Stellus Private Credit BDC (“Stellus PBDC”, “we”, or the “Company”) today announced financial results for its third fiscal quarter ended September 30, 2025.
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Robert T. Ladd, Chief Executive Officer of Stellus PBDC, stated “We are pleased to report solid operating results in the third quarter in which we generated $0.36 per share of net investment income and maintained a stable net asset value. During the quarter, we funded $43 million of investments and received $7 million of repayments, bringing the total portfolio to $376 million at fair value. On October 21, 2025, we declared our 2025 fourth quarter monthly dividend of $0.36 per share in the aggregate.”
FINANCIAL HIGHLIGHTS($ in millions, except data relating to per share amounts and shares outstanding) Three Months Ended September30,2025 September30,2024 Amount Per Share Amount Per ShareNet investment income $3.98 $0.36 $4.66 $0.49Net realized gain on investments 0.02 – – -Net unrealized appreciation included in earnings (0.17) (0.01) (0.40) (0.04)Provision for taxes on net unrealized appreciation on investments (0.05) (0.01) (0.01) -Net increase in net assets resulting from operations $3.78 $0.34 $4.25 $0.45Distributions (4.23) (0.38) (4.74) (0.50)Other weighted average share adjustments(1) – 0.01 – -Net asset value $188.78 $15.26 $142.20 $15.14Weighted average shares outstanding 11,123,004 9,456,180
____________________________(1) Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of the period end.
PORTFOLIO ACTIVITY($ in millions) As of As of September30,2025 December31,2024Investments at fair value $376.4 $300.7Total assets $384.8 $304.8Net assets $188.8 $162.4Shares outstanding 12,371,428 10,715,095Net asset value per share $15.26 $15.16 Three Months Ended September30,2025 September30,2024New investments $42.7 $9.0Repayments of investments (6.8) (6.6)Net activity $35.9 $2.4 As of As of September30,2025 December31,2024Number of portfolio company investments 72 59Number of debt investments 68 55Weight average yield of debt and other income producing investments(2)Cash 9.8% 10.2%Payment-in-kind (“PIK”) 0.1% 0.2%Fee amortization 0.4% 0.4%Total 10.3% 10.8%Weighted average yield on total investments(3)Cash 9.4% 9.8%PIK 0.1% 0.2%Fee amortization 0.3% 0.3%Total 9.8% 10.3%
____________________________(2) The dollar-weighted average annualized effective yield is computed using the effective interest rate for the Company's debt investments and other income producing investments, including cash and PIK interest, as well as the accretion of deferred fees. The individual investment yields are then weighted by the respective cost of the investments (as of the date presented) in calculating the weighted average effective yield of the portfolio. The dollar-weighted average annualized yield on the Company's investments for a given period will generally be higher than what investors of our common stock would realize in a return over the same period because the dollar-weighted average annualized yield does not reflect the Company's expense or any sales load that may be paid by investors.(3) The dollar weighted average yield on total investments takes the same yields as calculated in the footnote above, but weights such yields to determine the weighted average effective yield as a percentage of the Company's total investments, including non-income producing equity positions and debt investments on non-accrual status.
Results of Operations
Investment income for the three months ended September 30, 2025 and 2024 totaled $9.4 million and $7.9 million, respectively, most of which was interest income from portfolio investments.
Gross operating expenses for the three months ended September 30, 2025 and 2024 totaled $6.1 million and $4.6 million, respectively. For the same periods, base management fees totaled $1.3 million and $0.9 million, income incentive fees totaled $0.7 million and $0.8 million, respectively; capital gains incentive fees (reversals) of ($0.0) million and less than ($0.01) million, which are not currently payable, respectively; fees and expenses related to the Company's borrowings totaled $3.6 million and $2.5 million (including interest and amortization of deferred financing costs), respectively; administrative expenses totaled $0.2 million and $0.1 million, respectively and other expenses totaled $0.3 million and $0.4 million, respectively. For the three months ended September 30, 2025 and 2024, the Company's investment advisor, Stellus Private BDC Advisor, LLC (the “Advisor”), waived $0.4 million and $0.9 million of management fees, respectively; $0.3 million of income incentive fees for both periods (waived as our shares were not listed on a national exchange), and less than $0.1 million and $0.1 million of expenses pursuant to expense support and conditional reimbursements from the Advisor, respectively, for net operating expenses of $5.4 million and $3.3 million, respectively.
