Stellus Private Credit BDC Reports Results for its Fourth Fiscal Quarter and Year Ended December 31, 2024

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HOUSTON, March 6, 2025 /PRNewswire/ — Stellus Private Credit BDC (“Stellus PBDC”, “we”, or the “Company”) today announced financial results for its fourth fiscal quarter and year ended December 31, 2024.

Robert T. Ladd, Chief Executive Officer of Stellus PBDC, stated “We are pleased to report strong results in the fourth quarter in which we generated $0.37 per share of net investment income and maintained a stable net asset value. During the quarter, we funded $53 million of investments and received $11 million of repayments, bringing the total portfolio to $301 million at fair value. On January 9, 2025, we declared our 2025 first 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				Years Ended
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
	Amount	Per Share	Amount	Per Share	Amount	Per Share	Amount	Per Share
Net investment income	$3.49	$0.37	$3.92	$0.56	$15.57	$1.80	$12.33	$1.96
Net realized gain on investments	0.01	—	0.70	0.11	0.03	—	0.70	0.11
Net unrealized appreciation (depreciation) included in earnings	1.39	0.14	(0.22)	(0.03)	0.88	0.11	2.59	0.41
Provision for taxes on net unrealized appreciation on investments	(0.08)	(0.01)	(0.11)	(0.02)	(0.09)	(0.01)	(0.17)	(0.03)
Net increase in net assets resulting from operations	$4.81	$0.50	$4.29	$0.62	$16.39	$1.90	$15.45	$2.46
Distributions	(4.53)	(0.47)	(3.55)	(0.51)	(16.96)	(1.96)	(11.77)	(1.88)
Other weighted average share adjustments⁽¹⁾	—	(0.01)	—	—	—	0.01	—	—
Net asset value	$162.39	$15.16	$108.02	$15.21	$162.39	$15.16	$108.02	$15.21
Weighted average shares outstanding	9,561,014		6,953,190		8,643,493		6,273,882


(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
	December 31, 2024	December 31, 2023
Investments at fair value	$300.7	$208.6
Total assets	$304.8	$211.2

Net assets	$162.4	$108.0
Shares outstanding	10,715,095	7,102,136
Net asset value per share	$15.16	$15.21

	Three Months Ended
	December 31, 2024	December 31, 2023
New investments	$52.8	$20.9
Repayments of investments	(10.7)	(24.9)
Net activity	$42.1	($4.0)

	As of	As of
	December 31, 2024	December 31, 2023
Number of portfolio company investments	59	39
Number of debt investments	55	37

Weight average yield of debt and other income producing investments⁽²⁾
Cash	10.2 %	11.8 %
Payment-in-kind (“PIK”)	0.2 %	0.3 %
Fee amortization	0.4 %	0.4 %
Total	10.8 %	12.5 %

Weighted average yield on total investments⁽³⁾
Cash	9.8 %	11.2 %
PIK	0.2 %	0.3 %
Fee amortization	0.3 %	0.4 %
Total	10.3 %	11.9 %


(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 them 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 December 31, 2024 and 2023 totaled $7.8 million and $7.1 million, respectively, most of which was interest income from portfolio investments.

Gross operating expenses for the three months ended December 31, 2024 and 2023 totaled $5.0 million and $4.3 million, respectively. For the same periods, base management fees totaled $1.0 million and $0.8 million, income incentive fees totaled $0.6 million and $0.7 million, respectively; capital gains incentive fees of $0.1 million and $0.0 million, which are not currently payable, respectively; fees and expenses related to the Company’s borrowings totaled $2.6 million and $2.4 million, respectively (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 $0.3 million, respectively. For the three months ended December 31, 2024 and 2023, the Company’s investment advisor, Stellus Private BDC Advisor, LLC (the “Advisor”), waived $0.3 million and $0.8 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 $0.2 million and $0.1 million of expenses pursuant to expense support and conditional reimbursements from the Advisor, respectively, for net operating expenses of $4.3 million and $3.2 million, respectively.

