net increase in net assets resulting from operations and sales and repayments of portfolio investments. Our financing activities for the nine months ended September 30, 2025 provided cash of $22.4 million, primarily from proceeds from the issuance of common stock, proceeds from the issuance of 2030 Notes Payable (as defined below), offset by net paydowns on our Credit Facility, repayment of 2026 Notes Payable (as defined below), repayment of SBA-guaranteed debentures and shareholder distributions.

Our operating activities provided net cash of $3.1 million for the nine months ended September 30, 2024, primarily in connection with the purchase of portfolio investments, offset by sales and repayments of portfolio investments. Our financing activities for the nine months ended September 30, 2024 provided cash of $9.4 million, primarily from proceeds from the issuance of common stock, offset by net paydowns on our Credit Facility and shareholder distibutions.

#### Liquidity and Capital Resources
Our liquidity and capital resources are derived from the Credit Facility, Notes Payable (as defined below), SBA-guaranteed debentures and cash flows from operations, including investment sales and repayments, the ATM Program (as defined below), and income earned. Our primary use of funds from operations includes investments in portfolio companies and other operating expenses we incur, as well as the payment of dividends to the holders of our common stock. We used, and expect to continue to use, these capital resources as well as proceeds from turnover within our portfolio and from public and private offerings of securities to finance our investment activities.

Although we expect to fund the growth of our investment portfolio through the net proceeds from future public and private equity offerings and issuances of senior securities or future borrowings to the extent permitted by the 1940 Act, our plans to raise capital may not be successful. In this regard, if our common stock trades at a price below our then-current net asset value per share, we may be limited in our ability to raise equity capital given that we cannot sell our common stock at a price below net asset value per share unless our stockholders approve such a sale and our Board makes certain determinations in connection therewith. A proposal approved by our stockholders at our 2025 annual stockholders meeting authorizes us to sell up to 25% of our outstanding common shares at a price equal to or below the then-current net asset value per share in one or more offerings. This authorization will expire on the earlier of (i) June 17, 2026, the one-year anniversary of our 2025 annual stockholders meeting, and (ii) the date of our 2026 annual stockholder meeting. We would need similar future approval from our stockholders to issue shares below the then-current net asset value per share any time after the expiration of the current approval. In addition, we intend to distribute between 90% and 100% of our taxable income to our stockholders in order to satisfy the requirements applicable to RICs under Subchapter M of the Code. Consequently, we may not have the funds or the ability to fund new investments, to make additional investments in our portfolio companies, to fund our unfunded commitments to portfolio companies or to repay borrowings. In addition, the illiquidity of our portfolio investments may make it difficult for us to sell these investments when desired and, if we are required to sell these investments, we may realize significantly less than their recorded value.

Also, as a BDC, we generally are required to meet an asset coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, over the aggregate amount of the senior securities, which include all of our borrowings and any outstanding preferred stock, of at least 150% effective June 29, 2018 (at least 200% prior to June 29, 2018). This requirement limits the amount that we may borrow. We have received exemptive relief from the SEC to permit us to exclude the debt of the Stellus Capital SBIC, LP (the "SBIC I subsidiary") and Stellus Capital SBIC II, LP (the "SBIC II subsidiary") (collectively, the "SBIC subsidiaries") guaranteed by the U.S. Small Business Administration ("SBA") from the definition of senior securities in the asset coverage test under the 1940 Act. We were in compliance with the asset coverage ratios at all times. As of September 30, 2025 and December 31, 2024, our asset coverage ratio was 210% and 234%, respectively. The amount of leverage that we employ will depend on our assessment of market conditions and other factors at the time of any proposed borrowing, such as the maturity, covenant package and rate structure of the proposed borrowings, our ability to raise funds through the issuance of shares of our common stock and the risks of such borrowings within the context of our investment outlook. Ultimately, we only intend to use leverage if the expected returns from borrowing to make investments will exceed the cost of such borrowing. As of September 30, 2025 and December 31, 2024, we had cash and cash equivalents of $9.0 million and $20.1 million, respectively.

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#### Credit Facility
On October 11, 2017, we entered into a senior secured revolving credit agreement, as amended, dated as of October 10, 2017, that was amended and restated on December 21, 2021, February 28, 2022, May 13, 2022, November 21, 2023, October 30, 2024 and September 11, 2025 with Zions Bancorporation, N.A., dba Amegy Bank and various other lenders (the "Credit Facility").

