Stellus Private Credit BDC Reports Results for its First Fiscal Quarter Ended March 31, 2026
PR Newswire
HOUSTON, May 12, 2026
HOUSTON, May 12, 2026 /PRNewswire/ -- Stellus Private Credit BDC ("Stellus PBDC", "we", or the "Company") today announced financial results for its fiscal quarter March 31, 2026.
Robert T. Ladd, Chief Executive Officer of Stellus PBDC, stated, "We are pleased to report solid operating results in the first quarter in which we generated $0.30 per share of net investment income and maintained a stable net asset value. During the quarter, we funded $27 million of investments and received $22 million of repayments, bringing the total portfolio to $405 million at fair value. On April 14, 2026, we declared our 2026 second quarter monthly dividend of $0.34 per share in the aggregate."
FINANCIAL HIGHLIGHTS | ||||||
($ in millions, except data relating to per share amounts and shares outstanding) | ||||||
Three Months Ended | ||||||
March 31, 2026 | March 31, 2025 | |||||
Amount | Per Share | Amount | Per Share | |||
Net investment income | $3.97 | $0.30 | $3.31 | $0.31 | ||
Net realized gain on investments | 0.02 | — | — | — | ||
Net unrealized (depreciation) appreciation included in earnings | (0.19) | (0.01) | 1.19 | 0.10 | ||
(Provision) benefit for taxes on net unrealized (appreciation) | (0.14) | (0.01) | 0.06 | 0.01 | ||
Net increase in net assets resulting from operations | $3.66 | $0.28 | $4.56 | $0.42 | ||
Distributions | (4.60) | (0.35) | (3.88) | (0.36) | ||
Net asset value | $196.45 | $15.14 | $165.48 | $15.22 | ||
Weighted average shares outstanding | 13,114,007 | 10,767,600 | ||||
PORTFOLIO ACTIVITY | ||||
($ in millions) | ||||
As of | As of | |||
March 31, 2026 | December 31, 2025 | |||
Investments at fair value | $405.4 | $400.1 | ||
Total assets | $410.6 | $404.7 | ||
Net assets | $196.4 | $199.6 | ||
Shares outstanding | 12,973,271 | 13,121,397 | ||
Net asset value per share | $15.14 | $15.21 | ||
Three Months Ended | ||||
March 31, 2026 | March 31, 2025 | |||
New investments | $27.4 | $36.8 | ||
Repayments of investments | (22.4) | (4.3) | ||
Net activity | $5.0 | $32.5 | ||
As of | As of | |||
March 31, 2026 | December 31, 2025 | |||
Number of portfolio company investments | 76 | 74 | ||
Number of debt investments | 72 | 71 | ||
Weight average yield of debt and other income producing investments(1) | ||||
Cash | 8.8 % | 9.3 % | ||
Payment-in-kind ("PIK") | 0.2 % | 0.1 % | ||
Fee amortization | 0.3 % | 0.4 % | ||
Total | 9.3 % | 9.8 % | ||
Weighted average yield on total investments(2) | ||||
Cash | 8.5 % | 9.0 % | ||
PIK | 0.2 % | 0.1 % | ||
Fee amortization | 0.3 % | 0.3 % | ||
Total | 9.0 % | 9.4 % | ||
(1) | The dollar-weighted average annualized effective yield is computed using the effective interest rate for the Company's debt investments and other income producing investments, including cash and PIK interest, as well as the accretion of deferred fees. The individual investment yields are then weighted by the respective cost of the investments (as of the date presented) in calculating the weighted average effective yield of the portfolio. The dollar-weighted average annualized yield on the Company's investments for a given period will generally be higher than what investors of our common stock would realize in a return over the same period because the dollar-weighted average annualized yield does not reflect the Company's expense or any sales load that may be paid by investors. | |||||||||||
(2) | The dollar weighted average yield on total investments takes the same yields as calculated in the footnote above, but weights such yields to determine the weighted average effective yield as a percentage of the Company's total investments, including non-income producing equity positions and debt investments on non-accrual status. | |||||||||||
Results of Operations
Investment income for the three months ended March 31, 2026 and 2025 totaled $9.5 million and $8.1 million, respectively, most of which was interest income from portfolio investments.
