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OFS Capital Corporation (NASDAQ: OFS) is a business development company that is focused on meeting the distinct capital needs of middle market companies.

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Mar 4, 2022
OFS Capital Corporation Announces Fourth Quarter and Full Year 2021 Financial Results

Quarterly Distribution Increased to $0.28 per Share — 12% Increase Compared to Prior Quarter

CHICAGO--(BUSINESS WIRE)--Mar. 4, 2022-- OFS Capital Corporation (Nasdaq: OFS) (“OFS Capital,” “we,” “us,” or “our”) today announced its financial results for the fiscal quarter and the full year ended December 31, 2021. On March 1, 2022, OFS Capital’s Board of Directors declared a distribution of $0.28 per common share for the first quarter of 2022, a 12% increase compared to the prior quarter, payable on March 31, 2022 to stockholders of record as of March 24, 2022.

FOURTH QUARTER FINANCIAL HIGHLIGHTS

  • Net investment income for the quarter ended December 31, 2021 was $0.33 per common share, as compared to $0.24 for the quarter ended September 30, 2021. The increase was primarily attributable to increased dividend and fee income.
  • Adjusted net investment income (“Adjusted NII”)(1) for the quarter ended December 31, 2021 was $0.47 per common share as compared to $0.25 per share for the quarter ended September 30, 2021.
  • Net asset value (“NAV”) per share increased to $15.18 at December 31, 2021 from $14.16 at September 30, 2021 and $11.85 at December 31, 2020.
  • The net gain per common share for the quarter ended December 31, 2021 was $0.94. The net gain per common share was largely attributable to realized and unrealized gains on equity securities.
  • Earnings per common share for the quarter ended December 31, 2021 was $1.27 as compared to $0.98 per common share for the quarter ended September 30, 2021.
  • At December 31, 2021, based on fair value, 92% of our debt portfolio consisted of floating rate loans and 95% of our debt portfolio consisted of senior secured loans; 71% of our borrowings are fixed rate and mature in 2025 and beyond.

SELECTED FINANCIAL HIGHLIGHTS

Quarter Ended (unaudited)

(in thousands, except per share data)

December 31, 2021

 

September 30, 2021

Net Investment Income Per Common Share

 

 

 

Net investment income per common share

$

0.33

 

 

$

0.24

 

 

 

 

 

Net Realized/Unrealized Gain (Loss) Per Common Share

 

 

 

Net realized gain (loss) per common share

$

(0.98

)

 

$

0.24

 

Net unrealized gain per common share

 

2.07

 

 

 

0.52

 

Net loss on extinguishment of debt per common share

 

(0.15

)

 

 

(0.02

)

Net gain per common share

$

0.94

 

 

$

0.74

 

 

 

 

 

Earnings Per Common Share

 

 

 

Earnings per common share

$

1.27

 

 

$

0.98

 

 

 

 

 

Net Asset Value

 

 

 

Net asset value per share

$

15.18

 

 

$

14.16

 

Distributions paid per share

$

0.25

 

 

$

0.24

 

 

 

 

 

Adjusted NII Per Share

 

 

 

Net investment income per share

$

0.33

 

 

$

0.24

 

Capital gain incentive fee accrual per share

 

0.14

 

 

 

0.01

 

Adjusted NII per share

$

0.47

 

 

$

0.25

 

 

As of

 

December 31, 2021

 

September 30, 2021

Balance Sheet Highlights

 

 

(unaudited)

Investment portfolio, at fair value

$

507.1

 

$

526.3

Total assets

 

569.0

 

 

537.2

Net asset value per common share

 

15.18

 

 

14.16

Management Commentary

“Based on strong origination activity and increased portfolio income, our fourth quarter net investment income increased to $0.33 per share, a 38% increase compared to the prior quarter. Fourth quarter adjusted net investment income increased to $0.47 per share, an 88% increase compared to the prior quarter,” said Bilal Rashid, OFS Capital’s Chairman and Chief Executive Officer. “We are pleased to increase our distribution for the sixth straight quarter. Our NAV increased 28% from December 31, 2020 primarily due to net gains in the portfolio and now exceeds our 2019 year-end NAV by 22%. In an environment in which interest rates are rising, we believe our portfolio is well positioned with 92% of our debt portfolio consisting of floating rates.”

