OFS Capital Corp
For the period ended Mar 31, 2026. Filed May 1, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 1, 2026
OFS$3.78+1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001487918-25-000108
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001487918-26-000054
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 164 previous paragraphs and 163 current paragraphs.
73 unchanged; 52 reworded; 33 added; 37 removed; 2 previous and 5 current paragraphs rearranged.
Tables are not compared: 16 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (33)
Current report
On April 17, 2026, OFS Advisor agreed to waive its base management fee for the quarter ended March 31, 2026 attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (other than cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. This waiver differs from prior periods where OFS Advisor had contractually agreed to reduce its base management fee for the entire year at the beginning of the year. As of March 31, 2026, there is no active ongoing fee waiver or reduction agreement in place with OFS Advisor for the remainder of 2026.
Current report
OFS Advisor is not entitled to recoup the amount of the base management fee waived or reduced with respect to the OFSCC-FS Assets. The fee waiver and reductions were provided at OFS Advisor’s discretion; there can be no assurance that similar fee waivers or reductions will be provided in future periods.
Current report
During the three months ended March 31, 2026, we sold a subordinated note investment for net proceeds of $2.6 million, resulting in a realized loss of $1.2 million, of which $0.9 million was recognized during the current quarter.
Current report
During the three months ended March 31, 2026, our first lien debt investment in Redstone HoldCo 2 LP (F/K/A RSA Security) underwent a restructuring through which our first lien debt investment was exchanged for a combination of new first lien debt investments in the portfolio company at a price equal to 63% of par. In connection with the transaction, we recognized a realized loss of $0.6 million on the debt restructure corresponding to the amount forgiven upon the exchange, of which $0.2 million was recognized in the current quarter. As of March 31, 2026, our new first lien debt investments had an aggregate amortized cost of and fair value of $1.1 million and $1.0 million, respectively.
Current report
For the three months ended March 31, 2026, interest income decreased by $1.3 million compared to the prior quarter, primarily due to a smaller average debt investment portfolio, at cost, the impact of lower SOFR rates driven by the U.S. Federal Reserve rate cuts, and a decrease in the effective yields on our Structured Finance Securities.
Current report
Interest expense for the three months ended March 31, 2026 decreased $0.4 million compared to the prior quarter, primarily due to a decrease of $24.5 million in our average outstanding debt balances compared to the prior quarter. During the quarter ended March 31, 2026, we fully repaid the remaining $16.0 million of Unsecured Notes Due February 2026 and reduced the aggregate outstanding balance of our revolving credit facilities by $2.0 million.
Current report
For the three months ended March 31, 2026, the base management fee waiver of $0.2 million was due to OFS Advisor agreeing to waive its base management fee attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (other than cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters.
Current report
Total expenses, net of the base management fee waiver, for the three months ended March 31, 2026 decreased $0.4 million compared to the corresponding period in the prior year.
Current report
Base management fees, net of the fee waiver, for the three months ended March 31, 2026 decreased $0.3 million compared to the corresponding period in the prior year, primarily due to a decrease in our total investment portfolio, at fair value.
Current report
For the three months ended March 31, 2026, we recognized a net loss on investments of $13.9 million due to a net realized loss of $11.3 million and net unrealized depreciation, net of taxes, of $2.6 million. For the quarter ended March 31, 2026, our net realized and unrealized loss on investments of $13.9 million was primarily attributable to $10.3 million of net realized and unrealized losses on our Structured Finance Securities.
Current report
For the three months ended March 31, 2025, we recognized a net loss on investments of $10.8 million, primarily comprised of aggregate net losses of $9.3 million on our debt and equity investments and $1.5 million on our Structured Finance Securities.
Current report
For the three months ended March 31, 2025, our net loss on debt investments of $8.1 million was primarily due to net unrealized depreciation of $7.3 million, of which $3.9 million related to non-accrual debt investments.
Current report
Three months ended March 31, 2026
Current report
On February 18, 2026, OFSCC-FS entered into the Natixis Facility, which provides for borrowings in an aggregate principal amount up to $80.0 million. See “Borrowings—Natixis Facility” for additional information.
Current report
On February 18, 2026, in connection with the closing of the Natixis Facility, OFSCC-FS repaid in full all outstanding obligations due, and terminated all commitments, under the BNP Facility. All liens securing the BNP Facility were released upon such repayment.
Current report
As of March 31, 2026, we had an unused commitment of $6.3 million under our Banc of California Credit Facility, as well as an unused commitment of $35.3 million under our Natixis Facility, both of which are subject to borrowing base requirements and other covenants.
Current report
As of March 31, 2026, we had unfunded commitments of $7.8 million to fund outstanding commitments to portfolio companies.
Current report
Net cash provided by operating activities
Current report
For the three months ended March 31, 2026, net cash from operating activities increased by $18.9 million compared to the three months ended March 31, 2025, primarily due to an increase of $19.0 million in net repayments and sales of portfolio investments, which were primarily used for the repayment of outstanding debt.
Current report
Net cash used in financing activities
Current report
For the three months ended March 31, 2026, net cash used in financing activities increased $17.0 million compared to the three months ended March 31, 2025, primarily due to the redemption of Unsecured Notes and net repayments on our revolving lines of credit, partially offset by a reduction in distributions paid to stockholders.
Current report
On January 9, 2026, we amended the Banc of California Credit Facility to extend the maturity date from February 28, 2026 to February 28, 2028.
Current report
On March 27, 2026, we amended the Banc of California Credit Facility to, among other things: (i) reduce the minimum tangible net asset value covenant from $100.0 million to $75.0 million; (ii) reduce the covenant requiring minimum quarterly net investment income after management/incentive fees from $2.0 million to $1.0 million for each of the quarters ending March 31, 2026, June 30, 2026 and September 30, 2026, after which the minimum quarterly net investment income after management/incentive fees covenant shall return to $2.0 million; and (iii) decrease our maximum commitment amount from $25.0 million to $15.0 million.