Gross operating expenses for the three months ended March 31, 2026 and 2025 totaled $6.3 million and $5.3 million, respectively. For the same periods, base management fees totaled $1.4 million and $1.0 million, income incentive fees totaled $0.7 million and $0.6 million, respectively; capital gains incentive (reversals) fees of $0.0 million and 0.2 million, which are not currently payable, respectively; fees and expenses related to the Company's borrowings totaled $3.5 million and $3.0 million (including interest and amortization of deferred financing costs), respectively; administrative expenses totaled $0.2 million and $0.1 million, respectively and other expenses totaled $0.5 million and $0.4 million, respectively. For the three months ended March 31, 2026 and 2025, the Company's investment advisor, Stellus Private BDC Advisor, LLC (the "Advisor"), waived $0.5 million and $0.3 million of management fees, respectively; $0.2 million of income incentive fees for both periods (waived as our shares were not listed on a national exchange), and $0.1 million and $0.1 million of expenses pursuant to expense support and conditional reimbursements from the Advisor, respectively, for net operating expenses of $5.5 million and $4.7 million, respectively.
For the three months ended March 31, 2026 and 2025, net investment income was $4.0 million and $3.3 million, or $0.30 and $0.31 per common share based on weighted average common shares outstanding of 13,114,007 and 10,767,600, respectively.
The Company's investment portfolio had a net change in unrealized (depreciation) appreciation of ($0.2) million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively.
For the three months ended March 31, 2026 and 2025, net increase in net assets resulting from operations totaled $3.7 million and $4.6 million, or $0.28 and $0.42 per common share, based on weighted average common shares outstanding of 13,114,007 and 10,767,600, respectively.
Liquidity and Capital Resources
On September 30, 2022, the Company entered into a senior secured revolving credit agreement with Zions Bancorporation, N.A., dba Amegy Bank and various other lenders (the "Credit Facility"). The Credit Facility, as amended, provides for borrowings up to a maximum of $300.0 million on a committed basis. As of March 31, 2026 and December 31, 2025, the Company had $137.5 million and $128.6 million in outstanding borrowings under the Credit Facility, respectively.
On August 1, 2024, the Company entered into a Loan Financing and Servicing Agreement (the "Loan Agreement") by and among Stellus Private Credit BDC SPV LLC ("PBDC SPV"), as borrower, the Company, as equityholder and servicer, Deutsche Bank AG, New York Branch, as facility agent, Citibank, N.A., as collateral agent and collateral custodian, Alter Domus (US) LLC, as collateral administrator, and the lenders that are party thereto from time to time (the "SPV Facility"). The SPV Facility, as amended, provides for $75.0 million of initial commitments with an accordion feature that allows for an additional $25.0 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. As of both March 31, 2026 and December 31, 2025, the Company had $75.0 million in outstanding borrowings under the SPV Facility.
For the three months ended March 31, 2026, the Company sold 185,211 common shares of beneficial interest at a weighted-average price of $15.21 per share for aggregate net proceeds of $2.8 million, which included less than $0.1 million of organizational expense allocation pursuant to subscription agreements entered into between the Company and investors during the three months ended March 31, 2026. Additionally, the Company purchased 357,092 common shares of beneficial interest were validly tendered and not withdrawn prior to the expiration of the tender offer during the three months ended March 31, 2026 at a price equal to $15.21 per Share for an aggregate purchase price of approximately $5.4 million.
Distributions
During the three months ended March 31, 2026 and 2025, the Company declared aggregate distributions of $0.35 per share and $0.36, respectively ($4.6 million and $3.9 million in the aggregate, respectively. Tax characteristics of all distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year. None of these dividends are expected to include a return of capital.
