OFS Capital Corporation
Inside OFS Capital Corporation’s $298M private-credit portfolio — 94 holdings disclosed in SEC filings. The portfolio is concentrated in Pharmaceutical Preparation Manufacturing IAD 1/1/2014 (36%).
Jul 31 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read OFS as a credit: NAV per share is the Q2 FY2026 book value ($8.41) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-08-26.
| Metric | Value | What healthy looks like |
|---|---|---|
| Price-to-NAV | 0.43x (discount) | Quality BDCs tend to trade near NAV; a deep discount often signals credit concern — or opportunity to investigate. |
| Dividend Coverage (GAAP NII) | 0.78x GAAP NII ÷ FY2025 distributions | Above 1.0x, the year’s distributions were earned by investment income; below 1.0x they exceeded it — watch for a cut or return-of-capital funding. GAAP NII, not the manager’s adjusted “core NII”. |
| NII Return on Equity | 10.1% GAAP NII on FY2025 FY-end NAV | What the portfolio EARNED on book value, before mark swings — steadier than mark-driven ROE. BDCs typically land high single digits to low teens; internally managed books keep more of it. |
| NAV Total Return | -19.2% FY2025: ΔNAV/share + distributions 3-yr ≈-1.7%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Top-5 Borrower Concentration | 51% of portfolio FV ≈ 135% of Q2 FY2026 NAV largest: AI Pfanstiehl Holdings, Inc CE (400 Class A shares) (31.8% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 41.7% (39.3% below 80) of marked debt FV (61% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 16.7% of debt FV carries a PIK component 62nd pct of 16 lower-MM peers | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
| Fee Structure — manager economics, from the same annual filing | ||
| Base Management Fee | $5.8M ≈1.66% of FY2025 FY-end total assets, our calculation — contractual fees accrue on average gross assets as filed, gross of any fee waivers | External BDC base fees typically run 1.0–1.75% of assets — charged on ASSETS, not equity, so leverage raises the fee bill on the same NAV. |
| Incentive Fee | $1.8M as filed, gross of any fee waivers | Income incentive fees typically take 17.5–20% of pre-fee investment income over a hurdle. A capital-gains fee in an up-mark year is not recurring income economics — watch the split. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-07-31 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (61% of debt FV carries a parsed maturity). The refinancing question: 49% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-07-31 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $48M | 26.3% |
| 2027 | $42M | 23.0% |
| 2028 | $5M | 2.7% |
| 2029 | $39M | 21.8% |
| 2030 | $10M | 5.6% |
| 2031+ | $37M | 20.6% |
Manager Track Record
Through-the-cycle indicators computed from filed schedule-of-investments data: the non-accrual level and its four-quarter direction, the fleet standing among BDCs whose latest filing clears the 90% determinate-coverage gate, and the average debt mark against a year earlier. A track record, not a verdict — each row is coverage-gated and omitted when the data doesn’t support it. As of the 2026-07-31 filing.
