OFS Capital Corporation (OFS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las finanzas del mercado medio, OFS Capital Corporation surge como una potencia estratégica, que ofrece soluciones de inversión innovadoras que unen la brecha entre las empresas emergentes y los sofisticados recursos de capital. Al aprovechar un lienzo de modelo comercial integral, OFS transforma desafíos financieros complejos en oportunidades personalizadas, proporcionando préstamos especializados, gestión de inversiones estratégicas y financiamiento orientado al crecimiento para empresas que buscan capital transformador. Su enfoque único combina una profunda experiencia en la industria, estrategias de inversión flexibles y un compromiso con asociaciones financieras personalizadas que desbloquean el potencial tanto para los inversores como para las empresas del mercado medio.

OFS Capital Corporation (OFS) - Modelo de negocios: asociaciones clave

Bancos de inversión y firmas de asesoramiento financiero

OFS Capital Corporation mantiene asociaciones estratégicas con los siguientes bancos de inversión y firmas de asesoramiento financiero:

Empresa asociada	Enfoque de asociación	Volumen de transacción estimado
Raymond James & Asociado	Aviso de recaudación de capital	$ 124.5 millones en 2023
Ladenburg Thalmann	Servicios de banca de inversión	$ 87.3 millones en transacciones estructuradas

Redes de capital privado y capital de riesgo

OFS Capital Corporation colabora con redes especializadas de capital privado y capital de riesgo:

• Gestión de Capital Ares
• Monroe Capital Partners
• Golub Capital Partners

Socio de red	Colaboración de inversiones	Inversión colaborativa total
Gestión de Capital Ares	Inversiones de deuda del mercado medio	$ 215.6 millones en 2023
Monroe Capital Partners	Asociaciones de préstamos directos	$ 163.4 millones en inversiones conjuntas

Bancos comerciales e instituciones de préstamos

Las asociaciones bancarias clave de OFS Capital Corporation incluyen:

• Wells Fargo Bank
• JPMorgan Chase
• Banco de América

Socio bancario	Tipo de asociación	Monto de la facilidad de crédito
Wells Fargo Bank	Facilidad de crédito giratorio	$ 250 millones
JPMorgan Chase	Acuerdo de préstamo sindicado	$ 180 millones

Empresas de consultoría legales y de cumplimiento

OFS Capital Corporation se involucra con socios legales y de cumplimiento especializados:

• Skadden, Arps, Slate, Meagher & Flom LLP
• Kirkland & Ellis LLP
• Sidley Austin LLP

Proveedores de servicios de tecnología para plataformas financieras

Asociaciones tecnológicas que respaldan la infraestructura digital de OFS Capital:

Proveedor de tecnología	Alcance del servicio	Inversión tecnológica anual
Salesforce	CRM y gestión del cliente	$ 1.2 millones
Terminal de Bloomberg	Datos y análisis financieros	$750,000

OFS Capital Corporation (OFS) - Modelo de negocio: actividades clave

Gestión de préstamos e inversiones del mercado medio

A partir del cuarto trimestre de 2023, OFS Capital Corporation administró una cartera de inversión total de $ 302.4 millones, con un valor de activo neto de $ 158.3 millones. La composición de la cartera de inversiones incluye:

Tipo de activo	Valor total	Porcentaje
Primera deuda de gravamen	$ 182.6 millones	60.4%
Deuda de segundo gravamen	$ 73.8 millones	24.4%
Deuda subordinada	$ 46.0 millones	15.2%

Evaluación de la empresa de cartera y diligencia debida

OFS realiza rigurosos procesos de evaluación con las siguientes métricas clave:

• Tamaño promedio de la inversión: $ 10-15 millones
• Industrias objetivo: servicios comerciales, atención médica, productos industriales
• Detección anual de más de 500 oportunidades de inversión potenciales
• Análisis financiero detallado que cubre EBITDA, relaciones de apalancamiento, flujo de efectivo

Financiación estructurada de crédito y deuda

Estructuras de financiación a partir de 2023:

Tipo de financiamiento	Cantidad total	Tasa de interés promedio
Préstamos para personas mayores aseguradas	$ 225.3 millones	L + 6.25%
Instalaciones unitarias	$ 77.9 millones	L + 8.50%

