Stellus Capital Investment Corp 2025年度报告

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of RegulationS-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant as of June30, 2025 was$371,895,297. The number of shares of the issuer’s Common Stock, $0.001 par value per share, outstanding as of March 11, 2026 was28,947,254. Documents Incorporated by Reference Portions of the registrant’s definitive Proxy Statement relating to the registrant’s 2026 Annual Meeting of Stockholders, to befiled with the Securities and Exchange Commission within 120days following the end of the registrant’s fiscalyear, are incorporatedby reference in PartIII of this Annual Report on Form10-K as indicated herein. STELLUS CAPITAL INVESTMENT CORPORATION FORM10-K FOR THE FISCALYEARENDED DECEMBER 31, 2025TABLE OF CONTENTS PART I.ITEM 1. BUSINESS1ITEM1A.RISK FACTORS34ITEM1B.UNRESOLVED STAFF COMMENTS68ITEM1C.CYBERSECURITY68ITEM 2. PROPERTIES69ITEM 3. LEGAL PROCEEDINGS69ITEM 4. MINE SAFETY DISCLOSURES69PART II.ITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDERMATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES70ITEM 6.[RESERVED]74ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS75ITEM7A.QUANTITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK96ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA98ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTINGAND FINANCIAL DISCLOSURE181ITEM9A.CONTROLS AND PROCEDURES181ITEM9B.OTHER INFORMATION182ITEM9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTINSPECTIONS183PART IIIITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE184ITEM 11.EXECUTIVE COMPENSATION184ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS ANDMANAGEMENT AND RELATED STOCKHOLDER MATTERS184ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORINDEPENDENCE184ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES184PART IVITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES185ITEM 16.FORM 10-K SUMMARY189SIGNATURES190 PARTI Item1.Business Except as otherwise indicated, the terms “we,” “us,” “our,” and the “Company” refer to StellusCapital Investment Corporation; and “Stellus Capital Management,” the “Advisor” or the“Administrator” refer to our investment adviser and administrator, Stellus Capital Management,LLC. General We are an externally managed, closed-end, non-diversified management investment company that haselected to be regulated as a business development company (“BDC”) under the Investment Company Actof 1940, as amended (the “1940 Act”). We were organized as a Maryl