Stellus Private Credit BDC Reports Results for its Third Fiscal Quarter Ended September 30, 2025

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Nov 14, 2025, 15:05 ET

HOUSTON, Nov. 14, 2025 /PRNewswire/ -- Stellus Private Credit BDC ("Stellus PBDC", "we", or the "Company") today announced financial results for its third fiscal quarter ended September 30, 2025.

Robert T. Ladd, Chief Executive Officer of Stellus PBDC, stated "We are pleased to report solid operating results in the third quarter in which we generated $0.36 per share of net investment income and maintained a stable net asset value. During the quarter, we funded $43 million of investments and received $7 million of repayments, bringing the total portfolio to $376 million at fair value. On October 21, 2025, we declared our 2025 fourth quarter monthly dividend of $0.36 per share in the aggregate."

FINANCIAL HIGHLIGHTS
($ in millions, except data relating to per share amounts and shares outstanding)

	Three Months Ended
	September 30, 2025		September 30, 2024
	Amount	Per Share	Amount	Per Share
Net investment income	$3.98	$0.36	$4.66	$0.49
Net realized gain on investments	0.02	—	—	—
Net unrealized appreciation included in earnings	(0.17)	(0.01)	(0.40)	(0.04)
Provision for taxes on net unrealized appreciation on investments	(0.05)	(0.01)	(0.01)	—
Net increase in net assets resulting from operations	$3.78	$0.34	$4.25	$0.45
Distributions	(4.23)	(0.38)	(4.74)	(0.50)
Other weighted average share adjustments⁽¹⁾	—	0.01	—	—
Net asset value	$188.78	$15.26	$142.20	$15.14
Weighted average shares outstanding		11,123,004		9,456,180

____________________________
(1)	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.

PORTFOLIO ACTIVITY
($ in millions)

	As of	As of
	September 30, 2025	December 31, 2024
Investments at fair value	$376.4	$300.7
Total assets	$384.8	$304.8
Net assets	$188.8	$162.4
Shares outstanding	12,371,428	10,715,095
Net asset value per share	$15.26	$15.16

	Three Months Ended
	September 30, 2025	September 30, 2024
New investments	$42.7	$9.0
Repayments of investments	(6.8)	(6.6)
Net activity	$35.9	$2.4

	As of	As of
	September 30, 2025	December 31, 2024
Number of portfolio company investments	72	59
Number of debt investments	68	55

Weight average yield of debt and other income producing investments⁽²⁾
Cash	9.8 %	10.2 %
Payment-in-kind ("PIK")	0.1 %	0.2 %
Fee amortization	0.4 %	0.4 %
Total	10.3 %	10.8 %

Weighted average yield on total investments⁽³⁾
Cash	9.4 %	9.8 %
PIK	0.1 %	0.2 %
Fee amortization	0.3 %	0.3 %
Total	9.8 %	10.3 %

____________________________
(2)	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.
(3)	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 September 30, 2025 and 2024 totaled $9.4 million and $7.9 million, respectively, most of which was interest income from portfolio investments.

Gross operating expenses for the three months ended September 30, 2025 and 2024 totaled $6.1 million and $4.6 million, respectively. For the same periods, base management fees totaled $1.3 million and $0.9 million, income incentive fees totaled $0.7 million and $0.8 million, respectively; capital gains incentive fees (reversals) of ($0.0) million and less than ($0.01) million, which are not currently payable, respectively; fees and expenses related to the Company's borrowings totaled $3.6 million and $2.5 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 $0.3 million and $0.4 million, respectively. For the three months ended September 30, 2025 and 2024, the Company's investment advisor, Stellus Private BDC Advisor, LLC (the "Advisor"), waived $0.4 million and $0.9 million of management fees, respectively; $0.3 million of income incentive fees for both periods (waived as our shares were not listed on a national exchange), and less than $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 $5.4 million and $3.3 million, respectively.

For the three months ended September 30, 2025 and 2024, net investment income was $4.0 million and $4.7 million, or $0.36 and $0.49 per common share based on weighted average common shares outstanding of 11,123,004 and 9,456,180, respectively.

The Company's investment portfolio had a net change in unrealized appreciation of ($0.2) million and ($0.4) million for the three months ended September 30, 2025 and 2024, respectively.

