OFS Credit Company, Inc. (OCCI): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine behind OFS Credit Company, Inc. (OCCI)'s high-income profile, and honestly, it's a specialized play: they are built around actively managing a portfolio of Collateralized Loan Obligation (CLO) debt and equity, a niche asset class. As a seasoned analyst, I can tell you this structure is what drove their annual dividend yield past 28% in late 2025, supported by interest income and CLO equity waterfall payments, all while using leverage like the $115.9 million in term preferred stock outstanding. To see the full architecture-from their key partnership with OFS Capital Management, LLC to their cost structure-dive into the nine building blocks of the OFS Credit Company, Inc. (OCCI) Business Model Canvas detailed below.

OFS Credit Company, Inc. (OCCI) - Canvas Business Model: Key Partnerships

You're mapping out the structure of OFS Credit Company, Inc. (OCCI) as of late 2025, and the partnerships are critical to how they run their investment strategy. These relationships aren't just names on a page; they represent the operational backbone and funding access for their CLO equity and debt investments.

The reliance on external expertise and financing is clear. For instance, the investment advisor, OFS Capital Management, LLC, manages a substantial pool of assets, which gives you a sense of the scale they operate within. Also, the ability to tap equity markets, even through an At-the-Market (ATM) program, requires agents to execute those sales effectively.

Here's a look at the key players supporting OFS Credit Company, Inc.'s operations as of late 2025:

Partner Type	Entity/Role	Key Financial/Statistical Data (as of late 2025)
External Investment Advisor	OFS Capital Management, LLC	$4.1 billion in Assets Under Management (AUM) as of June 30, 2025
Placement Agents (Equity)	Facilitate At-the-Market (ATM) Equity Offerings	Aggregate offering capacity up to $200.0 million of common stock
Financing Counterparty	Nomura Securities International	Counterparty for a Master Repurchase Agreement up to $25 million, dated November 4, 2025
Capital Raised via ATM (Historical Context)	Shares sold since January 2020	17,824,813 shares sold for approximately $149.0 million in net proceeds
Back-Office/Safekeeping	Custodians and Administrators	Essential services provided; no specific financial data available

The relationship with OFS Capital Management, LLC is central; they and their affiliates managed that $4.1 billion AUM as of mid-2025. To support operations and capital structure, OFS Credit Company, Inc. also manages its preferred stock issuance, with $115.9 million of term preferred stock outstanding as of October 31, 2025.

The ATM program capacity of $200.0 million shows a standing facility to raise capital, though the historical proceeds since 2020 total around $149.0 million. This highlights the ongoing need for placement agents to access public equity markets when needed.

The financing side is supported by specific agreements, like the one with Nomura Securities International. That Master Repurchase Agreement is sized at $25 million. This type of secured financing is key for a fund focused on CLO securities.

You should also note the current valuation context, as it impacts the perceived value of the equity raised through these partnerships:

• Estimated Net Asset Value (NAV) per common share at October 31, 2025: between $5.41 and $5.51.
• Estimated Net Investment Income (NII) per common share for the quarter ended October 31, 2025: between $0.20 and $0.24.
• Monthly common stock cash distribution rate declared: $0.115 per share.

These partners help OFS Credit Company, Inc. manage its investments and maintain its capital structure. Finance: draft the quarterly expense report detailing advisor fees based on the $4.1 billion AUM figure by next Tuesday.

OFS Credit Company, Inc. (OCCI) - Canvas Business Model: Key Activities

You're looking at the core engine of OFS Credit Company, Inc. (OCCI) right now, focusing on the actions that drive their income and capital structure as of late 2025. It's all about managing a complex portfolio of structured credit.

Active management of Collateralized Loan Obligation (CLO) equity and debt portfolio.

The primary activity is managing the CLO book. As of December 3, 2025, the Total Investment Exposure stood at $261.652M. You should note that as of July 31, 2025, the total fair value of the investment portfolio was $279.4 million, which represented 83.7% of its amortized cost. The focus is heavily weighted; as of July 31, 2025, CLO equity made up almost 92% of the total portfolio. For the fiscal quarter ended July 31, 2025, the interest income yield on this portfolio, based on average amortized cost, was 14.38%. The CLO equity cash flow yield for that same period was 17.48% based on amortized cost. Also, OFS Credit Company, Inc. entered a $25 million CLO repurchase facility with Nomura, which is a key operational move for liquidity management.

