Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

SCM Reports Q4/15 - NAV Falls 3.15% - It Beats On NII And TII

|Includes: Stellus Capital Investment Corporation (SCM)

Stellus Capital Investment Corporation reported for Q4-15 Total Investment Income of $9.151 million ($0.7332/share). Net Investment Income was $4.889 million ($0.3917/share). The NII/TII ratio was 53.4%. The Net Increase in Net Assets Resulting from Operations was - $1.099 million (- $0.0881/share). NAV was $13.19 compared to $13.62 last quarter. Energy loans were 0.42% of the loan portfolio.

The Yahoo Finance analyst projections:

Earnings Est Current Qtr.
Dec 15
Next Qtr.
Mar 16
Current Year
Dec 15
Next Year
Dec 16
Avg. Estimate 0.33 0.31 1.27 1.31
No. of Analysts 5.00 4.00 5.00 5.00
Low Estimate 0.29 0.30 1.23 1.23
High Estimate 0.40 0.32 1.34 1.36
Revenue Est Current Qtr.
Dec 15
Next Qtr.
Mar 16
Current Year
Dec 15
Next Year
Dec 16
Avg. Estimate 8.93M 9.04M 34.90M 37.91M
No. of Analysts 3 3 4 4
Low Estimate 8.85M 8.89M 34.79M 37.16M
High Estimate 9.01M 9.19M 35.02M 38.90M
Year Ago Sales 8.64M 8.71M 32.32M 34.90M

My SCM spreadsheets:

  Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13

Realized & Unrealized Gains -5,988,089 -4,591,387 53,486 1,616,237 -2,785,311 -2,951,176 -993,295 582,717 -507,831 -308,574 504,937 1,844,736
Realized & Unrealized Gains/share -0.4806 -0.3679 0.004 0.1295 -0.2232 -0.2379 -0.0819 0.0481   -0.0256 0.0419 0.1533

  Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13

Interest income 8.868 8.510 8.635 8.631 8.511 7.767 7.672 7.687 x 7.604 6.711 6.625
Fee/other income 0.284 0.093 0.055 0.083 0.130 0.056 0.340 0.162 x 0.313 0.630 0.122
Total investment income 9.151 8.603 8.690 8.714 8.640 7.882 8.013 7.849 7.695 7.918 7.341 6.446
Net investment income 4.889 3.820 3.995 3.843 3.796 5.250 3.705 3.761 4.218 4.134 3.973 3.687
Investments @ fair value 0.349 0.323 0.324 0.322 0.316 0.284 0.281 0.297 0.278 0.244 0.262 0.204
Wt Av Share Count 12.480 12.480 12.480 12.480 12.480 12.404 12.133 12.104 12.059 12.067 12.051 12.035
TII/share $0.7332 $0.6893 $0.6919 $0.6982 $0.6923 $0.6354 $0.6604 $0.6485 $0.6381 $0.6562 $0.6092 $0.5356
NII/share $0.3917 $0.3061 $0.3201 $0.3079 $0.3041 $0.4235 $0.3053 $0.3107 $0.3498 $0.3426 $0.3297 $0.3064
NAV/share $13.19 $13.62 $14.01 $14.03 $13.94 $14.20 $14.37 $14.49 $14.54 $14.57 $14.60 $14.56
Wt Av Yield 10.6% 10.6% 10.7% 10.9% 10.9% 11.0% 10.9% 10.7% 11.4% 11.4% 11.7% 12.0%

Q3-14 contained a $1.4 million waiver (9 months worth) of incentive fees - which accounts for the NII bump

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.