For the three months ended December 31, 2024 and 2023, net investment income was $3.5 million and $3.9 million, or $0.37 and $0.56 per common share based on weighted average common shares outstanding of 9,561,014 and 6,953,190, respectively.

The Company’s investment portfolio had a net change in unrealized appreciation (depreciation) of $1.4 million and ($0.2) million for the three months ended December 31, 2024 and 2023, respectively.

For the three months ended December 31, 2024 and 2023, net increase in net assets resulting from operations totaled $4.8 million and $4.3 million, or $0.50 and $0.62 per common share, based on weighted average common shares outstanding of 9,561,014 and 6,953,190, 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” and together with the Commitment Facility and SPV Facility, the “Credit Facilities”). The Credit Facility, as amended, provides for borrowings up to a maximum of $175.0 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 December 31, 2024 and December 31, 2023, the Company had $90.5 million and $98.0 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”) for the SPV Facility 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 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 December 31, 2024, the Company had $50.0 million in outstanding borrowings under the SPV Facility.

Distributions

During the three months ended December 31, 2024 and 2023, the Company declared aggregate distributions of $0.48 per share and $0.50, respectively, ($4.5 million and $3.6 million in the aggregate, respectively). Tax characteristics of all distributions are reported to stockholders on Form 1099-DIV. Approximately $0.3 million of the dividends declared in 2024 are expected to be characterized as long-term capital gains. 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 December 31, 2024:


Activity Type	Date	Company Name	Company Description	Investment Amount		Instrument Type
Add-On Investment	October 18, 2024	Compost 360 Acquisition, LLC*	Organic waste recycler and producer of compost, mulch, and engineered soils	$	40,880	Equity
New Investment	October 31, 2024	Norplex Micarta Acquisition, Inc.	Manufacturer of thermoset composite laminates	$	5,972,094	Senior Secured – First Lien
				$	1,822,665	Revolver Commitment
				$	427,155	Equity
Add-On Investment	November 7, 2024	Green Intermediateco II, Inc.*	Cyber-security focused value-added reseller and associated service provider	$	3,607,117	Senior Secured – First Lien
Add-On Investment	November 12, 2024	Curion Holdings, LLC*	Provider of product testing and consumer insights	$	276,993	Revolver Commitment
Add-On Investment	November 12, 2024	Cerebro Buyer, LLC*	Manufacturer of single-use electrodes for medical procedures	$	510,498	Delayed Draw Term Loan Commitment
Add-On Investment	November 12, 2024	Service Minds Company, LLC*	Provider of residential electrical services	$	290,964	Revolver Commitment
New Investment	November 14, 2025	Spectra Confectionary Ltd.	Manufacturer and wholesaler of confectionary products	$	2,130,722	Senior Secured – First Lien
				$	119,320	Equity
New Investment	November 15, 2024	MBH Management, LLC	Outsourced provider of physician-focused staffing solutions for post-acute facilities	$	3,883,303	Senior Secured – First Lien
				$	1,337,795	Delayed Draw Term Loan Commitment
				$	772,104	Revolver Commitment
				$	370,083	Equity
Add-On Investment	November 20, 2024	Microbe Formulas LLC*	Provider of dietary supplements and other natural solutions for detox and gut health	$	1,897,964	Senior Secured – First Lien
Add-On Investment	November 26, 2024	Equine Network, LLC*	Provider of content, information, tech-enabled services, and hosts competitions for the U.S. equine industry	$	517,582	Senior Secured – First Lien
				$	141,279	Revolver Commitment
Add-On Investment	December 2, 2024	2X LLC*	Provider of outsourced digital business-to-business marketing-as-a-service	$	1,758,929	Senior Secured – First Lien
				$	2,828,649	Delayed Draw Term Loan Commitment
New Investment	December 4, 2024	AMII Acquisition, LLC	Franchisor of ballroom dance studios	$	3,613,970	Senior Secured – First Lien
				$	556,928	Revolver Commitment
				$	63,758	Equity
New Investment	December 9, 2024	United States Drug Testing Laboratories, LLC	Provider of drug and alcohol forensic toxicology testing	$	1,563,778	Senior Secured – First Lien
				$	2,635,854	Delayed Draw Term Loan Commitment
				$	1,345,968	Revolver Commitment
				$	92,427	Equity
New Investment	December 17, 2024	iNovex Information Systems Inc.	Provider of government IT services	$	3,404,596	Senior Secured – First Lien
				$	1,369,930	Revolver Commitment
New Investment	December 19, 2024	Eskola, LLC	Provider of commercial re-roofing services	$	3,420,964	Senior Secured – First Lien
				$	4,602,158	Revolver Commitment
				$	500,573	Equity
New Investment	December 20, 2024	CEATI International, Inc.*	Provider of intellectual content, technical trade programs, research groups, and conferences for utility companies	$	3,076,296	Senior Secured – First Lien
		CombinedCaterers, Inc.	Provider of premium catering services in the Southeast	$	1,439,876	Delayed Draw Term Loan Commitment
				$	1,119,158	Revolver Commitment
				$	285,351	Equity
New Investment	December 30, 2024	Tiger 21, LLC	Facilitator of peer-to-peer wealth focused insights and events for ultra-high net worth individuals	$	6,621,997	Senior Secured – First Lien
				$	1,513,228	Revolver Commitment
				$	376,429	Equity

