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.
| 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 |
|---|
| Total Current Assets | 5.48M | 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 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | -719K | 0 | -48.4M | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 310.2M | 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 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -83.06M | -26.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Long-Term Investments | 1.03B | 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 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 315.68M | 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 Turnover | -0.03x | -0.03x | 0.12x | 0.05x | 0.02x | 0.15x | 0.06x | 0.06x | 0.05x | 0.05x | 0.08x | 0.10x | 0.06x | 0.06x | 0.04x | 0.00x | 0.06x | 0.13x |
| Asset Growth % | -55.09% | -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% | - |
| Total Current Liabilities | 4.74M | 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 |
| Accounts Payable | 2.52M | 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 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12M | 0 | 0 | 0 | 72.61M | 108.95M | 99.22M | 0 | 0 | 113.21M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 3.14M | 7.77M | 3.91M | 6.22M | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.11M | 0 | 0 |
| Current Ratio | 1.16x | 0.74x | 2.10x | 3.02x | 2.21x | 3.24x | 2.57x | 0.99x | 2.28x | 16.39x | 3.96x | 18.87x | 0.33x | 0.31x | 0.10x | - | 0.02x | 0.07x |
| Quick Ratio | 1.16x | 0.74x | 2.10x | 3.02x | 2.21x | 3.24x | 2.57x | 0.99x | 2.28x | 16.39x | 3.96x | 18.87x | 0.33x | 0.31x | 0.10x | - | 0.02x | 0.07x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 206.36M | 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 |
| Long-Term Debt | 199.9M | 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 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 206.36M | 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 Debt | 199.9M | 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 | 196.64M | 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 |
| Debt / Equity | 1.83x | 1.77x | 1.43x | 1.85x | 1.84x | 1.69x | 1.95x | 2.12x | 1.46x | 0.85x | 1.05x | 1.05x | 1.98x | 1.74x | 1.40x | - | - | 1.02x |
| Debt / EBITDA | -8.18x | - | 8.65x | - | - | 6.04x | 79.28x | 36.16x | 26.09x | 20.34x | 11.15x | 8.13x | 26.85x | 31.78x | 33.45x | - | - | 34.50x |
| Net Debt / EBITDA | -8.05x | - | 8.44x | - | - | 5.29x | 69.61x | 34.78x | 22.18x | 11.34x | 9.89x | 6.36x | 25.63x | 28.06x | 32.05x | - | -0.18x | 32.26x |
| Interest Coverage | -2.00x | -2.00x | 1.71x | -0.02x | -0.45x | 3.25x | 0.20x | 0.60x | 1.04x | 1.36x | 2.61x | 2.62x | 1.78x | 2.27x | 1.43x | -2.63x | 1.43x | 0.45x |
| Total Equity | 109.32M | 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 % | -75.39% | -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% | - |
| Book Value per Share | 8.16 | 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 |
| Total Shareholders' Equity | 109.32M | 123.19M | 172.22M | 162M | 180.42M | 203.74M | 158.96M | 166.63M | 175.02M | 188.34M | 143.78M | 143.01M | 137.47M | 140.38M | 141.8M | 54.72M | 69.52M | 111.35M |
| Common Stock | 134K | 134K | 134K | 134K | 134K | 134K | 134K | 134K | 134K | 133K | 97K | 97K | 97K | 96K | 96K | 0 | 0 | 0 |
| Retained Earnings | -65.01M | -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 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.67M | 4.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation 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.
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.
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.
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.
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.