Stellus Capital Investment Corporation Reports Results for its Second Fiscal Quarter Ended June 30, 2024

Core Insights - Stellus Capital Investment Corporation reported solid operating results for Q2 2024, with U.S. GAAP net investment income of $0.48 per share and core net investment income of $0.50 per share, covering the declared dividend of $0.40 per share [1][4] - The loan portfolio yielded 11.7% as of June 30, 2024, with total distributions to investors amounting to $262 million over the company's 11 years of operation [1][4] Financial Highlights - Net investment income for Q2 2024 was $11.79 million, compared to $10.41 million in Q2 2023, with per share amounts of $0.48 and $0.49 respectively [2][4] - Core net investment income for Q2 2024 was $12.37 million, or $0.50 per share, down from $10.79 million, or $0.51 per share in Q2 2023 [2][4] - Total realized income for Q2 2024 was $13.75 million, with a per share amount of $0.55, compared to $10.09 million and $0.48 per share in Q2 2023 [2] - The company declared distributions of $0.40 per share for both Q2 2024 and Q2 2023, totaling $10.0 million and $8.7 million respectively [4] Portfolio Activity - As of June 30, 2024, investments at fair value totaled $899.7 million, up from $874.5 million at the end of 2023 [3] - The company made new investments totaling $66.3 million in Q2 2024, compared to $46.5 million in Q2 2023 [3] - The number of portfolio company investments increased to 100 from 93, with debt investments rising to 87 from 81 [3] Liquidity and Capital Resources - As of June 30, 2024, the company had $169.4 million in outstanding borrowings under its credit facility, compared to $160.1 million at the end of 2023 [4] - The company issued 1,855,356 shares under its At-the-Market Program during Q2 2024, raising gross proceeds of $25.8 million at an average price of $13.89 per share [4] Recent Developments - The company declared regular monthly distributions of $0.1333 per share for July, August, and September 2024 [9] - Subsequent to June 30, 2024, the company made an add-on investment of $9,995 in PCS Software, Inc. on July 31, 2024 [8]