#1STELLUS CAPITAL INVESTMENT CORPORATION Investor Presentation Quarter ended March 31, 2023 HOUSTON, TX WASHINGTON D.C. CHARLOTTE, NC#2Disclaimer THIS PRESENTATION IS FOR INFORMATIONAL PURPOSES ONLY. THE INFORMATION CONTAINED HEREIN IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED UPON FOR, ACCOUNTING, LEGAL OR TAX ADVICE OR INVESTMENT RECOMMENDATIONS. THIS PRESENTATION IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY STELLUS CAPITAL INVESTMENT CORPORATION ("SCM") SECURITIES. AN OFFERING IS ONLY MADE BY AN APPLICABLE PROSPECTUS. THIS PRESENTATION MUST BE READ IN CONJUNCTION WITH A PROSPECTUS IN ORDER TO FULLY UNDERSTAND ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH THE PROSPECTUS RELATES INCLUDING THOSE LISTED IN THE "RISK FACTORS" SECTION OF OUR FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC"), INCLUDING THE IMPACT OF THE COVID-19 PANDEMIC ON SCM, ITS PORTFOLIO COMPANIES, AND THE GLOBAL AND UNITED STATES ECONOMY. A COPY OF SUCH A PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH ANY OFFERING. BEFORE MAKING AN INVESTMENT DECISION WITH RESPECT TO SCM, INVESTORS ARE ADVISED TO CAREFULLY REVIEW AN APPLICABLE PROSPECTUS TO REVIEW THE RISK FACTORS DESCRIBED THEREIN, AND TO CONSULT WITH THEIR TAX, FINANCIAL, INVESTMENT AND LEGAL ADVISORS. THESE MATERIALS DO NOT PURPORT TO BE COMPLETE, AND ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO THE MORE DETAILED DISCLOSURES CONTAINED IN AN APPLICABLE PROSPECTUS AND SCM'S RELATED DOCUMENTATION INCLUDING SEC FILINGS. 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 PRESENTATION MAY CONSTITUTE FORWARD-LOOKING STATEMENTS AND ARE NOT GUARANTEES OF FUTURE PERFORMANCE OR RESULTS AND INVOLVE A NUMBER OF ASSUMPTIONS, RISKS AND UNCERTAINTIES, INCLUDING RISKS AND UNCERTAINTIES ASSOCIATED WITH THE COVID-19 PANDEMIC ON SCM, ITS PORTFOLIO COMPANIES, AND THE GLOBAL AND UNITED STATES ECONOMY, 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 SCM WITH THE SECURITIES AND EXCHANGE COMMISSION. SCM UNDERTAKES NO DUTY TO UPDATE ANY FORWARD-LOOKING STATEMENT MADE HEREIN. ALL OF THE INFORMATION IN THIS PRESENTATION, INCLUDING ANY FORWARD-LOOKING STATEMENTS, IS PRESENTED AS OF THE TIME PERIOD ON THE COVER OF THIS PRESENTATION (EXCEPT AS OTHERWISE SPECIFIED), IS SUBJECT TO CHANGE WITHOUT NOTICE, AND MAY HAVE CHANGED (POSSIBLY MATERIALLY) SINCE THE DATE ON THE COVER OF THIS PRESENTATION. SCM UNDERTAKES NO OBLIGATION TO UPDATE THE INFORMATION CONTAINED IN THIS PRESENTATION TO ACCOUNT FOR CHANGES SUBSEQUENT TO ANY DATE AS OF WHICH SUCH INFORMATION IS GIVEN, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LAWS AND REGULATIONS. NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND NOTHING SHALL BE RELIED UPON AS A PROMISE OR REPRESENTATION AS TO THE FUTURE PERFORMANCE OF SCM. • All daily trading information/multiples in this presentation as of May 12, 2023, unless otherwise noted All other financial information as of March 31, 2023 STELLUS CAPITAL INVESTMENT CORPORATION 2#3Contents Page 4 Stellus Capital Management's Competitive Advantage Page 5 Company Overview Page 11 Portfolio Overview Page 16 Performance and Dividends Page 20 Valuation Page 23 Corporate Information and Financial Supplements STELLUS CAPITAL INVESTMENT CORPORATION Stellus Capital Investment Corp. (NYSE: "SCM") HOUSTON, TX 4400 Post Oak Parkway, Suite 2200 Houston, TX 77027 713.292.5400 WASHINGTON DC. AREA 4520 East West Highway. Suite 605 Bethesda, MD 20814 301.634.3000 CHARLOTTE, NC 5605 Carnegie Boulevard, Suite 410 Charlotte, NC 28209 704.409.3335 3#4There are 48 Publicly-Traded BDCs ~ What is our Competitive Advantage? Strong Historical Portfolio Performance and