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HOUSTON, TX WASHINGTON D.C. CHARLOTTE, NC Stellus Capital Investment Corporation Investor Presentation Quarter ended September 30, 2025
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Disclaimer 2 THIS PRESENTATION IS FOR INFORMATIONAL PURPOSES ONLY. THE INFORMATION CONTAINED HEREIN IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED UPON FOR, ACCOUNTING, LEGAL OR TAX ADVICE OR INVESTMENT RECOMMENDATIONS. THIS PRESENTATION IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY STELLUS CAPITAL INVESTMENT CORPORATION (“SCM”) SECURITIES. AN OFFERING IS ONLY MADE BY AN APPLICABLE PROSPECTUS. THIS PRESENTATION MUST BE READ IN CONJUNCTION WITH A PROSPECTUS IN ORDER TO FULLY UNDERSTAND ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH THE PROSPECTUS RELATES INCLUDING THOSE LISTED IN THE “RISK FACTORS” SECTION OF OUR FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”), INCLUDING THE IMPACT OF THE COVID-19 PANDEMIC ON SCM, ITS PORTFOLIO COMPANIES, AND THE GLOBAL AND UNITED STATES ECONOMY. A COPY OF SUCH A PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH ANY OFFERING. BEFORE MAKING AN INVESTMENT DECISION WITH RESPECT TO SCM, INVESTORS ARE ADVISED TO CAREFULLY REVIEW AN APPLICABLE PROSPECTUS TO REVIEW THE RISK FACTORS DESCRIBED THEREIN, AND TO CONSULT WITH THEIR TAX, FINANCIAL, INVESTMENT AND LEGAL ADVISORS. THESE MATERIALS DO NOT PURPORT TO BE COMPLETE, AND ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO THE MORE DETAILED DISCLOSURES CONTAINED IN AN APPLICABLE PROSPECTUS AND SCM’S RELATED DOCUMENTATION INCLUDING SEC FILINGS. 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 PRESENTATION MAY CONSTITUTE FORWARD-LOOKING STATEMENTS AND ARE NOT GUARANTEES OF FUTURE PERFORMANCE OR RESULTS AND INVOLVE A NUMBER OF ASSUMPTIONS, RISKS AND UNCERTAINTIES, INCLUDING RISKS AND UNCERTAINTIES ASSOCIATED WITH THE COVID-19 PANDEMIC ON SCM, ITS PORTFOLIO COMPANIES, AND THE GLOBAL AND UNITED STATES ECONOMY, 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 SCM WITH THE SECURITIES AND EXCHANGE COMMISSION. SCM UNDERTAKES NO DUTY TO UPDATE ANY FORWARD-LOOKING STATEMENT MADE HEREIN. ALL OF THE INFORMATION IN THIS PRESENTATION, INCLUDING ANY FORWARD-LOOKING STATEMENTS, IS PRESENTED AS OF THE TIME PERIOD ON THE COVER OF THIS PRESENTATION (EXCEPT AS OTHERWISE SPECIFIED), IS SUBJECT TO CHANGE WITHOUT NOTICE, AND MAY HAVE CHANGED (POSSIBLY MATERIALLY) SINCE THE DATE ON THE COVER OF THIS PRESENTATION. SCM UNDERTAKES NO OBLIGATION TO UPDATE THE INFORMATION CONTAINED IN THIS PRESENTATION TO ACCOUNT FOR CHANGES SUBSEQUENT TO ANY DATE AS OF WHICH SUCH INFORMATION IS GIVEN, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LAWS AND REGULATIONS. NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND NOTHING SHALL BE RELIED UPON AS A PROMISE OR REPRESENTATION AS TO THE FUTURE PERFORMANCE OF SCM. • All daily trading information/multiples in this presentation as of October 31, 2025, unless otherwise noted • All other financial information as of September 30, 2025
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There are more than 45 Publicly-Traded BDCs ~ What is our Competitive Advantage? 3 Strong History of Underwriting Credit Favorable Performance Over Time • ROE since IPO of 9.6%* • Stable portfolio performance over 12 years Stable and Growing Dividend Performance and Stability / Trading at NAV • Quarterly aggregate dividend of $0.40 per share • Monthly dividend of $0.1333 per share • Approximate annualized dividend yield of 13.4% • LTD dividends declared of $18.15 per share to an IPO investor through October 31, 2025 • Net asset value per share was $13.05 at September 30, 2025 • Trading at approximately 0.92x the September 30, 2025 per share NAV • Fair Value of investment portfolio of $1.01 billion as of September 30, 2025 • Diversified portfolio by size of investment, industry and geography Strong Historical Portfolio Performance and Consistent Returns to Shareholders * Source: Company Filings All daily trading information/multiples in this presentation as of October 31, 2025 unless otherwise noted
