HOUSTON, Aug. 11, 2023 /PRNewswire/ — Stellus Private Credit BDC (“Stellus PBDC” or the “Company”) today announced financial results for its second fiscal quarter ended June 30, 2023.
Robert T. Ladd, Chief Executive Officer of Stellus Private Credit BDC, stated “We are pleased to report solid results in the second quarter in which we generated $0.44 per share of net investment income and increased net asset value. During the quarter we made five new investments resulting in portfolio growth of $23 million at fair value, bringing the total portfolio to $188 million at fair value. On June 27, 2023, we declared our second quarter dividend of $0.44 per share which represents an annualized dividend yield of 11.7%.”
|
FINANCIAL HIGHLIGHTS |
||||||
|
($ in millions, except data relating to per share amounts and shares outstanding) |
||||||
|
Three Months Ended |
Six Months Ended |
|||||
|
June 30, 2023 |
June 30, 2023 |
|||||
|
Amount |
Per Share |
Amount |
Per Share |
|||
|
Net investment income |
$2.68 |
$0.44 |
$5.33 |
$0.92 |
||
|
Net unrealized gain included in earnings |
1.83 |
0.30 |
1.76 |
0.30 |
||
|
Net increase in net assets resulting from operations |
$4.51 |
$0.75 |
7.09 |
1.23 |
||
|
Distributions |
(2.72) |
(0.45) |
(5.03) |
(0.87) |
||
|
Other weighted average share adjustments(1) |
— |
0.01 |
— |
(0.01) |
||
|
Net asset value |
92.6 |
$14.98 |
92.6 |
$14.98 |
||
|
Weighted average shares outstanding |
6,037,036 |
5,770,879 |
||||
|
(1) |
Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of the period end. |
|||||||||||
|
PORTFOLIO ACTIVITY |
||||
|
($ in millions) |
||||
|
As of |
As of |
|||
|
June 30, 2023 |
December 31, 2022 |
|||
|
Investments at fair value |
$188.3 |
$157.5 |
||
|
Total assets |
$190.8 |
$174.4 |
||
|
Net assets |
$92.6 |
$80.3 |
||
|
Shares outstanding |
6,182,924 |
5,483,433 |
||
|
Net asset value per share |
$14.98 |
$14.64 |
||
|
Three Months Ended |
Six Months Ended |
|||
|
June 30, 2023 |
June 30, 2023 |
|||
|
New investments |
$24.4 |
$41.4 |
||
|
Repayments of investments |
(2.8) |
(12.6) |
||
|
Net activity |
$21.6 |
$28.8 |
Results of Operations
Investment income for the three and six months ended June 30, 2023 totaled $5.2 million and $10.1 million, respectively, most of which was interest income from portfolio investments.
Operating expenses for the three and six months ended June 30, 2023 totaled $3.5 million and $6.7 million, respectively, net of $1.0 million and $1.9 million in expenses reimbursed and fees waived by the Company’s investment advisor, Stellus Private BDC Advisor, LLC (the “Advisor”), respectively. For the same periods, base management fees totaled $0.7 million and $1.3 million (all of which were waived by the Advisor), income incentive fees totaled $0.3 million and $0.6 million (net of $0.2 million and $0.3 million which were waived as our shares were not listed on a national exchange), capital gain incentive fees of $0.1 million and $0.1 million, which are not currently payable, fees and expenses related to our borrowings totaled $1.8 million and $3.5 million, respectively (including interest and amortization of deferred financing costs), administrative expenses totaled $0.1 million and $0.2 million, other expenses totaled $0.3 million and $0.7 million, and expense support and conditional reimbursements from the Advisor of ($0.1) and ($0.3), respectively.
Net investment income was $2.7 million and $5.3 million, or $0.44 and $0.92 per common share based on weighted average common shares outstanding for the three and six months ended June 30, 2023 of 6,037,036 and 5,770,879, respectively.
The Company’s investment portfolio had a net change in unrealized appreciation of $1.8 million for both the three and six months ended June 30, 2023.
Net increase in net assets resulting from operations totaled $4.5 million and $7.1 million, or $0.75 and $1.23 per common share, based on weighted average common shares outstanding for the three and six months ended June 30, 2023 of 6,037,036 and 5,770,879, respectively.