* Existing portfolio company

The Company realized investments in the following portfolio company during the three months ended December 31, 2024:


Activity Type	Date	Company Name	Company Description	Proceeds Received		Instrument Type
Full Repayment	November 4, 2024	Baker Manufacturing Company, LLC*	Manufacturer of water well equipment, specialized filtration pumps, and custom castings	$	5,668,459	Senior Secured – First Lien

* Existing portfolio company

Events Subsequent to December 31, 2024

The Company’s management has evaluated subsequent events through March 6, 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 December 31, 2024:


Activity Type	Date	Company Name	Company Description	Investment Amount		Instrument Type
New Investment	January 10, 2025	Pacific Shoring Products, LLC	Manufacturer of trench shoring and safety equipment sold to equipment rental companies	$	5,327,581	Senior Secured – First Lien
				$	2,301,368	Revolver Commitment
				$	430,662	Equity
New Investment	January 15, 2025	Environmental Remedies, LLC	Residential asbestos abatement provider	$	3,317,957	Senior Secured – First Lien
				$	2,330,762	Delayed Draw Term Loan Commitment
				$	1,383,237	Revolver Commitment
				$	113,419	Equity
New Investment	January 16, 2025	Plus Delta Partners, Inc.	Provider of fundraising training and tools for higher education institutions and other nonprofits	$	3,955,716	Senior Secured – First Lien
				$	3,279,635	Delayed Draw Term Loan Commitment
				$	2,561,362	Revolver Commitment
				$	208,481	Equity
New Investment	January 24, 2025	Strategus, LLC	Provider of connected TV advertising services	$	6,013,663	Senior Secured – First Lien
				$	2,325,095	Delayed Draw Term Loan Commitment
				$	1,513,228	Revolver Commitment
				$	160,392	Equity
New Investment	February 28, 2025	Identity Theft Guard Solutions, Inc.	Cyber breach response and monitoring services	$	7,127,072	Senior Secured – First Lien
				$	1,092,978	Revolver Commitment
				$	330,747	Equity
New Investment	February 28, 2025	MoboTrex, LLC	Distributor and manufacturer of intelligent traffic solution equipment	$	2,092,568	Senior Secured – First Lien
				$	2,000,813	Delayed Draw Term Loan Commitment
				$	625,882	Revolver Commitment

Credit Facilities

The outstanding balance under the Credit Facility and SPV Facility as of March 6, 2025 was $120.0 million and $50.0 million, respectively.

