Stellus Capital Investment Corp 10-K

Item 8. Financial Statements and Supplementary Data Index to Financial Statements ​ ​ ​ Page ​ Report of Independent Registered Public Accounting Firm ​ ​ ​ ​ 96 ​ ​ Statements of Assets and Liabilities as of December 31, 2020 and December 31, 2019 ​ ​ ​ ​ 98 ​ ​ Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ​ ​ ​ ​ 99 ​ ​ Statements of Changes in Net Assets for the years ended December 31, 2020, 2019, and 2018 ​ ​ ​ ​ 100 ​ ​ Statements of Cash Flows for the years ended December 31, 2020, 2019, and 2018 ​ ​ ​ ​ 101 ​ ​ Schedule of Investments as of December 31, 2020 and December 31, 2019 ​ ​ ​ ​ 103 ​ ​ Notes to Financial Statements ​ ​ ​ ​ 119 ​ ​ 95 TABLE OF CONTENTS ​ REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Stockholders Stellus Capital Investment Corporation Opinion on the financial statements We have audited the accompanying consolidated statements of assets and liabilities of Stellus Capital Investment Corporation (a Maryland corporation) and subsidiaries (the “Company”), including the consolidated schedule of investments as of December 31, 2020 and 2019, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”) and financial highlights for each of the five years in the period ended December 31, 2020. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America. Basis for opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical audit matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Fair Value of Investments As described further in Note 6 to the financial statements, the Company has investments in portfolio companies with a fair value of $653,424,495. Investment values are based on prices or valuation techniques that require inputs that are significant and unobservable. The determination of fair value also requires management judgement. As such, we identified fair value of investments as a critical audit matter. The principal considerations for our determination that the fair value of investments is a critical audit matter are that the assets are valued using unobservable inputs, which are considered level 3 in nature under the valuation hierarchy of US GAAP. In addition, valuation is material to the financial statements, and 96 TABLE OF CONTENTS there is a high level of judgement in determining the fair value. As a result, obtaining sufficient appropriate audit evidence related to the fair value measurement required significant auditor judgement. Our audit procedures related to the fair value of investments included the following, among others. • Testing the design and operating effectiveness of relevant controls over management’s process relating to the fair value measurement of investments. ​ • With the assistance of internal valuation specialists to evaluate and test management’s process to develop valuation estimates, we performed audit procedures to determine that the data, methods, and assumptions used to determine investment fair value was reasonable. We also tested the mathematical accuracy of investment valuations. Certain key inputs/assumptions tested by us included the following: ​ • Discount rate ​ • Credit yields ​ • Market multiples, ​ • Revenue and EBITDA multiples ​ • Weighting between valuation techniques, ​ • In testing the inputs/assumptions above, we considered available third-party market information, current economic conditions, and client specific source information. ​ /s/ GRANT THORNTON LLP We have served as the Company’s auditor since 2012. Dallas, Texas March 4, 2021 97 TABLE OF CONTENTS ​ PART I — FINANCIAL INFORMATION STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-controlled, non-affiliated investments, at fair value (amortized cost of $658,628,966 and $642,707,824, respectively) ​ ​ ​ $ 653,424,495 ​ ​ ​ ​ $ 628,948,077 ​ ​ Cash and cash equivalents ​ ​ ​ ​ 18,477,602 ​ ​ ​ ​ ​ 16,133,315 ​ ​ Receivable for sales and repayments of investments ​ ​ ​ ​ 215,929 ​ ​ ​ ​ ​ 123,409 ​ ​ Interest receivable ​ ​ ​ ​ 2,189,448 ​ ​ ​ ​ ​ 2,914,710 ​ ​ Other receivables ​ ​ ​ ​ 25,495 ​ ​ ​ ​ ​ 25,495 ​ ​ Deferred offering costs ​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ — ​ ​ Prepaid expenses ​ ​ ​ ​ 487,188 ​ ​ ​ ​ ​ 368,221 ​ ​ Total Assets ​ ​ ​ $ 674,910,157 ​ ​ ​ ​ $ 648,513,227 ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable ​ ​ ​ $ 48,307,518 ​ ​ ​ ​ $ 47,974,202 ​ ​ Credit facility payable ​ ​ ​ ​ 171,728,405 ​ ​ ​ ​ ​ 160,510,633 ​ ​ SBA-guaranteed debentures ​ ​ ​ ​ 173,167,496 ​ ​ ​ ​ ​ 157,543,853 ​ ​ Dividends payable ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,167,630 ​ ​ Management fees payable ​ ​ ​ ​ 2,825,322 ​ ​ ​ ​ ​ 2,695,780 ​ ​ Income incentive fees payable ​ ​ ​ ​ 681,660 ​ ​ ​ ​ ​ 1,618,509 ​ ​ Capital gains incentive fees payable ​ ​ ​ ​ 521,021 ​ ​ ​ ​ ​ 880,913 ​ ​ Interest payable ​ ​ ​ ​ 2,144,085 ​ ​ ​ ​ ​ 2,322,314 ​ ​ Unearned revenue ​ ​ ​ ​ 523,424 ​ ​ ​ ​ ​ 559,768 ​ ​ Administrative services payable ​ ​ ​ ​ 391,491 ​ ​ ​ ​ ​ 413,278 ​ ​ Deferred tax liability ​ ​ ​ ​ 359,590 ​ ​ ​ ​ ​ 134,713 ​ ​ Income tax payable ​ ​ ​ ​ 724,765 ​ ​ ​ ​ ​ 917,000 ​ ​ Other accrued expenses and liabilities ​ ​ ​ ​ 174,731 ​ ​ ​ ​ ​ 203,461 ​ ​ Total Liabilities ​ ​ ​ $ 401,549,508 ​ ​ ​ ​ $ 377,942,054 ​ ​ Commitments and contingencies (Note 7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Assets ​ ​ ​ $ 273,360,649 ​ ​ ​ ​ $ 270,571,173 ​ ​ NET ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock, par value $0.001 per share (100,000,000 shares authorized; 19,486,003 and 19,131,746 issued and outstanding, respectively) ​ ​ ​ $ 19,486 ​ ​ ​ ​ $ 19,132 ​ ​ Paid-in capital ​ ​ ​ ​ 276,026,667 ​ ​ ​ ​ ​ 272,117,091 ​ ​ Accumulated undistributed deficit ​ ​ ​ ​ (2,685,504 ) ​ ​ ​ ​ ​ (1,565,050 ) ​ ​ Net Assets ​ ​ ​ $ 273,360,649 ​ ​ ​ ​ $ 270,571,173 ​ ​ Total Liabilities and Net Assets ​ ​ ​ $ 674,910,157 ​ ​ ​ ​ $ 648,513,227 ​ ​ Net Asset Value Per Share ​ ​ ​ $ 14.03 ​ ​ ​ ​ $ 14.14 ​ ​ 98 TABLE OF CONTENTS ​ STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS ​ ​ ​ For the year ended December 31, 2020 ​ ​ For the year ended December 31, 2019 ​ ​ For the year ended December 31, 2018 ​ INVESTMENT INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ ​ $ 55,350,781 ​ ​ ​ ​ $ 56,895,990 ​ ​ ​ ​ $ 51,463,033 ​ ​ Other income ​ ​ ​ ​ 1,307,533 ​ ​ ​ ​ ​ 2,015,899 ​ ​ ​ ​ ​ 1,803,305 ​ ​ Total Investment Income ​ ​ ​ $ 56,658,314 ​ ​ ​ ​ $ 58,911,889 ​ ​ ​ ​ $ 53,266,338 ​ ​ OPERATING EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ ​ ​ $ 11,084,450 ​ ​ ​ ​ $ 9,703,706 ​ ​ ​ ​ $ 8,154,842 ​ ​ Valuation fees ​ ​ ​ ​ 290,445 ​ ​ ​ ​ ​ 265,103 ​ ​ ​ ​ ​ 307,838 ​ ​ Administrative services expenses ​ ​ ​ ​ 1,781,603 ​ ​ ​ ​ ​ 1,691,764 ​ ​ ​ ​ ​ 1,390,375 ​ ​ Income incentive fees ​ ​ ​ ​ 2,527,813 ​ ​ ​ ​ ​ 5,809,672 ​ ​ ​ ​ ​ 5,529,376 ​ ​ Capital gains incentive (reversal) fees ​ ​ ​ ​ (359,892 ) ​ ​ ​ ​ ​ 799,876 ​ ​ ​ ​ ​ 81,038 ​ ​ Professional fees ​ ​ ​ ​ 950,716 ​ ​ ​ ​ ​ 1,040,011 ​ ​ ​ ​ ​ 1,189,071 ​ ​ Directors’ fees ​ ​ ​ ​ 394,816 ​ ​ ​ ​ ​ 383,000 ​ ​ ​ ​ ​ 317,000 ​ ​ Insurance expense ​ ​ ​ ​ 384,774 ​ ​ ​ ​ ​ 352,382 ​ ​ ​ ​ ​ 348,500 ​ ​ Interest expense and other fees ​ ​ ​ ​ 15,950,087 ​ ​ ​ ​ ​ 14,976,024 ​ ​ ​ ​ ​ 12,338,755 ​ ​ Income tax expense ​ ​ ​ ​ 771,134 ​ ​ ​ ​ ​ 903,905 ​ ​ ​ ​ ​ 275,106 ​ ​ Other general and administrative expenses ​ ​ ​ ​ 890,465 ​ ​ ​ ​ ​ 547,637 ​ ​ ​ ​ ​ 697,900 ​ ​ Total Operating Expenses ​ ​ ​ $ 34,666,411 ​ ​ ​ ​ $ 36,473,080 ​ ​ ​ ​ $ 30,629,801 ​ ​ Net Investment Income ​ ​ ​ $ 21,991,903 ​ ​ ​ ​ $ 22,438,809 ​ ​ ​ ​ $ 22,636,537 ​ ​ Net realized (loss) gain on non-controlled, non-affiliated investments ​ ​ ​ $ (10,129,859 ) ​ ​ ​ ​ $ 19,565,903 ​ ​ ​ ​ $ 5,540,518 ​ ​ Tax provision on realized gain on investment ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (267,975 ) ​ ​ Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated investments ​ ​ ​ $ 8,555,274 ​ ​ ​ ​ $ (15,501,951 ) ​ ​ ​ ​ $ (1,706,549 ) ​ ​ Net change in unrealized appreciation on non-controlled, affiliated investments ​ ​ ​ $ — ​ ​ ​ ​ $ 2,185 ​ ​ ​ ​ $ 60,000 ​ ​ Provision for taxes on net unrealized gain on investments ​ ​ ​ $ (224,877 ) ​ ​ ​ ​ $ (66,760 ) ​ ​ ​ ​ $ (67,953 ) ​ ​ Net Increase in Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Resulting from Operations ​ ​ ​ $ 20,192,441 ​ ​ ​ ​ $ 26,438,186 ​ ​ ​ ​ $ 26,194,578 ​ ​ Net Investment Income Per Share ​ ​ ​ $ 1.13 ​ ​ ​ ​ $ 1.23 ​ ​ ​ ​ $ 1.42 ​ ​ Net Increase in Net Assets Resulting from Operations Per Share ​ ​ ​ $ 1.04 ​ ​ ​ ​ $ 1.45 ​ ​ ​ ​ $ 1.64 ​ ​ Weighted Average Shares of Common Stock Outstanding ​ ​ ​ ​ 19,471,500 ​ ​ ​ ​ ​ 18,275,696 ​ ​ ​ ​ ​ 15,953,571 ​ ​ Distributions Per Share ​ ​ ​ $ 1.15 ​ ​ ​ ​ $ 1.36 ​ ​ ​ ​ $ 1.36 ​ ​ 99 TABLE OF CONTENTS ​ STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS ​ ​ ​ For the year ended December 31, 2020 ​ ​ For the year ended December 31, 2019 ​ ​ For the year ended December 31, 2018 ​ Increase in Net Assets Resulting from Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment income ​ ​ ​ $ 21,991,903 ​ ​ ​ ​ $ 22,438,809 ​ ​ ​ ​ $ 22,636,537 ​ ​ Net realized (loss) gain on non-controlled, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ non-affiliated investments ​ ​ ​ ​ (10,129,859 ) ​ ​ ​ ​ ​ 19,565,903 ​ ​ ​ ​ ​ 5,540,518 ​ ​ Tax provision on realized gain on investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (267,975 ) ​ ​ Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated investments ​ ​ ​ ​ 8,555,274 ​ ​ ​ ​ ​ (15,501,951 ) ​ ​ ​ ​ ​ (1,706,549 ) ​ ​ Net change in unrealized appreciation on ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ non-controlled, affiliated investments ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,185 ​ ​ ​ ​ ​ 60,000 ​ ​ Provision for taxes on unrealized appreciation on investments ​ ​ ​ ​ (224,877 ) ​ ​ ​ ​ ​ (66,760 ) ​ ​ ​ ​ ​ (67,953 ) ​ ​ Net Increase in Net Assets Resulting from Operations ​ ​ ​ $ 20,192,441 ​ ​ ​ ​ $ 26,438,186 ​ ​ ​ ​ $ 26,194,578 ​ ​ Stockholder Distributions From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment income ​ ​ ​ $ (22,402,959 ) ​ ​ ​ ​ $ (10,000,000 ) ​ ​ ​ ​ $ (16,418,007 ) ​ ​ Net realized capital gains ​ ​ ​ ​ — ​ ​ ​ ​ ​ (15,038,173 ) ​ ​ ​ ​ ​ (5,272,543 ) ​ ​ Total Distributions ​ ​ ​ $ (22,402,959 ) ​ ​ ​ ​ $ (25,038,173 ) ​ ​ ​ ​ $ (21,690,550 ) ​ ​ Capital Share Transactions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of common stock ​ ​ ​ $ 5,023,937 ​ ​ ​ ​ $ 45,862,239 ​ ​ ​ ​ $ 94,788 ​ ​ Sales load ​ ​ ​ ​ (18,169 ) ​ ​ ​ ​ ​ (1,015,127 ) ​ ​ ​ ​ ​ — ​ ​ Offering costs ​ ​ ​ ​ (5,681 ) ​ ​ ​ ​ ​ (521,715 ) ​ ​ ​ ​ ​ — ​ ​ Partial share transactions ​ ​ ​ ​ (94 ) ​ ​ ​ ​ ​ 755 ​ ​ ​ ​ ​ (1,051 ) ​ ​ Net Increase in Net Assets Resulting From ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital Share Transactions ​ ​ ​ $ 4,999,993 ​ ​ ​ ​ $ 44,326,153 ​ ​ ​ ​ $ 93,737 ​ ​ Total Increase in Net Assets ​ ​ ​ $ 2,789,476 ​ ​ ​ ​ $ 45,726,166 ​ ​ ​ ​ $ 4,597,765 ​ ​ Net Assets at Beginning of Period ​ ​ ​ $ 270,571,173 ​ ​ ​ ​ $ 224,845,007 ​ ​ ​ ​ $ 220,247,242 ​ ​ Net Assets at End of Period ​ ​ ​ $ 273,360,649 ​ ​ ​ ​ $ 270,571,173 ​ ​ ​ ​ $ 224,845,007 ​ ​ 100 TABLE OF CONTENTS ​ STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS ​ ​ ​ For the year ended December 31, 2020 ​ ​ December 31, 2019 ​ ​ For the year ended December 31, 2018 ​ Cash flows from operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net increase in net assets resulting from operations ​ ​ ​ $ 20,192,441 ​ ​ ​ ​ $ 26,438,186 ​ ​ ​ ​ $ 26,194,578 ​ ​ Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases of investments ​ ​ ​ ​ (152,007,165 ) ​ ​ ​ ​ ​ (246,438,384 ) ​ ​ ​ ​ ​ (272,927,459 ) ​ ​ Proceeds from sales and repayments of investments ​ ​ ​ ​ 128,627,422 ​ ​ ​ ​ ​ 128,206,318 ​ ​ ​ ​ ​ 147,528,448 ​ ​ Net change in unrealized (appreciation) depreciation on investments ​ ​ ​ ​ (8,555,274 ) ​ ​ ​ ​ ​ 15,499,766 ​ ​ ​ ​ ​ 1,646,549 ​ ​ Increase in investments due to PIK ​ ​ ​ ​ (664,992 ) ​ ​ ​ ​ ​ (415,933 ) ​ ​ ​ ​ ​ (1,869,905 ) ​ ​ Amortization of premium and accretion of discount, net ​ ​ ​ ​ (2,098,788 ) ​ ​ ​ ​ ​ (1,774,469 ) ​ ​ ​ ​ ​ (1,553,333 ) ​ ​ Deferred tax provision ​ ​ ​ ​ 224,877 ​ ​ ​ ​ ​ 66,760 ​ ​ ​ ​ ​ 67,953 ​ ​ Amortization of loan structure fees ​ ​ ​ ​ 647,872 ​ ​ ​ ​ ​ 519,995 ​ ​ ​ ​ ​ 456,151 ​ ​ Amortization of deferred financing costs ​ ​ ​ ​ 333,316 ​ ​ ​ ​ ​ 332,407 ​ ​ ​ ​ ​ 335,309 ​ ​ Amortization of loan fees on SBA-guaranteed debentures ​ ​ ​ ​ 701,068 ​ ​ ​ ​ ​ 623,900 ​ ​ ​ ​ ​ 623,989 ​ ​ Net realized loss (gain) on investments ​ ​ ​ ​ 10,129,859 ​ ​ ​ ​ ​ (19,565,903 ) ​ ​ ​ ​ ​ (5,540,518 ) ​ ​ Changes in other assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Decrease (increase) in interest receivable ​ ​ ​ ​ 725,262 ​ ​ ​ ​ ​ 873,974 ​ ​ ​ ​ ​ (866,480 ) ​ ​ Decrease (increase) in other receivable ​ ​ ​ ​ — ​ ​ ​ ​ ​ 59,751 ​ ​ ​ ​ ​ (85,246 ) ​ ​ (Increase) decrease in prepaid expenses ​ ​ ​ ​ (118,967 ) ​ ​ ​ ​ ​ (23,600 ) ​ ​ ​ ​ ​ 16,649 ​ ​ Increase in management fees payable ​ ​ ​ ​ 129,542 ​ ​ ​ ​ ​ 511,805 ​ ​ ​ ​ ​ 562,383 ​ ​ (Decrease) increase in incentive fees payable ​ ​ ​ ​ (936,849 ) ​ ​ ​ ​ ​ (318,029 ) ​ ​ ​ ​ ​ 1,564,891 ​ ​ (Decrease) increase in capital gains incentive fees payable ​ ​ ​ ​ (359,892 ) ​ ​ ​ ​ ​ 799,875 ​ ​ ​ ​ ​ 81,038 ​ ​ (Decrease) increase in administrative services payable ​ ​ ​ ​ (21,787 ) ​ ​ ​ ​ ​ 21,087 ​ ​ ​ ​ ​ 65,158 ​ ​ (Decrease) increase in interest payable ​ ​ ​ ​ (178,229 ) ​ ​ ​ ​ ​ 458,748 ​ ​ ​ ​ ​ 842,393 ​ ​ (Decrease) Increase in unearned revenue ​ ​ ​ ​ (36,344 ) ​ ​ ​ ​ ​ 149,175 ​ ​ ​ ​ ​ 271,289 ​ ​ (Decrease) increase in income tax payable ​ ​ ​ ​ (192,235 ) ​ ​ ​ ​ ​ 600,908 ​ ​ ​ ​ ​ 316,092 ​ ​ (Decrease) increase in other accrued expenses and liabilities ​ ​ ​ ​ (28,730 ) ​ ​ ​ ​ ​ 87,559 ​ ​ ​ ​ ​ (152,511 ) ​ ​ Net Cash Used In Operating Activities ​ ​ ​ $ (3,487,593 ) ​ ​ ​ ​ $ (93,286,104 ) ​ ​ ​ ​ $ (102,422,582 ) ​ ​ Cash flows from Financing Activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from the issuance of common stock ​ ​ ​ $ 4,794,994 ​ ​ ​ ​ $ 45,862,239 ​ ​ ​ ​ $ — ​ ​ Sales load for common stock issued ​ ​ ​ ​ (18,169 ) ​ ​ ​ ​ ​ (1,015,127 ) ​ ​ ​ ​ ​ — ​ ​ Offering costs paid for common stock ​ ​ ​ ​ (95,681 ) ​ ​ ​ ​ ​ (503,042 ) ​ ​ ​ ​ ​ (18,673 ) ​ ​ Stockholder distributions paid ​ ​ ​ ​ (24,341,646 ) ​ ​ ​ ​ ​ (24,678,113 ) ​ ​ ​ ​ ​ (21,594,863 ) ​ ​ 101 TABLE OF CONTENTS ​ ​ ​ For the year ended December 31, 2020 ​ ​ December 31, 2019 ​ ​ For the year ended December 31, 2018 ​ Proceeds from SBA-guaranteed debentures ​ ​ ​ ​ 15,500,000 ​ ​ ​ ​ ​ 11,000,000 ​ ​ ​ ​ ​ 60,000,000 ​ ​ Financing costs paid on SBA-guaranteed debentures ​ ​ ​ ​ (577,425 ) ​ ​ ​ ​ ​ (467,850 ) ​ ​ ​ ​ ​ (2,055,000 ) ​ ​ Borrowings under Credit Facility ​ ​ ​ ​ 120,950,000 ​ ​ ​ ​ ​ 245,750,000 ​ ​ ​ ​ ​ 246,300,000 ​ ​ Repayments of Credit Facility ​ ​ ​ ​ (108,500,000 ) ​ ​ ​ ​ ​ (183,750,000 ) ​ ​ ​ ​ ​ (187,500,000 ) ​ ​ Financing costs paid on Credit facility ​ ​ ​ ​ (1,880,099 ) ​ ​ ​ ​ ​ (246,589 ) ​ ​ ​ ​ ​ (351,403 ) ​ ​ Partial share transactions ​ ​ ​ ​ (94 ) ​ ​ ​ ​ ​ 755 ​ ​ ​ ​ ​ (1,051 ) ​ ​ Net Cash Provided by Financing Activities ​ ​ ​ $ 5,831,880 ​ ​ ​ ​ $ 91,952,273 ​ ​ ​ ​ $ 94,779,010 ​ ​ Net Increase in Cash and Cash Equivalents ​ ​ ​ $ 2,344,287 ​ ​ ​ ​ $ (1,333,831 ) ​ ​ ​ ​ $ (7,643,572 ) ​ ​ Cash and cash equivalents balance at beginning of period ​ ​ ​ ​ 16,133,315 ​ ​ ​ ​ ​ 17,467,146 ​ ​ ​ ​ ​ 25,110,718 ​ ​ Cash and Cash Equivalents Balance at End of Period ​ ​ ​ $ 18,477,602 ​ ​ ​ ​ $ 16,133,315 ​ ​ ​ ​ $ 17,467,146 ​ ​ Supplemental and Non-Cash Activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for interest expense ​ ​ ​ $ 14,441,061 ​ ​ ​ ​ $ 13,035,976 ​ ​ ​ ​ $ 10,075,913 ​ ​ Excise tax paid ​ ​ ​ ​ 940,000 ​ ​ ​ ​ ​ 280,000 ​ ​ ​ ​ ​ 27,717 ​ ​ Shares issued pursuant to Dividend Reinvestment Plan ​ ​ ​ ​ 228,943 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 94,788 ​ ​ (Decrease) increase in dividends payable ​ ​ ​ ​ (2,167,630 ) ​ ​ ​ ​ ​ 360,060 ​ ​ ​ ​ ​ 899 ​ ​ Increase (decrease) in deferred offering costs ​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ (18,673 ) ​ ​ ​ ​ ​ 18,673 ​ ​ 102 TABLE OF CONTENTS ​ Stellus Capital Investment Corporation Consolidated Schedule of Investments December 31, 2020 Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ Non-controlled, non-affiliated investments ​ ​ (2)(9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adams Publishing Group, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greenville, TN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 1M L+7.00% ​ ​ ​ ​ 1.75 % ​ ​ ​ ​ ​ 8.75 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/3/2018 ​ ​ ​ ​ ​ 6/30/2023 ​ ​ ​ Media: Advertising, Printing & Publishing ​ ​ $4,990,080 ​ ​ ​ ​ 4,962,046 ​ ​ ​ ​ ​ 4,990,080 ​ ​ ​ ​ ​ 1.83 % ​ ​ Delayed Draw Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 1M L+7.00% ​ ​ ​ ​ 1.75 % ​ ​ ​ ​ ​ 8.75 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/3/2018 ​ ​ ​ ​ ​ 6/30/2023 ​ ​ ​ ​ ​ ​ $162,106 ​ ​ ​ ​ 162,106 ​ ​ ​ ​ ​ 162,106 ​ ​ ​ ​ ​ 0.06 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,124,152 ​ ​ ​ ​ $ 5,152,186 ​ ​ ​ ​ ​ 1.89 % ​ ​ Advanced Barrier Extrusions, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rhinelander, WI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 1M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.50 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/30/2020 ​ ​ ​ ​ ​ 11/30/2026 ​ ​ ​ Containers, Packaging & Glass ​ ​ $17,500,000 ​ ​ ​ ​ 17,153,813 ​ ​ ​ ​ ​ 17,150,000 ​ ​ ​ ​ ​ 6.27 % ​ ​ GP ABX Holdings Partnership, L.P. Common Stock ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/8/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 644,737 units ​ ​ ​ ​ 700,000 ​ ​ ​ ​ ​ 740,000 ​ ​ ​ ​ ​ 0.27 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,853,813 ​ ​ ​ ​ $ 17,890,000 ​ ​ ​ ​ ​ 6.54 % ​ ​ APE Holdings, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deer Park, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/5/2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ Chemicals, Plastics, & Rubber ​ ​ 375,000 units ​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 0.03 % ​ ​ Atmosphere Aggregator Holdings II, LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Atlanta, GA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/26/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ Services: Business ​ ​ 254,250 units ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 1,350,000 ​ ​ ​ ​ ​ 0.49 % ​ ​ Stratose Aggregator Holdings, LP Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/30/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 750,000 units ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 3,970,000 ​ ​ ​ ​ ​ 1.45 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 5,320,000 ​ ​ ​ ​ ​ 1.94 % ​ ​ ASC Communications, LLC ​ ​ (17) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chicago, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 1M L+5.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 6.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/29/2017 ​ ​ ​ ​ ​ 6/29/2023 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $4,058,642 ​ ​ ​ ​ 4,044,314 ​ ​ ​ ​ ​ 3,896,296 ​ ​ ​ ​ ​ 1.43 % ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 1M L+5.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 6.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/4/2019 ​ ​ ​ ​ ​ 6/29/2023 ​ ​ ​ ​ ​ ​ $6,899,691 ​ ​ ​ ​ 6,847,391 ​ ​ ​ ​ ​ 6,623,704 ​ ​ ​ ​ ​ 2.42 % ​ ​ ASC Communications Holdings, LLC Class A Preferred Units (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/29/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 73,529 shares ​ ​ ​ ​ 58,828 ​ ​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 0.12 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,950,533 ​ ​ ​ ​ $ 10,850,000 ​ ​ ​ ​ ​ 3.97 % ​ ​ BFC Solmetex, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nashville, TN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolver ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+8.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.50 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/2/2018 ​ ​ ​ ​ ​ 9/26/2023 ​ ​ ​ Environmental Industries ​ ​ $2,139,364 ​ ​ ​ ​ 2,139,364 ​ ​ ​ ​ ​ 2,139,364 ​ ​ ​ ​ ​ 0.78 % ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 3M L+8.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.50 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/2/2018 ​ ​ ​ ​ ​ 9/26/2023 ​ ​ ​ ​ ​ ​ $11,474,603 ​ ​ ​ ​ 11,384,927 ​ ​ ​ ​ ​ 11,474,603 ​ ​ ​ ​ ​ 4.20 % ​ ​ Bonded Filter Co. LLC, Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 3M L+8.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.50 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/2/2018 ​ ​ ​ ​ ​ 9/26/2023 ​ ​ ​ ​ ​ ​ $1,193,460 ​ ​ ​ ​ 1,184,133 ​ ​ ​ ​ ​ 1,193,460 ​ ​ ​ ​ ​ 0.44 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,708,424 ​ ​ ​ ​ $ 14,807,427 ​ ​ ​ ​ ​ 5.42 % ​ ​ BW DME Acquisition, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tempe, AZ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(13)(22) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.58 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/24/2017 ​ ​ ​ ​ ​ 8/24/2022 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $16,695,804 ​ ​ ​ ​ 16,496,876 ​ ​ ​ ​ ​ 16,695,804 ​ ​ ​ ​ ​ 6.11 % ​ ​ BW DME Holdings, LLC, Term Loan ​ ​ (6) ​ ​ ​ Unsecured ​ ​ 17.50% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17.50 % ​ ​ ​ ​ ​ 6/1/2018 ​ ​ ​ ​ ​ 6/30/2020 ​ ​ ​ ​ ​ ​ $391,063 ​ ​ ​ ​ 391,063 ​ ​ ​ ​ ​ 391,063 ​ ​ ​ ​ ​ 0.14 % ​ ​ BW DME Holdings, LLC Class A-1 Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/24/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,000 shares ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 0.55 % ​ ​ BW DME Holdings, LLC Class A-2 Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/26/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 937,261 shares ​ ​ ​ ​ 937,261 ​ ​ ​ ​ ​ 1,410,000 ​ ​ ​ ​ ​ 0.52 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 18,825,200 ​ ​ ​ ​ $ 19,996,867 ​ ​ ​ ​ ​ 7.32 % ​ ​ Café Valley, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Phoenix, AZ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 1M L+7.00% ​ ​ ​ ​ 1.25 % ​ ​ ​ ​ ​ 8.25 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ 8/28/2024 ​ ​ ​ Beverage, Food, & Tobacco ​ ​ $16,077,381 ​ ​ ​ ​ 15,829,176 ​ ​ ​ ​ ​ 15,675,447 ​ ​ ​ ​ ​ 5.73 % ​ ​ CF Topco LLC, Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,160 shares ​ ​ ​ ​ 916,015 ​ ​ ​ ​ ​ 720,000 ​ ​ ​ ​ ​ 0.26 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,745,191 ​ ​ ​ ​ $ 16,395,447 ​ ​ ​ ​ ​ 5.99 % ​ ​ Colford Capital Holdings, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York, NY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/20/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ ​ 38,893 units ​ ​ ​ ​ 195,036 ​ ​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 0.01 % ​ ​ CommentSold, LLC ​ ​ (8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Huntsville, AL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 1M L+6.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/20/2020 ​ ​ ​ ​ ​ 11/20/2026 ​ ​ ​ High Tech Industries ​ ​ $12,500,000 ​ ​ ​ ​ 12,252,768 ​ ​ ​ ​ ​ 12,252,768 ​ ​ ​ ​ ​ 4.48 % ​ ​ 103 TABLE OF CONTENTS Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ ​ CompleteCase, LLC ​ ​ (21) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Seatlle, WA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC II) ​ ​ (9)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.50 % ​ ​ ​ ​ ​ ​ ​ ​ 12/21/2020 ​ ​ ​ ​ ​ 12/21/2025 ​ ​ ​ Services: Consumer ​ ​ $11,478,261 ​ ​ ​ ​ 11,248,696 ​ ​ ​ ​ ​ 11,248,696 ​ ​ ​ ​ ​ 4.11 % ​ ​ ​ Revolver ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.50 % ​ ​ ​ ​ ​ ​ ​ ​ 12/21/2020 ​ ​ ​ ​ ​ 12/21/2025 ​ ​ ​ ​ ​ ​ $33,333 ​ ​ ​ ​ 33,333 ​ ​ ​ ​ ​ 32,667 ​ ​ ​ ​ ​ 0.01 % ​ ​ ​ CompleteCase Holdings, Inc. Class A Common Units (SBIC II) ​ ​ (4)(9) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/21/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 417 units ​ ​ ​ ​ 5 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0.00 % ​ ​ ​ CompleteCase Holdings, Inc. Series A Preferred Units (SBIC II) ​ ​ (4)(9) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/21/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 522 units ​ ​ ​ ​ 521,734 ​ ​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0.19 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 11,803,768 ​ ​ ​ ​ $ 11,801,363 ​ ​ ​ ​ ​ 4.31 % ​ ​ ​ Convergence Technologies, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indianpolis, IN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.25 % ​ ​ ​ ​ ​ ​ ​ ​ 8/31/2018 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ Services: Business ​ ​ $6,982,143 ​ ​ ​ ​ 6,888,406 ​ ​ ​ ​ ​ 6,982,143 ​ ​ ​ ​ ​ 2.55 % ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.25 % ​ ​ ​ ​ ​ ​ ​ ​ 2/28/2019 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ ​ ​ ​ $1,403,571 ​ ​ ​ ​ 1,383,414 ​ ​ ​ ​ ​ 1,403,571 ​ ​ ​ ​ ​ 0.51 % ​ ​ ​ Term Loan B (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.25 % ​ ​ ​ ​ ​ ​ ​ ​ 8/14/2020 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ ​ ​ ​ $3,740,625 ​ ​ ​ ​ 3,672,274 ​ ​ ​ ​ ​ 3,740,625 ​ ​ ​ ​ ​ 1.37 % ​ ​ ​ Delayed Draw Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.25 % ​ ​ ​ ​ ​ ​ ​ ​ 8/31/2018 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ ​ ​ ​ $5,250,000 ​ ​ ​ ​ 5,250,000 ​ ​ ​ ​ ​ 5,250,000 ​ ​ ​ ​ ​ 1.92 % ​ ​ ​ Tailwind Core Investor, LLC Class A Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/31/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,282 units ​ ​ ​ ​ 547,795 ​ ​ ​ ​ ​ 650,000 ​ ​ ​ ​ ​ 0.24 % ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,741,889 ​ ​ ​ ​ $ 18,026,339 ​ ​ ​ ​ ​ 6.59 % ​ ​ ​ Data Centrum Communications, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Montvale, NJ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+5.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 6.50 % ​ ​ ​ ​ ​ ​ ​ ​ 5/15/2019 ​ ​ ​ ​ ​ 5/15/2024 ​ ​ ​ Media: Advertising, Printing & Publishing ​ ​ $16,006,250 ​ ​ ​ ​ 15,778,905 ​ ​ ​ ​ ​ 15,446,031 ​ ​ ​ ​ ​ 5.65 % ​ ​ ​ Health Monitor Holdings, LLC Seires A Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5/15/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,000 shares ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 0.27 % ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,778,905 ​ ​ ​ ​ $ 16,196,031 ​ ​ ​ ​ ​ 5.92 % ​ ​ ​ Douglas Products Group, LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liberty, MO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/27/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ Chemicals, Plastics, & Rubber ​ ​ 322 shares ​ ​ ​ ​ 139,656 ​ ​ ​ ​ ​ 820,000 ​ ​ ​ ​ ​ 0.30 % ​ ​ ​ DRS Holdings III, Inc. ​ ​ (10) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ St. Louis, MO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 1M L+5.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 6.75 % ​ ​ ​ ​ ​ ​ ​ ​ 11/1/2019 ​ ​ ​ ​ ​ 11/1/2025 ​ ​ ​ Consumer Goods: Durable ​ ​ $9,900,000 ​ ​ ​ ​ 9,816,898 ​ ​ ​ ​ ​ 9,900,000 ​ ​ ​ ​ ​ 3.62 % ​ ​ ​ DTE Enterprises, LLC ​ ​ (18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roselle, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 6M L+8.