The Credit Facility provides for borrowings up to a maximum of $335.0 million on a committed basis with an accordion feature that allows us to increase the aggregate commitments up to $365.0 million, subject to new or existing lenders agreeing to participate in the increase and other customary conditions.

Pursuant to the Sixth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, the Credit Facility will bear interest, subject to the Company's election, on a per annum basis equal to (i) term SOFR plus 2.25% (or 2.50% during certain periods in which the Company's asset coverage ratio is equal to or below 1.90 to 1.00) with a 0.25% SOFR floor, or (ii) 1.25% (or 1.50% during certain periods in which the Company's asset coverage ratio is equal to or below 1.90 to 1.00) plus an alternate base rate based on the highest of the prime rate (subject to a 3% floor), Federal Funds Rate plus 0.50% and one-month term SOFR plus 1.00%. The Company pays unused commitment fees of 0.50% per annum on the unused lender commitments under the Credit Facility. The commitment to fund the revolver expires on September 11, 2029, after which the Company may no longer borrow under the Credit Facility and must begin repaying principal equal to 1/12 of the aggregate amount outstanding under the Credit Facility each month. Any amounts borrowed under the Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on September 11, 2030.

Our obligations to the lenders are secured by a first priority security interest in our portfolio of securities and cash not held at the SBIC subsidiaries, but excluding short term investments. The Credit Facility contains certain covenants, including but not limited to: (i) maintaining a minimum liquidity test of at least $10.0 million, including cash, liquid investments and undrawn availability, (ii) maintaining an asset coverage ratio of at least 1.67 to 1.0, (iii) maintaining a minimum stockholder's equity, and (iv) maintaining a minimum interest coverage ratio of at least 1.75 to 1.00. As of September 30, 2025 and December 31, 2024, we were in compliance with these covenants.

As of September 30, 2025 and December 31, 2024, $167.6 million and $175.4 million, respectively, was outstanding under the Credit Facility. The carrying amount of the amount outstanding under the Credit Facility approximates its fair value. The fair value of the Credit Facility is determined in accordance with Accounting Standards Codification ("ASC") Topic 820, *Fair Value Measurements and Disclosures* ("ASC 820"), which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Credit Facility is estimated based upon market interest rates for our own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. We incurred costs of $8.8 million in connection with the current Credit Facility, which are being amortized over the life of the facility. Additionally, $0.3 million of costs from a prior credit facility will continue to be amortized over the remaining life of the Credit Facility. As of September 30, 2025 and December 31, 2024, $3.6 million and $3.1 million of such prepaid loan structure fees and administration fees had yet to be amortized, respectively. These prepaid loan fees are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

Interest is paid monthly or quarterly in arrears. The following table summarizes the interest expense and amortized loan fees on the Credit Facility for the three and nine months ended September 30, 2025 and 2024 (dollars in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $3.1 | $3.5 | $9.8 | $10.4 |
| Loan fee amortization | 0.3 | 0.3 | 1.0 | 0.8 |
| Total interest and financing expenses | $3.4 | $3.8 | $10.8 | $11.2 |
| Weighted average interest rate | 7.4% | 8.2% | 7.3% | 8.3% |
| Effective interest rate (including fee amortization) | 8.1% | 8.9% | 8.0% | 9.0% |
| Average debt outstanding | $166.1 | $168.4 | $179.4 | $166.1 |
| Cash paid for interest and unused fees | $3.1 | $3.6 | $9.8 | $10.5 |

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#### SBA-Guaranteed Debentures
Due to the SBIC subsidiaries' status as small business investment companies ("SBICs"), we have the ability to issue debentures guaranteed by the SBA at favorable interest rates ("SBA-guaranteed debentures"). Under the regulations applicable to SBICs, a single licensee can have outstanding SBA-guaranteed debentures, subject to a regulatory leverage limit, up to two times the amount of regulatory capital. As of both September 30, 2025 and December 31, 2024, the SBIC I subsidiary had $75.0 million in "regulatory capital," as such term is defined by the SBA, and $124.0 million and $150.0 million of SBA-guaranteed debentures outstanding, respectively.

As of both September 30, 2025 and December 31, 2024, the SBIC II subsidiary had $87.5 million in regulatory capital. As of both September 30, 2025 and December 31, 2024, the SBIC II subsidiary had $175.0 million of SBA-guaranteed debentures outstanding.