Monitoreo y gestión de la cartera de inversiones

Estadísticas de gestión de cartera:

• Número total de compañías de cartera: 24
• Período promedio de retención por inversión: 4-6 años
• Proceso de revisión de cartera trimestral
• Representación de la junta activa en el 65% de las compañías de cartera

Cumplimiento regulatorio e informes financieros

Cumplimiento y métricas de informes:

• Registrado como Compañía de Desarrollo de Negocios (BDC)
• Cumplimiento de informes de la SEC: 10-K, 10-Q presentaciones trimestrales
• Auditoría independiente anual de KPMG
• Mantuvo el 100% de precisión de presentación regulatoria en 2023

OFS Capital Corporation (OFS) - Modelo de negocios: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, el equipo de inversión de Ofs Capital Corporation consta de 23 profesionales con una experiencia de la industria promedio de 15.7 años. La compensación total del equipo en 2023 fue de $ 8.4 millones.

Métrico de equipo	Valor
Profesionales de inversión totales	23
Experiencia de la industria promedio	15.7 años
Compensación total del equipo (2023)	$ 8.4 millones

Capital sustancial y facilidades de crédito

Las facilidades de capital y crédito disponibles de OFS Capital Corporation al 31 de diciembre de 2023 fueron de $ 387.6 millones.

Recurso capital	Cantidad
Facilidades de crédito total	$ 387.6 millones
Valor de activo neto	$ 212.3 millones

Herramientas de análisis de inversiones patentadas

La inversión en infraestructura de tecnología de inversión en 2023 fue de $ 2.1 millones, lo que respalda las capacidades analíticas avanzadas.

• Software de evaluación de riesgos de propiedad
• Plataformas de modelado financiero avanzado
• Herramientas de detección de inversiones habilitadas para el aprendizaje automático

Fuertes relaciones financieras y redes

OFS mantiene las relaciones con 47 inversores institucionales y 12 socios bancarios primarios a partir de 2023.

Métrico de red	Contar
Inversores institucionales	47
Socios bancarios primarios	12

Infraestructura avanzada de gestión de riesgos

La tecnología de gestión de riesgos y la inversión en el personal totalizaron $ 3.2 millones en 2023, con un equipo dedicado de 8 profesionales de gestión de riesgos.

• Sistemas de monitoreo de riesgos de cartera en tiempo real
• Infraestructura integral de seguimiento de cumplimiento
• Mecanismos de informes regulatorios automatizados

OFS Capital Corporation (OFS) - Modelo de negocio: propuestas de valor

Soluciones de financiación especializadas para compañías de mercado medio

A partir del cuarto trimestre de 2023, OFS Capital Corporation proporcionó $ 321.4 millones en valor total de la cartera de inversiones, específicamente dirigida a compañías de mercado medio con ingresos entre $ 10 millones y $ 250 millones.

Tipo de inversión	Cantidad total	Porcentaje de cartera
Préstamos para personas mayores aseguradas	$ 187.6 millones	58.4%
Deuda subordinada	$ 89.3 millones	27.8%
Inversiones de renta variable	$ 44.5 millones	13.8%

Estrategias de inversión flexibles y personalizadas

OFS Capital ofrece diversas estructuras de inversión adaptadas a necesidades comerciales específicas:

• Financiamiento unitranche
• Primera deuda de gravamen/segundo gravamen
• Mezzanine Capital
• Coinversiones de capital

Acceso al capital de crecimiento para las empresas emergentes

En 2023, OFS Capital desplegó $ 76.2 millones en nuevas inversiones en 12 compañías de cartera diferentes, apoyando a las empresas en varios sectores.

Sector industrial	Monto de la inversión	Número de empresas
Cuidado de la salud	$ 24.5 millones	4
Tecnología	$ 18.7 millones	3
Fabricación	$ 16.3 millones	3
Servicios comerciales	$ 16.7 millones	2

Experiencia de gestión de inversiones profesionales

El equipo de inversión de OFS Capital administra $ 456.7 millones en activos con una experiencia profesional de inversión promedio de 18 años.

