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Stellus Capital Investment Corporation Reports Results for its third fiscal quarter ended September 30, 2019

HOUSTON, Nov. 7, 2019 /PRNewswire/ -- Stellus Capital Investment Corporation (SCM) ("Stellus" or "the Company") today announced financial results for its third fiscal quarter ended September 30, 2019.

"We posted another strong quarter of earnings in which we generated realized income of $12 million, or $0.63 per share, as compared to our dividend of $0.34 per share. Core net investment income was $0.35 per share. Year to date we have generated realized income of $34.7 million, or $1.92 per share, as compared to our distributions of $1.02 per share. We also had an active quarter of originations in which our portfolio, at fair value, increased $55.3 million to $586.4 million, including fundings of $94.7 million and repayments of $43.0 million. Finally, in August we received a license to operate our second SBIC subsidiary, which provides long-term, cost effective capital for us to grow," said Robert T. Ladd, Chief Executive Officer of Stellus Capital.

FINANCIAL HIGHLIGHTS






Q3-19

YTD-19




Amount

Per Share

Amount

Per Share









Net investment income


$5.80

$0.31

$15.55

$0.86









Core net investment income (1)


6.68

0.35

18.06

1.00









Net realized gains on investments


6.20

0.33

19.14

1.06









Total realized income (2)


12.00

0.64

34.69

1.92









Distributions


(6.43)

(0.34)

(18.59)

(1.02)









Net unrealized appreciation (depreciation) on investments


(3.53)

(0.19)

(10.05)

(0.56)









Provision for taxes on unrealized gains on investments in taxable subsidiaries


0.00

0.00

(0.04)

(0.00)









Net increase in net assets resulting from operations


8.47

0.45

24.61

1.36









Weighted average shares outstanding


18,905,959

18,056,271











(1)

Core net investment income, as presented, excludes the impact of capital gains incentive fees and income taxes, the majority of which are excise taxes. The company believes presenting core net investment income and the related per share amount is a useful supplemental disclosure for analyzing its financial performance. However, core net investment income is a non-U.S GAAP measure and should not be considered as a replacement for net investment income and other earnings measures presented in accordance with U.S GAAP. A reconciliation of net investment income in accordance with U.S GAAP to core net investment income is presented in the table below the financial statements.



(2)

Total realized income is the sum of net investment income and net realized gains on investments; both U.S GAAP measures.

PORTFOLIO ACTIVITY

($ in millions, except data relating to per share amounts and number of portfolio companies)











As of


As of






9/30/2019


12/31/2018




Investments at fair value


$586.4


$504.5




Total assets


$612.8


$526.3




Net assets


$272.2


$224.8




Shares outstanding


18,905,959


15,953,810




Net asset value per share


$14.40


$14.09






















Q3-19


YTD-19












New investments


$94.7


$172.9




Repayments of investments


(43.0)


(101.5)




Net activity


$51.7


$71.4

















As of


As of






9/30/2019


12/31/2018









Number of portfolio company investments

61


57

Number of debt investments

48


44





Weighted average yield of debt and other income producing investments (1)




Cash

8.9%


10.2%

PIK

0.0%


0.1%

Fee amortization

0.5%


0.6%

Total

9.4%


10.9%





Weighted average yield on total investments (2)




Cash

8.5%


9.7%

PIK

0.0%


0.1%

Fee amortization

0.5%


0.5%

Total

9.0%


10.3%


(1)

The dollar-weighted average annualized effective yield is computed using the effective interest rate for our 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 them to determine the weighted average effective yield as a percentage of the Company's total investments, including non-income producing loans and equity.

Results of Operations

Investment income for the three months ended September 30, 2019 and 2018 totaled $15.5 million and $14.5 million, respectively, most of which was interest income from portfolio investments.

Operating expenses for the three months ended September 30, 2019 and 2018, totaled $9.7 million and $8.9 million, respectively. For the same respective periods, base management fees totaled $2.5 million and $2.2 million, income incentive fees totaled $1.6 million and $1.6 million, capital gains incentive fees totaled $0.5 million and $0.7 million, fees and expenses related to our borrowings totaled $3.8 million and $3.4 million (including interest and amortization of deferred financing costs), administrative expenses totaled $0.4 million and $0.3 million, income tax totaled $0.4 million and $0.0 million, and other expenses totaled $0.5 million and $0.7 million, respectively.

For the three months ended September 30, 2019 and 2018, net investment income was $5.8 million and $5.6 million, or $0.31 and $0.35 per common share based on weighted average common shares outstanding of 18,905,959 and 15,953,810, respectively.

