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Dec 31, 2025
OFS Capital Q4 2025 Earnings Report
OFS Capital Q4 2025 Earnings Report
Key Takeaways
OFS Capital reported a challenging fourth quarter with a net loss of $10.8 million, primarily driven by $12.8 million in net unrealized depreciation on investments. Net investment income also saw a slight decline due to interest rate cuts and a smaller performing portfolio, leading to a decrease in Net Asset Value per share to $9.19.
Net investment income decreased to $0.20 per share from $0.22 in the previous quarter.
Net Asset Value (NAV) per share dropped significantly to $9.19 from $10.17 as of September 30, 2025.
The company successfully extended its debt maturities, with no debt due until February 2028 following recent refinancing activities.
Non-accrual loans represented 4.2% of the total investment portfolio at fair value as of year-end.
Revenue by Segment
Forward Guidance
The company focused on liquidity management and debt maturity extensions to navigate a shifting interest rate environment.
Positive Outlook
- No debt maturities until February 2028.
- Amended Banc of California facility to extend maturity to 2028.
- New $80 million credit facility entered with Natixis in February 2026.
- 89% of loan portfolio consists of floating rate loans.
- 100% of loan portfolio consists of first and second lien loans.
Challenges Ahead
- Impact of interest rate cuts on investment income.
- Decrease in performing interest-bearing portfolio size.
- Increase in unrealized depreciation on non-accrual debt.
- Decrease in net investment income per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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