On August 12, 2014, we obtained exemptive relief from the SEC to permit us to exclude the debt of the SBIC subsidiaries guaranteed by the SBA from our 150% asset coverage test under the 1940 Act. The exemptive relief provides us with increased flexibility under the 150% asset coverage test by permitting us to borrow up to $325.0 million more than we would otherwise be able to absent the receipt of this exemptive relief.

On a stand-alone basis, the SBIC subsidiaries held $483.8 million and $510.1 million in assets at September 30, 2025 and December 31, 2024, respectively, which accounted for approximately 47.0% and 52.0% of our total consolidated assets, respectively.

SBA-guaranteed debentures have fixed interest rates that equal prevailing 10-year U.S. Treasury Note rates plus a market spread and have a maturity of ten years with interest payable semi-annually. The principal amount of the debentures is not required to be paid before maturity but may be pre-paid at any time with no prepayment penalty. SBA-guaranteed debentures drawn before October 1, 2019 incur upfront fees of 3.425%, which consists of a 1.00% commitment fee and a 2.425% issuance discount, which are amortized over the life of the SBA-guaranteed debentures. SBA-guaranteed debentures drawn after October 1, 2019 incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures. Once pooled, which occurs in March and September of each applicable year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.

The fair values of the SBA-guaranteed debentures are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the SBA-guaranteed debentures is estimated based upon market interest rates for our own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. At September 30, 2025 and December 31, 2024, the SBA-guaranteed debentures would be deemed to be Level 3, as defined in Note 6 to the Consolidated Financial Statements.

As of September 30, 2025, we have incurred $11.1 million in financing costs related to the SBA-guaranteed debentures since the SBIC subsidiaries received their licenses, which were recorded as prepaid loan fees. As of September 30, 2025 and December 31, 2024, $3.2 million and $3.7 million of prepaid financing costs had yet to be amortized, respectively. These prepaid loan fees are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

The following table summarizes the interest expense and amortized fees on the SBA-guaranteed debentures for the three and nine months ended September 30, 2025 and 2024 (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $2.5 | $2.6 | $7.5 | $7.9 |
| Debenture fee amortization | 0.2 | 0.3 | 0.6 | 0.7 |
| Total interest and financing expenses | $2.7 | $2.9 | $8.1 | $8.6 |
| Weighted average interest rate | 3.2% | 3.2% | 3.3% | 3.2% |
| Effective interest rate (including fee amortization) | 3.5% | 3.5% | 3.5% | 3.6% |
| Average debt outstanding | $305.3 | $325.0 | $308.1 | $325.0 |
| Cash paid for interest | $5.0 | $5.3 | $10.2 | $10.5 |

---

[**Table of Contents**](#TOC)

#### Notes Offering
On January 14, 2021, we issued $100.0 million in aggregate principal amount of 4.875% fixed-rate notes due 2026 (the " 2026 Notes Payable"). The 2026 Notes Payable will mature on March 30, 2026 and may be redeemed in whole or in part at any time or from time to time at our option on or after December 31, 2025 at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest is payable semi-annually beginning September 30, 2021.

On September 30, 2025, the Company prepaid $50.0 million in aggregate principal of the 2026 Notes. For the three and nine months ended September 30, 2025, the Company recorded a make-whole payment of $0.1 million and accelerated $0.1 million of unamortized upfront fees which are recognized as a loss on debt extinguishment in the Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, the aggregate carrying amount of the 2026 Notes Payable was approximately $49.9 million and $99.4 million, respectively. The 2026 Notes Payable are institutional, non-traded notes.

