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DISTRIBUTIONS

12 Months Ended

Dec. 31, 2024

NOTE 3 — DISTRIBUTIONS

Distributions are generally declared by the Company’s Board each calendar quarter and recognized as distribution liabilities on the declaration date. The stockholder distributions, if any, are determined by the Board. Any distribution to stockholders will be declared out of assets legally available for distribution. The Company has declared distributions of $16.55 per share on its common stock from Inception through December 31, 2024.

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
January 13, 2024	January 31, 2024	February 15, 2024	$	0.1333
January 13, 2024	February 29, 2024	March 15, 2024	$	0.1333
January 13, 2024	March 29, 2024	April 15, 2024	$	0.1333
April 3, 2024	April 30, 2024	May 15, 2024	$	0.1333
April 3, 2024	May 31, 2024	June 14, 2024	$	0.1333
April 3, 2024	June 28, 2024	July 15, 2024	$	0.1333
July 10, 2024	July 31, 2024	August 15, 2024	$	0.1333
July 10, 2024	August 30, 2024	September 13, 2024	$	0.1333
July 10, 2024	September 30, 2024	October 15, 2024	$	0.1333
October 10, 2024	October 31, 2024	November 15, 2024	$	0.1333
October 10, 2024	November 29, 2024	December 13, 2024	$	0.1333
October 10, 2024	December 31, 2024	January 15, 2025	$	0.1333
Total			$	16.55

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, 2024 and December 31, 2023.