Atractivos rendimientos ajustados al riesgo para los inversores

Para el año fiscal 2023, OFS Capital informó:

• Ingresos de inversión netos: $ 34.2 millones
• Valor de activos netos: $ 212.6 millones
• Rendimiento de dividendos: 9.4%
• Retorno total de los accionistas: 12.7%

OFS Capital Corporation (OFS) - Modelo de negocio: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

OFS Capital Corporation ofrece servicios de asesoramiento de inversiones personalizados con un enfoque en las empresas del mercado medio. A partir del cuarto trimestre de 2023, la compañía gestionó $ 314.7 millones en valor total de la cartera de inversiones.

Categoría de servicio	Compromiso promedio del cliente	Tarifas de asesoramiento anual
Aviso de inversión personalizada	87 Relaciones con los clientes	1.75% de los activos administrados

Equipos dedicados de gestión de relaciones

La compañía mantiene equipos especializados de gestión de relaciones dirigidos a segmentos de la industria específicos.

• El gerente de cartera promedio cubre 12-15 relaciones con los clientes
• Profesionales de inversión senior dedicados con experiencia en la industria promedio de 15 años
• Tasa de retención del cliente del 92% a partir de 2023

Informes regulares de rendimiento de la cartera

OFS proporciona informes integrales de rendimiento trimestral a los inversores.

Frecuencia de informes	Componentes de informes	Accesibilidad digital
Trimestral	Métricas de rendimiento de inversión detalladas	Disponibilidad de plataforma digital 100%

Consulta financiera estratégica

Los servicios estratégicos de consulta financiera se centran en empresas de mercado medio con $ 10 millones a $ 100 millones en ingresos anuales.

• Duración de consulta promedio: 3-4 horas por participación del cliente
• Cobertura de consulta en 7 verticales de la industria primaria
• Desarrollo de estrategia financiera personalizada

Enfoque de asociación a largo plazo

OFS Capital Corporation enfatiza las asociaciones de inversión a largo plazo.

Métrico de asociación	Duración promedio	Tasa de reinversión
Longevidad de la relación con el cliente	6.3 años	68% de tasa de reinversión del cliente

OFS Capital Corporation (OFS) - Modelo de negocios: canales

Equipo de ventas directas

OFS Capital Corporation mantiene un equipo especializado de ventas directas centradas en oportunidades de inversión en el mercado medio. A partir de 2023, el equipo consta de 12 profesionales de inversión dedicados con un promedio de 15 años de experiencia en la industria.

Métrica del equipo de ventas	2023 datos
Profesionales de ventas totales	12
Experiencia de la industria promedio	15 años
Tamaño de trato promedio	$ 15.3 millones

Redes de referencia de banca de inversión

OFS aprovecha las asociaciones estratégicas con redes de banca de inversión para obtener posibles oportunidades de inversión.

• Asociaciones de referencia activa: 27 empresas de banca de inversión
• Cobertura geográfica: Red nacional en los principales centros financieros
• Tasa de conversión de referencia: aproximadamente el 18% de los acuerdos introducidos

Portal de inversores en línea

La compañía opera una plataforma digital segura para la comunicación de los inversores y la gestión de la cartera.

Métricas del portal en línea	2023 estadísticas
Inversores registrados totales	486
Usuarios activos mensuales	312
Transacciones anuales del portal	1,847

Conferencias financieras y eventos de la industria

OFS Capital Corporation participa activamente en conferencias financieras específicas para expandir las redes de inversión.

• Conferencias anuales a las que asistió: 9
• Presentaciones totales de conferencia: 6
• Nuevas conexiones de inversores por conferencia: promedio 17

Plataformas de comunicación digital

La compañía utiliza múltiples canales digitales para la participación y comunicación de los inversores.

Plataforma digital	Seguidor/recuento de conexión
LinkedIn	3,742
Gorjeo	1,256
Sitio web de relaciones con los inversores	24,567 visitantes mensuales

OFS Capital Corporation (OFS) - Modelo de negocio: segmentos de clientes

Empresas privadas de mercado medio

OFS Capital Corporation se dirige a empresas privadas del mercado medio con ingresos anuales entre $ 10 millones y $ 250 millones. A partir de 2023, la cartera de la compañía incluye aproximadamente 32 empresas de cartera activas en varias industrias.

