OFS Capital Corp

Listed Company

OFSCIK 0001487918NasdaqNon-AcceleratedFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-33.09M

Total Assets

$346.71M

Equity

$123.19M

Shares Out

13.40M

Op. Cash Flow

$43.64M

Business

OFS Capital Corp is an externally managed, closed-end, non‑diversified management investment company that operates as a business development company (BDC) focused on providing current income and capital appreciation through credit and equity investments. It primarily offers investments in senior secured loans (first‑lien, second‑lien and unitranche), subordinated loans, equity securities, warrants and Structured Finance Securities, and may purchase broadly syndicated loans on the secondary market. Key business components include its externally appointed OFS Advisor and OFS Services for investment management and administration, the OFSCC‑FS consolidated vehicle and dedicated investment committees that govern allocations. The company targets middle‑market U.S. companies and sources opportunities through OFS’s origination network, private placements, secondary loan markets and co‑investment arrangements with affiliated funds.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income:	37	42	53	46	41
Payment-in-kind interest and dividend income:	3	3	3	989,000	2
Dividend income:	546,000	3	659,000	948,000	2
Total investment income	41	48	57	49	48
Interest expense	17	17	19	17	18
Base management fees	6	6	7	8	8
Income Incentive Fee	2	4	5	2	2
Professional fees	2	2	2	2	2
Administration fees	2	2	2	2	2
Other expenses	1	1	2	2	1
Total expenses	28	31	37	30	34
Net investment income	12	17	20	18	13
Net realized (loss) gain	−12	−17	−11	−2	−20
Income tax (expense) benefit on net realized gains on investments	1,000	−9,000	−51,000	155,000	−1
Deferred tax expense on net unrealized appreciation	−311,000	−510,000	−69,000	27,000	114,000
Net gain (loss) on investments	−45	12	−20	−26	48
Loss on extinguishment of debt	−504,000	0	−213,000	−144,000	−5
Net increase (decrease) in net assets resulting from operations	−33	28	−465,000	−8	57
Net investment income per common share - basic (in usd per share)	0.92	1.25	1.5	1.37	1
Net investment income per common share - diluted (in usd per share)	0.92	1.25	1.5	—	—
Net increase (decrease) in net assets resulting from operations per common share - basic (in usd per share)	−2.47	2.12	−0.04	1.37	1
Net increase (decrease) in net assets resulting from operations per common share - diluted (in usd per share)	−2.47	2.12	−0.04	1.37	1
Distributions declared per common share (in usd per share)	1.19	1.36	1.34	1.16	0.91
Basic weighted-average common shares outstanding (in shares)	13	13	13	13	13
Diluted weighted-average common shares outstanding (in shares)	13	13	13	13	13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments, at fair value	342	410	420	501	507
Cash and cash equivalents	3	6	45	15	—
Receivable for investments sold	0	9	0	0	15
Interest and dividend receivable	719,000	2	2	—	—
Prepaid expenses and other assets	613,000	1	2	3	3
Total assets	347	428	470	521	569
Revolving lines of credit	55	68	91	105	100
Unsecured Notes (net of discounts and deferred debt issuance costs of $2,812 and $1,688, respectively)	162	178	177	176	175
Interest payable	2	3	4	4	4
Payable for investments purchased	0	2	0	0	9
Total liabilities	224	256	308	340	365
Commitments and contingencies (Note 6)	—	—	—	—	—
Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,398,078 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	134,000	134,000	134,000	134,000	134,000
Paid-in capital in excess of par	174	185	185	185	185
Total distributable earnings (accumulated losses)	−51	−13	−23	−5	18
Total net assets	123	172	162	180	204
Total liabilities and net assets	347	428	470	521	569
Number of common shares outstanding (in shares)	13	13	13	13	13
Net asset value per share (in usd per share)	9.19	12.85	12.09	13.47	15.18

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loss on extinguishment of debt	504,000	0	213,000	144,000	—
Amortization of deferred debt issuance costs	2	2	2	2	—
Write-off of deferred offering costs	0	99,000	0	0	—
Amortization of intangible asset	0	69,000	408,000	409,000	222,000
Amortization of Net Loan Fees	−983,000	−2	−2	−2	−2
Amendment fees received	58,000	281,000	250,000	206,000	265,000
Payment-in-kind interest and dividend income	−3	−3	−3	−976,000	−2
Accretion of interest income on Structured Finance Securities	−12	−9	−11	−11	−10
Purchase and origination of portfolio investments	−51	−93	−42	−154	−269
Proceeds from principal payments on portfolio investments	27	67	83	89	201
Proceeds from sale or redemption of portfolio investments	47	46	19	47	53
Distributions received from portfolio investments	15	16	14	12	13
Interest and dividend receivable	1	443,000	−15,000	−727,000	—
Receivable for investments sold	9	−9	0	15	−15
Interest payable	−926,000	−517,000	−235,000	262,000	509,000
Payable to investment adviser and affiliates	−881,000	−411,000	−353,000	−2	3
Payable for investments purchased	−2	2	0	−9	377,000
Other assets and liabilities	100,000	−92,000	432,000	−828,000	492,000
Net cash provided by operating activities	44	33	82	3	−12
Distributions paid to common stockholders	−16	−18	−18	−15	−12
Borrowings under revolving lines of credit	27	18	27	59	145
Repayments under revolving lines of credit	−40	−40	−41	−55	−77
Proceeds from Unsecured Notes issuances, net of commissions and discounts	92	0	0	0	176
Redemption of Unsecured Notes	−109	0	0	0	−178
Repayments of SBA debentures	0	−32	−19	−19	−35
Payments of deferred debt issuance costs	−374,000	0	0	−1	−836,000
Net cash used in financing activities	−46	−72	−51	−31	17
Net increase (decrease) in cash and cash equivalents	−3	−39	30	−28	5
Cash paid for interest	16	16	18	15	15
Cash paid for taxes	21,000	182,000	31,000	—	—
Reclassification of deferred offering costs from the issuance of Unsecured Notes	52,000	0	0	—	—

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