SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 15 — SUBSEQUENT EVENTS

Investment Portfolio

The Company invested in the following portfolio companies subsequent to December 31, 2025:

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Activity Type	Date	Company Name	Company Description	Investment Amount		Instrument Type
Add-On Investment	January 2, 2026	Bart & Associates, LLC*	Provider of content, information, tech-enabled services, and hosts competitions for the U.S. equine industry	$	2,000,000	Senior Secured – First Lien
				$	43,413	Equity
New Investment	January 9, 2026	Silver Parent, LLC	Senior-care focused placement platform	$	7,130,301	Senior Secured – First Lien
				$	100,000	Revolver Commitment
				$	498,641	Equity
Add-On Investment	January 15, 2026	GRC Java Holdings, LLC*	Specialty coffee platform	$	42,783	Equity
Add-On Investment	January 20, 2026	EH Real Estate Services, LLC*	Offers residential property brokerage, title & settlement, and property and casualty insurance brokerage services to home buyers and sellers	$	380,186	Senior Secured – First Lien
Add-On Investment	January 21, 2026	evolv Holdco, LLC*	Digital transformation consulting firm	$	8,036	Equity
Add-On Investment	February 2, 2026	BI Investors, LLC*	Provider of center-based applied behavioral analysis therapy services	$	5,743	Equity
Add-On Investment	February 3, 2026	Green Topco Holdings, LLC*	Cyber-security focused value-added reseller and associated service provider	$	16,598	Equity
Add-On Investment	February 3, 2026	Venbrook Buyer, LLC*	An independent insurance services broker	$	628,201	Senior Secured – First Lien
Add-On Investment	February 6, 2026	SP MWM Holdco LLC*	Provider of test and measurement services and equipment	$	194,667	Equity
Add-On Investment	February 18, 2026	EH Real Estate Services, LLC*	Offers residential property brokerage, title & settlement, and property and casualty insurance brokerage services to home buyers and sellers	$	190,093	Senior Secured – First Lien
Add-On Investment	February 25, 2026	Venbrook Buyer, LLC*	An independent insurance services broker	$	1,256,415	Senior Secured – First Lien
Add-On Investment	March 3, 2026	EH Real Estate Services, LLC*	Offers residential property brokerage, title & settlement, and property and casualty insurance brokerage services to home buyers and sellers	$	190,093	Senior Secured – First Lien
New Investment	March 3, 2026	Precision Strategies, LLC	Strategic communications and marketing agency	$	6,176,011	Senior Secured – First Lien
				$	100,000	Revolver Commitment
New Investment	March 6, 2026	Synergy Health Partners	Provider of orthopedic and musculoskeletal care	$	4,000,000	Senior Secured – First Lien
				$	500,000	Delayed Draw Term Loan Commitment
				$	100,000	Revolver Commitment
				$	136,634	Equity

* Existing portfolio company

The Company realized the following portfolio companies subsequent to December 31, 2025:

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Activity Type	Date	Company Name	Company Description	Proceeds Received		Realized Gain		Instrument Type
Full Repayment	January 30, 2026	Luxium Solutions, LLC	Manufacturer and distributor of high-performance advanced materials and assemblies	$	8,169,324	$	—	Senior Secured – First Lien
				$	1,182,247	$	—	Delayed Draw Term Loan
Full Repayment	January 30, 2026	Camp Profiles LLC	Provider of digital marketing services to small and medium-sized businesses	$	12,041,875	$	—	Senior Secured – First Lien
Full Realization				$	969,138	$	719,138	Equity
Full Repayment	February 3, 2026	Arctiq, Inc.	Cyber-security focused value-added reseller and associated service provider	$	12,202,671	$	—	Senior Secured – First Lien
				$	399,965	$	—	Delayed Draw Term Loan

Credit Facility

The outstanding balance under the Credit Facility as of March 11, 2026 was $253,900,000.

SBA-guaranteed debentures

On February 27, 2026, the SBIC I subsidiary repaid $39,000,000 of SBA-guaranteed debentures and related accrued interest related to SBA-guaranteed debentures maturing on March 1, 2026. The outstanding balance of SBA-guaranteed debentures as of March 11, 2026 was $260,000,000.

Distributions Declared

On January 16, 2026, the Company’s Board declared a regular monthly distribution for each of January, February and March 2026 as follows:

	Ex-Dividend	Record	Payment	Amount per
Declared	Date	Date	Date	Share
1/16/2026	1/30/2026	1/30/2026	2/13/2026	$	0.1133
1/16/2026	2/27/2026	2/27/2026	3/13/2026	$	0.1133
1/16/2026	3/31/2026	3/31/2026	4/15/2026	$	0.1133

Acquisition of Stellus Capital

On February 5, 2026, the Company announced that Stellus Capital entered into a definitive agreement with P10 Intermediate Holdings, LLC, an affiliate of Ridgepost Capital, Inc. (formerly known as P10, Inc.) (“Ridgepost”), pursuant to which Ridgepost will acquire Stellus Capital (the “Transaction”).

Pursuant to the terms of the Transaction, Stellus Capital will continue to be managed by its current partners, who will retain control of its day-to-day operations, including investment decisions and investment committee processes, and Stellus Capital will continue to serve as the Company’s external investment adviser. Consummation of the Transaction will result in a change of control of Stellus Capital, which will result in an assignment and corresponding termination of the Investment Advisory Agreement under the 1940 Act. The Board and stockholders will therefore be asked to approve a new investment advisory agreement with Stellus Capital (the “New Investment Advisory Agreement”), the terms of which are expected to remain the same as the Investment Advisory Agreement, other than the initial term of the New Investment Advisory Agreement. Closing of the Transaction is expected to occur mid-2026 and is subject to customary conditions for a transaction of this nature. If approved, the New Investment Advisory Agreement will take effect following the closing of the Transaction.

Stock Repurchase Program

On March 3, 2026, our Board authorized a program for the purpose of repurchasing up to $20,000,000 of our shares of common stock. The shares may be purchased from time to time at prevailing market prices, through open market transactions. The timing and amount of any stock repurchases will depend on the terms and conditions of the repurchase program and no assurances can be given that any common stock, or any particular amount, will be purchased. Unless extended by the Board, the stock repurchase program will terminate on March 12, 2027 and may be modified or terminated at any time for any reason without prior notice. We will retire all such shares of common stock that we purchase in connection with the stock repurchase program immediately.