Distributions Declared

On January 9, 2025, our Board of Directors declared a regular monthly distribution for each of January, February and March 2025, as follows:


	Record	Payment	Amount per
Declared	Date	Date	Share
1/9/2025	1/10/2025	1/31/2025	$	0.1200
1/9/2025	2/3/2025	2/28/2025	$	0.1200
1/9/2025	3/3/2025	3/31/2025	$	0.1200

Sale of Unregistered Securities

Since December 31, 2024, the Company sold 97,535 common shares of beneficial interest at a price of $15.16 per share for aggregate proceeds of $1.5 million which included less than $0.1 million of organizational expense allocation pursuant to subscription agreements entered into between the Company and investors.

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)) 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
thuskinson@stelluscapital.com

STELLUS PRIVATE CREDIT BDC

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
	December 31, 2024		December 31, 2023
ASSETS
Non-controlled, non-affiliated investments, at fair value (amortized cost of $297,791,269 and $206,513,758, respectively)	$	300,732,065	$	208,574,078
Cash and cash equivalents		2,144,116		593,685
Other receivable		4,340		—
Interest receivable		1,367,849		1,495,581
Expense reimbursement receivable from the Advisor (Note 2)		161,473		126,539
Deferred offering costs		127,983		72,875
Related party receivable		2,004		162,455
Prepaid expenses		164,350		127,019
Receivable for sales and repayments of investments		86,896		71,105
Total Assets	$	304,791,076	$	211,223,337
LIABILITIES
Credit Facilities payable	$	138,692,860	$	97,031,517
Dividends payable		—		3,551,068
Unearned revenue		921,629		897,538
Management fees payable		648,149		—
Income incentive fee payable		452,186		439,854
Capital gains incentive fee payable		306,229		261,684
Interest payable		613,821		367,093
Administrative services payable		109,027		124,958
Income tax payable		51,427		182,489
Deferred tax liability		259,455		167,865
Other accrued expenses and liabilities		348,413		177,249
Total Liabilities	$	142,403,196	$	103,201,315
Commitments and contingencies (Note 7)
Net Assets	$	162,387,880	$	108,022,022
NET ASSETS
Common shares of beneficial interest, par value $0.01 per share (unlimited shares authorized; 10,715,095 and 7,102,136 issued and outstanding, respectively)	$	107,151	$	71,021
Paid-in capital		159,483,435		104,810,048
Total distributable earnings		2,797,294		3,140,953
Net Assets	$	162,387,880	$	108,022,022
Total Liabilities and Net Assets	$	304,791,076	$	211,223,337
Net Asset Value Per Share	$	15.16	$	15.21

STELLUS PRIVATE CREDIT BDC

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended
	December 31, 2024		December 31, 2023		December 31, 2022
INVESTMENT INCOME
Interest income	$	28,560,141	$	22,760,669	$	7,804,783
Other income		478,544		601,776		152,173
Total Investment Income	$	29,038,685	$	23,362,445	$	7,956,956
OPERATING EXPENSES
Management fees	$	3,469,835	$	2,833,601	$	1,335,054
Income incentive fees		2,602,793		2,097,153		686,398
Capital gains incentive fee		44,545		261,684		—
Professional fees		747,853		670,800		447,045
Organization costs		—		1,000		90,184
Amortization of deferred offering costs		225,050		165,937		240,152
Administrative services expenses		523,823		417,573		226,489
Trustees’ fees		160,000		160,000		158,000
Insurance expense		81,685		81,438		82,045
Valuation fees		64,498		40,324		5,519
Interest expense and other fees		9,505,536		8,225,528		2,312,701
Income tax expense		32,183		44,925		7,471
Other general and administrative expenses		262,575		142,294		120,343
Total Operating Expenses	$	17,720,376	$	15,142,257	$	5,711,401
Expenses reimbursed/fees waived by Investment Advisor (Note 2)	$	(4,253,904)	$	(4,101,044)	$	(1,952,196)
Net Operating Expenses	$	13,466,472	$	11,041,213	$	3,759,205
Net Investment Income	$	15,572,213	$	12,321,232	$	4,197,751
Net realized gain (loss) on non-controlled, non-affiliated investments	$	—	$	841,075	$	—
Net realized gain on foreign currency translation		30,648		24,343		1,950
Provision for taxes on realized gain on investments		—		(142,988)		—
Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated investments		906,234		2,566,523		(538,883)
Net change in unrealized (depreciation) appreciation on foreign currency translations		(25,757)		11,719		20,961
Provision for taxes on net unrealized gain on investments		(91,591)		(167,865)		—
Net Increase in Net Assets Resulting from Operations	$	16,391,747	$	15,454,039	$	3,681,779
Net Investment Income Per Share – basic and diluted	$	1.80	$	1.96	$	1.08
Net Increase in Net Assets Resulting from Operations Per Share – basic and diluted	$	1.90	$	2.46	$	0.95
Weighted Average Common Shares of Beneficial Interest Outstanding – basic and diluted		8,643,493		6,273,882		3,869,643
Distributions Per Share – basic and diluted	$	1.96	$	1.88	$	1.11

