OFS 캐피탈(OFS) 2026년 3분기 실적 발표회: 5,230만 달러 규모 SBIC 매각 및 NAV 하락

핵심 요약

• OFS 캐피탈(OFS Capital Corporation)은 2026년 3분기 순투자소득이 71만 9,000달러(주당 0.05달러)를 기록해 2분기의 주당 0.08달러에서 감소했으며, 분기 주당 분배금인 0.17달러를 하회했다고 발표했다.
• 주당 순자산가치(NAV)는 주요 지분 투자에 대한 680만 달러의 평가 손실과 CLO 지분 보유에 따른 320만 달러의 실현 및 미실현 순손실을 주로 반영해 전 분기 8.41달러에서 7.38달러로 12% 감소했다.
• 분기 종료 직후 OFS는 OFS SBIC I LP의 합자회사 지분 약 57%의 매각을 완료하여 총 5,230만 달러의 매각 대금을 수령했다. 회사는 나머지 43%의 지분을 유지하며 해당 합자회사의 무한책임사원(GP) 지위를 유지한다.
• OFS는 이번 분기 중 3,140만 달러의 부채를 상환했다. 지난 12개월 동안 총부채는 약 8,480만 달러 감소했으며, 규제 자산담보비율은 3%포인트 개선된 164%를 기록했다.
• 회사는 2026년 4분기 주당 분배금을 0.17달러로 유지했다. 경영진은 SBIC 거래 대금을 수익 창출 자산에 절제 있게 재투자할 경우 시간이 지남에 따라 순투자소득이 개선될 수 있다고 밝혔다.
• 신용도는 계속해서 주요 관리 대상이었다. 대출자 1곳이 이자미수계상 대상에서 제외된 반면, 공정가치 기준 총 210만 달러 규모의 투자가 연계된 대출자 2곳이 새롭게 추가되었다.

주요 재무 데이터

사업 및 영업 실적

OFS는 이번 분기 동안 재무제표 개선을 지속해서 최우선 과제로 삼았다. 회사의 부채 만기는 현재 2028년부터 2031년까지 분포되어 있으며, 경영진은 레버리지 감소로 영업 유연성이 향상되었다고 밝혔다.

분기 종료 후 진행된 SBIC 거래는 9월 30일 기준 공정가치로 포트폴리오의 약 35%를 차지했던 자산에 대한 익스포저를 줄였다. 경영진은 이번 거래가 포트폴리오 집중도를 낮추고 무이자 지분 투자를 현금화하기 위한 조치라고 설명했다.

상각후원가 기준 분기 말 포트폴리오는 선순위 담보 대출 약 61%, 구조화 금융 증권 21%, 지분 증권 18%로 구성되었다. 대출 포트폴리오 중 보유 자산의 97%는 공정가치 기준 1순위 담보 포지션이었다.

상각후원가 기준 이자미수계상 대출은 전 분기 대비 230만 달러 감소했다. 그러나 전체 포트폴리오 규모가 축소되면서 포트폴리오 공정가치 대비 이자미수계상 익스포저 비율은 증가했다.

경영진 전망

경영진은 SBIC 거래를 통해 확보한 총 5,230만 달러의 대금을 주로 수익 창출형 투자에 재투자할 것으로 예상한다. 회사는 자금 집행이 시간에 따라 신중하게 이루어지겠지만, 이것이 향후 몇 분기 및 장기적으로 순투자소득 증가를 뒷받침할 수 있다고 밝혔다.

OFS는 전통적인 중견기업 대출, 인프라 크레디트, 부동산 크레디트, 자산유동화금융, 유동성 크레디트, 구조화 크레디트 전반에 걸쳐 기회를 검토하고 있다. 경영진은 엄격한 심사, 자본 보존, 위험 조정 수익률을 강조했다.

회사는 또한 고금리 무담보 채권의 일부를 저비용 신용 한도 공여로 리파이낸싱함에 따라 이자비용이 절감될 것으로 예상한다. 경영진은 최근의 기준금리 인상 역시 향후 수익 증대에 기여할 것이라고 밝혔다.