The capital gains incentive fee of $0.5 million and $0.7 million for the three months ended September 30, 2019 and 2018, respectively, was accrued for GAAP purposes due to the increase in realized and unrealized gains over the quarters. Such fees, as calculated and accrued, would not necessarily be payable under the investment advisory agreement, and may never be paid based upon the computation of incentive fees in subsequent periods. The income tax expense accrual of $0.4 million for the three months ended September 30, 2019 was accrued based on estimates of undistributed taxable income, which was generated largely from capital gains. There was no such accrual for the three months ended September 30, 2018. Core net investment income, which is a non-U.S GAAP measure that excludes these accruals, for the three months ended September 30, 2019 was $6.7 million, or $0.35 per share; and for the three months ended September 30, 2018, was $6.3 million, or $0.39 per share.

The Company's investment portfolio had a net change in unrealized appreciation (depreciation) for the three months ended September 30, 2019 and 2018, of ($3.5) million and $0.5 million, respectively. For the three months ended September 30, 2019 and 2018, the Company had realized gains of $6.2 million and $2.8 million, respectively.

For the three months ended September 30, 2019 and 2018, net increase in net assets resulting from operations totaled $8.5 million and $8.9 million, or $0.45 per common share and $0.56 per common share, based on weighted average common shares outstanding of 18,905,959 and 15,953,810, respectively.

Liquidity and Capital Resources

The credit facility was amended on September 13, 2019 to provide an additional $20.0 million of committed borrowings. The accordion was also increased by an additional $55.0 million allowing for potential future expansion of the facility size to $250.0 million. As of September 30, 2019 and 2018, our credit facility provided for borrowings in an aggregate amount up to $200.0 and $180.0 million, respectively, on a committed basis. As of September 30, 2019 and December 31, 2018, we had $136.1 million and $99.6 million in outstanding borrowings under the credit facility, respectively.

For the nine months ended September 30, 2019, our operating activities used cash of $53.5 million primarily in connection with the origination of portfolio investments, which was slightly offset by repayments of our investments. For the same period, our financing activities provided cash of $59.1 million, due to a secondary offering during the period, offset by repayments on our credit facility.

For the nine months ended September 30, 2018, our operating activities used cash of $79.2 million, primarily in connection with the origination of portfolio investments, which was slightly offset by repayments of our investments, and our financing activities provided cash of $84.0 million, due to net borrowings under credit facility and proceeds from the issuance of SBA-guaranteed debentures.

Distributions

During the three months ended September 30, 2019 and 2018, we declared aggregate distributions for each quarter of $0.34 per share ($6.4 million and $5.4 million, respectively) for each quarter. 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.

Portfolio Activity During the Quarter

On July 1, 2019, we invested $17.3 million in the first lien term loan of PCS Software, Inc., a provider of integrated transportation management software for the inland trucking industry. Additionally, we committed $3.8 million in the unfunded delayed draw term loan and $1.5 million in the unfunded revolver. We also invested $0.3 million in the equity of the company.

On July 17, 2019, we invested $16.7 million in the first lien term loan of Integrated Oncology Network, LLC, a provider of radiation oncology center management services. Additionally, we committed $2.8 million in the unfunded delayed draw term loan and $0.6 million in the unfunded revolver.

On July 23, 2019, we invested $0.1 million in the equity of J.R. Watkins Holding, Inc., an existing portfolio company.

On August 13, 2019, we received full repayment on the second lien term loan of Mobileum, Inc. for total proceeds of $21.5 million.

On August 14, 2019, we invested $0.1 million in the equity of APG Holdings, LLC, an existing portfolio company.

On August 28, 2019, we invested $17.6 million in the first lien term loan of Café Valley, Inc., one of the largest independent wholesale bakeries in the U.S. serving the in-store bakery, Foodservice, Club, Mass, C-store and international channels. We also invested $0.9 million in the equity of the company.

On August 28, 2019, we invested $12.5 million in the first lien term loan of Invincible Boat Company LLC, a manufacturer and marketer of ultra-premium saltwater fishing boats targeting a high-net worth and ultra-high-net worth customer base. Additionally, we committed $1.4 million in the unfunded revolver, and we invested $1.0 million in the equity of the company.

On August 30, 2019, we invested $15.5 million in the first lien term loan of Naumann/Hobbs Material Handling Corporation II, Inc., a material handling (forklift) equipment dealer and aftermarket parts and services provider. Additionally, we committed $2.6 million in the unfunded revolver, and we invested $0.4 million in the equity of the company.

