# Stellus Capital Management

Stellus Capital Management is an Asset Manager based in Houston, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Houston, United States
- **Region:** North America
- **Address:** 4400 Post Oak Parkway, Suite 2200, Houston, TX 77027, United States
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** stelluscapital.com

## Regulatory record

- **CRD number:** 160115
- **SEC file number:** 801-73036
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/160115

## About

Stellus Capital Management is an SEC-registered investment adviser in Houston, TX, registered since 2012. The firm manages approximately $3.5 billion in assets. It has 36 employees and 20 investment advisers.

## Sectors

- Business Services
- Software & Technology
- Media & Entertainment
- Healthcare Services
- Consumer Products/Services
- Energy/Industrial Services
- Manufacturing
- Distribution
- Aerospace & Defense
- Environmental Industries
- Financial Services
- Capital Equipment
- High Tech Industries
- Restaurant/Retail
- Construction & Building
- Chemicals, Plastics, and Rubbers
- Telecommunications

## Offices

- Bethesda, MD, United States
- Charlotte, NC, United States

## People

- Robert Ladd — Chief Executive Officer
- W. Todd Huskinson — Managing Director
- Dean D'Angelo — Managing Director

## Questions

### Who runs investment decisions at Stellus Capital Management?

The firm is led by Robert Ladd as CEO, alongside a tight Partner group that includes Managing Directors W. Todd Huskinson and Dean D'Angelo. Most Managing Directors have been with Stellus since its 2012 spinout from D. E. Shaw, and the Partners collectively represent more than 350 years of principal investing experience. The website emphasizes a small, seasoned team that avoids bureaucracy, with senior professionals directly involved in underwriting and portfolio management.

### What is Stellus's relationship to the D. E. Shaw group?

Stellus is an independent investment advisory firm formed in January 2012 by the former head and senior investment professionals of D. E. Shaw's direct capital business. It is not a subsidiary or affiliate of D. E. Shaw. The spinout was a clean break that allowed the team to build its own brand and capital-raising infrastructure while retaining the institutional credit discipline developed at its predecessor platform.

### Does Stellus operate a BDC, and how does that affect its capital base?

Yes, Stellus manages Stellus Private Credit BDC, an externally managed, closed-end business development company. The BDC is advised by Stellus Private BDC Advisor, LLC, a majority-owned subsidiary of Stellus Capital Management. The BDC structure provides permanent capital that expands the firm's ability to hold loans while aligning its economics with fee-paying shareholders, sitting alongside any separately managed accounts or fund vehicles.

### What is the typical EBITDA range for Stellus's portfolio companies?

Stellus targets private middle-market companies with EBITDA between $5 million and $50 million. This lower end of the middle market is where the firm believes its small-team, senior-led underwriting creates an edge — deal sizes are often too small for the largest direct lenders, but still require the structuring sophistication Stellus claims from its institutional heritage. The firm's stated preference is to lead and hold the entire unitranche facility.

### Which sectors does Stellus avoid?

Stellus does not publicly list excluded sectors, but its portfolio page shows zero exposure to commodities speculation, early-stage biotech without revenue, or real estate development outside of service-oriented investments. The focus remains on business services, software and technology, healthcare, consumer products, and industrial services — sectors where cash flows are predictable enough to support senior debt.

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Last updated: 2026-06-03T20:00:00.000Z

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