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Holdings, Inc. Subordinated Loan 12023-01-012023-06-300001487918Eblens Holdings, Inc. Subordinated Loan 12022-12-310001487918Eblens Holdings, Inc. Subordinated Loan 12023-06-300001487918Eblens Holdings, Inc. Subordinated Loan 22023-01-012023-06-300001487918Eblens Holdings, Inc. Subordinated Loan 22022-12-310001487918Eblens Holdings, Inc. Subordinated Loan 22023-06-300001487918Eblens Holdings, Inc. Common Equity2023-01-012023-06-300001487918Eblens Holdings, Inc. Common Equity2022-12-310001487918Eblens Holdings, Inc. Common Equity2023-06-300001487918ofs:EblensHoldingsIncMember2023-01-012023-06-300001487918ofs:EblensHoldingsIncMember2023-06-300001487918Contract Datascan Holdings, Inc. Preferred Equity2023-01-012023-06-300001487918Contract Datascan Holdings, Inc. Preferred Equity2022-12-310001487918Contract Datascan Holdings, Inc. Preferred Equity2023-06-300001487918Contract Datascan Holdings, Inc. Common Equity2023-01-012023-06-300001487918Contract Datascan Holdings, Inc. Common Equity2022-12-310001487918Contract Datascan Holdings, Inc. Common Equity2023-06-300001487918ofs:ContractDatascanHoldingsIncMember2023-01-012023-06-300001487918DRF Imaging Services, LLC Common Equity2023-01-012023-06-300001487918DRF Imaging Services, LLC Common Equity2022-12-310001487918DRF Imaging Services, LLC Common Equity2023-06-300001487918Master Cutlery, LLC Subordinated Loan2023-01-012023-06-300001487918Master Cutlery, LLC Subordinated Loan2022-12-310001487918Master Cutlery, LLC Subordinated Loan2023-06-300001487918Master Cutlery, LLC Preferred Equity2023-01-012023-06-300001487918Master Cutlery, LLC Preferred Equity2022-12-310001487918Master Cutlery, LLC Preferred Equity2023-06-300001487918Master Cutlery, LLC Common Equity2023-01-012023-06-300001487918Master Cutlery, LLC Common Equity2022-12-310001487918Master Cutlery, LLC Common Equity2023-06-300001487918ofs:MasterCutleryLLCMember2023-01-012023-06-300001487918Pfanstiehl Holdings, Inc Common Equity2023-01-012023-06-300001487918Pfanstiehl Holdings, Inc Common Equity2022-12-310001487918Pfanstiehl Holdings, Inc Common Equity2023-06-300001487918TalentSmart Holdings, LLC Common Equity2023-01-012023-06-300001487918TalentSmart Holdings, LLC Common Equity2022-12-310001487918TalentSmart Holdings, LLC Common Equity2023-06-300001487918TRS Services, Inc. Preferred Equity2023-01-012023-06-300001487918TRS Services, Inc. Preferred Equity2022-12-310001487918TRS Services, Inc. Preferred Equity2023-06-300001487918TRS Services, Inc. Common Equity2023-01-012023-06-300001487918TRS Services, Inc. Common Equity2022-12-310001487918TRS Services, Inc. Common Equity2023-06-300001487918ofs:TRSServicesLLCMember2023-01-012023-06-300001487918us-gaap:InvestmentAffiliatedIssuerMember2023-01-012023-06-300001487918us-gaap:InvestmentAffiliatedIssuerMember2022-12-310001487918us-gaap:InvestmentAffiliatedIssuerMember2023-06-300001487918us-gaap:SubsequentEventMember2023-08-012023-08-01


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______

Commission file number 814-00813
OFS CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware46-1339639
State or Other Jurisdiction ofI.R.S. Employer Identification No.
Incorporation or Organization
10 S. Wacker Drive, Suite 2500, Chicago, Illinois
60606
Address of Principal Executive OfficesZip Code
(847) 734-2000
Registrant’s Telephone Number, Including Area Code
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report
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

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 period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý     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  ý     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 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes  ¨     No  ý

The number of shares of the issuer’s Common Stock, $0.01 par value, outstanding as of August 1, 2023 was 13,398,078.



OFS CAPITAL CORPORATION

TABLE OF CONTENTS
 
 
Item 1.
 
 
 
 
 
 
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Item 1A.
Item 2
Item 3.
Item 4.
Item 5.
Item 6.