(1) Supplemental information regarding Adjusted NII:

On a supplemental basis, we disclose Adjusted NII (including on a per share basis), which is a financial measure calculated and presented on basis other than in accordance with generally accepted accounting principles of the United States of America (“GAAP”). Adjusted NII represents net investment income excluding the capital gains incentive fee in periods in which such expense occurs. GAAP requires recognition of a capital gains incentive fee in our financial statements if aggregate net realized and unrealized capital gains, if any, on a cumulative basis from the date of the election to be a BDC through the reporting date is positive. Such fees are subject to further conditions specified in the investment advisory agreement with OFS Capital Management, LLC, principally related to the realization of such net gains, before OFS Capital Management, LLC is entitled to payment, and such recognized fees are subject to the risk of reversal should unrealized gains diminish to become losses. Management believes that Adjusted NII is a useful indicator of operations exclusive of any net capital gains incentive fee, as net investment income does not include the net gains, realized or unrealized, associated with the capital gains incentive fee.

Management believes Adjusted NII facilitates analysis of our results of operations and provides greater transparency into the determination of incentive fees. Adjusted NII is not meant as a substitute for net investment income determined in accordance with GAAP and should be considered in the context of the entirety of our reported results of operations, financial position and cash flows determined in accordance with GAAP. A reconciliation of net investment income determined in accordance with GAAP to Adjusted NII is set forth in Schedule I to this press release.

PORTFOLIO AND INVESTMENT ACTIVITIES

($ in millions, except for per share data)

Portfolio Overview

 

As of and for the Year

Ended December 31, 2021

Investment portfolio, at fair value

 

$

507.1

 

Weighted-average performing income yield - interest-bearing investments (2)

 

 

10.62

%

Weighted-average realized yield - interest-bearing investments (3)

 

 

9.71

%

Weighted-average realized yield on total investments (4)

 

 

9.10

%

The weighted-average yield of investments is not the same as a return on investment for our stockholders but, rather, relates to portion of our investment portfolio and is calculated before the payment of all of our fees and expenses.

(2)

Income yield is calculated as (a) the actual amount earned on performing investments, including interest and prepayment fees and amortization of net loan fees, divided by (b) the weighted-average of total performing investment amortized cost.

(3)

Realized yield computed as (a) the actual amount earned on interest-bearing investments, including interest, prepayment fees and net loan fees, divided by (b) the weighted-average of total interest-bearing investments amortized cost, in each case, including debt investments in non-accrual status and non-income producing Structured Finance Notes.

(4)

Realized yield computed as (a) the actual amount earned on all investments including interest, dividends and prepayment fees, amortization of net loan fees, and dividends received divided by (b) the weighted-average of total investments amortized cost or cost.

 

 

Quarter Ended

Portfolio Activity

 

December 31, 2021

 

September 30, 2021

Investments in new portfolio companies

 

$

61.6

 

$

29.7

Investments in existing portfolio companies

 

$

13.7

 

$

26.4

Investments in structured finance notes

 

$

 

$

8.5

At December 31, 2021, the total fair value of our investment portfolio was $507.1 million, which was equal to approximately 110% of amortized cost. As of December 31, 2021, the fair value of our debt investment portfolio in 58 portfolio companies totaled $344.6 million, of which 95% and 5% were senior secured loans and subordinated loans, respectively. As of December 31, 2021, we also held approximately $87.3 million in common, preferred and other equity investments, at fair value. As of December 31, 2021, our portfolio had two non-accrual loans with an aggregate fair value of $7.7 million, or 2.2% of our total debt portfolio at fair value, compared to four non-accrual loans with an aggregate fair value of $12.1 million, or 3.8% of our total debt portfolio at fair value at December 31, 2020. As of December 31, 2021, our investment portfolio also included seventeen investments in structured finance notes with a fair value of $75.2 million. At December 31, 2021, we had unfunded commitments of $43.7 million to fourteen portfolio companies. As of December 31, 2021, floating rate loans comprised 92% of our debt investment portfolio, with the remaining 8% in fixed rate loans, as a percentage of fair value.

