The following is a summary of the OFS Capital (OFS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• OFS Capital reported Q1 net investment income of $0.42 per share, a 20% rise from the previous quarter.

• Total investment income for Q1 was $14.2 million, primarily due to a non-recurring increase in dividend income.

• The net asset value declined to $11.08 per share, primarily due to unrealized depreciation in Pfanstiehl Holdings equity investment.

• The company paid off its remaining $31.9 million in SBIC debt in entirety.

• The outstanding debt, which matures in 2026 or later, is largely unsecured, making up 70% of it.

Business Progress:

• The company added one borrower to non-accrual status this quarter, representing about 2% of the portfolio at fair value.

• OFS Capital's strategy involves shying away from highly cyclical industries and focusing on higher positions in the capital structure.

• Despite the uncertain macroeconomic environment, the loan portfolio remains robust.

• Anticipating an increase in M&A activity, the company supports existing portfolio businesses and has committed to funding investments under various credit facilities.

• New investments were made during Q1, including a new middle market investment, bringing the total investment to $400.4 million across 74 issuers by the end of the quarter.

More details: OFS Capital IR

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