For the three months ended September 30, 2025 and 2024, net investment income was $4.0 millionand$4.7 million, or$0.36and$0.49 per common share based on weighted average common shares outstandingof 11,123,004 and 9,456,180, respectively.
The Company's investment portfolio had a net change in unrealized appreciation of ($0.2) million and ($0.4) million for the three months ended September 30, 2025 and 2024, respectively.
For the three months ended September 30, 2025 and 2024, net increase in net assets resulting from operations totaled$3.8 millionand$4.2 million, or$0.34and$0.45per common share, based on weighted average common shares outstandingof 11,123,004 and 9,456,180, respectively.
Liquidity and Capital Resources
On September 30, 2022, the Company entered into a senior secured revolving credit agreement with Zions Bancorporation, N.A., dba Amegy Bank and various other lenders (the “Credit Facility”). The Credit Facility, as amended, provides for borrowings up to a maximum of $300.0 million on a committed basis. As of September 30, 2025 and December 31, 2024, the Company had $145.1 million and $90.5 million in outstanding borrowings under the Credit Facility, respectively.
On August 1, 2024, the Company entered into a Loan Financing and Servicing Agreement (the “Loan Agreement”) by and among Stellus Private Credit BDC SPV LLC (“PBDC SPV”), as borrower, the Company, as equityholder and servicer, Deutsche Bank AG, New York Branch, as facility agent, Citibank, N.A., as collateral agent and collateral custodian, Alter Domus (US) LLC, as collateral administrator, and the lenders that are party thereto from time to time (the “SPV Facility”). The SPV Facility provides for $50.0 million of initial commitments with an accordion feature that allows for an additional $50.0 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. As of both September 30, 2025 and December 31, 2024, the Company had $50.0 million in outstanding borrowings under the SPV Facility.
The Company sold 382,821 common shares of beneficial interest at a weighted-average price of $15.29 per share for aggregate net proceeds of $5.9 million, which included less than $0.1 million of organizational expense allocation pursuant to subscription agreements entered into between the Company and investors during the three months ended September 30, 2025. Additionally, for the nine months ended September 30, 2024, the Company called $15.0 million pursuant to capital draw down subscription agreements between the Company and its shareholders. The transaction resulted in the issuance of 981,034 common shares of beneficial interest at a price of $15.29 per share. Lastly, the Company purchased 141,270 common shares of beneficial interest were validly tendered and not withdrawn prior to the expiration of the tender offer during the three months ended September 30, 2025 at a price equal to $15.29 per Share for an aggregate purchase price of approximately $2.2 million.
Distributions
During the three months ended September 30, 2025 and 2024, the Company declared aggregate distributions of $0.38 per share and $0.50, respectively (million and $4.2 million and $4.7 million in the aggregate, respectively). Tax characteristics of all distributions are reported to stockholders on Form 1099-DIV. Tax characteristics of all distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year. None of these dividends are expected to include a return of capital
Recent Portfolio Activity
The Company invested in the following portfolio companies for the three months ended September 30, 2025:
Activity Type Date Company Name Company Description Investment Amount Instrument TypeAdd-On Investment July 28, 2025 Equine Network, LLC* Hosts competitions and provides services for the U.S. equine industry $ 958,256 Senior Secured - First LienNew Investment July 31, 2025 The Millennium Alliance, LLC Facilitator of peer-to-peer events connecting companies with technology solution providers $ 5,280,193 Senior Secured - First Lien $ 1,341,001 Revolver Commitment $ 294,275 EquityNew Investment July 31, 2025 Elder Care Opco LLC Provider of homecare services $ 3,485,935 Senior Secured - First Lien $ 3,697,074 Delayed Draw Term Loan Commitment $ 1,259,737 Revolver Commitment $ 740,592 EquityAdd-On Investment August 4, 2025 Guidant Corp.* Provider of liquid metering products and integrated solutions to the energy infrastructure sector $ 50,673 EquityAdd-On Investment August 5, 2025 MedLearning Group, LLC* Provider of continuing medical education services $ 3,414,406 Senior Secured - First LienNew Investment August 22, 2025 DMD Systems Recovery, LLC Provider of IT asset disposition services $ 1,533,888 Senior Secured - First Lien $ 4,070,703 Delayed Draw Term Loan Commitment $ 1,368,939 Revolver Commitment $ 174,338 EquityAdd-On Investment August 29, 2025 Compost 360 Acquisition, LLC* Organic waste recycler and producer of compost, mulch, and engineered soils $ 22,950 EquityNew Investment September 19, 2025 Champion Services Acquireco LLC Provider of commercial re-roofing and restoration services $ 7,822,508 Senior Secured - First Lien $ 1,368,939 Revolver Commitment $ 204,254 EquityNew Investment September 22, 2025 DFO Enterprises, LLC Manufacturer of fiber optic cable assembly equipment, consumables, and precision components $ 7,358,000 Senior Secured - First Lien $ 1,742,096 Revolver Commitment $ 321,180 Equity
____________________________* Existing portfolio company
Events Subsequent to September 30, 2025
The Company's management has evaluated subsequent events through November 14, 2025. There have been no subsequent events that require recognition or disclosure except for the following described below.
