OFS Capital Corp (OFS) 2026 Q1 法說會逐字稿

Good day, and welcome to the OFS Capital Corporation first quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 OFS Capital Corporation 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Steve Altebrando. Please go ahead.

現在我想把會議交給 Steve Altebrando。請開始。

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.

各位早安，感謝各位加入我們。今天同時在線的還有我們的董事長兼執行長 Bilal Rashid，以及公司財務長兼財務主管 Kyle Spina。

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 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.

在開始之前，請注意，本次電話會議與網路直播中所作之陳述，可能構成適用證券法所定義的前瞻性陳述。此類陳述反映 OFS Capital Management 對預期結果所作的各項假設、預期與觀點，並非對未來績效的保證，且受已知與未知風險、不確定性及其他因素影響，可能導致實際結果與該等陳述存在重大差異。

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.

這些不確定性及其他因素在某些方面超出管理層的控制範圍，包括我們不時在向美國證券交易委員會（SEC）提交的文件中所描述的風險因素。儘管我們認為這些假設是合理的，但其中任何假設都可能被證明不正確。因此，基於這些假設所作的前瞻性陳述也可能不正確。您不應過度依賴這些前瞻性陳述。

OFS Capital undertakes no duty to update any forward-looking statements made herein, and all forward-looking statements speak only as of the date of this call.

OFS Capital 不承擔更新本文所作任何前瞻性陳述之義務，且所有前瞻性陳述僅截至本次電話會議之日期為準。

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

接下來，我將把電話會議交給董事長兼執行長 Bilal Rashid。

Thank you, Steve. Yesterday afternoon, we reported our first quarter results. Net investment income totaled $0.18 per share, covering our distribution of $0.17 per share despite being down $0.02 per share from the prior quarter. The decline was again primarily driven by a lower net interest margin. This reflects the higher interest costs on our unsecured notes issued last year, which replaced debt issued in a historically low rate environment.

謝謝你，Steve。昨天下午，我們公布了第一季業績。淨投資收益合計每股 0.18 美元，儘管較上一季每股下降 0.02 美元，仍足以覆蓋我們每股 0.17 美元的配息。本次下降主要仍是由較低的淨利差所致。這反映了我們去年發行的無擔保票據所帶來的較高利息成本，該等票據取代了在歷史低利率環境下發行的債務。

That said, this new debt has allowed us to meaningfully extend our debt maturities. In addition, benchmark rate reductions by the Fed last year have lowered yields across our loan portfolio, further impacting our net interest margin.

話雖如此，這筆新債務使我們得以顯著延長債務到期結構。此外，聯準會去年下調基準利率，已使我們整體貸款投資組合的收益率下降，進一步影響了我們的淨利差。

Our net asset value at quarter end was $8.16 per share compared to $9.19 per share in the prior quarter. The decrease was primarily due to unrealized depreciation on our CLO equity holdings driven by spread tightening in the underlying loan collateral as well as a decrease in loan prices due to overall market sentiment.

本季季末每股淨資產價值為 8.16 美元，上一季為每股 9.19 美元。下降主要由我們所持 CLO 股權部位的未實現減值所致，原因包括標的貸款抵押品利差收斂，以及在整體市場情緒影響下貸款價格下跌。

Overall, our nonaccrual investments as a percentage of our total portfolio at fair value decreased slightly quarter-over-quarter by 0.7%. During the quarter, we exited one of our long-time nonaccrual loans. In addition, we placed one small loan representing just 0.3% of the total portfolio, at fair value, on nonaccrual status.

整體而言，以公允價值計算，我們的非應計投資占總投資組合的比例較上一季小幅下降 0.7%。本季我們退出了一筆長期處於非應計狀態的貸款。此外，我們將一筆小型貸款（以公允價值計僅占總投資組合 0.3%）列為非應計狀態。

Despite this borrower remaining current on its interest payments, the loan was placed on nonaccrual status due to an internal credit rating downgrade. We remain focused on improving our net investment income over the long term. As discussed on prior calls, this includes our ongoing efforts to monetize our minority equity position in Pfanstiehl, the largest position in our portfolio, which had a fair value of approximately $80.4 million at quarter end.