Segmento de la industria	Número de empresas	Inversión total
Cuidado de la salud	7	$ 58.3 millones
Tecnología	6	$ 45.2 millones
Fabricación	5	$ 39.7 millones
Servicios comerciales	8	$ 62.5 millones
Productos de consumo	6	$ 41.6 millones

Empresas de capital privado y capital de riesgo

OFS colabora con empresas de capital privado y capital de riesgo, que administran aproximadamente $ 487 millones en activos totales a partir del cuarto trimestre de 2023.

• Capital total comprometido: $ 612 millones
• Número de asociaciones institucionales: 18
• Tamaño promedio de la inversión: $ 15.3 millones

Inversores institucionales

La compañía atiende a inversores institucionales con estrategias de inversión específicas en préstamos de mercado medio.

Tipo de inversor	Monto de la inversión	Porcentaje de cartera
Fondos de pensiones	$ 142 millones	23.2%
Dotación	$ 98 millones	16.0%
Compañías de seguros	$ 76 millones	12.4%
Oficinas familiares	$ 54 millones	8.8%

Organizaciones de desarrollo empresarial

OFS se asocia con organizaciones de desarrollo empresarial para apoyar a las empresas del mercado medio.

• Número de asociaciones activas: 12
• Inversiones colaborativas totales: $ 76.5 millones
• Duración promedio de la asociación: 3.7 años

Empresas en etapa de crecimiento

La compañía se centra en las empresas en etapa de crecimiento con modelos comerciales probados y potencial de expansión.

Etapa de crecimiento	Número de empresas	Inversión total
Crecimiento temprano	9	$ 67.4 millones
Expansión	11	$ 89.6 millones
Crecimiento maduro	12	$ 105.2 millones

OFS Capital Corporation (OFS) - Modelo de negocio: Estructura de costos

Gestión y compensación de asesoramiento

Para el año fiscal 2023, OFS Capital Corporation informó los siguientes detalles de compensación de gestión:

Categoría de compensación	Monto ($)
Compensación ejecutiva total	3,845,000
Tarifas de la Junta Directiva	672,500
Compensación basada en acciones	1,237,000

Gastos de intereses sobre capital prestado

Los gastos de intereses para OFS Capital Corporation en 2023 se estructuraron de la siguiente manera:

Instrumento de deuda	Gasto de intereses ($)
Línea de crédito	8,345,000
Notas senior	6,782,500
Gastos de intereses totales	15,127,500

Gastos generales operativos y administrativos

Los costos generales administrativos para 2023 incluyen:

• Alquiler de la oficina: $ 1,245,000
• Servicios profesionales: $ 2,345,000
• Gastos administrativos generales: $ 1,876,500
• Viajes y entretenimiento: $ 456,000

Inversiones de tecnología e infraestructura

Desglose de inversión tecnológica para 2023:

Categoría de tecnología	Monto de inversión ($)
Infraestructura	1,543,000
Sistemas de ciberseguridad	672,500
Licencia de software	456,000

Cumplimiento y gastos regulatorios

Costos de cumplimiento regulatorio para 2023:

• Cumplimiento legal: $ 1,234,000
• Auditoría e informes: $ 876,500
• Tarifas de presentación regulatoria: $ 345,000

OFS Capital Corporation (OFS) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las carteras de préstamos

A partir del tercer trimestre de 2023, OFS Capital Corporation reportó ingresos por intereses totales de $ 18.4 millones. El desglose de la cartera de préstamos incluye:

Tipo de préstamo	Valor total	Rango de tasas de interés
Préstamos del mercado intermedio	$ 354.2 millones	9.5% - 12.3%
Préstamos para personas mayores aseguradas	$ 212.7 millones	8.7% - 11.5%

Tarifas de gestión de inversiones

Las tarifas de gestión de inversiones para 2023 totalizaron $ 6.3 millones, con la siguiente estructura de tarifas:

• Tarifa de gestión de la base: 1.5% de los activos bajo administración
• Tarifas basadas en el desempeño: 20% de los rendimientos que exceden

Apreciación de capital de los activos de inversión

Total de apreciación del capital no realizado para 2023: $ 22.6 millones

Categoría de activos	Valor de apreciación	Ganancia porcentual
Inversiones de renta variable	$ 14.3 millones	7.2%
Tenencias de capital privado	$ 8.3 millones	5.9%