Here are some portfolio metrics from the end of the third quarter of fiscal year 2025:

Metric	Value (as of July 31, 2025)	Value (as of December 3, 2025)
Total Fair Value of Investment Portfolio	$279.4 million	N/A
Total Investment Exposure	N/A	$261.652M
Net Assets	N/A	$148.142M
Interest Income Yield (Portfolio)	14.38%	N/A
CLO Equity Cash Flow Yield	17.48%	N/A

Sourcing and underwriting structured credit investments.

This is how they put capital to work. During the fiscal quarter ended July 31, 2025, OFS Credit Company, Inc. saw net investment deployment-that's purchases net of sales and repayments-of $27.6 million. The new investments made during that quarter carried a weighted-average effective yield of 19.05% at the end of the period. This deployment activity helped push the Net Investment Income (NII) up by 17.0% compared to the prior quarter, reaching $6.1 million for the quarter ended July 31, 2025.

Capital raising through common and preferred stock offerings.

OFS Credit Company, Inc. actively manages its capital base. During the third fiscal quarter of 2025 (ended July 31, 2025), they raised approximately $10.0 million of additional capital through their At-the-Market common stock offering program. Looking at the longer history of that program, from January 24, 2020, to November 14, 2025, the company sold 17,824,813 shares, generating net proceeds of approximately $149.0 million. On the preferred side, on April 1, 2025, they issued 1,000,000 shares of Series G Term Preferred Stock in a private placement, raising about $24,250,000 in net proceeds. As of October 31, 2025, the total amount of term preferred stock outstanding was $115.9 million. The company has several preferred stock series outstanding, including Series E (OCCIN) and Series G (OCCIM).

You can see the recent capital activity here:

• Net proceeds from At-the-Market common stock sales (Jan 2020 - Nov 14, 2025): $149.0 million.
• Shares sold under At-the-Market offering (Jan 2020 - Nov 14, 2025): 17,824,813 shares.
• Net proceeds from Series G Preferred Stock private placement (April 1, 2025): Approx. $24,250,000.
• Term preferred stock outstanding (as of October 31, 2025): $115.9 million.

Distributing monthly cash dividends to shareholders.

Distributing cash to common shareholders is a core, regular activity. OFS Credit Company, Inc. declared a monthly cash distribution of $0.115 per share of common stock for November 2025, December 2025, and January 2026. This translates to an annual dividend of $1.38 per share. The reported dividend yield as of late 2025 hovers around 27.17% to 27.44%, depending on the source data used. Still, for the quarter ended July 31, 2025, the quarterly NII was $0.22 per common share, while total distributions paid during that quarter were $0.345 per common share. The Dividend Reinvestment Plan (DRIP) offers shares at a 5% discount to the market price on the valuation date.

The monthly distribution schedule for late 2025/early 2026 confirms the consistency:

• Monthly Cash Distribution Per Share: $0.115.
• December 2025 Record Date: December 12, 2025.
• December 2025 Payment Date: December 31, 2025.
• Estimated Annual Dividend: $1.38.

OFS Credit Company, Inc. (OCCI) - Canvas Business Model: Key Resources

You're building out the Key Resources section for OFS Credit Company, Inc. (OCCI), and honestly, for a Business Development Company (BDC) like this, the resources are almost entirely financial and human capital. The firm's ability to generate income hinges directly on the size and quality of its assets and the team managing them.

The core resource is the investment portfolio itself, which is the engine for interest income. As of the end of the third fiscal quarter, July 31, 2025, the total fair value of the investment portfolio stood at $279.4 million. This portfolio is heavily weighted toward Collateralized Loan Obligation (CLO) equity and debt securities, which is their chosen asset class. The interest income yield on this portfolio was reported at 14.38% based on average amortized cost for that quarter.

The team managing these complex assets is a critical, non-physical resource. OFS Capital Management, LLC, the external investment adviser, brings deep experience, including experience as both a CLO equity investor and a CLO manager with deep knowledge of underlying senior secured corporate loans. As of June 30, 2025, the broader OFS group managed approximately $4.1 billion in assets. The CEO, Bilal Rashid, highlighted the deployment of $41.2 million into new investments during the third quarter, which carried a weighted-average effective yield of 19.05% at period end.

Access to capital, or leverage, is another non-negotiable key resource for a BDC. This allows OFS Credit Company, Inc. (OCCI) to amplify returns on its equity base. A significant component of this leverage structure is the outstanding term preferred stock. Preliminary estimates for the quarter ended October 31, 2025, showed $115.9 million of term preferred stock outstanding. Furthermore, the company maintains access to capital markets, evidenced by its public listing and its At-the-Market offering program, which had generated approximately $149.0 million in net proceeds from inception through November 14, 2025.

