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Stellus Capital Investment Corporation (NYSE: SCM) has filed a Form N-2 shelf registration that would allow the Business Development Company to issue up to $300 million of securities鈥攊ncluding common and preferred stock, debt, warrants and subscription rights鈥攐n a delayed or continuous basis. The filing keeps the Company qualified under General Instruction A.2 and Rule 415, giving management flexibility to tap capital markets quickly as opportunities arise.

Capital structure & leverage. As of 31 March 2025, SCM had:

• Asset coverage ratio of 234 % (well above the 150 % minimum).
• Senior secured revolving Credit Facility commitment of $315 m (accordion to $350 m) with $221.8 m outstanding; maturity 2028; SOFR +2.50-2.75 % plus CSA.
• $100 m of 4.875 % unsecured notes due 2026.
• $75 m of newly issued 7.250 % unsecured notes due 2030.
• $308.8 m of SBA-guaranteed debentures across two SBIC subsidiaries.

The additional shelf capacity could push leverage higher, but management emphasises compliance with BDC asset-coverage limits and multiple covenants (liquidity 鈮� $10 m, interest coverage 鈮� 1.75脳, etc.).

Potential dilution. The board already has shareholder authorisation (through June 2025) to issue common shares below NAV; the prospectus warns that such issuances would dilute existing holders and may pressure the market price. NAV was $13.25 at 31 Mar 2025 versus a market price of $13.81 on 12 Jun 2025 (4.2 % premium).

Investment strategy. SCM originates first-lien, unitranche, second-lien and unsecured loans to lower-middle-market private companies with $5-50 m EBITDA, often alongside equity co-investments. These loans are typically unrated and would likely be considered 鈥渏unk鈥� if rated. The adviser, Stellus Capital Management, may co-invest alongside affiliated funds under a 2022 SEC exemptive order.

Distribution profile. SCM pays monthly dividends of $0.1333 per share ($1.60 annualised), supports a dividend reinvestment plan (opt-out), and intends to maintain RIC status by distributing 鈮� 90 % of taxable income.

Use of proceeds. Net proceeds from any future offerings will be used for portfolio investments, debt repayment, and general corporate purposes; management targets deployment within three to six months while parking cash in short-term instruments pending investment.