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OFS Capital Corporation Announces Third Quarter 2022 Financial Results
Quarterly Distribution Increased to $0.30 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":"\nQuarterly Distribution Increased to $0.30 Per Share\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 September 30, 2022. On November 1, 2022, OFS Capital’s Board of Directors declared a distribution of $0.30 per common share for the fourth quarter of 2022, a 3.4% increase compared to the prior quarter distribution, payable on December 30, 2022 to stockholders of record as of December 23, 2022.\n\nTHIRD QUARTER FINANCIAL HIGHLIGHTS\n\n\nNet investment income of $4.4 million, or $0.33 per common share.\n\n\nAdjusted net investment income (“Adjusted NII”)(1) of $4.4 million, or $0.33 per common share, for the quarter ended September 30, 2022. This compares to Adjusted NII of $3.3 million, or $0.24 per common share, for the quarter ended June 30, 2022.\n\n\nNet loss on investments of $1.04 per common share, primarily comprised of unrealized losses of $1.00 per common share; there were no new non-accruals.\n\n\nAs of September 30, 2022, based on fair value, 94% of our loan portfolio consisted of floating rate loans and 99% of our loan portfolio consisted of senior secured loans.\n\n\nFor the quarter ended September 30, 2022, the investment portfolio’s weighted-average performing income yield increased to 11.6% from 9.1% during the prior quarter.\n\n\nAs of September 30, 2022, approximately 99% of our outstanding debt matures in 2025 and beyond, 65% of our outstanding debt has a fixed interest rate and 51% of our outstanding debt is unsecured.\n\n\n\n\nSELECTED FINANCIAL HIGHLIGHTS (unaudited)\n\n\n\nThree Months Ended\n\n\n\n\n\n(Per common share)\n\n\n\nSeptember 30, 2022\n\n\n\n \n\n\n\nJune 30, 2022\n\n\n\n\n\nNet Investment Income\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNet investment income\n\n\n\n$\n\n\n\n0.33\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.47\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNet Realized/Unrealized Gain (Loss)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNet realized loss on investments\n\n\n\n$\n\n\n\n(0.04\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(0.01\n\n\n\n)\n\n\n\n\n\nNet unrealized loss on investments\n\n\n\n \n\n\n\n(1.00\n\n\n\n)\n\n\n\n \n\n\n\n \n\n\n\n(1.11\n\n\n\n)\n\n\n\n\n\nNet loss on investments\n\n\n\n$\n\n\n\n(1.04\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(1....