The public listing itself is a key resource, providing ongoing access to equity capital and establishing a public valuation benchmark. OFS Credit Company, Inc. trades on The Nasdaq Capital Market under the ticker symbol OCCI. This status supports capital raising efforts, such as the issuance of 1,000,000 shares of Series G Term Preferred Stock in April 2025, which raised approximately $24.25 million in net proceeds.

Here's a quick look at the key financial metrics underpinning these resources as of late 2025:

Resource Metric	Value as of Late 2025	Date/Context
Investment Portfolio Fair Value	$279.4 million	July 31, 2025
Term Preferred Stock Outstanding	$115.9 million	October 31, 2025
Assets Under Management (OFS Group)	$4.1 billion	June 30, 2025
Public Trading Venue	The Nasdaq Capital Market	Ongoing

The investment team's ability to source and manage assets that yield over 14% is what makes the capital structure work. Still, you have to watch the NAV erosion; the NAV per common share was $6.13 at July 31, 2025.

The operational structure supporting these resources includes:

• Investment adviser: OFS Capital Management, LLC.
• Primary investment focus: CLO equity and debt securities.
• Recent capital deployment yield: 19.05% weighted-average effective yield.
• Recent common stock issuance proceeds: $10.0 million net proceeds in Q3 2025.

OFS Credit Company, Inc. (OCCI) - Canvas Business Model: Value Propositions

You're looking at OFS Credit Company, Inc. (OCCI) for its income profile, and the numbers from late 2025 definitely stand out. The core value here is the high cash distribution potential derived from specialized credit assets.

High Current Income is the primary draw. For you, this translates to a stated annual dividend of $1.38 per share, which, based on recent trading data, was yielding approximately 28.51% in late 2025. That kind of yield is what gets attention in this market segment. The company pays this out monthly, which helps with consistent cash flow planning.

Next up is Specialized Access. OFS Credit Company, Inc. gives you direct exposure to asset classes that aren't easily accessible to the average investor. They primarily invest in Collateralized Loan Obligation (CLO) equity and debt securities. To give you a concrete idea of that focus as of early 2025, their portfolio was heavily weighted:

• CLO Equity investments: 86.9% of investments.
• CLO Debt investments: 9.8% of investments.

This focus on the CLO structure is key to their income generation strategy. It's a hard-to-access asset class, so that specialized management skill is part of what you are paying for.

The secondary objective, Potential for Capital Appreciation, is important to remember, even if income is the main goal. The company explicitly states this as a secondary objective alongside income generation. While the focus is on current income, the structure of their underlying assets-floating rate instruments-offers some upside potential depending on the interest rate environment.

Finally, you get Liquidity. Shares are defintely liquid, trading on a major public exchange. You can transact easily because OFS Credit Company, Inc. trades on the NASDAQ exchange under the ticker OCCI. This public listing provides a level of transparency and exit optionality you don't get with private credit funds.

Here is a quick snapshot of some of the key financial metrics underpinning these propositions as of late 2025:

Metric	Value
Annual Dividend Per Share	$1.38 USD
Approximate Dividend Yield (Late 2025)	28.51%
Exchange Listing	NASDAQ
Latest Declared Monthly Dividend Amount	$0.115 USD
Estimated NAV Per Share (October 31, 2025)	$5.41 to $5.51 USD
Estimated NII Per Share (Q4 Fiscal 2025)	$0.20 to $0.24 USD

The value proposition is built on delivering high, regular cash distributions from a niche, senior-level credit investment strategy, all while maintaining the convenience of a publicly traded security. Finance: draft 13-week cash view by Friday.

OFS Credit Company, Inc. (OCCI) - Canvas Business Model: Customer Relationships

You're looking at how OFS Credit Company, Inc. (OCCI) interacts with the people who own its stock. For a publicly traded investment company like OCCI, the primary customer relationship is purely financial and market-driven.

Transactional relationships are the most common way investors engage with OFS Credit Company, Inc. This involves the direct purchase and sale of common stock, NASDAQ: OCCI, on the public exchange. For instance, the share price as of December 1, 2025, was reported at $4.88 per share, a significant drop from the $7.28 per share seen on December 2, 2024.

