Legacy Knight Strategic Opportunities Fund - SCM Series 4

What Happened Legacy Knight Strategic Opportunities Fund – SCM Series, a reported 10% holder of Stellus Private Credit BDC (NONE), disposed of 114,261 shares on 2026-02-26 at $15.21 per share for proceeds of $1,737,910 (reported as an "other disposition" tied to an issuer tender offer). The fund later repurchased 18,577 shares on 2026-04-17 in an open-market purchase at $15.13 per share for $281,070. The February action was a sale (liquidity via tender offer); the April transaction was a purchase (a smaller open-market buy).

Key Details

• Transactions:
  • 2026-02-26: Disposed 114,261 shares @ $15.21 — $1,737,910 (pursuant to issuer tender offer; coded J; footnote F2).
  • 2026-04-17: Purchased 18,577 shares @ $15.13 — $281,070 (open market; code P).
• Shares owned after the transactions: not specified in the provided filing; footnote F3 states Legacy Knight fell below 10% ownership and is no longer required to file Form 4s.
• Filing timeliness: Reported late due to an inadvertent administrative delay (footnote F1); transactionTimeliness flagged as late (L).
• Filing info: Form 4 filed 2026-04-21 (Period of Report: 2026-02-26).

Context

• This reporting party is an institutional 10% owner, not an individual executive — institutional trades can reflect portfolio management rather than insider sentiment.
• The February disposition was executed via an issuer tender offer (not a routine open-market sale); the April purchase was a much smaller open-market buy.
• The filing was submitted late for administrative reasons per the filer; the footnote also indicates Legacy Knight’s ownership fell below the 10% reporting threshold.