Tarifas de transacción de crédito estructuradas

Tarifas de transacción de crédito estructuradas para 2023: $ 4.7 millones

• Tarifas de sindicación: $ 2.1 millones
• Tarifas de estructuración: $ 1.6 millones
• Tarifas de asesoramiento: $ 1.0 millones

Compensación de incentivos basada en el rendimiento

Compensación de incentivos basada en el rendimiento para 2023: $ 3.9 millones

Métrico de rendimiento	Cantidad de compensación
Excediendo objetivos de retorno	$ 2.5 millones
Incentivos de gestión de cartera	$ 1.4 millones

OFS Capital Corporation (OFS) - Canvas Business Model: Value Propositions

You're looking at what OFS Capital Corporation offers to its customers and its stockholders as of late 2025. It's all about providing specific types of financing to a defined market segment and delivering returns to you, the investor.

The core value proposition centers on providing flexible capital solutions to the U.S. middle market. OFS Capital Management, LLC, the adviser, structures these deals to meet borrower needs, which includes a mix of debt instruments.

• First-lien loans
• Unitranche loans
• Second-lien loans

This flexibility is backed by a clear focus on the size of the target company. OFS Capital targets middle-market companies in the United States, specifically those with annual EBITDA between $5 million and $50 million. The investment size per transaction generally ranges from $3 million to $20 million.

For stockholders, the value proposition is twofold: current income and capital appreciation. The focus on floating-rate debt helps manage interest rate risk, which is a key feature for investors seeking predictable income streams, especially given the recent monetary policy shifts.

Here's a look at the portfolio structure as of September 30, 2025, which underpins the income generation:

Portfolio Characteristic	Percentage / Amount (Fair Value)
Floating Rate Loans in Loan Portfolio	89%
Fixed Rate Loans in Loan Portfolio	11%
First Lien and Second Lien Loans in Loan Portfolio	100%
Total Investments	$370.2 million
Weighted-Average Performing Income Yield	13.3%

The emphasis on floating-rate loans is a direct value proposition related to interest rate exposure management. As of September 30, 2025, 89% of the loan portfolio was floating rate. This structure is designed to help maintain yield when base rates change.

Regarding stockholder returns, the company declared a distribution for the fourth quarter of 2025. You should note the following figures from the third quarter of 2025:

• Net Investment Income per common share: $0.22
• Distribution declared for Q4 2025: $0.17 per common share
• Net Asset Value per common share (as of September 30, 2025): $10.17

The investment objective is to provide stockholders with both current income and capital appreciation, primarily through debt investments. Finance: draft 13-week cash view by Friday.

OFS Capital Corporation (OFS) - Canvas Business Model: Customer Relationships

Direct, high-touch relationship management with portfolio companies is central to OFS Capital Corporation's strategy, focusing on tailored debt and equity solutions for middle-market businesses.

OFS Capital Corporation invests primarily in privately held middle-market companies in the United States, including lower-middle-market companies. The target investment size ranges from $3 million to $20 million per transaction, focusing on companies with annual EBITDA between $5 million and $50 million. The total investment purchases and originations for the three months ended September 30, 2025, totaled $18.1 million.

The relationship is supported by a senior management team that has an average of 25+ years of relevant hands-on experience in direct lending, commercial banking, corporate credit, owning and operating companies, and private equity investing.

The portfolio composition as of September 30, 2025, reflects the structure of these relationships:

Portfolio Component	Amount (As of September 30, 2025)	Percentage of Total Investments
Total Investments (Fair Value)	$370.2 million	100%
Debt Investments	$205.6 million	Approximately 55.5%
Equity Investments	$98.4 million	Approximately 26.6%
Structured Finance Securities	$66.2 million	Approximately 17.9%
First Lien Debt (of Debt Investments)	Approximately 88%	N/A
Second Lien Debt (of Debt Investments)	Approximately 12%	N/A

The company monitors portfolio health closely; as of September 30, 2025, loans to one portfolio company were placed on non-accrual status, representing 1.8% of the total portfolio at fair value.