| Avg debt mark vs 4q ago | 81.1 vs 79.5 (+1.6 pts) |
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-01 and 2026-07-31 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
New this quarter 17
- Ncna Inv. Debt And Equity Inv. Blackhawk Network Holdings, Inc. Fld$110M
- Ai Pfanstiehl Holdings, Inc Ce (400 Class A Shares)$95M
- Ncna Debt And Equity Inv. Ss Acquisition, Llc Fld$30M
- Ai Contract Datascan Holdings, Inc. Pe (2750 Series C Shares),14% Pik$12M
- Ncna I Psb Group, Llc Fld$8M
- Ncna Structured Finance Securities Canyon Clo 2019-1, Ltd. Sn Ir 13.85 % Iad 8/22/2024 Maturity 7/15/2037$6M
Exited 46
- Pfanstiehl Holdings, Inc.$80M
- Kreg Llc$18M
- Ss Acquisition, Llc$17M
- Inergex Holdings, Llc$17M
- Contract Datascan Holdings, Inc.$12M
- One Gi Llc$11M
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|---|
| 1 | AI Pfanstiehl Holdings, Inc CE (400 Class A shares) | Debt | Pharmaceutical Preparation Manufacturing IAD 1/1/2014 | — | — | $95M | 31.8% | 84.0% |
| 2 | NCNA Debt and Equity Inv. SS Acquisition, LLC FLD | Debt | Sports and Recreation Instruction IR 9.48% SAI SOFR+5.75 % IAD 12/20/2024 | SOFR + 5.75% | Dec 2029 | $17M | 5.7% | 15.0% |
| 3 | NCNA Inv. Debt and Equity Inv. Kreg LLC FLD | DebtPIK 0.50% | Other Ambulatory Health Care Services IR 0.10% cash / 0.50% PIK SAI SOFR+ 6.25% IAD 12/20/2021 | SOFR + 6.25% | Dec 2026 | $17M | 5.6% | 14.8% |
| 4 | NCNA Inv. Debt and Equity Inv. Inergex Holdings, LLC FLD | Debt | Other Computer Related Services IR 12.88 % SAI SOFR+ 7.00% IAD 10/1/2028 | SOFR + 7.00% | Oct 2026 | $15M | 4.9% | 12.9% |
| 5 | NCNA Inv. Debt and Equity Inv. One GI LLC FLD2 reporting lines · debt + debt | DebtPIK 10.48% | Offices of Other Holding Companies IR 10.48% PIK SAI SOFR+ 6.75% IAD 12/13/2021 | SOFR + 6.75% | Aug 2026 | $9M | 3.1% | 8.1% |
| 6 | AI Contract Datascan Holdings, Inc. PE (3,061 Series A shares),10% PIK | Debt | Office Machinery and Equipment Rental and Leasing IAD 8/5/2015 | — | — | $9M | 3.1% | 8.1% |
| 7 | NCNA Inv. Debt and Equity Inv. Boca Home Care Holdings, Inc. FLD | Debt | Services for the Elderly and Persons with Disabilities IR 10.41% SAI SOFR+ 6.50% IAD 2/25/2022 | SOFR + 6.50% | Feb 2029 | $9M | 3.0% | 7.9% |
| 8 | NCNA Debt and Equity Inv. Tolemar Acquisition, Inc. FLD | DebtPIK 1.25% | Motorcycle, Bicycle, and Parts Manufacturing IR 9.74% cash / 1.25% PIK SAI SOFR+6.00 % IAD 10/14/2021 | SOFR + 6.00% | Oct 2027 | $9M | 3.0% | 7.8% |
| 9 | NCNA Inv. Debt and Equity Inv. 24 Seven Holdco, LLC FLD | Debt | Temporary Help Services IR 10.88% SAI SOFR+ 7.13% IAD 1/28/2022 | SOFR + 7.13% | Nov 2027 | $8M | 2.8% | 7.4% |
| 10 | NCNA I PSB Group, LLC FLD | Debt | Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) IR 10.39% SAI SOFR+ 6.75 % IAD 4/17/2025 | SOFR + 6.75% | Apr 2030 | $8M | 2.6% | 6.9% |
| Full schedule — all 94 holdings, sortable and screenable → | ||||||||
% of net assets reads each position against stockholders’ equity as of Q2 FY2026 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 659 to 638 bps over 13 quarters while marks held near 81.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 38 | 63 | 651 | 80.3 | $295M |
| Q2 2025 | 37 | 61 | 656 | 79.5 | $284M |
| Q3 2025 | 34 | 59 | 652 | 79.5 | $272M |
| Q4 2025 | 32 | 60 | 633 | 81.0 | $241M |
| Q1 2026 | 34 | 67 | 633 | 79.7 | $205M |
| Q2 2026 | 49 | 64 | 638 | 81.1 | $298M |
3 quarters omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
How large is OFS Capital Corporation's portfolio?
OFS Capital Corporation reported $298M in portfolio fair value across 94 holdings and 78 unique borrowers as of its 2026-07-31 SEC filing.
What do OFS Capital Corporation's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across OFS Capital Corporation's fixed-rate income-producing holdings is approximately 18.0%, measured over the fixed-rate holdings representing 1% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-07-31 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from OFS Capital Corporation's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-07-31 filing date.
About OFS Capital Corporation
OFS Capital Corporation (OFS) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. OFS Capital Corporation discloses its full loan portfolio through SEC filings.