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SCM Provides Flexible Financing for Middle Market Companies 4 Investment Type & Size Investment Focus Origination Focus Investment sizes: $20 million to $100 million (across platform). Senior secured first lien and unitranche debt financings, often with corresponding equity investments. Cash interest, up-front fee and prepayment penalties, SOFR floors Nominal equity co-invest in certain transactions Private companies generating between $5 and $50 million of EBITDA. Diverse industry sectors Capital is often used for acquisitions, growth capital, leveraged buyouts, and recapitalizations. Substantially all investments are in portfolio companies backed by high quality PE sponsors. Focus on originated loans, as opposed to broadly syndicated financings. SCM is typically the sole lender in the tranches in which it invests. However, we are open to partnering with a small number of lenders in “club” deals. Companies headquartered (or with a majority of their operations) in the United States and Canada.
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Established Private Credit Team and Institutional Platform 5 • Stellus’ private credit team’s long tenure enables cohesive evaluation and efficient execution of investment opportunities Experienced Team Longevity Continuity Extensive underwriting and restructuring capabilities Senior members of the investment team have invested together for nearly 25 years Five of the eight Managing Directors hired as junior professionals Senior Team Experience 1999 2003 2004 2011 2012 September 2025 Other Prior Duke Capital Partners D. E. Shaw group Stellus CapitalExperience Robert Ladd, Managing Partner 44 years’ experience Joshua Davis, Partner 29 years’ experience Dean D’Angelo, Partner 32 years’ experience Todd Huskinson, Partner, CFO & CCO 36 years’ experience
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Diverse Sponsor Relationships and Investment Experience 6 Stellus Capital Management Team Differentiators Relationship-driven team who has invested with over 190 sponsors* Management team has been investing together for nearly 25 years All partners have significant experience in restructuring Partners have invested approximately $10.1 billion since 2004* Have made over 375 investments in over 20 industries* * Includes transactions closed by the management team prior to forming Stellus Capital Management
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Sourcing and Origination 7 1. Includes investments consistent with Stellus Capital’s credit strategy since 2004 including predecessor firm • The Stellus deal team is responsible for origination and sourcing utilizing a highly focused regional approach resulting in a diverse financial sponsor network • Since 2004, the Stellus Capital team has partnered with over 190 unique sponsors1 7
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8 Stellus Capital Management has one of the most experienced lower middle market investment teams in the marketplace with over 340 combined years of principal investing experience 115 Current Active Investments ~$10.1 Billion Invested Capital >375 Cumulative Completed Investments Select List of Investments Available Here
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SCM Focuses on Shareholders 9 • SCIC aligns interest with shareholders 1 Source: Public filings; externally-managed peer group of TCPC, FDUS, GAIN, GLAD, HRZN, MRCC, OFS, PTMN, WHF All daily trading information/multiples in this presentation as of October 31, 2025 unless otherwise noted . • Significant equity ownership by SCIC Insiders valued at $20.8 million Total Return Hurdle Rate 1 <50% of externally- managed publicly- traded BDCs have a total return hurdle SCIC has a total return hurdle (aka a "lookback") that can limit the income-based incentive fee in the event of losses Incentive Fee Hurdle Rate 1 8.0% 7.3% 6.8% 7.0% 7.2% 7.4% 7.6% 7.8% 8.0% 8.2% SCIC Externally-Managed Peers SCM Insiders Ownership 6.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% SCM Management & Independent Directors