In connection with the issuance of the 2026 Notes Payable, we have incurred $2.3 million of fees, which are being amortized over the term of the 2026 Notes Payable, of which $0.1 million and $0.6 million remains to be amortized as of September 30, 2025 and December 31, 2024, respectively. These financing costs are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

The following table summarizes the interest expense and deferred financing costs on the 2026 Notes Payable for the three and nine months ended September 30, 2025 and 2024 (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the nine months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $1.2 | $1.2 | $3.7 | $3.7 |
| Deferred financing costs | 0.1 | 0.1 | 0.3 | 0.3 |
| Total interest and financing expenses | $1.3 | $1.3 | $4.0 | $4.0 |
| Weighted average interest rate | 4.9% | 4.8% | 4.9% | 4.9% |
| Effective interest rate (including fee amortization) | 5.3% | 5.3% | 5.3% | 5.3% |
| Average debt outstanding | $99.5 | $100.0 | $99.8 | $100.0 |
| Cash paid for interest | $2.4 | $2.4 | $4.9 | $4.9 |

---

On April 1, 2025 and September 25, 2025, we issued $75.0 million and $50.0 million, respectively, in aggregate principal amount of 7.250% fixed-rate notes due 2030 (the "2030 Notes Payable" and together with the 2026 Notes Payable, the "Notes Payable"). The 2030 Notes Payable will mature on April 1, 2030 and may be redeemed in whole or in part at any time or from time to time at our option on or after October 1, 2029, at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2030 Notes Payable is payable semi-annually beginning October 1, 2025. As of September 30, 2025, the aggregate carrying amount of the 2030 Notes Payable was approximately $122.6 million. The Notes Payable are institutional, non-traded notes.

In connection with the issuance and maintenance of the 2030 Notes Payable, we have incurred $2.6 million of fees, which are being amortized over the term of the 2030 Notes Payable. As of September 30, 2025, $2.4 million of prepaid financing costs had yet to be amortized. These financing costs are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

[**Table of Contents**](#TOC)

The following table summarizes the interest expense and deferred financing costs on the 2030 Notes Payable for the three and nine months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended**  | **For the nine months ended**  |
|  | **September 30, 2025** | **September 30, 2025** |
| Interest expense | $1.4 | $2.8 |
| Deferred financing costs | 0.1 | 0.2 |
| Total interest and financing expenses | $1.5 | $3.0 |
| Weighted average interest rate | 7.2% | 7.3%<sup>(1)</sup> |
| Effective interest rate (including fee amortization) | 7.8% | 7.9%<sup>(1)</sup> |
| Average debt outstanding | $78.3 | $76.6<br><sup>(1)</sup> |
| Cash paid for interest | $— | $— |

---

(1) Calculated for the period from April 1, 2025, the date of the 2030 Notes Payable offering, through September 30, 2025.

#### ATM Program
On November 16, 2021, the Company entered into an equity distribution agreement, as amended and restated on August 29, 2022 (the "2021 Equity Distribution Agreement"), with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2021 Equity Distribution Agreement, the Company was permitted to issue and sell, from time to time, up to $50,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies.

On August 11, 2023, the Company entered into an equity distribution agreement (the "2023 Equity Distribution Agreement") with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2023 Equity Distribution Agreement, the Company may issue and sell, from time to time, up to $100,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies. Upon execution of the 2023 Equity Distribution Agreement, the Company no longer sold any shares under the 2021 Equity Distribution Agreement.

On September 9, 2025, we entered into an equity distribution agreement (the "2025 Equity Distribution Agreement" and together with the 2023 Equity Distribution Agreement and the 2021 Equity Distribution Agreement, the "Equity Distribution Agreements") with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2025 Equity Distribution Agreement, we may issue and sell, from time to time, up to $100,000,000 in aggregate offering price of shares of our common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies. We refer to our issuance and sale of shares under the Equity Distribution Agreements as the "ATM Program."

We issued 531,106 and 1,466,136 shares during the three and nine months ended September 30, 2025 under the ATM Program, respectively, for gross proceeds of $7.4 million and $20.6 million, respectively, and underwriting fees and other expenses of $0.3 million and $0.7 million, respectively. The average per share offering price of shares issued in the ATM Program during the three and nine months ended September 30, 2025 was $14.00 and $14.04, respectively. We issued 1,058,366 and 2,913,722 shares during the three and nine months ended September 30, 2024 under the ATM Program, respectively, for gross proceeds of $14.6 million and $40.4 million and underwriting fees and other expenses of $0.3 million and $0.9 million, respectively. The average per share offering price of shares issued in the ATM Program during the three and nine months ended September 30, 2024 was $13.79 and $13.86, respectively. The Advisor has agreed to reimburse us for underwriting fees and expenses to the extent the per share price of the shares to the public, less underwriting fees, was less than the then-current net asset value per share. For the three and nine months ended September 30, 2025, the Advisor was not required to reimburse underwriting fees as all shares were issued at a premium to net asset value.