RESULTS OF OPERATIONS

(in thousands)

Quarter Ended (unaudited)

 

December 31, 2021

 

September 30, 2021

Total investment income

$

15,267

 

 

$

10,589

 

Expenses:

 

 

 

Interest expense

 

4,215

 

 

 

4,234

 

Management and incentive fees

 

5,366

 

 

 

2,052

 

Other expenses

 

1,256

 

 

 

1,068

 

Total expenses

 

10,837

 

 

 

7,354

 

Net investment income

 

4,430

 

 

 

3,235

 

Net gain on investments

 

14,722

 

 

 

10,154

 

Loss on extinguishment of debt

 

(2,068

)

 

 

(224

)

Net increase in net assets resulting from operations

$

17,084

 

 

$

13,165

 

Investment Income

For the three months ended December 31, 2021, total investment income increased by $4.7 million as compared to the three months ended September 30, 2021, primarily due to an increase in dividend income of $1.8 million and an increase in other fee income of $1.6 million. Increased fee acceleration as a result of increased portfolio runoff also contributed to the increase.

Expenses

For the three months ended December 31, 2021, management and incentive fees increased $3.3 million compared to the three months ended September 30, 2021, primarily due to an increase in the Income Incentive Fee of $1.5 million and an increase in the Capital Gains Fee. The Capital Gains Fee is currently not payable under the terms of the Advisory Agreement but was calculated in accordance with GAAP which requires the inclusion of aggregate unrealized appreciation on investments.

Net Gain (Loss) on Investments

For the three months ended December 31, 2021, net gain on investments of $14.7 million was primarily due to unrealized appreciation of $10.1 million on our common equity investment in Pfanstiehl Holdings, Inc.

LIQUIDITY AND CAPITAL RESOURCES

At December 31, 2021, we had $43.0 million of cash, which includes cash and cash equivalents of $15.0 million held by OFS SBIC I, LP (“SBIC I LP”), our wholly owned SBIC, and OFSCC-FS, LLC (“OFSCC-FS”), an indirect wholly owned subsidiary. Our use of cash held by SBIC I LP and OFSCC-FS is restricted by regulatory and contractual conditions, including limitations on the amount of cash SBIC I LP and OFSCC-FS can distribute to us.

Additionally, at December 31, 2021, we had an unused commitment of $25.0 million under our senior secured revolving credit facility with Pacific Western Bank, as well as an unused commitment of $50.0 million under the revolving credit facility with BNP Paribas, both subject to borrowing base requirements and other covenants. Based on fair values and equity capital at December 31, 2021, we could access all unused commitments under our credit facilities and remain in compliance with 1940 Act asset coverage requirement.

On October 28, 2021 and November 1, 2021, OFS Capital issued $55.0 million unsecured notes (the “2028 Notes”) which bear a fixed interest rate of 4.95% and mature on October 31, 2028. OFS Capital utilized a portion of the proceeds from the 2028 Notes to redeem $25.0 million of unsecured notes which were originally scheduled to mature in September 2023 and bore an interest rate of 6.25%. On November 22, 2021, OFS Capital redeemed $54.3 million of unsecured notes that were originally scheduled to mature in October 2026 and bore an interest rate of 5.95%. As of December 31, 2021, OFS Capital has $180.0 million of unsecured notes (71.0% of total debt outstanding) which mature in 2025 and beyond.

On November 15, 2021, we amended our senior secured revolving credit facility with Pacific Western Bank to decrease the interest rate floor from 5.0% to 4.0%, effective as of November 1, 2021.

RECENT DEVELOPMENTS

On February 28, 2022, we prepaid $19.0 million of SBA debentures that were contractually due March 1, 2025 and September 1, 2025.