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Stable Asset Quality: Portfolio is Performing in Accordance with Plan 10 1 Exceeding expectations 2 Performing in accordance with plan 3 Requires closer monitoring (no loss of return or principal) Investment Category Definitions at fair value (“Risk Grade” or “RG”): 5 In workout (some loss of principal) 4 In workout (some loss of return; no loss of principal) 0% 1% 1% 1% 1%4% 4% 2% 3% 3% 14% 12% 12% 12% 14% 56% 59% 58% 59% 56% 26% 24% 27% 25% 26% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Risk Grade Trends
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Investment Portfolio 11 *Includes unitranche investments. Unitranche structures may combine characteristics of first lien senior secured as well as second lien loans **Historical performance is not indicative of current or future performance. Note: Percentages are based on market value • We originate and invest primarily in private middle-market companies through first lien (including unitranche) debt financing, often with corresponding equity co-investments. • Historical return on equity co-investments of >2.5x** 89% 90% 90% 89% 89% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 9% 8% 8% 9% 9% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Consistent Focus on Secured Investments 1st Lien* 2nd Lien Unsecured Equity
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Portfolio Construction as of September 30, 2025 12 1. Calculation based on principal as of September 30, 2025, not including equity 2. Calculation based on value as of September 30, 2025, including equity 3. Calculation represents the weighted average EBITDA for the trailing twelve-month period ended December 31, 2024, based on principal balance. 4. Calculation based on value as of September 30, 2025, not including equity 26.5% 10.0% 9.7% 7.9% 6.3% 5.8% 5.3% 4.0% 3.8% 3.1% 17.6% Services: Business 26.5% High Tech Industries 10.0% Healthcare & Pharmaceuticals 9.7% Media: Advertising, Printing & Publishing 7.9% Capital Equipment 6.3% Beverage & Food 5.8% Consumer Goods: Non-Durable 5.3% Services: Consumer 4.0% Construction & Building 3.8% Consumer Goods: Durable 3.1% Other (<3%) 17.6% 90% Floating Rate4 94% Cash Interest1 Broad Industry Diversification 99% Sponsor Backed Transactions1 $9.21 Average Loan Investment Size (in millions)1 2.4% Largest Investment as a Percentage of Total Portfolio (in millions)2 $16.00 Weighted Average Borrower EBITDA (in millions)3 98% First Lien / Senior Secured Debt4 10.0% Weighted Average Yield1
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Investment Portfolio Growth Since IPO 13 Historical Capital Deployment, Deal Activity and SCIC Milestones - 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $950,000 $1,000,000 $1,050,000 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 FV of Investment Portfolio # of Portfolio Companies Stellus Capital Investment Corporation completes IPO in November 2012 Begins trading on NYSE Receives approval for first SBIC License Issues $25 million of 6.5% Notes due April 2019 Issues $49 million of 5.75% Notes due 2022 Completes secondary equity offering of $43.6 million at NAV Completes secondary equity offering of $40.5 million at NAV Issued $123 million through the ATM program in 2023-2025. Receives second SBIC License Amends and extends bank credit facility to September 2025 and increased to $265 million Issues $100 million of Institutional Notes at 4.875% due March 2026 Amends and extends bank credit facility to September 2030 and increased to $335 million Issues $125 million of Institutional Notes at 7.250% due April 2030 to Prepay $50mm of 2026 Notes