On September 11, 2019, we received full repayment on the first lien term loan A, the first lien term loan B, and the revolver of Refac Optical Group for total proceeds of $8.2 million, including $0.3 million in exit fees.

On September 30, 2019, we invested $13.8 million in the first lien term loan of Lynx FBO Operating, LLC, an operating company that provides aviation fuel to owners of corporate and private jet aircraft, fueling services for commercial airlines, aircraft ground support services, aircraft hangar rental, and office rental. Additionally, we committed $1.9 million in the unfunded revolver and invested $0.5 million in the equity of the company.

Events Subsequent to September 30, 2019

On October 1, 2019, we converted Wise Holding Corporation's first lien term loan into common equity of the restructured company and all existing mezzanine debt obligations were extinguished, and related claims were released as part of the restructuring.

On October 2, 2019, we received full repayment on the first lien term loan of Good Source Solutions, Inc. for total proceeds of $18.9 million, including a $0.4 million prepayment fee.

On October 18, 2019, we invested $13.3 million in the first lien term loan of GS HVAM Intermediate, LLC., previously Good Source Solutions, Inc., a marketer and distributor of food products to the corrections, education and other institutional foodservice markets. Additionally, we committed $1.6 million in the unfunded delayed draw term loan and $1.8 million in the unfunded revolver. We also invested $0.6 million in the equity of the company.

On October 18, 2019, we invested $17.5 million in the first lien term loan of Intuitive Health, LLC, an operator of freestanding urgent care/emergency room combination facilities.

On November 1, we invested $10.0 million in the first lien term loan of DRS Holdings III, Inc., a provider of a wide variety of products across the insole, custom fit orthotic and foot care category. Additionally, we committed to $0.9 million in the unfunded revolver.

On November 5, we invested $19.5 million in the second lien term loan of Bromford Industries Ltd, a supplier of complex, mission critical engine components, fabrications and assemblies for the global aerospace and power generation industries. We also invested $1.0 million in the equity of the company.

Credit Facility

The outstanding balance under the credit facility as of November 6, 2019 was $158.1 million.

SBA-guaranteed Debentures

On October 9, 2019, our Stellus SBIC II subsidiary was approved to draw its first $20.0 million of SBA-guaranteed debentures. On October 17, 2019, we drew $6.0 million of debentures, bringing the total consolidated balance of debentures outstanding to $156.0 million as of November 6, 2019.

Dividend Declared

On October 15, 2019, the Company's board of directors declared a regular monthly dividend for each of October, November and December 2019 as follows:

Declared


Ex-Dividend Date


Record Date


Payment Date


Amount per Share

10/15/2019


10/30/2019


10/31/2019


11/15/2019


$

0.1133

10/15/2019


11/27/2019


11/29/2019


12/13/2019


$

0.1133

10/15/2019


12/30/2019


12/31/2019


1/15/2020


$

0.1133

We anticipate that when the tax character of our dividends is reported in January 2020, all of the fourth quarter 2019 distributions will be classified as long term capital gains for our shareholders. The final determination of the tax attributes of our distributions is made annually as of the end of the year based on taxable income for the full year, therefore this information is an estimate only.

Conference Call Information

Stellus Capital Investment Corporation will host a conference call to discuss these results on Thursday, November 7, 2019 at 10:00 AM, Central Time. The conference call will be led by Robert T. Ladd, chief executive officer, and W. Todd Huskinson, chief financial officer, chief compliance officer, treasurer, and secretary.

For those wishing to participate by telephone, please dial 800-367-2403 (domestic). Use passcode 6850369. Starting approximately twenty-four hours after the conclusion of the call, a replay will be available through Friday, November 15, 2019 by dialing (888) 203-1112 and entering passcode 6850369. The replay will also be available on the company's website.

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 Capital Investment Corporation
W. Todd Huskinson, (713) 292-5414
Chief Financial Officer
thuskinson@stelluscapital.com

STELLUS CAPITAL INVESTMENT CORPORATION









CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES












September 30,






2019


December 31,



(Unaudited)


2018

ASSETS







Non-controlled, affiliated investments, at fair value (amortized cost of $0 and $52,185, respectively)

$


$

50,000


Non-controlled, non-affiliated investments, at fair value (amortized cost of $594,720,716 and $502,691,464, respectively)