Consistent Returns to Shareholders Strong History of Underwriting Credit Fair Value of investment portfolio of $877 million as of March 31, Favorable Performance Over Time 5-year ROE of 9.1%* 2023 ܀ Grown at a 3-year CAGR of 13% Achieving loan growth while practicing conservative lending • Diversified portfolio by size of investment, industry and geography Stable and Growing Dividend Quarterly aggregate dividend of $0.40 • Monthly dividend of $0.1333 • Annualized indicated dividend yield of 10.9% ⚫ LTD dividends of $13.75 paid to an IPO investor through March 31, 2023 • We have covered dividends from earnings since inception STELLUS CAPITAL INVESTMENT CORPORATION Source: Company Filings. All daily trading information/multiples in this presentation as of May 12, 2023 unless otherwise noted • ROE since IPO of 9.3%* Stable portfolio performance over 10 years Performance and Stability / Trading at a Discount to NAV • Net asset value per share was $13.87 at March 31, 2023 • Trading at approximately 1.06x the March 31, 2023 per share NAV 4#5STELLUS CAPITAL INVESTMENT CORPORATION COMPANY OVERVIEW: Navigating Lower Middle Market Capital Solutions 5#6Net Assets Stable Growth with Access to Low-Cost Capital Management team focused on maintaining asset quality, proper capital allocation, and operational excellence 2012 2014 $173.8 Million $173.9 Million 2017 $220.2 Million 2019 $270.6 Million 2020-2023 $280.9 Million Stellus Capital Investment Corporation completes IPO in November 2012 Begins trading on NYSE Receives approval for first SBIC License Issues $25 million of 6.5% Notes due April 2019 Issues $49 million of 5.75% Notes due 2022 Completes secondary equity offering of $43.6 million at NAV Completes secondary equity offering of $40.5 million at NAV Receives second SBIC License Amends and extends bank credit facility to September 2025 and increased to $265 million Issues $100 million of Institutional Notes at 4.875% due March 2026 STELLUS CAPITAL INVESTMENT CORPORATION 6#7• SCM Provides Flexible Financing for Middle Market Companies Investment Type & Size Investment Focus Origination Focus Investment size between $10 and $30 million per transaction. Senior secured first lien, unitranche, split lien and second lien debt financings, often with corresponding equity investments. Underwriting capabilities up to $100 million. Private companies generating between $5 and $50 million of EBITDA. Diverse industry sectors Capital is often used for acquisitions, growth capital, leveraged buyouts, and recapitalizations. Substantially all investments are in portfolio companies backed by high quality PE sponsors. Focus on originated loans, as opposed to broadly syndicated financings. SCM is typically the sole lender in the tranches in which it invests. However, we are open to partnering with a small number of lenders in "club" deals. Companies headquartered (or with a majority of their operations) in the United States and Canada. STELLUS CAPITAL INVESTMENT CORPORATION 7#8Established Team and Institutional Platform Stellus Capital Management's* investment committee members have backgrounds in private credit, private equity, corporate finance, restructuring, management consulting, and accounting. TOTAL YEARS EXPERIENCE> Robert Ladd (67) | Chairman, President & CEO Dean D'Angelo (55) | Co-Head of Private Credit & Director Joshua Davis (50) | Co-Head of Private Credit Todd Overbergen (57) | Investment Committee Member Todd Huskinson (59) | Chief Financial Officer, Chief Compliance Officer & Secretary STELLUS * SCM's external investment adviser CAPITAL INVESTMENT CORPORATION PAST 5 10 15 20 25 30 35 40 EXPERIENCE The D. E. Shaw