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Second Quarter 2025 Overview 14 Five New Initial Investment Funding & Seve n Follow On Investments New loan fundings were 100% 1st lien $13.05 NAV as of September 30, 2025 $1.01 billion Investments at fair value as of September 30, 2025 $54 million New investment activity during the quarter2 $0.34 Core NII per share1 9.6% Weighted average yield on new debt investments2 1 Core NII excludes any capital gains incentive fee accrual and income taxes, the majority of which are excise taxes; $ 0.32 GAAP NII per share 2 Based on funded principal
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Cumulative Distributions Declared per share Since IPO 15 $18.15 per share in cumulative distributions since SCM IPO in 2012* Current monthly dividend is $0.40 per share for the quarter* Monthly dividends of $0.1333 per share declared in Q4 for October, November and December 2025* • Includes dividends for the fourth quarter ended December 31, 2025 • All daily trading information/multiples in this presentation as of October 31, 2025 unless otherwise noted Approximate annualized dividend yield of 13.4% while maintaining a stable NAV per share $14.52 $14.45 $14.54 $13.94 $13.19 $13.69 $13.81 $14.09 $14.14 $14.03 $14.61 $14.02 $13.26 $13.46 $13.25 $13.21 $13.05 $0.18 $1.54 $2.96 $4.32 $5.68 $7.04 $8.40 $9.76 $10.91 $12.05 $13.35 $14.95 $16.55 $16.95 $17.35 $17.75 $14.52 $14.63 $16.08 $16.90 $17.51 $19.37 $20.85 $22.49 $23.90 $24.94 $26.66 $27.37 $28.21 $30.01 $30.20 $30.56 $30.80 $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 At IPO FYE 2012 FYE 2013 FYE 2014 FYE 2015 FYE 2016 FYE 2017 FYE 2018 FYE 2019 FYE 2020 FYE 2021 FYE 2022 FYE 2023 FYE 2024 Q1 2025 Q2 2025 Q3 2025 Net Asset Value per Share and Cumulative Dividends Paid Net Asset Value per Share Cumulative Dividend Paid per Share
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Numerous Sources of Long-Term / Cost-Efficient Capital 16 $175 million 3.07% VariedSBIC II Debentures $175 million SOFR + 2.25%$167.6million $124 million September 11, 2030 SBIC I Debentures 3.41% Varied (4) Syndicated Credit Facility led by Amegy(1) $315 million $150 million Funding Sources Interest Rate(3) MaturityFacility/Issuance Size Outstanding(2) Unsecured Notes $50 million$100 million 4.875% March 30, 2026 (1) Amegy Bank credit facility closed on October 11, 2017 and was amended and extended in September 2020, December 2021, February 2022, May 2022, November 2023 and October 2024. (2) Outstanding balances are all as of September 30, 2025 (3) Does not include amortization of loan fees. (4) SBA debentures issued to SBIC I began maturing on March 1, 2025, and continue to mature through March 1, 2029. (5) SBA debentures issued to SBIC II mature March 1, 2030 - March 1, 2034 (5) • Access to low cost, fixed rate, longer-term leverage from the U.S. Small Business Administration Unsecured Notes $125 million$125 million 7.25% April 1, 2030
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Comparative Total Return Since Stellus IPO 17 11/07/2012 to 10/31/2025 FactSet’s total return calculation begins with the closing stock price one day after each respective BDC’s IPO Total return assumes dividends are reinvested on the ex-dividend dates RJ BDC Index consists of: ARCC, BBDC, BCIC, BCSF, BXSL, CCAP, CGBD, CION, CSWC, FDUS, FSK, GAIN, GBDC, GECC, GLAD, GSBD, HRZN , HTGC, ICMB, KBDC, MAIN, MFIC, MRCC, MSDL, MSIF, NCDL, NMFC, OBDC, OCSL, OFS, OTF, OXSQ, PFLT, PFX, PNNT, PSBD, PSEC, RWAY, SAR, SCM, SLRC, TCPC, TPVG, TRIN, TSLX and WHF '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 500% 550% -62.50% -27.37% 47.35% 80.56% 115.37% 218.70% 219.90% 390.50% S&P 500 (390.50%) RJ BDC Index (Equal Weight) (219.90%) SCM (218.70%) RJ BDC Index (Mkt Cap Weight) (115.37%) S&P/LSTA U.S. Leveraged Loan 100 (80.56%) MSCI US REIT Index (47.35%) Alerian MLP (-27.37%) MVIS U.S. Mortgage REITS (-62.50%)