For the three months ended September 30, 2025 and 2024, net increase in net assets resulting from operations totaled $3.8 million and $4.2 million, or $0.34 and $0.45 per common share, based on weighted average common shares outstanding of 11,123,004 and 9,456,180, 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 September 30, 2025 and December 31, 2024, the Company had $145.1 million and $90.5 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 provides for $50.0 million of initial commitments with an accordion feature that allows for an additional $50.0 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. As of both September 30, 2025 and December 31, 2024, the Company had $50.0 million in outstanding borrowings under the SPV Facility.

The Company sold 382,821 common shares of beneficial interest at a weighted-average price of $15.29 per share for aggregate net proceeds of $5.9 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 September 30, 2025. Additionally, for the nine months ended September 30, 2024, the Company called $15.0 million pursuant to capital draw down subscription agreements between the Company and its shareholders. The transaction resulted in the issuance of 981,034 common shares of beneficial interest at a price of $15.29 per share. Lastly, the Company purchased 141,270 common shares of beneficial interest were validly tendered and not withdrawn prior to the expiration of the tender offer during the three months ended September 30, 2025 at a price equal to $15.29 per Share for an aggregate purchase price of approximately $2.2 million.

Distributions

During the three months ended September 30, 2025 and 2024, the Company declared aggregate distributions of $0.38 per share and $0.50, respectively (million and $4.2 million and $4.7 million in the aggregate, respectively). Tax characteristics of all distributions are reported to stockholders on Form 1099-DIV. 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 September 30, 2025:


Activity Type	Date	Company Name	Company Description	Investment Amount		Instrument Type
Add-On Investment	July 28, 2025	Equine Network, LLC*	Hosts competitions and provides services for the U.S. equine industry	$	958,256	Senior Secured – First Lien
New Investment	July 31, 2025	The Millennium Alliance, LLC	Facilitator of peer-to-peer events connecting companies with technology solution providers	$	5,280,193	Senior Secured – First Lien
				$	1,341,001	Revolver Commitment
				$	294,275	Equity
New Investment	July 31, 2025	Elder Care Opco LLC	Provider of homecare services	$	3,485,935	Senior Secured – First Lien
				$	3,697,074	Delayed Draw Term Loan Commitment
				$	1,259,737	Revolver Commitment
				$	740,592	Equity
Add-On Investment	August 4, 2025	Guidant Corp.*	Provider of liquid metering products and integrated solutions to the energy infrastructure sector	$	50,673	Equity
Add-On Investment	August 5, 2025	MedLearning Group, LLC*	Provider of continuing medical education services	$	3,414,406	Senior Secured – First Lien
New Investment	August 22, 2025	DMD Systems Recovery, LLC	Provider of IT asset disposition services	$	1,533,888	Senior Secured – First Lien
				$	4,070,703	Delayed Draw Term Loan Commitment
				$	1,368,939	Revolver Commitment
				$	174,338	Equity
Add-On Investment	August 29, 2025	Compost 360 Acquisition, LLC*	Organic waste recycler and producer of compost, mulch, and engineered soils	$	22,950	Equity
New Investment	September 19, 2025	Champion Services Acquireco LLC	Provider of commercial re-roofing and restoration services	$	7,822,508	Senior Secured – First Lien
				$	1,368,939	Revolver Commitment
				$	204,254	Equity
New Investment	September 22, 2025	DFO Enterprises, LLC	Manufacturer of fiber optic cable assembly equipment, consumables, and precision components	$	7,358,000	Senior Secured – First Lien
				$	1,742,096	Revolver Commitment
				$	321,180	Equity

____________________________

* Existing portfolio company

Events Subsequent to September 30, 2025

The Company's management has evaluated subsequent events through November 14, 2025. 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 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	$	1,241,645	Senior Secured – First Lien
New Investment	October 17, 2025	Fidus Systems Inc.	Provider of outsourced electronic product development and engineering services	$	3,023,836	Senior Secured – First Lien
				$	2,015,890	Delayed Draw Term Loan Commitment
				$	1,446,825	Revolver Commitment
				$	216,218	Equity
Add-On Investment	November 6, 2025	Mobotrex Acquisition, LLC*	Distributor and manufacturer of intelligent traffic solution equipment	$	1,435,403	Senior Secured – First Lien
				$	1,668,789	Delayed Draw Term Loan Commitment
				$	461,751	Revolver Commitment

____________________________

* Existing portfolio company

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

Activity Type	Date	Company Name	Company Description	Proceeds Received		Realized Gain		Instrument Type
Full Repayment	October 1, 2025	Heartland Business Systems, LLC	End-to-end information technologies solutions provider	$	3,122,393	$	—	Senior Secured – First Lien
				$	3,241,539	$	—	Delayed Draw Term Loan
Full Realization				$	452,671	$	360,253	Equity