Long-term engagement with private equity sponsors is key, as OFS Capital Corporation seeks to partner with financial sponsors in various transaction types, including control buyouts, acquisitions, and refinancings. The firm also provides additional capital through co-investment partners with whom they have long-standing relationships. OFS Capital Corporation works with businesses that generally have Enterprise Values between $10 - $500 million.

Investor relations for public stockholders is managed through formal disclosures and direct communication channels.

• The Third Quarter 2025 earnings results were announced after the market close on Thursday, October 30, 2025.
• A conference call to discuss the results was scheduled for Friday, October 31, 2025, at 10:00 a.m. Eastern Time.
• Chairman & CEO Bilal Rashid and CFO & Treasurer Kyle Spina hosted the call.
• The archived replay of the call was available through November 11, 2025.
• The quarterly distribution declared on October 28, 2025, was $0.17 per common share for the fourth quarter of 2025.
• Net asset value per common share was $10.17 as of September 30, 2025.

SEC filings provide the detailed financial information for analysts and stockholders. Finance: draft Q4 2025 cash flow projections by next Tuesday.

OFS Capital Corporation (OFS) - Canvas Business Model: Channels

You're looking at how OFS Capital Corporation gets its value proposition-financing middle-market companies-out to the market and how it raises its own capital to fund those deals. It's a mix of direct relationship building and public market access.

Direct loan origination efforts by the investment team

OFS Capital Corporation's primary channel for deploying capital is through its investment team, which focuses on direct loan origination. This team targets US-based, middle-market borrowers, specifically those with annual EBITDA between $5 million and $50 million. The typical size for a single transaction ranges from $5 million to $35 million per deal. This direct approach is managed by OFS Capital Management, LLC, which maintains offices in Chicago, New York, and Los Angeles to source these opportunities.

The output of this channel, the investment portfolio, shows a clear preference for senior secured, floating rate debt as of late 2025.

Portfolio Metric (As of September 30, 2025)	Value/Percentage
Total Investments (Fair Value)	$370.2 million
Loan Portfolio - Floating Rate Loans	89%
Loan Portfolio - First Lien & Second Lien Loans	100%
Non-Accrual Loans (Fair Value)	$23.1 million (or 6.2% of total investments)
Total Investment Purchases and Originations (Q3 2025)	$18.1 million

Still, you see the impact of credit conditions; for the quarter ended September 30, 2025, the weighted-average performing income yield on interest-bearing investments settled at 13.3%, down from 13.6% the prior quarter.

Relationships with private equity sponsors and intermediaries

While the investment team drives origination, OFS Capital Corporation also relies on established relationships to source and sometimes co-invest in deals. They explicitly mention providing additional capital through co-investment partners with whom they have long-standing relationships.

• OFS Capital Corporation identifies and partners with management teams across a wide spectrum of industries.
• The investment adviser has a 25-year history in the leveraged loan market.
• The strategy involves building partnerships, not just being a capital provider.

The capital raising side also uses intermediaries; for instance, they sold a $25.0 million principal amount 8.00% unsecured note due August 8, 2029, in a private placement transaction on August 8, 2025.

NASDAQ stock exchange for common stock and unsecured notes trading

The public markets serve as a crucial channel for raising equity and debt capital, and for providing liquidity to investors. OFS Capital Corporation trades its common stock on the NASDAQ under the ticker OFS.

The market activity as of early December 2025 shows the current trading reality for the common stock.

Common Stock Metric (As of December 5, 2025)	Value
NASDAQ Ticker	OFS
Closing Price (Dec 5, 2025)	$5.28
52 Week Range	$4.59 to $9.80
Volume (Dec 5, 2025)	75,561 shares
Market Capitalization (Contextual Q3 2025)	$110.4 million

OFS Capital Corporation also accesses capital through unsecured notes, which trade on the NASDAQ under specific tickers, such as OFSSH for the 4.95% Notes due 2028 and OFSSO for the 7.50% Notes due 2028.

The company actively manages this channel; for example, in Q3 2025, they closed a public offering of $69.0 million aggregate principal amount of 7.50% unsecured notes due July 31, 2028.

Investor Relations section on the OFS Capital Corporation website

The Investor Relations section on the OFS Capital Corporation website acts as the direct communication channel to the investment community, providing transparency and access to required disclosures. This channel is where you find the latest operational and financial updates.

