The firm's capital structure remains strained, evidenced by a debt-to-equity ratio of 1.76x and a concerning trend of negative retained earnings totaling -$26.7M as of 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 10.14T | 26.59M | 26.1M | 32.03M | 53.45M | 48.22M | 21.4M | 19.57M | 21.44M | 28.42M | 14.25M | 19.64M | 11.1M | 20.42M | 67.09M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | -574.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -344.62K | 0 | 0 | 3.55M | 1.09M | 0 | 0 |
| Total Non-Current Assets | 835.06M | 1.01B | 954.8M | 876.06M | 844.73M | 773.04M | 653.51M | 628.95M | 504.85M | 371.84M | 365.63M | 349.64M | 315.97M | 277.71M | 195.45M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 834.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 504.48M | 371.84M | 365.63M | 349.02M | 315.97M | 277.5M | 195.45M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 1001.27T | 1.04B | 980.9M | 908.09M | 898.18M | 821.26M | 674.91M | 648.51M | 526.29M | 400.26M | 379.88M | 365.37M | 327.06M | 298.13M | 262.54M |
| Asset Turnover | 0.00x | 0.06x | 0.08x | 0.06x | 0.05x | 0.07x | 0.06x | 0.07x | 0.06x | 0.07x | 0.07x | 0.03x | 0.04x | 0.06x | 0.02x |
| Asset Growth % | 98965639.74% | 6.15% | 8.02% | 1.1% | 9.37% | 21.68% | 4.07% | 23.22% | 31.49% | 5.37% | 3.97% | 11.71% | 9.71% | 13.55% | - |
| Total Current Liabilities | 123.39T | 17.3M | 8.94M | 5.24M | 4.64M | 4.86M | 2.14M | 4.49M | 8.7M | 44.89M | 121.09M | 114.62M | 111.86M | 122.24M | 88.7M |
| Accounts Payable | 9.01M | 10M | 8.94M | 5.24M | 4.64M | 4.86M | 2.14M | 4.49M | 3.67M | 2.83M | 2.39M | 1.98M | 1.76M | 234.05K | 4.82M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 122.76T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.33M | 115.17M | 109.5M | 106.5M | 119M | 83M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 93.47B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 115.9K | 268.41K | 275.98K | 577.4K | 371.57K | 262.88K | 323.12K |
| Current Ratio | 0.08x | 1.54x | 2.92x | 6.11x | 11.52x | 9.91x | 9.98x | 4.36x | 2.47x | 0.63x | 0.12x | 0.17x | 0.10x | 0.17x | 0.76x |
| Quick Ratio | 0.08x | 1.54x | 2.92x | 6.11x | 11.52x | 9.91x | 9.98x | 4.36x | 2.47x | 0.63x | 0.12x | 0.17x | 0.10x | 0.17x | 0.76x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 514.89T | 652.78M | 602.03M | 582.91M | 617.77M | 531.29M | 399.41M | 373.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 257.15T | 651.82M | 593.01M | 575.83M | 604.13M | 518.17M | 393.2M | 366.03M | 292.27M | 135.13M | 87.91M | 90M | 41.25M | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 638.28T | 670.07M | 610.98M | 588.15M | 622.41M | 536.15M | 401.55M | 377.94M | 301.44M | 180.01M | 209M | 200.72M | 153.11M | 122.24M | 88.7M |
| Total Debt | 651.82M | 651.82M | 593.01M | 575.83M | 604.13M | 518.17M | 393.2M | 366.03M | 292.27M | 174.46M | 203.08M | 199.5M | 147.75M | 119M | 83M |
| Net Debt | 626.77M | 626.77M | 572.95M | 549.71M | 556.09M | 474M | 374.73M | 349.9M | 274.8M | 149.35M | 193.89M | 188.62M | 145.7M | 105.34M | 20.87M |
| Debt / Equity | 0.00x | 1.76x | 1.60x | 1.80x | 2.19x | 1.82x | 1.44x | 1.35x | 1.30x | 0.79x | 1.19x | 1.21x | 0.85x | 0.68x | 0.48x |
| Debt / EBITDA | 19.17x | 22.77x | 12.49x | 35.98x | 38.08x | 13.96x | 18.56x | 13.35x | 5.36x | 5.56x | 9.72x | 9.04x | 7.23x | 6.86x | - |
| Net Debt / EBITDA | 18.43x | 21.90x | 12.07x | 34.34x | 35.05x | 12.77x | 17.69x | 12.77x | 5.04x | 4.76x | 9.28x | 8.54x | 7.13x | 6.07x | - |
| Interest Coverage | 0.96x | 0.82x | 1.51x | 0.50x | 0.65x | 1.98x | 1.33x | 1.83x | 3.15x | 3.88x | 3.86x | 2.26x | 2.92x | 6.62x | - |
| Total Equity | 363T | 371.18M | 369.92M | 319.94M | 275.78M | 285.11M | 273.36M | 270.57M | 224.85M | 220.25M | 170.88M | 164.65M | 173.95M | 175.89M | 173.85M |
| Equity Growth % | 97378788.35% | 0.34% | 15.62% | 16.01% | -3.27% | 4.3% | 1.03% | 20.34% | 2.09% | 28.89% | 3.78% | -5.35% | -1.1% | 1.18% | - |
| Book Value per Share | 999999.00 | 13.09 | 14.45 | 14.54 | 14.10 | 14.63 | 14.04 | 14.80 | 14.09 | 14.81 | 13.69 | 13.19 | 14.16 | 14.59 | 14.42 |
| Total Shareholders' Equity | 363T | 371.18M | 369.92M | 319.94M | 275.78M | 285.11M | 273.36M | 270.57M | 224.85M | 220.25M | 170.88M | 164.65M | 173.95M | 175.89M | 173.85M |