리스크 및 주시 영역

• 3분기 주당 순투자소득(0.05달러)은 분기 주당 분배금(0.17달러)을 충당하지 못했다.
• 주요 지분 투자에 대한 평가액 하락과 CLO 지분 보유분의 손실로 인해 NAV가 대폭 감소했다.
• 관련 포지션이 공정가치 기준 총 210만 달러에 불과하지만 차입자 2곳이 이자미수계상 상태로 분류되었다. 한 곳은 계약상 이자 지급을 지속하고 있으나 내부 신용리스크 평가 결과 이자미수계상으로 분류되었다.
• 10월 26일, 팬 스틸(Pan Steel)은 SBIC 거래에 이의를 제기하며 델라웨어주 형평법원에 소장을 제출했다. OFS는 해당 주장이 근거가 없다고 믿으며 적극 대응할 방침이라고 밝혔다.
• 경영진은 거시경제적 불확실성, 금리 변화, 시장 상황 변동을 지속적인 고려 사항으로 언급했다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good morning, and welcome to the OFS Capital Corporation Third Quarter 2026 Earnings Results Conference Call. Please note that today's event is being recorded. I would now like to turn the conference over to Steve Altebrando. Please go ahead.

[p id="560890251" name="Stephen Altebrando" type="E" />

Good morning, everyone, and thank you for joining us. Also on the call today are Bilal Rashid, our Chairman and Chief Executive Officer; and Kyle Spina, the company's Chief Financial Officer and Treasurer.

Before we begin, please note that the statements made on this call and webcast may constitute forward-looking statements as defined under applicable securities laws. Such statements reflect various assumptions, expectations and opinions by OFS Capital's management concerning anticipated results are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from such statements.

The uncertainties and other factors are in some way beyond management's control, including the risk factors described from time to time in our filings with the SEC. Although we believe these assumptions are reasonable, any of those assumptions could prove incorrect, and as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. Except as required by applicable law, OFS Capital has no obligation to update any forward-looking statements made herein, and all forward-looking statements speak only as of the date of this call.

With that, I'll turn the call over to Chairman and Chief Executive Officer, Bilal Rashid.

Bilal Rashid

Thank you, Steve. Yesterday afternoon, we reported our third quarter results. On October 6, we announced the sale of approximately 57% of the limited partnership interest in one of our subsidiaries, OFS SBIC I LP for gross proceeds of $52.3 million. SBIC One LP holds our common equity investment in Fransteel. The BDC is retaining the remaining 43% limited partnership interest and remains the general partner of the partnership. We believe that this transaction represents a strategic step towards strengthening our balance sheet, improving liquidity and reducing portfolio concentration risk. In addition, it provides us with a meaningful amount of capital for redeployment into investments in accordance with the BDC's primary investment objectives. We believe that this potential investment deployment into primarily income-generating investments presents an opportunity to enhance our net investment income over the coming quarters and the long term. As we discussed on prior calls, SandSsteel has been the largest position in our investment portfolio, representing approximately 35% of our portfolio at fair value as of September 30. We expect the completion of this transaction to be a significant step toward our long-stated objective of monetizing certain noninterest-bearing equity investments. I also want to emphasize that we believe that the success of our investment in Transteel reflects a component of our investment strategy that has served us well. While our focus is on current income and capital preservation by primarily investing in senior secured loans, we selectively make equity investments in borrowers where there is a significant growth potential. These equity investments can provide potential opportunities for capital appreciation to enhance the value of our BDC. Tran Steel is a compelling example of this. What began as a relatively modest equity investment of approximately $200,000 in 2014 has generated substantial value for our shareholders over time. We intend to continue pursuing these types of opportunities selectively while maintaining our focus on income-generating investments and capital preservation. That said, on October 26, Pan Steel filed a complaint in Delaware Challstrery Court to, among other things, challenge the transaction. We believe the claim is meritless, and we intend to defend the matter vigorously. Turning to our financial results for the quarter. Net investment income totaled $0.05 per share compared to $0.08 per share in the prior quarter. While this remains below our quarterly distribution of $0.17 per share, we believe the steps we have taken in the past several quarters to strengthen our financial position, together with the significant proceeds from the FDIC equity transaction have created an opportunity to improve our earnings going forward. As we seek to prudently redeploy this capital primarily into new income-generating investments, over time, we expect to see a corresponding improvement in net investment income. Our net asset value at quarter end was $7.38 per share compared to $8.41 per share in the prior quarter. The decline was primarily driven by a reduction in the valuation of certain investments, including Pan Steel and our CLO equity investments. With respect to credit quality, loans to one borrower that was previously on nonaccrual were resolved during the quarter, while loans to 2 additional borrowers were placed on nonaccrual status. Importantly, the new nonaccruals represent relatively small positions within our overall portfolio, totaling $2.1 million at fair value, and the investments had already been on our radar for heightened credit risk monitoring. It's important to note that one of these borrowers continues to make its contractual interest payments but was placed on nonaccrual based on our internal assessment of credit risk. We continue to work closely with our borrowers and other stakeholders to maximize recoveries and preserve value across the portfolio. Our portfolio remains diversified with limited exposure to highly cyclical industries. We also benefit from the senior secured nature of our loan portfolio, which is entirely composed of first and second lien senior secured loans with 97% of our loan holdings in first lien positions based on fair value. This underscores our ongoing emphasis of maintaining a senior position in the capital structure and to help protect our invested capital. We also continued to make progress on strengthening our balance sheet during the quarter. including the repayment of $31.4 million of outstanding debt and an improvement in our asset coverage ratio of 3 percentage points to 164%. For the past several quarters, we have been focused on extending our debt maturities, reducing leverage and improving operational flexibility.

