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OFS Capital Corporation Announces First Quarter 2024 Financial Results
Declares Second Quarter Distribution of $0.34 Per Share CHICAGO--(BUSINESS WIRE)-- OFS Capital Corporation (NASDAQ: OFS) (“OFS Capital,” the “Company,” “we,”
About this update from Ofs Capital Corporation
[{"type":"text","content":"\nDeclares Second Quarter Distribution of $0.34 Per Share\n\n\n CHICAGO--(BUSINESS WIRE)--\nOFS Capital Corporation (NASDAQ: OFS) (“OFS Capital,” the “Company,” “we,” “us,” or “our”) today announced its financial results for the fiscal quarter ended March 31, 2024.\n\n\nFIRST QUARTER FINANCIAL HIGHLIGHTS\n\n\n\nNet investment income increased to $0.42 per common share for the quarter ended March 31, 2024 from $0.35 per common share for the quarter ended December 31, 2023.\n\n\n\nNet loss on investments of $1.09 per common share for the quarter ended March 31, 2024, primarily comprised of net unrealized depreciation of $1.15 per common share.\n\n\n\nNet asset value (“NAV”) per common share decreased from $12.09 as of December 31, 2023 to $11.08 as of March 31, 2024.\n\n\n\nAs of March 31, 2024, based on fair value, 91% of our loan portfolio consisted of floating rate loans and approximately 100% of our loan portfolio consisted of first lien and second lien loans.\n\n\n\nFor the quarter ended March 31, 2024, the investment portfolio’s weighted-average performing income yield decreased to 13.0% from 14.1% during the prior quarter, primarily due to non-recurring interest and prepayment fee income recognized in the prior quarter.\n\n\n\nOTHER RECENT EVENTS\n\n\n\nOn March 1, 2024, OFS SBIC I, LP, a wholly owned subsidiary, fully repaid its outstanding SBA debentures totaling $31.9 million that were contractually due March 1, 2025, and, on April 17, 2024, surrendered its license to operate as a small business investment company.\n\n\n\nOn April 30, 2024, our Board of Directors declared a distribution of $0.34 per common share for the second quarter of 2024, payable on June 28, 2024 to stockholders of record as of June 18, 2024.\n\n\n\n\n\nSELECTED FINANCIAL HIGHLIGHTS (unaudited)\n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n(Per common share)\n\n\n\n\n\n\nMarch 31, 2024\n\n\n\n\n\n\n \n\n\n\n\n\n\nDecember 31, 2023\n\n\n\n\n\n\n\n\nNet Investment Income\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet investment income\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.42\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.35\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet Realized/Unrealized Gain (Loss)\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet realiz...