Liquidity and Capital Resources
As of June 30, 2023, our amended and restated senior secured revolving credit agreement with Signature Bank (as amended from time to time, the “Commitment Facility”) provided for borrowings in an aggregate amount of up to $50.0 million on a committed basis. On March 10, 2023, Signature Bank was placed into receivership by the Federal Deposit Insurance Corporation (“FDIC”), however, the Commitment Facility remained in full force and effect. As of June 30, 2023 and December 31, 2022, we had $45.0 million and $80.6 million in outstanding borrowings under the Commitment Facility, respectively.
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”, together with the Commitment Facility, the “Credit Facilities”). The Credit Facility, as amended, provides for borrowings up to a maximum of $150.0 million on a committed basis with an accordion feature that allows the Company to increase the aggregate commitments up to $200.0 million, subject to new or existing lenders agreeing to participate in the increase and other customary conditions. As of June 30, 2023 and December 31, 2022, we had $50.2 million and $0.0 million in outstanding borrowings under the Credit Facility.
Recent Portfolio Activity
The Company invested in the following portfolio companies for the three months ended June 30, 2023:
|
Activity Type |
Date |
Company Name |
Company Description |
Investment Amount |
Instrument Type |
||||||||
|
Add-On Investment |
April 14, 2023 |
BLP Buyer, Inc.* |
Distributor of lifting solutions |
$ |
781,051 |
Senior Secured – First Lien |
|||||||
|
$ |
102,981 |
Equity |
|||||||||||
|
Add-On Investment |
April 17, 2023 |
Axis Portable Air, LLC* |
Air conditioning, heating, and air quality equipment |
$ |
854,937 |
Senior Secured – First Lien |
|||||||
|
New Investment |
April 28, 2023 |
Impact Home Services LLC |
Residential, garage door, electrical, and plumbing |
$ |
2,680,423 |
Senior Secured – First Lien |
|||||||
|
$ |
735,885 |
Revolver Commitment |
|||||||||||
|
$ |
175,908 |
Equity |
|||||||||||
|
New Investment |
May 1, 2023 |
RIA Advisory Borrower, LLC |
Provider of Oracle software implementation services |
$ |
4,173,954 |
Senior Secured – First Lien |
|||||||
|
$ |
683,288 |
Revolver Commitment |
|||||||||||
|
$ |
193,866 |
Equity |
|||||||||||
|
New Investment |
May 22, 2023 |
Equine Network, LLC |
Provider of content, information, tech-enabled |
$ |
2,261,138 |
Senior Secured – First Lien |
|||||||
|
$ |
211,919 |
Revolver Commitment |
|||||||||||
|
$ |
371,545 |
Delayed Draw Term Loan Commitment |
|||||||||||
|
New Investment |
June 5, 2023 |
2X LLC |
Provider of outsourced digital B2B marketing-as-a- |
$ |
2,505,461 |
Senior Secured – First Lien |
|||||||
|
$ |
2,278,843 |
Revolver Commitment |
|||||||||||
|
$ |
503,611 |
Equity |
|||||||||||
|
New Investment |
June 30, 2023 |
Craftable Intermediate II Inc |
Hospitality focused back-of-house management and |
$ |
4,735,553 |
Senior Secured – First Lien |
|||||||
|
$ |
3,149,231 |
Revolver Commitment |
|||||||||||
|
$ |
485,218 |
Equity |
|||||||||||
|
Add-On Investment |
June 30, 2023 |
Impact Home Services LLC* |
Provides of garage door, electrical, and plumbing |
$ |
121,837 |
Senior Secured – First Lien |
|||||||
|
* Existing portfolio company |
|||||||||||||
Events Subsequent to June 30, 2023
The Company’s management has evaluated subsequent events through August 11, 2023. 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 June 30, 2023:
|
Activity Type |
Date |
Company Name |
Company Description |
Investment Amount |
Instrument Type |
|||||||
|
New Investment |
July 7, 2023 |
Madison Logic, Inc.* |
Provider of B2B account based marketing services |
$ |
461,351 |
Equity |
||||||
|
New Investment |
July 31, 2023 |
EHI Buyer, Inc |
Provider of design, engineering, installation, and |
$ |
2,820,685 |
Senior Secured – First Lien |
||||||
|
$ |
1,410,343 |
Delayed Draw Term Loan Commitment |
||||||||||
|
$ |
3,149,231 |
Revolver Commitment |
||||||||||
|
$ |
492,017 |
Equity |
||||||||||
|
New Investment |
August 2, 2023 |
Compost 360 Acquisition, LLC |
Organic waste recycler and producer of compost, |
$ |
5,915,156 |
Senior Secured – First Lien |
||||||
|
$ |
2,609,627 |
Delayed Draw Term Loan Commitment |
||||||||||
|
$ |
2,919,023 |
Revolver Commitment |
||||||||||
|
$ |
208,069 |
Equity |
||||||||||
|
New Investment |
August 3, 2023 |
Morgan Electrical Group |
Provider of commercial electrical services |
$ |
2,022,258 |
Senior Secured – First Lien |
||||||
|
$ |
1,304,682 |
Delayed Draw Term Loan Commitment |
||||||||||
|
$ |
717,227 |
Revolver Commitment |
||||||||||
|
$ |
194,900 |
Equity |
||||||||||
|
New Investment |
August 7, 2023 |
The Hardenbergh Group, Inc |
Provider of temporary professional staffing of Medical |
$ |
4,783,836 |
Senior Secured – First Lien |
||||||
|
$ |
1,679,360 |
Revolver Commitment |
||||||||||
|
$ |
264,885 |
Equity |
||||||||||
|
New Investment |
August 8, 2023 |
Green Intermediateco II, Inc |
Cyber-security focused value-added reseller and |
$ |
6,361,759 |
Senior Secured – First Lien |
||||||
|
$ |
2,002,253 |
Delayed Draw Term Loan Commitment |
||||||||||
|
$ |
194,512 |
Equity |
||||||||||
|
* Existing portfolio company |
||||||||||||
Credit Facility
As of August 11, 2023, the outstanding balance under the Commitment Facility was $45.0 million and the outstanding balance under the Credit Facility was $73.8 million.
Sale of Unregistered Securities
Since June 30, 2023, the Company sold 73,161 common shares of beneficial interest at a price of $14.98 per share for aggregate proceeds of $1.1 million, which included less than $0.1 million of Organizational Expense Allocation pursuant to Subscription Agreements entered into between the Company and investors.
Additionally, on July 31, 2023, the Company called $10.0 million pursuant to capital draw down subscription agreements between the Company and its shareholders. The transaction is expected to close on August 15, 2023 and result in the issuance of 667,557 common shares of beneficial interest at a price of $14.98 per share.
Since June 30, 2023, the Company also issued 11,413 common shares of beneficial interest for aggregate proceeds of $0.2 million under the DRIP.
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 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 (including unitranche) loans and second lien loans, with corresponding equity co-investments. 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 (unaudited) |
||||||
|
June 30, 2023 |
||||||
|
(unaudited) |
December 31, 2022 |
|||||
|
ASSETS |
||||||
|
Non-controlled, non-affiliated investments, at fair value (amortized cost of |
$ |
188,323,515 |
$ |
157,504,755 |
||
|
Cash and cash equivalents |
750,437 |
15,469,823 |
||||
|
Interest receivable |
1,309,349 |
1,030,274 |
||||
|
Expense reimbursement receivable from the Advisor (Note 2) |
139,229 |
165,638 |
||||
|
Deferred offering costs |
86,760 |
54,394 |
||||
|
Related party receivable |
104,584 |
9,620 |
||||
|
Prepaid expenses |
62,416 |
133,004 |
||||
|
Receivable for sales and repayments of investments |
21,102 |
26,996 |
||||
|
Total Assets |
$ |
190,797,392 |
$ |
174,394,504 |
||
|
LIABILITIES |
||||||
|
Credit Facilities payable |
$ |
93,979,360 |
$ |
79,448,134 |
||
|
Short-term loan payable |
— |
11,250,000 |
||||
|
Dividends payable |
2,720,486 |
1,809,533 |
||||
|
Unearned revenue |
607,975 |
539,634 |
||||
|
Income incentive fee payable |
359,033 |
328,196 |
||||
|
Capital gains incentive fee payable |
124,892 |
— |
||||
|
Interest payable |
173,329 |
563,241 |
||||
|
Administrative services payable |
92,213 |
66,064 |
||||
|
Income tax payable |
15,861 |
7,471 |
||||
|
Other accrued expenses and liabilities |
127,045 |
119,274 |
||||
|
Total Liabilities |
$ |
98,200,194 |
$ |
94,131,547 |
||
|
Commitments and contingencies (Note 7) |
||||||
|
Net Assets |
$ |
92,597,198 |
$ |
80,262,957 |
||
|
NET ASSETS |
||||||
|
Common shares of beneficial interest, par value $0.01 per share (unlimited shares |
$ |
61,829 |
$ |
54,834 |
||
|
Paid-in capital |
91,218,919 |
80,950,845 |
||||
|
Total distributable earnings (loss) |
1,316,450 |
(742,722) |
||||
|
Net Assets |
$ |
92,597,198 |
$ |
80,262,957 |
||
|
Total Liabilities and Net Assets |
$ |
190,797,392 |
$ |
174,394,504 |
||
|
Net Asset Value Per Share |
$ |
14.98 |
$ |
14.64 |
||
|
STELLUS PRIVATE CREDIT BDC |
||||||||||||
|
Three Months Ended |
Six Months Ended |
|||||||||||
|
June 30, 2023 |
June 30, 2022 |
June 30, 2023 |
June 30, 2022 |
|||||||||
|
INVESTMENT INCOME |
||||||||||||
|
Interest income |
$ |
5,158,773 |
$ |
1,247,218 |
$ |
9,890,725 |
$ |
1,606,229 |
||||
|
Other income |
62,484 |
30,608 |
238,553 |
41,351 |
||||||||
|
Total Investment Income |
$ |
5,221,257 |
$ |
1,277,826 |
$ |
10,129,278 |
$ |
1,647,580 |
||||
|
OPERATING EXPENSES |
||||||||||||
|
Management fees |
$ |
666,721 |
$ |
299,076 |
$ |
1,268,560 |
$ |
391,365 |
||||
|
Income incentive fees |
468,011 |
77,677 |
907,677 |
77,677 |
||||||||
|
Capital gains incentive fee |
124,892 |
— |
124,892 |
— |
||||||||
|
Professional fees |
168,703 |
116,476 |
380,511 |
225,064 |
||||||||
|
Organization costs |
— |
— |
1,000 |
90,184 |
||||||||
|
Amortization of deferred offering costs |
41,106 |
62,954 |
98,729 |
97,831 |
||||||||
|
Administrative services expenses |
100,914 |
40,257 |
194,674 |
108,399 |
||||||||
|
Trustees’ fees |
40,000 |
40,000 |
80,000 |
78,000 |
||||||||
|
Insurance expense |
20,307 |
20,495 |
40,391 |
40,796 |
||||||||
|
Valuation fees |
615 |
— |
18,274 |
— |
||||||||
|
Interest expense and other fees |
1,822,407 |
277,904 |
3,525,910 |
350,671 |
||||||||
|
Income tax expense |
8,855 |
— |
16,690 |
— |
||||||||
|
Other general and administrative expenses |
37,503 |
30,392 |
81,023 |
48,369 |
||||||||
|
Total Operating Expenses |
$ |
3,500,034 |
$ |
965,231 |
$ |
6,738,331 |
$ |
1,508,356 |
||||
|
Expenses reimbursed/fees waived by Investment Advisor (Note 2) |
$ |
(961,954) |
$ |
(386,500) |
$ |
(1,930,229) |
$ |
(636,722) |
||||
|
Net Operating Expenses |
$ |
2,538,080 |
$ |
578,731 |
$ |
4,808,102 |
$ |
871,634 |
||||
|
Net Investment Income |
$ |
2,683,177 |
$ |
699,095 |
$ |
5,321,176 |
$ |
775,946 |
||||
|
Net realized gain on foreign currency translation |
$ |
7,846 |
$ |
— |
$ |
11,321 |
$ |
— |
||||
|
Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated investments |
1,819,403 |
(82,562) |
1,747,377 |
(190,610) |
||||||||
|
Net change in unrealized (depreciation) appreciation on foreign currency translations |
(27) |
579 |
6,193 |
579 |
||||||||
|
Net Increase in Net Assets Resulting from Operations |
$ |
4,510,399 |
$ |
617,112 |
$ |
7,086,067 |
$ |
585,915 |
||||
|
Net Investment Income Per Share – basic and diluted |
$ |
0.44 |
$ |
0.23 |
$ |
0.92 |
$ |
0.28 |
||||
|
Net Increase in Net Assets Resulting from Operations Per Share – basic and diluted |
$ |
0.75 |
$ |
0.20 |
$ |
1.23 |
$ |
0.21 |
||||
|
Weighted Average Common Shares of Beneficial Interest Outstanding – basic and diluted |
6,037,036 |
3,092,695 |
5,770,879 |
2,790,962 |
||||||||
|
Distributions Per Share – basic and diluted |
$ |
0.45 |
$ |
— |
$ |
0.87 |
$ |
— |
||||
|
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 |
(loss) gain |
Net Assets |
||||||||||
|
Balances at December 31, 2021 |
— |
$ |
— |
$ |
— |
$ |
(532,845) |
$ |
(532,845) |
|||||
|
Net investment income |
— |
— |
— |
76,851 |
76,851 |
|||||||||
|
Net change in unrealized depreciation on non-controlled, non-affiliated investments |
— |
— |
— |
(108,048) |
(108,048) |
|||||||||
|
Issuance of common shares of beneficial interest |
2,333,334 |
23,333 |
34,976,667 |
— |
35,000,000 |
|||||||||
|
Balances at March 31, 2022 |
2,333,334 |
$ |
23,333 |
$ |
34,976,667 |
$ |
(564,042) |
$ |
34,435,958 |
|||||
|
Net investment income |
— |
— |
— |
699,095 |
699,095 |
|||||||||
|
Net change in unrealized depreciation on non-controlled, non-affiliated investments |
— |
— |
— |
(82,562) |
(82,562) |
|||||||||
|
Net change in unrealized appreciation on foreign currency translation |
— |
— |
— |
579 |
579 |
|||||||||
|
Issuance of common shares of beneficial interest |
1,355,013 |
13,550 |
19,986,450 |
— |
20,000,000 |
|||||||||
|
Balances at June 30, 2022 |
3,688,347 |
$ |
36,883 |
$ |
54,963,117 |
$ |
53,070 |
$ |
55,053,070 |
|||||
|
Balances at December 31, 2022 |
5,483,433 |
$ |
54,834 |
$ |
80,950,845 |
$ |
(742,722) |
$ |
80,262,957 |
|||||
|
Net investment income |
— |
— |
— |
2,637,999 |
2,637,999 |
|||||||||
|
Net realized gain on foreign currency translation |
— |
— |
— |
3,475 |
3,475 |
|||||||||
|
Net change in unrealized depreciation on non-controlled, non-affiliated |
— |
— |
— |
(72,026) |
(72,026) |
|||||||||
|
Net change in unrealized appreciation on foreign currency translations |
— |
— |
— |
6,220 |
6,220 |
|||||||||
|
Distributions from net investment income |
— |
— |
— |
(2,306,409) |
(2,306,409) |
|||||||||
|
Issuance of common shares of beneficial interest |
349,546 |
3,496 |
5,115,958 |
— |
5,119,454 |
|||||||||
|
Balances at March 31, 2023 |
5,832,979 |
$ |
58,330 |
$ |
86,066,803 |
$ |
(473,463) |
$ |
85,651,670 |
|||||
|
Net investment income |
— |
— |
— |
2,683,177 |
2,683,177 |
|||||||||
|
Net realized gain on foreign currency translation |
— |
— |
— |
7,846 |
7,846 |
|||||||||
|
Net change in unrealized appreciation on non-controlled, non-affiliated |
— |
— |
— |
1,819,403 |
1,819,403 |
|||||||||
|
Net change in unrealized depreciation on foreign currency translations |
— |
— |
— |
(27) |
(27) |
|||||||||
|
Distributions from net investment income |
— |
— |
— |
(2,720,486) |
(2,720,486) |
|||||||||
|
Issuance of common shares of beneficial interest |
349,945 |
3,499 |
5,152,116 |
— |
5,155,615 |
|||||||||
|
Balances at June 30, 2023 |
6,182,924 |
$ |
61,829 |