儘管該借款人仍按時支付利息，但由於內部信用評等下調，該筆貸款被列為非應計狀態。我們仍專注於長期提升淨投資收益。如同先前電話會議所討論，這包括我們持續推動將我們在 Pfanstiehl 的少數股權部位變現；該部位為我們投資組合中最大的一項，季末公允價值約為 8,040 萬美元。

We continue to be encouraged by the company's operational momentum and believe its long-term outlook remains compelling. A successful exit could increase the likelihood of improved net investment income and reduced portfolio concentration. At the same time, we remain disciplined in balancing the timing of a potential exit with the realization value of the asset in order to maximize our overall returns. Since our initial $200,000 investment in 2014, our position in Pfanstiehl has generated approximately $5.1 million in distributions to date, representing roughly a 23 times return on our cost.

我們持續對該公司的營運動能感到鼓舞，並認為其長期展望仍具吸引力。成功退出可能提高淨投資收益改善與投資組合集中度降低的可能性。同時，我們仍將嚴守紀律，在潛在退出的時點與資產可實現價值之間取得平衡，以最大化整體報酬。自 2014 年我們最初投資 20 萬美元以來，截至目前我們在 Pfanstiehl 的部位已累計產生約 510 萬美元的分配，約相當於成本的 23 倍報酬。

Looking ahead, the macroeconomic environment remains uncertain. However, we believe we have constructed our loan portfolio to be resilient. We maintain diversification and avoid highly cyclical industries. We continue to monitor potential disruptions related to AI and at this time, have not observed material impacts on our loan portfolio.

展望未來，總體經濟環境仍不確定。然而，我們相信我們所建構的貸款投資組合具備韌性。我們維持分散配置並避開高度景氣循環的產業。我們持續監測與 AI 相關的潛在擾動，目前尚未觀察到對我們貸款投資組合造成重大影響。

We have limited direct enterprise software exposure and no reliance on annual recurring revenue or ARR-based lending in our loan portfolio. Instead, we are focused on originating loans based on profitability of the borrowers. We are closely watching geopolitical developments, specifically the conflicts in the Middle East and their potential implications for inflation and interest rates. However, we have not seen direct effects on our loan portfolio to date.

我們對企業軟體的直接曝險有限，且在貸款投資組合中不依賴年度經常性收入（ARR）或以 ARR 為基礎的放款。相反地，我們專注於以借款人的獲利能力為基礎來承作放款。我們正密切關注地緣政治發展，特別是中東衝突及其對通膨與利率的潛在影響。然而，截至目前我們尚未看到對我們貸款投資組合的直接影響。

Importantly, our disciplined underwriting approach remains unchanged. Our loan portfolio is entirely composed of first and second lien senior secured loans with 98% of our loan holdings in first lien positions based on fair value, underscoring our focus on maintaining a senior position in the capital structure.

重要的是，我們嚴謹的承作與授信審查方法維持不變。我們的貸款投資組合完全由第一順位與第二順位留置權的優先擔保貸款構成；以公允價值計算，我們的貸款持有中有 98% 為第一順位部位，凸顯我們專注於在資本結構中維持優先順位。

Turning to originations. Middle market M&A activity has remained below expectations to start the year. However, we remain actively engaged with our existing portfolio companies and stand ready to deploy additional capital where appropriate.

接著談到承作。年初至今，中型市場的併購（M&A）活動仍低於預期。然而，我們仍與現有投資組合公司保持積極互動，並已準備在適當情況下投入額外資本。

We have also continued to strengthen our balance sheet. Over the past several months, we have extended all near-term debt maturities with our earliest remaining maturity in 2028. In addition, we have reduced our total debt balance by $45.6 million over the last four quarters, further deleveraging the balance sheet.