group, Duke Capital Partners, 43 Duke Energy North America, Arthur Andersen, First City Bancorporation 31 The D. E. Shaw group, Allied Capital, Duke Capital Partners, Banc of America Securities, Coopers & Lybrand 28 The D. E. Shaw group, Duke Capital Partners, Milestone Merchant Partners, Arthur Andersen 33 The D. E. Shaw group, Duke Capital Partners, Arthur Andersen 35 The D. E. Shaw group, Bearing Point, Arthur Andersen 8#9Diverse Sponsor Relationships and Investment Experience STELLUS CAPITAL INVESTMENT CORPORATION Management team has been investing together for over 19 years All partners have significant experience in restructuring Partners have invested approximately $8.5+ billion over the last 19 years* Relationship-driven team who has invested with over 185 sponsors* Stellus Capital Management Team Differentiators Have made over ~350 investments in over 20 industries* *Includes transactions closed by the management team prior to forming Stellus Capital Management 9#10Diverse Financial Sponsor Relationships* ALVAREZ & MARSAL CAPITAL BERTRAM CAPITAL CIP CAPITAL abry partners Blue Sage Capital CIVC PARTNERS Altamont All CAPITAL PARTNERS BLUE WOLF CLARION CAPITAL PARTNERS, LLC ANGELES EQUITY PARTNERS BRIGHTSTAR CAPITAL PARTNERS COMVEST PARTNERS ⚫ € FP FALFURRIAS CAPITAL FRANCISCO PARTNERS GAUGE CAPITAL GRAHAM PARTNERS Highview CAPITAL Aterian INVESTMENT PARTNERS capstreet Audax Group CenterGate CAPITAL Bansk EAGLETREE CAPITAL IGP 02 ENLIGHTENMENT CAPITAL KAINOS CHANGE CAPITAL AT WORK MILL POINT CAPITAL Pamlico CAPITAL SK CAPITAL MML PARTHENON CAPITAL SPC STG SWANDER PACE CAPITAL stellex CAPITAL MANAGEMENT ዋ PLATFORM PARTNERS MOSAIC CAPITAL PARTNERS QHP QU... CAPITAL THE STERLING GROUP N NEW STATE CAPITAL PARTNERS Ridgemont STONE GOFF SYMPHONY TECHNOLOGY TAILWIND TOWER ARCH CAPITAL GROUP EQUITY PARTNERS One Equity Partners Riverside. SUMMIT PARK SEAPORT CAPITAL SUN CAPITAL PARTNERS, INC. VISTRIA A WIND POINT PARTNERS ZMC STELLUS Logos represent certain private equity firms that members of Stellus Capital have worked with in the past. Inclusion of a firm's logo in this list does not imply that such firm endorses Stellus Capital, its members CAPITAL or advisory services or SCM. Stellus Capital Management has no formal sourcing relationships with these firms and cannot guarantee that it will receive opportunities from these firms in the future. INVESTMENT CORPORATION 10#11STELLUS CAPITAL MANAGEMENT Stellus Capital Management has one of the most experienced lower middle market investment teams in the marketplace with over 300. combined years of principal investing experience 88 Current Active Investments ~350 Cumulative Completed Investments Select List of Investments Available Here $8.5+ Billion Invested Capital 11#12Portfolio Statistics as of March 31, 2023 Diverse Portfolio / Low Exposure to Retail and Energy Industry Concentration Energy: Oil & Gas <1% Utilities: Oil & Media: Gas 1% Diversifie.... Hotel, Gaming, & Finance <1% Leisure <1% FIRE: Real... High Tech Industries 1% Containe... Education 1% Automotive 1% Retail 2% Metals & Mining Transportation & 2% Logistics 2% Chemicals, Plastics, & Rubber 2% Media: Broadcasting & Subscription 3% Services: Consumer 3% Environmental Industries. 3% Construction & Building 3% Capital Equipment 4% Software 4% Aerospace & Defense 4% Beverage, Food, & Tobacco 5% STELLUS CAPITAL INVESTMENT CORPORATION Consumer Goods: Non-Durable 6% Services: Business 26% Healthcare & Pharmaceuticals 10% Consumer Goods: Durable Media: Advertising. Printing & Publishing 6% Note: Percentages are based on market value. 6% No Geographic Concentration Over 25% Geographic Concentration United Kingdom 1% Canada 1% North Carolina 1% Idaho 1% New York <1% Tennessee 1% Massachusetts 1% Missouri <1% Indiana Colorado 2% 2% Maryland 2% Minnesota 2% Georgia 2% District of Columbia 3% South Carolina 3% Wisconsin 3% New Jersey 3% Washington 3% Ohio 4% Pennsylvania 5% Arizona 5% Florida 8% Illinois 6% California 20% Texas 19% 12#13Stable Asset Quality: Portfolio is Performing in Accordance with Plan STELLUS CAPITAL INVESTMENT CORPORATION Investment Category Definitions RG 4 2% Investment Category at RG 5 0% 03/31/2023 ("Risk Grade" or "RG"): 1 Exceeding expectations 2 Performing in accordance with plan RG 3 15% 3 Requires closer monitoring (no loss of return or principal) 4 In workout (some loss of return; no loss of principal) 5 In workout (some loss of principal) Note: Percentages are based on market value RG 2 65% RG 1 18% Weighted Average Risk Grade: 2.02 13#14Debt Portfolio is 94% 1st Lien 100% 94% 90% Debt Investment Portfolio as of March 31, 2023 Fixed vs. Floating Rate Debt Investments * Fixed 3% 80% 70% 60% 50% 40% 30% 20% 11.9% 10% 0% 14.2% 5.6% <1% Floating 97% 1st Lien Debt* 1% of Total Debt Portfolio 2nd Lien debt ■Weighted Average Yield Unsecured debt Compared to 97% Floating/3% Fixed at 12/31/2022 STELLUS CAPITAL INVESTMENT CORPORATION *Includes unitranche investments. Unitranche structures may combine characteristics of first lien senior secured as well as second lien loans Note: Percentages are based on market value *Subject to LIBOR or SOFR floors 14#15Numerous Sources of Long-Term / Cost-Efficient Capital FUNDING SOURCES FACILITY/ISSUANCE SIZE OUTSTANDING (2) INTEREST RATE(3) MATURITY Syndicated Credit Facility led by Amegy (1) $265 million $198 million SBICI Debentures $150 million $150 million 3.41% SOFR + 2.6% September 18, 2025 Varied₤4) SBIC II Debentures $175 million $164 million 2.82% Varied (5) Unsecured Notes $100 million $100 million 4.94% March 30, 2026 (1) Amegy Bank credit facility closed on October 11, 2017 and was amended and extended in September 2020, December 2021, February 2022 and May 2022. (2) Outstanding balances are all as of March 31, 2023 (3) Does not include amortization of loan fees. (4) SBA debentures issued to SBIC I mature March 1, 2025 - March 1, 2029. (5) SBA debentures issued to SBIC II mature March 1, 2030 - March 1, 2033. STELLUS CAPITAL INVESTMENT CORPORATION 15#16STELLUS CAPITAL INVESTMENT CORPORATION Financial Performance and Distributions 16#17$900,000 $850,000 $800,000 $750,000 $700,000 $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 INVESTMENT CORPORATION CAPITAL STELLUS Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 U2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Investment Portfolio Growth Since IPO Q2 2016 FV of Investment Portfolio at Quarter End Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 -# of Portfolio Companies Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 17 95 90 85 80 75 70 65 TENNESS 10 5 20 15 30 25 35 40 45 50 55 60#18First Quarter 2023 Overview $0.45 Core NII per share* $41.2 million New investment activity during the quarter $877 Million Investments at fair value at March 31, 2023 12.16% Weighted average yield on new investments $13.87 NAV at March 31, 2023 Four New Initial Investment Fundings & Two Follow On Investments New loan fundings were 100% 1st Lien, 2% 2nd lien, with a weighted average yield of 12.16% STELLUS CAPITAL INVESTMENT CORPORATION * Core NII excludes any capital gains incentive fee accrual and income taxes, the majority of which are excise taxes; $0.46 GAAP NII per share 18#19Cumulative Distributions Declared per share Since IPO $14.15 per share in cumulative