Current report
Redemption of Unsecured Notes
Current report
On January 8, 2026, we issued notices to the holders of the Unsecured Notes Due February 2026 regarding the exercise of our option to redeem on February 9, 2026 $16.0 million, which was equal to the remainder of the outstanding Unsecured Notes Due February 2026, plus accrued interest of $0.4 million.
Current report
Natixis Facility
Current report
On February 18, 2026, OFSCC-FS entered into the Natixis Facility, which provides for borrowings in an aggregate principal amount up to $80.0 million. Borrowings under the Natixis Facility bear interest at a rate based on SOFR plus a margin of 2.35%. The Natixis Facility also includes a fee of 0.40% on the unused amount of the facility, as well as an arranger fee of 0.20% on the total commitment amount of the facility. The reinvestment period during which OFSCC-FS is permitted to borrow terminates on February 18, 2029, and the facility is scheduled to mature on February 18, 2031.
Current report
As of March 31, 2026, the Natixis Facility had outstanding debt of $44.7 million, the unused commitment under the Natixis Facility was $35.3 million, subject to a borrowing base and other covenants, and the stated interest rate on the Natixis Facility was 6.05%.
Current report
Borrowings under the Natixis Facility are secured by substantially all of the assets held by OFSCC-FS, which were $114.7 million at March 31, 2026. Ouruse of cash and cash equivalents held by OFSCC-FS is limited by the terms and conditions of the Natixis Facility, including but not limited to, the payment of interest expense and principal on the outstanding borrowings. As of March 31, 2026 and December 31, 2025, OFSCC-FS had cash and cash equivalents of $2.6 million and $2.4 million, respectively.
Current report
On June 20, 2019, OFSCC-FS entered into the BNP Facility, which provided for borrowings in an aggregate principal amount up to $80.0 million during its reinvestment period. Borrowings under the BNP Facility bore interest at a variable rate of SOFR plus a variable margin (2.65% floor), which was determined on the basis of industry-recognized portfolio company metrics at the time of funding.
Current report
On February 18, 2026, in connection with the closing of the Natixis Facility, OFSCC-FS repaid in full all outstanding obligations due, and terminated all commitments, under the BNP Facility. All liens securing the BNP Facility were released upon such repayment.
Current report
The following table shows the scheduled maturities of the principal balances of our outstanding borrowings as of March 31, 2026 (in thousands):
Current report
Following the maturity extension of our Banc of California Credit Facility in January 2026, the final repayment of our 4.75% Unsecured Notes Due February 2026, and the execution of our Natixis Facility in February 2026, we do not have any debt maturities until February 2028.
Removed paragraphs (37)
Previous report
As of September 30, 2025, OFSCC-FS was not in compliance with certain provisions under the BNP Facility, specifically, the: (i) restriction on sales of collateral loans in circumstances where such sales would result in the failure of a coverage test; and (ii) related requirement to maintain the minimum over-collateralization ratio. On October 28, 2025, OFSCC-FS entered into a waiver agreement with the administrative agent and the required lenders, pursuant to which the events of default arising from these breaches were waived.
Previous report
During the nine months ended September 30, 2025, we decreased our exposure to Structured Finance Securities by selling certain securities for aggregate net proceeds of $12.0 million, resulting in an aggregate net realized loss of $6.9 million.
Previous report
During the three months ended September 30, 2025, we restructured our first lien debt investment in JP Intermediate B, LLC to, among other things, exchange our first lien debt investment for new first lien debt and common equity investments. The cost of the existing first lien debt investment was ascribed to the new investments received in the exchange, and no realized loss was recognized. As of September 30, 2025, these investments had an amortized cost of and fair value of $4.5 million and $1.5 million, respectively. On October 2, 2025 and in connection with the completion of the restructuring transaction, we also invested $0.3 million in a new first lien facility.
Previous report
For the three and nine months ended September 30, 2025, loans to BayMark Health Services, Inc. with an aggregate cost and fair value of $8.9 million and $6.8 million, respectively, were placed on non-accrual status.
Previous report
For the three months ended September 30, 2025, interest income decreased by $0.5 million compared to the prior quarter, primarily due to the placement of a portfolio company on non-accrual status during the quarter and the reversal of accrued and unpaid interest from the prior quarter.
Previous report
Comparison of the nine months ended September 30, 2025 and 2024
Previous report
Interest expense for the three months ended September 30, 2025 increased $0.7 million compared to the prior quarter, primarily due to refinancing a portion of our 4.75% Unsecured Notes Due February 2026 by issuing $94.0 million of new Unsecured Notes with a weighted-average coupon of 7.63% and using the proceeds from these issuances to redeem $94.0 million of our 4.75% Unsecured Notes Due February 2026. In addition, the timing delay between the issuance dates and redemption dates of the Unsecured Notes caused a one-time incurrence of $0.2 million in additional interest expense.
Previous report
Comparison of the nine months ended September 30, 2025 and 2024
Previous report
Interest expense for the nine months ended September 30, 2025 decreased $0.5 million compared to the corresponding period in the prior year, primarily due to a decrease in the average outstanding debt balance from $265.0 million during the corresponding period in the prior year to $255.8 million during the current year.
Previous report
Income Incentive Fees for the nine months ended September 30, 2025 decreased $1.4 million compared to the corresponding period in the prior year, primarily due to a decrease in net investment income return on net assets during the current year.
Previous report
For the three months ended September 30, 2025, we recognized a net loss on investments of $7.8 million, primarily due to net unrealized depreciation of $4.5 million on our common equity investment in Pfanstiehl Holdings, Inc. and a net loss of $4.2 million on our Structured Finance Securities, partially offset by a net gain of $3.2 million on our debt investments.
Previous report
For the three months ended June 30, 2025, we recognized a net loss on investments of $12.9 million, primarily due to net unrealized depreciation of $7.8 million on our common equity investment in Pfanstiehl Holdings, Inc. and net unrealized depreciation of $2.0 million on our debt investments, of which $1.7 million related to our non-accrual debt investments.