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 10.00 % ​ ​ ​ ​ ​ ​ ​ ​ 4/13/2018 ​ ​ ​ ​ ​ 4/13/2023 ​ ​ ​ Energy: Oil & Gas ​ ​ $9,323,691 ​ ​ ​ ​ 9,226,943 ​ ​ ​ ​ ​ 8,531,177 ​ ​ ​ ​ ​ 3.12 % ​ ​ ​ DTE Holding Company, LLC Common Shares, Class A-2 ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/13/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 776,316 shares ​ ​ ​ ​ 466,204 ​ ​ ​ ​ ​ 220,000 ​ ​ ​ ​ ​ 0.08 % ​ ​ ​ DTE Holding Company, LLC Preferred Shares, Class AA ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/13/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 723,684 shares ​ ​ ​ ​ 723,684 ​ ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 0.07 % ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,416,831 ​ ​ ​ ​ $ 8,951,177 ​ ​ ​ ​ ​ 3.27 % ​ ​ ​ Elliott Aviation, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Moline, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.75 % ​ ​ ​ ​ ​ 7.75 % ​ ​ ​ ​ ​ ​ ​ ​ 1/31/2020 ​ ​ ​ ​ ​ 1/31/2025 ​ ​ ​ Aerospace & Defense ​ ​ $18,427,500 ​ ​ ​ ​ 18,115,703 ​ ​ ​ ​ ​ 18,151,088 ​ ​ ​ ​ ​ 6.64 % ​ ​ ​ Revolver ​ ​ (3)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.75 % ​ ​ ​ ​ ​ 7.75 % ​ ​ ​ ​ ​ ​ ​ ​ 1/31/2020 ​ ​ ​ ​ ​ 1/31/2025 ​ ​ ​ ​ ​ ​ $450,000 ​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 443,250 ​ ​ ​ ​ ​ 0.16 % ​ ​ ​ SP EA Holdings, LLC Preferred Shares, Class A ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/31/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 900,000 shares ​ ​ ​ ​ 900,000 ​ ​ ​ ​ ​ 560,000 ​ ​ ​ ​ ​ 0.20 % ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 19,465,703 ​ ​ ​ ​ $ 19,154,338 ​ ​ ​ ​ ​ 7.00 % ​ ​ ​ Empirix Holdings I, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Billerica, MA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Shares, Class A ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/1/2013 ​ ​ ​ ​ ​ ​ ​ ​ ​ Software ​ ​ 1,304 shares ​ ​ ​ ​ 1,304,232 ​ ​ ​ ​ ​ 1,760,000 ​ ​ ​ ​ ​ 0.64 % ​ ​ ​ Common Shares, Class B ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/1/2013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,317,406 shares ​ ​ ​ ​ 13,174 ​ ​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 0.01 % ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,317,406 ​ ​ ​ ​ $ 1,780,000 ​ ​ ​ ​ ​ 0.65 % ​ ​ ​ Energy Labs Holding Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/29/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy: Oil & Gas ​ ​ 598 shares ​ ​ ​ ​ 598,182 ​ ​ ​ ​ ​ 1,040,000 ​ ​ ​ ​ ​ 0.38 % ​ ​ ​ Exacta Land Surveyors, LLC ​ ​ (23)(25) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cleveland, OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.25 % ​ ​ ​ ​ ​ ​ ​ ​ 2/8/2019 ​ ​ ​ ​ ​ 2/8/2024 ​ ​ ​ Services: Business ​ ​ $16,714,375 ​ ​ ​ ​ 16,488,364 ​ ​ ​ ​ ​ 16,547,231 ​ ​ ​ ​ ​ 6.05 % ​ ​ ​ SP ELS Holdings LLC, Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/8/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,069,143 shares ​ ​ ​ ​ 1,069,143 ​ ​ ​ ​ ​ 720,000 ​ ​ ​ ​ ​ 0.26 % ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,557,507 ​ ​ ​ ​ $ 17,267,231 ​ ​ ​ ​ ​ 6.31 % ​ ​ ​ EOS Fitness Holdings, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Phoenix, AZ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/30/2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel, Gaming, & Leisure ​ ​ 118 shares ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 0.00 % ​ ​ ​ Class B Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/30/2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,017 shares ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0.00 % ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 10,000 ​ ​ ​ ​ ​ 0.00 % ​ ​ ​ ​ 104 TABLE OF CONTENTS Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ Fast Growing Trees, LLC ​ ​ (16) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Mill, SC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.75 % ​ ​ ​ ​ ​ ​ ​ ​ 2/5/2018 ​ ​ ​ ​ ​ 02/05/23 ​ ​ ​ Retail ​ ​ $14,992,490 ​ ​ ​ ​ 14,850,620 ​ ​ ​ ​ ​ 14,992,490 ​ ​ ​ ​ ​ 5.48 % ​ ​ SP FGT Holdings, LLC, Class A Common ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/5/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,000 shares ​ ​ ​ ​ 983,851 ​ ​ ​ ​ ​ 3,140,000 ​ ​ ​ ​ ​ 1.15 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 15,834,471 ​ ​ ​ ​ $ 18,132,490 ​ ​ ​ ​ ​ 6.63 % ​ ​ FB Topco, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Camden, NJ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (13)(22) ​ ​ ​ First Lien ​ ​ 6M L+6.35% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.52 % ​ ​ ​ ​ ​ ​ ​ ​ 6/27/2018 ​ ​ ​ ​ ​ 4/24/2023 ​ ​ ​ Education ​ ​ $20,550,738 ​ ​ ​ ​ 20,322,696 ​ ​ ​ ​ ​ 20,447,984 ​ ​ ​ ​ ​ 7.48 % ​ ​ Delayed Draw Term Loan ​ ​ (13)(22) ​ ​ ​ First Lien ​ ​ 6M L+6.35% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.55 % ​ ​ ​ ​ ​ ​ ​ ​ 6/27/2018 ​ ​ ​ ​ ​ 4/24/2023 ​ ​ ​ ​ ​ ​ $1,126,758 ​ ​ ​ ​ 1,126,758 ​ ​ ​ ​ ​ 1,121,124 ​ ​ ​ ​ ​ 0.41 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 21,449,454 ​ ​ ​ ​ $ 21,569,108 ​ ​ ​ ​ ​ 7.89 % ​ ​ GK Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cary, NC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (33)(35) ​ ​ ​ Second Lien ​ ​ 3M L+10.25% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ 1/30/2015 ​ ​ ​ ​ ​ 1/20/2022 ​ ​ ​ Education ​ ​ $5,000,000 ​ ​ ​ ​ 4,979,153 ​ ​ ​ ​ ​ 2,925,000 ​ ​ ​ ​ ​ 1.07 % ​ ​ General LED OPCO, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Antonio, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ Second Lien ​ ​ 3M L+9.00% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 10.50 % ​ ​ ​ ​ ​ ​ ​ ​ 5/1/2018 ​ ​ ​ ​ ​ 11/1/2023 ​ ​ ​ Services: Business ​ ​ $4,500,000 ​ ​ ​ ​ 4,447,700 ​ ​ ​ ​ ​ 3,690,000 ​ ​ ​ ​ ​ 1.35 % ​ ​ GS HVAM Intermediate, LLC ​ ​ (34) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carlsbad, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 1M L+5.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 6.75 % ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2019 ​ ​ ​ ​ ​ 10/2/2024 ​ ​ ​ Beverage, Food, & Tobacco ​ ​ $12,895,506 ​ ​ ​ ​ 12,792,753 ​ ​ ​ ​ ​ 12,895,506 ​ ​ ​ ​ ​ 4.72 % ​ ​ HV GS Acquisition, LP Class A Interests ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/29/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,796 shares ​ ​ ​ ​ 1,618,844 ​ ​ ​ ​ ​ 2,460,000 ​ ​ ​ ​ ​ 0.90 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,411,597 ​ ​ ​ ​ $ 15,355,506 ​ ​ ​ ​ ​ 5.62 % ​ ​ Grupo HIMA San Pablo, Inc., et al ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Juan, PR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (27)(35) ​ ​ ​ First Lien ​ ​ 3M L+7.00% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.50 % ​ ​ ​ ​ ​ ​ ​ ​ 2/1/2013 ​ ​ ​ ​ ​ 1/31/2018 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $4,503,720 ​ ​ ​ ​ 4,503,720 ​ ​ ​ ​ ​ 2,589,639 ​ ​ ​ ​ ​ 0.95 % ​ ​ Term Loan ​ ​ (15)(27) ​ ​ ​ Second Lien ​ ​ 13.75% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ 2/1/2013 ​ ​ ​ ​ ​ 7/31/2018 ​ ​ ​ ​ ​ ​ $4,109,524 ​ ​ ​ ​ 4,109,524 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0.00 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,613,244 ​ ​ ​ ​ $ 2,589,639 ​ ​ ​ ​ ​ 0.95 % ​ ​ I2P Holdings, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cleveland, OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A Preferred ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/31/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ Services: Business ​ ​ 750,000 shares ​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 3,160,000 ​ ​ ​ ​ ​ 1.16 % ​ ​ Ian, Evan & Alexander Corporation ​ ​ (36) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reston, VA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 3M L+8.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.50 % ​ ​ ​ ​ ​ ​ ​ ​ 7/31/2020 ​ ​ ​ ​ ​ 7/31/2025 ​ ​ ​ Services: Business ​ ​ $7,140,425 ​ ​ ​ ​ 7,005,287 ​ ​ ​ ​ ​ 7,069,020 ​ ​ ​ ​ ​ 2.59 % ​ ​ EC Defense Holding, Class B Units (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7/31/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20,054 shares ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 690,000 ​ ​ ​ ​ ​ 0.25 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,505,287 ​ ​ ​ ​ $ 7,759,020 ​ ​ ​ ​ ​ 2.84 % ​ ​ ICD Holdings, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Francisco, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Preferred ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/1/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,962 shares ​ ​ ​ ​ 474,182 ​ ​ ​ ​ ​ 2,090,000 ​ ​ ​ ​ ​ 0.76 % ​ ​ Industry Dive, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Washington, D.C. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 1M L+6.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.75 % ​ ​ ​ ​ ​ ​ ​ ​ 7/17/2020 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ Services: Business ​ ​ $7,015,841 ​ ​ ​ ​ 6,887,907 ​ ​ ​ ​ ​ 6,980,762 ​ ​ ​ ​ ​ 2.55 % ​ ​ Revolver ​ ​ (35)(37) ​ ​ ​ First Lien ​ ​ 1M L+6.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.75 % ​ ​ ​ ​ ​ ​ ​ ​ 7/17/2020 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ ​ ​ ​ $50,000 ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 49,750 ​ ​ ​ ​ ​ 0.02 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,937,907 ​ ​ ​ ​ $ 7,030,512 ​ ​ ​ ​ ​ 2.57 % ​ ​ Integrated Oncology Network, LLC ​ ​ (30) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Newport Beach, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+5.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.00 % ​ ​ ​ ​ ​ ​ ​ ​ 7/17/2019 ​ ​ ​ ​ ​ 6/24/2024 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $16,470,413 ​ ​ ​ ​ 16,227,281 ​ ​ ​ ​ ​ 16,470,413 ​ ​ ​ ​ ​ 6.03 % ​ ​ Revolver ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+5.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.00 % ​ ​ ​ ​ ​ ​ ​ ​ 7/17/2019 ​ ​ ​ ​ ​ 6/24/2024 ​ ​ ​ ​ ​ ​ $553,517 ​ ​ ​ ​ 553,517 ​ ​ ​ ​ ​ 553,517 ​ ​ ​ ​ ​ 0.20 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,780,798 ​ ​ ​ ​ $ 17,023,930 ​ ​ ​ ​ ​ 6.23 % ​ ​ Interstate Waste Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amsterdam, OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/30/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental Industries ​ ​ 21,925 shares ​ ​ ​ ​ 946,125 ​ ​ ​ ​ ​ 370,000 ​ ​ ​ ​ ​ 0.14 % ​ ​ Intuitive Health, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plano, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC II) ​ ​ (9)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.50 % ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2019 ​ ​ ​ ​ ​ 10/18/2024 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $5,940,000 ​ ​ ​ ​ 5,844,850 ​ ​ ​ ​ ​ 5,940,000 ​ ​ ​ ​ ​ 2.17 % ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.50 % ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2019 ​ ​ ​ ​ ​ 10/18/2024 ​ ​ ​ ​ ​ ​ $11,385,000 ​ ​ ​ ​ 11,202,629 ​ ​ ​ ​ ​ 11,385,000 ​ ​ ​ ​ ​ 4.16 % ​ ​ Legacy Parent, Inc. Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/30/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 58 shares ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 130,000 ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,172,479 ​ ​ ​ ​ $ 17,455,000 ​ ​ ​ ​ ​ 6.33 % ​ ​ Invincible Boat Company, LLC ​ ​ (28) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Opa Locka, FL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC II) ​ ​ (9)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.00 % ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ 8/28/2025 ​ ​ ​ Consumer Goods: Durable ​ ​ $5,469,818 ​ ​ ​ ​ 5,380,207 ​ ​ ​ ​ ​ 5,469,818 ​ ​ ​ ​ ​ 2.00 % ​ ​ 105 TABLE OF CONTENTS Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.00 % ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ 8/28/2025 ​ ​ ​ ​ ​ ​ $5,925,636 ​ ​ ​ ​ 5,772,336 ​ ​ ​ ​ ​ 5,925,636 ​ ​ ​ ​ ​ 2.17 % ​ ​ Revolver ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.00 % ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ 8/28/2025 ​ ​ ​ ​ ​ ​ $284,091 ​ ​ ​ ​ 284,091 ​ ​ ​ ​ ​ 284,091 ​ ​ ​ ​ ​ ​ ​ ​ Invincible Parent Holdco, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,000 shares ​ ​ ​ ​ 968,105 ​ ​ ​ ​ ​ 620,000 ​ ​ ​ ​ ​ 0.23 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,404,739 ​ ​ ​ ​ $ 12,299,545 ​ ​ ​ ​ ​ 4.40 % ​ ​ J.R. Watkins, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Francisco, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2) ​ ​ ​ First Lien ​ ​ 7.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7.00 % ​ ​ ​ ​ ​ ​ ​ ​ 12/22/2017 ​ ​ ​ ​ ​ 12/22/2022 ​ ​ ​ Consumer Goods: non-durable ​ ​ $12,250,000 ​ ​ ​ ​ 12,139,807 ​ ​ ​ ​ ​ 12,250,000 ​ ​ ​ ​ ​ 4.48 % ​ ​ J.R. Watkins Holdings, Inc. Class A Preferred ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/22/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,133 shares ​ ​ ​ ​ 1,132,576 ​ ​ ​ ​ ​ 680,000 ​ ​ ​ ​ ​ 0.25 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,272,383 ​ ​ ​ ​ $ 12,930,000 ​ ​ ​ ​ ​ 4.73 % ​ ​ Jurassic Acquisiton Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sparks, MD ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+5.50% ​ ​ ​ ​ 0.00 % ​ ​ ​ ​ ​ 5.75 % ​ ​ ​ ​ ​ ​ ​ ​ 12/28/2018 ​ ​ ​ ​ ​ 11/15/2024 ​ ​ ​ Metals & Mining ​ ​ $17,150,000 ​ ​ ​ ​ 16,970,057 ​ ​ ​ ​ ​ 17,064,250 ​ ​ ​ ​ ​ 6.24 % ​ ​ Kelleyamerit Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walnut Creek, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(13)(22) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.89 % ​ ​ ​ ​ ​ ​ ​ ​ 12/24/2020 ​ ​ ​ ​ ​ 12/24/2025 ​ ​ ​ Automotive ​ ​ $9,750,000 ​ ​ ​ ​ 9,557,708 ​ ​ ​ ​ ​ 9,557,708 ​ ​ ​ ​ ​ 3.50 % ​ ​ Term Loan ​ ​ (13)(22) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.89 % ​ ​ ​ ​ ​ ​ ​ ​ 12/24/2020 ​ ​ ​ ​ ​ 12/24/2025 ​ ​ ​ ​ ​ ​ $1,500,000 ​ ​ ​ ​ 1,470,417 ​ ​ ​ ​ ​ 1,470,417 ​ ​ ​ ​ ​ 0.54 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 11,028,125 ​ ​ ​ ​ $ 11,028,125 ​ ​ ​ ​ ​ 4.04 % ​ ​ KidKraft, Inc. ​ ​ (38) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (22)(29) ​ ​ ​ First Lien ​ ​ 3M L+5.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 6.00 % ​ ​ ​ ​ ​ ​ ​ ​ 9/30/2016 ​ ​ ​ ​ ​ 8/15/2022 ​ ​ ​ Consumer Goods: Durable ​ ​ $1,580,487 ​ ​ ​ ​ 1,580,487 ​ ​ ​ ​ ​ 1,580,487 ​ ​ ​ ​ ​ 0.58 % ​ ​ KidKraft Group Holdings, LLC Preferred B Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/3/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,000,000 shares ​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 1.46 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,580,487 ​ ​ ​ ​ $ 5,580,487 ​ ​ ​ ​ ​ 2.04 % ​ ​ Lynx FBO Operating, LLC ​ ​ (31) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.25 % ​ ​ ​ ​ ​ ​ ​ ​ 9/30/2019 ​ ​ ​ ​ ​ 9/30/2024 ​ ​ ​ Aerospace & Defense ​ ​ $13,612,500 ​ ​ ​ ​ 13,397,053 ​ ​ ​ ​ ​ 13,612,500 ​ ​ ​ ​ ​ 4.98 % ​ ​ Lynx FBO Investments, LLC Class A-1 Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/30/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,288 shares ​ ​ ​ ​ 593,480 ​ ​ ​ ​ ​ 690,000 ​ ​ ​ ​ ​ 0.25 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,990,533 ​ ​ ​ ​ $ 14,302,500 ​ ​ ​ ​ ​ 5.23 % ​ ​ Madison Logic, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York, NY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 1M L+7.50% ​ ​ ​ ​ 0.50 % ​ ​ ​ ​ ​ 8.00 % ​ ​ ​ ​ ​ ​ ​ ​ 11/30/2016 ​ ​ ​ ​ ​ 11/30/2021 ​ ​ ​ Media: Broadcasting & Subscription ​ ​ $4,323,985 ​ ​ ​ ​ 4,314,586 ​ ​ ​ ​ ​ 4,323,985 ​ ​ ​ ​ ​ 1.58 % ​ ​ Madison Logic Holdings, Inc. Common Stock (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/30/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,000 shares ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 0.03 % ​ ​ Madison Logic Holdings, Inc. Series A Preferred Stock (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/30/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,500 shares ​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 670,000 ​ ​ ​ ​ ​ 0.25 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,814,586 ​ ​ ​ ​ $ 5,063,985 ​ ​ ​ ​ ​ 1.86 % ​ ​ Mobile Acquisition Holdings, LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Santa Clara, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/1/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ Software ​ ​ 750 units ​ ​ ​ ​ 455,385 ​ ​ ​ ​ ​ 2,650,000 ​ ​ ​ ​ ​ 0.97 % ​ ​ Munch’s Supply, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New Lenox, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.25% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.25 % ​ ​ ​ ​ ​ ​ ​ ​ 4/11/2019 ​ ​ ​ ​ ​ 4/11/2024 ​ ​ ​ Capital Equipment ​ ​ $7,229,111 ​ ​ ​ ​ 7,178,680 ​ ​ ​ ​ ​ 7,229,111 ​ ​ ​ ​ ​ 2.64 % ​ ​ Delayed Draw Term Loan ​ ​ (20)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.25% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.25 % ​ ​ ​ ​ ​ ​ ​ ​ 4/11/2019 ​ ​ ​ ​ ​ 4/11/2024 ​ ​ ​ ​ ​ ​ $649,111 ​ ​ ​ ​ 640,345 ​ ​ ​ ​ ​ 649,111 ​ ​ ​ ​ ​ 0.24 % ​ ​ Cool Supply Holdings, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/11/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 500,000 units ​ ​ ​ ​ 496,362 ​ ​ ​ ​ ​ 710,000 ​ ​ ​ ​ ​ 0.26 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,315,387 ​ ​ ​ ​ $ 8,588,222 ​ ​ ​ ​ ​ 3.14 % ​ ​ National Trench Safety, LLC, et al ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2) ​ ​ ​ Second Lien ​ ​ 11.50% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11.50 % ​ ​ ​ ​ ​ ​ ​ ​ 3/31/2017 ​ ​ ​ ​ ​ 3/31/2022 ​ ​ ​ Construction & Building ​ ​ $10,000,000 ​ ​ ​ ​ 9,946,055 ​ ​ ​ ​ ​ 10,000,000 ​ ​ ​ ​ ​ 3.66 % ​ ​ NTS Investors, LP Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/31/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,335 units ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 0.27 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,446,055 ​ ​ ​ ​ $ 10,750,000 ​ ​ ​ ​ ​ 3.93 % ​ ​ Naumann/Hobbs Material Handling Corporation II, Inc. ​ ​ (32) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Phoenix, AZ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC II) ​ ​ (9)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.25% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.75 % ​ ​ ​ ​ ​ ​ ​ ​ 8/30/2019 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ Services: Business ​ ​ $5,817,693 ​ ​ ​ ​ 5,727,857 ​ ​ ​ ​ ​ 5,817,693 ​ ​ ​ ​ ​ 2.13 % ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.25% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.75 % ​ ​ ​ ​ ​ ​ ​ ​ 8/30/2019 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ ​ ​ ​ $9,225,593 ​ ​ ​ ​ 9,083,133 ​ ​ ​ ​ ​ 9,225,593 ​ ​ ​ ​ ​ 3.37 % ​ ​ CGC NH, Inc. Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/30/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 123 shares ​ ​ ​ ​ 440,758 ​ ​ ​ ​ ​ 570,000 ​ ​ ​ ​ ​ 0.21 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 15,251,748 ​ ​ ​ ​ $ 15,613,286 ​ ​ ​ ​ ​ 5.71 % ​ ​ NGS US Finco, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bradford, PA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ Second Lien ​ ​ 1M L+8.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.50 % ​ ​ ​ ​ ​ ​ ​ ​ 10/1/2018 ​ ​ ​ ​ ​ 4/1/2026 ​ ​ ​ Utilities: Oil & Gas ​ ​ $10,000,000 ​ ​ ​ ​ 9,884,148 ​ ​ ​ ​ ​ 9,900,000 ​ ​ ​ ​ ​ 3.62 % ​ ​ 106 TABLE OF CONTENTS Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ NS412, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ Second Lien ​ ​ 3M L+8.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.50 % ​ ​ ​ ​ ​ ​ ​ ​ 5/6/2019 ​ ​ ​ ​ ​ 11/6/2025 ​ ​ ​ Services: Consumer ​ ​ $7,615,000 ​ ​ ​ ​ 7,492,970 ​ ​ ​ ​ ​ 7,462,700 ​ ​ ​ ​ ​ 2.73 % ​ ​ NS Group Holding Company, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5/6/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 750 shares ​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 550,000 ​ ​ ​ ​ ​ 0.20 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,242,970 ​ ​ ​ ​ $ 8,012,700 ​ ​ ​ ​ ​ 2.93 % ​ ​ NuMet Machining Techniques, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Birmingham, UK ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (5)(35) ​ ​ ​ Second Lien ​ ​ 3M L+9.00% ​ ​ ​ ​ 2.00 % ​ ​ ​ ​ ​ 11.00 % ​ ​ ​ ​ ​ ​ ​ ​ 11/5/2019 ​ ​ ​ ​ ​ 5/5/2026 ​ ​ ​ Aerospace & Defense ​ ​ $11,700,000 ​ ​ ​ ​ 11,495,790 ​ ​ ​ ​ ​ 11,056,500 ​ ​ ​ ​ ​ 4.04 % ​ ​ Bromford Industries Limited Term Loan ​ ​ (5)(35) ​ ​ ​ Second Lien ​ ​ 3M L+9.00% ​ ​ ​ ​ 2.00 % ​ ​ ​ ​ ​ 11.00 % ​ ​ ​ ​ ​ ​ ​ ​ 11/5/2019 ​ ​ ​ ​ ​ 5/5/2026 ​ ​ ​ ​ ​ ​ $7,800,000 ​ ​ ​ ​ 7,663,860 ​ ​ ​ ​ ​ 7,371,000 ​ ​ ​ ​ ​ 2.70 % ​ ​ Bromford Holdings, L.P. Class A Membership Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/5/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,000 shares ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 0.11 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 20,159,650 ​ ​ ​ ​ $ 18,727,500 ​ ​ ​ ​ ​ 6.85 % ​ ​ Nutritional Medicinals, LLC ​ ​ (24) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Centerville, OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.00 % ​ ​ ​ ​ ​ ​ ​ ​ 11/15/2018 ​ ​ ​ ​ ​ 11/15/2023 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $13,270,451 ​ ​ ​ ​ 13,106,025 ​ ​ ​ ​ ​ 13,270,451 ​ ​ ​ ​ ​ 4.85 % ​ ​ Functional Aggregator, LLC Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/15/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12,500 shares ​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,180,000 ​ ​ ​ ​ ​ 0.43 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,356,025 ​ ​ ​ ​ $ 14,450,451 ​ ​ ​ ​ ​ 5.28 % ​ ​ PCP MT Aggregator Holdings, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oak Brook, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common LP Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/29/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ ​ 750,000 shares ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 1,490,000 ​ ​ ​ ​ ​ 0.55 % ​ ​ PCS Software, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shenandoah, Tx ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.25 % ​ ​ ​ ​ ​ ​ ​ ​ 7/1/2019 ​ ​ ​ ​ ​ 7/1/2024 ​ ​ ​ Transportation & Logistics ​ ​ $1,970,000 ​ ​ ​ ​ 1,940,669 ​ ​ ​ ​ ​ 1,970,000 ​ ​ ​ ​ ​ 0.72 % ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.25 % ​ ​ ​ ​ ​ ​ ​ ​ 7/1/2019 ​ ​ ​ ​ ​ 7/1/2024 ​ ​ ​ ​ ​ ​ $15,021,250 ​ ​ ​ ​ 14,797,600 ​ ​ ​ ​ ​ 15,021,250 ​ ​ ​ ​ ​ 5.50 % ​ ​ Delayed Draw Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.25 % ​ ​ ​ ​ ​ ​ ​ ​ 7/1/2019 ​ ​ ​ ​ ​ 7/1/2024 ​ ​ ​ ​ ​ ​ $992,500 ​ ​ ​ ​ 992,500 ​ ​ ​ ​ ​ 992,500 ​ ​ ​ ​ ​ 0.36 % ​ ​ Revolver ​ ​ (35)(11) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.25 % ​ ​ ​ ​ ​ ​ ​ ​ 7/1/2019 ​ ​ ​ ​ ​ 7/1/2024 ​ ​ ​ ​ ​ ​ $571,195 ​ ​ ​ ​ 571,195 ​ ​ ​ ​ ​ 571,195 ​ ​ ​ ​ ​ 0.21 % ​ ​ PCS Software Holdings, LLC Class A Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7/1/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 325,000 shares ​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 0.12 % ​ ​ PCS Software Holdings, LLC Class A-2 Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/12/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 63,312 shares ​ ​ ​ ​ 63,312 ​ ​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 0.02 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 18,690,276 ​ ​ ​ ​ $ 18,944,945 ​ ​ ​ ​ ​ 6.93 % ​ ​ Pioneer Transformers, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franklin, WI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC II) ​ ​ (9)(35) ​ ​ ​ First Lien ​ ​ 6M L+6.00% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.50 % ​ ​ ​ ​ ​ ​ ​ ​ 11/22/2019 ​ ​ ​ ​ ​ 8/16/2024 ​ ​ ​ Capital Equipment ​ ​ $4,937,500 ​ ​ ​ ​ 4,868,043 ​ ​ ​ ​ ​ 4,937,500 ​ ​ ​ ​ ​ 1.81 % ​ ​ Premiere Digital Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Los Angeles, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(13)(22) ​ ​ ​ First Lien ​ ​ 3M L+5.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.24 % ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2018 ​ ​ ​ ​ ​ 10/18/2023 ​ ​ ​ Media: Broadcasting & Subscription ​ ​ $9,992,518 ​ ​ ​ ​ 9,807,217 ​ ​ ​ ​ ​ 9,992,518 ​ ​ ​ ​ ​ 3.66 % ​ ​ Term Loan ​ ​ (13)(22) ​ ​ ​ First Lien ​ ​ 3M L+5.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.24 % ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2018 ​ ​ ​ ​ ​ 10/18/2023 ​ ​ ​ ​ ​ ​ $2,428,772 ​ ​ ​ ​ 2,385,098 ​ ​ ​ ​ ​ 2,428,772 ​ ​ ​ ​ ​ 0.89 % ​ ​ Premiere Digital Holdings, Inc., Common Stock ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,000 shares ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 150,000 ​ ​ ​ ​ ​ 0.05 % ​ ​ Premiere Digital Holdings, Inc., Preferred Stock ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,500 shares ​ ​ ​ ​ 314,550 ​ ​ ​ ​ ​ 1,320,000 ​ ​ ​ ​ ​ 0.48 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,556,865 ​ ​ ​ ​ $ 13,891,290 ​ ​ ​ ​ ​ 5.08 % ​ ​ Protect America, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Austin TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(6)(26)(35) ​ ​ ​ Second Lien ​ ​ 3M L+7.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ 8/30/2017 ​ ​ ​ ​ ​ 10/30/2020 ​ ​ ​ Services: Consumer ​ ​ $17,979,749 ​ ​ ​ ​ 17,979,749 ​ ​ ​ ​ ​ 2,786,861 ​ ​ ​ ​ ​ 1.02 % ​ ​ Sales Benchmark Index, LLC ​ ​ (7)(14) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.75 % ​ ​ ​ ​ ​ 7.75 % ​ ​ ​ ​ ​ ​ ​ ​ 1/7/2020 ​ ​ ​ ​ ​ 1/7/2025 ​ ​ ​ Services: Business ​ ​ $14,315,976 ​ ​ ​ ​ 14,076,964 ​ ​ ​ ​ ​ 14,315,976 ​ ​ ​ ​ ​ 5.24 % ​ ​ SBI Holdings Investments, LLC Class A Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/7/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 66,573 units ​ ​ ​ ​ 665,730 ​ ​ ​ ​ ​ 590,000 ​ ​ ​ ​ ​ 0.22 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,742,694 ​ ​ ​ ​ $ 14,905,976 ​ ​ ​ ​ ​ 5.46 % ​ ​ Skopos Financial, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Irving, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (5) ​ ​ ​ Unsecured ​ ​ 12.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12.00 % ​ ​ ​ ​ ​ ​ ​ ​ 1/31/2014 ​ ​ ​ ​ ​ 1/31/2021 ​ ​ ​ Finance ​ ​ $15,500,000 ​ ​ ​ ​ 15,500,000 ​ ​ ​ ​ ​ 14,415,000 ​ ​ ​ ​ ​ 5.27 % ​ ​ Skopos Financial Group, LLC Series A Preferred Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/31/2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,120,684 units ​ ​ ​ ​ 1,162,544 ​ ​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 0.12 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,662,544 ​ ​ ​ ​ $ 14,735,000 ​ ​ ​ ​ ​ 5.39 % ​ ​ SQAD, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tarrytown, NY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.50 % ​ ​ ​ ​ ​ ​ ​ ​ 12/22/2017 ​ ​ ​ ​ ​ 12/22/2022 ​ ​ ​ Media: Broadcasting & Subscription ​ ​ $14,333,594 ​ ​ ​ ​ 14,299,486 ​ ​ ​ ​ ​ 14,333,594 ​ ​ ​ ​ ​ 5.24 % ​ ​ SQAD Holdco, Inc. Preferred Shares, Series A (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/31/2013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,624 shares ​ ​ ​ ​ 156,001 ​ ​ ​ ​ ​ 1,010,000 ​ ​ ​ ​ ​ 0.37 % ​ ​ 107 TABLE OF CONTENTS Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ SQAD Holdco, Inc. Common Shares (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/31/2013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,800 shares ​ ​ ​ ​ 62,485 ​ ​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 0.04 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,517,972 ​ ​ ​ ​ $ 15,463,594 ​ ​ ​ ​ ​ 5.65 % ​ ​ TechInsights, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ottawa, Ontario ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (5)(13)(22) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.33 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/16/2017 ​ ​ ​ ​ ​ 10/2/2023 ​ ​ ​ High Tech Industries ​ ​ $21,540,925 ​ ​ ​ ​ 21,318,659 ​ ​ ​ ​ ​ 21,540,925 ​ ​ ​ ​ ​ 7.88 % ​ ​ Time Manufacturing Acquisition, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Waco, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (6) ​ ​ ​ Unsecured ​ ​ 11.50% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.75 % ​ ​ ​ ​ ​ 0.75 % ​ ​ ​ ​ ​ 2/3/2017 ​ ​ ​ ​ ​ 8/3/2023 ​ ​ ​ Capital Equipment ​ ​ $6,385,182 ​ ​ ​ ​ 6,321,825 ​ ​ ​ ​ ​ 6,385,182 ​ ​ ​ ​ ​ 2.34 % ​ ​ Time Manufacturing Investments, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/3/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,000 units ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 770,000 ​ ​ ​ ​ ​ 0.28 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,821,825 ​ ​ ​ ​ $ 7,155,182 ​ ​ ​ ​ ​ 2.62 % ​ ​ TFH Reliability, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ Second Lien ​ ​ 3M L+10.75% ​ ​ ​ ​ 0.80 % ​ ​ ​ ​ ​ 11.55 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/21/2016 ​ ​ ​ ​ ​ 9/30/2023 ​ ​ ​ Chemicals, Plastics, & Rubber ​ ​ $5,875,000 ​ ​ ​ ​ 5,837,336 ​ ​ ​ ​ ​ 5,728,125 ​ ​ ​ ​ ​ 2.10 % ​ ​ TFH Reliability Group, LLC Class A-1 Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/29/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 27,129 shares ​ ​ ​ ​ 21,511 ​ ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 0.00 % ​ ​ TFH Reliability Group, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/21/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 250,000 shares ​ ​ ​ ​ 231,521 ​ ​ ​ ​ ​ 170,000 ​ ​ ​ ​ ​ 0.06 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,090,368 ​ ​ ​ ​ $ 5,908,125 ​ ​ ​ ​ ​ 2.16 % ​ ​ U.S. Auto Sales, Inc. et al ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lawrenceville, GA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ USASF Blocker II, LLC Common Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/8/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ ​ 441 units ​ ​ ​ ​ 441,000 ​ ​ ​ ​ ​ 710,000 ​ ​ ​ ​ ​ 0.26 % ​ ​ USASF Blocker III, LLC Series C Preferred Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/13/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 125 units ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 0.07 % ​ ​ USASF Blocker IV, LLC Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5/27/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 110 units ​ ​ ​ ​ 110,000 ​ ​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ 0.07 % ​ ​ USASF Blocker LLC Common Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/8/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,000 units ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 0.00 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 685,000 ​ ​ ​ ​ $ 1,100,000 ​ ​ ​ ​ ​ 0.40 % ​ ​ Venbrook Buyer, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Los Angeles, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(35) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/13/2020 ​ ​ ​ ​ ​ 3/13/2026 ​ ​ ​ Services: Business ​ ​ $13,084,458 ​ ​ ​ ​ 12,851,226 ​ ​ ​ ​ ​ 12,953,614 ​ ​ ​ ​ ​ 4.74 % ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/13/2020 ​ ​ ​ ​ ​ 3/13/2026 ​ ​ ​ ​ ​ ​ $148,875 ​ ​ ​ ​ 146,221 ​ ​ ​ ​ ​ 147,386 ​ ​ ​ ​ ​ 0.05 % ​ ​ Revolver ​ ​ (35) ​ ​ ​ First Lien ​ ​ 6M L+6.