Recent Portfolio Activity
The Company invested in the following portfolio companies for the three months ended March 31, 2026:
Activity Type | Date | Company Name | Company Description | Investment Amount | Instrument Type | ||||||
Add-On Investment | January 2, 2026 | Bart & Associates, LLC* | Provider of content, information, tech-enabled | $ | 1,000,000 | Senior Secured – First Lien | |||||
$ | 32,595 | Equity | |||||||||
New Investment | January 9, 2026 | Silver Corporate Holdings LLC | Senior-care focused placement platform | $ | 4,611,400 | Senior Secured – First Lien | |||||
$ | 1,006,422 | Revolver Commitment | |||||||||
$ | 387,436 | Equity | |||||||||
Add-On Investment | January 15, 2026 | GRC Java Holdings, LLC* | Specialty coffee platform | $ | 17,332 | Equity | |||||
Add-On Investment | January 21, 2026 | evolv Holdco, LLC* | Digital transformation consulting firm | $ | 4,530 | Equity | |||||
Add-On Investment | February 2, 2026 | BI Investors, LLC* | Provider of center-based applied behavioral analysis | $ | 4,467 | Equity | |||||
Add-On Investment | February 3, 2026 | Green Topco Holdings, LLC* | Cyber-security focused value-added reseller and | $ | 11,896 | Equity | |||||
Add-On Investment | February 6, 2026 | SP MWM Holdco LLC* | Provider of test and measurement services and | $ | 113,721 | Equity | |||||
Add-On Investment | February 9, 2026 | Michelli, LLC* | Provider of test and measurement services and | $ | 4,000,000 | Delayed Draw Term Loan Commitment | |||||
New Investment | March 3, 2026 | Precision Strategies, LLC | Strategic communications and marketing agency | $ | 4,524,350 | Senior Secured – First Lien | |||||
$ | 1,177,716 | Revolver Commitment | |||||||||
New Investment | March 6, 2026 | Synergy Health Partners MSO, LLC | Provider of orthopedic and musculoskeletal care | $ | 7,274,448 | Senior Secured – First Lien | |||||
$ | 1,866,885 | Delayed Draw Term Loan Commitment | |||||||||
$ | 962,920 | Revolver Commitment | |||||||||
$ | 300,126 | Equity | |||||||||
Add-On Investment | March 24, 2026 | Eskola LLC* | Provider of commercial re-roofing services | $ | 56,852 | Equity | |||||
* Existing portfolio company | |||||||||||
The Company realized the following portfolio companies for the three months ended March 31, 2026:
Activity Type | Date | Company Name | Company Description | Proceeds Received | Instrument Type | ||||||
Full Repayment | January 30, 2026 | Luxium Solutions, LLC | Manufacturer and distributor of high- | $ | 3,315,849 | Senior Secured – First Lien | |||||
$ | 480,795 | Delayed Draw Term Loan | |||||||||
Full Repayment | February 3, 2026 | Arctiq, Inc. | Cyber-security focused value-added | $ | 9,780,648 | Senior Secured – First Lien | |||||
$ | 1,601,662 | Delayed Draw Term Loan | |||||||||
Events Subsequent to March 31, 2026
The Company's management has evaluated subsequent events through May 12, 2026. There have been no subsequent events that require recognition or disclosure except for the following described below.
Investment Portfolio
The Company invested in the following portfolio companies subsequent to March 31, 2026:
Activity Type | Date | Company Name | Company Description | Investment Amount | Instrument Type | ||||||
New Investment | April 3, 2026 | VeloSource Purchaser, LLC | Locum tenens staffing agency | $ | 7,800,000 | Senior Secured – First Lien | |||||
$ | 100,000 | Delayed Draw Term Loan Commitment | |||||||||
$ | 100,000 | Revolver Commitment | |||||||||
$ | 372,093 | Equity | |||||||||
New Investment | April 13, 2026 | Solomon AcquisitionCo, LLC | An innovative process automation and digital | $ | 2,712,573 | Senior Secured – First Lien | |||||
$ | 100,000 | Revolver Commitment | |||||||||
$ | 122,286 | Equity | |||||||||
New Investment | April 27, 2026 | Project Freeze** | Manufacturer of walk-in coolers, freezers, and | $ | 6,500,000 | Senior Secured – First Lien | |||||
$ | 100,000 | Delayed Draw Term Loan Commitment | |||||||||
$ | 100,000 | Revolver Commitment | |||||||||
$ | 516,975 | Equity | |||||||||
Add-On Investment | May 11, 2026 | Channel Partners Intermediateco, LLC* | Provider of outsourced marketing services | $ | 1,000,000 | Senior Secured – First Lien | |||||
* | Existing portfolio company | |||||||||||
** | The name of this portfolio company is not disclosed at this time due to confidentiality restrictions. The name of this portfolio company will be disclosed in the Company's quarterly report for the quarter ending June 30, 2026. | |||||||||||
The Company realized the following portfolio companies subsequent to March 31, 2026:
Activity Type | Date | Company Name | Company Description | Proceeds Received | Instrument Type | ||||||
Full Repayment | April 24, 2026 | Equine Network, LLC | Provider of equine competitions, content, | $ | 4,082,857 | Senior Secured – First Lien | |||||
$ | 363,743 | Delayed Draw Term Loan Commitment | |||||||||
$ | 353,198 | Revolver Commitment | |||||||||
Full Repayment | April 30, 2026 | Cerebro Buyer, LLC | Manufacturer of single-use electrodes for | $ | 2,043,731 | Senior Secured – First Lien | |||||
$ | 170,166 | Delayed Draw Term Loan Commitment | |||||||||
Credit Facilities
As of May 12, 2026, the outstanding balances under the Credit Facility and SPV Facility were $146.3 million and $75.0 million, respectively.