Defined Terms
We have used “we,” “us,” “our,” “our company” and “the Company” to refer to OFS Capital Corporation in this report. We also have used several other terms in this report, which are explained or defined below:
TermExplanation or Definition
1940 ActInvestment Company Act of 1940, as amended
Adjusted NII
A financial measure calculated and presented on a basis other than in accordance with GAAP and represents net investment income excluding the capital gains incentive fee
Administration AgreementAdministration Agreement between the Company and OFS Services dated November 7, 2012
Affiliated AccountAn account, other than the Company, managed by OFS Advisor or an affiliate of OFS Advisor
Affiliated Fund
Certain other funds, including other BDCs and registered investment companies managed by OFS Advisor or by registered investment advisers controlling, controlled by, or under common control with, OFS Advisor
ASCAccounting Standards Codification, as issued by the FASB
BDCBusiness Development Company under the 1940 Act
BLABusiness Loan Agreement, as amended, with Pacific Western Bank, as lender, which provides the Company with a senior secured revolving credit facility
BNP FacilityA secured revolving credit facility, as amended, that provides for borrowings in an aggregate principal amount up to $150,000,000 issued pursuant to a Revolving Credit and Security Agreement, as amended, by and among OFSCC-FS, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, OFSCC-FS Holdings, LLC, a wholly owned subsidiary of the Company, as equityholder, the Company, as servicer, Citibank, N.A., as collateral agent and Virtus Group, LP, as collateral administrator
BoardThe Company’s board of directors
CLOCollateralized loan obligation
CodeInternal Revenue Code of 1986, as amended
CompanyOFS Capital Corporation and its consolidated subsidiaries
DRIPDividend reinvestment plan
EBITDAEarnings before interest, taxes, depreciation and amortization
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
GAAPAccounting principles generally accepted in the United States
HPCIHancock Park Corporate Income, Inc., a Maryland corporation and non-traded BDC, for which OFS Advisor serves as investment adviser
ICTIInvestment company taxable income, which is generally net ordinary income plus net short-term capital gains in excess of net long-term capital losses
Indicative PricesMarket quotations, prices from pricing services or bids from brokers or dealers
Investment Advisory AgreementInvestment Advisory and Management Agreement between the Company and OFS Advisor dated November 7, 2012
LIBORLondon Interbank Offered Rate
NAVNet asset value. NAV is calculated as consolidated total assets less consolidated total liabilities and can be expressed in the aggregate or on a per share basis
Net Loan FeesThe cumulative amount of fees, such as origination fees, discounts, premiums and amendment fees that are deferred and recognized as income over the life of the loan
OCCIOFS Credit Company, Inc., a Delaware corporation and a non-diversified, closed-end management investment company, for which OFS Advisor serves as investment adviser
OFS AdvisorOFS Capital Management, LLC, a wholly owned subsidiary of OFSAM and registered investment advisor under the Investment Advisers Act of 1940, as amended, focusing primarily on investments in middle market loans and broadly syndicated loans, debt and equity positions in CLOs and other structured credit investments
OFS ServicesOFS Capital Services, LLC, a wholly owned subsidiary of OFSAM and affiliate of OFS Advisor