CONFERENCE CALL

OFS Capital will host a conference call to discuss these results on Friday, March 4, 2022, at 11:00 a.m. Eastern Time. Interested parties may participate in the call via the following:

INTERNET: Log on to www.ofscapital.com at least 15 minutes prior to the start time of the call to register, download, and install any necessary audio software. A replay will be available for 90 days on OFS Capital’s website at www.ofscapital.com.

TELEPHONE: Dial (877) 510-7674 (Domestic) or (412) 902-4139 (International) approximately 15 minutes prior to the call. A telephone replay of the conference call will be available through March 14, 2022 at 9:00 a.m. Eastern Time and may be accessed by calling (877) 344-7529 (Domestic) or (412) 317-0088 (International) and utilizing conference ID #8952094.

For more detailed discussion of the financial and other information included in this press release, please refer to OFS Capital’s Form 10-K for the year ended December 31, 2021, which is to be filed with the Securities and Exchange Commission.

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Assets and Liabilities

(Dollar amounts in thousands, except per share data)

 

December 31,

 

 

2021

 

 

2020

 

Assets

 

 

 

Investments, at fair value

 

 

 

Non-control/non-affiliate investments (amortized cost of $428,398 and $363,628 respectively)

$

421,567

 

$

328,665

 

Affiliate investments (amortized cost of $17,650 and $86,484, respectively)

 

72,584

 

 

102,846

 

Control investment (amortized cost of $11,264 and $10,911, respectively)

 

12,948

 

 

10,812

 

Total investments at fair value (amortized cost of $457,312 and $461,023, respectively)

 

507,099

 

 

442,323

 

Cash

 

43,048

 

 

37,708

 

Receivable for investments sold

 

14,893

 

 

 

Interest receivable

 

1,475

 

 

1,298

 

Prepaid expenses and other assets

 

2,533

 

 

2,484

 

Total assets

$

569,048

 

$

483,813

 

 

 

 

 

Liabilities

 

 

 

Revolving lines of credit

$

100,000

 

$

32,050

 

SBA debentures (net of deferred debt issuance costs of $555 and $1,088, respectively)

 

69,365

 

 

104,182

 

Unsecured Notes (net of discounts and deferred debt issuance costs of $4,554 and $4,897, respectively)

 

175,446

 

 

172,953

 

Interest payable

 

3,685

 

 

3,176

 

Payable to investment adviser and affiliates

 

6,217

 

 

3,252

 

Payable for investments purchased

 

8,788

 

 

8,411

 

Accrued professional fees

 

452

 

 

495

 

Other liabilities

 

1,351

 

 

338

 

Total liabilities

 

365,304

 

 

324,857

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Net Assets

 

 

 

Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively

 

 

 

 

Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,422,413 and 13,409,559 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively

 

134

 

 

134

 

Paid-in capital in excess of par

 

185,113

 

 

187,124

 

Total distributable earnings (accumulated losses)

 

18,497

 

 

(28,302

)

Total net assets

 

203,744

 

 

158,956

 

 

 

 

 

Total liabilities and net assets

$

569,048

 

$

483,813

 

 

 

 

 

Number of shares outstanding

 

13,422,413

 

 

13,409,559

 

Net asset value per share

$

15.18

 

$

11.85

 

 

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Operations

(Dollar amounts in thousands, except per share data)

 

(unaudited)

 

 

 

 

 

Quarter Ended December 31,

 

Year Ended December 31,

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Investment income

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

Non-control/non-affiliate investments

$

10,188

 

 

$

8,159

 

 

$

37,350

 

 

$

34,278

 

Affiliate investments

 

962

 

 

 

1,611

 

 

 

3,686

 

 

 

7,549

 

Control investment

 

332

 

 

 

333

 

 

 

1,348

 

 

 

1,217

 

Total interest income

 

11,482

 

 

 

10,103

 

 

 

42,384

 

 

 

43,044

 

Dividend income:

 

 

 

 

 

 

 