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Corporate Information 18 Directors J. Tim Arnoult 1 Bruce R. Bilger 1 Dean D’Angelo Robert T. Ladd, Chairman William C. Repko 1 1 Independent Directors Service Providers Stock Transfer Agent- Broadridge Corporate Issuer Solutions, Inc. Bond Trustee- US Bank National Association Auditors- Deloitte & Touche LLP Counsel- Eversheds Sutherland, LLP Executive Officers Robert T. Ladd Chairman, President & Chief Executive Officer W. Todd Huskinson Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary Investment Committee Robert T. Ladd Chairman, President & Chief Executive Officer Dean D’Angelo Co-Head of Private Credit * Joshua T. Davis Co-Head of Private Credit * W. Todd Huskinson Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary Current Trading Share Price $11.98 Shares Outstanding 28,947,254 Market Capitalization $346.8 Million Total Assets $1.03 Billion Total Stockholders’ Equity $377.7 Million NAV per share $13.05 Ratio of Price to NAV per share 0.92x Dividends Dividend Frequency Monthly Last Monthly Dividend per share** $0.1333 Approximate Annualized Yield** 13.4% Debt Regulatory Leverage 0.91x Total Leverage (incl. SBIC debentures) 1.70x Securities Listing Common Stock NYSE : SCM Corporate Headquarters 4400 Post Oak Parkway, Suite 2200 Houston, TX, 77027 Phone: 713-292-5400 Research Coverage Raymond James Robert Dodd, 901-579-4560 Keefe, Bruyette & Woods Paul Johnson, 617-848-2777 Oppenheimer Equity Research Mitchel Penn, 212-667-6699 Ladenburg Thalmann Christopher Nolan, 212-667-7136 Janney Montgomery Scott John Rowan, 242-940-6981 B. Riley Securities Bryce Rowe, 703-312-1820 *Stellus Capital Management, LLC **Includes dividends for the fourth quarter ended December 31, 2025 All daily trading information/multiples in this presentation as of October 31, 2025 unless otherwise noted
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Income Statement Summary 19 INVESTMENT INCOME (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Interest income $ 25,338,361 $ 24,344,028 $ 24,127,116 $ 24,654,205 $ 25,012,753 Other income 1,159,898 1,270,898 824,542 1,042,397 1,262,956 Total Investment Income $ 26,498,259 $ 25,614,926 $ 24,951,658 $ 25,696,602 $ 26,275,709 OPERATING EXPENSES Interest expense and other fees $ 7,956,403 $ 7,665,595 $ 8,263,019 $ 8,680,015 $ 8,949,075 Management fees 3,959,554 4,034,109 4,054,726 4,279,441 4,401,305 Income incentive fees 2,564,922 2,429,404 2,136,491 2,158,075 2,166,047 Income tax expense 360,192 503,890 499,547 428,951 515,686 Other general and administrative expenses 1,397,498 1,340,602 1,451,909 1,517,819 1,579,406 Total Operating Expenses $ 16,238,569 $ 15,973,600 $ 16,405,692 $ 17,064,301 $ 17,611,519 Income incentive fee waiver $ — $ — $ (1,242,843) $ (928,926) $ (471,251) Net Investment Income $ 10,259,690 $ 9,641,326 $ 9,788,809 $ 9,561,227 $ 9,135,441 Net realized (loss) gain (3,319,710) 5,935,120 (5,996,876) (880,030) 2,692,971 Net change in unrealized appreciation (depreciation) 8,518,606 (6,885,372) 1,201,612 1,464,213 (5,136,384) Benefit for taxes 2,221 — — — — Net Increase in Net Assets Resulting from Operations $ 15,460,807 $ 8,691,074 $ 4,993,545 $ 10,145,410 $ 6,692,028 Net Investment Income Per Share – basic and diluted $ 0.39 $ 0.35 $ 0.35 $ 0.34 $ 0.32 Net Increase in Net Assets Resulting from Operations Per Share – basic and diluted $ 0.59 $ 0.32 $ 0.18 $ 0.36 $ 0.23 Q3 2025Q2 2025Q4 2024Q3 2024 Q1 2025
