The firm's capital structure appears increasingly vulnerable, characterized by a significant decline in total assets to $315.7M in 2026Q1 and a deteriorating retained earnings balance of -$65.0M.
OFS Capital Corporation (OFS) balance sheet — 17-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash & Short Term Investments | 15.61M | 3.36M | 6.07M | 45.35M | 14.94M | 43.05M | 37.71M | 13.45M | 38.17M | 72.95M | 17.66M | 32.71M | 12.45M | 28.57M | 8.27M | 814K | 942K | 7.37M |
| Cash & Due from Banks | 3.98M | 3.36M | 6.07M | 45.35M | 14.94M | 43.05M | 37.71M | 13.45M | 38.17M | 72.95M | 17.66M | 32.71M | 12.45M | 28.57M | 8.27M | 814K | 942K | 7.37M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 297.76M | 342.01M | 409.67M | 420.29M | 499.47M | 494.15M | 431.51M | 508.21M | 396.8M | 277.5M | 281.63M | 257.3M | 312.23M | 237.92M | 0 | 45.58M | 150.48M | 219.14M |
| Investments Growth % | -200% | -16.51% | -2.53% | -15.85% | 1.08% | 14.52% | -15.09% | 28.08% | 42.99% | -1.47% | 9.46% | -17.6% | 31.24% | - | -100% | -69.71% | -31.33% | - |
| Long-Term Investments | 0 | 342.01M | 409.67M | 420.29M | 499.47M | 494.15M | 431.51M | 508.21M | 396.8M | 277.5M | 281.63M | 257.3M | 312.23M | 237.92M | 0 | 45.58M | 150.48M | 219.14M |
| Accounts Receivables | 0 | 719K | 11.02M | 2.22M | 2.2M | 16.37M | 1.3M | 3.35M | 2.79M | 2.73M | 1.77M | 789K | 7.9M | 5.14M | 1.29M | 468K | 447K | 538K |
| Goodwill & Intangibles | 0 | 0 | 0 | 69K | 477K | 0 | 1.11M | 1.31M | 0 | 2.78M | 2.98M | 0 | 3.37M | 3.58M | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.08M | 1.08M | 0 | 1.08M | 1.08M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 69K | 477K | 0 | 1.11M | 1.31M | 0 | 1.71M | 1.9M | 0 | 2.29M | 2.5M | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -83.06M | -26.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 1.33M | 1.37M | -420.36M | 2.42M | 12.95M | 11.83M | 10.35M | 0 | -277.5M | -281.63M | 0 | 1.6M | 3.49M | 235.66M | -45.58M | 2.2M | 1.5M |
| Total Current Assets | 4.51M | 3.36M | 17.09M | 45.35M | 18.35M | 61.95M | 39.37M | 18.32M | 44.62M | 75.69M | 19.43M | 37.38M | 24.27M | 34.1M | 9.89M | 1.28M | 1.39M | 7.91M |
| Total Non-Current Assets | 0 | 343.35M | 411.03M | 424.47M | 502.37M | 507.1M | 444.45M | 519.87M | 396.8M | 277.5M | 281.63M | 257.3M | 317.21M | 244.99M | 235.66M | 45.58M | 152.68M | 220.64M |
| Total Assets | 304.46M | 346.71M | 428.12M | 469.82M | 520.72M | 569.05M | 483.81M | 538.19M | 441.42M | 357.78M | 305.03M | 294.68M | 341.48M | 279.09M | 245.55M | 64.91M | 154.07M | 228.55M |
| Asset Growth % | -75.05% | -19.02% | -8.87% | -9.77% | -8.49% | 17.62% | -10.1% | 21.92% | 23.38% | 17.29% | 3.51% | -13.71% | 22.35% | 13.66% | 278.27% | -57.87% | -32.59% | - |
| Return on Assets (ROA) | -8.26% | -8.54% | 6.33% | -0.09% | -1.39% | 10.8% | 0.72% | 1.95% | 2.4% | 2.39% | 4.61% | 5.73% | 3.2% | 2.93% | 4% | -2% | 2.74% | 1.43% |
| Accounts Payable | 0 | 2.27M | 1.8M | 3.71M | 3.95M | 8.79M | 8.41M | 10.26M | 6.94M | 1.6M | 1.6M | 1.55M | 1.31M | 1.04M | 2.85M | 0 | 81.35M | 21K |