Investment Portfolio
The Company invested in the following portfolio companies subsequent to September 30, 2025:
ActivityType Date CompanyName CompanyDescription InvestmentAmount InstrumentTypeAdd-On Investment October 1, 2025 The Hardenbergh Group, Inc.* Provider of patient safety, clinical risk mitigation, and healthcare compliance solutions $ 1,241,645 Senior Secured - First LienNew Investment October 17, 2025 Fidus Systems Inc. Provider of outsourced electronic product development and engineering services $ 3,023,836 Senior Secured - First Lien $ 2,015,890 Delayed Draw Term Loan Commitment $ 1,446,825 Revolver Commitment $ 216,218 EquityAdd-On Investment November 6, 2025 Mobotrex Acquisition, LLC* Distributor and manufacturer of intelligent traffic solution equipment $ 1,435,403 Senior Secured - First Lien $ 1,668,789 Delayed Draw Term Loan Commitment $ 461,751 Revolver Commitment
____________________________* Existing portfolio company
The Company realized the following portfolio companies subsequent to September 30, 2025:
Activity Type Date Company Name Company Description Proceeds Received Realized Gain Instrument TypeFull Repayment October 1, 2025 Heartland Business Systems, LLC End-to-end information technologies solutions provider $ 3,122,393 $ – Senior Secured - First Lien $ 3,241,539 $ – Delayed Draw Term LoanFull Realization $ 452,671 $ 360,253 Equity
Credit Facilities
On October 2, 2025, the “Company entered into Amendment No. 2 to Loan Financing and Servicing Agreement (the “Second Amendment”), by and among Stellus SPV, as borrower (the “Borrower”), the Company, as servicer, Deutsche Bank, as facility agent, agent and a committed lender, which amends that certain Loan Agreement. ). The Second Amendment amended the Loan Agreement to, among other things, (i) increase the commitment from $50.0 million to $75.0 million, (ii) reduce the applicable margin rate on advances under the Loan Agreement to a range of 2.00% to 2.35%, (iii) extend the revolving period to October 2, 2028, and (iv) extend the maturity date to October 2, 2031.
As of November 14, 2025, the outstanding balances under the Credit Facility and SPV Facility were $117.3 million and $75.0 million, respectively.
Distributions Declared
On October 21, 2025 the Board declared a regular monthly dividend for each of October 2025, November 2025, and December 2025 as follows:
Record Payment Amount perDeclared Date Date Share10/21/2025 10/22/2025 10/31/2025 $ 0.120010/21/2025 11/3/2025 11/28/2025 $ 0.120010/21/2025 12/1/2025 12/31/2025 $ 0.1200
Sale of Unregistered Securities
Since September 30, 2025, the Company sold 158,404 common shares of beneficial interest at a price of $15.26 per share for aggregate net proceeds of $2.4 million which included less than $0.1 million of organizational expense allocation pursuant to subscription agreements entered into between the Company and investors.
Share Repurchases
Since September 30, 2025, 176,879 common shares of beneficial interest were validly tendered and not withdrawn prior to the expiration of the tender offer. The Company purchased all common shares of beneficial interest validly tendered and not withdrawn at a price equal to $15.25 per share for an aggregate purchase price of $2.7 million.
