Business
OFS Capital Corporation Announces Fourth Quarter and Full Year 2020 Financial Results
Fourth Quarter Net Investment Income of $0.22 per common share Quarterly Distribution Increased 11% CHICAGO--(BUSINESS WIRE)-- OFS Capital Corporation
About this update from Ofs Capital Corporation
[{"type":"text","content":"\nFourth Quarter Net Investment Income of $0.22 per common share\n\nQuarterly Distribution Increased 11%\n\n CHICAGO--(BUSINESS WIRE)--\nOFS Capital Corporation (Nasdaq: OFS) (“OFS Capital,” “we,” “us,” or “our”) today announced its financial results for the fiscal quarter and the full year ended December 31, 2020.\n\nFINANCIAL HIGHLIGHTS\n\n\nFourth quarter net investment income of $3.0 million, or $0.22 per common share.\n\n\nFull year 2020 net investment income of $12.3 million, or $0.92 per common share, providing a 107% distribution coverage.\n\n\nAt December 31, 2020, 96% of our loan portfolio consisted of floating rate loans, based on fair value. 90% of our debt is fixed rate.\n\n\nAt December 31, 2020, 56% of our debt is unsecured; 87% of our debt matures in 2025 and beyond.\n\n\nClosed investments in the fourth quarter of approximately $48.7 million.\n\n\nNet asset value (\"NAV\") per share increased to $11.85 at December 31, 2020 from $11.18 at September 30, 2020, due to unrealized appreciation of the portfolio.\n\n\nAt December 31, 2020, 95% of our loan portfolio consisted of senior secured loans, based on fair value.\n\n\nOn March 2, 2021, OFS Capital's Board of Directors declared a distribution of $0.20 per common share for the first quarter of 2021, payable on March 31, 2021 to stockholders of record as of March 24, 2021.\n\n\n\"We are pleased to announce another increase in our distribution,\" said Bilal Rashid, OFS Capital's Chairman and Chief Executive Officer. \"Our net investment income increased approximately 10% from the prior quarter, which enabled us to increase our distribution for the second straight quarter. We believe there is an opportunity for us to continue to increase net investment income over time as we increase the pace of our originations. At the same time, we intend to continue to focus on capital preservation.”\n\n\n\nHIGHLIGHTS\n($ in millions, except for per share data)\n\n\n\n\n\nPortfolio Overview\n\n\n\n \n\n\n\nAt December 31, 2020\n\n\n\n\n\nTotal assets\n\n\n\n \n\n\n\n$\n\n\n\n483.8\n\n\n\n \n\n\n\n\n\nInvestment portfolio, at fair value\n\n\n\n \n\n\n\n$\n\n\n\n442.3\n\n\n\n \n\n\n\n\n\nNet assets\n\n\n\n \n\n\n\n$\n\n\n\n159.0\n\n\n\n \n\n\n\n\n\nNet asset value per share\n\n\n\n \n\n\n\n$\n\n\n\n11.85\n\n\n\n \n\n\n\n\n\nWeighted average yield on performing debt investments (1)\n\...