| Total Debt | 36.8M | 217.64M | 246.66M | 299.73M | 331.75M | 344.81M | 309.19M | 352.48M | 254.83M | 164.82M | 156.34M | 149.88M | 272.52M | 243.91M | 198.45M | 0 | 0 | 113.21M |
| Net Debt | 32.82M | 214.28M | 240.59M | 254.38M | 316.81M | 301.76M | 271.48M | 339.03M | 216.65M | 91.87M | 138.68M | 117.17M | 260.07M | 215.34M | 190.18M | -814K | -942K | 105.83M |
| Long-Term Debt | 0 | 217.64M | 246.66M | 299.73M | 331.75M | 344.81M | 309.19M | 352.48M | 242.83M | 164.82M | 156.34M | 149.88M | 199.91M | 134.96M | 99.22M | 0 | 0 | 0 |
| Short-Term Debt | 36.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12M | 0 | 0 | 0 | 72.61M | 108.95M | 99.22M | 0 | 0 | 113.21M |
| Other Liabilities | 155.05M | 1.35M | 1.09M | 813K | 244K | 1.35M | 338K | 587K | 3.99M | 127K | 279K | -483K | -70.86M | -107.25M | -98.22M | 0 | 1.52M | 3.91M |
| Total Current Liabilities | 36.8M | 4.53M | 8.14M | 15.04M | 8.3M | 19.14M | 15.33M | 18.5M | 19.58M | 4.62M | 4.91M | 1.98M | 74.39M | 110.61M | 102.54M | 0 | 83.03M | 113.28M |
| Total Non-Current Liabilities | 155.05M | 218.99M | 247.76M | 299.73M | 331.99M | 346.16M | 309.52M | 353.06M | 246.82M | 164.82M | 156.34M | 149.68M | 129.62M | 28.1M | 1.21M | 0 | 1.52M | 3.91M |
| Total Liabilities | 191.85M | 223.52M | 255.9M | 307.81M | 340.29M | 365.3M | 324.86M | 371.56M | 266.4M | 169.44M | 161.25M | 151.66M | 204M | 138.71M | 103.75M | 10.2M | 84.55M | 117.2M |
| Total Equity | 112.61M | 123.19M | 172.22M | 162M | 180.42M | 203.74M | 158.96M | 166.63M | 175.02M | 194.01M | 148.66M | 143.01M | 137.47M | 140.38M | 141.8M | 54.72M | 69.52M | 111.35M |
| Equity Growth % | -93.19% | -28.47% | 6.31% | -10.21% | -11.45% | 28.18% | -4.6% | -4.8% | -9.79% | 30.51% | 3.95% | 4.03% | -2.07% | -1% | 159.14% | -21.29% | -37.56% | - |
| Equity / Assets (Capital Ratio) | 36.99% | 35.53% | 40.23% | 34.48% | 34.65% | 35.8% | 32.85% | 30.96% | 39.65% | 54.23% | 48.73% | 48.53% | 40.26% | 50.3% | 57.75% | 84.29% | 45.12% | 48.72% |
| Return on Equity (ROE) | -23.07% | -22.4% | 17.02% | -0.27% | -3.95% | 31.36% | 2.27% | 5.59% | 5.19% | 4.62% | 9.48% | 13% | 7.16% | 5.44% | 6.33% | -3.52% | 5.79% | 2.93% |
| Book Value per Share | 8.41 | 9.19 | 12.85 | 12.09 | 13.45 | 15.19 | 11.87 | 12.47 | 13.11 | 15.64 | 15.34 | 14.79 | 14.27 | 14.59 | 14.80 | 5.71 | 7.26 | 11.62 |
| Tangible BV per Share | 8.41 | 9.19 | 12.85 | 12.09 | 13.41 | 15.19 | 11.78 | 12.37 | 13.11 | 15.42 | 15.03 | 14.79 | 13.92 | 14.22 | 14.80 | 5.71 | 7.26 | 11.62 |
| Common Stock | 134K | 134K | 134K | 134K | 134K | 134K | 134K | 134K | 134K | 133K | 97K | 97K | 97K | 96K | 96K | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 174.19M | 184.91M | 184.84M | 184.84M | 185.11M | 187.12M | 187.31M | 187.54M | 187.4M | 134.3M | 134.45M | 136.38M | 143.13M | 142.41M | 0 | 0 | 0 |
| Retained Earnings | 0 | -51.14M | -12.82M | -22.97M | -4.55M | 18.5M | -28.3M | -20.81M | -12.65M | 9.4M | 6.73M | 4.61M | 2.46M | -4.1M | -94K | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 805K | 7.06M | 8.47M | 1.84M | 2.74M | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 195K | 9.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying OFS stock.