distributions declared since SCM IPO in 2012* $14.15 per share in cumulative $16.00 distributions since $14.00 SCM IPO in 2012* $12.00 $10.00 Monthly dividends of $8.00 $0.1333 declared in Q2 for April, May, and June $6.00 2023* $4.00 $2.00 $0.18 $0.00 Current monthly dividend represents $0.40 per share for the quarter STELLUS Includes dividends for second quarter ended June 30, 2023 CAPITAL INVESTMENT CORPORATION $14.15 $13.35 $12.05 $10.91 $9.76 $8.40 $7.04 $5.68 $4.32 $2.96 $1.54 AT 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IPO 19#20Comparative Total Return LTM 140% 130% 120% 110% 100% 90% 80% 70% سر Mar Apr Feb S&P/LSTA U.S. Leveraged Loan 100 (6.84%) RJ BDC Index (Equal Weight) (0.14%) 60% Jun Jul SCM (31.16%) Aug Sep Oct Alerian MLP (8.80%) Nov Dec Jan S&P 500 (4.94%) MSCI US REIT Index (-10.28%) RJ BDC Index (Mkt Cap Weight) (3.10%). MVIS U.S. Mortgage REITS (-30.06%) .31.16% 8.80% 6.84% 4.94% 3.10% . 0.14% -10.28% -30.06% 05/12/2022 to 05/12/2023 FactSet's total return calculation begins with the closing stock price one day after each respective BDC's IPO Total return assumes dividends are reinvested on the ex-dividend dates RJ BDC Index consists of: ARCC, BCSF, BBDC, BKCC, BXSL, CCAP, CGBD, CION, CSWC, FCRD, FDUS, FSK, GAIN, GBDC, GECC, GLAD, GSBD, HRZN, HTGC, ICMB, LRFC, MAIN, MFIC, MRCC, NMFC, OCSL, OFS, ORCC, OXSQ, PFLT, PFX, PNNT, PTMN, PSEC, RWAY, SAR, SCM, SLRC, TCPC, TPVG, TRIN, TSLX and WHF 20#21Corporate Information Executive Officers Robert T. Ladd Chairman, President & Chief Executive Officer W. Todd Huskinson Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary Investment Committee Robert T. Ladd Chairman, President & Chief Executive Officer Dean D'Angelo Co-Head of Private Credit * Joshua T. Davis Co-Head of Private Credit * W. Todd Huskinson Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary J. Tim Arnoult 1 Directors Bruce R. Bilger 1 Dean D'Angelo Robert T. Ladd, Chairman William C. Repko 1 1 Independent Directors Service Providers Stock Transfer Agent- Broadridge Corporate Issuer Solutions, Inc. Bond Trustee- US Bank National Association Auditors- Grant Thornton, LLP Counsel- Eversheds Sutherland, LLP Research Coverage Raymond James Robert Dodd, 901-579-4560 Keefe, Bruyette & Woods. Ryan Lynch, 314-342-2194 Oppenheimer Equity Research Mitchel Penn, 212-667-6699 Ladenburg Thalmann Christopher Nolan, 212-667-7136 Hovde Group Erik Zwick, 617-510-1239 Janney Montgomery Scott John Rowan, 242-940-6981 Securities Listing Common Stock NYSE: SCM Corporate Headquarters 4400 Post Oak Parkway, Suite 2200 Houston, TX, 77027 Phone: 713-292-5400 Share Information Share Price Shares Outstanding Market Capitalization Total Assets Total Stockholders' Equity NAV per share Ratio of Price to NAV per share Dividends Dividend Frequency Last Monthly Dividend** $14.70 20,835,746 $306.3M $900.9 Million $280.9 Million $13.87 1.06x Monthly $0.1333 Annualized Indicated Yield** 10.9% Debt Regulatory Leverage 1.06x Total Leverage 2.18x (incl. SBIC debentures) Todd A. Overbergen Investment Committee Member* 'Stellus Capital Management, LLC "Includes dividends for first quarter ended March 31, 2023 STELLUS All daily trading information/multiples in this presentation as of May 12, 2023 unless otherwise noted CAPITAL INVESTMENT CORPORATION 21#22STELLUS CAPITAL INVESTMENT CORPORATION Investor Presentation Quarter ended March 31, 2023 HOUSTON, TX WASHINGTON D.C. CHARLOTTE, NC#23Financial Highlights ($ in millions, except data relating to per share amounts and shares outstanding) Net investment income Core net investment income (1) Net realized gain on investments Net realized loss on foreign currency