$ |
91,218,919 |
$ |
1,316,450 |
$ |
92,597,198 |
|||||
|
STELLUS PRIVATE CREDIT BDC CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) |
||||||
|
Six Months Ended |
||||||
|
June 30, 2023 |
June 30, 2022 |
|||||
|
Cash Flows from Operating Activities |
||||||
|
Net increase in net assets resulting from operations |
$ |
7,086,067 |
$ |
585,915 |
||
|
Adjustments to reconcile net increase in net assets from operations to net cash used in |
||||||
|
Purchases of investments |
(41,418,778) |
(79,461,775) |
||||
|
Proceeds from sales and repayments of investments |
12,580,637 |
690,802 |
||||
|
Net change in unrealized (appreciation) depreciation on investments |
(1,747,377) |
190,610 |
||||
|
Net change in unrealized appreciation foreign currency translations |
(6,193) |
(579) |
||||
|
Amortization of premium and accretion of discount, net |
(221,155) |
(49,672) |
||||
|
Amortization of loan structure fees |
298,970 |
144,559 |
||||
|
Amortization of deferred offering costs |
98,729 |
97,831 |
||||
|
Changes in other assets and liabilities |
||||||
|
Increase in interest receivable |
(279,075) |
(488,877) |
||||
|
Increase in other receivable |
— |
(12,997) |
||||
|
Increase in related party receivable |
(94,964) |
(383,465) |
||||
|
Decrease (increase) in expense reimbursements receivable from the Advisor |
26,409 |
(245,356) |
||||
|
Decrease in prepaid expenses |
70,588 |
45,204 |
||||
|
Decrease in due to affiliate |
— |
(460,085) |
||||
|
Decrease in trustees’ fees payable |
— |
(42,000) |
||||
|
Increase in administrative services payable |
26,149 |
64,174 |
||||
|
(Decrease) increase in interest payable |
(389,912) |
92,113 |
||||
|
Increase in income incentive fees payable |
30,837 |
77,677 |
||||
|
Increase in capital gains incentive fees payable |
124,892 |
— |
||||
|
Increase in unearned revenue |
68,341 |
365,612 |
||||
|
Increase in income tax payable |
8,390 |
— |
||||
|
Increase (decrease) in other accrued expenses and liabilities |
7,771 |
(57,107) |
||||
|
Net Cash Used in Operating Activities |
$ |
(23,729,674) |
$ |
(78,847,416) |
||
|
Cash Flows from Financing Activities |
||||||
|
Proceeds from issuance of common shares of beneficial interest |
$ |
10,275,069 |
$ |
55,000,000 |
||
|
Offering costs paid for common shares of beneficial interest issued |
(131,095) |
(121,807) |
||||
|
Stockholder distributions paid |
(4,115,942) |
— |
||||
|
Borrowings under Credit Facilities |
72,000,000 |
59,950,000 |
||||
|
Repayments of Credit Facilities |
(57,415,000) |
(13,500,000) |
||||
|
Financing costs paid on Credit Facilities |
(352,744) |
(429,573) |
||||
|
Short-term loan repayments |
(11,250,000) |
25,000,000 |
||||
|
Net Cash Provided by Financing Activities |
$ |
9,010,288 |
$ |
125,898,620 |
||
|
Net (Decrease) Increase in Cash and Cash Equivalents |
$ |
(14,719,386) |
$ |
47,051,204 |
||
|
Cash and Cash Equivalents Balance at Beginning of Period |
15,469,823 |
— |
||||
|
Cash and Cash Equivalents Balance at End of Period |
$ |
750,437 |
$ |
47,051,204 |
||
|
Supplemental and Non-Cash Activities |
||||||
|
Cash paid for interest expense |
$ |
3,616,852 |
$ |
113,999 |
||
|
Increase in deferred offering costs |
32,366 |
23,976 |
||||
|
Income and excise tax paid |
8,300 |
— |
||||
|
Value of common shares of beneficial interest issued pursuant to Dividend Reinvestment |
155,615 |
— |
||||
|
Increase in dividends payable |
910,953 |
— |
||||
SOURCE Stellus Private Credit BDC