Previous report
Nine months ended September 30, 2025
Previous report
For the nine months ended September 30, 2025, we recognized a net loss on investments of $31.4 million, comprised of net unrealized depreciation of $20.0 million and net realized losses of $11.4 million. The net unrealized depreciation during the period was primarily due to depreciation of $10.8 million on our common equity investment in Pfanstiehl Holdings, Inc. and $4.0 million on our non-accrual debt investments. The net realized loss of $11.4 million during the period was primarily due to a net realized loss of $6.9 million on our Structured Finance Securities.
Previous report
Nine months ended September 30, 2024
Previous report
During the nine months ended September 30, 2024, our common equity investment in Pfanstiehl Holdings, Inc. experienced net unrealized appreciation of $2.7 million.
Previous report
As of September 30, 2025, we had an unused commitment of $25.0 million under our Banc of California Credit Facility, subject to the terms of the borrowing base and other covenants. The Banc of California Credit Facility is scheduled to mature on February 28, 2026. Our liquidity position could be significantly impacted if the maturity date of this facility is not extended.
Previous report
The reinvestment period of the BNP Facility expired on September 30, 2025, after which the ability to access the unused commitment of the facility terminated. If we are unable to enter into a new credit facility, our short-term liquidity will be constrained. The BNP Facility is scheduled to mature on June 20, 2027.
Previous report
As of September 30, 2025, we had unfunded commitments of $18.3 million to 11 portfolio companies.
Previous report
Cash from net investment income
Previous report
For the nine months ended September 30, 2025, cash from net investment income decreased by $1.9 million compared to the nine months ended September 30, 2024.
Previous report
During the nine months ended September 30, 2025, net repayments and sales of portfolio investments of $17.3 million were primarily due to $60.1 million of cash we received from principal repayments, sales on our portfolio investments and the proceeds from distributions received from Structured Finance Securities, net of accretion of interest income on Structured Finance Securities, partially offset by $42.8 million of cash we used to purchase portfolio investments. During the nine months ended September 30, 2024, net repayments and sales of portfolio investments of $33.1 million were primarily due to $79.2 million of cash we received from principal repayments, sales on our portfolio investments and the net proceeds from distributions received from Structured Finance Securities and accretion of interest income on Structured Finance Securities, partially offset by $46.1 million of cash we used to purchase portfolio investments. See “—Portfolio Composition and Investment Activity—Investment Activity.”
Previous report
SBA Debentures
Previous report
On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures totaling $31.9 million and, on April 17, 2024, surrendered its license to operate as a SBIC.
Previous report
Issuance and Redemption of Unsecured Notes
Previous report
On July 23, 2025, we closed the public offering of $69.0 million aggregate principal amount of our Unsecured Notes Due July 2028, which included $9.0 million of aggregate principal amount related to the underwriters’ option to cover overallotments. The net proceeds to us from the Unsecured Notes Due July 2028, after deducting underwriting fees of $1.4 million and offering expenses of $0.3 million, was $67.3 million. The Unsecured Notes Due July 2028 bear interest at a stated rate of 7.50% and will mature on July 31, 2028. We may redeem the Unsecured Notes Due July 2028 in whole or in part at any time, or from time to time, on or after July 31, 2026.
Previous report
On August 8, 2025, we entered into the Securities Purchase Agreement, pursuant to which we sold in a private placement a $25.0 million aggregate principal amount Unsecured Note Due August 2029. The net proceeds to us from the Unsecured Note Due August 2029, after deducting discounts and offering expenses of $0.8 million, was $24.2 million. The
Previous report
Unsecured Note Due August 2029 bears interest at a stated rate of 8.00% and will mature on August 8, 2029. We may redeem the Unsecured Note Due August 2029 in whole or in part at any time.
Previous report
In connection with, and using the proceeds from, the issuance of the Unsecured Notes Due July 2028 and Unsecured Note Due August 2029, on August 11, 2025 and August 21, 2025, we redeemed $94.0 million in aggregate principal amount of the Unsecured Notes Due February 2026, which resulted in a leverage-neutral refinancing. The Unsecured Notes Due February 2026 were redeemed at 100% of their principal amount, plus accrued interest and a make-whole premium payments. We recognized a loss on extinguishment of debt of $0.3 million related to the acceleration of unamortized deferred debt issuance costs and make-whole premium payments on the redeemed notes.
Previous report
On June 20, 2019, OFSCC-FS entered into the BNP Facility, which originally provided for borrowings in an aggregate principal amount up to $150.0 million and was later reduced to $80.0 million through its reinvestment period. On June 18, 2025, OFSCC-FS executed an amendment to the BNP Facility to extend the reinvestment period under the facility from June 20, 2025 to August 31, 2025. On August 25, 2025, OFSCC-FS executed an amendment to the BNP Facility to extend the reinvestment period under the facility from August 31, 2025 to September 30, 2025. The reinvestment period (and the ability to access the undrawn facility commitment and make additional investments) expired on September 30, 2025. In connection with the expiration of the reinvestment period, and effective September 30, 2025, we are no longer subject to an unused commitment fee on the facility.
Previous report
On August 20, 2025, OFSCC-FS elected, effective as of August 22, 2025, to reduce the maximum facility amount of the BNP Facility from $150.0 million to $80.0 million. The reduction was made pursuant to the terms of the BNP Facility, which permits OFSCC-FS to voluntarily reduce the unused amount of the facility upon notice to the administrative agent and other applicable parties.