Over the past 12 months, we have reduced our total outstanding debt balance by approximately $84.8 million with our earliest maturity occurring in 2028. Having made substantial progress on these objectives, we believe we are now in a much stronger position to focus on new investment deployment and growing net investment income. In addition, during the quarter, we completed a partial refinancing of our higher coupon unsecured notes through the use of our lower-cost credit facility, which we expect will generate net interest expense savings going forward.

We also anticipate the recent increase in base rates will be accretive to our earnings on a going-forward basis. Looking ahead, we are focused on deploying the capital generated from the SBIC equity transaction in a disciplined manner with an emphasis on generating attractive risk-adjusted returns and improving our net investment income while we continue to evaluate opportunities in traditional middle market lending, we also benefit from the breadth of investment capabilities and expertise across our broader platform. This includes access to opportunities in infrastructure credit real estate credit, asset-backed finance, liquid credit and structured credit investments.

We are actively evaluating opportunities across these markets and believe this flexibility provides us with a broader universe of potential investments as we seek to identify the most compelling risk-adjusted return mix. Importantly, our approach remains grounded in disciplined underwriting, capital preservation and a focus on investments that we believe can generate sustainable income for our shareholders.

We continue to navigate an environment of macroeconomic uncertainty, evolving interest rates and changing market conditions. We believe our ability to invest across a broad range of credit opportunities, supported by the experience and capabilities of our adviser provides an important competitive advantage.

With approximately $3.8 billion in assets under management across the loan and structured credit markets, deep expertise across industries and our track record spanning more than 25 years and multiple credit cycles, we believe we are well-positioned to capitalize on opportunities as they arise.

We believe the SBIC equity transaction marks an important inflection point for OFS Capital. We have meaningfully reduced a significant portfolio concentration, strengthen our financial flexibility and generated investable capital that can now be redeployed into income-producing investments.

We believe these developments provide a strong foundation for improving net investment income and creating long-term value for our shareholders.

With that, I'll turn the call over to Kyle Spina, our Chief Financial Officer, to give you more details and color for the quarter.

Kyle Spina

Thanks, Bilal, and good morning, everyone. As Bilal mentioned, we posted net investment income of $719,000 or $0.05 per share for the third quarter of 2026, and a decline of $0.03 per share from the second quarter. Top line income decreased $899,000 quarter-over-quarter, partially offset by a $612,000 decrease in total expenses resulting in the decline in net investment income. We announced that we are maintaining our quarterly distribution at $0.17 per share for the fourth quarter of 2026.

At September 30, our quarterly distribution rate represented an 18.7% annualized yield based on the market price of our common stock. As Bilal described, while we fell short of covering the distribution in the third quarter, the proceeds generated by the SBIC equity transaction completed shortly after quarter end, provides us with the opportunity to enhance our net investment income going forward as we seek to prudently deploy this capital over time.

Our net asset value per share decreased by approximately 12% or $1.03 this quarter to $7.38. As Bilal described, the decline in our NAV was primarily related to depreciation of $6.8 million on our equity investment in Fans deal as well as net realized and unrealized losses in our credit portfolio, most pronounced in our CLO equity holdings totaling $3.2 million.

As Bilal mentioned, during the quarter, we experienced a decent amount of turnover in our nonaccrual loan positions with loans to one borrower removed from nonaccrual status following our restructuring transactions and loans to 2 new borrowers placed on nonaccrual status.