TermExplanation or Definition
OFSAMOrchard First Source Asset Management, LLC, a subsidiary of OFSAM Holdings and a full-service provider of capital and leveraged finance solutions to U.S. corporations
OFSAM HoldingsOrchard First Source Asset Management Holdings, LLC, a holding company consisting of asset management businesses, including OFS Advisor, a registered investment adviser focusing primarily on investments in middle market loans and broadly syndicated loans, debt and equity positions in CLOs and other structured credit investments, and OFS CLO Management, LLC and OFS CLO II Management, LLC, each a registered investment adviser focusing primarily on investments in broadly syndicated loans
OFSCC-FSOFSCC-FS, LLC, an indirect wholly owned subsidiary of the Company
OFSCC-FS AssetsAssets held by the Company through OFSCC-FS
OFSCC-MBOFSCC-MB, Inc., a wholly owned subsidiary taxed under subchapter C of the Code that generally holds the equity investments of the Company that are taxed as pass-through entities
OIDOriginal issue discount
OrderAn exemptive relief order from the SEC to permit us to co-invest in portfolio companies with Affiliated Funds in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions
ParentOFS Capital Corporation
PIKPayment-in-kind, non-cash interest or dividends payable as an addition to the loan or equity security producing the income
Portfolio Company InvestmentA debt or equity investment in a portfolio company. Portfolio Company Investments exclude Structured Finance Securities
Prime RateUnited States Prime interest rate
PWB Credit FacilityA senior secured revolving credit facility, as amended, with Pacific Western Bank, as lender, that provides for borrowings to the Company in an aggregate principal amount up to $25,000,000
RICRegulated investment company under the Code
SBAUnited States Small Business Administration
SBICA fund licensed under the SBA Small Business Investment Company Program
SBIC I LPOFS SBIC I, LP, a wholly owned SBIC subsidiary of the Company
SBIC I GPOFS SBIC I GP, LLC
SECUnited States Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
SOFRSecured Overnight Financing Rate
Stock Repurchase ProgramThe open market stock repurchase program for shares of the Company’s common stock under Rule 10b-18 of the Exchange Act
Structured Finance SecuritiesCLO mezzanine debt, CLO subordinated notes and CLO loan accumulation facility positions
Unsecured NotesThe Unsecured Notes Due February 2026 and the Unsecured Notes Due October 2028
Unsecured Notes Due February 2026    The Company’s $125.0 million aggregate principal amount of 4.75% notes due February 10, 2026
Unsecured Notes Due October 2028The Company’s $55.0 million aggregate principal amount of 4.95% notes due October 31, 2028



Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “would”, “should”, “targets”, “projects” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
our ability and experience operating a BDC or an SBIC, or maintaining our tax treatment as a RIC under Subchapter M of the Code;
our dependence on key personnel;
our ability to maintain or develop referral relationships;
our ability to replicate historical results;
the ability of OFS Advisor to identify, invest in and monitor companies that meet our investment criteria;
the belief that the carrying amounts of our financial instruments, such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such instruments and that such financial instruments are held with high credit quality institutions to mitigate the risk of loss due to credit risk;
actual and potential conflicts of interest with OFS Advisor and other affiliates of OFSAM Holdings;
the constraint on investments due to access to material nonpublic information;
restrictions on our ability to enter into transactions with our affiliates;
the impact of interest and inflation rates on our business prospects and the prospects of our portfolio companies;
our ability to comply with SBA regulations and requirements;
the use of borrowed money to finance a portion of our investments;
our ability to incur additional leverage pursuant to Section 61(a)(2) of the 1940 Act and the impact of such leverage on our net investment income and results of operations;
competition for investment opportunities;
our plans to focus on providing first lien senior secured loans to larger borrowers and the impact of these plans on our risk profile, including our belief that the seniority of such loans in a borrower's capital structure may provide greater downside protection against adverse economic changes, including those caused by the impacts of the ongoing war between Russia and Ukraine, rising interest and elevated inflation rates, the risk of recession and related market volatility;
the percentage of investments that will bear interest on a floating rate or fixed rate basis;
interest rate volatility, including the transition from LIBOR to SOFR and/or other alternative reference rate(s);
plans by SBIC I LP to repay its outstanding SBA debentures;
our ability to raise debt or equity capital as a BDC;
the success of our current borrowings, follow-on equity offerings and issuances of senior securities or future borrowings to fund the growth of our investment portfolio;
the timing, form and amount of any distributions from our portfolio companies;
the impact of a protracted decline in the liquidity of credit markets on our business;
the general economy and its impact on the industries in which we invest;
the impact of current political, economic and industry conditions, including changes in the interest rate environment, inflation, significant market volatility, instability in the U.S. and international banking systems, ongoing supply chain and labor market disruptions, resource shortages and other conditions affecting the financial and capital markets on our business, financial condition, results of operations and the fair value of our portfolio investments;
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the impact of the ongoing war between Russia and Ukraine and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;
our ability to consummate credit facilities in the future on commercially reasonable terms, if at all;
the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;
the belief that we have sufficient levels of liquidity to support our existing portfolio companies and deploy capital in new investment opportunities;
the belief that long-dated financing affords us operational flexibility;
the belief that our portfolio is well positioned and will continue to produce strong results and perform well in the current interest rate environment;
the belief that our cash balances are not exposed to any significant credit risk as a result of the recent banking failures;
the fluctuation of the fair value of our investments due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value; and
the effect of new or modified laws or regulations governing our operations.
    Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include, among others, those described or identified in “Part I — Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed on March 3, 2023, and “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, filed on May 5, 2023. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q.
    We have based the forward-looking statements on information available to us on the date of this Quarterly Report on Form 10-Q. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The forward-looking statements and projections contained in this Quarterly Report on Form 10-Q are excluded from the safe harbor protection provided by Section 21E of the Exchange Act.
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PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
OFS Capital Corporation and Subsidiaries
Consolidated Statements of Assets and Liabilities
(Dollar amounts in thousands, except per share data)
June 30,
2023
December 31,
2022
(unaudited)
Assets
Investments, at fair value:
Non-control/non-affiliate investments (amortized cost of $448,102 and $446,620, respectively)
$398,520 $402,771 
Affiliate investments (amortized cost of $18,582 and $18,100, respectively)
96,059 96,701 
Control investment (amortized cost of $0 and $10,160, respectively)
 1,104 
Total investments, at fair value (amortized cost of $466,684 and $474,880, respectively)
494,579 500,576 
Cash6,829 14,937 
Interest receivable2,322 2,202 
Prepaid expenses and other assets2,176 3,002 
Total assets$505,906 $520,717 
Liabilities
Revolving lines of credit$101,600 $104,700 
SBA debentures (net of deferred debt issuance costs of $115 and $223, respectively)
45,805 50,697 
Unsecured Notes (net of deferred debt issuance costs of $3,157 and $3,647, respectively)
176,843 176,353 
Interest payable3,928 3,947 
Payable to adviser and affiliates (Note 3)3,732 3,909 
Accrued professional fees344 444 
Other liabilities232 244 
Total liabilities332,484 340,294 
Commitments and contingencies (Note 6)
Net assets
Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively
$ $ 
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,398,078 and 13,398,078 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively
134 134 
Paid-in capital in excess of par184,841 184,841 
Total distributable earnings (losses)(11,553)(4,552)
Total net assets173,422 180,423 
Total liabilities and net assets$505,906 $520,717 
Number of shares outstanding13,398,078 13,398,078 
Net asset value per share$12.94 $13.47 