Previous report
The BNP Facility is scheduled to mature on June 20, 2027. Borrowings under the BNP Facility bear interest based on SOFR for the relevant interest period, plus an applicable spread (subject to an effective floor of 2.65%). Borrowings under the BNP Facility are secured by substantially all of the assets held by OFSCC-FS. As of September 30, 2025, OFSCC-FS was not in compliance with certain provisions under the BNP Facility, specifically, the: (i) restriction on sales of collateral loans in circumstances where such sales would result in the failure of a coverage test; and (ii) related requirement to maintain the minimum over-collateralization ratio. On October 28, 2025, OFSCC-FS entered into a waiver agreement with the administrative agent and the required lenders, pursuant to which the events of default arising from these breaches were waived.
Previous report
As of September 30, 2025, the BNP Facility had outstanding debt of $59.2 million and an effective interest rate of 7.19%. As of September 30, 2025, the unused commitment under the BNP Facility was $0, following the expiration of the reinvestment period on September 30, 2025. After September 30, 2025, principal cash flows received from the underlying collateral will be used to amortize the BNP Facility principal balance until the facility is fully repaid.
Previous report
On a stand-alone basis, as of September 30, 2025 and December 31, 2024, OFSCC-FS held approximately $132.4 million and $151.0 million in total assets, respectively, which accounted for approximately 35% and 35% of our consolidated total assets, respectively.
Previous report
Effective September 30, 2025, the reinvestment period of the BNP Facility expired, after which the ability to access the unused commitment of the facility terminated. The BNP Facility is scheduled to mature on June 20, 2027. If we are unable to enter into a new credit facility, our short-term liquidity will be constrained.
Previous report
BNP Facility Waiver
Previous report
As of September 30, 2025, OFSCC-FS was not in compliance with certain provisions under the BNP Facility, specifically, the: (i) restriction on sales of collateral loans in circumstances where such sales would result in the failure of a coverage test; and (ii) related requirement to maintain the minimum over-collateralization ratio. On October 28, 2025, OFSCC-FS entered into a waiver agreement with the administrative agent and the required lenders, pursuant to which the events of default arising from these breaches were waived.
Reworded paragraphs (52)
Previous wording
Our NAV per common share decreased from $10.91 at June 30, 2025 to $10.17 at September 30, 2025, primarily due to a net loss on investments of $0.58 per common share and our quarterly distribution of $0.34 per common share exceeding our quarterly net investment income of $0.22 per common share.
Current wording
Our NAV per common share decreased from $9.19 at December 31, 2025 to $8.16 at March 31, 2026, due to a net loss on investments of $1.03 per common share, loss on extinguishment of debt of $0.01 per common share, partially offset by our quarterly net investment income of $0.18 per common share exceeding our quarterly distribution of $0.17 per common share.
Previous wording
For the quarter ended September 30, 2025, total investment income increased from $10.5 million in the prior quarter to $10.6 million, primarily due to non-recurring interest and dividend income. See “—Results of Operations” for additional information.
Current wording
For the quarter ended March 31, 2026, total investment income decreased from $9.4 million in the prior quarter to $8.9 million, primarily due to a decrease in interest income, partially offset by an increase in non-recurring dividend income. See “—Results of Operations” for additional information.
Previous wording
Our total outstanding debt decreased from $243.4 million at June 30, 2025 to $239.2 million at September 30, 2025. For the quarter ended September 30, 2025, our weighted-average debt interest costs increased to 6.67% compared to 6.21% for the quarter ended June 30, 2025. The increase in our weighted-average debt interest costs was primarily due to refinancing a portion of the 4.75% Unsecured Notes Due February 2026 by issuing $69.0 million of 7.50% Unsecured Notes Due July 2028 and a $25.0 million 8.00% Unsecured Note Due August 2029 and using the proceeds from these issuances to redeem $94.0 million of 4.75% Unsecured Notes Due February 2026. See “—Results of Operations” and “—Liquidity and Capital Resources” for additional information.
Current wording
Our total outstanding debt decreased from $220.5 million at December 31, 2025 to $202.5 million at March 31, 2026. For the quarter ended March 31, 2026, our weighted-average debt interest costs increased to 7.34 % compared to 7.07% for the quarter ended December 31, 2025, primarily due to an increase in the weighted average debt interest costs of our Unsecured Notes. The decrease of $18.0 million in our total outstanding debt during the quarter ended March 31, 2026 was due to the final $16.0 million redemption of the Unsecured Notes Due February 2026 and net paydowns of $2.0 million on our revolving credit facilities. Following the maturity extension of our Banc of California Credit Facility in January 2026, the final repayment of our Unsecured Notes Due February 2026, and the execution of our Natixis Facility in February 2026, we do not have any debt maturities until February 2028. See “—Results of Operations” and “—Liquidity and Capital Resources” for additional information.
Previous wording
For the quarter ended September 30, 2025, we recognized a net loss on investments of $7.8 million due to a net realized loss of $4.6 million and net unrealized depreciation, net of taxes, of $3.1 million. For the quarter ended September 30, 2025, our net realized loss of $4.6 million was primarily due to a net realized loss of $3.4 million related to the sale of a debt investment, resulting in a current quarter impact to our NAV of $1.1 million. For the quarter ended September 30, 2025, our net unrealized depreciation of $3.1 million, net of taxes, was primarily attributable to net unrealized depreciation of $4.5 million on our common equity investment in Pfanstiehl Holdings, Inc. As of September 30, 2025, we had non-accrual loans with an aggregate fair value of $23.1 million, or 6.2% of our total investments at fair value. See “—Portfolio Composition and Investment Activity” for additional information.
Current wording
For the quarter ended March 31, 2026, we recognized a net loss on investments of $13.9 million due to a net realized loss of $11.3 million and net unrealized depreciation, net of taxes, of $2.6 million. For the quarter ended March 31, 2026, our net realized and unrealized loss on investments of $13.9 million was primarily attributable to $10.3 million of net realized and unrealized losses on our Structured Finance Securities. As of March 31, 2026, we had non-accrual loans with an aggregate fair value of $10.9 million, or 3.5 % of our total investments at fair value. See “—Portfolio Composition and Investment Activity” for additional information.
