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OFS Capital (OFS) investor relations material
OFS Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Net investment income was $0.22 per share for Q3 2025, down from $0.25 per share in the prior quarter, mainly due to higher interest costs and refinancing.
Net asset value per share declined to $10.17 from $10.91, driven by investment losses, markdowns on equity holdings, and distributions exceeding net investment income.
Net loss on investments for Q3 2025 was $7.8 million, with realized and unrealized losses, especially in key equity holdings.
Board declared a Q4 2025 distribution of $0.17 per share, representing an 8.8% annualized yield.
Asset coverage ratio stood at 157%, above the 150% regulatory minimum.
Financial highlights
Total investment income for Q3 2025 was $10.6 million, up slightly from the prior quarter due to non-recurring income.
Net investment income for Q3 2025 was $2.9 million, or $0.22 per share, a decrease from the prior quarter.
Total expenses rose to $7.6 million, mainly due to higher interest expense from new unsecured notes.
Net realized loss on investments was $4.6 million, with net unrealized depreciation of $3.1 million, primarily from equity in Pfanstiehl Holdings, Inc.
Net decrease in net assets from operations was $5.3 million for Q3 2025.
Outlook and guidance
Ongoing efforts to monetize key equity positions could improve net investment income and reduce concentration risk, though full value may not be realized.
Continued pressure on net investment income is expected due to higher interest costs and the expiration of the BNP Facility reinvestment period.
Management estimates a portion of 2025 distributions will be classified as a return of capital.
Focus remains on deleveraging, capital preservation, and strengthening the balance sheet amid economic uncertainty.
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Next OFS Capital earnings date
Q4 20256 Mar, 2026
Next OFS Capital earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
OFS Capital Corporation is a business development company that provides debt and equity financing to middle-market companies across various industries in the United States. The company primarily focuses on senior secured loans, subordinated debt, and, to a lesser extent, equity investments to support business growth, acquisitions, and recapitalizations. The company serves clients across diverse sectors, including manufacturing, healthcare, business services, and technology. OFS Capital Corporation is headquartered in Chicago, Illinois, and its shares are listed on the NASDAQ.
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