translation Total realized income (2) Distributions Net unrealized depreciation on investments Provision for taxes on unrealized appreciation on investments in taxable subsidiaries Net increase in net assets resulting from operations Weighted average shares outstanding Three Months Ended Three Months Ende March 31, 2023 Amount Per Share March 31, 2022 Amount Per Share $9.07 $0.46 $5.51 $0.28 8.87 0.45 5.75 0.29 0.03 3.46 0.18 (0.04) (0.01) $9.06 $0.46 $8.96 $0.46 (7.95) (0.40) (5.46) (0.28 (4.25) (0.22) (3.72) (0.19 (0.08) (0.02) $4.74 0.24 $5.22 0.27 19,779,988 19,517,761 STELLUS CAPITAL INVESTMENT CORPORATION (1) Core net investment income, as presented, excludes the impact of capital gains incentive fees and income taxes, the majority of which are excise taxes. The company believes presenting core net investment income and the related per share amount is a useful supplemental disclosure for analyzing its financial performance. However, core net investment income is a non-US GAAP measure and should not be considered as a replacement for net investment income and other earnings measures presented in accordance with US GAAP. A reconciliation of net investment income in accordance with US GAAP to core net investment income is presented in the table below the financial statements. (2) Total realized income is the sum of net investment income, net realized gains (losses) on investments, net realized gains (losses) on foreign currency, and loss on debt extinguishment; all US GAAP measures. 23#24Portfolio Characteristics ($ in millions, except data relating to per share amounts and number of portfolio companies) As of March 31, 2023 As of December 31, 2022 Investments at fair value $877.5 $844.7 New investments Total assets $900.9 Net assets $280.9 $898.2 $275.8 Repayments of investments Net activity Shares outstanding 20,248,383 19,666,769 Net asset value per share $13.87 $14.02 Number of portfolio company investments Number of debt investments Weight average yield of debt and other income producing investments(1) Cash Payment-in-kind ("PIK") Fee amortization Total Weighted average yield on total investments(2) Cash Fee amortization Total Payment-in-kind ("PIK") Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 $41.2 $74.5 (5.9) (10.0) $35.3 $64.5 As of March 31, 2023 88 76 As of December 31, 2022 85 73 10.6% 10.3% 0.4% 0.4% 0.4% 0.4% 11.4% 11.1% 10.0% 0.4% 0.4% 10.8% 9.7% 0.3% 0.4% 10.4% STELLUS CAPITAL INVESTMENT CORPORATION (1) (2) The dollar-weighted average annualized effective yield is computed using the effective interest rate for our debt and other income producing investments, including cash, PIK interest, and 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. The dollar weighted average yield on total investments takes the same yields as calculated in the footnote above, but weights them to determine the weighted average effective yield as a percentage of the Company's total investments, including non-income producing loans and equity. 24#25Recent Dividends Declared* On April 19, 2023, the board declared a regular dividend of $0.1333 per share for each of April, May and June 2023, for an aggregate of $0.40 per share. Declared 4/19/2023 4/19/2023 4/19/2023 Ex-Dividend Date Record Date Payment Date Amount per Share 4/28/2023 5/1/2023 5/30/2023 6/29/2023 5/31/2023 6/30/2023 5/15/2023 $ 6/15/2023 $ 0.1333 0.1333 7/14/2023 $ 0.1333 STELLUS * Please refer to the website regarding the U.S. federal income tax characteristics of our 2022 dividends. The information is posted under "Tax Information" (https://www.stelluscapital.com/public-investors/tax-information). CAPITAL INVESTMENT CORPORATION 25