Previous wording
As of September 30, 2025, our asset coverage ratio of 157% exceeded the minimum asset coverage requirement of 150% under the 1940 Act, and we remained in compliance with all applicable covenants under our Banc of California Credit Facility and the Unsecured Notes. As of September 30, 2025, we had an unused commitment of $25.0 million under our Banc of California Credit Facility, subject to the terms of the borrowing base and other covenants. As of September 30, 2025, we had unfunded commitments of $18.3 million to 11 portfolio companies. See “—Liquidity and Capital Resources” for additional information.
Current wording
As of March 31, 2026, the aggregate amount outstanding of the senior securities issued by us was $202.5 million, for which our asset coverage ratio was 154%, exceeding the minimum asset coverage requirement of 150% under the 1940 Act. As of March 31, 2026, we remained in compliance with all applicable covenants under our outstanding debt facilities. As of March 31, 2026, we had unused commitments of $6.3 million under our Banc of California Credit Facility, and $35.3 million under our Natixis Facility, each of which is subject to a borrowing base and other covenants. As of March 31, 2026, we had unfunded commitments of $7.8 million to fund outstanding commitments to portfolio companies. See “—Liquidity and Capital Resources” for additional information.
Previous wording
On October 28, 2025, the Board declared a distribution of $0.17 per share for the fourth quarter of 2025, payable on December 31, 2025 to stockholders of record as of December 19, 2025.
Current wording
On April 28, 2026, the Board declared a distribution of $0.17 per share for the second quarter of 2026, payable on July 6, 2026 to stockholders of record as of June 19, 2026.
Previous wording
For the years ended December 31, 2025 and 2024, OFS Advisor agreed to reduce its base management fee attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (other than cash and cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. OFS Advisor’s base management fee reduction is renewable on an annual basis and OFS Advisor is not entitled to recoup the amount of the base management fee reduced with respect to the OFSCC-FS Assets. OFS Advisor most recently renewed the agreement to reduce its base management fee for the 2025 calendar year on January 8, 2025.
Current wording
For the year ended December 31, 2025, OFS Advisor agreed to reduce its base management fee attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (other than cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters.
Previous wording
In addition, we may file a new application for exemptive relief that, if granted, would supersede our existing Order and permit us to co-invest pursuant to a different set of conditions than those in our existing Order. However, if filed, there is no guarantee that such application will be granted.
Current wording
In addition, we have submitted a new application for exemptive relief that, if granted, will supersede our existing Order and permit us to co-invest pursuant to a different set of conditions than those in our existing Order. However, there is no guarantee that the SEC will grant such application.
Previous wording
As of September 30, 2025, the fair value of our debt investment portfolio totaled $205.6 million in 33 portfolio companies, of which approximately 88% and 12% were first lien and second lien debt investments, respectively. We also had equity investments in 16 portfolio companies with a fair value of approximately $98.4 million and 14 investments in Structured Finance Securities with a fair value of $66.2 million. As of September 30, 2025, we had unfunded commitments of $18.3 million to 11 portfolio companies. Set forth in the tables and charts below is selected information with respect to our portfolio as of September 30, 2025 and December 31, 2024.
Current wording
As of March 31, 2026, the fair value of our debt investment portfolio totaled $156.6 million in 34 portfolio companies, of which approximately 98% and 2% were first lien and second lien debt investments, respectively. We also had equity investments in 14 portfolio companies with a fair value of approximately $102.9 million and 13 investments in Structured Finance Securities with a fair value of approximately $48.6 million. As of March 31, 2026, we had unfunded commitments of $7.8 million to fund outstanding commitments to 12 portfolio companies. Set forth in the tables and charts below is selected information with respect to our portfolio as of March 31, 2026 and December 31, 2025.
Previous wording
As of September 30, 2025, our common equity investment in Pfanstiehl Holdings, Inc., a global manufacturer of high-purity pharmaceutical ingredients, accounted for 21.2% and 57.6% of our total portfolio at fair value and our total net assets, respectively. The value of this investment is substantially comprised of unrealized appreciation of $78.2 million. The valuation’s unobservable inputs incorporate discounts for the minority-interest and illiquid nature of the security; however, the valuation, in accordance with fair value concepts, does not directly factor in inputs related to a potential forced sale or non-orderly transaction that could be executed in the future, and that may be specific to the entity’s objectives, and are not representative of market-participant assumptions that would otherwise be utilized in an orderly transaction.
Current wording
As of March 31, 2026, our common equity investment in Pfanstiehl Holdings, Inc., a global manufacturer of high-purity pharmaceutical ingredients, accounted for 26.1% and 73.6% of our total portfolio at fair value and our total net assets, respectively. The value of this investment is substantially comprised of unrealized appreciation of $80.2 million. The valuation’s unobservable inputs incorporate discounts for the minority-interest and illiquid nature of the security; however, the valuation, in accordance with fair value concepts, is based on assumptions applicable to an orderly transaction between market participants and does not reflect the impact of a forced sale or entity-specific liquidity constraints. As a result, there can be no assurance that we would be able to realize this value in a timely manner, or at all.
Previous wording
As of September 30, 2025, approximately 4.0% and 10.9% of our total portfolio at fair value and net assets, respectively, were comprised of Structured Finance Securities managed by a single adviser.
Current wording
As of March 31, 2026, approximately 4.4% and 12.5% of our total portfolio at fair value and net assets, respectively, were comprised of Structured Finance Securities managed by a single adviser.
Previous wording
For the three months ended September 30, 2025, the weighted-average performing income yield on interest-bearing investments decreased to 13.3% from 13.6% during the prior quarter. This decrease is primarily attributable to a 72 basis point decrease in the performing income yield on our debt investments, which was primarily due to the net impact of non-accrual activity during the quarter. As of September 30, 2025, 89% of our total loan portfolio, at fair value, consisted of variable rate investments, generally indexed to SOFR. See additional information under “Item 3. Quantitative and Qualitative Disclosures About Market Risk”.