586,411,494



504,433,668


Cash and cash equivalents


23,010,475



17,467,146


Receivable for sales and repayments of investments


277,334



99,213


Interest receivable


2,819,519



3,788,684


Other receivables


25,495



85,246


Deferred offering costs


210,810



18,673


Prepaid expenses


87,356



344,621



Total Assets

$

612,842,483


$

526,287,251

LIABILITIES







Notes payable

$

47,890,418


$

47,641,797


Credit facility payable


135,022,469



98,237,227


SBA-guaranteed debentures


146,640,606



146,387,802


Dividends payable


2,142,048



1,807,570


Management fees payable


2,480,918



2,183,975


Income incentive fees payable


1,802,343



1,936,538


Capital gains incentive fees payable


1,892,570



81,038


Interest payable


852,080



1,863,566


Unearned revenue


512,750



410,593


Administrative services payable


402,360



392,191


Deferred tax liability


103,654



67,953


Income tax payable


717,000



316,092


Other accrued expenses and liabilities


215,700



115,902



Total Liabilities

$

340,674,916


$

301,442,244

Commitments and contingencies (Note 7)








Net Assets

$

272,167,567


$

224,845,007

NET ASSETS







Common stock, par value $0.001 per share (200,000,000 shares authorized; 18,905,959 and 15,953,810 issued and outstanding, respectively)

$

18,906


$

15,954


Paid-in capital


269,461,191



228,160,491


Accumulated undistributed earnings (deficit)


2,687,470



(3,331,438)



Net Assets

$

272,167,567


$

224,845,007



Total Liabilities and Net Assets

$

612,842,483


$

526,287,251



Net Asset Value Per Share

$

14.40


$

14.09










STELLUS CAPITAL INVESTMENT CORPORATION


CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)



For the
three
months ended
September 30,
2019


For the
three
months ended
September 30,
2018


For the
nine
months ended
September 30,
2019


For the
nine
months ended
September 30,
2018

INVESTMENT INCOME













Interest income

$

15,134,874


$

13,859,431


$

42,366,134


$

36,804,945


Other income


380,353



628,192



1,154,277



1,214,116



Total Investment Income

$

15,515,227


$

14,487,623


$

43,520,411


$

38,019,061

OPERATING EXPENSES













Management fees

$

2,480,918


$

2,172,948


$

7,007,925


$

5,970,867


Valuation fees


109,296



132,325



238,246



287,042


Administrative services expenses


425,849



348,901



1,246,754



1,008,293


Income incentive fees


1,583,145



1,565,301



4,339,813



3,846,441


Capital gains incentive fees


533,920



651,231



1,811,533



1,173,250


Professional fees


166,802



289,125



840,683



982,384


Directors' fees


83,000



73,000



300,000



244,000


Insurance expense


87,601



87,601



259,947



259,947


Interest expense and other fees


3,774,316



3,440,115



10,808,373



8,917,739


Income tax expense


350,549





705,677




Other general and administrative expenses


121,172



117,102



413,742



516,509



Total Operating Expenses

$

9,716,568


$

8,877,649


$

27,972,693


$

23,206,472



Net Investment Income

$

5,798,659


$

5,609,974


$

15,547,718


$

14,812,589



Net realized gain on non-controlled, non-affiliated investments

$

6,200,367


$

2,771,817


$

19,142,603


$

5,183,050



Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated investments

$

(3,534,972)


$

529,552


$

(10,051,426)


$

3,805,406



Net change in unrealized appreciation (depreciation) on non-controlled, affiliated investments




(1,667)



2,185



65,000



Benefit (provision) for taxes on net unrealized gain on investments

$

4,200


$

(25,159)


$

(35,701)


$

(34,353)



Net Increase in Net Assets Resulting from Operations

$

8,468,254


$

8,884,517


$

24,605,379


$

23,831,692



Net Investment Income Per Share

$

0.31


$

0.35


$

0.86


$

0.93



Net Increase in Net Assets Resulting from Operations Per Share

$

0.45


$

0.56


$

1.36


$

1.49



Weighted Average Shares of Common Stock Outstanding


18,905,959



15,953,810



18,056,271



15,953,491



Distributions Per Share

$

0.34


$

0.34


$

1.02


$

1.02

STELLUS CAPITAL INVESTMENT CORPORATION














CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)
















For the


For the


For the


For the




three

three


nine

nine




months ended

months ended


months ended

months ended




September 30,

September 30,


September 30,

September 30,




2019

2018


2019

2018

Increase in Net Assets Resulting from Operations













Net investment income

$

5,798,659


$

5,609,974


$

15,547,718


$

14,812,589


Net realized gain on investments


6,200,367



2,771,817



19,142,603



5,183,050


Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated investments


(3,534,972)



462,885



(10,051,426)



3,805,406


Net change in unrealized appreciation on non-controlled, affiliated investments




65,000



2,185



65,000


Benefit (provision) for taxes on unrealized appreciation on investments


4,200



(25,159)