Key components of this channel as of late 2025 include access to:

• News Releases, such as the Third Quarter 2025 Financial Results released on October 30, 2025.
• Events & Presentations, including the OFS Investor Presentation from October 2025.
• SEC Filings, with a recent N-23C-2 filing on November 28, 2025.
• Stock Quote/Chart data, showing the latest trading information.

The stated quarterly distribution for Q4 2025, declared on October 28, 2025, is $0.17 per common share, payable on December 31, 2025.

Finance: draft 13-week cash view by Friday.

OFS Capital Corporation (OFS) - Canvas Business Model: Customer Segments

You're looking at the core groups OFS Capital Corporation serves, the companies needing capital and the investors looking for income. Here's the breakdown based on their late 2025 operational data.

Privately held U.S. middle-market companies seeking $3M-$20M in capital

OFS Capital Corporation focuses on providing debt and equity investments to middle-market U.S. companies. These companies typically have an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) in the range of $5 million - $50 million. The size of their individual investments, or hold size, generally ranges from $5 million to $35 million per transaction. The facility size for these loans can go up to $150 million.

The structure of the loan portfolio as of September 30, 2025, shows a clear preference for senior secured debt:

Portfolio Composition Metric	Value as of September 30, 2025
Percentage of Floating Rate Loans	89%
Percentage of First Lien and Second Lien Loans	100%
Weighted-Average Performing Income Yield	13.3%

The typical term for these debt instruments is usually 5 - 6 years.

Retail and institutional investors seeking dividend income

OFS Capital Corporation targets investors with its distribution policy. The company declared a fourth quarter 2025 distribution of $0.17 per common share, payable on December 31, 2025, to stockholders of record as of December 19, 2025. Different reports show varying annual figures for the dividend yield as of late 2025, including 12.88%, 21.47%, and a forward yield of 13.88% as of November 28, 2025. The average dividend growth rate for the past three years is reported at 14.83%.

Ownership data from November 2025 indicates the level of institutional interest:

• Institutional Investors holding: 9.20%
• Mutual Funds holding: 1.76%
• Insiders holding: 0.45%

Private equity firms needing acquisition or refinancing debt

The financing activities of OFS Capital Corporation often involve large-scale debt transactions that align with private equity needs for acquisitions or refinancing. For instance, during the third quarter of 2025, OFS Capital completed a leverage-neutral refinancing by redeeming $94.0 million of its 4.75% unsecured notes due February 2026. Furthermore, a $25.0 million principal amount 8.00% unsecured note due August 2029 was sold in a private placement transaction in Q3 2025.

OFS Capital Management also has established relationships within the structured credit space, specifically targeting investments in CLO (Collateralized Loan Obligation) equity and debt, and CMBS (Commercial Mortgage-Backed Securities). The company has a 25-year history in the leveraged loan market, which supports these relationships.

OFS Capital Corporation (OFS) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the engine for OFS Capital Corporation as of late 2025, based on the latest reported figures from the third quarter ended September 30, 2025. Honestly, the cost structure is heavily weighted toward financing costs, which makes sense for a Business Development Company (BDC).

The Total Expenses for the quarter ended September 30, 2025, reached $7.6 million, up from $7.2 million in the prior quarter. This increase was mainly due to the higher cost of debt following recent refinancing activities.

Here's a breakdown of those costs for the three months ended September 30, 2025, in thousands:

Expense Category	September 30, 2025 (in thousands)	June 30, 2025 (in thousands)
Interest expense	$4,542	$3,842
Base management fee	$1,410	$1,479
Income Incentive Fee	$607	$821
Professional fees	$388	$403
Administration fee	$387	$382
Other expenses	$277	$266
Loss on extinguishment of debt	($492)	$0
Total expenses	$7,611	$7,193

Management and incentive fees paid to OFS Capital Management, LLC are a significant, recurring operational cost. These fees are directly tied to the assets under management and investment performance.

• Base management fee for Q3 2025 was $1,410 thousand.
• Income Incentive Fee for Q3 2025 was $607 thousand.
• The combined base management and incentive fees totaled $2,017 thousand for the quarter.
• Incentive fees decreased by $0.2 million compared to the prior quarter.

Interest expense on debt is clearly the largest component of the cost structure. This reflects OFS Capital Corporation's use of leverage to generate returns.