Current wording
For the three months ended March 31, 2026, the weighted-average performing income yield on interest-bearing investments decreased to 12.5% from 13.5% during the prior quarter. This decrease is primarily attributable to a 2.53% decrease in the performing income yield on our Structured Finance Securities primarily related to a decline in the effective yields on our subordinated note investments.
Previous wording
Weighted-average yields of our investments are not the same as a return on investment for our stockholders, but rather the gross investment income from our investment portfolio before the payment of all of our fees and expenses. There can be no assurance that the weighted average yields will remain at their current levels.
Current wording
Weighted-average yields of our investments are not the same as a return on investment for our stockholders, but rather the gross investment income from our investment portfolio before the payment of all of our fees and expenses. There can be no assurance that the weighted average yields will remain at their current levels. As of March 31, 2026, 94% of our total loan portfolio, at fair value, consisted of variable rate investments, generally indexed to SOFR. See additional information under “Item 3. Quantitative and Qualitative Disclosures About Market Risk”.
Previous wording
(1) As of September 30, 2025 and December 31, 2024, first lien debt investments include unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $139.1 million and $128.7 million, respectively, and $128.1 million and $119.2 million, respectively.
Current wording
As of March 31, 2026 and December 31, 2025, first lien debt investments include unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $125.3 million and $110.5 million, respectively, and $130.3 million and $116.3 million, respectively. Unitranche loans generally provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. Investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal and interest.
Previous wording
As of September 30, 2025, 100% of our loan portfolio and 56% of our total portfolio consisted of first lien and second lien loans, based on fair value.
Current wording
As of March 31, 2026, 100% of our loan portfolio and 51% of our total portfolio consisted of first lien and second lien loans, based on fair value.
Previous wording
As of September 30, 2025, the three largest industries of our Portfolio Company Investments by fair value, were: (1) Manufacturing (32.6%); (2) Health Care and Social Assistance (20.8%); and (3) Real Estate and Rental and Leasing (7.3%), totaling an aggregate of approximately 60.7% of our Portfolio Company Investment portfolio. For a full summary of our investment portfolio by industry, see “Item 1—Financial Statements—Note 4.”
Current wording
As of March 31, 2026, the three largest industries of our Portfolio Company Investments by fair value, were: (1) Manufacturing (37.2%); (2) Health Care and Social Assistance (15.7%); and (3) Real Estate and Rental and Leasing (8.8%), totaling an aggregate of approximately 61.7% of our Portfolio Company Investment portfolio. For a full summary of our investment portfolio by industry, see “Item 1—Financial Statements—Note 4.”
Previous wording
Non-performing Structured Finance Securities are securities that have not been optionally redeemed and have an effective yield of 0.0%, as remaining residual distributions are anticipated to be recognized as a return of capital. As of September 30, 2025, the amortized cost and fair value ofnon-performing Structured Finance Securities were$2.4 million and $0.4 million, respectively.
Current wording
Non-performing Structured Finance Securities are securities that have not been optionally redeemed and have an effective yield of 0.0%, as remaining residual distributions are anticipated to be recognized as a return of capital. As of March 31, 2026, the amortized cost and fair value of non-performing Structured Finance Securities were $2.3 million and $0.1 million, respectively.
Previous wording
The following is a summary of our investment activity for the three months ended September 30, 2025 and June 30, 2025, and the nine months ended September 30, 2025 and 2024 (dollar amounts in thousands):
Current wording
The following is a summary of our investment activity for the three months ended March 31, 2026 and 2025 (dollar amounts in thousands):
Previous wording
Management reviews, for placement on non-accrual status, all loans and CLO mezzanine debt investments that become past due on principal and interest, and/or when there is reasonable doubt that principal or interest will be collected. When a loan is placed on non-accrual status, accrued and unpaid cash interest is reversed. Additionally, Net Loan Fees are no longer recognized as of the date the loan is placed on non-accrual status. Depending upon management’s judgment, interest payments subsequently received on non-accrual investments may be recognized as interest income or applied as a reduction to amortized cost. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments or until a restructuring occurs, and, in the judgment of management, it is probable that the Company will collect all principal and interest from the investment.
Current wording
Management reviews, for placement on non-accrual status, all loans and CLO mezzanine debt investments that become past due on principal and interest, and/or when there is reasonable doubt that principal or interest will be collected. When a loan is placed on non-accrual status, accrued and unpaid cash interest is reversed. PIK income that has been contractually capitalized to the principal balance of the investment prior to the non-accrual designation date is not reserved against interest or dividend income, but rather is assessed through the valuation of the investment with corresponding adjustments to unrealized appreciation/depreciation, as applicable. Additionally, Net Loan Fees are no longer recognized as of the date the loan is placed on non-accrual status. Depending upon management’s judgment, interest payments subsequently received on non-accrual investments may be recognized as interest income or applied as a reduction to amortized cost. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments or until a restructuring occurs and, in the judgment of management, it is probable that we will collect all principal and interest from the investment.
Previous wording
For the three months ended December 31, 2024, we sold a second lien debt investment, which was previously on non-accrual status, resulting in a net realized loss of $1.9 million.
Current wording
For the three months ended March 31, 2026, we received net proceeds of $2.3 million for the partial recovery of a second lien debt investment, with an amortized cost and fair value of $6.6 million and $2.4 million, respectively, that was previously on non-accrual status, resulting in a realized loss of $4.3 million.
Previous wording
For the three and nine months ended September 30, 2025, our first lien debt investment in JP Intermediate B, LLC with an amortized cost and fair value of $4.5 million and $1.5 million, respectively, was restructured in exchange for a combination of a new loan and equity in the portfolio company. Following the restructuring, the loan received in the exchange with an amortized cost and fair value of $1.5 million and $1.5 million, respectively, was placed on accrual status.