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/13/2020 ​ ​ ​ ​ ​ 3/13/2026 ​ ​ ​ ​ ​ ​ $2,222,222 ​ ​ ​ ​ 2,222,222 ​ ​ ​ ​ ​ 2,200,000 ​ ​ ​ ​ ​ 0.80 % ​ ​ Delayed Draw Term Loan ​ ​ (19)(35) ​ ​ ​ First Lien ​ ​ 1M L+6.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/13/2020 ​ ​ ​ ​ ​ 3/13/2026 ​ ​ ​ ​ ​ ​ $1,333,333 ​ ​ ​ ​ 1,320,000 ​ ​ ​ ​ ​ 1,320,000 ​ ​ ​ ​ ​ ​ ​ ​ Venbrook Holdings, LLC Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/13/2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 534,959 shares ​ ​ ​ ​ 531,463 ​ ​ ​ ​ ​ 480,000 ​ ​ ​ ​ ​ 0.18 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,071,132 ​ ​ ​ ​ $ 17,101,000 ​ ​ ​ ​ ​ 5.77 % ​ ​ Vortex Companies, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC II) ​ ​ (9)(35) ​ ​ ​ Second Lien ​ ​ 3M L+9.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 10.50 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/21/2020 ​ ​ ​ ​ ​ 6/21/2026 ​ ​ ​ Environmental Industries ​ ​ $10,000,000 ​ ​ ​ ​ 9,800,000 ​ ​ ​ ​ ​ 9,800,000 ​ ​ ​ ​ ​ 3.59 % ​ ​ VRI Ultimate Holdings, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franklin, OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5/31/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ 326,797 shares ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 580,000 ​ ​ ​ ​ ​ 0.21 % ​ ​ Whisps Acquisiton Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Elgin, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (35) ​ ​ ​ First Lien ​ ​ 6M L+6.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/26/2019 ​ ​ ​ ​ ​ 4/18/2025 ​ ​ ​ Beverage, Food, & Tobacco ​ ​ $7,791,667 ​ ​ ​ ​ 7,682,302 ​ ​ ​ ​ ​ 7,791,667 ​ ​ ​ ​ ​ 2.85 % ​ ​ Whisps Holding LP Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/18/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 500,000 shares ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 710,000 ​ ​ ​ ​ ​ 0.26 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,182,302 ​ ​ ​ ​ $ 8,501,667 ​ ​ ​ ​ ​ 3.11 % ​ ​ Wise Parent Company, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salt Lake City, UT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Membership Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/27/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage, Food, & Tobacco ​ ​ 6 units ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 760,000 ​ ​ ​ ​ ​ 0.28 % ​ ​ Total Non-controlled, non-affiliated investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 658,628,966 ​ ​ ​ ​ $ 653,424,495 ​ ​ ​ ​ ​ 239.03 % ​ ​ Net Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 658,628,966 ​ ​ ​ ​ $ 653,424,495 ​ ​ ​ ​ ​ 239.03 % ​ ​ LIABILITIES IN EXCESS OF OTHER ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (380,063,846 ) ​ ​ ​ ​ ​ (139.03 )% ​ ​ NET ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 273,360,649 ​ ​ ​ ​ ​ 100.00 % ​ ​ ​ ​ (1) See Note 1 of the Notes to the Consolidated Financial Statements for a discussion of the methodologies used to value securities in the portfolio. ​ (2) Investments held by the SBIC subsidiary (as defined in Note 1), which include $14,750,888 of cash and $228,144,990 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility (as defined in Note 9). Stellus ​ 108 TABLE OF CONTENTS Capital Investment Corporation’s (“the Company”) obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries (as defined in Note 1). (3) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,250,000, with an interest rate of LIBOR plus 6.00% and a maturity of January 31, 2025. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (4) Security is non-income producing. ​ (5) The investment is not a “qualifying asset” under the Investment Company Act of 1940, as amended. The Company may not acquire any non-qualifying assets unless, at the time of the acquisition, qualifying assets represent at least 70% of the Company’s total assets. Qualifying assets represent approximately 91% of the Company’s total assets as of December 31, 2020. ​ (6) Represents a PIK interest security. At the option of the issuer, interest can be paid in cash or cash and PIK interest. The percentage of PIK interest shown is the maximum PIK interest that can be elected by the issuer. ​ (7) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,331,461, with an interest rate of LIBOR plus 6.00% and a maturity of January 7, 2025. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (8) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $100,000, with an interest rate of LIBOR plus 6.00% and a maturity of November 20, 2026. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (9) Investments held by the SBIC II subsidiary (as defined in Note 1), which include $2,653,295 of cash and $43,391,392 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility. The Company’s obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries. ​ (10) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $909,091, with an interest rate of LIBOR plus 5.75% and a maturity of November 1, 2025. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (11) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $746,948, with an interest rate of LIBOR plus 5.75% and a maturity of July 1, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (12) These loans have LIBOR floors which are lower than the applicable LIBOR rates; therefore, the floors are not in effect. ​ (13) These loans are last-out term loans with contractual rates higher than the applicable LIBOR rates; therefore, the floors are not in effect. ​ (14) Excluded from the investment is an undrawn delayed draw term loan commitment in an amount not to exceed $3,328,652, with an interest rate of LIBOR plus 6.00% and a maturity of January 7, 2025. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (15) Investment has been on non-accrual since October 31, 2017. ​ (16) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,000,000, with an interest rate of LIBOR plus 6.75% and a maturity of February 5, 2023. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (17) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $666,667, with an interest rate of LIBOR plus 5.00% and a maturity of June 29, 2022. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (18) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $750,000, with an interest rate of LIBOR plus 7.50% and a maturity of April 13, 2023. The Company has full discretion to fund the revolver commitment. ​ (19) Excluded from the investment is an undrawn delayed draw term loan commitment in an amount not to exceed $3,111,111, with an interest rate of LIBOR plus 6.50% and a maturity of March 13, 2026. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (20) Excluded from the investment is an undrawn delayed draw term loan commitment in an amount not to exceed $1,511,111, with an interest rate of LIBOR plus 6.25% and a maturity of April 11, 2024. This investment is accruing an unused commitment fee of 1.00% per annum ​ 109 TABLE OF CONTENTS (21) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $66,667 with an interest rate of LIBOR plus 6.50% and a maturity of December 21, 2025. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (22) This loan is a unitranche investment. ​ (23) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,500,000 with an interest rate of LIBOR plus 5.75% and a maturity of February 8, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (24) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,000,000 with an interest rate of LIBOR plus 6.00% and a maturity of November 15, 2023. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (25) Excluded from the investment is an undrawn delayed draw term commitment in an amount not to exceed $4,000,000, with an interest rate of LIBOR plus 5.75% and a maturity of February 8, 2024. The Company has full discretion to fund the delayed draw term loan commitment. ​ (26) Investment has been on non-accrual since June 28, 2019. ​ (27) Maturity date is under ongoing negotiations with portfolio company and other lenders. ​ (28) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,136,364, with an interest rate of LIBOR plus 6.50% and a maturity of August 28, 2025. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (29) These loans are last-out term loans with contractual rates lower than the applicable LIBOR rates; therefore, the floors are in effect. ​ (30) Excluded from the investment is an undrawn delayed draw term loan commitment in an amount not to exceed $2,767,584, with an interest rate of LIBOR plus 5.50% and a maturity of June 24, 2024. This investment is accruing an unused commitment fee of 1.00% per annum. ​ (31) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,875,000, with an interest rate of LIBOR plus 5.75% and a maturity of September 30, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (32) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,763,033, with an interest rate of LIBOR plus 6.25% and a maturity of August 30, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (33) Investment has been on non-accrual since January 1, 2020. ​ (34) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,651,515, with an interest rate of LIBOR plus 5.75% and a maturity of October 2, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (35) These loans have LIBOR Floors which are higher than the current applicable LIBOR rates; therefore, the floors are in effect. ​ (36) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $100,000, with an interest rate of LIBOR plus 8.50% and a maturity of July 31, 2025. This investment is accruing an unused commitment fee of 0.50% per annum. This undrawn revolver commitment is held by SBIC I. ​ (37) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $50,000, with an interest rate of LIBOR plus 6.75% and a maturity of August 30, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (38) Instrument was restructured into a first lien term loan and preferred equity on April 3, 2021. ​ Abbreviation Legend PIK — Payment-In-Kind L — LIBOR Euro — Euro Dollar 110 TABLE OF CONTENTS Stellus Capital Investment Corporation Consolidated Schedule of Investments December 31, 2019 Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ Non-controlled, non-affiliated investments ​ ​ (2)(9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Abrasive Products & Equipment, LLC, et al ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deer Park, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ Second Lien ​ ​ 3M L+10.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 12.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/5/2014 ​ ​ ​ ​ ​ 3/5/2021 ​ ​ ​ Chemicals, Plastics, & Rubber ​ ​ $5,325,237 ​ ​ ​ $ 5,320,277 ​ ​ ​ ​ $ 5,112,228 ​ ​ ​ ​ ​ 1.89 % ​ ​ APE Holdings, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/5/2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 375,000 units ​ ​ ​ ​ 375,000 ​ ​ ​ ​ ​ 160,000 ​ ​ ​ ​ ​ 0.06 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,695,277 ​ ​ ​ ​ $ 5,272,228 ​ ​ ​ ​ ​ 1.95 % ​ ​ Adams Publishing Group, LLC ​ ​ (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greenville, TN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+7.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.44 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/3/2018 ​ ​ ​ ​ ​ 6/30/2023 ​ ​ ​ Media: Advertising, Printing & Publishing ​ ​ $5,411,955 ​ ​ ​ ​ 5,371,128 ​ ​ ​ ​ ​ 5,222,536 ​ ​ ​ ​ ​ 1.93 % ​ ​ Delayed Draw Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+7.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/3/2018 ​ ​ ​ ​ ​ 6/30/2023 ​ ​ ​ ​ ​ ​ $173,277 ​ ​ ​ ​ 173,277 ​ ​ ​ ​ ​ 167,213 ​ ​ ​ ​ ​ 0.06 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,544,405 ​ ​ ​ ​ $ 5,389,749 ​ ​ ​ ​ ​ 1.99 % ​ ​ Advanced Barrier Extrusions, LLC ​ ​ (8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rhinelander, WI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.70 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/8/2018 ​ ​ ​ ​ ​ 8/8/2023 ​ ​ ​ Containers, Packaging & Glass ​ ​ $14,286,000 ​ ​ ​ ​ 14,056,286 ​ ​ ​ ​ ​ 14,214,570 ​ ​ ​ ​ ​ 5.25 % ​ ​ GP ABX Holdings Partnership, L.P. Common Stock ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/8/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 250,000 units ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 350,000 ​ ​ ​ ​ ​ 0.13 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,306,286 ​ ​ ​ ​ $ 14,564,570 ​ ​ ​ ​ ​ 5.38 % ​ ​ Apex Environmental Resources Holdings, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amsterdam, OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/30/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental Industries ​ ​ 945 shares ​ ​ ​ ​ 945 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0.00 % ​ ​ Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/30/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 945 shares ​ ​ ​ ​ 945,179 ​ ​ ​ ​ ​ 540,000 ​ ​ ​ ​ ​ 0.20 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 946,124 ​ ​ ​ ​ $ 540,000 ​ ​ ​ ​ ​ 0.20 % ​ ​ APG Intermediate Sub 2 Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Castle Rock, CO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (22) ​ ​ ​ First Lien ​ ​ P+5.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.75 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/30/2018 ​ ​ ​ ​ ​ 11/30/2023 ​ ​ ​ Aerospace & Defense ​ ​ $9,925,000 ​ ​ ​ ​ 9,740,191 ​ ​ ​ ​ ​ 10,024,250 ​ ​ ​ ​ ​ 3.70 % ​ ​ APG Holdings, LLC Class A Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/30/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,127,652 units ​ ​ ​ ​ 1,127,652 ​ ​ ​ ​ ​ 2,420,000 ​ ​ ​ ​ ​ 0.89 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,867,843 ​ ​ ​ ​ $ 12,444,250 ​ ​ ​ ​ ​ 4.59 % ​ ​ Atmosphere Aggregator Holdings II, LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Atlanta, GA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/26/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ Services: Business ​ ​ 254,250 units ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ 0.41 % ​ ​ Stratose Aggregator Holdings, LP Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/30/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 750,000 units ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 3,250,000 ​ ​ ​ ​ ​ 1.20 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 4,350,000 ​ ​ ​ ​ ​ 1.61 % ​ ​ ASC Communications, LLC ​ ​ (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chicago, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 1M L+6.25% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.05 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/29/2017 ​ ​ ​ ​ ​ 6/29/2023 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $4,537,037 ​ ​ ​ ​ 4,511,837 ​ ​ ​ ​ ​ 4,514,352 ​ ​ ​ ​ ​ 1.67 % ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 1M L+6.25% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.05 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/4/2019 ​ ​ ​ ​ ​ 6/29/2023 ​ ​ ​ ​ ​ ​ $7,712,963 ​ ​ ​ ​ 7,634,025 ​ ​ ​ ​ ​ 7,674,398 ​ ​ ​ ​ ​ 2.84 % ​ ​ ASC Communications Holdings, LLC Class A Preferred Units (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/29/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 73,529 shares ​ ​ ​ ​ 90,895 ​ ​ ​ ​ ​ 580,000 ​ ​ ​ ​ ​ 0.21 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,236,757 ​ ​ ​ ​ $ 12,768,750 ​ ​ ​ ​ ​ 4.72 % ​ ​ BFC Solmetex, LLC ​ ​ (23) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nashville, TN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolver ​ ​ (12)(19) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/2/2018 ​ ​ ​ ​ ​ 9/26/2023 ​ ​ ​ Environmental Industries ​ ​ $1,650,367 ​ ​ ​ ​ 1,650,367 ​ ​ ​ ​ ​ 1,584,352 ​ ​ ​ ​ ​ 0.59 % ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/2/2018 ​ ​ ​ ​ ​ 9/26/2023 ​ ​ ​ ​ ​ ​ $11,592,818 ​ ​ ​ ​ 11,468,077 ​ ​ ​ ​ ​ 11,129,105 ​ ​ ​ ​ ​ 4.11 % ​ ​ Bonded Filter Co. LLC, Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/2/2018 ​ ​ ​ ​ ​ 9/26/2023 ​ ​ ​ ​ ​ ​ $1,205,073 ​ ​ ​ ​ 1,192,107 ​ ​ ​ ​ ​ 1,156,870 ​ ​ ​ ​ ​ 0.43 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,310,551 ​ ​ ​ ​ $ 13,870,327 ​ ​ ​ ​ ​ 5.13 % ​ ​ BW DME Acquisition, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tempe, AZ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(13)(22) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.59 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/24/2017 ​ ​ ​ ​ ​ 8/24/2022 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $16,695,804 ​ ​ ​ ​ 16,392,213 ​ ​ ​ ​ ​ 16,445,367 ​ ​ ​ ​ ​ 6.08 % ​ ​ BW DME Holdings, LLC, Term Loan ​ ​ (6) ​ ​ ​ Unsecured ​ ​ 17.50% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17.50 % ​ ​ ​ ​ ​ 6/1/2018 ​ ​ ​ ​ ​ 6/30/2020 ​ ​ ​ ​ ​ ​ $329,504 ​ ​ ​ ​ 329,504 ​ ​ ​ ​ ​ 329,504 ​ ​ ​ ​ ​ 0.12 % ​ ​ BW DME Holdings, LLC Class A-1 Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/24/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,000 shares ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,110,000 ​ ​ ​ ​ ​ 0.41 % ​ ​ See accompanying notes to these consolidated financial statements. 111 TABLE OF CONTENTS Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ BW DME Holdings, LLC Class A-2 Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/26/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 937,261 shares ​ ​ ​ ​ 937,261 ​ ​ ​ ​ ​ 1,040,000 ​ ​ ​ ​ ​ 0.38 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 18,658,978 ​ ​ ​ ​ $ 18,924,871 ​ ​ ​ ​ ​ 6.99 % ​ ​ Café Valley, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Phoenix, AZ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.25 % ​ ​ ​ ​ ​ 7.95 % ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ 8/28/2024 ​ ​ ​ Beverage, Food, & Tobacco ​ ​ $17,575,000 ​ ​ ​ ​ 17,242,956 ​ ​ ​ ​ ​ 17,399,250 ​ ​ ​ ​ ​ 6.43 % ​ ​ CF Topco LLC, Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,810 shares ​ ​ ​ ​ 880,952 ​ ​ ​ ​ ​ 860,000 ​ ​ ​ ​ ​ 0.32 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 18,123,908 ​ ​ ​ ​ $ 18,259,250 ​ ​ ​ ​ ​ 6.75 % ​ ​ C.A.R.S. Protection Plus, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Murrysville, PA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 1M L+8.50% ​ ​ ​ ​ 0.50 % ​ ​ ​ ​ ​ 10.30 % ​ ​ ​ ​ ​ ​ ​ ​ 12/31/2015 ​ ​ ​ ​ ​ 12/31/2020 ​ ​ ​ Automotive ​ ​ $94,003 ​ ​ ​ $ 93,553 ​ ​ ​ ​ $ 94,003 ​ ​ ​ ​ ​ 0.03 % ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 1M L+8.50% ​ ​ ​ ​ 0.50 % ​ ​ ​ ​ ​ 10.30 % ​ ​ ​ ​ ​ ​ ​ ​ 12/31/2015 ​ ​ ​ ​ ​ 12/31/2020 ​ ​ ​ ​ ​ ​ $7,332,210 ​ ​ ​ ​ 7,297,083 ​ ​ ​ ​ ​ 7,332,210 ​ ​ ​ ​ ​ 2.71 % ​ ​ CPP Holdings LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/31/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 149,828 shares ​ ​ ​ ​ 149,828 ​ ​ ​ ​ ​ 240,000 ​ ​ ​ ​ ​ 0.09 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,540,464 ​ ​ ​ ​ $ 7,666,213 ​ ​ ​ ​ ​ 2.83 % ​ ​ Colford Capital Holdings, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York, NY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/20/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ ​ 38,893 units ​ ​ ​ ​ 195,036 ​ ​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 0.01 % ​ ​ Condor Borrower, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Clifton, NJ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ Second Lien ​ ​ 3M L+8.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 10.68 % ​ ​ ​ ​ ​ ​ ​ ​ 10/27/2017 ​ ​ ​ ​ ​ 4/27/2025 ​ ​ ​ Software ​ ​ $13,750,000 ​ ​ ​ ​ 13,534,399 ​ ​ ​ ​ ​ 13,406,250 ​ ​ ​ ​ ​ 4.95 % ​ ​ Condor Top Holdco Limited Convertible Preferred Shares ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/27/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 500,000 shares ​ ​ ​ ​ 442,197 ​ ​ ​ ​ ​ 330,000 ​ ​ ​ ​ ​ 0.12 % ​ ​ Condor Holdings Limited Preferred Shares, Class B ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/27/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 500,000 shares ​ ​ ​ ​ 57,804 ​ ​ ​ ​ ​ 40,000 ​ ​ ​ ​ ​ 0.01 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,034,400 ​ ​ ​ ​ $ 13,776,250 ​ ​ ​ ​ ​ 5.08 % ​ ​ Convergence Technologies, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indianpolis, IN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 3M L+6.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.70 % ​ ​ ​ ​ ​ ​ ​ ​ 8/31/2018 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ Services: Business ​ ​ $7,053,571 ​ ​ ​ ​ 6,937,850 ​ ​ ​ ​ ​ 6,983,036 ​ ​ ​ ​ ​ 2.58 % ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+6.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.70 % ​ ​ ​ ​ ​ ​ ​ ​ 2/28/2019 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ ​ ​ ​ $1,417,857 ​ ​ ​ ​ 1,392,977 ​ ​ ​ ​ ​ 1,403,679 ​ ​ ​ ​ ​ 0.52 % ​ ​ Delayed Draw Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+6.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.70 % ​ ​ ​ ​ ​ ​ ​ ​ 8/31/2018 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ ​ ​ ​ $5,303,571 ​ ​ ​ ​ 5,303,571 ​ ​ ​ ​ ​ 5,250,536 ​ ​ ​ ​ ​ 1.94 % ​ ​ Tailwind Core Investor, LLC Class A Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/31/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,275 units ​ ​ ​ ​ 429,614 ​ ​ ​ ​ ​ 360,000 ​ ​ ​ ​ ​ 0.13 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,064,012 ​ ​ ​ ​ $ 13,997,251 ​ ​ ​ ​ ​ 5.17 % ​ ​ Data Centrum Communications, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Montvale, NJ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+5.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.44 % ​ ​ ​ ​ ​ ​ ​ ​ 5/15/2019 ​ ​ ​ ​ ​ 5/15/2024 ​ ​ ​ Media: Advertising, Printing & Publishing ​ ​ $16,168,750 ​ ​ ​ ​ 15,881,567 ​ ​ ​ ​ ​ 15,845,375 ​ ​ ​ ​ ​ 5.86 % ​ ​ Health Monitor Holdings, LLC Seires A Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5/15/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,000 shares ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 730,000 ​ ​ ​ ​ ​ 0.27 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,881,567 ​ ​ ​ ​ $ 16,575,375 ​ ​ ​ ​ ​ 6.13 % ​ ​ Douglas Products Group, LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liberty, MO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/27/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ Chemicals, Plastics, & Rubber ​ ​ 322 shares ​ ​ ​ ​ 139,656 ​ ​ ​ ​ ​ 490,000 ​ ​ ​ ​ ​ 0.18 % ​ ​ DRS Holdings III, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ St. Louis, MO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 1M L+5.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.55 % ​ ​ ​ ​ ​ ​ ​ ​ 11/1/2019 ​ ​ ​ ​ ​ 11/1/2025 ​ ​ ​ Consumer Goods: Durable ​ ​ $10,000,000 ​ ​ ​ ​ 9,902,215 ​ ​ ​ ​ ​ 9,902,215 ​ ​ ​ ​ ​ 3.66 % ​ ​ Revolver ​ ​ (10)(12) ​ ​ ​ First Lien ​ ​ 1M L+5.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.55 % ​ ​ ​ ​ ​ ​ ​ ​ 11/1/2019 ​ ​ ​ ​ ​ 11/1/2025 ​ ​ ​ ​ ​ ​ $36,364 ​ ​ ​ ​ 36,364 ​ ​ ​ ​ ​ 36,008 ​ ​ ​ ​ ​ 0.01 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,938,579 ​ ​ ​ ​ $ 9,938,223 ​ ​ ​ ​ ​ 3.67 % ​ ​ DTE Enterprises, LLC ​ ​ (18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roselle, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 1M L+7.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 9.24 % ​ ​ ​ ​ ​ ​ ​ ​ 4/13/2018 ​ ​ ​ ​ ​ 4/13/2023 ​ ​ ​ Energy: Oil & Gas ​ ​ $10,991,941 ​ ​ ​ ​ 10,836,199 ​ ​ ​ ​ ​ 10,772,102 ​ ​ ​ ​ ​ 3.98 % ​ ​ DTE Holding Company, LLC Common Shares, Class A-2 ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/13/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 776,316 shares ​ ​ ​ ​ 466,204 ​ ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 0.37 % ​ ​ DTE Holding Company, LLC Preferred Shares, Class AA ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/13/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 723,684 shares ​ ​ ​ ​ 723,684 ​ ​ ​ ​ ​ 940,000 ​ ​ ​ ​ ​ 0.35 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,026,087 ​ ​ ​ ​ $ 12,712,102 ​ ​ ​ ​ ​ 4.70 % ​ ​ Empirix Holdings I, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Billerica, MA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Shares, Class A ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/1/2013 ​ ​ ​ ​ ​ ​ ​ ​ ​ Software ​ ​ 1,304 shares ​ ​ ​ ​ 1,304,232 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0.00 % ​ ​ Common Shares, Class B ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/1/2013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,317,406 shares ​ ​ ​ ​ 13,174 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0.00 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,317,406 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ ​ 0.00 % ​ ​ Energy Labs Holding Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/29/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy: Oil & Gas ​ ​ 598 shares ​ ​ ​ ​ 598,182 ​ ​ ​ ​ ​ 870,000 ​ ​ ​ ​ ​ 0.32 % ​ ​ See accompanying notes to these consolidated financial statements. 112 TABLE OF CONTENTS Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ Exacta Land Surveyors, LLC ​ ​ (14)(25) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cleveland, OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.70 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/8/2019 ​ ​ ​ ​ ​ 2/8/2024 ​ ​ ​ Services: Business ​ ​ $16,884,375 ​ ​ ​ ​ 16,594,835 ​ ​ ​ ​ ​ 16,715,532 ​ ​ ​ ​ ​ 6.18 % ​ ​ SP ELS Holdings LLC, Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/8/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,069,143 shares ​ ​ ​ ​ 1,069,143 ​ ​ ​ ​ ​ 880,000 ​ ​ ​ ​ ​ 0.33 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,663,978 ​ ​ ​ ​ $ 17,595,532 ​ ​ ​ ​ ​ 6.51 % ​ ​ EOS Fitness Holdings, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Phoenix, AZ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/30/2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel, Gaming, & Leisure ​ ​ 118 shares ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 530,000 ​ ​ ​ ​ ​ 0.20 % ​ ​ Class B Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/30/2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,017 shares ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 0.00 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 540,000 ​ ​ ​ ​ ​ 0.20 % ​ ​ Fast Growing Trees, LLC ​ ​ (16) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Mill, SC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 3M L+7.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.70 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/5/2018 ​ ​ ​ ​ ​ 02/05/23 ​ ​ ​ Retail ​ ​ $19,192,490 ​ ​ ​ $ 18,935,337 ​ ​ ​ ​ $ 18,616,716 ​ ​ ​ ​ ​ 6.88 % ​ ​ SP FGT Holdings, LLC, Class A Common ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/5/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,000 shares ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 0.28 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 19,935,337 ​ ​ ​ ​ $ 19,366,716 ​ ​ ​ ​ ​ 7.16 % ​ ​ FB Topco, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Camden, NJ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (13)(22) ​ ​ ​ First Lien ​ ​ 3M L+6.35% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 10.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/27/2018 ​ ​ ​ ​ ​ 4/24/2023 ​ ​ ​ Education ​ ​ $20,803,881 ​ ​ ​ ​ 20,492,224 ​ ​ ​ ​ ​ 20,179,764 ​ ​ ​ ​ ​ 7.46 % ​ ​ Delayed Draw Term Loan ​ ​ (13)(22) ​ ​ ​ First Lien ​ ​ 3M L+6.35% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 10.48 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/27/2018 ​ ​ ​ ​ ​ 4/24/2023 ​ ​ ​ ​ ​ ​ $1,140,578 ​ ​ ​ ​ 1,140,578 ​ ​ ​ ​ ​ 1,106,361 ​ ​ ​ ​ ​ 0.41 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 21,632,802 ​ ​ ​ ​ $ 21,286,125 ​ ​ ​ ​ ​ 7.87 % ​ ​ Furniture Factory Outlet, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fort Smith, AR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ ​ ​ ​ First Lien ​ ​ 7.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/10/2016 ​ ​ ​ ​ ​ 6/10/2021 ​ ​ ​ Consumer Goods: Durable ​ ​ $14,801,785 ​ ​ ​ ​ 14,678,894 ​ ​ ​ ​ ​ 11,989,446 ​ ​ ​ ​ ​ 4.43 % ​ ​ Furniture Factory Holdings, LLC Term Loan ​ ​ (6) ​ ​ ​ Unsecured ​ ​ 11.