The relationship has an Automated component through the Dividend Reinvestment Plan (DRIP). This plan allows common stockholders to automatically reinvest distributions into additional shares. The key benefit here is the built-in incentive: participants receive a 5% discount to the market price per share on the valuation date fixed by the Board for each distribution. This means shares are purchased at 95% of the market price for enrolled holders.

The structure of ownership shows the reliance on public market transactions:

Ownership Category	Common Stock Held	Percentage of Shares Outstanding	Market Value (Approx.)
Public Companies & Retail Investors	26.42M shares	95.34%	$132.39M
Other Institutional Investors	877.34K shares	3.17%	$4.40M
Mutual Funds & ETFs	414.25K shares	1.49%	$2.08M
Total Reported Shares	27.72M shares	100.00%	$138.86M

This table uses data reported as of a recent period, showing the dominance of the public/retail segment.

Investor Relations focuses on maintaining transparency with this broad base of transactional customers. OFS Credit Company, Inc. provides regular updates, often on a monthly or quarterly cadence. For example, preliminary estimates for the Fourth Fiscal Quarter 2025 were announced on November 17, 2025, with the next definitive earnings report expected on December 10, 2025.

Key financial metrics shared to inform these relationships include:

• Net Investment Income (NII) for the quarter ended July 31, 2025: $6.1 million.
• Core Net Investment Income (Core NII) for the quarter ended July 31, 2025: $8.5 million.
• Estimated Net Asset Value (NAV) per share for Q4 2025 preliminary estimates: between $5.41 and $5.51.
• Total institutional owners filing required forms as of late 2025: 28.

The company actively communicates these figures, such as providing the September 2025 Net Asset Value Update on October 15, 2025.

Finance: review the Q4 2025 final earnings release draft for clarity on NAV reconciliation by next Tuesday.

OFS Credit Company, Inc. (OCCI) - Canvas Business Model: Channels

You're mapping out how OFS Credit Company, Inc. (OCCI) gets its securities in front of investors. It's all about the public markets and direct capital raises for a Business Development Company like this one.

NASDAQ Capital Market: Primary trading venue for common and preferred stock

OFS Credit Company, Inc. common stock trades on the NASDAQ Capital Market under the symbol OCCI. The preferred stocks use symbols like OCCIN, OCCIO, and OCCIM. You can see the daily activity right there on the exchange.

Metric	Value (as of early Dec 2025)	Date Reference
Closing Price (Dec 5, 2025)	$5.07	Dec 5, 2025
Volume (Dec 5, 2025)	153,304 shares	Dec 5, 2025
52 Week High	$7.58	Late 2025
52 Week Low	$4.31	Late 2025
Market Capitalization	$58,547,210	Late 2025

The Dividend Reinvestment Plan (DRIP) is a key feature here, offering common stockholders the chance to receive shares at a 5% discount to the market price on the valuation date for each distribution. Common stockholders interested in the DRIP should contact their broker or financial intermediary.

Brokerage Platforms: Access point for retail and institutional investors to buy shares

OFS Credit Company, Inc. Stock can be purchased through just about any brokerage firm. This includes the standard online brokerage services that most retail investors use.

Direct Offerings: At-the-Market (ATM) programs via placement agents

OFS Credit Company, Inc. maintains an at-the-market equity program. The aggregate offering capacity for common stock under the Equity Distribution Agreement is confirmed up to $200.0 million.

Since January 2020, the company has sold 17,824,813 shares under this program. This resulted in approximately $149.0 million in net proceeds after deducting commissions and fees. The weighted average price for those sales since January 2020 was $8.45 per share.

Corporate Website: Investor relations and SEC filings

The corporate website serves as the hub for official disclosures and investor data. You'll find the latest SEC filings there, such as the Form 424B3 filed on November 17, 2025, and the POS EX filing related to the Master Repurchase Agreement on November 4, 2025.

Management provides preliminary financial estimates through press releases accessible via the Investor Relations section. For the fiscal quarter ended October 31, 2025, the estimated range for Net Asset Value (NAV) per share was $5.41-$5.51. The estimated Net Investment Income (NII) per share for that same period was between $0.20 and $0.24.

The company also reports its outstanding preferred stock balance; as of October 31, 2025, term preferred stock outstanding stood at $115.9 million. Furthermore, monthly common stock cash distributions were declared at $0.115 per share for November and December 2025, and January 2026.