[**Table of Contents**](#TOC)

#### Off-Balance Sheet Arrangements
We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of September 30, 2025, we had $53.8 million in unfunded debt commitments and $0.3 million in unfunded equity commitments to 73 portfolio companies. As of December 31, 2024, we had $41.0 million in unfunded debt commitments and $0.3 million in unfunded equity commitments to 71 portfolio companies. As of September 30, 2025, we had sufficient liquidity (through cash on hand and available borrowings under the Credit Facility) to fund such unfunded loan commitments should the need arise.

#### RIC Status and Dividends
We have elected, have qualified, and intend to qualify annually to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. So long as we maintain our qualification as a RIC, we will not be taxed on our investment company taxable income or realized net capital gains, to the extent that such taxable income or gains are distributed, or deemed to be distributed, to stockholders as dividends on a timely basis.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation until realized. Distributions declared and paid by us in a year may differ from taxable income for that year, as such dividends may include the distribution of current year taxable income or the distribution of prior year taxable income carried forward into and distributed in the current year. Distributions also may include returns of capital.

To qualify for RIC tax treatment, we must, among other things, distribute, with respect to each taxable year, at least 90% of our investment company net taxable income (i.e., our net ordinary income and our realized net short-term capital gains in excess of realized net long-term capital losses, if any). If we maintain our qualification as a RIC, we must also satisfy certain distribution requirements each calendar year in order to avoid a federal excise tax on our undistributed earnings of a RIC. As of December 31, 2024, we had $45.2 million of undistributed taxable income that will be carried forward toward distributions paid during the year ending December 31, 2025.

We intend to distribute to our stockholders between 90% and 100% of our annual taxable income (which includes our taxable interest and fee income). However, the covenants contained in the Credit Facility may prohibit us from making distributions to our stockholders, and, as a result, could hinder our ability to satisfy the distribution requirement. In addition, we may retain for investment some or all of our net taxable capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) and treat such amounts as deemed distributions to our stockholders. If we do this, our stockholders will be treated as if they received actual distributions of the capital gains we retained and then reinvested the net after-tax proceeds in our common stock. Our stockholders also may be eligible to claim tax credits (or, in certain circumstances, tax refunds) equal to their allocable share of the tax we paid on the capital gains deemed distributed to them. To the extent our taxable earnings for a fiscal taxable year fall below the total amount of our dividends for that fiscal year, a portion of those dividend distributions may be deemed a return of capital to our stockholders.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a business development company under the 1940 Act and due to provisions in Credit Facility. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.

In accordance with certain applicable U.S. Treasury regulations and private letter rulings issued by the Internal Revenue Service (the "IRS"), a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive cash, each stockholder electing to receive cash must receive a pro rata amount of cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20% of his or her entire distribution in cash.

If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. We have no current intention of paying dividends in shares of our stock in accordance with these U.S. Treasury regulations or private letter rulings. However, we continue to monitor the Company's liquidity position and the overall economy and will continue to assess whether it would be in our and our shareholders best interest to take advantage of the IRS rulings.

[**Table of Contents**](#TOC)

#### Recent Accounting Pronouncements
See Note 1 to the consolidated financial statements contained herein for a description of recent accounting pronouncements, if any, including the expected dates of adoption and the anticipated impact on the financial statements.

#### Critical Accounting Policies
See Note 1 to the consolidated financial statements contained herein for a description of our critical accounting policies.

#### Subsequent Events
Our management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except for the following described below.