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11.00 % ​ ​ ​ ​ ​ 6/10/2016 ​ ​ ​ ​ ​ 2/3/2021 ​ ​ ​ ​ ​ ​ $147,231 ​ ​ ​ ​ 147,231 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0.00 % ​ ​ Furniture Factory Ultimate Holding, LP Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/10/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,445 shares ​ ​ ​ ​ 94,569 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0.00 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,920,694 ​ ​ ​ ​ $ 11,989,446 ​ ​ ​ ​ ​ 4.43 % ​ ​ GK Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cary, NC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ Second Lien ​ ​ 3M L+10.25% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 12.19 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/30/2015 ​ ​ ​ ​ ​ 1/20/2022 ​ ​ ​ Education ​ ​ $5,000,000 ​ ​ ​ ​ 4,961,969 ​ ​ ​ ​ ​ 4,375,000 ​ ​ ​ ​ ​ 1.62 % ​ ​ General LED OPCO, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Antonio, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ Second Lien ​ ​ 3M L+9.00% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 10.95 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5/1/2018 ​ ​ ​ ​ ​ 11/1/2023 ​ ​ ​ Services: Business ​ ​ $4,500,000 ​ ​ ​ ​ 4,432,260 ​ ​ ​ ​ ​ 4,230,000 ​ ​ ​ ​ ​ 1.56 % ​ ​ GS HVAM Intermediate, LLC ​ ​ (21)(34) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carlsbad, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 1M L+5.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.56 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2019 ​ ​ ​ ​ ​ 10/2/2024 ​ ​ ​ Beverage, Food, & Tobacco ​ ​ $13,257,576 ​ ​ ​ ​ 13,128,716 ​ ​ ​ ​ ​ 13,128,716 ​ ​ ​ ​ ​ 4.85 % ​ ​ HV GS Acquisition, LP Class A Interests ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/29/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,796 shares ​ ​ ​ ​ 1,618,844 ​ ​ ​ ​ ​ 1,620,000 ​ ​ ​ ​ ​ 0.60 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,747,560 ​ ​ ​ ​ $ 14,748,716 ​ ​ ​ ​ ​ 5.45 % ​ ​ Grupo HIMA San Pablo, Inc., et al ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Juan, PR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12)(27) ​ ​ ​ First Lien ​ ​ 3M L+7.00% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.94 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/1/2013 ​ ​ ​ ​ ​ 1/31/2018 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $4,503,720 ​ ​ ​ ​ 4,503,720 ​ ​ ​ ​ ​ 3,490,383 ​ ​ ​ ​ ​ 1.29 % ​ ​ Term Loan ​ ​ (15)(27) ​ ​ ​ Second Lien ​ ​ 13.75% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/1/2013 ​ ​ ​ ​ ​ 7/31/2018 ​ ​ ​ ​ ​ ​ $4,109,524 ​ ​ ​ ​ 4,109,524 ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 0.00 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,613,244 ​ ​ ​ ​ $ 3,490,383 ​ ​ ​ ​ ​ 1.29 % ​ ​ ICD Intermediate Holdco 2, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Francisco, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(5)(12) ​ ​ ​ Second Lien ​ ​ 3M L+9.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 10.95 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/1/2018 ​ ​ ​ ​ ​ 7/1/2024 ​ ​ ​ Finance ​ ​ $10,000,000 ​ ​ ​ ​ 9,847,895 ​ ​ ​ ​ ​ 10,000,000 ​ ​ ​ ​ ​ 3.70 % ​ ​ ICD Holdings, LLC, Class A Preferred ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/1/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,962 shares ​ ​ ​ ​ 496,405 ​ ​ ​ ​ ​ 1,030,000 ​ ​ ​ ​ ​ 0.38 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,344,300 ​ ​ ​ ​ $ 11,030,000 ​ ​ ​ ​ ​ 4.08 % ​ ​ Integrated Oncology Network, LLC ​ ​ (29)(30) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Newport Beach, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+5.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.43 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7/17/2019 ​ ​ ​ ​ ​ 6/24/2024 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $16,637,202 ​ ​ ​ ​ 16,332,432 ​ ​ ​ ​ ​ 16,387,644 ​ ​ ​ ​ ​ 6.06 % ​ ​ Intuitive Health, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plano, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC II) ​ ​ (9)(12) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.95 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2019 ​ ​ ​ ​ ​ 10/18/2024 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $6,000,000 ​ ​ ​ ​ 5,883,278 ​ ​ ​ ​ ​ 5,883,278 ​ ​ ​ ​ ​ 2.17 % ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.95 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2019 ​ ​ ​ ​ ​ 10/18/2024 ​ ​ ​ ​ ​ ​ $11,500,000 ​ ​ ​ ​ 11,276,284 ​ ​ ​ ​ ​ 11,276,284 ​ ​ ​ ​ ​ 4.17 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,159,562 ​ ​ ​ ​ $ 17,159,562 ​ ​ ​ ​ ​ 6.34 % ​ ​ Invincible Boat Company, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Opa Locka, FL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC II) ​ ​ (9)(12) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ 8/28/2025 ​ ​ ​ Consumer Goods: Durable ​ ​ $5,962,500 ​ ​ ​ ​ 5,848,418 ​ ​ ​ ​ ​ 5,843,250 ​ ​ ​ ​ ​ 2.16 % ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ 8/28/2025 ​ ​ ​ ​ ​ ​ $6,459,375 ​ ​ ​ ​ 6,264,417 ​ ​ ​ ​ ​ 6,330,188 ​ ​ ​ ​ ​ 2.34 % ​ ​ See accompanying notes to these consolidated financial statements. 113 TABLE OF CONTENTS Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ Revolver ​ ​ (12)(28) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ 8/28/2025 ​ ​ ​ ​ ​ ​ $568,182 ​ ​ ​ ​ 568,182 ​ ​ ​ ​ ​ 556,818 ​ ​ ​ ​ ​ 0.21 % ​ ​ Invincible Parent Holdco, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/28/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,000 shares ​ ​ ​ ​ 982,099 ​ ​ ​ ​ ​ 1,090,000 ​ ​ ​ ​ ​ 0.40 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,663,116 ​ ​ ​ ​ $ 13,820,256 ​ ​ ​ ​ ​ 5.11 % ​ ​ J.R. Watkins, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ San Francisco, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolver ​ ​ (12) ​ ​ ​ First Lien ​ ​ 1M L+6.50% ​ ​ ​ ​ 1.25 % ​ ​ ​ ​ ​ 8.30 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/22/2017 ​ ​ ​ ​ ​ 12/22/2022 ​ ​ ​ Consumer Goods: non-durable ​ ​ $1,750,000 ​ ​ ​ ​ 1,750,000 ​ ​ ​ ​ ​ 1,470,000 ​ ​ ​ ​ ​ 0.54 % ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 1M L+6.50% ​ ​ ​ ​ 1.25 % ​ ​ ​ ​ ​ 8.30 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/22/2017 ​ ​ ​ ​ ​ 12/22/2022 ​ ​ ​ ​ ​ ​ $12,250,000 ​ ​ ​ ​ 12,091,135 ​ ​ ​ ​ ​ 10,290,000 ​ ​ ​ ​ ​ 3.80 % ​ ​ J.R. Watkins Holdings, Inc. Class A Preferred ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/22/2017 ​ ​ ​ ​ ​ ​ 1,133 shares ​ ​ ​ ​ 1,132,576 ​ ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 0.00 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,973,711 ​ ​ ​ ​ $ 11,770,000 ​ ​ ​ ​ ​ 4.34 % ​ ​ Jurassic Acquisiton Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sparks, MD ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 1M L+5.50% ​ ​ ​ ​ 0.00 % ​ ​ ​ ​ ​ 7.30 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/28/2018 ​ ​ ​ ​ ​ 11/15/2024 ​ ​ ​ Metals & Mining ​ ​ $17,325,000 ​ ​ ​ $ 17,103,044 ​ ​ ​ ​ $ 17,325,000 ​ ​ ​ ​ ​ 6.40 % ​ ​ Kelleyamerit Holdings, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Walnut Creek, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(13)(22) ​ ​ ​ First Lien ​ ​ 3M L+7.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 10.03 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/30/2018 ​ ​ ​ ​ ​ 3/30/2023 ​ ​ ​ Automotive ​ ​ $9,750,000 ​ ​ ​ ​ 9,611,438 ​ ​ ​ ​ ​ 9,555,000 ​ ​ ​ ​ ​ 3.53 % ​ ​ KidKraft, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (6) ​ ​ ​ Second Lien ​ ​ 12.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11.00 % ​ ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9/30/2016 ​ ​ ​ ​ ​ 3/30/2022 ​ ​ ​ Consumer Goods: Durable ​ ​ $9,503,655 ​ ​ ​ ​ 9,411,079 ​ ​ ​ ​ ​ 8,410,735 ​ ​ ​ ​ ​ 3.11 % ​ ​ Lynx FBO Operating, LLC ​ ​ (31) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.86 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/30/2019 ​ ​ ​ ​ ​ 9/30/2024 ​ ​ ​ Aerospace & Defense ​ ​ $13,750,000 ​ ​ ​ ​ 13,486,379 ​ ​ ​ ​ ​ 13,486,379 ​ ​ ​ ​ ​ 4.98 % ​ ​ Lynx FBO Investments, LLC Class A-1 Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/30/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,704 shares ​ ​ ​ ​ 500,040 ​ ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 0.18 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,986,419 ​ ​ ​ ​ $ 13,986,379 ​ ​ ​ ​ ​ 5.16 % ​ ​ Madison Logic, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New York, NY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 1M L+8.00% ​ ​ ​ ​ 0.50 % ​ ​ ​ ​ ​ 9.80 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/30/2016 ​ ​ ​ ​ ​ 11/30/2021 ​ ​ ​ Media: Broadcasting & Subscription ​ ​ $4,581,402 ​ ​ ​ ​ 4,561,449 ​ ​ ​ ​ ​ 4,581,402 ​ ​ ​ ​ ​ 1.69 % ​ ​ Madison Logic Holdings, Inc. Common Stock (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/30/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,000 shares ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 60,000 ​ ​ ​ ​ ​ 0.02 % ​ ​ Madison Logic Holdings, Inc. Series A Preferred Stock (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/30/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,500 shares ​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 520,000 ​ ​ ​ ​ ​ 0.19 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,061,449 ​ ​ ​ ​ $ 5,161,402 ​ ​ ​ ​ ​ 1.90 % ​ ​ Mobile Acquisition Holdings, LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Santa Clara, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/1/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ Software ​ ​ 750 units ​ ​ ​ ​ 455,385 ​ ​ ​ ​ ​ 1,740,000 ​ ​ ​ ​ ​ 0.64 % ​ ​ Munch’s Supply, LLC ​ ​ (20) ​ ​ ​ New Lenox, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+6.25% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.35 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/11/2019 ​ ​ ​ ​ ​ 4/11/2024 ​ ​ ​ Capital Equipment ​ ​ $7,960,000 ​ ​ ​ ​ 7,890,332 ​ ​ ​ ​ ​ 7,880,400 ​ ​ ​ ​ ​ 2.91 % ​ ​ Cool Supply Holdings, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/11/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 500,000 units ​ ​ ​ ​ 498,779 ​ ​ ​ ​ ​ 410,000 ​ ​ ​ ​ ​ 0.15 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,389,111 ​ ​ ​ ​ $ 8,290,400 ​ ​ ​ ​ ​ 3.06 % ​ ​ National Trench Safety, LLC, et al ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2) ​ ​ ​ Second Lien ​ ​ 11.50% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11.50 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/31/2017 ​ ​ ​ ​ ​ 3/31/2022 ​ ​ ​ Construction & Building ​ ​ $10,000,000 ​ ​ ​ ​ 9,908,323 ​ ​ ​ ​ ​ 10,000,000 ​ ​ ​ ​ ​ 3.70 % ​ ​ NTS Investors, LP Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/31/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,335 units ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 0.18 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,408,323 ​ ​ ​ ​ $ 10,500,000 ​ ​ ​ ​ ​ 3.88 % ​ ​ Naumann/Hobbs Material Handling Corporation II, Inc. ​ ​ (32) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Phoenix, AZ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC II) ​ ​ (9)(12) ​ ​ ​ First Lien ​ ​ 3M L+6.25% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.20 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/30/2019 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ Services: Business ​ ​ $5,978,693 ​ ​ ​ ​ 5,865,655 ​ ​ ​ ​ ​ 5,859,119 ​ ​ ​ ​ ​ 2.17 % ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+6.25% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.20 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/30/2019 ​ ​ ​ ​ ​ 8/30/2024 ​ ​ ​ ​ ​ ​ $9,480,904 ​ ​ ​ ​ 9,301,650 ​ ​ ​ ​ ​ 9,291,286 ​ ​ ​ ​ ​ 3.43 % ​ ​ CGC NH, Inc. Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/30/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 123 shares ​ ​ ​ ​ 440,758 ​ ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 0.15 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 15,608,063 ​ ​ ​ ​ $ 15,550,405 ​ ​ ​ ​ ​ 5.75 % ​ ​ NGS US Finco, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bradford, PA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ Second Lien ​ ​ 1M L+8.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 10.30 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/1/2018 ​ ​ ​ ​ ​ 4/1/2026 ​ ​ ​ Utilities: Oil & Gas ​ ​ $10,000,000 ​ ​ ​ ​ 9,868,044 ​ ​ ​ ​ ​ 9,900,000 ​ ​ ​ ​ ​ 3.66 % ​ ​ NS412, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ Second Lien ​ ​ 3M L+8.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 10.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5/6/2019 ​ ​ ​ ​ ​ 11/6/2025 ​ ​ ​ Services: Consumer ​ ​ $7,615,000 ​ ​ ​ ​ 7,474,214 ​ ​ ​ ​ ​ 7,500,775 ​ ​ ​ ​ ​ 2.77 % ​ ​ NS Group Holding Company, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5/6/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 750 shares ​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 810,000 ​ ​ ​ ​ ​ 0.30 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,224,214 ​ ​ ​ ​ $ 8,310,775 ​ ​ ​ ​ ​ 3.07 % ​ ​ ​ See accompanying notes to these consolidated financial statements. 114 TABLE OF CONTENTS Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ NuMet Machining Techniques, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Birmingham, UK ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (5)(35) ​ ​ ​ Second Lien ​ ​ 6M L+9.00% ​ ​ ​ ​ 2.00 % ​ ​ ​ ​ ​ 11.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/5/2019 ​ ​ ​ ​ ​ 5/5/2026 ​ ​ ​ Aerospace & Defense ​ ​ $11,700,000 ​ ​ ​ ​ 11,470,017 ​ ​ ​ ​ ​ 11,470,017 ​ ​ ​ ​ ​ 4.24 % ​ ​ Bromford Industries Limited Term Loan ​ ​ (5)(35) ​ ​ ​ Second Lien ​ ​ 6M L+9.00% ​ ​ ​ ​ 2.00 % ​ ​ ​ ​ ​ 11.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/5/2019 ​ ​ ​ ​ ​ 5/5/2026 ​ ​ ​ ​ ​ ​ $7,800,000 ​ ​ ​ ​ 7,646,678 ​ ​ ​ ​ ​ 7,646,678 ​ ​ ​ ​ ​ 2.83 % ​ ​ Bromford Holdings, L.P. Class A Membership Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/5/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,000 shares ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 1,000,000 ​ ​ ​ ​ ​ 0.37 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 20,116,695 ​ ​ ​ ​ $ 20,116,695 ​ ​ ​ ​ ​ 7.44 % ​ ​ Nutritional Medicinals, LLC ​ ​ (24) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Centerville, OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 7.95 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/15/2018 ​ ​ ​ ​ ​ 11/15/2023 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $14,845,000 ​ ​ ​ ​ 14,606,657 ​ ​ ​ ​ ​ 14,399,650 ​ ​ ​ ​ ​ 5.32 % ​ ​ Functional Aggregator, LLC Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/15/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12,500 shares ​ ​ ​ ​ 1,250,000 ​ ​ ​ ​ ​ 1,260,000 ​ ​ ​ ​ ​ 0.47 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 15,856,657 ​ ​ ​ ​ $ 15,659,650 ​ ​ ​ ​ ​ 5.79 % ​ ​ PCP MT Aggregator Holdings, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oak Brook, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common LP Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3/29/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ ​ 750,000 shares ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 1,080,000 ​ ​ ​ ​ ​ 0.40 % ​ ​ PCS Software, Inc. ​ ​ (11)(33) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shenandoah, Tx ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.70 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7/1/2019 ​ ​ ​ ​ ​ 7/1/2024 ​ ​ ​ Transportation & Logistics ​ ​ $1,990,000 ​ ​ ​ $ 1,953,461 ​ ​ ​ ​ $ 1,960,150 ​ ​ ​ ​ ​ 0.72 % ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+5.75% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.70 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7/1/2019 ​ ​ ​ ​ ​ 7/1/2024 ​ ​ ​ ​ ​ ​ $15,173,750 ​ ​ ​ ​ 14,895,138 ​ ​ ​ ​ ​ 14,946,144 ​ ​ ​ ​ ​ 5.52 % ​ ​ PCS Software Holdings, LLC Class A Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7/1/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 325,000 shares ​ ​ ​ ​ 325,000 ​ ​ ​ ​ ​ 320,000 ​ ​ ​ ​ ​ 0.12 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,173,599 ​ ​ ​ ​ $ 17,226,294 ​ ​ ​ ​ ​ 6.36 % ​ ​ Pioneer Transformers, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franklin, WI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC II) ​ ​ (9)(12) ​ ​ ​ First Lien ​ ​ 1M L+6.00% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 7.79 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11/22/2019 ​ ​ ​ ​ ​ 8/16/2024 ​ ​ ​ Capital Equipment ​ ​ $4,987,500 ​ ​ ​ ​ 4,901,484 ​ ​ ​ ​ ​ 4,901,484 ​ ​ ​ ​ ​ 1.81 % ​ ​ Premiere Digital Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Los Angeles, CA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(13)(22) ​ ​ ​ First Lien ​ ​ 3M L+5.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.73 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2018 ​ ​ ​ ​ ​ 10/18/2023 ​ ​ ​ Media: Broadcasting & Subscription ​ ​ $9,992,518 ​ ​ ​ ​ 9,753,256 ​ ​ ​ ​ ​ 9,842,630 ​ ​ ​ ​ ​ 3.64 % ​ ​ Term Loan ​ ​ (13)(22) ​ ​ ​ First Lien ​ ​ 3M L+5.50% ​ ​ ​ ​ 1.50 % ​ ​ ​ ​ ​ 8.73 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2018 ​ ​ ​ ​ ​ 10/18/2023 ​ ​ ​ ​ ​ ​ $2,428,772 ​ ​ ​ ​ 2,372,392 ​ ​ ​ ​ ​ 2,392,341 ​ ​ ​ ​ ​ 0.88 % ​ ​ Premiere Digital Holdings, Inc., Common Stock ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,000 shares ​ ​ ​ ​ 50,000 ​ ​ ​ ​ ​ 70,000 ​ ​ ​ ​ ​ 0.03 % ​ ​ Premiere Digital Holdings, Inc., Preferred Stock ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/18/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,500 shares ​ ​ ​ ​ 450,000 ​ ​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ 0.22 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,625,648 ​ ​ ​ ​ $ 12,904,971 ​ ​ ​ ​ ​ 4.77 % ​ ​ Price for Profit, LLC ​ ​ (17) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cleveland, OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.45 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/31/2018 ​ ​ ​ ​ ​ 1/31/2023 ​ ​ ​ Services: Business ​ ​ $3,887,657 ​ ​ ​ ​ 3,836,120 ​ ​ ​ ​ ​ 3,887,657 ​ ​ ​ ​ ​ 1.44 % ​ ​ I2P Holdings, LLC, Series A Preferred ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/31/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 750,000 shares ​ ​ ​ ​ 750,000 ​ ​ ​ ​ ​ 2,800,000 ​ ​ ​ ​ ​ 1.03 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,586,120 ​ ​ ​ ​ $ 6,687,657 ​ ​ ​ ​ ​ 2.47 % ​ ​ Protect America, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Austin TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(6)(12)(26) ​ ​ ​ Second Lien ​ ​ 3M L+7.75% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/30/2017 ​ ​ ​ ​ ​ 10/30/2020 ​ ​ ​ Services: Consumer ​ ​ $17,979,749 ​ ​ ​ ​ 17,851,392 ​ ​ ​ ​ ​ 5,034,330 ​ ​ ​ ​ ​ 1.86 % ​ ​ Skopos Financial, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Irving, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (5) ​ ​ ​ Unsecured ​ ​ 12.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/31/2014 ​ ​ ​ ​ ​ 1/31/2021 ​ ​ ​ Finance ​ ​ $15,500,000 ​ ​ ​ ​ 15,500,000 ​ ​ ​ ​ ​ 15,422,500 ​ ​ ​ ​ ​ 5.70 % ​ ​ Skopos Financial Group, LLC Series A Preferred Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1/31/2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,120,684 units ​ ​ ​ ​ 1,162,544 ​ ​ ​ ​ ​ 1,110,000 ​ ​ ​ ​ ​ 0.41 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,662,544 ​ ​ ​ ​ $ 16,532,500 ​ ​ ​ ​ ​ 6.11 % ​ ​ Specified Air Solutions, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buffalo, NY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/30/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction & Building ​ ​ 3,846 shares ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ 250,000 ​ ​ ​ ​ ​ 0.09 % ​ ​ SQAD, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tarrytown, NY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ First Lien ​ ​ 3M L+6.50% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 8.44 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/22/2017 ​ ​ ​ ​ ​ 12/22/2022 ​ ​ ​ Media: Broadcasting & Subscription ​ ​ $14,497,594 ​ ​ ​ ​ 14,447,718 ​ ​ ​ ​ ​ 14,352,618 ​ ​ ​ ​ ​ 5.30 % ​ ​ SQAD Holdco, Inc. Preferred Shares, Series A (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/31/2013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,624 shares ​ ​ ​ ​ 156,001 ​ ​ ​ ​ ​ 720,000 ​ ​ ​ ​ ​ 0.27 % ​ ​ SQAD Holdco, Inc. Common Shares (SBIC) ​ ​ (2)(4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/31/2013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,800 shares ​ ​ ​ ​ 62,485 ​ ​ ​ ​ ​ 80,000 ​ ​ ​ ​ ​ 0.03 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,666,204 ​ ​ ​ ​ $ 15,152,618 ​ ​ ​ ​ ​ 5.60 % ​ ​ TechInsights, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ottawa, Ontario ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (5)(13)(22) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 9.33 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8/16/2017 ​ ​ ​ ​ ​ 10/2/2023 ​ ​ ​ High Tech Industries ​ ​ $21,540,925 ​ ​ ​ ​ 21,201,137 ​ ​ ​ ​ ​ 21,217,811 ​ ​ ​ ​ ​ 7.84 % ​ ​ Time Manufacturing Acquisition, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Waco, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (6) ​ ​ ​ Unsecured ​ ​ 11.50% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.75 % ​ ​ ​ ​ ​ 0.75 % ​ ​ ​ ​ ​ 2/3/2017 ​ ​ ​ ​ ​ 8/3/2023 ​ ​ ​ Capital Equipment ​ ​ $6,385,182 ​ ​ ​ ​ 6,302,784 ​ ​ ​ ​ ​ 6,385,182 ​ ​ ​ ​ ​ 2.36 % ​ ​ See accompanying notes to these consolidated financial statements. 115 TABLE OF CONTENTS Investments ​ ​ Footnotes ​ ​ Security ​ ​ Coupon ​ ​ LIBOR floor ​ ​ Cash ​ ​ PIK ​ ​ Investment Date ​ ​ Maturity ​ ​ Headquarters/ ​ Industry ​ ​ Principal Amount/ ​ Shares ​ ​ Amortized Cost ​ ​ Fair Value (1) ​ ​ % of Net Assets ​ Time Manufacturing Investments, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/3/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,000 units ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 660,000 ​ ​ ​ ​ ​ 0.24 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,802,784 ​ ​ ​ ​ $ 7,045,182 ​ ​ ​ ​ ​ 2.60 % ​ ​ TFH Reliability, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ Second Lien ​ ​ 3M L+10.75% ​ ​ ​ ​ 0.50 % ​ ​ ​ ​ ​ 12.70 % ​ ​ ​ ​ ​ ​ ​ ​ 10/21/2016 ​ ​ ​ ​ ​ 4/21/2022 ​ ​ ​ Chemicals, Plastics, & Rubber ​ ​ $5,875,000 ​ ​ ​ ​ 5,814,371 ​ ​ ​ ​ ​ 5,875,000 ​ ​ ​ ​ ​ 2.17 % ​ ​ TFH Reliability Group, LLC Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10/21/2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 250,000 shares ​ ​ ​ ​ 231,521 ​ ​ ​ ​ ​ 220,000 ​ ​ ​ ​ ​ 0.08 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,045,892 ​ ​ ​ ​ $ 6,095,000 ​ ​ ​ ​ ​ 2.25 % ​ ​ U.S. Auto Sales, Inc. et al ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lawrenceville, GA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ USASF Blocker II, LLC Common Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/8/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ ​ 441 units ​ ​ ​ ​ 441,000 ​ ​ ​ ​ ​ 690,000 ​ ​ ​ ​ ​ 0.26 % ​ ​ USASF Blocker III, LLC Series C Preferred Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/13/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 125 Units ​ ​ ​ ​ 125,000 ​ ​ ​ ​ ​ 200,000 ​ ​ ​ ​ ​ 0.07 % ​ ​ USASF Blocker LLC Common Units ​ ​ (4)(5) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/8/2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,000 units ​ ​ ​ ​ 9,000 ​ ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 0.00 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 575,000 ​ ​ ​ ​ $ 900,000 ​ ​ ​ ​ ​ 0.33 % ​ ​ VRI Intermediate Holdings, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franklin, OH ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan (SBIC) ​ ​ (2)(12) ​ ​ ​ Second Lien ​ ​ 3M L+9.25% ​ ​ ​ ​ 1.00 % ​ ​ ​ ​ ​ 11.20 % ​ ​ ​ ​ ​ ​ ​ ​ 5/31/2017 ​ ​ ​ ​ ​ 10/31/2020 ​ ​ ​ Healthcare & Pharmaceuticals ​ ​ $9,000,000 ​ ​ ​ $ 8,949,730 ​ ​ ​ ​ $ 9,000,000 ​ ​ ​ ​ ​ 3.33 % ​ ​ VRI Ultimate Holdings, LLC Class A Preferred Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5/31/2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 326,797 shares ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 610,000 ​ ​ ​ ​ ​ 0.23 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,449,730 ​ ​ ​ ​ $ 9,610,000 ​ ​ ​ ​ ​ 3.56 % ​ ​ Whisps Acquisiton Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Elgin, IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan ​ ​ (12) ​ ​ ​ First Lien ​ ​ 3M L+6.00% ​ ​ ​ ​ 0.00 % ​ ​ ​ ​ ​ 7.95 % ​ ​ ​ ​ ​ ​ ​ ​ 4/26/2019 ​ ​ ​ ​ ​ 4/18/2025 ​ ​ ​ Beverage, Food, & Tobacco ​ ​ $8,875,000 ​ ​ ​ ​ 8,717,992 ​ ​ ​ ​ ​ 8,875,000 ​ ​ ​ ​ ​ 3.28 % ​ ​ Whisps Holding LP Class A Common Units ​ ​ (4) ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4/18/2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 500,000 shares ​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 680,000 ​ ​ ​ ​ ​ 0.25 % ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,217,992 ​ ​ ​ ​ $ 9,555,000 ​ ​ ​ ​ ​ 3.53 % ​ ​ Wise Parent Company, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salt Lake City, UT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Membership Units ​ ​ (4) ​ ​ ​ Equity ​ ​ 8/27/2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage, Food, & Tobacco ​ ​ 6 units ​ ​ ​ ​ 41,894 ​ ​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 0.01 % ​ ​ Total Non-controlled, non-affiliated investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 642,707,824 ​ ​ ​ ​ ​ 628,948,077 ​ ​ ​ ​ ​ 232.45 % ​ ​ Net Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 642,707,824 ​ ​ ​ ​ ​ 628,948,077 ​ ​ ​ ​ ​ 232.45 % ​ ​ LIABILITIES IN EXCESS OF OTHER ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (358,376,904 ) ​ ​ ​ ​ ​ (132.45 )% ​ ​ NET ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 270,571,173 ​ ​ ​ ​ ​ 100.00 % ​ ​ ​ ​ (1) See Note 1 of the Notes to the Consolidated Financial Statements for a discussion of the methodologies used to value securities in the portfolio. ​ (2) Investments held by the SBIC subsidiaries (as defined in Note 1), which include $8,445,923 of cash and $222,009,613 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility (as defined in Note 9). The Company’s obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for investments held by the SBIC subsidiaries (as defined in Note 1). ​ (3) Excluded from the investment is an undrawn delayed draw term loan commitment in an amount not to exceed $669,231, with an interest rate of LIBOR plus 7.50% and a maturity of June 30, 2023. This investment is accruing an unused commitment fee of 0.375% per annum. ​ (4) Security is non-income producing. ​ (5) The investment is not a qualifying asset under the Investment Company Act of 1940, as amended. The Company may not acquire any non-qualifying assets unless, at the time of the acquisition, qualifying assets represent at least 70% of the Company’s total assets. Qualifying assets represent approximately 89% of the Company’s total assets as of December 31, 2019. ​ (6) Represents a PIK interest security. At the option of the issuer, interest can be paid in cash or cash and PIK interest. The percentage of PIK interest shown is the maximum PIK interest that can be elected by the issuer. ​ See accompanying notes to these consolidated financial statements. 116 TABLE OF CONTENTS (7) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $666,666, with an interest rate of LIBOR plus 6.25% and a maturity of June 29, 2022. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (8) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,000,000, with an interest rate of LIBOR plus 5.75% and a maturity of August 8, 2023. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (9) Investments held by the SBIC II subsidiary (as defined in Note 1), which include $477,392 of cash and $22,498,836 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility (as defined in Note 9). The Company’s obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries. ​ (10) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $872,727, with an interest rate of LIBOR plus 5.75% and a maturity of November 1, 2025. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (11) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,500,000, with an interest rate of LIBOR plus 5.75% and a maturity of July 1, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (12) These loans have LIBOR floors that are lower than the applicable LIBOR rates; therefore, the floors are not in effect. ​ (13) These loans are last-out term loans with contractual rates higher than the applicable LIBOR rates; therefore, the floors are not in effect. ​ (14) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,500,000, with an interest rate of LIBOR plus 5.75% and a maturity of February 8, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (15) Investment has been on non-accrual since October 31, 2017. ​ (16) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,000,000, with an interest rate of LIBOR plus 7.75% and a maturity of February 5, 2023. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (17) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,500,000, with an interest rate of LIBOR plus 6.50% and a maturity of January 31, 2023. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (18) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $750,000, with an interest rate of LIBOR plus 7.50% and a maturity of April 13, 2023. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (19) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $488,998, with an interest rate of LIBOR plus 6.50% and a maturity of September 26, 2023. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (20) Excluded from the investment is an undrawn delayed draw term loan commitment in an amount not to exceed $2,222,222, with an interest rate of LIBOR plus 6.25% and a maturity of April 11, 2024. This investment is accruing an unused commitment fee of 1.00% per annum ​ (21) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,651,515, with an interest rate of LIBOR plus 5.75% and a maturity of October 2, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (22) This loan is a unitranche investment. ​ (23) Excluded from the investment is an undrawn delayed draw term loan commitment in an amount not to exceed $1,662,592, with an interest rate of LIBOR plus 6.50% and a maturity of September 26, 2023. This investment is not accruing an unused commitment fee. ​ (24) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,000,000 with an interest rate of LIBOR plus 6.00% and a maturity of November 15, 2023. This investment is accruing an unused commitment fee of 0.50% per annum. ​ See accompanying notes to these consolidated financial statements. 117 TABLE OF CONTENTS (25) Excluded from the investment is an undrawn delayed draw term commitment in an amount not to exceed $4,000,000, with an interest rate of LIBOR plus 5.75% and a maturity of February 8, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (26) Investment has been on non-accrual since June 28, 2019. ​ (27) Maturity date is under on-going negotiations with portfolio company and other lenders, if applicable. ​ (28) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $852,273, with an interest rate of LIBOR plus 6.50% and a maturity of August 28, 2025. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (29) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $553,517, with an interest rate of LIBOR plus 5.50% and a maturity of June 24, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (30) Excluded from the investment is an undrawn delayed draw term loan commitment in an amount not to exceed $2,767,584, with an interest rate of LIBOR plus 5.50% and a maturity of June 24, 2024. This investment is accruing an unused commitment fee of 1.00% per annum. ​ (31) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,875,000, with an interest rate of LIBOR plus 5.75% and a maturity of September 30, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (32) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,644,550, with an interest rate of LIBOR plus 6.25% and a maturity of August 30, 2024. This investment is accruing an unused commitment fee of 0.50% per annum. ​ (33) Excluded from the investment is an undrawn delayed draw term loan commitment in an amount not to exceed $3,750,000, with an interest rate of LIBOR plus 5.75% and a maturity of March 31, 2020. This investment is not accruing an unused commitment fee. ​ (34) Excluded from the investment is an undrawn delayed draw term loan commitment in an amount not to exceed $1,590,909, with an interest rate of LIBOR plus 5.75% and a maturity of October 2, 2024. This investment is accruing an unused commitment fee of 1.00% per annum. ​ (35) These loans have LIBOR Floors which are higher than the current applicable LIBOR rates; therefore, the floors are in effect. ​ Abbreviation Legend PIK  —  Payment-In-Kind L  —  LIBOR Euro  —  Euro Dollar See accompanying notes to these consolidated financial statements. 118 TABLE OF CONTENTS ​ STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Stellus Capital Investment Corporation (“we”, “us”, “our” and the “Company”) was formed as a Maryland corporation on May 18, 2012 (“Inception”) and is an externally managed, closed-end, non-diversified investment management company. The Company is applying the guidance of Accounting Standards Codification (“ASC”) Topic 946, Financial Services Investment Companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax purposes. The Company’s investment activities are managed by our investment adviser, Stellus Capital Management, LLC (“Stellus Capital” or the “Advisor”). As of December 31, 2020, the Company has issued a total of 19,486,003 shares and raised $286,629,818 in gross proceeds since inception, incurring $9,127,228 in offering expenses and sales load fees for net proceeds from offerings of $277,502,590. The Company’s shares are currently listed on the New York Stock Exchange under the symbol “SCM”. See Note 4 for further details. The Company has established the following wholly owned subsidiaries: SCIC — Consolidated Blocker 1, Inc., SCIC — ICD Blocker 1, Inc., SCIC — Invincible Blocker 1, Inc., SCIC — FBO Blocker 1, Inc., SCIC — SKP Blocker 1, Inc., SCIC — APE Blocker 1, Inc., SCIC — Venbrook Blocker 1, Inc., SCIC — CC Blocker 1, Inc., SCIC — ERC Blocker 1, Inc., and SCIC — Hollander Blocker 1, Inc., which are structured as Delaware entities, to hold equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass-through entities) (collectively, the “Taxable Subsidiaries”). The Taxable Subsidiaries are consolidated for U.S. generally accepted accounting principles (“U.S. GAAP”) reporting purposes, and the portfolio investments held by them are included in the consolidated financial statements. On June 14, 2013, the Company formed Stellus Capital SBIC, LP (the “SBIC subsidiary”), a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. On June 20, 2014, the SBIC subsidiary received a license from the U.S. Small Business Administration (“SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Company Act of 1958, as amended (the “SBIC Act”). The SBIC subsidiary and its general partner are consolidated for U.S. GAAP reporting purposes, and the portfolio investments held by it are included in the consolidated financial statements. On November 29, 2018, the Company formed Stellus Capital SBIC II, LP (the “SBIC II subsidiary”), a Delaware limited partnership. On August 14, 2019, the SBIC II subsidiary received a license from the SBA to operate as an SBIC under Section 301(c) of the SBIC Act. The SBIC II subsidiary and its general partner, Stellus Capital SBIC GP, LLC, are consolidated for U.S. GAAP reporting purposes, and the portfolio investments held by it are included in the consolidated financial statements. The SBIC licenses allow the SBIC subsidiary and SBIC II subsidiary (together, “the SBIC subsidiaries”) to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with 10-year maturities. The SBA, as a creditor, will have a superior claim to the SBIC subsidiaries’ assets over the Company’s stockholders in the event the Company liquidates one or both of the SBIC subsidiaries or the SBA exercises its remedies under the SBA-guaranteed debentures issued 119 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 by the SBIC subsidiaries upon an event of default. For the SBIC subsidiary, SBA regulations currently limit the amount that a single licensee may borrow to a maximum of $150,000,000 when it has at least $75,000,000 in regulatory capital, as such term is defined by the SBA, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. For the SBIC II subsidiary, SBA regulations limit these amounts to $175,000,000 of borrowings when it has at least $87,500,000 of “regulatory capital”, as such term is defined by the SBA. As of both December 31, 2020 and 2019, the SBIC subsidiary had $75,000,000 of regulatory capital. As of both December 31, 2020 and 2019, the SBIC subsidiary had $150,000,000 of SBA-guaranteed debentures outstanding. As of December 31, 2020 and 2019, the SBIC II subsidiary had $40,000,000 and $20,000,000 in regulatory capital, respectively, and $26,500,000 and $11,000,000 of SBA-guaranteed debentures outstanding, respectively. See footnote (2) of the Consolidated Schedule of Investments for additional information regarding the treatment of investments in the SBIC subsidiaries with respect to the Credit Facility (as defined in Note 11). As a BDC, the Company is required to comply with certain regulatory requirements. On March 23, 2018, the Small Business Credit Availability Act (the “SBCAA”) was signed into law, which included various changes to regulations under the federal securities laws that impact BDCs. The SBCAA included changes to the 1940 Act to allow BDCs to decrease their asset coverage requirement to 150% from 200% under certain circumstances. On April 4, 2018, the Company’s board of directors (the “Board”), including a “required majority” ​(as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. At the Company’s 2018 annual meeting of stockholders, our stockholders also approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, the asset coverage ratio test applicable to the Company was decreased from 200% to 150%, effective June 29, 2018. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing. As of December 31, 2020, the Company’s asset coverage ratio was 223%. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments in middle-market companies. The Company seeks to achieve its investment objective by originating and investing primarily in private U.S. middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) through first lien, second lien, unitranche and unsecured debt financing, with corresponding equity co-investments. It sources investments primarily through the extensive network of relationships that the principals of Stellus Capital have developed with financial sponsor firms, financial institutions, middle-market companies, management teams and other professional intermediaries. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with generally accepted accounting principles in the U.S. GAAP and pursuant to the requirements for reporting on Form 10-K and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, certain disclosures accompanying the annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. 120 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 In the opinion of management, the consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the periods included herein. Certain reclassifications have been made to certain prior period balances to conform with current presentation. In accordance with Regulation S-X under the Exchange Act, the Company does not consolidate portfolio company investments. The accounting records of the Company are maintained in U.S. dollars. COVID-19 Developments On March 11, 2020, the World Health Organization declared COVID-19 a pandemic and recommended containment and mitigation measures worldwide. As of the year ended December 31, 2020, and subsequent to December 31, 2020, the COVID-19 pandemic has had a significant impact on the U.S. and global economy. Each portfolio company has been assessed on an individual basis to identify the impact of the COVID-19 pandemic on the valuation of our investments in such company. The Company believes that any such known COVID-19 pandemic impacts have been reflected in the valuation of its investments. The global impact of the outbreak continues to evolve, and many countries have reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues. Businesses have also implemented similar precautionary measures. Such measures, as well as the general uncertainty surrounding the dangers and impact of the COVID-19 pandemic, have created significant disruption in supply chains and economic activity. The impact of the COVID-19 pandemic has led to significant volatility in the global public equity markets and it is uncertain how long this volatility will continue. As COVID-19 continues to spread, the potential impacts, including a global, regional or other economic recession, remain uncertain and difficult to assess. The extent of the impact of the COVID-19 pandemic on the financial performance of our current and future investments will depend on future developments, including the duration and spread of the virus, related advisories and restrictions, and the health of the financial markets and economy, all of which are highly uncertain and cannot be predicted. To the extent the Company’s portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Company’s future net investment income, the fair value of the Company’s portfolio investments and the Company’s financial condition. Portfolio Investment Classification The Company classifies its portfolio investments with the requirements of the 1940 Act as follows: (a) “Control Investments” are defined as investments in which the Company owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate Investments” are defined as investments in which the Company owns between 5% and 25% of the voting securities and does not have rights to maintain greater than 50% of the board representation, and (c) “Non-controlled, non-affiliate investments” are defined as investments that are neither Control Investments or Affiliate Investments. Cash and Cash Equivalents At December 31, 2020, cash balances totaling $109,261 did not exceed Federal Deposit Insurance Corporation insurance protection levels of $250,000. In addition, at December 31, 2020, the Company held $18,368,341 in cash equivalents that are carried at cost, which approximates the fair value of the cash equivalents. All of the Company’s cash deposits are held at large established high credit quality financial institutions and management believes that risk of loss associated with any uninsured balances is remote. Cash consists of bank demand deposits. We deem certain U.S. Treasury Bills and other high-quality, short-term debt securities as cash equivalents. 121 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 Fair Value Measurements We account for all of our financial instruments at fair value in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. We believe that the carrying amounts of our financial instruments such as cash, receivables and payables approximate the fair value of these items due to the short maturity of these instruments. This is considered a Level 1 valuation technique. The carrying values of our Credit Facility and SBA-guaranteed debentures approximate fair value because the interest rates adjusts to the market interest rates (Level 3 input). The carrying value of our 2022 Notes (as defined in Note 11) is based on the closing price of the security (level 2 input). See Note 6 to the consolidated financial statements for further discussion regarding the fair value measurements and hierarchy. The COVID-19 pandemic is an unprecedented circumstance that could materially impact the fair value of the Company’s investments. As a result, the fair value of the Company’s portfolio investments may be further negatively impacted after December 31, 2020, by circumstances and events that are not yet known. The COVID-19 pandemic may also impact the Company’s portfolio companies’ ability to pay their respective contractual obligations, including principal and interest due to the Company, and some portfolio companies could require interest or principal deferrals to fulfill short-term liquidity needs. The Company is working with each of its portfolio companies, as necessary, to help them access short-term liquidity through potential interest deferrals, funding on unused lines of credit, and other sources of liquidity. During the year ended December 31, 2020, no interest deferrals have been made; related to COVID-19 or otherwise. Consolidation As permitted under Regulation S-X under the Exchange Act and ASC Topic 946, we generally do not consolidate our investment in a portfolio company other than an investment company subsidiary. Accordingly, we consolidated the results of the SBIC subsidiaries and the Taxable Subsidiaries. All intercompany balances have been eliminated upon consolidation. Use of Estimates The preparation of the statement of assets and liabilities in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. Deferred Financing Costs Deferred financing costs, prepaid loan fees on SBA-guaranteed debentures and prepaid loan structure fees consist of fees and expenses paid in connection with the closing of the Company’s Credit Facility, 2022 Notes and SBA-guaranteed debentures and are capitalized at the time of payment. These costs are amortized using the straight-line method over the term of the respective instrument. Offering Costs Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company’s common stock, including legal, accounting, printing fees and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is consummated and 122 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 shown on the Consolidated Statement of Changes in Net Assets and Liabilities as a reduction to Paid-in-Capital. As of December 31, 2020, the Company had incurred $90,000 of costs related to the preparation of a registration statement, which were capitalized until the related offering consummated during January 2021. There were no such costs on the Consolidated Statement of Assets and Liabilities as of December 31, 2019. Investments As a BDC, the Company will generally invest in illiquid loans and securities including debt and equity securities of private middle-market companies. Under procedures established by our board of directors, the Company intends to value investments for which market quotations are readily available at such market quotations. The Company will obtain these market values from an independent pricing service or at the median between the bid and ask prices obtained from at least two brokers or dealers (if available, otherwise by a principal market maker or a primary market dealer). Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined in good faith by our board of directors. Such determination of fair values may involve subjective judgments and estimates. The Company also engages independent valuation providers to review the valuation of each portfolio investment that does not have a readily available market quotation at least twice annually. Investments purchased within approximately 90 days of the valuation date will be valued at cost plus accreted discount, or minus amortized premium, which approximates fair value. With respect to unquoted securities, our Board will value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. Because the Company expects that there will not be a readily available market for many of the investments in its portfolio, the Company expects to value most of its portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In following these approaches, the types of factors that will be taken into account in fair value pricing investments will include, as relevant, but not be limited to: • available current market data, including relevant and applicable market trading and transaction comparables; ​ • applicable market yields and multiples; ​ • security covenants; ​ • call protection provisions; ​ • information rights; ​ • the nature and realizable value of any collateral; ​ • the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; ​ • comparisons of financial ratios of peer companies that are public; ​ • comparable merger and acquisition transactions; and ​ • the principal market and enterprise values. ​ 123 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 Revenue Recognition We record interest income on an accrual basis to the extent such interest is deemed collectible. Payment-in-kind (“PIK”) interest, represents contractual interest accrued and added to the loan balance that generally becomes due at maturity. We will not accrue any form of interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and we then accrete or amortize such amounts using the effective interest method as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fee is recorded as interest income. We record prepayment premiums on loans and debt securities as other income. Dividend income, if any, will be recognized on the declaration date. A presentation of the interest income we have received from portfolio companies for the years ended December 31, 2020, 2019 and 2018 is as follows: ​ ​ ​ For the year ended ​ ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ ​ December 31, 2018 ​ Loan interest ​ ​ ​ $ 51,067,006 ​ ​ ​ ​ $ 53,358,856 ​ ​ ​ ​ $ 46,501,235 ​ ​ PIK income ​ ​ ​ ​ 664,992 ​ ​ ​ ​ ​ 415,933 ​ ​ ​ ​ ​ 1,869,905 ​ ​ Fee amortization income (1) ​ ​ ​ ​ 2,389,223 ​ ​ ​ ​ ​ 1,982,868 ​ ​ ​ ​ ​ 1,636,168 ​ ​ Fee income acceleration (2) ​ ​ ​ ​ 1,229,560 ​ ​ ​ ​ ​ 1,138,333 ​ ​ ​ ​ ​ 1,455,725 ​ ​ Total Interest Income ​ ​ ​ $ 55,350,781 ​ ​ ​ ​ $ 56,895,990 ​ ​ ​ ​ $ 51,463,033 ​ ​ ​ (1) Includes amortization of fees on unfunded commitments. ​ (2) Unamortized loan origination fees recognized upon full or partial realization of investment. ​ To maintain our treatment as a RIC, substantially all of this income must be paid to stockholders in the form of distributions, even if we have not collected any cash. Management considers portfolio-specific circumstances as well as other economic factors in determining collectability. As of December 31, 2020, we had three loans on non-accrual status, which represented approximately 4.3% of our loan portfolio at cost and 1.0% at fair value. As of December 31, 2019, we had two portfolio companies that were on non-accrual status, which represented approximately 3.6% of our loan portfolio at cost and 0.9% at fair value. As of December 31, 2020 and 2019, $7,057,415 and $3,779,593 of income from investments on non-accrual has not been accrued. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt or other obligations, or if a loan or debt security is sold or written off, we will remove it from non-accrual status. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation Realized gains or losses are measured by the difference between the net proceeds from the repayment, sale or disposition and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. Investment Transaction Costs Costs that are material associated with an investment transaction, including legal expenses, are included in the cost basis of purchases and deducted from the proceeds of sales unless such costs are reimbursed by the borrower. 124 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 Receivables and Payables for Unsettled Securities Transaction The Company records all investments on a trade date basis. U.S. Federal Income Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code, and to operate in a manner to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, among other things, the Company is required to timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each year. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. To avoid a 4% U.S federal excise tax on undistributed earnings, the Company is required to distribute each calendar year the sum of (i) 98% of its ordinary income for such calendar year (ii) 98.2% of its net capital gains for the one-year period ending December 31 (iii) any income recognized, but not distributed, in preceding years and on which the Company paid no federal income tax or the Excise Tax Avoidance Requirement. For this purpose, however, any net ordinary income or capital gain net income retained by us that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). The Company, at its discretion, may choose not to distribute all its taxable income for the calendar year and pay a non-deductible 4% excise tax on this income. If the Company chooses to do so, all other things being equal, this would increase expenses and reduce the amount available to be distributed to stockholders. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes on estimated excess taxable income as taxable income is earned. As of December 31, 2020, the Company had approximately $21,051,549 of undistributed taxable income that was carried forward toward distributions to be paid in 2021. Income tax expense for the years ended December 31, 2020, 2019, and 2018 of $771,134, $903,905, and $275,106, respectively, is related to state and excise taxes. The Company evaluates tax positions taken or expected to be taken while preparing its tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the applicable period. As of December 31, 2020 and 2019, the Company had not recorded a liability for any unrecognized tax positions. Management’s evaluation of uncertain tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. The Company’s policy is to include interest and penalties related to income taxes, if applicable, in general and administrative expenses. Any expenses for the years ended December 31, 2020, 2019 and 2018, were de minimis. The Taxable Subsidiaries are direct wholly owned subsidiaries of the Company that have elected to be taxable entities. The Taxable Subsidiaries permit the Company to hold equity investments in portfolio companies that are “pass through” entities for tax purposes and continue to comply with the “source-of-income” requirements contained in RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s consolidated financial statements. 125 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 The Taxable Subsidiaries use the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized. For the years ended December 31, 2020, 2019 and 2018, the Company recorded deferred income tax provision of $224,877, $66,760 and $67,953, respectively, related to the Taxable Subsidiaries. As of December 31, 2020 and 2019, the Company had a net deferred tax liability of $359,590 and $134,713, respectively. Earnings per Share Basic per share calculations are computed utilizing the weighted average number of shares of the Company’s common stock outstanding for the period. The Company has no common stock equivalents. As a result, there is no difference between diluted earnings per share and basic per share amounts. Paid In Capital The Company records the proceeds from the sale of shares of its common stock on a net basis to (i) capital stock and (ii) paid in capital in excess of par value, excluding all commissions and marketing support fees. Distributable Earnings (Accumulated Undistributed Deficit) The components that make up distributable earnings (accumulated undistributed deficit) on the Statement of Assets and Liabilities as of December 31, 2020 and 2019 are as follows: ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ Accumulated net realized loss from investments, net of cumulative dividends of $24,557,535 for both periods ​ ​ ​ $ (16,388,369 ) ​ ​ ​ ​ $ (6,258,510 ) ​ ​ Net unrealized depreciation on non-controlled non-affiliated investments and cash equivalents, net of provision for taxes of $359,590 and $134,713, respectively ​ ​ ​ ​ (5,564,061 ) ​ ​ ​ ​ ​ (13,894,460 ) ​ ​ Accumulated undistributed net investment income ​ ​ ​ ​ 19,266,926 ​ ​ ​ ​ ​ 18,587,920 ​ ​ Accumulated undistributed deficit ​ ​ ​ $ (2,685,504 ) ​ ​ ​ ​ $ (1,565,050 ) ​ ​ Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company’s consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the year ended December 31, 2020. 