Current wording
For the three months ended December 31, 2025, our second lien debt investment in Excelin Home Health, LLC with an amortized cost and fair value of $6.8 million and $4.1 million, respectively, was placed on non-accrual status. Additionally, we restructured our first lien debt investment in SSJA Bariatric Management LLC with an amortized cost and fair value of $13.5 million and $5.3 million, respectively, which had been on non-accrual status, in exchange for a combination of a new loan and equity in the portfolio company. Our existing zero-basis equity investment in the portfolio company was also extinguished upon the exchange. Following the restructuring, the loan we received with an amortized cost and fair value of $3.8 million and $3.8 million, respectively, was placed on accrual status.
Previous wording
The following analysis compares our quarterly results of operations to the preceding quarter, as well as our year-to-date results of operations to the corresponding period in the prior year. We believe a comparison of our current quarterly results to the preceding quarter is more meaningful and transparent than a comparison to the corresponding prior-year quarter as our results of operations are not influenced by seasonal factors the latter comparison is designed to elicit and highlight.
Current wording
The following analysis compares our quarterly results of operations to the preceding quarter, as well as our year-to-date results of operations to the corresponding period in the prior year. We believe a comparison of our current quarterly results to the preceding quarter is more meaningful and transparent than a comparison to the corresponding prior-year quarter as our results of operations are not influenced by seasonal factors that the latter comparison is designed to elicit and highlight.
Previous wording
Comparison of the three months ended September 30, 2025 and June 30, 2025 and comparison of the nine months ended September 30, 2025 and 2024
Current wording
Comparison of the three months ended March 31, 2026 and December 31, 2025 and comparison of the three months ended March 31, 2026 and 2025
Previous wording
Consolidated operating results for the three months ended September 30, 2025 and June 30, 2025 and the nine months ended September 30, 2025 and 2024 are as follows (in thousands):
Current wording
Consolidated operating results for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 are as follows (in thousands):
Previous wording
For the three months ended September 30, 2025, total investment income increased from $10.5 million in the prior quarter to $10.6 million, primarily due to an increase in non-recurring income (cash dividends, acceleration of Net Loan Fee amortization and other interest income), partially offset by a decrease in cash interest income.
Current wording
For the three months ended March 31, 2026, total investment income decreased from $9.4 million in the prior quarter to $8.9 million, primarily due to a decrease in interest income, partially offset by an increase in non-recurring dividend income.
Previous wording
For the three months ended September 30, 2025, dividend income increased by $0.5 million compared to the prior quarter, primarily due to aggregate non-recurring cash dividends of $0.5 million from our common equity investments in Pfanstiehl Holdings, Inc. and PM Acquisition LLC.
Current wording
For the three months ended March 31, 2026, dividend income increased by $0.9 million compared to the prior quarter, primarily due to a non-recurring cash dividend of $0.9 million from our common equity investment in Pfanstiehl Holdings, Inc.
Previous wording
Fee income is primarily comprised of unused fees, prepayment fees and syndication fees that generally result from periodic transactions rather than from holding portfolio investments, and are considered non-recurring. We receive syndication fees on investments where OFS Advisor sources, structures, and arranges the lending group. For the three months ended September 30, 2025 and June 30, 2025, we recognized syndication fee income of $0.1 million and $0.1 million, respectively.
Current wording
Fee income is primarily comprised of unused fees, prepayment fees and syndication fees that generally result from periodic transactions rather than from holding portfolio investments, and are considered non-recurring. We receive syndication fees on investments where OFS Advisor sources, structures and arranges the lending group.
Previous wording
Total investment income for the nine months ended September 30, 2025 decreased $5.0 million compared to the corresponding period in the prior year, primarily due to decreases in total interest income of $3.3 million and total dividend income of $1.8 million.
Current wording
Total investment income for the three months ended March 31, 2026 decreased $1.4 million compared to the corresponding period in the prior year, primarily due to a decrease in total interest income of $2.4 million, partially offset by an increase in total dividend income of $1.0 million.
Previous wording
Operating expenses for the three months ended September 30, 2025 and June 30, 2025, and the nine months ended September 30, 2025 and 2024 are presented below (in thousands):
Current wording
Operating expenses for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 are presented below (in thousands):
Previous wording
Income Incentive Fees for the three months ended September 30, 2025 decreased $0.2 million compared to the prior quarter, primarily due to a decrease in net investment income return on net assets in the current quarter.
Current wording
Income Incentive Fees for the three months ended March 31, 2026 increased $0.4 million compared to the prior quarter, primarily due to an increase in our net investment income return on net assets in the current quarter.
Previous wording
Net loss on investments, inclusive of realized and unrealized gains (losses), and net of current and deferred income taxes, by investment type for the three months ended September 30, 2025 and June 30, 2025, and the nine months ended September 30, 2025 and 2024 were as follows (in thousands):
Current wording
Net loss on investments, inclusive of realized and unrealized gains (losses), and net of current and deferred income taxes, by investment type for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 were as follows (in thousands):
Previous wording
For the nine months ended September 30, 2024, we recognized a net loss on investments of $9.7 million, primarily due to a net loss on our debt investments of $8.7 million, of which $6.4 million related to net unrealized depreciation on our current non-accrual debt investments.
Current wording
For the three months ended December 31, 2025, our portfolio experienced net losses of $13.5 million, primarily due to net unrealized depreciation of $8.3 million on our current non-accrual debt investments and $3.4 million on our Structured Finance Securities.
Previous wording
During the three months ended September 30, 2025, we redeemed $94.0 million of the aggregate $125.0 million of Unsecured Notes Due February 2026, and, as a result, we recognized a loss on extinguishment of debt of $0.3 million related to the acceleration of unamortized deferred debt issuance costs and make-whole premium payments on the redeemed notes.
Current wording
During the three months ended March 31, 2026, we fully repaid and terminated the BNP Facility, and, as a result, we recognized a loss on extinguishment of debt of $0.1 million related to the acceleration of deferred financing costs.