Credit Facilities

On October 2, 2025, the "Company entered into Amendment No. 2 to Loan Financing and Servicing Agreement (the "Second Amendment"), by and among Stellus SPV, as borrower (the "Borrower"), the Company, as servicer, Deutsche Bank, as facility agent, agent and a committed lender, which amends that certain Loan Agreement. ). The Second Amendment amended the Loan Agreement to, among other things, (i) increase the commitment from $50.0 million to $75.0 million, (ii) reduce the applicable margin rate on advances under the Loan Agreement to a range of 2.00% to 2.35%, (iii) extend the revolving period to October 2, 2028, and (iv) extend the maturity date to October 2, 2031.

As of November 14, 2025, the outstanding balances under the Credit Facility and SPV Facility were $117.3 million and $75.0 million, respectively.

Distributions Declared

On October 21, 2025 the Board declared a regular monthly dividend for each of October 2025, November 2025, and December 2025 as follows:

	Record	Payment	Amount per
Declared	Date	Date	Share
10/21/2025	10/22/2025	10/31/2025	$	0.1200
10/21/2025	11/3/2025	11/28/2025	$	0.1200
10/21/2025	12/1/2025	12/31/2025	$	0.1200

Sale of Unregistered Securities

Since September 30, 2025, the Company sold 158,404 common shares of beneficial interest at a price of $15.26 per share for aggregate net proceeds of $2.4 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 September 30, 2025, 176,879 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 $15.25 per share for an aggregate purchase price of $2.7 million.

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
[email protected]

STELLUS PRIVATE CREDIT BDC CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

	September 30, 2025
	(unaudited)		December 31, 2024
ASSETS
Non-controlled, non-affiliated investments, at fair value (amortized cost of $371,417,536 and $297,791,269, respectively)	$	376,434,763	$	300,732,065
Cash and cash equivalents		6,386,635		2,144,116
Other receivable		14,778		4,340
Interest receivable		1,774,269		1,367,849
Expense reimbursement receivable from the Advisor (Note 2)		1,615		161,473
Deferred offering costs		57,662		127,983
Related party receivable		—		2,004
Prepaid expenses		50,024		164,350
Receivable for sales and repayments of investments		123,415		86,896
Total Assets	$	384,843,161	$	304,791,076
LIABILITIES
Credit Facilities payable	$	191,655,862	$	138,692,860
Unearned revenue		1,197,734		921,629
Management fees payable		855,941		648,149
Income incentive fee payable		475,545		452,186
Capital gains incentive fee payable		559,652		306,229
Interest payable		711,239		613,821
Administrative services payable		162,970		109,027
Income tax payable		56,752		51,427
Deferred tax liability		272,073		259,455
Other accrued expenses and liabilities		120,102		348,413
Total Liabilities	$	196,067,870	$	142,403,196
Commitments and contingencies (Note 7)
Net Assets	$	188,775,291	$	162,387,880
NET ASSETS
Common shares of beneficial interest, par value $0.01 per share (unlimited shares authorized; 12,371,428 and 10,715,095 issued and outstanding, respectively)	$	123,714	$	107,151
Paid-in capital		184,807,352		159,483,435
Total distributable earnings		3,844,225		2,797,294
Net Assets	$	188,775,291	$	162,387,880
Total Liabilities and Net Assets	$	384,843,161	$	304,791,076
Net Asset Value Per Share	$	15.26	$	15.16