Sale of Unregistered Securities
On April 17, 2026, Stellus Private Credit BDC (the "Company") delivered a capital drawdown notice to its investors relating to the sale of 660,941 common shares of beneficial interest (the "Shares") of the Company for an aggregate offering price of $10,000,000. No underwriting discounts or commissions have been or will be paid in connection with the sale of the Shares. The sale of the Shares closed on May 1, 2026.
Since March 31, 2026, the Company sold 4,936 common shares of beneficial interest at a price of $15.13 per share for aggregate proceeds of $0.1 million, which included less than $0.1 million of organizational expense allocation pursuant to subscription agreements entered into between the Company and investors.
Share Repurchases
Since March 31, 2026, 390,666.622 common shares of beneficial interest were validly tendered and not withdrawn prior to the expiration of the tender offer. The Company purchased all common shares of beneficial interest validly tendered and not withdrawn at a price equal to $15.13 per share for an aggregate purchase price of $5.9 million.
Distributions Declared
On April 14, 2026 the Board declared a regular monthly dividend for each of April, May and June 2026 as follows:
Record | Payment | Amount per | |||||
Declared | Date | Date | Share | ||||
4/14/2026 | 4/15/2026 | 4/30/2026 | $ | 0.1133 | |||
4/14/2026 | 5/4/2026 | 5/29/2026 | $ | 0.1133 | |||
4/14/2026 | 6/1/2026 | 6/30/2026 | $ | 0.1133 | |||
About Stellus Private Credit BDC
The Company is an externally-managed, closed-end, non-diversified investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation by investing primarily in private lower middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) with a focus on investing through first lien (including unitranche) loans, often with a corresponding equity investment. The Company's investment activities are managed by its investment adviser, Stellus Private BDC Advisor, LLC.
Forward-Looking Statements
Statements included herein may contain "forward-looking statements" which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission including the final prospectus that will be filed with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contacts
Stellus Private Credit BDC
W. Todd Huskinson, Chief Financial Officer
(713) 292-5414
thuskinson@stelluscapital.com
STELLUS PRIVATE CREDIT BDC
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES | ||||||
March 31, 2026 | ||||||
(unaudited) | December 31, 2025 | |||||
ASSETS | ||||||
Non-controlled, non-affiliated investments, at fair value (amortized cost of $ | $ | 405,398,306 | $ | 400,131,924 | ||
Cash and cash equivalents | 2,774,000 | 2,586,895 | ||||
Interest receivable | 1,913,991 | 1,765,379 | ||||
Expense reimbursement receivable from the Advisor (Note 2) | 142,175 | 2,580 | ||||
Deferred offering costs | 46,120 | 60,993 | ||||
Related party receivable | 4,991 | — | ||||
Prepaid expenses | 89,546 | 13,632 | ||||
Receivable for sales and repayments of investments | 196,177 | 165,651 | ||||
Total Assets | $ | 410,565,306 | $ | 404,727,054 | ||
LIABILITIES | ||||||
Credit Facilities payable | $ | 209,380,991 | $ | 200,281,671 | ||
Unearned revenue | 1,172,804 | 1,207,706 | ||||
Management fees payable | 962,379 | 908,154 | ||||
Income incentive fee payable | 509,912 | 544,620 | ||||
Capital gains incentive fee payable | 497,110 | 527,603 | ||||
Interest payable | 651,782 | 865,205 | ||||
Administrative services payable | 201,883 | 189,715 | ||||
Income tax payable | 63,689 | 126,348 | ||||
Deferred tax liability | 480,980 | 338,611 | ||||
Other accrued expenses and liabilities | 195,226 | 110,706 | ||||
Total Liabilities | $ | 214,116,756 | $ | 205,100,339 | ||
Commitments and contingencies (Note 7) | ||||||
Net Assets | $ | 196,448,550 | $ | 199,626,715 | ||
NET ASSETS | ||||||
Common shares of beneficial interest, par value $0.01 per share (unlimited shares | $ | 129,733 | $ | 131,214 | ||
Paid-in capital | 193,696,217 | 195,935,870 | ||||