About Stellus Private Credit BDC
The Company is an externally-managed, closed-end, non-diversified investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation by investing primarily in private lower middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) with a focus on investing through first lien (including unitranche) loans, often with a corresponding equity investment. The Company's investment activities are managed by its investment adviser, Stellus Private BDC Advisor, LLC.
Forward-Looking Statements
Statements included herein may contain “forward-looking statements” which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission including the final prospectus that will be filed with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contacts
Stellus Private Credit BDC W. Todd Huskinson, Chief Financial Officer (713) 292-5414 thuskinson@stelluscapital.com
STELLUS PRIVATE CREDIT BDCCONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES September30,2025 (unaudited) December31,2024ASSETSNon-controlled, non-affiliated investments, at fair value (amortized cost of $ 376,434,763 $ 300,732,065$371,417,536 and $297,791,269, respectively)Cash and cash equivalents 6,386,635 2,144,116Other receivable 14,778 4,340Interest receivable 1,774,269 1,367,849Expense reimbursement receivable from the Advisor (Note 2) 1,615 161,473Deferred offering costs 57,662 127,983Related party receivable – 2,004Prepaid expenses 50,024 164,350Receivable for sales and repayments of investments 123,415 86,896Total Assets $ 384,843,161 $ 304,791,076LIABILITIESCredit Facilities payable $ 191,655,862 $ 138,692,860Unearned revenue 1,197,734 921,629Management fees payable 855,941 648,149Income incentive fee payable 475,545 452,186Capital gains incentive fee payable 559,652 306,229Interest payable 711,239 613,821Administrative services payable 162,970 109,027Income tax payable 56,752 51,427Deferred tax liability 272,073 259,455Other accrued expenses and liabilities 120,102 348,413Total Liabilities $ 196,067,870 $ 142,403,196Commitments and contingencies (Note 7)Net Assets $ 188,775,291 $ 162,387,880NET ASSETSCommon shares of beneficial interest, par value $0.01 per share (unlimited shares $ 123,714 $ 107,151authorized; 12,371,428 and 10,715,095 issued and outstanding, respectively)Paid-in capital 184,807,352 159,483,435Total distributable earnings 3,844,225 2,797,294Net Assets $ 188,775,291 $ 162,387,880Total Liabilities and Net Assets $ 384,843,161 $ 304,791,076Net Asset Value Per Share $ 15.26 $ 15.16
STELLUS PRIVATE CREDIT BDCCONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Nine Months Ended September30,2025 September30,2024 September30,2025 September30,2024INVESTMENT INCOMEInterest income $ 9,206,005 $ 7,800,382 $ 25,648,553 $ 20,954,358Other income 191,610 132,962 539,155 328,683Total Investment Income $ 9,397,615 $ 7,933,344 $ 26,187,708 $ 21,283,041OPERATING EXPENSESManagement fees $ 1,283,911 $ 896,304 $ 3,515,843 $ 2,497,611Income incentive fees 652,037 756,668 1,856,151 1,997,539Capital gains incentive (reversal) fee (19,310) (124,713) 253,423 (94,639)Professional fees 140,297 156,396 522,135 481,328Amortization of deferred offering costs 49,099 61,701 182,080 157,083Administrative services expenses 192,550 135,018 493,733 379,067Trustees' fees 40,000 40,000 120,000 120,000Insurance expense 22,370 20,418 66,380 60,811Valuation fees 47,004 31,965 89,613 60,683Interest expense and other fees 3,621,996 2,496,503 9,879,767 6,884,954Income tax expense 17,218 – 34,325 29,274Other general and administrative expenses 65,841 75,218 211,196 196,063Total Operating Expenses $ 6,113,013 $ 4,545,478 $ 17,224,646 $ 12,769,774Expenses reimbursed/fees waived by Advisor (Note 2) $ (691,899) $ (1,276,857) $ (1,965,389) $ (3,566,605)Net Operating Expenses $ 5,421,114 $ 3,268,621 $ 15,259,257 $ 9,203,169Net Investment Income $ 3,976,501 $ 4,664,723 $ 10,928,451 $ 12,079,872Net realized gain on non-controlled, non-affiliated investments $ – $ – $ 67,495 $ -Net realized gain on foreign currency translation $ 22,420 $ 5,522 28,839 20,367Net change in unrealized (depreciation) appreciation on non-controlled, non-affiliated investments (160,661) (424,614) 2,044,676 (508,252)Net change in unrealized (depreciation) appreciation on foreign currency translations (3,977) 20,336 31,755 7,167Provision for taxes on net unrealized gain on investments (50,884) (19,791) (12,618) (15,993)Net Increase in Net Assets Resulting from Operations $ 3,783,399 $ 4,246,176 $ 13,088,598 $ 11,583,161Net Investment Income Per Share - basic and diluted $ 0.36 $ 0.49 $ 1.00 $ 1.45Net Increase in Net Assets Resulting from Operations Per Share - basic and diluted $ 0.34 $ 0.45 $ 1.20 $ 1.39Weighted Average Common Shares of Beneficial Interest Outstanding - basic and diluted 11,123,004 9,456,180 10,943,242 8,335,421Distributions Per Share - basic and diluted $ 0.38 $ 0.50 $ 1.10 $ 1.49
STELLUS PRIVATE CREDIT BDCCONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited) CommonSharesof BeneficialInterest Total Numberof Par Paid-in distributable shares value capital gain NetAssetsBalances at December31,2023 7,102,136 $ 71,021 $ 104,810,048 $ 3,140,953 $ 108,022,022Net investment income – – – 3,552,515 3,552,515Net realized gain on foreign currency translation – – – 8,442 8,442Net change in unrealized appreciation on non-controlled, non-affiliated investments – – – 333,461 333,461Net change in unrealized depreciation on foreign currency translations – – – (8,881) (8,881)Benefit for taxes on net unrealized loss on investments – – – 45,885 45,885Distributions from net investment income – – – (3,610,362) (3,610,362)Issuance of common shares of beneficial interest 255,902 2,559 3,901,680 – 3,904,239Balances at March 31, 2024 7,358,038 $ 73,580 $ 108,711,728 $ 3,462,013 $ 112,247,321Net investment income – – – 3,862,634 3,862,634Net realized gain on foreign currency translation – – – 6,403 6,403Net change in unrealized depreciation on non-controlled, non-affiliated investments – – – (417,099) (417,099)Net change in unrealized depreciation on foreign currency translations – – – (4,288) (4,288)Provision for taxes on net unrealized gain on investments – – – (42,087) (42,087)Distributions from net investment income – – – (4,075,936) (4,075,936)Issuance of common shares of beneficial interest 2,032,499 20,325 31,035,613 – 31,055,938Balances at June30,2024 9,390,537 $ 93,905 $ 139,747,341 $ 2,791,640 $ 142,632,886Net investment income – – – 4,664,723 4,664,723Net realized gain on foreign currency translation – – – 5,522 5,522Net change in unrealized depreciation on non-controlled, non-affiliated investments – – – (424,614) (424,614)Net change in unrealized appreciation on foreign currency translations – – – 20,336 20,336Provision for taxes on net unrealized gain on investments – – – (19,791) (19,791)Distributions from net investment income – – – (4,740,785) (4,740,785)Issuance of common shares of beneficial interest 377,534 3,776 5,751,834 – 5,755,610Redemption of common shares of beneficial interest (373,094) (3,731) (5,663,574) – (5,667,305)Balances at September30,2024 9,394,977 $ 93,950 $ 139,835,601 $ 2,297,031 $ 142,226,582Balances at December31,2024 10,715,095 $ 107,151 $ 159,483,435 $ 2,797,294 $ 162,387,880Net investment income – – – 3,306,751 3,306,751Net realized gain on foreign currency translation – – – 1,621 1,621Net change in unrealized appreciation on non-controlled, non-affiliated investments – – – 1,180,792 1,180,792Net change in unrealized appreciation on foreign currency translations – – – 13,034 13,034Provision for taxes on net unrealized gain on investments – – – 61,859 61,859Distributions from net investment income – – – (3,881,841) (3,881,841)Issuance of common shares of beneficial interest 158,226 1,582 2,406,248 – 2,407,830Balances at March31,2025 10,873,321 $ 108,733 $ 161,889,683 $ 3,479,510 $ 165,477,926Net investment income – – – 3,645,199 3,645,199Net realized gain on investments – – – 67,495 67,495Net realized gain on foreign currency translation – – – 4,798 4,798Net change in unrealized appreciation on non-controlled, non-affiliated investments – – – 1,024,545 1,024,545Net change in unrealized appreciation