STELLUS PRIVATE CREDIT BDC CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
INVESTMENT INCOME
Interest income	$	9,206,005	$	7,800,382	$	25,648,553	$	20,954,358
Other income		191,610		132,962		539,155		328,683
Total Investment Income	$	9,397,615	$	7,933,344	$	26,187,708	$	21,283,041
OPERATING EXPENSES
Management fees	$	1,283,911	$	896,304	$	3,515,843	$	2,497,611
Income incentive fees		652,037		756,668		1,856,151		1,997,539
Capital gains incentive (reversal) fee		(19,310)		(124,713)		253,423		(94,639)
Professional fees		140,297		156,396		522,135		481,328
Amortization of deferred offering costs		49,099		61,701		182,080		157,083
Administrative services expenses		192,550		135,018		493,733		379,067
Trustees' fees		40,000		40,000		120,000		120,000
Insurance expense		22,370		20,418		66,380		60,811
Valuation fees		47,004		31,965		89,613		60,683
Interest expense and other fees		3,621,996		2,496,503		9,879,767		6,884,954
Income tax expense		17,218		—		34,325		29,274
Other general and administrative expenses		65,841		75,218		211,196		196,063
Total Operating Expenses	$	6,113,013	$	4,545,478	$	17,224,646	$	12,769,774
Expenses reimbursed/fees waived by Advisor (Note 2)	$	(691,899)	$	(1,276,857)	$	(1,965,389)	$	(3,566,605)
Net Operating Expenses	$	5,421,114	$	3,268,621	$	15,259,257	$	9,203,169
Net Investment Income	$	3,976,501	$	4,664,723	$	10,928,451	$	12,079,872
Net realized gain on non-controlled, non-affiliated investments	$	—	$	—	$	67,495	$	—
Net realized gain on foreign currency translation	$	22,420	$	5,522		28,839		20,367
Net change in unrealized (depreciation) appreciation on non-controlled, non-affiliated investments		(160,661)		(424,614)		2,044,676		(508,252)
Net change in unrealized (depreciation) appreciation on foreign currency translations		(3,977)		20,336		31,755		7,167
Provision for taxes on net unrealized gain on investments		(50,884)		(19,791)		(12,618)		(15,993)
Net Increase in Net Assets Resulting from Operations	$	3,783,399	$	4,246,176	$	13,088,598	$	11,583,161
Net Investment Income Per Share – basic and diluted	$	0.36	$	0.49	$	1.00	$	1.45
Net Increase in Net Assets Resulting from Operations Per Share – basic and diluted	$	0.34	$	0.45	$	1.20	$	1.39
Weighted Average Common Shares of Beneficial Interest Outstanding – basic and diluted		11,123,004		9,456,180		10,943,242		8,335,421
Distributions Per Share – basic and diluted	$	0.38	$	0.50	$	1.10	$	1.49

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, 2023	7,102,136	$	71,021	$	104,810,048	$	3,140,953	$	108,022,022
Net investment income	—		—		—		3,552,515		3,552,515
Net realized gain on foreign currency translation	—		—		—		8,442		8,442
Net change in unrealized appreciation on non-controlled, non-affiliated investments	—		—		—		333,461		333,461
Net change in unrealized depreciation on foreign currency translations	—		—		—		(8,881)		(8,881)
Benefit for taxes on net unrealized loss on investments	—		—		—		45,885		45,885
Distributions from net investment income	—		—		—		(3,610,362)		(3,610,362)
Issuance of common shares of beneficial interest	255,902		2,559		3,901,680		—		3,904,239
Balances at March 31, 2024	7,358,038	$	73,580	$	108,711,728	$	3,462,013	$	112,247,321
Net investment income	—		—		—		3,862,634		3,862,634
Net realized gain on foreign currency translation	—		—		—		6,403		6,403
Net change in unrealized depreciation on non-controlled, non-affiliated investments	—		—		—		(417,099)		(417,099)
Net change in unrealized depreciation on foreign currency translations	—		—		—		(4,288)		(4,288)
Provision for taxes on net unrealized gain on investments	—		—		—		(42,087)		(42,087)
Distributions from net investment income	—		—		—		(4,075,936)		(4,075,936)
Issuance of common shares of beneficial interest	2,032,499		20,325		31,035,613		—		31,055,938
Balances at June 30, 2024	9,390,537	$	93,905	$	139,747,341	$	2,791,640	$	142,632,886
Net investment income	—		—		—		4,664,723		4,664,723
Net realized gain on foreign currency translation	—		—		—		5,522		5,522
Net change in unrealized depreciation on non-controlled, non-affiliated investments	—		—		—		(424,614)		(424,614)
Net change in unrealized appreciation on foreign currency translations	—		—		—		20,336		20,336
Provision for taxes on net unrealized gain on investments	—		—		—		(19,791)		(19,791)
Distributions from net investment income	—		—		—		(4,740,785)		(4,740,785)
Issuance of common shares of beneficial interest	377,534		3,776		5,751,834		—		5,755,610
Redemption of common shares of beneficial interest	(373,094)		(3,731)		(5,663,574)		—		(5,667,305)
Balances at September 30, 2024	9,394,977	$	93,950	$	139,835,601	$	2,297,031	$	142,226,582