Non-control/non-affiliate investments

 

888

 

 

 

 

 

 

888

 

 

 

 

Affiliate investments

 

1,000

 

 

 

467

 

 

 

1,143

 

 

 

955

 

Control investment

 

(33

)

 

 

 

 

 

136

 

 

 

 

Total dividend income

 

1,855

 

 

 

467

 

 

 

2,167

 

 

 

955

 

Fee income:

 

 

 

 

 

 

 

Non-control/non-affiliate investments

 

1,565

 

 

 

101

 

 

 

2,485

 

 

 

945

 

Affiliate investments

 

291

 

 

 

449

 

 

 

653

 

 

 

465

 

Control investment

 

74

 

 

 

17

 

 

 

74

 

 

 

66

 

Total fee income

 

1,930

 

 

 

567

 

 

 

3,212

 

 

 

1,476

 

Total investment income

 

15,267

 

 

 

11,137

 

 

 

47,763

 

 

 

45,475

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Interest and financing expense

 

4,215

 

 

 

4,507

 

 

 

17,515

 

 

 

18,808

 

Management fees

 

2,009

 

 

 

1,846

 

 

 

7,669

 

 

 

7,605

 

Income Incentive Fee

 

1,543

 

 

 

693

 

 

 

2,352

 

 

 

2,025

 

Capital Gains Fee

 

1,814

 

 

 

 

 

 

1,916

 

 

 

 

Professional fees

 

440

 

 

 

463

 

 

 

1,670

 

 

 

1,993

 

Administration fees

 

416

 

 

 

399

 

 

 

1,758

 

 

 

1,855

 

Other expenses

 

400

 

 

 

225

 

 

 

1,433

 

 

 

1,335

 

Total expenses before Income Incentive Fee waiver

 

10,837

 

 

 

8,133

 

 

 

34,313

 

 

 

33,621

 

Income Incentive Fee waiver

 

 

 

 

 

 

 

 

 

 

(441

)

Total expenses, net of Income Incentive Fee waiver

 

10,837

 

 

 

8,133

 

 

 

34,313

 

 

 

33,180

 

Net investment income

 

4,430

 

 

 

3,004

 

 

 

13,450

 

 

 

12,295

 

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss) on investments

 

 

 

 

 

 

 

Net realized gain (loss) on non-control/non-affiliate investments

 

(16,371

)

 

 

25

 

 

 

(27,114

)

 

 

(10,021

)

Net realized gain on affiliate investments

 

4,299

 

 

 

 

 

 

7,545

 

 

 

 

Income tax expense on net realized investment gains

 

(1,027

)

 

 

 

 

 

(1,027

)

 

 

 

Net unrealized appreciation (depreciation) on non-control/non-affiliate investments

 

17,487

 

 

 

86

 

 

 

38,551

 

 

 

(11,295

)

Net unrealized appreciation on affiliate investments

 

10,422

 

 

 

6,317

 

 

 

28,153

 

 

 

12,633

 

Net unrealized appreciation (depreciation) on control investment

 

(301

)

 

 

2,628

 

 

 

1,783

 

 

 

1,704

 

Deferred tax benefit (expense) on investments net unrealized appreciation/depreciation

 

213

 

 

 

(141

)

 

 

114

 

 

 

275

 

Net gain (loss) on investments

 

14,722

 

 

 

8,915

 

 

 

48,005

 

 

 

(6,704

)

Loss on extinguishment of debt

 

(2,068

)

 

 

(484

)

 

 

(4,591

)

 

 

(820

)

Loss on impairment of goodwill

 

 

 

 

 

 

 

 

 

 

(1,077

)

Net increase in net assets resulting from operations

$

17,084

 

 

$

11,435

 

 

$

56,864

 

 

$

3,694

 

 

 

 

 

 

 

 

 

Net investment income per common share - basic and diluted

$

0.33

 

 

$

0.22

 

 

$

1.00

 

 

$

0.92

 

Net increase in net assets resulting from operations per common share - basic and diluted

$

1.27

 