#### Investment Portfolio
We invested in the following portfolio companies subsequent to September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Activity Type** | **Date** | **Company Name** | **Company Description** | **Investment Amount** | **Instrument Type** |
| Add-On Investment | October 1, 2025 | The Hardenbergh Group, Inc.\* | Provider of patient safety, clinical risk mitigation, and healthcare compliance solutions | $500000 | Senior Secured – First Lien |
| Add-On Investment | October 3, 2025 | EH Real Estate Services, LLC\* | Offers residential property brokerage, title & settlement, and property and casualty insurance brokerage services to home buyers<br>and sellers | $183470 | Senior Secured – First Lien |
| Add-On Investment | October 17, 2025 | J.R. Watkins, LLC\* | Manufacturer and distributor of home and personal care products<br>| $18000 | Priority Revolver Commitment |
| New Investment | October 17, 2025 | Fidus Systems Inc.  | Provider of outsourced electronic product development and engineering services | $4759099 | Senior Secured – First Lien |
|  |  |  |  | $3172733 | Delayed Draw Term Loan Commitment |
|  |  |  |  | $100000 | Revolver Commitment |
|  |  |  |  | $267728 | Equity |
| Add-On Investment | November 6, 2025 | Mobotrex Acquisition, LLC\* | Distributor and manufacturer of intelligent traffic solution equipment | $3523787 | Senior Secured – First Lien |
|  |  |  |  | $1549698 | Delayed Draw Term Loan Commitment |
|  |  |  |  | $73776 | Revolver Commitment |
| Add-On Investment | November 6, 2025 | Ad.Net Acquisition, LLC\* | A digital marketing company that targets high-conversion consumers through cost-per-click digital media advertising | $1896568 | Senior Secured – First Lien |
|  |  |  |  | $85027 | Equity |

---

\* Existing portfolio company

We realized the following portfolio company investment subsequent to September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Activity Type** | **Date** | **Company Name** | **Company Description** | **Proceeds Received** | **Realized Gain** | **Instrument Type** |
| Full Repayment | October 25, 2025 | Heartland Business Systems, LLC | End-to-end information technologies solutions provider | $9725000 | $— | Senior Secured – First Lien |
|  |  |  |  | $48875 | $— | Delayed Draw Term Loan |
| Full Repayment | November 3, 2025 | NuSource Financial Acquisition, Inc. | Provider of technology integration and installation of teller machines, maintenance services, and security solutions | $7014746 | $— | Unsecured |
| Full Realization |  |  |  | $1066715 | $1066715 | Warrants |

---

\* Existing portfolio company

#### Credit Facility
The outstanding balance under the Credit Facility as of November 10, 2025 was $182.8 million.

[**Table of Contents**](#TOC)

#### Dividend Declared
On October 8, 2025, the Board declared a regular monthly dividend for each of October 2025, November 2025, and December 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Declared** | **Ex-Dividend**<br>**Date** | **Record**<br>**Date** | **Payment**<br>**Date** | **Amount per**<br>**Share** |
| 10/8/2025 | 10/31/2025 | 10/31/2025 | 11/14/2025 | $0.1333 |
| 10/8/2025 | 11/28/2025 | 11/28/2025 | 12/15/2025 | $0.1333 |
| 10/8/2025 | 12/31/2025 | 12/31/2025 | 1/15/2026 | $0.1333 |

---

#### Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates. In March 2022, the Federal Reserve raised interest rates for the first time since December 2018, and subsequently raised interest rates several times, most recently in July 2023, bringing the target for the federal funds rate to 5.25% - 5.50%, the highest since January 2001. In September 2024, the Federal Reserve began easing its policy, most recently lowering the federal funds rate to a target range of 4.25% - 4.50% in December 2024 and 4.00% - 4.25% in September 2025. As of September 30, 2025 and December 31, 2024, 90.4% and 94.5% of the loans in our portfolio bore interest at a floating rate, respectively. These floating rate loans typically bear interest in reference to SOFR, which is indexed to 30-day or 90-day SOFR rates, subject to an interest rate floor. As of both September 30, 2025 and December 31, 2024, the weighted average interest rate floor on our floating rate loans was 1.43%.

Assuming that the consolidated statement of assets and liabilities as of September 30, 2025 was to remain constant and no actions were taken to alter the existing interest rate sensitivity, the following table shows the annual impact on net income of changes in interest rates:

---

| | | | |
|:---|:---|:---|:---|
| | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| <br>**Change in Basis Points**<sup>(2)</sup> | **Interest**<br>**Income** | **Interest**<br>**Expense**<sup>(3)</sup> | **Net Interest**<br>**Income**<sup>(1)</sup> |
| Up 200 basis points | $16.8 | $(3.4) | $13.4 |
| Up 150 basis points | 12.6 | (2.5) | 10.1 |
| Up 100 basis points | 8.4 | (1.7) | 6.7 |
| Up 50 basis points | 4.2 | (0.8) | 3.4 |
| Down 50 basis points | (4.2) | 0.8 | (3.4) |
| Down 100 basis points | (8.4) | 1.7 | (6.7) |
| Down 150 basis points | (12.6) | 2.5 | (10.1) |
| Down 200 basis points | (16.8) | 3.4 | (13.4) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes the impact of incentive fees based on pre-incentive fee net investment income. See Note 2 to the consolidated financial statements contained herein for more information on the incentive fee.