STELLUS PRIVATE CREDIT BDC

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	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	—		—		—		4,197,751		4,197,751
Net realized gain on foreign currency translation	—		—		—		1,950		1,950
Net change in unrealized depreciation on non-controlled, non-affiliated investments	—		—		—		(538,883)		(538,883)
Net change in unrealized appreciation on foreign currency translations	—		—		—		20,961		20,961
Return of capital and other tax related adjustments	—		—		(388,214)		388,214		—
Distributions from net investment income	—		—		—		(4,279,870)		(4,279,870)
Issuance of common shares of beneficial interest	5,483,433		54,834		81,339,059		—		81,393,893
Balances at December 31, 2022	5,483,433	$	54,834	$	80,950,845	$	(742,722)	$	80,262,957
Net investment income	—		—		—		12,321,232		12,321,232
Net realized gain on non-controlled, non-affiliated investments	—		—		—		841,075		841,075
Net realized gain on foreign currency translation	—		—		—		24,343		24,343
Provision for taxes on realized gain on investments	—		—		—		(142,988)		(142,988)
Net change in unrealized appreciation on non-controlled, non-affiliated investments	—		—		—		2,566,523		2,566,523
Net change in unrealized appreciation on foreign currency translations	—		—		—		11,719		11,719
Provision for taxes on net unrealized gain on investments	—		—		—		(167,865)		(167,865)
Return of capital and other tax related adjustments	—		—		(197,724)		197,724		—
Distributions from net investment income	—		—		—		(11,768,088)		(11,768,088)
Issuance of common shares of beneficial interest	1,618,703		16,187		24,056,927		—		24,073,114
Balances at December 31, 2023	7,102,136	$	71,021	$	104,810,048	$	3,140,953	$	108,022,022
Net investment income	—		—		—		15,572,213		15,572,213
Net realized gain on foreign currency translation	—		—		—		30,648		30,648
Net change in unrealized appreciation on non-controlled, non-affiliated investments	—		—		—		906,234		906,234
Net change in unrealized depreciation on foreign currency translations	—		—		—		(25,757)		(25,757)
Provision for taxes on net unrealized gain on investments	—		—		—		(91,591)		(91,591)
Return of capital and other tax related adjustments	—		—		(221,350)		221,350		—
Distributions from net investment income	—		—		—		(16,701,939)		(16,701,939)
Distributions from net realized capital gains	—		—		—		(254,817)		(254,817)
Issuance of common shares of beneficial interest	4,119,031		41,191		62,556,970		—		62,598,161
Redemption of common shares of beneficial interest	(506,072)		(5,061)		(7,662,233)		—		(7,667,294)
Balances at December 31, 2024	10,715,095	$	107,151	$	159,483,435	$	2,797,294	$	162,387,880