Total distributable earnings | 2,622,600 | 3,559,631 | ||||
Net Assets | $ | 196,448,550 | $ | 199,626,715 | ||
Total Liabilities and Net Assets | $ | 410,565,306 | $ | 404,727,054 | ||
Net Asset Value Per Share | $ | 15.14 | $ | 15.21 | ||
STELLUS PRIVATE CREDIT BDC
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||
Three Months Ended | ||||||
March 31, 2026 | March 31, 2025 | |||||
INVESTMENT INCOME | ||||||
Interest income | $ | 9,229,131 | $ | 7,903,158 | ||
Other income | 262,749 | 147,701 | ||||
Total Investment Income | $ | 9,491,880 | $ | 8,050,859 | ||
OPERATING EXPENSES | ||||||
Management fees | $ | 1,443,569 | $ | 1,035,829 | ||
Income incentive fees | 655,907 | 578,315 | ||||
Capital gains incentive (reversal) fee | (30,493) | 163,139 | ||||
Professional fees | 250,053 | 180,049 | ||||
Amortization of deferred offering costs | 31,740 | 69,834 | ||||
Administrative services expenses | 236,286 | 142,999 | ||||
Trustees' fees | 40,000 | 40,000 | ||||
Insurance expense | 19,891 | 21,884 | ||||
Valuation fees | 50,877 | 38,705 | ||||
Interest expense and other fees | 3,550,048 | 3,016,561 | ||||
Income tax expense | 42,341 | 2,349 | ||||
Other general and administrative expenses | 77,732 | 76,870 | ||||
Total Operating Expenses | $ | 6,367,951 | $ | 5,366,534 | ||
Expenses reimbursed/fees waived by Advisor (Note 2) | $ | (842,000) | $ | (622,426) | ||
Net Operating Expenses | $ | 5,525,951 | $ | 4,744,108 | ||
Net Investment Income | $ | 3,965,929 | $ | 3,306,751 | ||
Net realized gain on foreign currency translation | $ | 24,194 | $ | 1,621 | ||
Net change in unrealized (depreciation) appreciation on non-controlled, non-affiliated investments | (169,909) | 1,180,792 | ||||
Net change in unrealized (depreciation) appreciation on foreign currency translations | (16,841) | 13,034 | ||||
(Provision) benefit for taxes on net unrealized (gain) loss on investments | (142,371) | 61,859 | ||||
Net Increase in Net Assets Resulting from Operations | $ | 3,661,002 | $ | 4,564,057 | ||
Net Investment Income Per Share – basic and diluted | $ | 0.30 | $ | 0.31 | ||
Net Increase in Net Assets Resulting from Operations Per Share – basic and diluted | $ | 0.28 | $ | 0.42 | ||
Weighted Average Common Shares of Beneficial Interest Outstanding – basic and diluted | 13,114,007 | 10,767,600 | ||||
Distributions Per Share – basic and diluted | $ | 0.35 | $ | 0.36 | ||
STELLUS PRIVATE CREDIT BDC
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited) | ||||||||||||||
Common Shares of | ||||||||||||||
Beneficial Interest | Total | |||||||||||||
Number of | Par | Paid-in | distributable | |||||||||||
shares | value | capital | gain | Net Assets | ||||||||||
Balances at December 31, 2024 | 10,715,095 | $ | 107,151 | $ | 159,483,435 | $ | 2,797,294 | $ | 162,387,880 | |||||
Net investment income | — | — | — | 3,306,751 | 3,306,751 | |||||||||
Net realized gain on foreign currency translation | — | — | — | 1,621 | 1,621 | |||||||||
Net change in unrealized appreciation on non-controlled, non-affiliated | — | — | — | 1,180,792 | 1,180,792 | |||||||||
Net change in unrealized appreciation on foreign currency translations | — | — | — | 13,034 | 13,034 | |||||||||
Provision for taxes on net unrealized gain on investments | — | — | — | 61,859 | 61,859 | |||||||||
Distributions from net investment income | — | — | — | (3,881,841) | (3,881,841) | |||||||||
Issuance of common shares of beneficial interest | 158,226 | 1,582 | 2,406,248 | — | 2,407,830 | |||||||||
Balances at March 31, 2025 | 10,873,321 | $ | 108,733 | $ | 161,889,683 | $ | 3,479,510 | $ | 165,477,926 | |||||
Balances at December 31, 2025 | 13,121,397 | $ | 131,214 | $ | 195,935,870 | $ | 3,559,631 | $ | 199,626,715 | |||||
Net investment income | — | — | — | 3,965,929 | 3,965,929 | |||||||||
Net realized gain on foreign currency translation | — | — | — | 24,194 | 24,194 | |||||||||
Net change in unrealized depreciation on non-controlled, non-affiliated | — | — | — | (169,909) | (169,909) | |||||||||