The Investor Relations section lists the following key data points:

• Common Stock Symbol: OCCI
• Preferred Stock Symbols: OCCIN, OCCIO, OCCIM
• Latest common stock distribution: $0.115 per share

Finance: draft Q1 2026 capital raise projection by next Tuesday.

OFS Credit Company, Inc. (OCCI) - Canvas Business Model: Customer Segments

You're looking at the investors who fund OFS Credit Company, Inc. (OCCI) so it can execute its strategy of investing in CLO equity and debt securities. These groups aren't monolithic; they have very different reasons for putting capital to work with OFS Credit Company, Inc.

Income-Focused Retail Investors

This segment is primarily chasing the current income OFS Credit Company, Inc. is structured to deliver. They are attracted by the high yield potential inherent in the Business Development Company (BDC) structure and the company's focus on generating current income. For the common stockholders, the declared monthly cash distribution was set at $0.115 per share for November and December 2025 and January 2026. This consistent payout schedule is key for investors prioritizing regular cash flow. The company's revenue growth over the last twelve months was reported at 23.38%, which supports the income stream they seek. Honestly, the dividend yield, which was reported as a remarkable 29.65% based on recent distribution rates and estimated NAV, is the main draw here. It's a simple trade-off for them.

• Seeking high dividend yield for portfolio income.
• Attracted by monthly common stock distributions.
• Dividend Reinvestment Plan (DRIP) offers a 5% discount.
• Focus on current income over capital appreciation.

Institutional Investors

These are the sophisticated players-investment advisors, ETF managers, and other funds-who need structured credit exposure within their mandates. They look closely at the Net Asset Value (NAV) and the quality of the underlying collateralized loan obligation (CLO) assets. As of the preliminary estimates for the quarter ended October 31, 2025, the estimated NAV per share ranged between $5.41 and $5.51. Institutional interest is gauged by 13F filings; for instance, as of August 13, 2025, Virtus Investment Advisers LLC held 350,238 shares. They are looking for the expertise of OFS Capital Management, LLC, which manages the portfolio. Anyway, they are using OFS Credit Company, Inc. to gain exposure to middle-market corporate debt that might be hard to access directly.

Here's a quick look at some of the institutional positions reported in mid-2025:

Major Shareholder Name	Shares Held (Latest Report)	Reporting Date	Ownership in Company (%)
Virtus Investment Advisers LLC	350,238	8/13/2025	2.224%
Jane Street Group LLC	42,153	8/14/2025	0.268%
Graypoint LLC	168,540	5/2/2025	1.070%

Preferred Stock Holders

This group is looking for fixed-rate income from the various term preferred stock tranches OFS Credit Company, Inc. issues, such as the 7.875% Series F Term Preferred Stock (OCCIM) or the 6.125% Series C Term Preferred Stock (OCCIO). These investors prioritize the stability of the stated distribution rate over the variable common stock dividend. As of October 31, 2025, the total amount of term preferred stock outstanding was $115.9 million. For the Series C preferred stock, data from June 30, 2025, showed at least one institutional holder holding 1,400 total shares. To be fair, these holders are essentially lending capital to the company under specific terms, making them a distinct funding source from common equity investors.

• Seeking fixed-rate income from preferred securities.
• Holders of Series C, F, and other term preferred stock.
• Total term preferred stock outstanding: $115.9 million (as of 10/31/2025).
• Less sensitive to daily NAV fluctuations than common holders.

Finance: draft 13-week cash view by Friday.

OFS Credit Company, Inc. (OCCI) - Canvas Business Model: Cost Structure

When you're looking at the Cost Structure for OFS Credit Company, Inc. (OCCI) as of late 2025, you're essentially looking at the drag on returns before they hit the common shareholder. Since OCCI is externally managed, the advisory and operational costs are significant, and they are largely tied to the asset base.

Here's the quick math on the key annualized expense components based on the data available as of October 31, 2025. Remember, these are percentages of assets, which gives you a direct read on the cost efficiency relative to scale.

Expense Category	Annualized Rate as % of Assets (as of 10/31/2025)
Management Fees	2.80%
Interest Expense (Cost of Leverage)	3.29%
Other Expenses (Operating)	6.11%
Total Explicit Expenses (Excluding Distribution Costs)	12.20%

The cost of leverage, which is the 3.29% Interest Expense, is a direct function of the capital structure, specifically the preferred stock outstanding. As of October 31, 2025, OFS Credit Company, Inc. had $115.9 million of term preferred stock outstanding. That debt component is a major driver of the overall cost base.