&nbsp;&nbsp;&nbsp;&nbsp;(2) At September 30, 2025, the three-month SOFR rate was 398 basis points. This table assumes floating rates would not fall below zero.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes the impact of the 25 bps SOFR floor in place on the Credit Facility.

Although we believe that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in credit quality, size and composition of the assets on the balance sheet and other business developments that could affect net increase in net assets resulting from operations. Accordingly, no assurances can be given that actual results would not differ materially from the potential outcome simulated by this estimate. We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contacts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments. For the three and nine months ended September 30, 2025 and 2024, we did not engage in hedging activities.

[**Table of Contents**](#TOC)

#### Item 4. Controls and Procedures
&nbsp;&nbsp;&nbsp;&nbsp;*(a)*  ***Evaluation of Disclosure Controls and Procedures*** 

The Company's management, under the supervision and with the participation of various members of management, including its Chief Executive Officer and its Chief Financial Officer, has evaluated the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") as of the end of the period covered by this report. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures are effective as of the end of the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)*  ***Changes in Internal Control Over Financial Reporting*** 

The Company's management did not identify any change in the Company's internal control over financial reporting that occurred during the three and nine months ended September 30, 2025 that has materially affected, or is reasonable likely to materially affect, the Company's internal control over financial reporting.

#### PART II — OTHER INFORMATION

#### Item 1. Legal Proceedings
We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us or our subsidiaries. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

#### Item 1A. Risk Factors
Investing in our securities involves a number of significant risks. In addition to the other information set forth in this quarterly report on Form 10-Q, you should carefully consider the risk factors discussed below and in "Item 1A. Risk Factors" of Annual Report on Form 10-K filed with the SEC on March 4, 2025, all of which could materially affect our business, financial condition and/or results of operations. Although the risks described in our other SEC filings referenced above represent the principal risks associated with an investment in us, they are not the only risks we face. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, might materially and adversely affect our business, financial condition and/or results of operations.

***Our investments in the high tech industry are subject to unique risks relating to technological developments, regulatory changes and changes in customer preferences***.

As of September 30, 2025, our investment in portfolio companies operating in this sector represents 10.13% of our total portfolio. There are risks in investing in companies that operate in this market, including the negative impact of regulation, changing technology, a competitive marketplace and difficulty in obtaining financing. Any of these factors could materially and adversely affect the operations of a portfolio company in this industry and, in turn, impair our ability to timely collect principal and interest payments owed to us.

#### Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
We did not engage in unregistered sales of equity securities during the three months ended September 30, 2025.

No shares were issued under the distribution reinvestment program during either of the three and nine months ended September 30, 2025 and 2024.

#### Item 3. Defaults Upon Senior Securities
Not applicable.

[**Table of Contents**](#TOC)

#### Item 4. Mine Safety Disclosures
Not applicable.

#### Item 5. Other Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **None.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **None.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Rule 10b5-1 Trading Plans** 

During the three and nine months ended September 30, 2025, none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

[**Table of Contents**](#TOC)