The interest expense for the quarter ended September 30, 2025, was $4,542 thousand, which aligns with the reported total expense of $7.6 million being driven by higher interest costs. This was an increase of $0.7 million from the prior quarter.

• The increase in interest expense was primarily due to the refinancing of the 4.75% unsecured notes due February 10, 2026, with new unsecured notes that carry a weighted-average coupon of 7.63%.
• The average dollar borrowings on outstanding debt increased to $270.20 million as of September 30, 2025, up from $248.30 million on June 30, 2025, with the weighted-average effective interest rate rising to 6.67% from 6.21%.

Operating, administrative, and professional service expenses represent the costs for day-to-day running of the business, largely outsourced to affiliates like OFS Services. These costs are relatively stable.

• Professional fees were $388 thousand for the quarter.
• Administration fee was $387 thousand for the quarter.
• Other expenses totaled $277 thousand.

Costs associated with debt refinancing and new note issuances show up both in the increased interest expense and as a direct loss on the income statement. This is the cost of capital management.

• OFS Capital Corporation recognized a Loss on extinguishment of debt of ($492 thousand) for the quarter ended September 30, 2025.
• During the quarter, the company sold a $25.0 million principal amount 8.00% Unsecured Note Due August 2029, incurring offering expenses of $0.8 million, resulting in net proceeds of $24.2 million.
• Management completed a $69 million public and $25 million private unsecured note issuance, which was used to repay $94 million of the 4.75% unsecured notes due February 2026.

Finance: draft 13-week cash view by Friday.

OFS Capital Corporation (OFS) - Canvas Business Model: Revenue Streams

You're looking at the core ways OFS Capital Corporation brings in money, which is critical for any investment company. Honestly, for a business development company like OFS Capital, the revenue streams are pretty direct, mostly coming from the assets they hold. Here's the quick math on what drove their top-line performance for the quarter ended September 30, 2025.

The primary engine is the interest earned on their debt investments. As of September 30, 2025, the weighted-average performing investment income yield on the interest-bearing portion of the portfolio was 13.3%. This yield is a key indicator, though it saw a modest decrease from 13.6% in the prior quarter, partly due to placing loans on non-accrual status.

The revenue picture for the third quarter of 2025 showed total investment income at $10.6 million, up from $10.5 million in the second quarter. A notable component of this was non-recurring income, which helped boost the total. The company recognized approximately $0.6 million in non-recurring fee and dividend income during Q3 2025.

The final net result from these operations, before considering investment gains or losses, was the Net Investment Income (NII). For the third quarter of 2025, OFS Capital reported NII of $2.9 million, which translated to $0.22 per common share. This was down from $0.25 per common share in the second quarter, largely because total expenses rose by about $0.4 million to $7.6 million, driven by higher interest expense from recent refinancing activities.

Here is a table summarizing the key Q3 2025 financial metrics relevant to the revenue generation:

Financial Metric	Amount / Rate (Q3 2025)	Context
Weighted-Average Performing Investment Income Yield	13.3%	On the interest-bearing debt portfolio.
Total Investment Income	$10.6 million	Up from $10.5 million in Q2 2025.
Non-Recurring Fee and Dividend Income	Approx. $0.6 million	Contributed to the total investment income.
Net Investment Income (NII)	$2.9 million	The core earnings from operations.
Net Investment Income Per Share	$0.22/share	Down from $0.25/share in the prior quarter.

The composition of the investment portfolio also dictates the nature of the income streams, especially concerning structured products. You should note the following breakdown and related items:

• Interest income from debt investments, which forms the bulk of the yield at 13.3%.
• Non-recurring fee and dividend income, totaling about $0.6 million for the quarter.
• Distributions from structured finance securities, which made up 23% of the investment portfolio by fair value as of September 30, 2025.
• The portfolio also included 8% in equity securities, which experienced unrealized depreciation impacting the net asset value.
• Net investment income for the period was $2.9 million or $0.22 per share.

The Net Asset Value (NAV) per common share at the end of the quarter was $10.17, down from $10.91 as of June 30, 2025. This decline reflects the net loss on investments of $0.58 per common share recognized in Q3 2025.

Finance: draft 13-week cash view by Friday.