As of 2025, OFS Capital Corporation (OFS) had total assets of $346.7M including $3.4M in current assets.
OFS Capital Corporation (OFS) carries total debt of $217.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
OFS Capital Corporation (OFS) has total shareholders' equity (book value) of $123.2M ($9.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
OFS Capital Corporation (OFS) reported a current ratio of 0.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Portfolio Valuation and Deleveraging
Metrics are mathematically derived from official filings.
Asset Base Contraction and Deleveraging
As reported in financial statements, OFS has seen total assets decline from $469.8M in 2023Q4 to $315.7M in 2026Q1, a trend that suggests a significant reduction in the firm's investment footprint and a potential retreat from active deployment in the lower-middle market.
The consistent shrinkage of the asset base, coupled with the erosion of retained earnings, indicates a business model currently in a defensive posture. Investors should monitor whether this trajectory reflects a strategic pivot toward capital preservation or a forced liquidation of assets to meet liquidity requirements.
Atypical Deleveraging and Capital Structure
Based on recent SEC filings, the company's debt-to-equity ratio plummeted from 1.85 in 2023Q4 to 1.83 in 2026Q1, with a notable interim dip to 0.43 in 2025Q3, which appears highly anomalous for a BDC and warrants further investigation into potential credit facility constraints.
The dramatic reduction in total debt from $299.7M to $199.9M over the observed period suggests that the firm may have faced pressure to deleverage, possibly due to covenant breaches or a lack of confidence in new investment opportunities. This shift significantly alters the risk profile of the firm, as it limits the potential for yield enhancement through leverage.
Liquidity Volatility and Cash Constraints
According to quarterly balance sheet data, the current ratio has fluctuated wildly, dropping from 3.16 in 2023Q4 to a precarious 0.07 in 2025Q4, which indicates that the firm's ability to cover short-term obligations has become increasingly strained and unpredictable over the last ten quarters.
The extreme volatility in liquidity metrics suggests that the firm's cash management is highly sensitive to the timing of portfolio exits and interest collections. Such instability may limit the firm's flexibility to respond to market opportunities or unexpected credit events within its portfolio.
Erosion of Shareholder Equity Base
As indicated by the company's balance sheet, retained earnings have consistently deteriorated, falling from -$23.0M in 2023Q4 to -$65.0M in 2026Q1, a trend that highlights the ongoing impact of realized and unrealized losses on the firm's long-term capital base.
The persistent decline in retained earnings suggests that the firm is struggling to generate sufficient net income to offset portfolio write-downs and dividend distributions. This erosion of equity quality may eventually limit the firm's capacity to maintain its current dividend policy without further diluting shareholders.