(35,701)



(34,353)

Net Increase in Net Assets Resulting from Operations

$

8,468,254


$

8,884,517


$

24,605,379


$

23,831,692















Decrease in Net Assets from Stockholder Distributions

$

(6,426,113)


$

(5,422,686)


$

(18,586,471)


$

(16,267,868)

Capital Share Transactions













Issuance of common stock

$


$


$

42,599,510


$

94,788


Sales load






(1,003,731)




Offering costs






(293,072)




Partial share transactions


(237)



(202)



945



(770)

Net Increase (Decrease) in Net Assets Resulting From Capital Share Transactions

$

(237)


$

(202)


$

41,303,652


$

94,018

Total Increase in Net Assets

$

2,041,904


$

3,461,629


$

47,322,560


$

7,657,842

Net Assets at Beginning of Period

$

270,125,663


$

224,443,455


$

224,845,007


$

220,247,242

Net Assets at End of Period

$

272,167,567


$

227,905,084


$

272,167,567


$

227,905,084

STELLUS CAPITAL INVESTMENT CORPORATION










CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)












For the


For the




nine

nine




months ended

months ended




September 30,

September 30,




2019

2018

Cash flows from operating activities






Net Increase in net assets resulting from operations

$

24,605,379


$

23,831,692


Adjustments to reconcile net increase in net assets resulting from








operations to net cash used in operating activities:








Purchases of investments


(172,852,479)



(198,335,218)



Proceeds from sales and repayments of investments


101,491,694



102,813,575



Net change in unrealized depreciation (appreciation) on investments


10,049,241



(3,870,406)



Increase in investments due to PIK


(378,119)



(491,628)



Amortization of premium and accretion of discount, net


(1,273,680)



(1,152,487)



Deferred tax provision


35,701



34,353



Amortization of loan structure fees


377,741



329,483



Amortization of deferred financing costs


248,621



251,525



Amortization of loan fees on SBA-guaranteed debentures


452,804



471,658



Net realized gain on investments


(19,142,603)



(5,183,050)


Changes in other assets and liabilities








Decrease (increase) in interest receivable


969,165



(187,804)



Decrease (increase) in other receivable


59,751



(135,246)



Decrease in prepaid expenses


257,265



235,300



Increase (decrease) in management fees payable


296,943



(198,644)



Increase (decrease) in incentive fees payable


(134,195)



1,424,286



Increase in capital gains incentive fees payable


1,811,532



1,173,250



Increase in administrative services payable


10,169



58,384



Decrease in interest payable


(1,011,486)



(341,880)



Increase in unearned revenue


102,157



164,757



Increase in income tax payable


400,908





Increase (decrease) in other accrued expenses and liabilities


99,798



(114,346)

Net Cash Used in Operating Activities

$

(53,523,693)


$

(79,222,446)

Cash flows from Financing Activities








Proceeds from the issuance of common stock

$

42,599,510


$



Sales load for common stock issued


(1,003,731)





Offering costs paid for common stock


(485,209)



(17,898)



Stockholder distributions paid


(18,251,993)



(16,172,181)



Proceeds from SBA Debentures




60,000,000



Financing costs paid on SBA Debentures


(200,000)



(2,055,000)



Borrowings under Credit Facility


173,000,000



188,300,000



Repayments of Credit Facility


(136,500,000)



(145,750,000)



Financing costs paid on Credit Facility


(92,500)



(310,000)



Partial share transactions


945



(770)

Net Cash Provided by Financing Activities

$

59,067,022


$

83,994,151



Net Increase in Cash and Cash Equivalents

$

5,543,329


$

4,771,705

Cash and cash equivalents balance at beginning of period


17,467,146



25,110,718

Cash and Cash Equivalents Balance at End of Period

$

23,010,475


$

29,882,423



Supplemental and Non-Cash Activities








Cash paid for interest expense

$

10,735,379


$

8,201,952



Excise tax paid


280,000



27,717



Shares issued pursuant to Dividend Reinvestment Plan




94,788



Increase in distribution payable


334,478



899



Increase in deferred offering costs


192,137



Reconciliation of Core Net Investment Income

(Unaudited)





Quarter


Quarter



ended


ended



September 30,
2019


September 30,
2018

Net investment income

$ 5,798,659


$ 5,609,974


Capital gains incentive fee

533,920


651,231


Income tax expense

350,549


-

Core net investment income(1)

$ 6,683,128


$ 6,261,205






Per share amounts:




Net investment income per share

$0.31


$0.35

Core net investment income per share(1)

$0.35


$0.39






Cision
Cision

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