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OFS Capital Corporation Announces Fourth Quarter and Full Year 2023 Financial Results Declares First Quarter 2024 Distribution of $0.34 Per Share
CHICAGO--(BUSINESS WIRE)-- OFS Capital Corporation (Nasdaq: OFS) (“OFS Capital,” “we,” “us,” or “our”) today announced its financial results for the fiscal
About this update from Ofs Capital Corporation
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nOFS Capital Corporation (Nasdaq: OFS) (“OFS Capital,” “we,” “us,” or “our”) today announced its financial results for the fiscal quarter and year ended December 31, 2023.\n\n\nFOURTH QUARTER FINANCIAL HIGHLIGHTS\n\n\n\nNet investment income of $0.35 per common share for the quarter ended December 31, 2023.\n\n\n\nNet 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.\n\n\n\nNet asset value (“NAV”) per common share decreased from $12.74 at September 30, 2023 to $12.09 at December 31, 2023.\n\n\n\nAs 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.\n\n\n\nThe weighted-average performing income yield of our investment portfolio decreased from 14.6% during the quarter ended September 30, 2023 to 14.1% during the quarter ended December 31, 2023, primarily due to a net decline in non-recurring income.\n\n\n\nOTHER RECENT EVENTS\n\n\n\nOn February 28, 2024, our Board of Directors declared a distribution of $0.34 per common share for the first quarter of 2024, payable on March 28, 2024 to stockholders of record as of March 18, 2024.\n\n\n\nOn March 1, 2024, OFS SBIC I, LP, a wholly owned subsidiary, fully repaid its outstanding SBA debentures totaling $31.9 million that were contractually due March 1, 2025, and requested the approval of the SBA to surrender its license to operate as a small business investment company.\n\n\n\n\n\nSELECTED FINANCIAL HIGHLIGHTS (unaudited)\n\n\n\n\n\n\nQuarter Ended\n\n\n\n\n\n\n\n\n(Per common share)\n\n\n\n\n\n\nDecember 31, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nSeptember 30, 2023\n\n\n\n\n\n\n\n\nNet Investment Income\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet investment income\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.35\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.40\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet Realized/Unrealized Gain (Loss)\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet realized gain (loss) on investments, net of taxes\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(0.08\n\n\n\n\n\n\n)\n\n\n\...