Operational efficiency remains under severe pressure, evidenced by an efficiency ratio that spiked to 187.4% in 2025Q4 as non-interest expenses overwhelmed revenue.
OFS Credit Company, Inc. (OCCI) annual income statement — 8-year revenue, gross profit & net income history
| Metric | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 |
|---|
| Net Interest Income | 37.2M | 28.92M | 27.07M | 22.17M | 12.83M | 9.44M | 7.88M | 0 |
| NII Growth % | 28.63% | 6.84% | 22.09% | 72.78% | 35.96% | 19.85% | - | - |
| Net Interest Margin % | 13.74% | 12.01% | 14.56% | 13.94% | 7.77% | 14.84% | 11.56% | 0% |
| Interest Income | 44.15M | 32.55M | 30.7M | 26.22M | 15.55M | 11.07M | 8.86M | 0 |
| Interest Expense | 6.95M | 3.63M | 3.62M | 4.05M | 2.72M | 1.63M | 982.2K | 69.47K |
| Loan Loss Provision | 4.9M | 0 | 0 | 3.29M | 2.15M | 1.54M | 1.7M | -59.47K |
| Non-Interest Income | -3.61M | -13.87M | 0 | 0 | 7.42M | -12.71M | -15.33M | 350.83K |
| Non-Interest Income % | -10.73% | -92.11% | 0% | 0% | 36.63% | 388.81% | 205.62% | 100% |
| Total Net Revenue | 33.6M | 15.06M | 27.07M | 22.17M | 20.25M | -3.27M | -7.46M | 350.83K |
| Revenue Growth % | 123.16% | -44.39% | 22.09% | 9.49% | 719.67% | 56.17% | -2225.34% | - |
| Non-Interest Expense | 30.92M | 3.66M | 9.83M | 8.91M | 6.33M | 4.33M | 1.38M | 771.9K |
| Efficiency Ratio | 92.02% | 24.34% | 36.32% | 40.19% | 31.25% | -132.49% | -18.57% | 220.02% |
| Operating Income | -2.22M | 15.02M | -8.81M | -9.15M | 23.03M | -2.04M | -7.86M | 2.6M |
| Operating Margin % | -6.61% | 99.78% | -32.55% | -41.28% | 113.71% | 62.57% | 105.39% | 742.36% |
| Operating Income Growth % | -114.78% | 270.48% | 3.73% | -139.75% | 1226.15% | 73.98% | -401.73% | - |
| Pretax Income | -9.91M | 15.02M | -1.89M | -13.59M | 20.31M | -3.68M | -7.86M | 286.51K |
| Pretax Margin % | -29.5% | 99.78% | -6.98% | -61.27% | 100.28% | 112.51% | 105.39% | 81.67% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 286.51K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 100% |
| Net Income | -9.91M | 15.02M | -1.89M | -13.59M | 20.31M | -3.68M | -7.86M | 286.51K |
| Net Margin % | -29.5% | 99.78% | -6.98% | -61.27% | 100.28% | 112.51% | 105.39% | 81.67% |
| Net Income Growth % | -165.99% | 895.49% | 86.1% | -166.9% | 652.33% | 53.21% | -2842.87% | - |
| Net Income (Continuing) | -9.91M | 15.02M | -1.89M | -13.59M | 20.31M | -3.68M | -7.86M | 286.51K |
| EPS (Diluted) | -0.39 | 0.90 | -0.17 | -1.65 | 3.81 | -1.14 | -3.02 | 0.11 |
| EPS Growth % | -143.33% | 629.41% | 89.7% | -143.31% | 434.21% | 62.25% | -2845.45% | - |
| EPS (Basic) | -0.39 | 0.90 | -0.17 | -1.65 | 3.81 | -1.14 | -3.02 | 0.11 |
| Diluted Shares Outstanding | 25.55M | 16.69M | 11.42M | 8.24M | 7.86M | 3.24M | 2.6M | 2.51M |
Quick answers to the most common questions about buying OCCI stock.
For fiscal year 2025, OFS Credit Company, Inc. (OCCI) reported total revenue of $33.6M. This represents a 9476.5% increase compared to $0.4M in 2018.
OFS Credit Company, Inc. (OCCI) reported a net loss of $9.9M for the fiscal year ending 2025.
OFS Credit Company, Inc. (OCCI) reported an operating income of $-2.2M, resulting in an operating profit margin of -5.5%. This margin reflects the operational efficiency of the business before interest and taxes.
OFS Credit Company, Inc. (OCCI) generated $28.7M in gross profit for the year, representing a gross profit margin of 70.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
CLO equity waterfall volatility
Erratic Net Interest Income Performance
As reported in recent financial filings, OCCI's net interest income has exhibited extreme volatility, swinging from a positive $9.8 million in 2025Q4 to negative figures in multiple preceding quarters, suggesting that the fund's interest-based earnings are highly sensitive to underlying CLO distribution timing and financing cost fluctuations.
The frequent oscillation between positive and negative NII suggests that the fund's interest income is not a stable, recurring revenue stream but rather a byproduct of complex waterfall distributions. Investors should monitor whether these negative NII periods reflect structural funding mismatches or merely the timing of cash receipts from junior CLO tranches.
Margin Compression Amidst Asset Volatility
Based on the provided income statement data, the net interest margin has frequently dipped into negative territory, reaching -0.7% in 2025Q3, which indicates that the cost of leverage and operational expenses are currently overwhelming the yield generated by the underlying CLO equity portfolio.
The inability to maintain a positive NIM suggests that the fund's cost of capital may be misaligned with the current yield environment of its assets. This trend warrants further investigation into whether the fund's leverage facilities are becoming prohibitively expensive relative to the cash flows being harvested from the portfolio.
Operational Efficiency Under Significant Strain
According to the latest quarterly data, OCCI's efficiency ratio spiked to 187.4% in 2025Q4, a figure that highlights a severe lack of operating leverage as non-interest expenses continue to consume a disproportionate share of the fund's total revenue base.
An efficiency ratio exceeding 100% implies that the cost of managing the portfolio is currently exceeding the revenue it generates, which is unsustainable for a closed-end fund. This suggests that the current fee structure may be too heavy for the fund's current scale, potentially necessitating a reduction in expenses or a significant increase in asset yields.
Provisioning Trends Reflect Credit Uncertainty
As indicated by the financial statements, provision expenses have remained persistent, peaking at $2.2 million in 2024Q3, which suggests that management is increasingly accounting for potential credit deterioration within the underlying corporate loan pools that support the fund's CLO equity investments.
The consistent allocation of provision expenses suggests that the fund is bracing for higher default rates in the underlying senior secured loan market. This trend may indicate that the credit quality of the portfolio is under pressure, potentially leading to further write-downs if borrower solvency continues to weaken.