| Common Stock | 28.95B | 28.95K | 27.48K | 24.13K | 19.67K | 19.52K | 19.49K | 19.13K | 15.95K | 15.95K | 12.48K | 12.48K | 12.48K | 12.1K | 12.04K |
| Retained Earnings | -34.86M | -26.68M | -9.65M | -16M | 642.23K | 10.53M | -2.69M | -1.57M | -3.33M | -435.79K | -435.79K | -779.64K | -779.64K | -1.26M | -874.99K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.67M | -10.79M | -13.09M | 0 | 0 | 1.03M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation and Leverage
As reported in recent financial filings, SCM's total assets have fluctuated significantly, reaching $1.0B in 2025Q4, while the persistent negative retained earnings trend, currently at -$26.7M, suggests that the firm's capital base remains under pressure from historical dividend distributions and potential portfolio-level credit impairments.
The trajectory of the balance sheet appears inconsistent, characterized by periods of asset growth followed by stagnation. This pattern may indicate that the firm is struggling to reinvest capital efficiently, potentially forcing a reliance on external financing to maintain dividend payouts rather than organic growth.
Based on the company's reported figures, the debt-to-equity ratio has remained elevated, hovering around 1.76x as of 2025Q4, which indicates a reliance on leverage to support the investment portfolio and suggests that the firm's interest expense burden remains a significant factor in its net income volatility.
The consistent use of debt to fund the portfolio warrants close monitoring, as high leverage in a BDC structure can amplify the impact of non-accruals on net asset value. Investors should consider whether the current debt levels are sustainable given the observed variability in interest income.
According to quarterly balance sheet data, SCM's current ratio has shown extreme volatility, dropping from 12.03 in 2024Q1 to 1.54 in 2025Q4, which highlights the firm's sensitivity to the timing of cash inflows from loan repayments and the potential for liquidity constraints during market downturns.
The sharp decline in the current ratio suggests that the firm's short-term liquidity buffer is narrowing, which may limit its flexibility to pursue new investment opportunities. This trend implies that the company may be increasingly dependent on the timely realization of its credit assets to meet obligations.
As indicated by the financial statements, SCM has maintained a consistent streak of negative retained earnings, which stood at -$26.7M in 2025Q4, signaling that the firm's dividend policy may be outpacing its ability to generate sufficient net income to grow its permanent equity base.
The persistent negative retained earnings suggest that the company is effectively returning capital to shareholders that has not been fully earned through operations. This practice may erode the long-term book value per share and warrants further investigation into the sustainability of the current distribution model.
Based on the absence of goodwill and PPE on the balance sheet, SCM's asset base is almost entirely composed of financial instruments, which, as noted in regulatory filings, are primarily Level 3 assets that rely on subjective management fair value estimates rather than observable market prices.
The reliance on Level 3 valuations introduces a non-obvious risk where the reported net asset value may not reflect the true liquidation value of the portfolio. Investors should be aware that these valuations are prone to significant adjustments if the underlying credit environment for middle-market companies deteriorates.
Quick answers to the most common questions about buying SCM stock.
As of 2025, Stellus Capital Investment Corporation (SCM) had total assets of $1.04B including $26.6M in current assets.
Stellus Capital Investment Corporation (SCM) carries total debt of $651.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Stellus Capital Investment Corporation (SCM) has total shareholders' equity (book value) of $371.2M ($13.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Stellus Capital Investment Corporation (SCM) reported a current ratio of 1.54x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.