On a net basis, our total nonaccrual loans at amortized costs decreased by $2.3 million quarter-over-quarter. At quarter end, our regulatory asset coverage ratio was 164%, an increase of 3 percentage points from the prior quarter, a continued trend of improvement as we move closer to our long-term leverage target range. Utilizing the proceeds received from a couple of large loan repayments, we made $31.4 million of aggregate debt repayments during the quarter.

We continue to believe that our actions over the last several quarters to extend our debt maturities and deleverage our balance sheet have improved our operational flexibility as we now turn our attention to new investment deployments and improving our NII. We believe that these efforts reflect the successful execution of certain of our previously stated strategic objectives.

Turning to the income statement. Total investment income decreased approximately 13% and to $5.9 million this quarter. This was primarily driven by the impact of our ongoing deleveraging efforts, reducing the size of our interest-bearing portfolio.

Total investment income was bolstered by certain nonrecurring interest and fee income from loan investment repayments during the quarter. Total expenses decreased by approximately 10% during the period to $5.2 million. The decrease was primarily attributable to a $556,000 decrease in interest expense related to lower outstanding debt balances from our ongoing deleveraging efforts.

Turning to our investments. We continue to closely monitor certain borrowers experiencing what we believe are idiosyncratic stresses. As mentioned, our nonaccrual investments at cost decreased by $2.3 million quarter-over-quarter. However, at fair value, our nonaccrual percentage relative to our total portfolio increased by 2.1%, primarily related to a reduction in the size of our total portfolio.

With respect to our loan portfolio, we remain committed to being senior in the capital structure with 97% of our loan holdings being in first line positions based on fair value. From a deployment perspective, New Deployment remained modest during the quarter, totaling $7.7 million as we prioritize deleveraging. However, the SBIC equity transaction completed shortly after quarter end, provides approximately $52.3 million of gross proceeds for transaction costs as our team turns our attention to prudent deployment of that capital.

Based on amortized cost as of quarter end, our investment portfolio was comprised of approximately 61% senior secured loans, 21% structured finance securities and 18% equity securities. At the end of the quarter, we had investments in 50 unique issuers totaling $252.1 million at fair value.

On the interest-bearing portion of the portfolio, the weighted average performing investment income yield increased approximately 1% to 13.1% quarter-over-quarter. The increase in yield was primarily due to the impact of nonrecurring interest and fee income received upon the repayment of certain loan investments.

This metric includes all interest, prepayment fee and amortization of deferred loan fee income but excludes syndication fee income if applicable.

With that, I'll turn the call back over to Bilal for concluding remarks.

Bilal Rashid

Thank you, Kyle. As we look ahead, we believe the BDC is at an important turning point. Over the past several quarters, we have taken meaningful steps to strengthen our financial position and create a solid foundation for future growth. These efforts have included extending our debt maturities, which now span from 2028 to 2031 and reducing our overall debt by $84.8 million over the past year.

Combined with the significant proceeds generated by the recent SBIC equity transaction, we believe these actions have improved our financial flexibility and positioned us to shift our focus toward new income-generating investment deployment and growing net investment income. Importantly, we benefit from the breadth of investment capabilities across our advisers' platform.

This allows us to evaluate a broad range of opportunities beyond traditional middle-market lending and pursue investments that we believe offer the most attractive risk-adjusted returns and the current market environment. We believe our loan portfolio remains well diversified across multiple industries, and we continue to emphasize investing higher in the capital structure.

As we pursue new investment opportunities, we remain committed to our disciplined underwriting standards and focus on capital preservation, which we believe the port resilience across a range of market conditions.

Our team's long-standing experience and investment discipline have driven consistent results. Since 2011, the BDC has invested more than $2.1 billion with an annualized net realized loss of just 0.31%. While continuing to deliver attractive risk-adjusted returns on our portfolio. Finally, we continue to benefit from the scale and capabilities of our adviser, with a $3.8 billion corporate credit platform and affiliation with a $32.5 billion asset management group.

Our adviser provides deep credit experience long-standing banking and capital markets relationships and access to a broad universe of investment opportunities. Our corporate credit platform has navigated multiple credit cycles over the last 25-plus years, and we believe this experience and breadth of capabilities will be particularly valuable as we enter this next phase of the company's growth.

Importantly, our adviser and affiliates remain strongly aligned with shareholders as they maintain approximately 23% ownership in the BDC.

Thank you again for joining us today, and we look forward to updating you on our call next quarter.

Operator

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect your lines.