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 investments	—		—		—		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
Net investment income	—		—		—		3,645,199		3,645,199
Net realized gain on investments	—		—		—		67,495		67,495
Net realized gain on foreign currency translation	—		—		—		4,798		4,798
Net change in unrealized appreciation on non-controlled, non-affiliated investments	—		—		—		1,024,545		1,024,545
Net change in unrealized appreciation on foreign currency translations	—		—		—		22,698		22,698
Provision for taxes on net unrealized gain on investments	—		—		—		(23,593)		(23,593)
Distributions from net investment income	—		—		—		(3,934,324)		(3,934,324)
Issuance of common shares of beneficial interest	276,357		2,764		4,220,720		—		4,223,484
Redemption of common shares of beneficial interest	(22,609)		(226)		(342,525)		—		(342,751)
Balances at June 30, 2025	11,127,069	$	111,271	$	165,767,878	$	4,286,328	$	170,165,477
Net investment income	—		—		—		3,976,501		3,976,501
Net realized gain on foreign currency translation	—		—		—		22,420		22,420
Net change in unrealized depreciation on non-controlled, non-affiliated investments	—		—		—		(160,661)		(160,661)
Net change in unrealized depreciation on foreign currency translations	—		—		—		(3,977)		(3,977)
Provision for taxes on net unrealized gain on investments	—		—		—		(50,884)		(50,884)
Distributions from net investment income	—		—		—		(4,225,502)		(4,225,502)
Issuance of common shares of beneficial interest	1,385,629		13,856		21,198,080		—		21,211,936
Redemption of common shares of beneficial interest	(141,270)		(1,413)		(2,158,606)		—		(2,160,019)
Balances at September 30, 2025	12,371,428	$	123,714	$	184,807,352	$	3,844,225	$	188,775,291

STELLUS PRIVATE CREDIT BDC CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Nine Months Ended
	September 30, 2025		September 30, 2024
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$	13,088,598	$	11,583,161
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investments		(93,853,701)		(67,038,045)
Proceeds from sales and repayments of investments		21,248,780		19,584,247
Net change in unrealized (appreciation) depreciation on investments		(2,044,676)		508,252
Net change in unrealized appreciation foreign currency translations		(31,755)		(7,167)
Increase in investments due to PIK		(253,297)		(671,421)
Amortization of premium and accretion of discount, net		(737,073)		(482,032)
Deferred tax provision		12,618		15,992
Amortization of loan structure fees		434,698		231,435
Amortization of deferred offering costs		182,080		157,083
Net realized gain on investments		(67,495)		—
Changes in other assets and liabilities
Increase in interest receivable		(406,420)		(311,511)
Increase in other receivable		(10,438)		(144,561)
Decrease in related party receivable		2,004		159,206
Decrease (increase) in expense reimbursements receivable from the Advisor		159,858		(1,791)
Decrease in prepaid expenses		114,326		74,874
Increase in related party payable		—		51,719
Increase (decrease) in administrative services payable		53,943		(11,244)
Increase in interest payable		97,418		534,959
Increase in income management fees payable		207,792		—
Increase in income incentive fees payable		23,359		92,632
Increase (decrease) in capital gains incentive fees payable		253,423		(94,639)
Increase (decrease) in unearned revenue		276,105		(157,651)
Increase (decrease) in income tax payable		5,325		(130,720)
(Decrease) increase in other accrued expenses and liabilities		(228,311)		343,542
Net Cash Used in Operating Activities	$	(61,472,839)	$	(35,713,680)
Cash Flows from Financing Activities
Proceeds from issuance of common shares of beneficial interest	$	27,843,250	$	40,715,787
Offering costs paid for common shares of beneficial interest issued		(111,759)		(200,160)
Purchase of common shares of beneficial interest in tender offer		(2,502,770)		(5,667,305)
Stockholder distributions paid		(12,041,667)		(15,978,151)
Borrowings under Credit Facilities		98,050,000		131,300,000
Repayments of Credit Facilities		(43,450,000)		(110,700,000)
Financing costs paid on Credit Facilities		(2,071,696)		(832,155)
Net Cash Provided by Financing Activities	$	65,715,358	$	38,638,016
Net Increase in Cash and Cash Equivalents	$	4,242,519	$	2,924,336
Cash and Cash Equivalents Balance at Beginning of Period		2,144,116		593,685
Cash and Cash Equivalents Balance at End of Period	$	6,386,635	$	3,518,021
Supplemental and Non-Cash Activities
Cash paid for interest expense	$	9,347,651	$	6,118,560
Income and excise tax paid		29,000		159,994
Value of common shares of beneficial interest issued pursuant to Dividend Reinvestment Plan		1,185,787		1,185,787