See Notes to Consolidated Financial Statements (unaudited).
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OFS Capital Corporation and Subsidiaries
Consolidated Statements of Operations (unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Investment income
Interest income:
Non-control/non-affiliate investments
$14,101 $10,345 $27,494 $20,047 
Control investment
   141 
Total interest income
14,101 10,345 27,494 20,188 
Dividend income:
Non-control/non-affiliate investments
6  8 713 
Affiliate investments
328 5 1,111 5 
Control investment
   45 
Total dividend income
334 5 1,119 763 
Fee income:
Non-control/non-affiliate investments
91 82 196 421 
Control investment
   6 
Total fee income
91 82 196 427 
Total investment income
14,526 10,432 28,809 21,378 
Expenses
Interest expense5,011 3,943 9,885 7,567 
Management fee1,883 2,056 3,777 4,076 
Income Incentive Fee1,280  2,518  
Capital Gains Fee (2,988) (1,916)
Professional fees429 352 865 759 
Administration fee440 423 922 874 
Other expenses360 398 769 765 
Total expenses9,403 4,184 18,736 12,125 
     Net investment income
5,123 6,248 10,073 9,253 
Net realized and unrealized gain (loss) on investments
Net realized gain (loss) on non-control/non-affiliate investments108 (190)275 (203)
Net realized gain (loss) on control investments(10,516) (10,516)278 
Income tax expense on net realized investment gains  (171)(48)
Net unrealized depreciation on non-control/non-affiliate investments(3,537)(22,158)(5,733)(26,942)
Net unrealized appreciation (depreciation) on affiliate investments(3,461)7,241 (1,123)19,033 
Net unrealized appreciation (depreciation) on control investment10,160  9,056 (1,684)
Deferred tax expense (benefit) on net unrealized appreciation (depreciation)159 35  (6)
Net loss on investments(7,087)(15,072)(8,212)(9,572)
Loss on extinguishment of debt  (19)(144)
Net increase (decrease) in net assets resulting from operations$(1,964)$(8,824)$1,842 $(463)
Net investment income per common share – basic and diluted
$0.38 $0.47 $0.75 $0.69 
Net increase (decrease) in net assets resulting from operations per common share – basic and diluted$(0.15)$(0.66)$0.13 $(0.03)
Distributions declared per common share$0.33 $0.29 $0.66 $0.57 
Basic and diluted weighted average shares outstanding