on foreign currency translations – – – 22,698 22,698Provision for taxes on net unrealized gain on investments – – – (23,593) (23,593)Distributions from net investment income – – – (3,934,324) (3,934,324)Issuance of common shares of beneficial interest 276,357 2,764 4,220,720 – 4,223,484Redemption of common shares of beneficial interest (22,609) (226) (342,525) – (342,751)Balances at June30,2025 11,127,069 $ 111,271 $ 165,767,878 $ 4,286,328 $ 170,165,477Net investment income – – – 3,976,501 3,976,501Net realized gain on foreign currency translation – – – 22,420 22,420Net change in unrealized depreciation on non-controlled, non-affiliated investments – – – (160,661) (160,661)Net change in unrealized depreciation on foreign currency translations – – – (3,977) (3,977)Provision for taxes on net unrealized gain on investments – – – (50,884) (50,884)Distributions from net investment income – – – (4,225,502) (4,225,502)Issuance of common shares of beneficial interest 1,385,629 13,856 21,198,080 – 21,211,936Redemption of common shares of beneficial interest (141,270) (1,413) (2,158,606) – (2,160,019)Balances at September30,2025 12,371,428 $ 123,714 $ 184,807,352 $ 3,844,225 $ 188,775,291
STELLUS PRIVATE CREDIT BDCCONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September30,2025 September30,2024Cash Flows from Operating ActivitiesNet increase in net assets resulting from operations $ 13,088,598 $ 11,583,161Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:Purchases of investments (93,853,701) (67,038,045)Proceeds from sales and repayments of investments 21,248,780 19,584,247Net change in unrealized (appreciation) depreciation on investments (2,044,676) 508,252Net change in unrealized appreciation foreign currency translations (31,755) (7,167)Increase in investments due to PIK (253,297) (671,421)Amortization of premium and accretion of discount, net (737,073) (482,032)Deferred tax provision 12,618 15,992Amortization of loan structure fees 434,698 231,435Amortization of deferred offering costs 182,080 157,083Net realized gain on investments (67,495) -Changes in other assets and liabilitiesIncrease in interest receivable (406,420) (311,511)Increase in other receivable (10,438) (144,561)Decrease in related party receivable 2,004 159,206Decrease (increase) in expense reimbursements receivable from the Advisor 159,858 (1,791)Decrease in prepaid expenses 114,326 74,874Increase in related party payable – 51,719Increase (decrease) in administrative services payable 53,943 (11,244)Increase in interest payable 97,418 534,959Increase in income management fees payable 207,792 -Increase in income incentive fees payable 23,359 92,632Increase (decrease) in capital gains incentive fees payable 253,423 (94,639)Increase (decrease) in unearned revenue 276,105 (157,651)Increase (decrease) in income tax payable 5,325 (130,720)(Decrease) increase in other accrued expenses and liabilities (228,311) 343,542Net Cash Used in Operating Activities $ (61,472,839) $ (35,713,680)Cash Flows from Financing ActivitiesProceeds from issuance of common shares of beneficial interest $ 27,843,250 $ 40,715,787Offering costs paid for common shares of beneficial interest issued (111,759) (200,160)Purchase of common shares of beneficial interest in tender offer (2,502,770) (5,667,305)Stockholder distributions paid (12,041,667) (15,978,151)Borrowings under Credit Facilities 98,050,000 131,300,000Repayments of Credit Facilities (43,450,000) (110,700,000)Financing costs paid on Credit Facilities (2,071,696) (832,155)Net Cash Provided by Financing Activities $ 65,715,358 $ 38,638,016Net Increase in Cash and Cash Equivalents $ 4,242,519 $ 2,924,336Cash and Cash Equivalents Balance at Beginning of Period 2,144,116 593,685Cash and Cash Equivalents Balance at End of Period $ 6,386,635 $ 3,518,021Supplemental and Non-Cash ActivitiesCash paid for interest expense $ 9,347,651 $ 6,118,560Income and excise tax paid 29,000 159,994Value of common shares of beneficial interest issued pursuant to Dividend Reinvestment Plan 1,185,787 1,185,787
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