126 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 Accelerated Filer and Large Accelerated Filer Definitions The SEC recently adopted a final rule under SEC Release No. 34-88365 (the “Final Rule”), amending the Accelerated Filer and Large Accelerated Filer definitions in Exchange Act Rule 12b-2 to exclude an issuer that is eligible to be a smaller reporting company and had annual revenues of less than $100 million. The amendments include a provision under which a BDC will be excluded from the “accelerated filer” and “large accelerated filer” definitions if the BDC has (1) less than $700 million in public float, and (2) investment income of less than $100 million. In addition, BDCs are subject to the same transition provisions for accelerated filer and large accelerated filer status as other issuers, but instead substituting investment income for revenue. The amendments will reduce the number of issuers required to comply with the auditor attestation on the internal control over financial reporting requirement provided under Section 404(b) of the Sarbanes-Oxley Act of 2002. The Final Rule became effective as of April 27, 2020. As a result of the amended definitions, the Company status has changed from being an “accelerated” filer to a “non-accelerated” filer. The Company meets the requirements during the year ended December 31, 2020 such that no auditor attestation on the internal control over financial reporting is required. From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. We believe the impact of the recently issued standards and any that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. NOTE 2 — RELATED PARTY ARRANGEMENTS Investment Advisory Agreement The Company has entered into an investment advisory agreement with Stellus Capital pursuant to which Stellus Capital serves as its investment adviser. Pursuant to this agreement, the Company has agreed to pay to Stellus Capital an annual base management fee of 1.75% of gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents, and an incentive fee. For the years ended December 31, 2020, 2019 and 2018, the Company recorded an expense for base management fees of $11,084,450, $9,703,706, and $8,154,842 respectively. As of December 31, 2020 and December 31, 2019, $2,825,322 and $2,695,780 was payable to Stellus Capital, respectively. The incentive fee has two components, investment income and capital gains, as follows: Investment Income Incentive Fee The investment income component (“Income Incentive Fee”) is calculated, and payable to the Advisor, quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter, subject to a cumulative total return requirement and to deferral of non-cash amounts. The pre-incentive fee net investment income, which is expressed as a rate of return on the value of the Company’s net assets attributable to the Company’s common stock, for the immediately preceding calendar quarter, will have a 2.0% (which is 8.0% annualized) hurdle rate (also referred to as the “Hurdle”). Pre-incentive fee net investment income means interest income, dividend income and any other income accrued during the calendar quarter, minus the Company’s operating expenses for the quarter excluding the incentive fee. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Advisor receives no incentive fee for any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the Hurdle. Subject to the cumulative total return requirement described below, the Advisor receives 100% of the Company’s pre-incentive fee net investment income for any calendar quarter with respect to that portion of the pre-incentive net investment income for such quarter, if any, that exceeds the Hurdle but is less than 2.5% 127 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 (which is 10.0% annualized) of net assets (also referred to as the “Catch-up”) and 20.0% of the Company’s pre-incentive fee net investment income for such calendar quarter, if any, greater than 2.5% (10.0% annualized) of net assets. The foregoing Income Incentive Fee is subject to a total return requirement, which provides that no incentive fee in respect of the Company’s pre-incentive fee net investment income is payable except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding calendar quarters exceeds the cumulative incentive fees accrued and/or paid for the 11 preceding quarters. In other words, any Income Incentive Fee that is payable in a calendar quarter is limited to the lesser of (i) 20% of the amount by which the Company’s pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle, subject to the Catch-up, and (ii) (x) 20% of the cumulative net increase in net assets resulting from operations for the then current and 11 preceding quarters minus (y) the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the amount, if positive, of the sum of pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current and 11 preceding calendar quarters. In addition, the Advisor is not paid the portion of such incentive fee that is attributable to deferred interest until the Company actually receives such interest in cash. For the years ended December 31, 2020, 2019 and 2018, the Company incurred $2,527,813, $5,809,672 and $5,529,376, respectively, of Investment Income Incentive Fees. As of December 31, 2020 and 2019, $681,660 and $1,618,509, respectively, of such incentive fees were payable to the Advisor, of which $559,161 and $1,463,003, respectively, were currently payable (as explained below). As of December 31, 2020 and December 31, 2019, $122,499 and $152,476, respectively, of incentive fees incurred but not paid by the Company were generated from deferred interest (i.e. PIK, certain discount accretion and deferred interest) and are not payable until such amounts are received in cash. Capital Gains Incentive Fee The Company also pays the Advisor an incentive fee based on capital gains (the “Capital Gains Incentive Fee”). The Capital Gains Incentive Fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment management agreement, as of the termination date). The Capital Gains Incentive Fee is equal to 20.0% of the Company’s cumulative aggregate realized capital gains from Inception through the end of that calendar year, computed net of the cumulative aggregate realized capital losses and cumulative aggregate unrealized capital depreciation through the end of such year. The aggregate amount of any previously paid Capital Gains Incentive Fees is subtracted from such Capital Gains Incentive Fee calculated. U.S. GAAP requires that the incentive fee accrual considers the cumulative aggregate realized gains and losses and unrealized capital appreciation and depreciation of investments or other financial instruments in the calculation, as an incentive fee would be payable if such unrealized capital appreciation or depreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory agreement. There can be no assurance that unrealized appreciation or depreciation will be realized in the future. Accordingly, such fees, as calculated and accrued, may not necessarily be payable under the investment advisory agreement, and may never be paid based upon the computation of incentive fees in subsequent periods. For the years ended December 31, 2020, 2019 and 2018, the Company (reversed) incurred ($359,892), $799,876, and $81,038, respectively. As of December 31, 2020 and December 31, 2019, $521,021 and $880,913, respectively of Capital Gains Incentive Fees were accrued but not currently payable to the Advisor. The following tables summarize the components of the incentive fees discussed above: 128 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 ​ ​ ​ For the year ended December 31, 2020 ​ ​ For the year ended December 31, 2019 ​ ​ For the year ended December 31, 2018 ​ Investment income incentive fee incurred ​ ​ ​ $ 2,527,813 ​ ​ ​ ​ $ 5,809,672 ​ ​ ​ ​ $ 5,529,376 ​ ​ Capital gains incentive fee (reversed) accrued ​ ​ ​ ​ (359,892 ) ​ ​ ​ ​ ​ 799,876 ​ ​ ​ ​ $ 81,038 ​ ​ Incentive fee expense ​ ​ ​ $ 2,167,921 ​ ​ ​ ​ $ 6,609,548 ​ ​ ​ ​ $ 5,610,414 ​ ​ ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ Investment income incentive fee currently payable ​ ​ ​ $ 559,161 ​ ​ ​ ​ $ 1,466,033 ​ ​ Investment income incentive fee deferred ​ ​ ​ ​ 122,499 ​ ​ ​ ​ ​ 152,476 ​ ​ Capital gains incentive fee deferred ​ ​ ​ ​ 521,021 ​ ​ ​ ​ ​ 880,913 ​ ​ Incentive fee payable ​ ​ ​ $ 1,202,681 ​ ​ ​ ​ $ 2,499,422 ​ ​ Director Fees For the years ended December 31, 2020, 2019 and 2018, the Company recorded an expense relating to director fees $394,816, $383,000 and $317,000, respectively. As of December 31, 2020 and 2019, the Company owed its independent directors no unpaid director fees. Co-Investments On October 23, 2013, the Company received an exemptive order (the “Prior Order”) from the SEC to co-invest with private funds managed by Stellus Capital Management where doing so is consistent with the Company’s investment strategy as well as applicable law (including the terms and conditions of the exemptive order issued by the SEC). On December 18, 2018, the Company received a new exemptive order (the “Order”) that supersedes the Prior Order and permits the Company greater flexibility to enter into co-investment transactions. The Order expands on the Prior Order and allows the Company to co-invest with additional types of private funds, other BDCs, and registered investment companies managed by Stellus Capital Management or an adviser that is controlled, controlling, or under common control with Stellus Capital Management, subject to the conditions included therein. Pursuant to the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s independent directors must make certain conclusions in connection with a co-investment transaction, including (1) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching of the Company or its stockholders on the part of any person concerned and (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with its investment objectives and strategies. The Company co-invests, subject to the conditions in the Order, with private credit funds managed by Stellus Capital Management that have an investment strategy that is similar or identical to the Company’s investment strategy, and the Company may co-invest with other BDCs and registered investment companies managed by Stellus Capital Management or an adviser that is controlled, controlling, or under common control with Stellus Capital Management in the future. The Company believes that such co-investments may afford it additional investment opportunities and an ability to achieve greater diversification Administrative Agent The Company serves as the administrative agent on certain investment transactions, including co-investments with its affiliates under the exemptive relief order. As of December 31, 2020 and December 31, 2019, there was no cash due to other investment funds related to interest paid by a borrower to the Company as administrative agent. Any such amount would be included in “Other Accrued Expenses and Liabilities” on the Consolidated Statement of Assets and Liabilities. 129 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 License Agreement The Company has entered into a license agreement with Stellus Capital under which Stellus Capital has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Stellus Capital.” Under this agreement, the Company has a right to use the “Stellus Capital” name for so long as Stellus Capital or one of its affiliates remains its investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Stellus Capital” name. This license agreement will remain in effect for so long as the investment advisory agreement with Stellus Capital is in effect. Administration Agreement The Company entered into an administration agreement with Stellus Capital pursuant to which Stellus Capital will furnish the Company with office facilities and equipment and will provide the Company with the clerical, bookkeeping, recordkeeping and other administrative services necessary to conduct day-to-day operations. Under this administration agreement, Stellus Capital will perform, or oversee the performance of, its required administrative services, which includes, among other things, being responsible for the financial records which it is required to maintain and preparing reports to its stockholders and reports filed with the SEC. For the years ended December 31, 2020, 2019 and 2018, the Company recorded expenses of $1,549,627, $1,469,706, and $1,195,174, respectively, related to the administration agreement. As of December 31, 2020 and December 31, 2019, $381,690 and $372,524, respectively, remained payable to Stellus Capital relating to the administration agreement. Indemnification The investment advisory agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations under the investment advisory agreement, Stellus Capital and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of Stellus Capital’s services under the investment advisory agreement or otherwise as our investment adviser. The Company has also entered into indemnification agreements with its directors. The indemnification agreements are intended to provide the Company’s directors the maximum indemnification permitted under Maryland law and the 1940 Act. Each indemnification agreement provides that the Company shall indemnify the director who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, other than a proceeding by or in the right of the Company. 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, 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 $10.91 per share on its common stock from Inception through December 31, 2020. The following table reflects the Company’s distributions declared and paid on its common stock since Inception: 130 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 Year/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 ​ ​ Various ​ ​ ​ ​ ​ ​ $ 1.36 ​ ​ Fiscal 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1.36 ​ ​ Fiscal 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1.36 ​ ​ Fiscal 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1.36 ​ ​ Fiscal 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 10, 2020 ​ ​ January 31, 2020 ​ ​ February 14, 2020 ​ ​ ​ $ 0.11 ​ ​ January 10, 2020 ​ ​ February 28, 2020 ​ ​ March 13, 2020 ​ ​ ​ $ 0.11 ​ ​ January 10, 2020 ​ ​ March 31, 2020 ​ ​ April 15, 2020 ​ ​ ​ $ 0.11 ​ ​ June 30, 2020 ​ ​ July 15, 2020 ​ ​ July 31, 2020 ​ ​ ​ $ 0.25 ​ ​ July 29, 2020 ​ ​ September 15, 2020 ​ ​ September 30, 2020 ​ ​ ​ $ 0.25 ​ ​ September 13, 2020 ​ ​ December 15, 2020 ​ ​ December 29, 2020 ​ ​ ​ $ 0.25 ​ ​ September 13, 2020 ​ ​ December 15, 2020 ​ ​ December 29, 2020 ​ ​ ​ $ 0.06 ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10.91 ​ ​ 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 our 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 issued 21,666 shares through the DRIP during the year ended December 31, 2020. No new shares were issued in connection with the DRIP during the year ended December 31, 2019. 131 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES The table below illustrates the number of common stock shares the Company issued since inception through various equity offerings and pursuant to the Company’s DRIP. Issuance of Common Stock ​ ​ Number of Shares ​ ​ Gross Proceeds (1)(2) ​ ​ Underwriting fees ​ ​ Offering Expenses ​ ​ Net Proceeds (3) ​ ​ Offering Price ​ Year ended December 31, 2012 ​ ​ ​ ​ 12,035,023 ​ ​ ​ ​ $ 180,522,093 ​ ​ ​ ​ $ 4,959,720 ​ ​ ​ ​ $ 835,500 ​ ​ ​ ​ $ 174,726,873 ​ ​ ​ ​ $ 14.90 ​ ​ Year ended December 31, 2013 ​ ​ ​ ​ 63,998 ​ ​ ​ ​ ​ 899,964 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 899,964 ​ ​ ​ ​ $ 14.06 ​ ​ Year ended December 31, 2014 ​ ​ ​ ​ 380,936 ​ ​ ​ ​ ​ 5,485,780 ​ ​ ​ ​ ​ 75,510 ​ ​ ​ ​ ​ 29,904 ​ ​ ​ ​ ​ 5,380,366 ​ ​ ​ ​ $ 14.47 ​ ​ Year ended December 31, 2015 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ Year ended December 31, 2016 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ Year ended December 31, 2017 ​ ​ ​ ​ 3,465,922 ​ ​ ​ ​ ​ 48,741,406 ​ ​ ​ ​ ​ 1,358,880 ​ ​ ​ ​ ​ 307,021 ​ ​ ​ ​ ​ 47,075,505 ​ ​ ​ ​ $ 14.06 ​ ​ Year ended December 31, 2018 ​ ​ ​ ​ 7,931 ​ ​ ​ ​ ​ 93,737 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 93,737 ​ ​ ​ ​ $ 11.85 ​ ​ Year ended December 31, 2019 ​ ​ ​ ​ 3,177,936 ​ ​ ​ ​ ​ 45,862,995 ​ ​ ​ ​ ​ 1,015,127 ​ ​ ​ ​ ​ 521,715 ​ ​ ​ ​ ​ 44,326,153 ​ ​ ​ ​ $ 14.43 ​ ​ Year ended December 31, 2020 ​ ​ ​ ​ 354,257 ​ ​ ​ ​ ​ 5,023,843 ​ ​ ​ ​ ​ 5,681 ​ ​ ​ ​ ​ 18,169 ​ ​ ​ ​ ​ 4,999,993 ​ ​ ​ ​ $ 14.18 ​ ​ Total ​ ​ ​ ​ 19,486,003 ​ ​ ​ ​ $ 286,629,818 ​ ​ ​ ​ $ 7,414,918 ​ ​ ​ ​ $ 1,712,309 ​ ​ ​ ​ $ 277,502,591 ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Net of partial share redemptions. Such share redemptions impacted gross proceeds by $94, $757, $(1,051), $(142), $(31) and $(29) in 2020, 2019, 2018, 2017, 2016 and 2015, respectively. ​ (2) Includes common shares issued under the DRIP of $228,943 and $94,788 during the year ended December 31, 2020 and 2018, respectively; $0 for the years ended 2019, 2017, 2016 and 2015, and $390,505, $938,385, $113,000 for the years ended 2014, 2013, and 2012, respectively. ​ (3) Net Proceeds per this equity table will differ from the Statement of Assets and Liabilities as of December 31, 2020 and 2019 in the amount of $1,456,437 and $366,375, respectively, which represents a tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles. This reclassification reduces paid-in capital and increases distributable earnings (reducing the accumulated undistributed deficit). ​ The Company issued 332,591 shares during the year ended December 31, 2020 under the At-the-Market (“ATM”) Program, for gross proceeds of $4,794,994 and underwriting and other expenses of $23,850. The average per share offering price of shares issued in the ATM Program during 2020 was $14.42. Gross proceeds resulting from the At-the-Market (“ATM”) Program in 2019 totaled $3,262,729 and underwriting and other expenses totaled $240,040. The average per share offering price of shares issued in the ATM Program during 2019 was $14.45. The Company issued 2,952,149 shares during the year ended December 31, 2019 in a secondary offering on March 15, 2019 and the underwriters’ exercise of their overallotment option on April 11, 2019. Gross proceeds resulting from the secondary offering totaled $42,599,510 and underwriting and other expenses totaled $1,296,803. The per share offering price for the secondary offering was $14.43. The Company issued 21,666 and 0 shares of common stock through the DRIP for the year ended December 31, 2020 and 2019, respectively. 132 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 NOTE 5 — NET INCREASE IN NET ASSETS PER COMMON SHARE The following information sets forth the computation of net increase in net assets resulting from operations per common share for the years ended December 31, 2020, 2019 and 2018. ​ ​ ​ For the year ended December 31, 2020 ​ ​ For the year ended December 31, 2019 ​ ​ For the year ended December 31, 2018 ​ Net increase in net assets resulting from operations ​ ​ ​ $ 20,192,441 ​ ​ ​ ​ $ 26,438,186 ​ ​ ​ ​ $ 26,194,578 ​ ​ Weighted average common shares ​ ​ ​ ​ 19,471,500 ​ ​ ​ ​ ​ 18,275,696 ​ ​ ​ ​ ​ 15,953,571 ​ ​ Basic and diluted earnings per common share ​ ​ ​ $ 1.04 ​ ​ ​ ​ $ 1.45 ​ ​ ​ ​ $ 1.64 ​ ​ NOTE 6 — PORTFOLIO INVESTMENTS AND FAIR VALUE In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly; Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management. The Company considers whether the volume and level of activity for the asset or liability have significantly decreased and identifies transactions that are not orderly in determining fair value. Accordingly, if the Company determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. Valuation techniques such as an income approach might be appropriate to supplement or replace a market approach in those circumstances. At December 31, 2020, the Company had investments in 66 portfolio companies. The total cost and fair value of the investments were $658,628,966 and $653,424,495, respectively. The composition of our investments as of December 31, 2020 is as follows: ​ ​ ​ Cost ​ ​ Fair Value ​ Senior Secured – First Lien (1) ​ ​ ​ $ 508,060,059 ​ ​ ​ ​ $ 508,673,064 ​ ​ Senior Secured – Second Lien ​ ​ ​ ​ 93,636,285 ​ ​ ​ ​ ​ 70,720,186 ​ ​ Unsecured Debt ​ ​ ​ ​ 22,212,888 ​ ​ ​ ​ ​ 21,191,245 ​ ​ Equity ​ ​ ​ ​ 34,719,734 ​ ​ ​ ​ ​ 52,840,000 ​ ​ Total Investments ​ ​ ​ $ 658,628,966 ​ ​ ​ ​ $ 653,424,495 ​ ​ 133 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 ​ (1) Includes unitranche investments, which account for 13.0% of our portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured as well as second lien and/or subordinated loans. Our unitranche loans will expose us to the risks associated with the second lien and subordinated loans to the extent we invest in the “last-out” tranche. ​ At December 31, 2019, the Company had investments in 63 portfolio companies. The total cost and fair value of the investments were $642,707,824 and $628,948,077, respectively. The composition of our investments as of December 31, 2019 was as follows: ​ ​ ​ Cost ​ ​ Fair Value ​ Senior Secured – First Lien (1) ​ ​ ​ $ 461,107,595 ​ ​ ​ ​ $ 455,169,878 ​ ​ Senior Secured – Second Lien ​ ​ ​ ​ 130,600,172 ​ ​ ​ ​ ​ 111,961,013 ​ ​ Unsecured Debt ​ ​ ​ ​ 22,279,519 ​ ​ ​ ​ ​ 22,137,186 ​ ​ Equity ​ ​ ​ ​ 28,720,538 ​ ​ ​ ​ ​ 39,680,000 ​ ​ Total Investments ​ ​ ​ $ 642,707,824 ​ ​ ​ ​ $ 628,948,077 ​ ​ ​ (1) Includes unitranche investments, which account for 14.4% of our portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured as well as second lien and/or subordinated loans and our unitranche loans will expose us to the risks associated with the second lien and subordinated loans to the extent we invest in the “last-out” tranche. ​ The Company’s investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of December 31, 2020 and December 31, 2019, the Company had 19 and 17 such investments with aggregate unfunded commitments of $28,865,204 and $37,517,784, respectively. The Company maintains sufficient liquidity to fund such unfunded loan commitments should the need arise. The fair values of our investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2020 are as follows: ​ ​ ​ Quoted Prices in Active Markets for Identical Securities (Level 1) ​ ​ Significant Other Observable Inputs (Level 2) ​ ​ Significant Unobservable Inputs (Level 3) ​ ​ Total ​ Senior Secured – First Lien ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 508,673,064 ​ ​ ​ ​ $ 508,673,064 ​ ​ Senior Secured – Second Lien ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 70,720,186 ​ ​ ​ ​ ​ 70,720,186 ​ ​ Unsecured Debt ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 21,191,245 ​ ​ ​ ​ ​ 21,191,245 ​ ​ Equity ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 52,840,000 ​ ​ ​ ​ ​ 52,840,000 ​ ​ Total Investments ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 653,424,495 ​ ​ ​ ​ $ 653,424,495 ​ ​ The fair values of our investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2019 are as follows: 134 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 ​ ​ ​ Quoted Prices in Active Markets for Identical Securities (Level 1) ​ ​ Significant Other Observable Inputs (Level 2) ​ ​ Significant Unobservable Inputs (Level 3) ​ ​ Total ​ Senior Secured – First Lien ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 455,169,878 ​ ​ ​ ​ $ 455,169,878 ​ ​ Senior Secured – Second Lien ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 111,961,013 ​ ​ ​ ​ ​ 111,961,013 ​ ​ Unsecured Debt ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 22,137,186 ​ ​ ​ ​ ​ 22,137,186 ​ ​ Equity ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 39,680,000 ​ ​ ​ ​ ​ 39,680,000 ​ ​ Total Investments ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 628,948,077 ​ ​ ​ ​ $ 628,948,077 ​ ​ The aggregate values of Level 3 portfolio investments changed during the year ended December 31, 2020 are as follows: ​ ​ ​ Senior Secured Loans-First Lien ​ ​ Senior Secured Loans-Second Lien ​ ​ Unsecured Debt ​ ​ Equity ​ ​ Total ​ Fair value at beginning of period ​ ​ ​ $ 455,169,878 ​ ​ ​ ​ $ 111,961,013 ​ ​ ​ ​ $ 22,137,186 ​ ​ ​ ​ $ 39,680,000 ​ ​ ​ ​ $ 628,948,077 ​ ​ Purchases of investments ​ ​ ​ ​ 139,571,726 ​ ​ ​ ​ ​ 9,800,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,135,439 ​ ​ ​ ​ ​ 157,507,165 ​ ​ Payment-in-kind interest ​ ​ ​ ​ 80,487 ​ ​ ​ ​ ​ 506,754 ​ ​ ​ ​ ​ 77,751 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 664,992 ​ ​ Sales and Redemptions ​ ​ ​ ​ (85,804,667 ) ​ ​ ​ ​ ​ (43,642,752 ) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (4,801,419 ) ​ ​ ​ ​ ​ (134,248,838 ) ​ ​ Realized (Losses) Gains ​ ​ ​ ​ (8,599,062 ) ​ ​ ​ ​ ​ (4,003,655 ) ​ ​ ​ ​ ​ (163,423 ) ​ ​ ​ ​ ​ 2,665,177 ​ ​ ​ ​ ​ (10,100,963 ) ​ ​ Change in unrealized appreciation (depreciation) included in earnings (1) ​ ​ ​ ​ 6,550,721 ​ ​ ​ ​ ​ (4,276,940 ) ​ ​ ​ ​ ​ (879,310 ) ​ ​ ​ ​ ​ 7,160,803 ​ ​ ​ ​ ​ 8,555,274 ​ ​ Amortization of premium and accretion of discount, net ​ ​ ​ ​ 1,703,981 ​ ​ ​ ​ ​ 375,766 ​ ​ ​ ​ ​ 19,041 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,098,788 ​ ​ Fair value at end of period ​ ​ ​ $ 508,673,064 ​ ​ ​ ​ $ 70,720,186 ​ ​ ​ ​ $ 21,191,245 ​ ​ ​ ​ $ 52,840,000 ​ ​ ​ ​ $ 653,424,495 ​ ​ ​ (1) Includes reversal of positions during the twelve months ended December 31, 2020. ​ There were no Level 3 transfers during the twelve months ended December 31, 2020. 135 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 The aggregate values of Level 3 portfolio investments changed during the year ended December 31, 2019 are as follows: ​ ​ ​ Senior Secured Loans-First Lien ​ ​ Senior Secured Loans-Second Lien ​ ​ Unsecured Debt ​ ​ Equity ​ ​ Total ​ Fair value at beginning of period ​ ​ ​ $ 292,004,982 ​ ​ ​ ​ $ 149,661,220 ​ ​ ​ ​ $ 23,697,466 ​ ​ ​ ​ $ 39,120,000 ​ ​ ​ ​ $ 504,483,668 ​ ​ Purchases of investments ​ ​ ​ ​ 209,966,863 ​ ​ ​ ​ ​ 26,572,699 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,940,714 ​ ​ ​ ​ ​ 246,480,276 ​ ​ Payment-in-kind interest ​ ​ ​ ​ 262,444 ​ ​ ​ ​ ​ 94,445 ​ ​ ​ ​ ​ 59,044 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 415,933 ​ ​ Sales and Redemptions ​ ​ ​ ​ (48,114,716 ) ​ ​ ​ ​ ​ (51,959,386 ) ​ ​ ​ ​ ​ (5,605,908 ) ​ ​ ​ ​ ​ (22,594,613 ) ​ ​ ​ ​ ​ (128,274,623 ) ​ ​ Realized Gains ​ ​ ​ ​ (212,012 ) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,364,905 ​ ​ ​ ​ ​ 17,415,227 ​ ​ ​ ​ ​ 19,568,120 ​ ​ Change in unrealized appreciation (depreciation) included in earnings ​ ​ ​ ​ 22,891 ​ ​ ​ ​ ​ (12,917,767 ) ​ ​ ​ ​ ​ 1,596,438 ​ ​ ​ ​ ​ (4,201,328 ) ​ ​ ​ ​ ​ (15,499,766 ) ​ ​ Amortization of premium and accretion of discount, net ​ ​ ​ ​ 1,239,426 ​ ​ ​ ​ ​ 509,802 ​ ​ ​ ​ ​ 25,241 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,774,469 ​ ​ Fair value at end of period ​ ​ ​ $ 455,169,878 ​ ​ ​ ​ $ 111,961,013 ​ ​ ​ ​ $ 22,137,186 ​ ​ ​ ​ $ 39,680,000 ​ ​ ​ ​ $ 628,948,077 ​ ​ There were no Level 3 transfers during the twelve months ended December 31, 2019. The following is a summary of geographical concentration of our investment portfolio as of December 31, 2020: ​ ​ ​ Cost ​ ​ Fair Value ​ ​ % of Total Investments at fair value ​ Texas ​ ​ ​ $ 151,640,862 ​ ​ ​ ​ $ 135,146,776 ​ ​ ​ ​ ​ 20.68 % ​ ​ California ​ ​ ​ ​ 86,050,467 ​ ​ ​ ​ ​ 92,069,851 ​ ​ ​ ​ ​ 14.09 % ​ ​ Illinois ​ ​ ​ ​ 57,330,756 ​ ​ ​ ​ ​ 57,535,404 ​ ​ ​ ​ ​ 8.81 % ​ ​ Arizona ​ ​ ​ ​ 50,822,139 ​ ​ ​ ​ ​ 52,015,600 ​ ​ ​ ​ ​ 7.96 % ​ ​ New Jersey ​ ​ ​ ​ 38,228,359 ​ ​ ​ ​ ​ 37,765,139 ​ ​ ​ ​ ​ 5.78 % ​ ​ Ohio ​ ​ ​ ​ 34,109,657 ​ ​ ​ ​ ​ 35,827,682 ​ ​ ​ ​ ​ 5.48 % ​ ​ Wisconsin ​ ​ ​ ​ 22,721,856 ​ ​ ​ ​ ​ 22,827,500 ​ ​ ​ ​ ​ 3.49 % ​ ​ Canada ​ ​ ​ ​ 21,318,659 ​ ​ ​ ​ ​ 21,540,925 ​ ​ ​ ​ ​ 3.30 % ​ ​ New York ​ ​ ​ ​ 19,527,594 ​ ​ ​ ​ ​ 20,547,579 ​ ​ ​ ​ ​ 3.14 % ​ ​ Tennessee ​ ​ ​ ​ 19,832,576 ​ ​ ​ ​ ​ 19,959,613 ​ ​ ​ ​ ​ 3.05 % ​ ​ United Kingdom ​ ​ ​ ​ 20,159,650 ​ ​ ​ ​ ​ 18,727,500 ​ ​ ​ ​ ​ 2.87 % ​ ​ South Carolina ​ ​ ​ ​ 15,834,471 ​ ​ ​ ​ ​ 18,132,490 ​ ​ ​ ​ ​ 2.77 % ​ ​ Indiana ​ ​ ​ ​ 17,741,889 ​ ​ ​ ​ ​ 18,026,339 ​ ​ ​ ​ ​ 2.76 % ​ ​ Maryland ​ ​ ​ ​ 16,970,057 ​ ​ ​ ​ ​ 17,064,250 ​ ​ ​ ​ ​ 2.61 % ​ ​ Florida ​ ​ ​ ​ 12,404,739 ​ ​ ​ ​ ​ 12,299,545 ​ ​ ​ ​ ​ 1.88 % ​ ​ Alabama ​ ​ ​ ​ 12,252,768 ​ ​ ​ ​ ​ 12,252,768 ​ ​ ​ ​ ​ 1.88 % ​ ​ Washington ​ ​ ​ ​ 11,803,768 ​ ​ ​ ​ ​ 11,801,363 ​ ​ ​ ​ ​ 1.81 % ​ ​ Missouri ​ ​ ​ ​ 9,956,554 ​ ​ ​ ​ ​ 10,720,000 ​ ​ ​ ​ ​ 1.64 % ​ ​ Pennsylvania ​ ​ ​ ​ 9,884,148 ​ ​ ​ ​ ​ 9,900,000 ​ ​ ​ ​ ​ 1.52 % ​ ​ Virginia ​ ​ ​ ​ 7,505,287 ​ ​ ​ ​ ​ 7,759,020 ​ ​ ​ ​ ​ 1.19 % ​ ​ 136 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 ​ ​ ​ Cost ​ ​ Fair Value ​ ​ % of Total Investments at fair value ​ Washington, D.C. ​ ​ ​ ​ 6,937,907 ​ ​ ​ ​ ​ 7,030,512 ​ ​ ​ ​ ​ 1.08 % ​ ​ Georgia ​ ​ ​ ​ 685,000 ​ ​ ​ ​ ​ 6,420,000 ​ ​ ​ ​ ​ 0.98 % ​ ​ North Carolina ​ ​ ​ ​ 4,979,153 ​ ​ ​ ​ ​ 2,925,000 ​ ​ ​ ​ ​ 0.45 % ​ ​ Puerto Rico ​ ​ ​ ​ 8,613,244 ​ ​ ​ ​ ​ 2,589,639 ​ ​ ​ ​ ​ 0.40 % ​ ​ Massachusetts ​ ​ ​ ​ 1,317,406 ​ ​ ​ ​ ​ 1,780,000 ​ ​ ​ ​ ​ 0.27 % ​ ​ Utah ​ ​ ​ ​ — ​ ​ ​ ​ ​ 760,000 ​ ​ ​ ​ ​ 0.11 % ​ ​ ​ ​ ​ ​ $ 658,628,966 ​ ​ ​ ​ $ 653,424,495 ​ ​ ​ ​ ​ 100.00 % ​ ​ ​ The following is a summary of geographical concentration of our investment portfolio as of December 31, 2019: ​ ​ ​ Cost ​ ​ Fair Value ​ ​ % of Total Investments at Fair Value ​ Texas ​ ​ ​ $ 134,451,527 ​ ​ ​ ​ $ 120,672,985 ​ ​ ​ ​ ​ 19.19 % ​ ​ California ​ ​ ​ ​ 79,090,474 ​ ​ ​ ​ ​ 78,136,331 ​ ​ ​ ​ ​ 12.42 % ​ ​ Arizona ​ ​ ​ ​ 52,390,949 ​ ​ ​ ​ ​ 53,274,526 ​ ​ ​ ​ ​ 8.47 % ​ ​ New Jersey ​ ​ ​ ​ 52,548,769 ​ ​ ​ ​ ​ 51,637,750 ​ ​ ​ ​ ​ 8.21 % ​ ​ Ohio ​ ​ ​ ​ 48,502,609 ​ ​ ​ ​ ​ 50,092,839 ​ ​ ​ ​ ​ 7.96 % ​ ​ Illinois ​ ​ ​ ​ 41,869,947 ​ ​ ​ ​ ​ 44,406,252 ​ ​ ​ ​ ​ 7.06 % ​ ​ Canada ​ ​ ​ ​ 21,201,137 ​ ​ ​ ​ ​ 21,217,811 ​ ​ ​ ​ ​ 3.37 % ​ ​ New York ​ ​ ​ ​ 19,922,689 ​ ​ ​ ​ ​ 20,584,020 ​ ​ ​ ​ ​ 3.27 % ​ ​ United Kingdom ​ ​ ​ ​ 20,116,695 ​ ​ ​ ​ ​ 20,116,695 ​ ​ ​ ​ ​ 3.20 % ​ ​ Wisconsin ​ ​ ​ ​ 19,207,770 ​ ​ ​ ​ ​ 19,466,054 ​ ​ ​ ​ ​ 3.10 % ​ ​ South Carolina ​ ​ ​ ​ 19,935,337 ​ ​ ​ ​ ​ 19,366,716 ​ ​ ​ ​ ​ 3.08 % ​ ​ Tennessee ​ ​ ​ ​ 19,854,956 ​ ​ ​ ​ ​ 19,260,076 ​ ​ ​ ​ ​ 3.06 % ​ ​ Pennsylvania ​ ​ ​ ​ 17,408,508 ​ ​ ​ ​ ​ 17,566,213 ​ ​ ​ ​ ​ 2.79 % ​ ​ Maryland ​ ​ ​ ​ 17,103,044 ​ ​ ​ ​ ​ 17,325,000 ​ ​ ​ ​ ​ 2.75 % ​ ​ Indiana ​ ​ ​ ​ 14,064,012 ​ ​ ​ ​ ​ 13,997,251 ​ ​ ​ ​ ​ 2.23 % ​ ​ Florida ​ ​ ​ ​ 13,663,116 ​ ​ ​ ​ ​ 13,820,256 ​ ​ ​ ​ ​ 2.20 % ​ ​ Colorado ​ ​ ​ ​ 10,867,843 ​ ​ ​ ​ ​ 12,444,250 ​ ​ ​ ​ ​ 1.98 % ​ ​ Arkansas ​ ​ ​ ​ 14,920,694 ​ ​ ​ ​ ​ 11,989,446 ​ ​ ​ ​ ​ 1.91 % ​ ​ Missouri ​ ​ ​ ​ 10,078,235 ​ ​ ​ ​ ​ 10,428,223 ​ ​ ​ ​ ​ 1.66 % ​ ​ Georgia ​ ​ ​ ​ 575,000 ​ ​ ​ ​ ​ 5,250,000 ​ ​ ​ ​ ​ 0.83 % ​ ​ North Carolina ​ ​ ​ ​ 4,961,969 ​ ​ ​ ​ ​ 4,375,000 ​ ​ ​ ​ ​ 0.70 % ​ ​ Puerto Rico ​ ​ ​ ​ 8,613,244 ​ ​ ​ ​ ​ 3,490,383 ​ ​ ​ ​ ​ 0.55 % ​ ​ Utah ​ ​ ​ ​ 41,894 ​ ​ ​ ​ ​ 30,000 ​ ​ ​ ​ ​ 0.00 % ​ ​ Massachusetts ​ ​ ​ ​ 1,317,406 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — % ​ ​ ​ ​ ​ ​ $ 642,707,824 ​ ​ ​ ​ $ 628,948,077 ​ ​ ​ ​ ​ 100.00 % ​ ​ 137 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 The following is a summary of industry concentration of our investment portfolio as of December 31, 2020: ​ ​ ​ Cost ​ ​ Fair Value ​ ​ % of Total Investments at fair value ​ Services: Business ​ ​ ​ $ 102,005,864 ​ ​ ​ ​ $ 109,873,364 ​ ​ ​ ​ ​ 16.82 % ​ ​ Healthcare & Pharmaceuticals ​ ​ ​ ​ 87,198,279 ​ ​ ​ ​ ​ 82,945,887 ​ ​ ​ ​ ​ 12.69 % ​ ​ Aerospace & Defense ​ ​ ​ ​ 53,615,886 ​ ​ ​ ​ ​ 52,184,338 ​ ​ ​ ​ ​ 7.99 % ​ ​ Beverage, Food, & Tobacco ​ ​ ​ ​ 39,339,090 ​ ​ ​ ​ ​ 41,012,620 ​ ​ ​ ​ ​ 6.28 % ​ ​ Media: Broadcasting & Subscription ​ ​ ​ ​ 31,889,423 ​ ​ ​ ​ ​ 34,418,869 ​ ​ ​ ​ ​ 5.27 % ​ ​ High Tech Industries ​ ​ ​ ​ 33,571,427 ​ ​ ​ ​ ​ 33,793,693 ​ ​ ​ ​ ​ 5.17 % ​ ​ Consumer Goods: Durable ​ ​ ​ ​ 27,802,124 ​ ​ ​ ​ ​ 27,780,032 ​ ​ ​ ​ ​ 4.25 % ​ ​ Environmental Industries ​ ​ ​ ​ 25,454,549 ​ ​ ​ ​ ​ 24,977,427 ​ ​ ​ ​ ​ 3.82 % ​ ​ Education ​ ​ ​ ​ 26,428,607 ​ ​ ​ ​ ​ 24,494,108 ​ ​ ​ ​ ​ 3.75 % ​ ​ Services: Consumer ​ ​ ​ ​ 38,026,487 ​ ​ ​ ​ ​ 22,600,924 ​ ​ ​ ​ ​ 3.46 % ​ ​ Media: Advertising, Printing & Publishing ​ ​ ​ ​ 21,903,057 ​ ​ ​ ​ ​ 21,348,217 ​ ​ ​ ​ ​ 3.27 % ​ ​ Capital Equipment ​ ​ ​ ​ 20,005,255 ​ ​ ​ ​ ​ 20,680,904 ​ ​ ​ ​ ​ 3.17 % ​ ​ Finance ​ ​ ​ ​ 18,016,762 ​ ​ ​ ​ ​ 19,435,000 ​ ​ ​ ​ ​ 2.97 % ​ ​ Transportation & Logistics ​ ​ ​ ​ 18,690,276 ​ ​ ​ ​ ​ 18,944,945 ​ ​ ​ ​ ​ 2.90 % ​ ​ Retail ​ ​ ​ ​ 15,834,471 ​ ​ ​ ​ ​ 18,132,490 ​ ​ ​ ​ ​ 2.77 % ​ ​ Containers, Packaging, & Glass ​ ​ ​ ​ 17,853,813 ​ ​ ​ ​ ​ 17,890,000 ​ ​ ​ ​ ​ 2.74 % ​ ​ Metals & Mining ​ ​ ​ ​ 16,970,057 ​ ​ ​ ​ ​ 17,064,250 ​ ​ ​ ​ ​ 2.61 % ​ ​ Consumer goods: non-durable ​ ​ ​ ​ 13,272,383 ​ ​ ​ ​ ​ 12,930,000 ​ ​ ​ ​ ​ 1.98 % ​ ​ Automotive ​ ​ ​ ​ 11,028,125 ​ ​ ​ ​ ​ 11,028,125 ​ ​ ​ ​ ​ 1.69 % ​ ​ Construction & Building ​ ​ ​ ​ 10,446,055 ​ ​ ​ ​ ​ 10,750,000 ​ ​ ​ ​ ​ 1.65 % ​ ​ Energy: Oil & Gas ​ ​ ​ ​ 11,015,013 ​ ​ ​ ​ ​ 9,991,177 ​ ​ ​ ​ ​ 1.53 % ​ ​ Utilities: Oil & Gas ​ ​ ​ ​ 9,884,148 ​ ​ ​ ​ ​ 9,900,000 ​ ​ ​ ​ ​ 1.52 % ​ ​ Chemicals, Plastics, & Rubber ​ ​ ​ ​ 6,605,024 ​ ​ ​ ​ ​ 6,808,125 ​ ​ ​ ​ ​ 1.04 % ​ ​ Software ​ ​ ​ ​ 1,772,791 ​ ​ ​ ​ ​ 4,430,000 ​ ​ ​ ​ ​ 0.66 % ​ ​ Hotel, Gaming, & Leisure ​ ​ ​ ​ — ​ ​ ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 0.00 % ​ ​ ​ ​ ​ ​ $ 658,628,966 ​ ​ ​ ​ $ 653,424,495 ​ ​ ​ ​ ​ 100.00 % ​ ​ The following is a summary of industry concentration of our investment portfolio as of December 31, 2019: ​ ​ ​ Cost ​ ​ Fair Value ​ ​ % of Total Investments at Fair Value ​ Healthcare & Pharmaceuticals ​ ​ ​ $ 98,307,360 ​ ​ ​ ​ $ 94,000,860 ​ ​ ​ ​ ​ 14.95 % ​ ​ Services: Business ​ ​ ​ ​ 56,354,433 ​ ​ ​ ​ ​ 62,410,845 ​ ​ ​ ​ ​ 9.92 % ​ ​ Aerospace & Defense ​ ​ ​ ​ 44,970,957 ​ ​ ​ ​ ​ 46,547,324 ​ ​ ​ ​ ​ 7.40 % ​ ​ Consumer Goods: Durable ​ ​ ​ ​ 47,933,468 ​ ​ ​ ​ ​ 44,158,660 ​ ​ ​ ​ ​ 7.02 % ​ ​ Beverage, Food, & Tobacco ​ ​ ​ ​ 42,131,354 ​ ​ ​ ​ ​ 42,592,966 ​ ​ ​ ​ ​ 6.77 % ​ ​ 138 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 ​ ​ ​ Cost ​ ​ Fair Value ​ ​ % of Total Investments at Fair Value ​ Media: Broadcasting & Subscription ​ ​ ​ ​ 32,353,301 ​ ​ ​ ​ ​ 33,218,991 ​ ​ ​ ​ ​ 5.28 % ​ ​ Finance ​ ​ ​ ​ 27,776,880 ​ ​ ​ ​ ​ 29,562,500 ​ ​ ​ ​ ​ 4.70 % ​ ​ Education ​ ​ ​ ​ 26,594,771 ​ ​ ​ ​ ​ 25,661,125 ​ ​ ​ ​ ​ 4.08 % ​ ​ Media: Advertising, Printing & Publishing ​ ​ ​ ​ 22,425,972 ​ ​ ​ ​ ​ 21,965,124 ​ ​ ​ ​ ​ 3.49 % ​ ​ High Tech Industries ​ ​ ​ ​ 21,201,137 ​ ​ ​ ​ ​ 21,217,811 ​ ​ ​ ​ ​ 3.37 % ​ ​ Capital Equipment ​ ​ ​ ​ 20,093,379 ​ ​ ​ ​ ​ 20,237,066 ​ ​ ​ ​ ​ 3.22 % ​ ​ Retail ​ ​ ​ ​ 19,935,337 ​ ​ ​ ​ ​ 19,366,716 ​ ​ ​ ​ ​ 3.08 % ​ ​ Metals & Mining ​ ​ ​ ​ 17,103,044 ​ ​ ​ ​ ​ 17,325,000 ​ ​ ​ ​ ​ 2.75 % ​ ​ Transportation & Logistics ​ ​ ​ ​ 17,173,599 ​ ​ ​ ​ ​ 17,226,294 ​ ​ ​ ​ ​ 2.74 % ​ ​ Automotive ​ ​ ​ ​ 17,151,902 ​ ​ ​ ​ ​ 17,221,213 ​ ​ ​ ​ ​ 2.74 % ​ ​ Software ​ ​ ​ ​ 15,807,191 ​ ​ ​ ​ ​ 15,516,250 ​ ​ ​ ​ ​ 2.47 % ​ ​ Containers, Packaging, & Glass ​ ​ ​ ​ 14,306,286 ​ ​ ​ ​ ​ 14,564,570 ​ ​ ​ ​ ​ 2.32 % ​ ​ Environmental Industries ​ ​ ​ ​ 15,256,675 ​ ​ ​ ​ ​ 14,410,327 ​ ​ ​ ​ ​ 2.29 % ​ ​ Energy: Oil & Gas ​ ​ ​ ​ 12,624,269 ​ ​ ​ ​ ​ 13,582,102 ​ ​ ​ ​ ​ 2.16 % ​ ​ Services: Consumer ​ ​ ​ ​ 26,075,606 ​ ​ ​ ​ ​ 13,345,105 ​ ​ ​ ​ ​ 2.12 % ​ ​ Chemicals, Plastics, & Rubber ​ ​ ​ ​ 11,880,825 ​ ​ ​ ​ ​ 11,857,228 ​ ​ ​ ​ ​ 1.89 % ​ ​ Consumer goods: non-durable ​ ​ ​ ​ 14,973,711 ​ ​ ​ ​ ​ 11,770,000 ​ ​ ​ ​ ​ 1.87 % ​ ​ Construction & Building ​ ​ ​ ​ 10,408,323 ​ ​ ​ ​ ​ 10,750,000 ​ ​ ​ ​ ​ 1.71 % ​ ​ Utilities: Oil & Gas ​ ​ ​ ​ 9,868,044 ​ ​ ​ ​ ​ 9,900,000 ​ ​ ​ ​ ​ 1.57 % ​ ​ Hotel, Gaming, & Leisure ​ ​ ​ ​ — ​ ​ ​ ​ ​ 540,000 ​ ​ ​ ​ ​ 0.09 % ​ ​ ​ ​ ​ ​ $ 642,707,824 ​ ​ ​ ​ $ 628,948,077 ​ ​ ​ ​ ​ 100.00 % ​ ​ ​ The following provides quantitative information about Level 3 fair value measurements as of December 31, 2020: Description: ​ ​ Fair Value ​ ​ Valuation Technique ​ ​ Unobservable Inputs ​ ​ Range (Average) (1)(3) ​ First lien debt ​ ​ ​ $ 508,673,064 ​ ​ ​ Income/Market (2) approach ​ ​ HY credit spreads, Risk free rates Market multiples ​ ​ -3.78% to 1.84% (-0.15)% -2.95% to 0.14% (-1.68)% 7x to 48x (13x) (4) ​ Second lien debt ​ ​ ​ $ 70,720,186 ​ ​ ​ Income/Market (2) approach ​ ​ HY credit spreads, Risk free rates Market multiples ​ ​ -1.71% to 3.83% (0.54)% -2.65% to 0.08% (-1.44)% 8x to 14x (11x) (4) ​ Unsecured debt ​ ​ ​ $ 21,191,245 ​ ​ ​ Income/Market approach (2) ​ ​ HY credit spreads, Risk free rates Market multiples ​ ​ -0.25% to 0.34% (-0.03)% -1.92% to -1.62% (-1.78)% 1x to 24x (6x) (4) ​ Equity investments ​ ​ ​ $ 52,840,000 ​ ​ ​ Market approach (5) ​ ​ Underwriting multiple/ EBITDA Multiple ​ ​ 1x to 24x (12x) ​ Total Long Term Level 3 Investments ​ ​ ​ $ 653,424,495 ​ ​ ​ ​ ​ ​ (1) Weighted average based on fair value as of December 31, 2020. ​ 139 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 (2) Inclusive of but not limited to (a) the market approach which is used to determine sufficient enterprise value, and (b) the income approach which is based on discounting future cash flows using an appropriate market yield. ​ (3) The Company calculates the price of the loan by discounting future cash flows, which include forecasted future LIBOR rates based on the published forward LIBOR curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors would result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for a first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed and the valuation date ranged from -3.78% (-378 basis points) to 1.84% (184 basis points). The average of all changes was -0.15%. ​ (4) Median of LTM (last twelve months) EBITDA multiples of comparable companies. ​ (5) The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the EBITDA multiple (the “Multiple”). Significant increases (decreases) in the Multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach. ​ The following provides quantitative information about Level 3 fair value measurements as of December 31, 2019: Description: ​ ​ Fair Value ​ ​ Valuation Technique ​ ​ Unobservable Inputs ​ ​ Range (Average) (1)(3) ​ First lien debt ​ ​ ​ $ 455,169,878 ​ ​ ​ Income/Market (2) approach ​ ​ HY credit spreads, Risk free rates Market multiples ​ ​ -2.19% to 6.98% (0.57)% -1.48% to 0.52% (-0.68)% 6x to 29x (12x) (4)(4) ​ Second lien debt ​ ​ ​ $ 111,961,013 ​ ​ ​ Income/Market (2) approach ​ ​ HY credit spreads, Risk free rates Market multiples ​ ​ -0.69% to 5.94% (1.19)% -1.34% to 0.48% (-0.42)% 7x to 34x (14x) (4)(4) ​ Unsecured debt ​ ​ ​ $ 22,137,186 ​ ​ ​ Income/Market approach (2) ​ ​ HY credit spreads, Risk free rates Market multiples ​ ​ -0.39% to 0.00% (-0.35)% -0.45% to -0.42% (-0.43)% 2x to 20x (4x) (4)(4) ​ Equity investments ​ ​ ​ $ 39,680,000 ​ ​ ​ Market approach (5) ​ ​ Underwriting multiple/ EBITDA multiple ​ ​ 2x to 17x (10x) ​ Total Long Term Level 3 Investments ​ ​ ​ $ 628,948,077 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Weighted average based on fair value as of December 31, 2019. ​ (2) Inclusive of but not limited to (a) the market approach which is used to determine sufficient enterprise value, and (b) the income approach which is based on discounting future cash flows using an appropriate market yield. ​ (3) The Company calculates the price of the loan by discounting future cash flows, which include forecasted future LIBOR rates based on the published forward LIBOR curve at the valuation date, using an ​ 140 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors would result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for a first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed and the valuation date ranged from -2.19% (-219 basis points) to 6.98% (698 basis points). The average of all changes was 0.57%. (4) Median of LTM (last twelve months) EBITDA multiples of comparable companies. ​ (5) The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the Multiple. Significant increases (decreases) in the Multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach. ​ NOTE 7 — COMMITMENTS AND CONTINGENCIES The Company is currently not subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations. As of December 31, 2020, the Company had $28,865,202 of unfunded commitments to provide debt financing to nineteen existing portfolio companies. As of December 31, 2019 the Company had $37,517,784 of unfunded commitments to provide debt financing to seventeen existing portfolio companies. As of December 31, 2020, the Company had sufficient liquidity (through cash on hand and available borrowings under the Credit Facility) to fund such unfunded loan commitments should the need arise. 141 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 NOTE 8 — FINANCIAL HIGHLIGHTS ​ ​ ​ For the year ended December 31, 2020 ​ ​ For the year ended December 31, 2019 ​ ​ For the year ended December 31, 2018 ​ ​ For the year ended December 31, 2017 ​ ​ For the year ended December 31, 2016 ​ Per Share Data: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net asset value at beginning of year/period ​ ​ ​ $ 14.14 ​ ​ ​ ​ $ 14.09 ​ ​ ​ ​ $ 13.81 ​ ​ ​ ​ $ 13.69 ​ ​ ​ ​ $ 13.19 ​ ​ Net investment income ​ ​ ​ ​ 1.13 ​ ​ ​ ​ ​ 1.23 ​ ​ ​ ​ ​ 1.42 ​ ​ ​ ​ ​ 1.21 ​ ​ ​ ​ ​ 1.39 ​ ​ Change in unrealized appreciation (depreciation) ​ ​ ​ ​ 0.44 ​ ​ ​ ​ ​ (0.85 ) ​ ​ ​ ​ ​ (0.11 ) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1.49 ​ ​ Realized gain (loss) ​ ​ ​ ​ (0.52 ) ​ ​ ​ ​ ​ 1.07 ​ ​ ​ ​ ​ 0.35 ​ ​ ​ ​ ​ 0.31 ​ ​ ​ ​ ​ (1.05 ) ​ ​ Provision for taxes on realized gains ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.02 ) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ (Provision) benefit for taxes on unrealized appreciation ​ ​ ​ ​ (0.01 ) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 0.03 ​ ​ Total from investment operations ​ ​ ​ ​ 1.04 ​ ​ ​ ​ ​ 1.45 ​ ​ ​ ​ ​ 1.64 ​ ​ ​ ​ ​ 1.52 ​ ​ ​ ​ ​ 1.86 ​ ​ Sales Load ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.06 ) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.09 ) ​ ​ ​ ​ ​ — ​ ​ Offering Costs ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.03 ) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.02 ) ​ ​ ​ ​ ​ — ​ ​ Stockholder distributions from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment income ​ ​ ​ ​ (1.15 ) ​ ​ ​ ​ ​ (0.54 ) ​ ​ ​ ​ ​ (1.03 ) ​ ​ ​ ​ ​ (1.20 ) ​ ​ ​ ​ ​ (1.36 ) ​ ​ Net realized capital gains ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.82 ) ​ ​ ​ ​ ​ (0.33 ) ​ ​ ​ ​ ​ (0.16 ) ​ ​ ​ ​ ​ — ​ ​ Other (3) ​ ​ ​ ​ — ​ ​ ​ ​ ​ 0.05 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 0.07 ​ ​ ​ ​ ​ — ​ ​ Net asset value at the end of year/period ​ ​ ​ $ 14.03 ​ ​ ​ ​ $ 14.14 ​ ​ ​ ​ $ 14.09 ​ ​ ​ ​ $ 13.81 ​ ​ ​ ​ $ 13.69 ​ ​ Per share market value at end of year/period ​ ​ ​ $ 10.88 ​ ​ ​ ​ $ 14.23 ​ ​ ​ ​ $ 12.95 ​ ​ ​ ​ $ 13.14 ​ ​ ​ ​ $ 12.06 ​ ​ Total return based on market value (4) ​ ​ ​ ​ (13.73 )% ​ ​ ​ ​ ​ 21.97 % ​ ​ ​ ​ ​ 8.68 % ​ ​ ​ ​ ​ 20.29 % ​ ​ ​ ​ ​ 42.83 % ​ ​ Weighted average shares outstanding at the end of period ​ ​ ​ ​ 19,471,500 ​ ​ ​ ​ ​ 18,275,696 ​ ​ ​ ​ ​ 15,953,571 ​ ​ ​ ​ ​ 14,870,981 ​ ​ ​ ​ ​ 12,479,959 ​ ​ Ratio/Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets at the end of year/period ​ ​ ​ $ 273,360,649 ​ ​ ​ ​ $ 270,571,173 ​ ​ ​ ​ $ 224,845,007 ​ ​ ​ ​ $ 220,247,242 ​ ​ ​ ​ $ 170,881,785 ​ ​ Weighted average net assets ​ ​ ​ $ 253,034,571 ​ ​ ​ ​ $ 259,020,507 ​ ​ ​ ​ $ 223,750,302 ​ ​ ​ ​ $ 195,211,550 ​ ​ ​ ​ $ 165,189,142 ​ ​ Annualized ratio of operating expenses to net assets (7)(8) ​ ​ ​ ​ 13.75 % ​ ​ ​ ​ ​ 14.11 % ​ ​ ​ ​ ​ 13.72 % ​ ​ ​ ​ ​ 11.10 % ​ ​ ​ ​ ​ 13.20 % ​ ​ Annualized ratio of interest expense and other fees to net assets (2) ​ ​ ​ ​ 6.29 % ​ ​ ​ ​ ​ 5.78 % ​ ​ ​ ​ ​ 5.51 % ​ ​ ​ ​ ​ 4.02 % ​ ​ ​ ​ ​ 4.84 % ​ ​ Annualized ratio of net investment income to net assets (7)(8) ​ ​ ​ ​ 8.58 % ​ ​ ​ ​ ​ 8.64 % ​ ​ ​ ​ ​ 10.09 % ​ ​ ​ ​ ​ 9.21 % ​ ​ ​ ​ ​ 10.71 % ​ ​ Portfolio Turnover (5) ​ ​ ​ ​ 21 % ​ ​ ​ ​ ​ 23 % ​ ​ ​ ​ ​ 32 % ​ ​ ​ ​ ​ 48 % ​ ​ ​ ​ ​ 16 % ​ ​ Notes Payable ​ ​ ​ $ 48,875,000 ​ ​ ​ ​ $ 48,875,000 ​ ​ ​ ​ $ 48,875,000 ​ ​ ​ ​ $ 48,875,000 ​ ​ ​ ​ $ 25,000,000 ​ ​ Credit Facility Payable ​ ​ ​ $ 174,000,000 ​ ​ ​ ​ $ 161,550,000 ​ ​ ​ ​ $ 99,550,000 ​ ​ ​ ​ $ 40,750,000 ​ ​ ​ ​ $ 116,000,000 ​ ​ SBA-guaranteed debentures ​ ​ ​ $ 176,500,000 ​ ​ ​ ​ $ 161,000,000 ​ ​ ​ ​ $ 150,000,000 ​ ​ ​ ​ $ 90,000,000 ​ ​ ​ ​ $ 65,000,000 ​ ​ Asset Coverage Ratio (6) ​ ​ ​ ​ 2.23x ​ ​ ​ ​ ​ 2.29x ​ ​ ​ ​ ​ 2.51x ​ ​ ​ ​ ​ 3.46x ​ ​ ​ ​ ​ 2.21x ​ ​ ​ (1) Financial highlights are based on weighted average shares outstanding as of year/period ended. ​ 142 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 (2) Excludes debt extinguishment costs of $416,725 for the year ended December 31, 2017. Including these costs, this ratio would be 4.24%. ​ (3) Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of the period end. ​ (4) Total return on market value is based on the change in market price per share since the end of the prior quarter and includes dividends paid, which are assumed to be reinvested. The total returns are not annualized. ​ (5) Calculated as the lesser of purchases or paydowns divided by average portfolio balance and is not annualized. ​ (6) Asset coverage ratio is equal to total assets less all liabilities and indebtedness not represented by senior securities over the aggregate amount of the senior securities. SBA-guaranteed debentures are excluded from the numerator and denominator. ​ (7) These ratios include the impact of the (provision) benefit for income taxes related to net unrealized (gain) loss on certain investments of $(224,877), $(66,760), and $(67,953) for the years ended December 31, 2020, 2019 and 2018 respectively, which are not reflected in net investment income, gross operating expenses or net operating expenses. The (provision) benefit for income taxes related to net realized loss or unrealized loss (gain) on investments at taxable subsidiaries to net assets for the years ended December 31, 2020, 2019 and 2018 is less than (0.09)%, (0.03)% and (0.03)%, respectively. ​ (8) Deferred offering costs of $261,761 for the year ended December 31, 2016 are not annualized. ​ NOTE 9 — CREDIT FACILITY On October 11, 2017, the Company entered into a senior secured revolving credit agreement, as amended, dated as of October 10, 2017, that was amended and restated on September 18, 2020 with ZB, N.A., dba Amegy Bank and various other lenders (the “Credit Facility”). The key changes in the amended and restated Credit Facility are as follows: ​ ​ ​ Prior agreement ​ ​ As amended and restated ​ Maturity Date ​ ​ October 10, 2021 ​ ​ September 18, 2025 ​ Commitment termination date ​ ​ March 10, 2021 ​ ​ September 18, 2024 ​ LIBOR floor ​ ​ None ​ ​ 0.25% ​ Prime rate floor ​ ​ None ​ ​ 3.00% ​ Asset coverage ratio ​ ​ Minimum of 1.75 to 1.00 (maximum leverage of 1.33x) ​ ​ Minimum of 1.67 to 1.00 (maximum leverage of 1.5x) ​ Refinancing of 2022 Notes (1) ​ ​ Not required ​ ​ Required by March 15, 2022 ​ ​ (1) See Note 14 for discussion about 2022 Notes subsequent to December 31, 2020 ​ The Credit Facility, as amended and restated, provides for borrowings up to a maximum of $230,000,000 on a committed basis with an accordion feature that allows the Company to increase the aggregate commitments up to $280,000,000, subject to new or existing lenders agreeing to participate in the increase and other customary conditions. Borrowings under the Credit Facility bear interest, subject to the Company’s election, on a per annum basis equal to (i) LIBOR plus 2.50% (or 2.75% during certain periods in which the Company’s asset coverage ratio is equal to or below 1.90 to 1.00) with a 0.25% LIBOR floor, or (ii) 1.50% (or 1.75% during certain periods in which the Company’s asset coverage ratio is equal to or below 1.90 to 1.00) plus an alternate base 143 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 rate based on the highest of the Prime Rate, Federal Funds Rate plus 0.5% or one month LIBOR plus 1.0%. The Company pays unused commitment fees of 0.50% per annum on the unused lender commitments under the Credit Facility. Interest is payable quarterly in arrears. The commitment to fund the revolver expires on September 18, 2024, after which the Company may no longer borrow under the Credit Facility and must begin repaying principal equal to 1/12 of the aggregate amount outstanding under the Credit Facility. Any amounts borrowed under the Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on September 18, 2025. The Company’s obligations to the lenders are secured by a first priority security interest in its portfolio of securities and cash not held at the SBIC subsidiaries, but excluding short term investments. The Credit Facility contains certain covenants, including but not limited to: (i) maintaining a minimum liquidity test of at least $10,000,000, including cash, liquid investments and undrawn availability, (ii) maintaining an asset coverage ratio of at least 1.67 to 1.0, (iii) maintaining a minimum shareholder’s equity, and (iv) maintaining a minimum interest coverage ratio of at least 2.00 to 1.00. As of December 31, 2020, the Company was in compliance with these covenants. As of December 31, 2020 and December 31, 2019, the outstanding balance under the Credit Facility was $174,000,000 and $161,550,000, respectively. The carrying amount of the amount outstanding under the Credit Facility approximates its fair value. The fair value of the Credit Facility is determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Credit Facility is estimated based upon market interest rates for our own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. The Company has incurred costs of $3,636,707 in connection with the current Credit Facility, which are being amortized over the life of the facility. Additionally, $341,979 of costs from a prior credit facility will continue to be amortized over the life of the Credit Facility. As of December 31, 2020 and 2019, $2,271,595 and $1,039,367 of such prepaid loan structure fees and administration fees had yet to be amortized, respectively. These prepaid loan fees are presented on our consolidated statement of assets and liabilities as a deduction from the debt liability. The following is a summary of the Credit Facility, net of prepaid loan structure fees: ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ Credit Facility payable ​ ​ ​ $ 174,000,000 ​ ​ ​ ​ $ 161,550,000 ​ ​ Prepaid loan structure fees ​ ​ ​ ​ 2,271,595 ​ ​ ​ ​ ​ 1,039,367 ​ ​ Credit facility payable, net of prepaid loan structure fees ​ ​ ​ $ 171,728,405 ​ ​ ​ ​ $ 160,510,633 ​ ​ Interest is paid monthly or quarterly in arrears. The following table summarizes the interest expense and amortized loan fees on the Credit Facility for the years ended December 31, 2020, 2019, and 2018: 144 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 ​ ​ ​ For the years ended ​ ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ ​ December 31, 2018 ​ Interest expense ​ ​ ​ $ 5,837,905 ​ ​ ​ ​ $ 5,112,499 ​ ​ ​ ​ $ 3,737,735 ​ ​ Loan fee amortization ​ ​ ​ ​ 619,658 ​ ​ ​ ​ ​ 485,017 ​ ​ ​ ​ ​ 415,179 ​ ​ Commitment fees on unused portion ​ ​ ​ ​ 228,953 ​ ​ ​ ​ ​ 405,438 ​ ​ ​ ​ ​ 387,601 ​ ​ Administration fees ​ ​ ​ ​ 28,214 ​ ​ ​ ​ ​ 34,978 ​ ​ ​ ​ ​ 40,972 ​ ​ Total interest and financing expenses ​ ​ ​ $ 6,714,730 ​ ​ ​ ​ $ 6,037,932 ​ ​ ​ ​ $ 4,581,487 ​ ​ Weighted average interest rate ​ ​ ​ ​ 3.2 % ​ ​ ​ ​ ​ 4.8 % ​ ​ ​ ​ ​ 4.7 % ​ ​ Effective interest rate (including fee amortization) ​ ​ ​ ​ 3.7 % ​ ​ ​ ​ ​ 5.7 % ​ ​ ​ ​ ​ 5.7 % ​ ​ Average debt outstanding ​ ​ ​ $ 181,943,716 ​ ​ ​ ​ $ 106,244,521 ​ ​ ​ ​ $ 79,818,493 ​ ​ Cash paid for interest and unused fees ​ ​ ​ $ 6,284,516 ​ ​ ​ ​ $ 5,217,832 ​ ​ ​ ​ $ 4,158,382 ​ ​ NOTE 10 — SBA-GUARANTEED DEBENTURES Due to the SBIC subsidiaries’ status as licensed SBICs, the Company has the ability to issue debentures guaranteed by the SBA at favorable interest rates. Under the regulations applicable to SBIC funds, a single licensee can have outstanding debentures guaranteed by the SBA subject to a regulatory leverage limit, up to two times the amount of “regulatory capital”, as such term is defined by the SBA. As of both December 31, 2020 and 2019, the SBIC subsidiary had $75,000,000 in regulatory capital and $150,000,000 of SBA-guaranteed debentures outstanding. As of December 31, 2020 and 2019, the SBIC II subsidiary had $40,000,000 and $20,000,000 in regulatory capital and $26,500,000 and $11,000,000 of SBA-guaranteed debentures outstanding, respectively. On August 12, 2014, the Company obtained exemptive relief from the SEC to permit it to exclude the SBA-guaranteed debentures from its asset coverage test under the 1940 Act. The exemptive relief provides the Company with increased flexibility under the asset coverage test by permitting it to borrow up to $325,000,000 more than it would otherwise be able to absent the receipt of this exemptive relief. On a stand-alone basis, the SBIC subsidiaries collectively held $277,440,338 and $240,109,144 in assets at December 31, 2020 and 2019, respectively, which accounted for approximately 41.1% and 37.0% of our total consolidated assets at December 31, 2020 and 2019, respectively. SBA-guaranteed debentures have fixed interest rates that equal prevailing 10-year U.S. Treasury Note rates plus a market spread and have a maturity of ten years with interest payable semi-annually. The principal amount of the SBA-guaranteed debentures is not required to be paid before maturity but may be pre-paid at any time with no prepayment penalty. SBA-guaranteed debentures drawn before October 1, 2019 incur upfront fees of 3.425%, which consists of a 1.00% commitment fee and a 2.425% issuance discount, which are amortized over the life of the SBA-guaranteed debentures. SBA-guaranteed debentures drawn after October 1, 2019 incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures. Once pooled, which occurs in March and September of each applicable year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year U.S. Treasury Note rate plus a spread at each pooling date. 145 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 The following table summarizes the SBIC subsidiary’s SBA-guaranteed debentures as of December 31, 2020: Issuance Date ​ ​ Licensee ​ ​ Maturity Date ​ ​ Debenture Amount ​ ​ Interest Rate ​ ​ SBA Annual Charge ​ October 14, 2014 ​ ​ SBIC ​ ​ March 1, 2025 ​ ​ ​ $ 6,500,000 ​ ​ ​ ​ ​ 2.52 % ​ ​ ​ ​ ​ 0.36 % ​ ​ October 17, 2014 ​ ​ SBIC ​ ​ March 1, 2025 ​ ​ ​ ​ 6,500,000 ​ ​ ​ ​ ​ 2.52 % ​ ​ ​ ​ ​ 0.36 % ​ ​ December 24, 2014 ​ ​ SBIC ​ ​ March 1, 2025 ​ ​ ​ ​ 3,250,000 ​ ​ ​ ​ ​ 2.52 % ​ ​ ​ ​ ​ 0.36 % ​ ​ June 29, 2015 ​ ​ SBIC ​ ​ September 1, 2025 ​ ​ ​ ​ 9,750,000 ​ ​ ​ ​ ​ 2.83 % ​ ​ ​ ​ ​ 0.36 % ​ ​ October 22, 2015 ​ ​ SBIC ​ ​ March 1, 2026 ​ ​ ​ ​ 6,500,000 ​ ​ ​ ​ ​ 2.51 % ​ ​ ​ ​ ​ 0.36 % ​ ​ October 22, 2015 ​ ​ SBIC ​ ​ March 1, 2026 ​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 2.51 % ​ ​ ​ ​ ​ 0.74 % ​ ​ November 10, 2015 ​ ​ SBIC ​ ​ March 1, 2026 ​ ​ ​ ​ 8,800,000 ​ ​ ​ ​ ​ 2.51 % ​ ​ ​ ​ ​ 0.74 % ​ ​ November 18, 2015 ​ ​ SBIC ​ ​ March 1, 2026 ​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 2.51 % ​ ​ ​ ​ ​ 0.74 % ​ ​ November 25, 2015 ​ ​ SBIC ​ ​ March 1, 2026 ​ ​ ​ ​ 8,800,000 ​ ​ ​ ​ ​ 2.51 % ​ ​ ​ ​ ​ 0.74 % ​ ​ December 16, 2015 ​ ​ SBIC ​ ​ March 1, 2026 ​ ​ ​ ​ 2,200,000 ​ ​ ​ ​ ​ 2.51 % ​ ​ ​ ​ ​ 0.74 % ​ ​ December 29, 2015 ​ ​ SBIC ​ ​ March 1, 2026 ​ ​ ​ ​ 9,700,000 ​ ​ ​ ​ ​ 2.51 % ​ ​ ​ ​ ​ 0.74 % ​ ​ November 28, 2017 ​ ​ SBIC ​ ​ March 1, 2028 ​ ​ ​ ​ 25,000,000 ​ ​ ​ ​ ​ 3.19 % ​ ​ ​ ​ ​ 0.22 % ​ ​ April 27, 2018 ​ ​ SBIC ​ ​ September 1, 2028 ​ ​ ​ ​ 40,000,000 ​ ​ ​ ​ ​ 3.55 % ​ ​ ​ ​ ​ 0.22 % ​ ​ July 30, 2018 ​ ​ SBIC ​ ​ September 1, 2028 ​ ​ ​ ​ 17,500,000 ​ ​ ​ ​ ​ 3.55 % ​ ​ ​ ​ ​ 0.22 % ​ ​ September 25, 2018 ​ ​ SBIC ​ ​ March 1, 2029 ​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 3.11 % ​ ​ ​ ​ ​ 0.22 % ​ ​ October 17, 2019 ​ ​ SBIC II ​ ​ March 1, 2030 ​ ​ ​ ​ 6,000,000 ​ ​ ​ ​ ​ 2.08 % ​ ​ ​ ​ ​ 0.09 % ​ ​ November 15, 2019 ​ ​ SBIC II ​ ​ March 1, 2030 ​ ​ ​ ​ 5,000,000 ​ ​ ​ ​ ​ 2.08 % ​ ​ ​ ​ ​ 0.09 % ​ ​ December 17, 2020 ​ ​ SBIC II ​ ​ March 1, 2031 ​ ​ ​ ​ 9,000,000 ​ ​ ​ ​ ​ 0.54 (1) ​ ​ ​ ​ ​ 0.09 % ​ ​ December 17, 2020 ​ ​ SBIC II ​ ​ March 1, 2031 ​ ​ ​ ​ 6,500,000 ​ ​ ​ ​ ​ 0.54 (1) ​ ​ ​ ​ ​ 0.27 % ​ ​ Total SBA-guaranteed debentures ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 176,500,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Interest rate of the SBA-guaranteed debentures will be set as determined by the SBA when pooled on March 24, 2021. ​ As of December 31, 2020 and 2019, the carrying amount of the SBA-guaranteed debentures approximated their fair value. The fair values of the SBA-guaranteed debentures are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair values of the SBA-guaranteed debentures are estimated based upon market interest rates for our own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. At December 31, 2020 and 2019, the SBA-guaranteed debentures would be deemed to be Level 3, as defined in Note 6. As of December 31, 2020, the Company has incurred $6,182,775 in financing costs related to the SBA-guaranteed debentures since receiving our licenses, which were recorded as prepaid loan fees. As of December 31, 2020 and 2019, $3,332,504 and $3,456,147 of prepaid financing costs had yet to be amortized, respectively. These prepaid loan fees are presented on the consolidated statement of assets and liabilities as a deduction from the debt liability. The following is a summary of the SBA-guaranteed debentures, net of prepaid loan fees: 146 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ SBA- guaranteed debentures payable ​ ​ ​ $ 176,500,000 ​ ​ ​ ​ $ 161,000,000 ​ ​ Prepaid loan fees ​ ​ ​ ​ 3,332,504 ​ ​ ​ ​ ​ 3,456,147 ​ ​ SBA-guaranteed debentures, net of prepaid loan fees ​ ​ ​ $ 173,167,496 ​ ​ ​ ​ $ 157,543,853 ​ ​ The following table summarizes the interest expense and amortized fees on the SBA-guaranteed debentures for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ For the years ended ​ ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ ​ December 31, 2018 ​ Interest expense ​ ​ ​ $ 5,385,661 ​ ​ ​ ​ $ 5,166,475 ​ ​ ​ ​ $ 3,982,658 ​ ​ Debenture fee amortization ​ ​ ​ ​ 701,069 ​ ​ ​ ​ ​ 623,900 ​ ​ ​ ​ ​ 623,989 ​ ​ Total interest and financing expenses ​ ​ ​ $ 6,086,730 ​ ​ ​ ​ $ 5,790,375 ​ ​ ​ ​ $ 4,606,647 ​ ​ Weighted average interest rate ​ ​ ​ ​ 3.3 % ​ ​ ​ ​ ​ 3.4 % ​ ​ ​ ​ ​ 3.2 % ​ ​ Effective interest rate (including fee amortization) ​ ​ ​ ​ 3.8 % ​ ​ ​ ​ ​ 3.8 % ​ ​ ​ ​ ​ 3.7 % ​ ​ Average debt outstanding ​ ​ ​ $ 161,635,246 ​ ​ ​ ​ $ 151,893,151 ​ ​ ​ ​ $ 125,390,411 ​ ​ Cash paid for interest ​ ​ ​ $ 5,346,231 ​ ​ ​ ​ $ 5,007,832 ​ ​ ​ ​ $ 3,107,218 ​ ​ NOTE 11 — NOTES On August 21, 2017, the Company issued $42,500,000 in aggregate principal amount of 5.75% fixed-rate notes due September 15, 2022 (the “2022 Notes”). On September 8, 2017, the Company issued an additional $6,375,000 in aggregate principal amount of the 2022 Notes pursuant to a full exercise of the underwriters’ overallotment option. The 2022 Notes will mature with a balance of $48,875,000 on September 15, 2022 and may be redeemed in whole or in part at any time or from time to time at the Company’s option at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest is payable quarterly. As of both December 31, 2020 and 2019, the aggregate carrying amount of all Notes was $48,875,000 and the fair value of the Notes was approximately $49,168,250 and $49,715,650, respectively. The 2022 Notes are listed on New York Stock Exchange under the trading symbol “SCA”. The fair value of the 2022 Notes is based on the closing price of the security, which is a Level 2 input under ASC 820 due to sufficient trading volume. In connection with the issuance and maintenance of the 2022 Notes, we have incurred $1,688,961 of fees which are being amortized over the term of the 2022 Notes, of which $567,482 and $900,798 remained to be amortized as of December 31, 2020 and 2019, respectively. These financing costs are presented on the consolidated statement of assets and liabilities as a deduction from the debt liability. The following table summarizes the interest expense and deferred financing costs on the 2022 Notes for the years ended December 31, 2020, 2019, 2018: 147 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 ​ ​ ​ For the year ended December 31, 2020 ​ ​ For the year ended December 31, 2019 ​ ​ For the year ended December 31, 2018 ​ Interest expense ​ ​ ​ $ 2,810,312 ​ ​ ​ ​ $ 2,810,312 ​ ​ ​ ​ $ 2,810,312 ​ ​ Deferred financing costs ​ ​ ​ ​ 333,316 ​ ​ ​ ​ ​ 332,403 ​ ​ ​ ​ ​ 332,404 ​ ​ Administration fees ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 5,000 ​ ​ ​ ​ ​ 7,905 ​ ​ Total interest and financing expenses ​ ​ ​ $ 3,148,628 ​ ​ ​ ​ $ 3,147,715 ​ ​ ​ ​ $ 3,150,621 ​ ​ Weighted average interest rate ​ ​ ​ ​ 5.7 % ​ ​ ​ ​ ​ 5.8 % ​ ​ ​ ​ ​ 5.8 % ​ ​ Effective interest rate (including fee amortization) ​ ​ ​ ​ 6.4 % ​ ​ ​ ​ ​ 6.4 % ​ ​ ​ ​ ​ 6.4 % ​ ​ Average debt outstanding ​ ​ ​ $ 48,875,000 ​ ​ ​ ​ $ 48,875,000 ​ ​ ​ ​ $ 48,875,000 ​ ​ Cash paid for interest ​ ​ ​ $ 2,810,312 ​ ​ ​ ​ $ 2,810,312 ​ ​ ​ ​ $ 2,810,312 ​ ​ The following is a summary of the Notes Payable, net of deferred financing costs: ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ Notes payable ​ ​ ​ $ 48,875,000 ​ ​ ​ ​ $ 48,875,000 ​ ​ Deferred financing costs ​ ​ ​ ​ 567,482 ​ ​ ​ ​ ​ 900,798 ​ ​ Notes payable, net of deferred financing costs ​ ​ ​ $ 48,307,518 ​ ​ ​ ​ $ 47,974,202 ​ ​ The indenture and supplements thereto relating to the 2022 Notes contain certain covenants, including but not limited to (i) a requirement that the Company comply with the asset coverage requirements of the 1940 Act or any successor provisions, and (ii) a requirement to provide financial information to the holders of the notes and the trustee under the indenture if the Company should no longer be subject to the reporting requirements under the Exchange Act. NOTE 12 — SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following table sets forth the results of operations for the years ended December 31, 2020, 2019, and 2018. Results for any quarter are not necessarily indicative of results for the full year or for any future quarter. ​ ​ ​ 2020 ​ ​ ​ ​ Qtr. 1 ​ ​ Qtr. 2 ​ ​ Qtr. 3 ​ ​ Qtr. 4 ​ Total Investment Income ​ ​ ​ $ 15,261,045 ​ ​ ​ ​ $ 13,841,278 ​ ​ ​ ​ $ 14,016,749 ​ ​ ​ ​ $ 13,539,242 ​ ​ Net Investment Income ​ ​ ​ $ 6,239,462 ​ ​ ​ ​ $ 5,435,615 ​ ​ ​ ​ $ 5,328,945 ​ ​ ​ ​ $ 4,987,881 ​ ​ Net (Decrease) Increase in Net Assets from operations ​ ​ ​ $ (43,939,732 ) ​ ​ ​ ​ $ 39,812,674 ​ ​ ​ ​ $ 7,508,680 ​ ​ ​ ​ $ 16,810,819 ​ ​ Total Investment Income per share (1) ​ ​ ​ $ 0.79 ​ ​ ​ ​ $ 0.71 ​ ​ ​ ​ $ 0.72 ​ ​ ​ ​ $ 0.69 ​ ​ Net Investment Income per share (1) ​ ​ ​ $ 0.32 ​ ​ ​ ​ $ 0.28 ​ ​ ​ ​ $ 0.27 ​ ​ ​ ​ $ 0.26 ​ ​ Net (Decrease) Increase in Net Assets from Operations per share (1) ​ ​ ​ $ (2.26 ) ​ ​ ​ ​ $ 2.04 ​ ​ ​ ​ $ 0.39 ​ ​ ​ ​ $ 0.86 ​ ​ 148 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 ​ ​ ​ 2019 ​ ​ ​ ​ Qtr. 1 ​ ​ Qtr. 2 ​ ​ Qtr. 3 ​ ​ Qtr. 4 ​ Total Investment Income ​ ​ ​ $ 13,834,929 ​ ​ ​ ​ $ 14,170,255 ​ ​ ​ ​ $ 15,515,227 ​ ​ ​ ​ $ 15,391,478 ​ ​ Net Investment Income ​ ​ ​ $ 4,333,659 ​ ​ ​ ​ $ 5,415,400 ​ ​ ​ ​ $ 5,798,659 ​ ​ ​ ​ $ 6,891,091 ​ ​ Net Increase in Net Assets from Operations ​ ​ ​ $ 10,142,443 ​ ​ ​ ​ $ 5,994,683 ​ ​ ​ ​ $ 8,468,254 ​ ​ ​ ​ $ 1,832,807 ​ ​ Total Investment Income per share (1) ​ ​ ​ $ 0.85 ​ ​ ​ ​ $ 0.75 ​ ​ ​ ​ $ 0.82 ​ ​ ​ ​ $ 0.81 ​ ​ Net Investment Income per share (1) ​ ​ ​ $ 0.27 ​ ​ ​ ​ $ 0.29 ​ ​ ​ ​ $ 0.31 ​ ​ ​ ​ $ 0.36 ​ ​ Net Increase in Net Assets from Operations per share (1) ​ ​ ​ $ 0.62 ​ ​ ​ ​ $ 0.32 ​ ​ ​ ​ $ 0.45 ​ ​ ​ ​ $ 0.10 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ Qtr. 1 ​ ​ Qtr. 2 ​ ​ Qtr. 3 ​ ​ Qtr. 4 ​ Total Investment Income ​ ​ ​ $ 10,911,781 ​ ​ ​ ​ $ 12,619,657 ​ ​ ​ ​ $ 14,487,623 ​ ​ ​ ​ $ 15,247,277 ​ ​ Net Investment Income ​ ​ ​ $ 4,475,379 ​ ​ ​ ​ $ 4,727,236 ​ ​ ​ ​ $ 5,609,974 ​ ​ ​ ​ $ 7,823,948 ​ ​ Net Increase in Net Assets from Operations ​ ​ ​ $ 7,343,929 ​ ​ ​ ​ $ 7,603,246 ​ ​ ​ ​ $ 8,884,517 ​ ​ ​ ​ $ 2,362,886 ​ ​ Total Investment Income per share (1) ​ ​ ​ $ 0.68 ​ ​ ​ ​ $ 0.79 ​ ​ ​ ​ $ 0.91 ​ ​ ​ ​ $ 0.96 ​ ​ Net Investment Income per share (1) ​ ​ ​ $ 0.28 ​ ​ ​ ​ $ 0.30 ​ ​ ​ ​ $ 0.35 ​ ​ ​ ​ $ 0.49 ​ ​ Net Increase in Net Assets from Operations per share (1) ​ ​ ​ $ 0.46 ​ ​ ​ ​ $ 0.48 ​ ​ ​ ​ $ 0.56 ​ ​ ​ ​ $ 0.14 ​ ​ ​ (1) Per share amounts are calculated using weighted average shares outstanding during the period. ​ NOTE 13 — INCOME TAXES As of December 31, 2020 and December 31, 2019, the Company had $21,051,549 and $22,548,941, respectively, of undistributed ordinary income. (1) Undistributed capital gains were $0 and $2,053,494 for the periods ended December 31, 2020 and December 31, 2019, respectively. All of the undistributed ordinary income as of December 31, 2020 will have been distributed within the required period of time such that the Company will not have to pay corporate-level U.S. federal income tax for the year ended December 31, 2020. We will be subject to a 4% nondeductible U.S. federal excise tax on our undistributed income to the extent we did not distribute an amount equal to at least 98% of our net ordinary income plus 98.2% of our capital gain net income attributable to the period. The Company has accrued $828,684 and $900,000 of U.S. federal excise tax for the tax years ended December 31, 2020 and December 31, 2019, respectively, independent of prior year adjustments. See Note 1 for further discussion of tax expense in each year. Ordinary dividend distributions from a RIC do not qualify for the reduced maximum tax rate on qualified dividend income from domestic corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax character (2) of distributions paid in the years ended December 31, 2020 and 2019 was as follows: ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ Ordinary income ​ ​ ​ $ 20,154,524 ​ ​ ​ ​ $ 10,000,000 ​ ​ Qualified dividends ​ ​ ​ ​ — ​ ​ ​ ​ ​ 103,080 ​ ​ Distributions of long-term capital gains (2) ​ ​ ​ ​ 2,248,435 ​ ​ ​ ​ ​ 14,935,093 ​ ​ Total distributions accrued or paid to common stockholders ​ ​ ​ $ 22,402,959 ​ ​ ​ ​ $ 25,038,173 ​ ​ ​ (1) The Company’s taxable income for each period is an estimate and will not be finally determined until ​ 149 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 the Company files its tax return for each year. Therefore, final taxable income earned in each period, and the undistributed ordinary income and capital gains for each period carried forward for distribution in the following period, may be different than this estimate. (2) Distributions of long-term capital gains of $2,248,435 as of December 31, 2020 differ from distributions of net capital gains on the Consolidated Statement of Changes in Net Assets because it represents the completion of distribution of long-term capital gains recognized in 2019 for tax purposes. The qualified dividend amount in 2019 is derived from qualified dividends received by the Company from a portfolio company. Additional differences arise because certain prepayment gains are characterized differently for tax reporting purposes. ​ Listed below is a reconciliation of “Net increase in net assets resulting from operations” to taxable income and total distributions declared to common stockholders for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ 2020 ​ ​ 2019 ​ ​ 2018 ​ Net increase in net assets resulting from operations (includes NII, realized gain/loss, unrealized gain/loss and taxes) ​ ​ ​ $ 20,192,441 ​ ​ ​ ​ $ 26,438,186 ​ ​ ​ ​ $ 26,194,578 ​ ​ Net change in unrealized (appreciation) depreciation ​ ​ ​ ​ (8,555,274 ) ​ ​ ​ ​ ​ 15,499,766 ​ ​ ​ ​ ​ 1,646,549 ​ ​ Income tax provision ​ ​ ​ ​ 224,877 ​ ​ ​ ​ ​ 66,760 ​ ​ ​ ​ ​ 67,953 ​ ​ Pre-tax (income) expense, (gain) loss reported at Taxable Subsidiaries, not consolidated for tax purposes ​ ​ ​ ​ 65,484 ​ ​ ​ ​ ​ (5,819,114 ) ​ ​ ​ ​ ​ 416,203 ​ ​ Long term capital loss carryover ​ ​ ​ ​ 4,896,643 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ Book income and tax income differences, including debt origination, interest accrual, income from pass-through investments, dividends, realized gains (losses) and changes in estimates ​ ​ ​ ​ 2,840,954 ​ ​ ​ ​ ​ 3,791,081 ​ ​ ​ ​ ​ 1,524,556 ​ ​ Estimated taxable income ​ ​ ​ $ 19,665,125 ​ ​ ​ ​ $ 39,976,679 ​ ​ ​ ​ $ 29,849,839 ​ ​ Taxable income earned in prior year and carried forward for distribution in current year ​ ​ ​ ​ 22,434,805 ​ ​ ​ ​ ​ 7,496,299 ​ ​ ​ ​ ​ (662,990 ) ​ ​ Adjustment for cumulative effect of distributions carried forward ​ ​ ​ ​ 1,354,578 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ Taxable income earned prior to period end and carried forward for distribution next period ​ ​ ​ ​ (21,051,549 ) ​ ​ ​ ​ ​ (24,602,435 ) ​ ​ ​ ​ ​ (9,303,869 ) ​ ​ Distribution payable as of period end and paid in following period ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,167,630 ​ ​ ​ ​ ​ 1,807,570 ​ ​ Total distributions accrued or paid to common stockholders ​ ​ ​ $ 22,402,959 ​ ​ ​ ​ $ 25,038,173 ​ ​ ​ ​ $ 21,690,550 ​ ​ The aggregate gross unrealized appreciation and depreciation, the net unrealized appreciation, and the aggregate cost of the Company’s portfolio company securities for U.S. federal income tax purposes as of December 31, 2020 and December 31, 2019 were as follows: ​ ​ ​ 2020 ​ ​ 2019 ​ Aggregate cost of portfolio securities for federal income tax purposes ​ ​ ​ $ 658,628,966 ​ ​ ​ ​ $ 643,573,873 ​ ​ Gross unrealized appreciation of portfolio company securities ​ ​ ​ ​ 28,143,621 ​ ​ ​ ​ ​ 17,587,984 ​ ​ Gross unrealized depreciation of portfolio company securities ​ ​ ​ ​ (33,348,092 ) ​ ​ ​ ​ ​ (31,347,731 ) ​ ​ Net unrealized appreciation of portfolio company securities ​ ​ ​ $ (5,204,471 ) ​ ​ ​ ​ $ (13,759,747 ) ​ ​ 150 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 As of December 31, 2020, the Taxable Subsidiaries had unrealized losses in investments, net operating loss (“NOL”) carryovers, and capital loss carryovers creating a net deferred tax liability equal to $12,779 as reflected below. As of December 31, 2020, for U.S. federal income tax purposes, the Taxable Subsidiaries had capital loss carry forward of $1,382,978, which, if unused, will expire in the taxable year 2021. As of December 31, 2020, for U.S. federal income tax purposes, the Taxable Subsidiaries had net operating loss carryforwards totaling $3,313,794 of which $1,615,912 will expire during the tax years 2033 through 2037 if unused. Due to the nature of the Taxable Subsidiaries’ holdings, a valuation allowance was established when management determined it is more likely than not that some of the deferred tax assets will not be realized prior to expiration. Although our future projections indicate that we may be able to realize a portion of these deferred tax assets, due to the degree of uncertainty of these projections, management has recorded a deferred tax asset valuation allowance of $346,811. ​ ​ ​ 2020 ​ ​ 2019 ​ Deferred tax asset ​ ​ ​ $ 2,729,651 ​ ​ ​ ​ $ 2,189,818 ​ ​ Deferred tax liability ​ ​ ​ ​ (2,742,430 ) ​ ​ ​ ​ ​ (2,043,021 ) ​ ​ Total deferred tax asset (liability) before valuation allowance ​ ​ ​ $ (12,779 ) ​ ​ ​ ​ $ 146,797 ​ ​ Deferred tax valuation allowance ​ ​ ​ $ (346,811 ) ​ ​ ​ ​ $ (281,510 ) ​ ​ Net Deferred Tax Liability ​ ​ ​ $ (359,590 ) ​ ​ ​ ​ $ (134,713 ) ​ ​ The Company has recorded a tax reclassification of stockholders’ equity in accordance with U.S. GAAP to reduce paid-in capital and increases distributable earnings (reducing the accumulated undistributed deficit) for book to tax differences that it has determined to be permanent. For the years ended December 31, 2020 and 2019, this reclassification was $1,090,062 and $366,375, respectively. The total adjustment on the Statement of Assets and Liabilities as of December 31, 2020 and 2019 was $1,456,437 and $366,375, respectively. Although the Company files federal and state tax returns, its major tax jurisdiction is federal. The 2017, 2018 and 2019 federal tax years for the Company remain subject to examination by the Internal Revenue Service. NOTE 14 — SENIOR SECURITIES Information about the Company’s senior securities is shown in the following table for the fiscal years ended December 31, 2012 through 2020. Class and Year ​ ​ Outstanding Exclusive of Treasury Securities (1) ​ ​ Asset Coverage per Unit (2) ​ ​ Involuntary Liquidating Preference per Unit (3) ​ ​ Average Market Value per Unit (4) ​ ​ ​ ​ (In thousands, except per unit amounts) ​ SBA-guaranteed debentures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2014 ​ ​ ​ $ 16,250 ​ ​ ​ ​ ​ N/A (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2015 ​ ​ ​ $ 65,000 ​ ​ ​ ​ ​ N/A (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2016 ​ ​ ​ $ 65,000 ​ ​ ​ ​ ​ N/A (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2017 ​ ​ ​ $ 90,000 ​ ​ ​ ​ ​ N/A (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2018 ​ ​ ​ $ 150,000 ​ ​ ​ ​ ​ N/A (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2019 ​ ​ ​ $ 161,000 ​ ​ ​ ​ ​ N/A (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2020 ​ ​ ​ $ 176,500 ​ ​ ​ ​ ​ N/A (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Original Credit Facility (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2012 ​ ​ ​ $ 38,000 ​ ​ ​ ​ $ 3,090 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ 151 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 Class and Year ​ ​ Outstanding Exclusive of Treasury Securities (1) ​ ​ Asset Coverage per Unit (2) ​ ​ Involuntary Liquidating Preference per Unit (3) ​ ​ Average Market Value per Unit (4) ​ ​ ​ ​ (In thousands, except per unit amounts) ​ Fiscal 2013 ​ ​ ​ $ 110,000 ​ ​ ​ ​ $ 2,470 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2014 ​ ​ ​ $ 106,500 ​ ​ ​ ​ $ 2,320 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2015 ​ ​ ​ $ 109,500 ​ ​ ​ ​ $ 2,220 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2016 ​ ​ ​ $ 116,000 ​ ​ ​ ​ $ 2,210 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Credit Facility ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2017 ​ ​ ​ $ 40,750 ​ ​ ​ ​ $ 3,460 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2018 ​ ​ ​ $ 99,550 ​ ​ ​ ​ $ 2,520 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2019 ​ ​ ​ $ 161,550 ​ ​ ​ ​ $ 2,286 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2020 ​ ​ ​ $ 174,000 ​ ​ ​ ​ $ 2,230 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ 5.75% Notes due 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2017 ​ ​ ​ $ 48,875 ​ ​ ​ ​ $ 3,460 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 25.34 ​ ​ Fiscal 2018 ​ ​ ​ $ 48,875 ​ ​ ​ ​ $ 2,520 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 25.18 ​ ​ Fiscal 2019 ​ ​ ​ $ 48,875 ​ ​ ​ ​ $ 2,286 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 24.43 ​ ​ Fiscal 2020 ​ ​ ​ $ 48,875 ​ ​ ​ ​ $ 2,230 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 23.64 ​ ​ 6.50% Notes due 2019 (8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2014 ​ ​ ​ $ 25,000 ​ ​ ​ ​ $ 2,320 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 25.41 ​ ​ Fiscal 2015 ​ ​ ​ $ 25,000 ​ ​ ​ ​ $ 2,220 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 25.27 ​ ​ Fiscal 2016 ​ ​ ​ $ 25,000 ​ ​ ​ ​ $ 2,210 (6) ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 25.11 ​ ​ Short-Term Loan (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2012 ​ ​ ​ $ 45,000 ​ ​ ​ ​ $ 3,090 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ Fiscal 2013 ​ ​ ​ $ 9,000 ​ ​ ​ ​ $ 2,470 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ N/A ​ ​ ​ (1) Total amount of senior securities outstanding at the end of the period presented. ​ (2) Asset coverage per unit is the ratio of the carrying value of the Company’s total assets, less all liabilities and indebtedness not represented by senior securities, in relation to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. ​ (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “— “ indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities. ​ (4) Average market value per unit for the 2022 Notes and the 6.50% Notes due 2019 represents the average of the daily closing prices as reported on the NYSE during the period presented. Average market value per unit for our SBA-guaranteed debentures, the Original Credit Facility and the Credit Facility are not applicable because these are not registered for public trading. ​ (5) Refers to short-term loans that the Company obtained from Raymond James & Associates, Inc. and repaid in full on January 2, 2013 and January 2, 2014, respectively. ​ (6) The Company has excluded its SBA-guaranteed debentures from the asset coverage calculation as of December 31, 2020, 2019, 2018, 2017, 2016, 2015 and 2014 pursuant to the exemptive relief granted by the SEC in August 2014 that permits it to exclude such SBA-guaranteed debentures from the definition of senior securities in the 150% asset coverage ratio we are required to maintain under the 1940 Act. ​ 152 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 (7) On November 13, 2012, the Company entered into a senior secured revolving credit agreement, by and among us, as the borrower, SunTrust Bank, as the administrative agent, various lenders that are parties thereto from time to time (the “Original Credit Facility”). The Company terminated the Original Credit Facility on October 11, 2017. ​ (8) On September 20, 2017, the Company redeemed all of the issued and outstanding 6.50% Notes due 2019. ​ NOTE 15 — SUBSEQUENT EVENTS Investment Portfolio On January 14, 2021, the Company received full repayment on the first lien term loan and revolver of BFC Solmetex, LLC. for total proceeds of $13,613,967. The Company also received full repayment on the first lien term loan of Bonded Filter Co. LLC, a subsidiary of BFC Solmetex, LLC, for total proceeds of $1,193,460. On January 29, 2021, the Company invested $11,250,000 in the first lien term loan of NuSource Financial, LLC, a provider of technology integration and installation of Automated Teller Machines / Integrated Teller Machines (“ATM” / “ITM”), maintenance services, and security solutions. Additionally, the Company invested $4,750,000 in the subordinated debt and warrants of the company. On February 1, 2021, the Company invested $41,018 in the equity of Tailwind Core Investor, LLC, an existing portfolio company. On February 11, 2021, the Company invested $7,194,811 in the first lien term loan of Time Manufacturing Acquisition, LLC, an existing portfolio company. Additionally, the Company invested $53,600 in the equity of the company. On February 19, 2021, the Company invested $13,500,000 in the first lien term loan and committed $100,000 in the unfunded revolver of CEATI International, Inc., a provider of intellectual content, technical trade programs, research groups, and conferences for utility companies. Additionally, the Company invested $250,000 in the equity of the company. On March 1, 2021, the Company invested $10,787,208 in the first lien term loan and committed $100,000 in the unfunded revolver of TAC LifePort Purchaser, LLC, a provider of aerospace products for the U.S. military / government, air medical, and high-end VIP aircraft end markets. Additionally, the Company invested $500,000 in the equity of the company. On March 2, 2021, the Company invested $10,000,000 in the first lien term loan and $100,000 in the unfunded revolver of TradePending, LLC, a provider of vehicle trade-in and merchandising intelligence solutions for auto dealerships, primarily flagship dealerships. Additionally, we invested $750,000 in the equity of the company. 2026 Notes On January 14, 2021, the Company issued $100,000,000 in aggregate principal amount of 4.875% fixed-rate notes due 2026 (the “2026 Notes”). The 2026 Notes will mature on March 30, 2026, and may be redeemed in whole or in part at any time or from time to time at our option on or after December 31, 2025 at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest is payable semi-annually beginning September 30, 2021. The Company used all of the net proceeds from this offering to fully redeem the 2022 Notes and repay a portion of the outstanding amount under the Credit Facility. 153 TABLE OF CONTENTS STELLUS CAPITAL INVESTMENT CORPORATION NOTES TO THE FINANCIAL STATEMENTS December 31, 2020 Redemption of 2022 Notes On February 12, 2021, the Company redeemed all $48,875,000 in aggregate principal amount of the 2022 Notes. The 2022 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon through the redemption date. Credit Facility The outstanding balance under the Credit Facility as of March 3, 2021 was $164,500,000. SBA-guaranteed Debentures The outstanding balance of SBA-guaranteed debentures as of March 3, 2021 was $210,000,000. SBIC II Subsidiary On January 21, 2021, the Company contributed $15,000,000 to the SBIC II subsidiary, bringing the total contributed capital to $35,000.000. On January 25, 2021, the Company increased committed capital to $60,000,000. Distributions Declared On January 15, 2021, the Company’s Board changed the frequency of distributions from quarterly to monthly and declared a regular monthly distribution for each of January, February and March 2021 as follows: Declared ​ ​ Ex-Dividend Date ​ ​ Record Date ​ ​ Payment Date ​ ​ Amount per Share ​ 1/15/2021 ​ ​ ​ ​ 1/28/2021 ​ ​ ​ ​ ​ 1/29/2021 ​ ​ ​ ​ ​ 2/16/2021 ​ ​ ​ ​ $ 0.0833 ​ ​ 1/15/2021 ​ ​ ​ ​ 2/25/2021 ​ ​ ​ ​ ​ 2/26/2021 ​ ​ ​ ​ ​ 3/15/2021 ​ ​ ​ ​ $ 0.0833 ​ ​ 1/15/2021 ​ ​ ​ ​ 3/30/2021 ​ ​ ​ ​ ​ 3/31/2021 ​ ​ ​ ​ ​ 4/15/2021 ​ ​ ​ ​ $ 0.0833 ​ ​ 154 TABLE OF CONTENTS ​ ​ Item 9. Changes in and Disagreements with Independent Registered Public Accounting Firm on Accounting and Financial Disclosure ​ None. Item 9A. Controls and Procedures. ​ (a) Evaluation of Disclosure Controls and Procedures As of December 31, 2020 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. (b) Management’s Report on Internal Control Over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Exchange Act Rule 13a-15(f), and for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2020. Internal control over financial reporting is a process designed by, or under the supervision of, our principal executive and principal financial officers, or persons performing similar functions, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Management performed an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2020 based upon the criteria set forth in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on our assessment, management determined that our internal control over financial reporting was effective as of December 31, 2020. (c) Changes in Internal Controls Over Financial Reporting There have been no changes in our internal control over financing reporting that occurred during the fourth fiscal quarter of 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 155 TABLE OF CONTENTS ​ ​ ​ ​ ​ ​ Item 9B. Other Information. ​ None. PART III We will file with the Securities and Exchange Commission (the “SEC”) a definitive Proxy Statement for Stellus Capital Investment Corporation’s (“we”, “us”, “our” and the “Company”) 2021 Annual Meeting of Stockholders, pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year. Accordingly, certain information required by Part III has been omitted under General Instruction G(3) to the Annual Report on Form 10-K. Only those sections of our definitive Proxy Statement that specifically address the items set forth herein are incorporated by reference. Item 10. Directors, Executive Officers and Corporate Governance ​ The information required by Item 10 is hereby incorporated by reference from the Company’s definitive Proxy Statement relating to the Company’s 2021 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the end of the Company’s fiscal year. We have adopted a code of business conduct and ethics that applies to our directors, officers and employees. This code of ethics is published on our website at www.stelluscapital.com . We intend to disclose any future amendments to, or waivers from, this code of conduct within four business days of the waiver or amendment through a website posting. Item 11. Executive Compensation ​ The information required by Item 11 is hereby incorporated by reference from the Company’s definitive Proxy Statement relating to the Company’s 2021 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the end of the Company’s fiscal year. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ​ The information required by Item 12 is hereby incorporated by reference from the Company’s definitive Proxy Statement relating to the Company’s 2021 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the end of the Company’s fiscal year. Item 13. Certain Relationships and Related Transactions, and Director Independence ​ The information required by Item 13 is hereby incorporated by reference from the Company’s definitive Proxy Statement relating to the Company’s 2021 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the end of the Company’s fiscal year. Item 14. Principal Accountant Fees and Services ​ The information required by Item 14 is hereby incorporated by reference from the Company’s definitive Proxy Statement relating to the Company’s 2021 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the end of the Company’s fiscal year. 156 TABLE OF CONTENTS ​ ​ PART IV Item 15. Exhibits, Financial Statement Schedules a. Documents Filed as Part of this Report The following financial statements are set forth in Item 8: ​ ​ ​ Page ​ Report of Independent Registered Public Accounting Firm ​ ​ ​ ​ 96 ​ ​ Statements of Assets and Liabilities as of December 31, 2020 and December 31, 2019 ​ ​ ​ ​ 98 ​ ​ Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ​ ​ ​ ​ 99 ​ ​ Statements of Changes in Net Assets for the years ended December 31, 2020, 2019, and 2018 ​ ​ ​ ​ 100 ​ ​ Statements of Cash Flows for the years ended December 31, 2020, 2019, and 2018 ​ ​ ​ ​ 101 ​ ​ Schedule of Investments as of December 31, 2020 and December 31, 2019 ​ ​ ​ ​ 103 ​ ​ Notes to Financial Statements ​ ​ ​ ​ 119 ​ ​ 157 TABLE OF CONTENTS b. Exhibits The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC: ​  3.1  ​ ​ Articles of Amendment and Restatement (Incorporated by reference to Exhibit (a)(1) to the Registrant’s Registration Statement on Form N-2 (File No. 333-184195), filed on October 23, 2012). ​ ​  3.3  ​ ​ Bylaws (Incorporated by reference to Exhibit (b)(1) to the Registrant’s Registration Statement on Form N-2 (File No. 333-184195), filed on October 23, 2012). ​ ​  4.1  ​ ​ Form of Stock Certificate (Incorporated by reference to Exhibit (d) to the Registrant’s Registration Statement on Form N-2 (File No. 333-184195), filed on October 23, 2012). ​ ​  4.2  ​ ​ Form of Indenture (Incorporated by reference to Exhibit (d)(2) to the Registrant’s Registration Statement on Form N-2 (File No. 333-189938, filed January 29, 2014). ​ ​  4.4  ​ ​ Second Supplemental Indenture between the Registrant and U.S. Bank National Association, date August 21, 2017, (Incorporated by reference on exhibit (d)(6) to the Registrant’s Registration Statement on Form N-2 (File No. 333-216138), filed on August 23, 2017). ​ ​  4.5  ​ ​ Third Supplemental Indenture between the Registrant and U.S. Bank National Association, date January 14