 

$

0.85

 

 

$

4.24

 

 

$

0.28

 

Distributions declared per common share

$

0.25

 

 

$

0.18

 

 

$

0.91

 

 

$

0.86

 

Basic and diluted weighted average common shares outstanding

 

13,419,010

 

 

 

13,406,436

 

 

 

13,413,861

 

 

 

13,394,005

 

ABOUT OFS CAPITAL

OFS Capital Corporation is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company. OFS Capital's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. OFS Capital invests primarily in privately held middle-market companies in the United States, including lower-middle-market companies, targeting investments of $3 million to $20 million in companies with annual EBITDA between $5 million and $50 million. OFS Capital offers flexible solutions through a variety of asset classes including senior secured loans, which includes first-lien, second-lien and unitranche loans, as well as subordinated loans and, to a lesser extent, warrants and other equity securities. OFS Capital's investment activities are managed by OFS Capital Management, LLC, an investment adviser registered under the Investment Advisers Act of 19405, as amended, and headquartered in Chicago, Illinois, with additional offices in New York and Los Angeles.

FORWARD-LOOKING STATEMENTS

Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating to: OFS Capital’s results of operations, including net investment income, adjusted net investment income, net asset value and net investment gains and losses and the factors that may affect such results, including origination activity and portfolio income; management's belief that the portfolio is well positioned in a rising interest rate environment, when there can be no assurance that is the case; and other factors may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in OFS Capital’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission under the section “Risk Factors,” as well as other documents that may be filed by OFS Capital from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. OFS Capital is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

5 Registration does not imply a certain level of skill or training

Schedule 1

Non-GAAP Financial Measure – Adjusted Net Investment Income

On a supplemental basis, we disclose Adjusted NII (including on a per share basis), which is a financial measure calculated and presented on basis other than in accordance with GAAP. Adjusted NII represents net investment income excluding the capital gains incentive fee in periods in which such expense occurs. GAAP requires recognition of a capital gains incentive fee in our financial statements if aggregate net realized and unrealized capital gains, if any, on a cumulative basis from the date of the election to be a BDC through the reporting date is positive. Such fees are subject to further conditions specified in the investment advisory agreement with OFS Capital Management, LLC, principally related to the realization of such net gains, before OFS Capital Management, LLC is entitled to payment, and such recognized fees are subject to the risk of reversal should unrealized gains diminish to become losses. Management believes that Adjusted NII is a useful indicator of operations exclusive of any net capital gains incentive fee, as net investment income does not include the net gains, realized or unrealized, associated with the capital gains incentive fee. Management believes Adjusted NII facilitates analysis of our results of operations and provides greater transparency into the determination of incentive fees. Adjusted NII is not meant as a substitute for net investment income determined in accordance with GAAP and should be considered in the context of the entirety of our reported results of operations, financial position and cash flows determined in accordance with GAAP.

The following table provides a reconciliation from net investment income (the most comparable GAAP measure) to Adjusted NII for the three months ended and years ended December 31, 2021 and December 31, 2020 (dollar amounts in thousands, except per share data) (unaudited):

 

Three Months Ended December 31,

 

Years Ended December 31,

 

2021

 

2020

 

2021

 

2020

 

(000's)

 

Per
Share

 

(000's)

 

Per
Share

 

(000's)

 

Per
Share

 

(000's)

 

Per
Share

Net investment income

$

4,430

 

$

0.33

 

$

3,004

 

$

0.22

 

$

13,450

 

$

1.00

 

$

12,295

 

$

0.92

Capital Gains Fee

 

1,814

 

 

0.14

 

 

 

 

 

 

1,916

 

 

0.14

 

 

 

 

Adjusted NII

$

6,244

 

$

0.47

 

$

3,004

 

$

0.22

 

$

15,366

 

$

1.14

 

$

12,295

 

$

0.92

Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.

INVESTOR RELATIONS CONTACT:
Steve Altebrando
646-652-8473
saltebrando@ofsmanagement.com

Source: OFS Capital Corporation