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Per Share Change in Net Asset Value (NAV) 20 1 Based on weighted average shares of common stock outstanding for the period. 2. 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. Per Share Data:(1) Net asset value at beginning of period $ 13.36 $ 13.55 $ 13.46 $ 13.25 $ 13.21 Net investment income 0.39 0.35 0.35 0.34 0.32 Change in unrealized appreciation (depreciation) 0.33 (0.25) 0.04 0.04 (0.18) Net realized (loss) gain (0.13) 0.22 (0.21) (0.02) 0.09 Total from operations $ 0.59 $ 0.32 $ 0.18 $ 0.36 $ 0.23 Sales load — — (0.01) — — Offering costs — — (0.01) — — Stockholder distributions (0.40) (0.40) (0.40) (0.40) (0.40) Accretive effect of stock offerings — — 0.01 — 0.01 Other(2) — (0.01) 0.02 — — Net asset value at end of period $ 13.55 $ 13.46 $ 13.25 $ 13.21 $ 13.05 Q4 2024 (unaudited) Q3 2024 (unaudited) Q3 2025 (unaudited) Q2 2025 (unaudited) Q1 2025 (unaudited)
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Balance Sheet Summary 21 ASSETS (unaudited) (audited) (unaudited) (unaudited) (unaudited) Investments at fair value $ 908,718,893 $ 953,497,688 $ 991,103,777 $ 985,885,674 $ 1,010,209,636 Cash and cash equivalents 38,580,261 20,058,594 10,888,821 39,991,690 9,024,020 Interest receivable 6,272,194 4,947,765 6,229,272 5,869,109 7,047,686 Other assets 3,500,511 2,396,202 3,515,614 3,019,253 2,362,995 Total Assets $ 957,071,859 $ 980,900,249 $ 1,011,737,484 $ 1,034,765,726 $ 1,028,644,337 LIABILITIES Notes payable $ 99,331,757 $ 99,444,355 $ 99,554,505 $ 172,310,201 $ 172,522,707 Credit Facility payable 154,578,467 172,314,315 219,057,554 160,622,440 163,995,602 SBA-guaranteed debentures 321,058,121 321,251,939 305,190,923 305,373,199 295,805,634 Other accrued expenses and liabilities 15,818,227 17,967,700 15,168,320 21,088,996 18,590,067 Total Liabilities $ 590,786,572 $ 610,978,309 $ 638,971,302 $ 659,394,836 $ 650,914,010 Net Assets $ 366,285,287 $ 369,921,940 $ 372,766,182 $ 375,370,890 $ 377,730,327 Total Liabilities and Net Assets $ 957,071,859 $ 980,900,249 $ 1,011,737,484 $ 1,034,765,726 $ 1,028,644,337 Net Asset Value Per Share $ 13.55 $ 13.46 $ 13.25 $ 13.21 $ 13.05 Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024
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Liquidity and Capitalization 22 1 Cash available to be reinvested in SBA qualified portfolio companies or used to repay SBIC Debentures. 2 Subject to a borrowing base limitation. 3 SBIC Debentures are not included as “senior debt” for purposes of the BDC asset coverage requirements pursuant to exemptive relief received by SCM. Debt to NAV Ratio is calculated based upon the par value of debt. 4 Regulatory Debt to NAV Ratio is calculated based upon the par value of debt of both the Credit Facility and Notes payable. 5 Net debt in this ratio includes par value of total debt less SCM cash and cash equivalents. 6 Net investment income, excluding deferred income incentive fees, non -payable net investment income or capital gains incentive fees, and OID / cash interest expense on a trailing twelve-month basis. Assets Available (unaudited) (audited) (audited) (audited) (audited) SCM cash and cash equivalents $ 2,820,617 $ 339,740 $ 3,546,908 $ 3,675,357 $ 1,546,332 SBIC cash and cash equivalents(1) 35,759,644 19,718,854 7,341,913 36,316,333 7,477,688 Available under Credit Facility(2) 102,625,149 147,361,431 93,186,080 147,361,431 167,361,431 Unfunded commitments (34,404,328) (39,493,138) (46,475,820) (58,737,497) (54,056,252) Total Liquidity $ 106,801,082 $ 127,926,887 $ 57,599,081 $ 128,615,624 $ 122,329,199 Debt at Par Value Notes payable $ 100,000,000 $ 100,000,000 $ 100,000,000 $ 175,000,000 $ 175,000,000 Credit Facility payable 157,374,851 167,638,569 221,813,920 167,638,569 167,638,569 SBA-guaranteed debentures 325,000,000 325,000,000 308,750,000 299,000,000 299,000,000 Total Debt $ 582,374,851 $ 592,638,569 $ 630,563,920 $ 641,638,569 $ 641,638,569 Net Asset Value $ 366,285,287 $ 369,921,940 $ 372,766,182 $ 375,370,890 $ 377,730,327 Total Capitalization $ 948,660,138 $ 962,560,509 $ 1,003,330,102 $ 1,017,009,459 $ 1,019,368,896 Debt to NAV(3) 1.59x 1.6x 1.69x 1.71x 1.70x Regulatory Debt to NAV(4) 0.70x 0.72x 0.86x 0.90x 0.91x Net Debt to NAV(5) 1.58x 1.6x 1.68x 1.7x 1.69x Interest Coverage Ratio(6) 2.48x 2.42x 2.38x 2.28x 2.21x Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024