Fri. Nov 15th, 2019

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OCCI: OFS Credit Company, Inc. (NASDAQ: OCCI)

2 min read

OFS Credit Company, Inc. (NASDAQ: OCCI) (“OFS Credit,” the “Company,” “we,” “us” or “our”), an investment company that mainly invests in collateralized loan obligation (“CLO”) debt and subordinated securities, recently stated its net asset value and selected fiscal results for the fiscal quarter finished July 31, 2k19.

HIGHLIGHTS

  • Net investment income (“NII”) of $1.150M, or $0.460 for each common share for the fiscal quarter finished July 31, 2k19.
  • Core net investment income (“Core NII”)1 of $2.170M, or $0.870 for each common share, which approximated 174.00% of our distributions for the fiscal quarter finished July 31, 2k19.
  • Net asset value of $17.440 for each common share as of July 31, 2k19, a decrease from $18.95 as of April 30, 2k19.
  • Closed investments totalling about $3.320M during the fiscal quarter finished July 31, 2k19.
  • The weighted average GAAP (as defined below) effective yield of our CLO equity investments at current cost was 14.76% as of July 31, 2k19.
  • Declared monthly distributions on common shares through October 2k19 of $0.167 for each share, implying an annualized distribution of $2.00 for each share.

PORTFOLIO AND INVESTMENT ACTIVITIES

During the financial quarter ending July 31, 2k19, OFS Credit closed three investments, totalling $3.320M of CLO subordinated note securities in two separate CLO deals. As of July 31, 2k19, OFS Credit’s portfolio had exposure to 30 separate collateral managers. Subsequent to July 31, 2k19, OFS Credit closed three investments totalling $2.90M of CLO subordinated note securities.

RESULTS OF OPERATIONS

Income

Interest Income

Interest income for the financial quarter ending July 31, 2k19 was $2.520M.

Costs

Administration fee

Administration fee cost for the financial quarter ending July 31, 2k19 was $297,432.00.

Incentive fee

Incentive fee cost for the financial quarter ending July 31, 2k19 was $286,321.00.

Net Loss on Investments

Net losses for the financial quarter ending July 31, 2k19 were $3.70M because of unrealized depreciation of $3.70M.

LIQUIDITY AND CAPITAL RESOURCES

As of July 31, 2k19, we had $1.80M in cash with no restrictions or limitations on its use.

 

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