10-K · March 3, 2026
OFS Capital’s 2025 Form 10-K reiterates a focused middle‑market credit strategy, with 73% of the portfolio at fair value in middle‑market companies and a debt investment portfolio fair value of $179.8 million as of…
Earnings analysis · 10-Q
OFS earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
OFS Capital Corporation reported disappointing Q1 2026 results, with revenue of $8.9 million and EPS of $0.18, both missing analyst expectations. The company experienced a net investment income drop, coupled with…
Read full summary
OFS Capital Corporation reported disappointing Q1 2026 results, with revenue of $8.9 million and EPS of $0.18, both missing analyst expectations. The company experienced a net investment income drop, coupled with significant losses on investments, leading to a net decrease in assets from operations.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.18
What stood out
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Revenue Decline
Total revenue decreased to $8.9 million from $9.4 million the previous quarter, missing estimates by 5.7%.
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EPS Misses Consensus
Earnings per share were reported at $0.18, falling short of the expected $0.21.
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Net Loss on Investments
The company recognized a net loss on investments of $13.9 million, significantly impacting overall performance.
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Debt Reduction
Total outstanding debt decreased by $18 million from $220.5 million to $202.5 million.
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Stable Distribution
A quarterly distribution of $0.17 per share was declared, consistent with the prior quarter.
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Increased Operational Cash Flow
Net cash provided by operating activities was $21.8 million for the quarter, showing strong liquidity.
What to watch
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Investment Income Decline
Total investment income decreased to $8.9 million, down from $9.4 million, primarily due to lower interest income.
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High Non-Accrual Loans
Non-accrual loans amounted to $10.9 million, representing 3.5% of total investments, which poses credit risk.
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Increased Debt Costs
Weighted-average interest costs rose to 7.34% as of Q1 2026 compared to 7.07% previously.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · May 2, 2025
OFS Capital reported Q1 2025 total investment income of $10,295,000 and GAAP net investment income of $3,465,000 ($0.26 per share), missing top-line and EPS consensus. Year-over-year investment income fell from…
10-K · March 4, 2025
OFS Capital positions itself as a U.S.-focused middle‑market credit BDC managed by OFS Advisor, emphasizing senior secured loans, selective equity and Structured Finance Securities and access to OFS deal flow. The 2024…
10-Q · November 3, 2023
OFS Capital reported Q3 total investment income of $14,651,000 and net investment income of $5,390,000 ( $0.40 per share), beating prior-year quarter income and EPS. Operating cash flow improved materially with net cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.