STELLUS PRIVATE CREDIT BDC

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the years ended
		December 31, 2024		December 31, 2023		December 31, 2022
Cash Flows from Operating Activities
Net increase in net assets resulting from operations		$	16,391,747	$	15,454,039	$	3,681,779
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investments			(119,805,183)		(89,322,601)		(168,326,016)
Proceeds from sales and repayments of investments			30,250,267		42,260,585		10,474,408
Net change in unrealized (appreciation) depreciation on investments			(906,234)		(2,566,523)		538,883
Net change in unrealized depreciation (appreciation) foreign currency translations			25,757		(11,719)		(20,961)
Increase in investments due to PIK			(1,059,816)		(129,990)		—
Amortization of premium and accretion of discount, net			(678,569)		(502,109)		(198,065)
Deferred tax provision			91,590		167,865		—
Amortization of loan structure fees			306,387		586,127		478,626
Amortization of deferred offering costs			225,050		165,937		240,152
Net realized gain on investments			—		(841,075)		—
Changes in other assets and liabilities
Decrease (increase) in interest receivable			127,732		(465,307)		(1,030,274)
Increase in other receivable			(4,340)		—		—
Decrease (increase) in related party receivable			160,451		(152,835)		(9,620)
(Increase) decrease in expense reimbursements receivable from the Advisor			(34,934)		39,099		(165,638)
(Increase) decrease in prepaid expenses			(37,331)		5,985		(39,356)
Decrease in due to affiliate			—		—		(460,085)
Decrease in trustees’ fees payable			—		—		(42,000)
(Decrease) increase in administrative services payable			(15,931)		58,894		66,064
Increase (decrease) in interest payable			246,728		(196,148)		563,241
Increase in income management fees payable			648,149		—		—
Increase in income incentive fees payable			12,332		111,658		328,196
Increase in capital gains incentive fees payable			44,545		261,684		—
Increase in unearned revenue			24,091		357,904		539,634
(Decrease) increase in income tax payable			(131,062)		175,018		7,471
Increase (decrease) in other accrued expenses and liabilities			171,164		57,975		(144,704)
Net Cash Used in Operating Activities		$	(73,947,410)	$	(34,485,537)	$	(153,518,265)
Cash Flows from Financing Activities
Proceeds from issuance of common shares of beneficial interest		$	62,598,161	$	24,073,114	$	81,393,893
Offering costs paid for common shares of beneficial interest issued			(280,158)		(184,418)		(154,976)
Purchase of common shares of beneficial interest in tender offer			(7,667,294)		—		—
Stockholder distributions paid			(20,507,824)		(10,026,553)		(2,470,337)
Borrowings under Credit Facilities			184,300,000		169,750,000		124,762,500
Repayments of Credit Facilities			(141,850,000)		(152,365,000)		(44,147,500)
Financing costs paid on Credit Facilities			(1,095,044)		(387,744)		(1,645,492)
Short-term loan borrowings			—		4,500,000		11,250,000
Short-term loan repayments			—		(15,750,000)		—
Net Cash Provided by Financing Activities		$	75,497,841	$	19,609,399	$	168,988,088
Net Increase (Decrease) in Cash and Cash Equivalents		$	1,550,431	$	(14,876,138)	$	15,469,823
Cash and Cash Equivalents Balance at Beginning of Period			593,685		15,469,823		—
Cash and Cash Equivalents Balance at End of Period		$	2,144,116	$	593,685	$	15,469,823
Supplemental and Non-Cash Activities
Cash paid for interest expense		$	8,952,421	$	7,835,549	$	1,270,834
Income and excise tax paid			163,245		12,895		—
Value of common shares of beneficial interest issued pursuant to Dividend Reinvestment Plan			1,683,161		623,113		43,894
(Decrease) increase in dividends payable			(3,551,068)		1,741,535		1,809,533

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SOURCE Stellus Private Credit BDC

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