我們也持續強化資產負債表。在過去幾個月中，我們已將所有近期到期的債務展期，且目前最早的剩餘到期日為 2028 年。此外，在過去四個季度中，我們將總債務餘額減少了 4,560 萬美元，進一步降低資產負債表槓桿。

During the quarter, we fully repaid the remaining balance on our unsecured notes that were scheduled to mature in February 2026. In early January, we extended the maturity of our Banc of California facility to February 2028. In February, we entered into a new credit facility with Natixis, refinancing our prior facility with BNP. We believe that this new facility, which matures in 2031, further enhances our balance sheet positioning.

本季度內，我們已全數償還原定於 2026 年 2 月到期之無擔保票據的剩餘餘額。1 月初，我們將 Banc of California 融資安排的到期日延長至 2028 年 2 月。2 月，我們與 Natixis 簽訂新的信貸融資安排，以再融資取代先前與 BNP 的融資安排。我們相信，這項於 2031 年到期的新融資安排，將進一步強化我們的資產負債表配置。

As we navigate an uncertain environment, we remain confident in the experience and capabilities of our adviser. With approximately $4.2 billion in assets under management across the loan and structured credit markets, deep expertise across industries and a track record spanning more than 25 years and multiple credit cycles, we believe we are well positioned to navigate the current landscape and respond to evolving conditions.

在我們因應不確定的環境之際，我們仍對顧問的經驗與能力充滿信心。顧問在貸款與結構性信用市場的管理資產規模約 42 億美元，具備跨產業的深厚專業，並擁有超過 25 年、歷經多個信用循環的實績；我們相信，我們已具備良好條件以應對當前局勢並回應不斷演變的環境。

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.

接下來，我把電話會議交給我們的財務長 Kyle Spina，請他為大家提供本季度更多細節與補充說明。

Thanks, Bilal, and good morning, everyone. As Bilal mentioned, we posted net investment income of $2.5 million or $0.18 per share for the first quarter of 2026, covering our quarterly distribution of $0.17 per share for the second consecutive quarter despite the decline of $0.02 per share from the fourth quarter of 2025.

謝謝你，Bilal，各位早安。如 Bilal 所提到，我們在 2026 年第一季的淨投資收益為 250 萬美元，或每股 0.18 美元；儘管較 2025 年第四季每股下降 0.02 美元，但已連續第二個季度覆蓋我們每股 0.17 美元的季度配息。

Top line income decreased $465,000 quarter-over-quarter, partially offset by a $233,000 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 second quarter of 2026.

營收（top line）較上季減少 46.5 萬美元，部分被總費用減少 23.3 萬美元所抵銷，因而導致淨投資收益下滑。我們宣布將 2026 年第二季的季度配息維持在每股 0.17 美元。

At March 31, our quarterly distribution rate represented a 19.2% annualized yield based on the market price of our common stock. We remain focused on improving our long-term returns, portfolio diversification and leverage position as we continue exploring avenues to monetize our equity investment in Pfanstiehl.

截至 3 月 31 日，我們的季度配息率按普通股市價計算，相當於 19.2% 的年化殖利率。在我們持續探索 Pfanstiehl 股權投資變現途徑的同時，我們仍專注於提升長期報酬、投資組合多元化以及槓桿水位。

Our net asset value per share decreased by approximately 11% or $1.03 this quarter to $8.16. As Bilal described, the decline in our NAV was largely related to net unrealized depreciation in our CLO holdings totaling $9.1 million, which was attributable to spread tightening in the underlying loan collateral and declines in loan prices driven by overall market sentiment. We also recognized unrealized depreciation of $2.3 million on one existing nonaccrual loan.

本季度每股淨資產價值（NAV）約下降 11%，或 1.03 美元，至 8.16 美元。如 Bilal 所述，我們 NAV 的下滑主要與 CLO 持倉合計 910 萬美元的未實現減值有關，其原因在於標的貸款抵押品利差收窄，以及受整體市場情緒影響的貸款價格下跌。我們也就一筆既有的非應計貸款認列 230 萬美元的未實現減值。

As Bilal mentioned, during the quarter, we exited one of our long-time nonaccrual loans. We also placed one small loan on nonaccrual status, representing just 0.3% of the total portfolio at fair value. While the issuer remains current on its interest, we felt it prudent to place the loan on nonaccrual status following an internal credit rating downgrade. Overall, our loan portfolio at fair value was relatively stable quarter-over-quarter based on our internal credit ratings.

如 Bilal 所提到，本季度我們退出了一筆長期列為非應計的貸款。我們也將一筆小額貸款列為非應計狀態，其按公允價值計僅占整體投資組合的 0.3%。雖然該發行人仍按時支付利息，但在內部信用評等下調後，我們認為將該貸款列為非應計狀態較為審慎。整體而言，依據我們的內部信用評等，我們的貸款投資組合按公允價值計較上季相對穩定。

At quarter end, our regulatory asset coverage ratio was 154%, a decrease of 2 percentage points from the prior quarter. As Bilal described, during the quarter, we completed the final $16 million repayment of our 4.75% unsecured notes, which were scheduled to mature in February. We also reduced our net exposure outstanding on our revolving lines of credit by $2 million, totaling $18 million of aggregate debt repayments from the prior quarter end.

季末，我們的監管資產覆蓋率為 154%，較前一季下降 2 個百分點。如 Bilal 所述，本季度我們完成了對 4.75% 無擔保票據最後 1,600 萬美元的償還，該票據原定於 2 月到期。我們也將循環信用額度的淨未償曝險減少 200 萬美元，使得相較前一季季末合計償債 1,800 萬美元。

In February, we entered into a credit facility with Natixis, which provides for borrowings of up to $80 million. This new facility has a three-year reinvestment period and five-year maturity. In addition, the coupon interest rate on the new financing is 30 basis points tighter than our prior facility with BNP. In connection with the closing of the Natixis facility, we fully repaid our credit facility with BNP. We also executed two amendments to our credit facility with Banc of California during the quarter, extending the maturity by two years to February 2028, while also reducing our total commitment from $25 million to $15 million to better align with the current size of our balance sheet.

2 月，我們與 Natixis 簽訂一項信貸融資安排，可提供最高 8,000 萬美元的借款額度。此新融資安排具有三年的再投資期間與五年的到期年限。此外，新融資的票面利率較我們先前與 BNP 的融資安排收窄 30 個基點。在 Natixis 融資安排完成交割之際，我們已全數償還與 BNP 的信貸融資安排。本季度內，我們也對 Banc of California 的信貸融資安排完成兩項修訂：將到期日延長兩年至 2028 年 2 月，同時將總承諾額由 2,500 萬美元降至 1,500 萬美元，以更貼近我們目前的資產負債表規模。

Following the completion of these various transactions, we've extended our debt maturities and operational flexibility with our earliest maturity now standing at February 2028. We continue to closely monitor our leverage position in consideration of the market backdrop and valuation pressures.

在完成上述各項交易後，我們已延長債務到期結構並提升營運彈性，目前最早到期日為 2028 年 2 月。考量市場環境與估值壓力，我們將持續密切監控槓桿水位。

Turning to the income statement. Total investment income decreased approximately 5% to $8.9 million this quarter. This was primarily driven by a decrease in interest income attributable to lower yields on our CLO equity securities due to underlying loan spread compression. In addition, we also had lower interest income on our loan portfolio due to a decrease in portfolio size and the impact of lower base rates stemming from the Fed's 50 basis points of rate cuts in Q4 2025. This was partially offset by the accrual of a nonrecurring dividend of $874,000 from our equity investment in Pfanstiehl.

接著看損益表。本季度總投資收益約下降 5% 至 890 萬美元。主要原因是：由於標的貸款利差壓縮，導致我們的 CLO 股權證券收益率下降，進而使利息收入減少。此外，由於投資組合規模縮小，以及 2025 年第四季聯準會降息 50 個基點所帶來的基準利率下滑影響，我們的貸款投資組合利息收入亦較低。上述影響部分被我們自 Pfanstiehl 股權投資認列的一次性股利 87.4 萬美元之應計所抵銷。

Total expenses decreased by approximately 3% during the period to $6.4 million. The decrease was primarily attributable to a $379,000 decrease in interest expense related to lower outstanding debt balances. Looking ahead, we continue to observe net interest margin compression following the final redemption of our February 2026 unsecured notes completed during the quarter, which had carried a low 4.75% coupon rate priced during the near 0 rate environment in early 2021.

期間內總費用約下降3%，至640萬美元。下降主要歸因於因未償債務餘額較低而使利息費用減少37.9萬美元。展望未來，隨著我們在本季完成對2026年2月到期無擔保票據的最終贖回（該票據於2021年初接近零利率環境下定價，票息利率僅4.75%），我們持續觀察到淨利差受到擠壓。

In addition, we anticipate further overall top line attrition due to our ongoing efforts to delever our balance sheet. We also do not expect to benefit from the heightened level of dividend income we recognized this quarter due to the nonrecurring nature of the dividend received from Pfanstiehl.

此外，由於我們持續致力於降低資產負債表槓桿，我們預期整體營收（top line）將進一步流失。我們也不預期能受惠於本季確認的較高股利收入，因為來自Pfanstiehl的股利屬一次性、非經常性。

Turning to our investments. Most of our loan portfolio investments continue to perform to expectations. However, we continue to closely monitor certain borrowers experiencing idiosyncratic stresses. Overall, our nonaccrual investments as a percentage of our total portfolio at fair value decreased slightly quarter-over-quarter by 0.7%. With respect to our loan portfolio, we remain committed to being senior in the capital structure with 98% of our loan holdings being in first lien positions based on fair value.

接著談我們的投資。我們的大多數貸款投資組合仍持續符合預期表現。然而，我們仍密切監控部分正面臨特定（idiosyncratic）壓力的借款人。整體而言，以公允價值計算，我們的非計息（nonaccrual）投資占總投資組合的比例較前一季小幅下降0.7%。就貸款投資組合而言，我們仍致力於在資本結構中保持較高順位；以公允價值計算，我們98%的貸款持有部位為第一順位擔保（first lien）。

Additionally, as Bilal noted, much of the observed broader market price decline in loans during the quarter was heavily concentrated in the enterprise software sector driven by AI disruption fears. As we evaluate that risk, we note that we have limited sector exposure in our loan portfolio with just 2.7% of our total loan portfolio at fair value whose primary business is in enterprise software sales. In addition, we have no reliance on annual recurring revenue or ARR-based lending in our loan portfolio.

此外，如Bilal所提，本季貸款市場更廣泛的價格下跌多集中於企業軟體產業，主要受AI顛覆疑慮所驅動。在評估該風險時，我們注意到貸款投資組合的產業曝險有限：以公允價值計算，主要業務為企業軟體銷售者僅占我們總貸款投資組合的2.7%。另外，我們的貸款投資組合並不依賴年度經常性收入（ARR）或以ARR為基礎的放款。

From a deployment perspective, we continue to focus on add-on opportunities for growth with our existing issuers while selectively evaluating new opportunities and as of quarter end, had $7.8 million in unfunded commitments to our portfolio companies.

就資金投放而言，我們持續聚焦於既有發行人之增額投資（add-on）成長機會，同時選擇性評估新的機會；截至季末，我們對投資組合公司尚有780萬美元的未撥款承諾（unfunded commitments）。

Based on amortized cost as of quarter end, our investment portfolio was comprised of approximately 64% senior secured loans, 25% structured finance securities and 11% equity securities.

以季末攤銷成本計算，我們的投資組合約由64%的優先擔保貸款、25%的結構性金融證券以及11%的股權證券所構成。

At the end of the quarter, we had investments in 56 unique issuers totaling $308.1 million of fair value. On the interest-bearing portion of the portfolio, the weighted average performing investment income yield decreased approximately 1% to 12.5% quarter-over-quarter.