Net change in unrealized depreciation on foreign currency translations | — | — | — | (16,841) | (16,841) | |||||||||
Provision for taxes on net unrealized gain on investments | — | — | — | (142,371) | (142,371) | |||||||||
Distributions from net investment income | — | — | — | (4,598,033) | (4,598,033) | |||||||||
Issuance of common shares of beneficial interest | 208,966 | 2,090 | 3,188,141 | — | 3,190,231 | |||||||||
Redemption of common shares of beneficial interest | (357,092) | (3,571) | (5,427,794) | — | (5,431,365) | |||||||||
Balances at March 31, 2026 | 12,973,271 | $ | 129,733 | $ | 193,696,217 | $ | 2,622,600 | $ | 196,448,550 | |||||
STELLUS PRIVATE CREDIT BDC
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | |||||
Three Months Ended | |||||
March 31, 2026 | March 31, 2025 | ||||
Cash Flows from Operating Activities | |||||
Net increase in net assets resulting from operations | $ | 3,661,002 | $ | 4,564,057 | |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | |||||
Purchases of investments | (27,344,012) | (36,779,535) | |||
Proceeds from sales and repayments of investments | 22,365,811 | 4,303,492 | |||
Net change in unrealized depreciation (appreciation) on investments | 169,909 | (1,180,792) | |||
Net change in unrealized depreciation (appreciation) foreign currency translations | 16,841 | (13,034) | |||
Increase in investments due to PIK | (226,994) | (67,674) | |||
Amortization of premium and accretion of discount, net | (278,463) | (230,098) | |||
Deferred tax provision (benefit) | 142,369 | (61,859) | |||
Amortization of loan structure fees | 254,859 | 128,346 | |||
Amortization of deferred offering costs | 31,740 | 69,834 | |||
Changes in other assets and liabilities | |||||
Increase in interest receivable | (148,612) | (474,942) | |||
Decrease in other receivable | — | 4,340 | |||
Increase in related party receivable | (4,991) | (55,340) | |||
(Increase) decrease in expense reimbursements receivable from the Advisor | (139,595) | 77,096 | |||
(Increase) decrease in prepaid expenses | (75,914) | 27,703 | |||
Increase in administrative services payable | 12,168 | 16,405 | |||
(Decrease) increase in interest payable | (213,423) | 49,897 | |||
Increase in income management fees payable | 54,225 | 42,404 | |||
(Decrease) increase in income incentive fees payable | (34,708) | 1,284 | |||
(Decrease) increase in capital gain incentive fees payable | (30,493) | 163,139 | |||
(Decrease) increase in unearned revenue | (34,902) | 197,845 | |||
Decrease in income tax payable | (62,659) | (17,651) | |||
Increase (decrease) in other accrued expenses and liabilities | 84,520 | (227,938) | |||
Net Cash Used in Operating Activities | $ | (1,801,322) | $ | (29,463,021) | |
Cash Flows from Financing Activities | |||||
Proceeds from issuance of common shares of beneficial interest | $ | 3,190,231 | $ | 2,407,830 | |
Offering costs paid for common shares of beneficial interest issued | (16,867) | (60,952) | |||
Purchase of common shares of beneficial interest in tender offer | (5,431,365) | — | |||
Stockholder distributions paid | (4,598,033) | (3,881,841) | |||
Borrowings under Credit Facilities | 37,700,000 | 36,500,000 | |||
Repayments of Credit Facilities | (28,850,000) | (5,150,000) | |||
Financing costs paid on Credit Facilities | (5,539) | (5,979) | |||
Net Cash Provided by Financing Activities | $ | 1,988,427 | $ | 29,809,058 | |
Net Increase in Cash and Cash Equivalents | $ | 187,105 | $ | 346,037 | |
Cash and Cash Equivalents Balance at Beginning of Period | 2,586,895 | 2,144,116 | |||
Cash and Cash Equivalents Balance at End of Period | $ | 2,774,000 | $ | 2,490,153 | |
Supplemental and Non-Cash Activities | |||||
Cash paid for interest expense | $ | 3,508,612 | $ | 2,838,318 | |
Income and excise tax paid | 105,000 | 20,000 | |||
Value of common shares of beneficial interest issued pursuant to Dividend Reinvestment Plan | 361,231 | 1,185,787 | |||
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SOURCE Stellus Private Credit BDC
