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(F/K/A SSH Group Holdings, Inc.), Second Lien Debt2022-12-310001487918SSJA Bariatric Management LLC, First Lien Debt 12022-12-310001487918SSJA Bariatric Management LLC, First Lien Debt 22022-12-310001487918SSJA Bariatric Management LLC, First Lien Debt 32022-12-310001487918SSJA Bariatric Management LLC, First Lien Debt (Revolver)2022-12-310001487918ofs:SSJABariatricManagementLLCMember2022-12-310001487918SS Acquisition, LLC, First Lien Debt2022-12-310001487918SS Acquisition, LLC, First Lien Debt (Delayed Draw)2022-12-310001487918ofs:SSAcquisitionLLCMember2022-12-310001487918Staples, Inc., First Lien Debt2022-12-310001487918STS Operating, Inc., Second Lien Debt2022-12-310001487918The Escape Game, LLC, First Lien Debt2022-12-310001487918The Escape Game, LLC, First Lien Debt (Revolver)2022-12-310001487918ofs:TheEscapeGameLLCMember2022-12-310001487918Thryv, Inc., First Lien Debt2022-12-310001487918Tolemar Acquisition, Inc., First Lien Debt2022-12-310001487918Tolemar Acquisition, Inc., First Lien Debt (Revolver)2022-12-310001487918ofs:TolemarAcquisitionINCMember2022-12-310001487918TruGreen Limited Partnership, Second Lien Debt2022-12-310001487918United Biologics Holdings, LLC, Preferred Equity2022-12-310001487918United Biologics Holdings, LLC, Warrants2022-12-310001487918ofs:UnitedBiologicsHoldingsLLCMember2022-12-310001487918Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt2022-12-310001487918Yahoo / Verizon Media, First Lien Debt2022-12-310001487918ofs:DebtAndEquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2022-12-310001487918Apex Credit CLO 2020, Subordinated Notes2022-12-310001487918Apex Credit CLO 2021 Ltd, Subordinated Notes2022-12-310001487918Apex Credit CLO 2022-1A, Subordinated Notes2022-12-310001487918Ares L CLO, Mezzanine Debt - Class E2022-12-310001487918Barings CLO 2019-I Ltd., Mezzanine Debt - Class E2022-12-310001487918Battalion CLO XI, Ltd., Mezzanine Debt - Class E2022-12-310001487918Brightwood Capital MM CLO 2022-1, LTD, Loan accumulation facility2022-12-310001487918Dryden 53 CLO, LTD., Subordinated Notes - Income2022-12-310001487918Dryden 53 CLO, LTD., Subordinated Notes2022-12-310001487918ofs:Dryden53CLOLtdMember2022-12-310001487918Dryden 76 CLO, Ltd., Subordinated Notes2022-12-310001487918Elevation CLO 2017-7, Ltd., Subordinated Notes2022-12-310001487918Flatiron CLO 18, 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Equity2022-01-012022-12-310001487918MTE Holding Corp., Common Equity2021-12-310001487918MTE Holding Corp., Common Equity2022-12-310001487918ofs:MTEHoldingCorpMember2022-01-012022-12-310001487918ofs:MTEHoldingCorpMember2021-12-310001487918ofs:MTEHoldingCorpMember2022-12-310001487918us-gaap:InvestmentAffiliatedIssuerControlledMember2021-12-310001487918Contract Datascan Holdings, Inc., Preferred Equity2022-01-012022-12-310001487918Contract Datascan Holdings, Inc., Preferred Equity2021-12-310001487918Contract Datascan Holdings, Inc., Common Equity2022-01-012022-12-310001487918Contract Datascan Holdings, Inc., Common Equity2021-12-310001487918ofs:ContractDatascanHoldingsIncMember2022-01-012022-12-310001487918ofs:ContractDatascanHoldingsIncMember2021-12-310001487918DRS Imaging Services, LLC, Common Equity2022-01-012022-12-310001487918DRS Imaging Services, LLC, Common Equity2021-12-310001487918Master Cutlery, LLC, Subordinated Debt2022-01-012022-12-310001487918Master Cutlery, LLC, Subordinated Debt2021-12-310001487918Master Cutlery, LLC, Preferred Equity2022-01-012022-12-310001487918Master Cutlery, LLC, Preferred Equity2021-12-310001487918Master Cutlery, LLC, Common Equity2022-01-012022-12-310001487918Master Cutlery, LLC, Common Equity2021-12-310001487918ofs:MasterCutleryLLCMember2022-01-012022-12-310001487918ofs:MasterCutleryLLCMember2021-12-310001487918Pfanstiehl Holdings, Inc Common Equity2022-01-012022-12-310001487918Pfanstiehl Holdings, Inc Common Equity2021-12-310001487918Pfanstiehl Holdings, Inc Common Equity2022-12-310001487918TalentSmart Holdings, LLC Common Equity2022-01-012022-12-310001487918TalentSmart Holdings, LLC Common Equity2021-12-310001487918TalentSmart Holdings, LLC Common Equity2022-12-310001487918TRS Services, Inc. Preferred Equity2022-01-012022-12-310001487918TRS Services, Inc. Preferred Equity2021-12-310001487918TRS Services, Inc. Preferred Equity2022-12-310001487918TRS Services, Inc. Common Equity2022-01-012022-12-310001487918TRS Services, Inc. Common Equity2021-12-310001487918TRS Services, Inc. Common Equity2022-12-310001487918ofs:TRSServicesLLCMember2022-01-012022-12-310001487918ofs:TRSServicesLLCMember2021-12-310001487918us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001487918us-gaap:InvestmentAffiliatedIssuerMember2022-01-012022-12-310001487918us-gaap:InvestmentAffiliatedIssuerMember2021-12-310001487918us-gaap:SubsequentEventMember2024-02-282024-02-280001487918ofs:SBADebenturesMemberus-gaap:SubsequentEventMemberus-gaap:NotesPayableOtherPayablesMember2024-03-012024-03-0100014879182023-10-012023-12-31



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-K
(Mark One)
xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
OR
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 814-00813
OFS Capital Corporation
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware46-1339639
(State or jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
10 S. Wacker Drive, Suite 2500
Chicago, Illinois
60606
(Address of principal executive offices)(Zip Code)
REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE:
(847734-2000
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareOFSThe Nasdaq Global Select Market
4.95% Notes due 2028OFSSHThe Nasdaq Global Select Market
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨    No  x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods as the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated Filer¨Accelerated Filer¨
Non-accelerated FilerSmaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act)    YES   ¨     NO   x
The aggregate market value of the registrant’s voting shares of common stock held by non-affiliates of the registrant as of June 30, 2023, was approximately $102.6 million based on $9.89 per share, the last reported sale price of the shares of common stock on the Nasdaq Global Select Market. For the purpose of calculating this amount only, shares held by certain stockholders and by directors and executive officers of the registrant have been excluded. On March 1, 2024, there were 13,398,078 shares outstanding of the Registrant’s common stock, $0.01 par value.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive Proxy Statement relating to the registrant’s 2024 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A with the Securities and Exchange Commission, are incorporated by reference in Part III of this Annual Report on Form 10-K as indicated herein.





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