Previous wording
During the three months ended September 30, 2025, we elected to reduce the maximum facility amount on the BNP Facility from $150.0 million to $80.0 million, and, as a result, we recognized a loss on extinguishment of debt of $0.1 million related to the acceleration of deferred borrowing costs on the commitment reduction.
Current wording
During the three months ended March 31, 2026, we amended the Banc of California Credit Facility to, among other things, reduce the maximum facility amount from $25.0 million to $15.0 million, and, as a result, we recognized a loss on extinguishment of debt of $41,617 related to the acceleration of deferred financing costs.
Previous wording
As of September 30, 2025, we held cash and cash equivalents of $5.0 million, which included $2.5 million held by OFSCC-FS. Distributions from OFSCC-FS to the Parent are restricted by the terms and conditions of the BNP Facility. During the nine months ended September 30, 2025, the Parent received $7.9 million in cash distributions from OFSCC-FS.
Current wording
As of March 31, 2026, we held cash and cash equivalents of $3.3 million, which included $2.6 million held by OFSCC-FS. Distributions from OFSCC-FS to the Parent are restricted by the terms and conditions of the Natixis Facility. During the three months ended March 31, 2026, the Parent received $2.8 million in cash distributions from OFSCC-FS.
Previous wording
As of September 30, 2025, the aggregate amount outstanding of the senior securities issued by us was $239.2 million, for which our asset coverage was 157%, exceeding our minimum asset coverage requirement of 150% under the 1940 Act. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.
Current wording
As of March 31, 2026, the aggregate amount outstanding of the senior securities issued by us was $202.5 million, for which our asset coverage was 154%, exceeding our minimum asset coverage requirement of 150% under the 1940 Act. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.
Previous wording
(2) We currently estimate that a portion of our distributions for the year ending December 31, 2025 will be characterized as a tax return of capital. The determination of the tax attributes of our distributions is made annually as of the end of our fiscal year based upon our ICTI for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of our distributions for a full year.
Current wording
The determination of the tax attributes of our distributions is made annually as of the end of our fiscal year based upon our ICTI for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of our distributions for a full year.
Previous wording
As of September 30, 2025, we had $239.2 million of outstanding debt with a weighted-average effective interest rate of 7.03%. As of September 30, 2025, approximately 62% of our outstanding debt matures in more than two years and 75% of our outstanding debt is unsecured.
Current wording
As of March 31, 2026, we had $202.5 million of outstanding debt with a weighted-average effective interest rate of 7.30%. As of March 31, 2026, approximately 96% of our outstanding debt matures in more than two years and 74% of our outstanding debt is unsecured.
Previous wording
We are party to the BLA with Banc of California, as lender, to provide us with a senior secured revolving credit facility, or the Banc of California Credit Facility, which is available for general corporate purposes including investment funding and is scheduled to mature on February 28, 2026. The Banc of California Credit Facility currently bears interest at a variable Prime Rate plus a 0.25% margin, with a 5.00% floor, and an annual commitment fee of 0.50% based on the maximum principal amount of the facility. As of September 30, 2025, the effective interest rate on the Banc of California Credit Facility was 7.75%. The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance Securities and non-performing loans, and as otherwise specified in the BLA. The Banc of California Credit Facility is guaranteed by OFSCC-MB and secured by all of our and OFSCC-MB’s current and future assets, excluding assets held by OFSCC-FS and SBIC I LP and our partnership interests in SBIC I LP.
Current wording
We are party to the BLA with Banc of California, as lender, to provide us with a senior secured revolving credit facility, or the Banc of California Credit Facility, which is available for general corporate purposes including investment funding and is scheduled to mature on February 28, 2028. The Banc of California Credit Facility currently bears interest at a variable Prime Rate plus a 0.25% margin, with a 5.00% floor, and an annual commitment fee of 0.50% based on the maximum principal amount of the facility. As of March 31, 2026, the effective interest rate on the Banc of California Credit Facility was 7.89%. The maximum availability of the
Previous wording
The BLA contains customary terms and conditions, including, without limitation, affirmative and negative covenants, such as information reporting requirements, a minimum tangible net asset value, a minimum quarterly net investment income after incentive fees, a debt/worth ratio and a net loss restriction. The BLA also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change in investment advisor, and the occurrence of a material adverse change in our financial condition. As of September 30, 2025, we were in compliance in all material respects with the applicable covenants under the Banc of California Credit Facility.
Current wording
The BLA contains customary terms and conditions, including, without limitation, affirmative and negative covenants, such as information reporting requirements, a minimum tangible net asset value, a minimum quarterly net investment income after incentive fees and a debt/worth ratio. The BLA also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change in investment advisor, and the occurrence of a material adverse change in our financial condition. As of March 31, 2026, we were in compliance in all material respects with the applicable covenants under the Banc of California Credit Facility.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
For the three months ended March 31, 2026, our first lien debt investment in JP Intermediate B, LLC with an amortized cost and fair value of $1.5 million and $1.0 million, respectively, was placed on non-accrual status.
Current report — wording carried from elsewhere
Comparison of the three months ended March 31, 2026 and December 31, 2025
Current report — wording carried from elsewhere
Comparison of the three months ended March 31, 2026 and 2025
Current report — wording carried from elsewhere
Bancof California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance Securities, foreign loans, and non-performing loans, and as otherwise specified in the BLA. The Banc of California Credit Facility is guaranteed by OFSCC-MB and secured by all of our and OFSCC-MB’s current and future assets, excluding assets held by OFSCC-FS and our partnership interests in SBIC I LP.
Current report — wording carried from elsewhere
On May 22, 2018, the Board authorized the Stock Repurchase Program under which we could acquire up to $10.0 million of our outstanding common stock through the two-year period ended May 22, 2020. On each of May 4, 2020, May 3, 2022 and April 30,
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Net gain (loss) on investments for the nine months ended September 30, 2025 and 2024
Previous report — wording carried elsewhere
Net (purchases and originations) / repayments and sales of portfolio investments