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Stellus Capital Investment (SCM) investor relations material
Stellus Capital Investment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Investment portfolio grew to $1.01 billion at fair value across 115 companies as of September 30, 2025, with 89% in first lien debt and 9% in equity investments.
Net investment income for Q3 2025 was $0.32 per share, with core net investment income at $0.34 per share and net realized income at $0.42 per share.
Net investment income for the nine months ended September 30, 2025 was $28.5 million ($1.01 per share), down from $32.3 million ($1.29 per share) year-over-year.
Net asset value per share was $13.05 at September 30, 2025, down from $13.46 at December 31, 2024, reflecting dividend payments exceeding earnings and net unrealized losses.
Five portfolio companies were on non-accrual status, representing 6.7% of the loan portfolio at cost and 3.7% at fair value.
Financial highlights
$64 million invested in new portfolio companies and $39 million received in repayments during Q3 2025, with total investment income for the nine months at $76.9 million.
Net realized losses for the nine months were $4.0 million, a significant improvement from $21.7 million in the prior year.
Net change in unrealized depreciation for the nine months was $2.5 million, compared to unrealized appreciation of $26.4 million in the prior year.
Distributions declared for the nine months were $1.20 per share.
Weighted average yield on debt investments was 10.0% as of September 30, 2025.
Outlook and guidance
Portfolio expected to remain above $1 billion at year-end despite anticipated payoffs in Q4.
Regular monthly dividends of $0.1333 per share declared for October, November, and December 2025.
Projected $5 million in equity realizations for both Q4 2025 and Q1 2026, with expected gains of $3.8 million and $3.3 million, respectively.
Management remains focused on maximizing total return through current income and capital appreciation in lower middle-market companies.
The company expects to fund growth through equity offerings, debt issuance, and portfolio turnover, but notes potential limitations if shares trade below NAV.
Quantify non-accrual loan portfolio change.
Annual net income impact from interest rate shifts.
Total unfunded debt commitments as of Q3 2025.
Impact of rising PIK interest on cash income?
Is ATM issuance above NAV accretive to shareholders?
Why was the income incentive fee waived in Q3?
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Next Stellus Capital Investment earnings date
Q4 20253 Mar, 2026
Next Stellus Capital Investment earnings date
Q4 20253 Mar, 2026
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Frequently asked questions
Stellus Capital Investment Corporation is a closed-end investment company that provides debt and equity financing to middle-market businesses. The company focuses on senior secured loans, subordinated debt, and equity co-investments across a variety of industries. It partners with private equity sponsors to support growth, acquisitions, and recapitalizations. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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