Ofs Capital Corp · Q4 2023 earnings

Briefing

Announced financial results for the fourth quarter and full year 2023.

OFS Capital Corporation announced its financial results for the fiscal quarter and year ended December 31, 2023. The net investment income for the fourth quarter exceeded the quarterly distribution paid. The company benefits from the current interest rate environment with the vast majority of the loan portfolio being floating rate and the majority of the debt being fixed-rate.

• Net investment income of $0.35 per common share for the quarter ended December 31, 2023.
• Net loss on investments of $0.66 per common share for the quarter ended December 31, 2023, primarily comprised of net unrealized depreciation of $0.58 per common share. No new non-accrual loans during the fourth quarter.
• Net asset value (“NAV”) per common share decreased from $12.74 at September 30, 2023 to $12.09 at December 31, 2023.
• As of December 31, 2023, based on fair value, 92% of our loan portfolio consisted of floating rate loans and 100% of our loan portfolio consisted of first and second lien loans.

Headline financials

Revenue & EPS history

Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating to: OFS Capital’s results of operations, including net investment income, net asset value and net investment gains and losses and the factors that may affect such results; management’s belief that the Company continues to benefit from the current interest rate environment given the percentage of portfolio loans calculated on a floating rate basis and the amount of Company debt that is fixed rate, when there can be no assurance such a composition will ensure success; and other factors may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws.