# Stellus Private BDC Advisor, LLC

> Stellus Private BDC Advisor, LLC is an SEC-registered investment advisory firm in Houston, TX, registered since 2021, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated July 15, 2026.

- CRD: 317513
- Filed as: STELLUS PRIVATE BDC ADVISOR, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Houston, TX
- Filing period: October 2026
- Form ADV filing dated: July 15, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/317513
- AdvisorCensus page: https://advisorcensus.com/firm/stellus-private-bdc-advisor-llc-houston-tx-317513

## Quick answers

**How is Stellus Private BDC Advisor, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Stellus Private BDC Advisor, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Stellus Private BDC Advisor, LLC located?**
Stellus Private BDC Advisor, LLC's principal office is in Houston, TX, according to its Form ADV; the August 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Stellus Private BDC Advisor, LLC registered with the SEC or a state?**
Stellus Private BDC Advisor, LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 317513.

**How much does Stellus Private BDC Advisor, LLC manage?**
Stellus Private BDC Advisor, LLC reports $472,764,372 in regulatory assets under management in its Form ADV filing dated July 15, 2026 (100% discretionary).

**How have Stellus Private BDC Advisor, LLC's assets and staff changed since 2022?**
In the Form ADV data for Stellus Private BDC Advisor, LLC: Regulatory assets under management: $36,174,333 in the October 2022 data and $472,764,372 in the October 2026 data, up 1207%. Total employees: 29 in October 2022 and 36 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Stellus Private BDC Advisor, LLC serve?**
By number of clients on Form ADV Item 5.D: business development companies (1).

**Does Stellus Private BDC Advisor, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/317513

**What changed in Stellus Private BDC Advisor, LLC's recent Form ADV filings?**
In the August 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $472,764,372
- Discretionary: $472,764,372
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 1 | $472,764,372 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2021 (4 years)
- Employees: 36 total, 20 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MD, NC, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Bethesda, MD
- Charlotte, NC

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2022 | $36,174,333 | 29 | March 31, 2022 |
| October 2023 | $245,467,004 | 35 | March 31, 2023 |
| October 2024 | $352,910,837 | 36 | March 30, 2024 |
| October 2025 | $406,478,576 | 37 | March 31, 2025 |
| October 2026 | $472,764,372 | 36 | July 15, 2026 |

Regulatory assets under management: $36,174,333 in the October 2022 data and $472,764,372 in the October 2026 data, up 1207%.
Total employees: 29 in October 2022 and 36 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 18 to 20.
- Regulatory assets under management went from $406,478,576 to $472,764,372 (+16%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Stellus Private BDC Advisor, LLC (CRD 317513): Form ADV filing data as of October 2026.