#### Item 6. Exhibits.
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits filed with the SEC:

---

| | |
|:---|:---|
| **Exhibit**<br>**Number**  | **Description**  |
| 3.1 | [Articles of Amendment and Restatement (Incorporated by reference to Exhibit (a)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-184195), filed on October 23, 2012).](https://www.sec.gov/Archives/edgar/data/1551901/000114420412057401/v325400_ex99-a1.htm) |
| 3.2 | [Bylaws (Incorporated by reference to Exhibit (b)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-184195), filed on October 23, 2012).](https://www.sec.gov/Archives/edgar/data/1551901/000114420412057401/v325400_ex99-b1.htm) |
| 4.1 | [Form of Stock Certificate (Incorporated by reference to Exhibit (d) to the Registrant's Registration Statement on Form N-2 (File No. 333-184195), filed on October 23, 2012).](https://www.sec.gov/Archives/edgar/data/1551901/000114420412057401/v325400_ex99-d.htm) |
| 4.2 | [Fourth Supplemental Indenture, dated as of April 1, 2025, by and between Stellus Capital Investment Corporation and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K (File No. 814-00971) filed on September 26, 2025).](https://www.sec.gov/Archives/edgar/data/1551901/000110465925031208/tm2510985d1_ex4-1.htm) |
| 4.3 | [Form of Global Note with respect to the 7.250% Notes due 2030 (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K (File No.814-00971) filed on September 26, 2025).](https://www.sec.gov/Archives/edgar/data/1551901/000110465925031208/tm2510985d1_ex4-1.htm) |
| 10.1 | [Equity Distribution Agreement, dated September 9, 2025, by and among Stellus Capital Investment Corporation and Stellus Capital Management, LLC, on the one hand, and Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc., on the other hand (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No.814-00971), filed on September 10, 2025).](https://www.sec.gov/Archives/edgar/data/1551901/000110465925088902/tm2525669d1_ex10-1.htm) |
| 10.2 | [Sixth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 11, 2025, between Stellus Capital Investment Corporation, the lenders party thereto, and Zions Bancorporation, N.A., d/b/a Amegy Bank, as Administrative Agent, Swingline Lender, Issuing Bank and Multicurrency Lender (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No.814-00971), filed on September 15, 2025).](https://www.sec.gov/Archives/edgar/data/1551901/000110465925090030/tm2526011d1_ex10-1.htm) |
| 31.1 | [Chief Executive Officer Certification pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*](scm-20250930xex31d1.htm) |
| 31.2 | [Chief Financial Officer Certification pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*](scm-20250930xex31d2.htm) |
| 32.1 | [Chief Executive Officer Certification pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*](scm-20250930xex32d1.htm) |
| 32.2 | [Chief Financial Officer Certification pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*](scm-20250930xex32d2.htm) |
| 99.1 | [Notice of Redemption of 4.875% Notes due 2026 (Incorporated by reference to Exhibit 99.1 to the Registrant's Current Report on Form 8-K (File No.814-00971), filed on August 28, 2025).](https://www.sec.gov/Archives/edgar/data/1551901/000110465925084789/tm2524446d1_ex99-1.htm) |
| 101.INS\* | XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File — The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |

---

\* Filed herewith

[**Table of Contents**](#TOC)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| Dated: November 10, 2025 <br>| **STELLUS CAPITAL INVESTMENT CORPORATION** | **STELLUS CAPITAL INVESTMENT CORPORATION** | **STELLUS CAPITAL INVESTMENT CORPORATION** |
|  | By:<br>| /s/ Robert T. Ladd | /s/ Robert T. Ladd |
|  |  | Name:<br>| Robert T. Ladd<br>|
|  |  | Title:<br>| Chief Executive Officer and President<br>|
|  | By:<br>| /s/ W. Todd Huskinson | /s/ W. Todd Huskinson |
|  |  | Name:<br>| W. Todd Huskinson<br>|
|  |  | Title:<br>| Chief Financial Officer<br>|

---

## Exhibit 31.1

**Exhibit 31.1**

I, Robert T. Ladd, Chief Executive Officer of Stellus Capital Investment Corporation certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Stellus Capital Investment Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 10<sup>th</sup> day of November 2025.

---

| | |
|:---|:---|
| By: | /s/ Robert T. Ladd |
|  | **Robert T. Ladd** |
|  | **Chief Executive Officer** |

---

------

## Exhibit 31.2

**Exhibit 31.2**

I, W. Todd Huskinson, Chief Financial Officer of Stellus Capital Investment Corporation certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Stellus Capital Investment Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 10<sup>th</sup> day of November 2025.

---

| | |
|:---|:---|
| By: | /s/ W. Todd Huskinson |
|  | **W. Todd Huskinson** |
|  | **Chief Financial Officer** |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer**

**Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with this quarterly report on Form 10-Q (the "Report") of Stellus Capital Investment Corporation (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Robert T. Ladd, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ Robert T. Ladd  | /s/ Robert T. Ladd  |
| **Name:** | **Robert T. Ladd** |
| **Date:** | **November 10, 2025** |

---

------

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Chief Financial Officer**

**Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with this quarterly report on Form 10-Q (the "Report") of Stellus Capital Investment Corporation (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, W. Todd Huskinson, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ W. Todd Huskinson | /s/ W. Todd Huskinson |
| **Name:**  | **W. Todd Huskinson** |
| **Date:** | **November 10, 2025** |

---

------