截至季末，我們投資於56家不同發行人，合計公允價值為3.081億美元。就投資組合中計息部分而言，加權平均之履約投資收益率（performing investment income yield）較前一季約下降1%，至12.5%。

The decrease in yield was primarily due to a decline in earned yields on our structured finance securities attributable to the aforementioned spread compression dynamics pressuring cash flows to the equity tranche. This metric includes all interest, prepayment fee and amortization of deferred loan fee income, but excludes syndication fee income, if applicable.

收益率下降主要是因我們的結構性金融證券之已賺取收益率下滑，歸因於前述利差收斂動態對流向股權分層（equity tranche）的現金流造成壓力。此指標包含所有利息、提前清償費以及遞延貸款費收入的攤銷，但不包含承銷費收入（如適用）。

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

接下來，我把電話交回給Bilal作結語。

Thank you, Kyle. As we continue to navigate today's uncertain economic environment, we remain firmly focused on preserving capital and strengthening our balance sheet. As discussed, we have extended our debt maturities, which span from 2028 to 2031, providing us with enhanced operational flexibility in the years ahead.

謝謝你，Kyle。在我們持續因應當前不確定的經濟環境之際，我們仍堅定聚焦於保全資本並強化資產負債表。如前所述，我們已延長債務到期結構，期限分布於2028年至2031年，為未來數年提供更高的營運彈性。

We are also focused on defensively positioning our balance sheet by continuing to reduce our overall debt, which has already been lowered by $45.6 million over the past year. We believe our loan portfolio remains well diversified across multiple industries, and we continue to emphasize investing higher in the capital structure. We believe this positioning supports resilience across a range of market conditions.

我們也著重以防禦性方式配置資產負債表，持續降低整體負債；過去一年負債已減少4,560萬美元。我們認為貸款投資組合在多個產業間仍維持良好分散，且我們持續強調投資於資本結構中較高順位。我們相信此一配置有助於在各種市場情境下維持韌性。

We remain focused on driving growth in net investment income over time. A key component of this effort is the monetization of select noninterest-earning equity positions, including our investment in Pfanstiehl as we look to redeploy capital into income-generating assets.

我們仍專注於隨時間推進提升淨投資收益（net investment income）的成長。此努力的一項關鍵組成，是將部分不產生利息收益的股權部位變現，包括我們在Pfanstiehl的投資，以便將資本重新部署至可產生收益的資產。

Our team's long-standing experience and investment discipline has driven consistent results. Since 2011, the BDC has invested more than $2.1 billion with an annualized net realized loss of just 0.28%, while continuing to deliver attractive risk-adjusted returns on our portfolio.

我們團隊長期累積的經驗與投資紀律帶來一致的成果。自2011年以來，本BDC已投資超過21億美元，年化淨已實現損失僅0.28%，同時持續為投資組合提供具吸引力的風險調整後報酬。

Finally, we continue to benefit from the scale and capabilities of our adviser. With a $4.2 billion corporate credit platform and affiliation with a $32 billion asset management group, our adviser provides deep credit experience and long-standing banking and capital markets relationships.

最後，我們持續受惠於顧問的規模與能力。憑藉42億美元的企業信貸平台，並隸屬於320億美元的資產管理集團，我們的顧問提供深厚的信貸經驗，以及長期的銀行與資本市場關係。

Our corporate credit platform has gone through multiple credit cycles over the last 25-plus years. Importantly, our adviser and affiliates remain strongly aligned with shareholders as they maintain an approximately 23% ownership in the BDC. With that, operator, please open up the call for questions.

我們的企業信貸平台在過去25年以上歷經多個信貸循環。重要的是，顧問及其關係企業與股東仍高度一致，因其在BDC中維持約23%的持股。接下來，請接線員開放提問。

(Operator Instructions) The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

（接線員指示）本次電話會議現已結束。感謝各位參加今天的簡報。您現在可以掛線。