The management fee is fixed at 2.80% of assets under management, which is typical for this structure where the advisor, OFS Capital Management, LLC, is compensated based on the size of the portfolio they manage. This fee is a key component of the total expense ratio.

You'll want to keep an eye on the 'Other Expenses' line, which totaled 6.11% of assets as of the end of the fiscal year 2025. This category rolls up all the day-to-day operational costs that aren't the direct interest on leverage or the advisory fee itself. It's a substantial chunk of the total cost.

The final piece of the puzzle, Distribution Costs, relates to getting new equity capital into the fund. This isn't a recurring operating expense like the others, but it's a real cost when the company raises capital through equity offerings.

These costs are paid to placement agents for equity offerings, which is how OFS Credit Company, Inc. grows its asset base to deploy into CLO investments. You see this in action when they issue shares, like the net proceeds of $16.2 million raised in the quarter ending April 30, 2025, after deducting commissions and fees.

To summarize the major cost buckets you need to track:

• Management Fees: Annualized expense ratio of 2.80% of assets under management.
• Interest Expense: Cost of leverage, reported at 3.29% of assets as of October 2025.
• Operating Expenses: Other expenses totaling 6.11% of assets.
• Distribution Costs: Fees paid to placement agents for equity offerings.

What this estimate hides, honestly, is the variability. If interest rates shift significantly after October 2025, that 3.29% interest expense will change, directly impacting the net return profile. Finance: draft 13-week cash view by Friday.

OFS Credit Company, Inc. (OCCI) - Canvas Business Model: Revenue Streams

You're looking at the core engine of how OFS Credit Company, Inc. (OCCI) brings in money, which is heavily weighted toward credit investments rather than traditional sales. Honestly, for a BDC like OCCI, the revenue streams are pretty straightforward, but the underlying assets-CLOs-make the numbers swing.

The primary revenue drivers for OFS Credit Company, Inc. (OCCI) are centered on the income generated from its investment portfolio, which focuses on Collateralized Loan Obligation (CLO) debt and equity securities.

• - Interest Income: Overwhelmingly driven by CLO debt and equity securities.
• - CLO Equity Waterfall Payments: Recurring cash distributions from CLO equity positions.
• - Annualized Revenue: Approximately $32.55 million for the 2025 fiscal year.
• - Capital Gains: Secondary stream from realized gains on investment sales.

To give you a clearer picture of the recent performance driving these streams, here are some hard numbers from the 2025 fiscal year reports available as of late 2025.

Metric	Value/Period	Source Context
Revenue (TTM)	$58.28M	Trailing Twelve Months as of December 3, 2025
Quarterly Revenue (Q3 2025)	$12.05 million	Fiscal quarter ended October 31, 2025 (Preliminary)
Interest Income (Q1 2025)	$10.1 million	Fiscal quarter ended January 31, 2025
Interest Income Yield (Q2 2025)	14.04%	Based on average amortized cost, quarter ended April 30, 2025
CLO Equity Waterfall Payments (Q2 2025)	$13.0 million	For the fiscal quarter ended April 30, 2025
CLO Equity Waterfall Adjustment (Q3 2025)	$0.09 per common share	Non-GAAP adjustment to Core NII for the quarter ended July 31, 2025

The interest income component is directly tied to the deployment of capital. For instance, during the fiscal quarter ended January 31, 2025, interest income was $10.1 million, up from $8.6 million the prior quarter, largely due to net investment deployment of $26.2 million.

The recurring cash distributions from CLO equity positions, often referred to as waterfall payments, are a key component of the Core Net Investment Income (Core NII). You saw these payments jump to $13.0 million for the quarter ending April 30, 2025, up from $10.9 million the quarter before. This shows the direct, recurring nature of that revenue stream.

Capital gains represent the secondary stream, which is less predictable. For the fiscal quarter ended July 31, 2025, the company reported a net realized loss on investments of ($0.07) per common share, illustrating that this stream can also be negative.

Here's a quick look at the quarterly income components for Q3 2025 (ended July 31, 2025):

• Net Investment Income (NII): $6.1 million, or $0.22 per common share.
• Core NII (NII adjusted for CLO equity cash flow timing): $8.5 million, or $0.31 per common share.
• Net Asset Value (NAV) per common share: $6.13 as of July 31, 2025.

The TTM revenue growth as of the preliminary report for the quarter ended October 31, 2025, was 23.38% over the preceding twelve months. Finance: draft 13-week cash view by Friday.