DISTRIBUTIONS

12 Months Ended

Dec. 31, 2025

DISTRIBUTIONS

DISTRIBUTIONS

NOTE 3 — DISTRIBUTIONS

Distributions are generally declared by the Company’s Board each calendar quarter and recognized as distribution liabilities on the declaration date. Stockholder distributions, if any, will be determined by the Board. Any distribution to stockholders will be declared out of assets legally available for distribution. The Company has declared distributions of $18.15 per share on its common stock from Inception through December 31, 2025.

The following table reflects the Company’s distributions declared and paid on its common stock since Inception:

Date Declared	Record Date	Payment Date	Per Share(1)
Fiscal 2012			$	0.18
Fiscal 2013			$	1.36
Fiscal 2014			$	1.42
Fiscal 2015			$	1.36
Fiscal 2016			$	1.36
Fiscal 2017	Various		$	1.36
Fiscal 2018			$	1.36
Fiscal 2019			$	1.36
Fiscal 2020			$	1.15
Fiscal 2021			$	1.14
Fiscal 2022			$	1.30
Fiscal 2023			$	1.60
Fiscal 2024			$	1.60
Fiscal 2025
January 9, 2025	January 31, 2025	February 14, 2025	$	0.1333
January 9, 2025	February 28, 2025	March 14, 2025	$	0.1333
January 9, 2025	March 31, 2025	April 15, 2025	$	0.1333
April 4, 2025	April 30, 2025	May 15, 2025	$	0.1333
April 4, 2025	May 30, 2025	June 13, 2025	$	0.1333
April 4, 2025	June 30, 2025	July 15, 2025	$	0.1333
July 2, 2025	July 31, 2025	August 15, 2025	$	0.1333
July 2, 2025	August 29, 2025	September 15, 2025	$	0.1333
July 2, 2025	September 30, 2025	October 15, 2025	$	0.1333
October 8, 2025	October 31, 2025	November 14, 2025	$	0.1333
October 8, 2025	November 28, 2025	December 15, 2025	$	0.1333
October 8, 2025	December 31, 2025	January 15, 2026	$	0.1333
Total			$	18.15

The Company has adopted an “opt out” dividend reinvestment plan (“DRIP”), pursuant to which a stockholder whose shares are held in their own name will receive distributions in shares of the Company’s common stock under the Company’s DRIP unless they elect to receive distributions in cash. Stockholders whose shares are held in the name of a broker or the nominee of a broker may have distributions reinvested only if such service is provided by the broker or the nominee, or if the broker of the nominee permits participation in the DRIP.

Although distributions paid in the form of additional shares of the Company’s common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, investors participating in the Company’s DRIP will not receive any corresponding cash distributions with which to pay any such applicable taxes. Any distributions reinvested through the issuance of shares through the Company’s DRIP will increase the Company’s gross assets on which the base management fee and the incentive fee are determined and paid to Stellus Capital. The Company did not issue any new shares in connection with the DRIP during the years ended December 31, 2025 and December 31, 2024.