UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 814-00813 OFS Capital Corporation (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) Delaware 46-1339639 (State or jurisdiction of incorporation or organization) 10 S. ...

Exhibit 99.1 OFS CAPITAL CORPORATION ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS DECLARES FIRST QUARTER 2024 DISTRIBUTION OF $0.34 PER SHARE Chicago, IL - March 4, 2024 - OFS Capital Corporation (Nasdaq: OFS) ("OFS Capital," "we," "us," or "our") today announced its financial results for the fiscal quarter and year ended December 31, 2023. FOURTH QUARTER FINANCIAL HIGHLIGHTS OTHER RECENT EVENTS | SELECTED FINANCIAL HIGHLIGHTS (unaudited) | | Quarter Ended | | | | --- | --- | --- | --- | -- ...

Financial Data and Key Metrics Changes - Net investment income increased to $0.40 per share, up by 5% from the previous quarter [7][13] - Net asset value declined by 1.5% to $12.74 per share, primarily due to unrealized depreciation on a few assets [8][14] - Total investment income rose approximately 0.2% to $14.7 million, driven by an increase in interest income [15] Business Line Data and Key Metrics Changes - The portfolio's weighted average performing investment income yield increased by 80 basis points to 14.6% [16] - 99% of the loan portfolio at fair value is senior secured, with 71% in senior secured loans [16] Market Data and Key Metrics Changes - The company noted subdued M&A activity compared to historical levels due to interest rate and macroeconomic uncertainty [9][10] - The overall performance of portfolio companies remains solid despite some weaknesses [16] Company Strategy and Development Direction - The company focuses on capital preservation, with nearly 100% of the loan portfolio being senior secured [18] - The financing structure is long-term, with approximately 89% of outstanding debt maturing in 2026 or later [19] - The company aims to navigate the current market successfully due to the experience and reputation of its adviser [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for increased M&A activity in the first half of next year [10] - The company remains cautious with new originations and continues to support portfolio companies in identifying growth opportunities [16] Other Important Information - The company has commitments to fund investments totaling $14.1 million under various credit facilities [16] - The adviser manages approximately $4.2 billion across loan and structured credit markets, with a strong alignment with shareholders [19] Q&A Session Summary Question: What percentage of second liens is in the portfolio? - Second liens account for 20% of the loan portfolio, with a modest increase since last quarter [22] Question: What percentage of the portfolio has interest coverage below 1x? - The statistic was not readily available, but covenant coverage ratios have been maintained despite some tightening [23] Question: What is the growth in EBITDA and revenue on a trailing 12-month basis? - More than a majority of the portfolio has seen growth in both revenues and EBITDA, with some margin compression noted but lessening [24]

Financial Performance - As of September 30, 2023, the net asset value (NAV) per common share decreased to $12.74 from $12.94 at June 30, 2023, primarily due to unrealized depreciation on investments of $0.26 per common share[140]. - For the quarter ended September 30, 2023, total investment income increased to $14.7 million from $14.5 million in the prior quarter, driven by a $0.2 million increase in interest income[141]. - The net investment income for the three months ended September 30, 2023, was $5.390 million, an increase from $5.123 million in the previous quarter[174]. - The company recognized a net loss on investments of $3.4 million for the quarter, primarily due to net unrealized depreciation of $3.5 million on debt and equity investments[143]. - The company experienced a net loss on investments of $3.395 million for the three months ended September 30, 2023, compared to a loss of $7.087 million in the previous quarter[174]. - During the nine months ended September 30, 2023, the portfolio experienced net losses of $11.6 million, primarily due to net unrealized depreciation of $6.7 million on common equity investments[189]. - Adjusted Net Investment Income for the three months ended September 30, 2023, was $5.390 million, or $0.40 per share[195]. Investment Portfolio - As of September 30, 2023, the fair value of the debt investment portfolio totaled $279.2 million across 43 portfolio companies, with approximately 99% being senior secured loans[154]. - The total portfolio company investments amounted to $373.958 million at fair value as of September 30, 2023, compared to $412.058 million as of December 31, 2022[162]. - The ten largest investments accounted for 49.6% of the total portfolio at fair value, with Pfanstiehl Holdings, Inc. being the largest equity investment valued at $77.1 million[156]. - Approximately 99% of the loan portfolio and 61% of the total portfolio consisted of senior secured loans based on fair value as of September 30, 2023[162]. - The three largest industries by fair value in the portfolio were Manufacturing (28.1%), Health Care and Social Assistance (19.3%), and Wholesale Trade (14.0%), totaling 61.4% of the portfolio[163]. Debt and Financing - The weighted-average debt interest costs increased to 6.1% compared to 6.0% for the quarter ended June 30, 2023, due to rising costs on the BNP Facility from SOFR rate increases[142]. - The company had an unused commitment of $25.0 million under the PWB Credit Facility and $58.9 million under the BNP Facility as of September 30, 2023[197]. - The effective interest rate on the PWB Credit Facility was 8.80% as of September 30, 2023, with an unused commitment of $25.0 million[212]. - The BNP Facility had $91.1 million drawn as of September 30, 2023, with an effective interest rate of 8.67%[218][220]. - The company has $31.9 million of outstanding SBA debentures maturing in 2025, with a fair value of the SBIC I LP investment portfolio at $143.3 million[230]. Asset Coverage and Compliance - As of September 30, 2023, the asset coverage ratio was 163%, exceeding the minimum requirement of 150% under the 1940 Act[145]. - The minimum required asset coverage ratio was decreased from 200% to 150% effective May 3, 2019[224]. - The aggregate amount outstanding of senior securities issued was $303.0 million, with an asset coverage ratio of 163%[226]. Cash and Liquidity - As of September 30, 2023, the company held cash of $15.9 million, including $8.4 million held by SBIC I LP and $4.0 million held by OFSCC-FS[196]. - The company continues to monitor liquidity risks associated with potential bank failures and maintains cash balances with U.S. Bank N.A and Citibank N.A[228]. - As of September 30, 2023, the approximate dollar value of shares remaining that may be purchased under the Stock Repurchase Program was $9.6 million[225]. Operational Metrics - Operating expenses for the three months ended September 30, 2023, totaled $9.261 million, a decrease from $9.403 million in the prior quarter[179]. - Interest expense for the three months ended September 30, 2023, decreased by $0.1 million compared to the prior quarter, primarily due to a reduction in the average outstanding debt balance[180]. - Total fee income decreased by $0.1 million compared to the prior quarter due to no syndication fees recognized during the current quarter[177]. Future Outlook - The company plans to fund growth through current borrowings, follow-on equity offerings, and issuances of senior securities[221]. - The company expects potential challenges in extending the PWB Credit Facility due to the merger between Banc of California and Pacific Western Bank[214]. - Interest rate sensitivity analysis indicates that a 100 basis point increase in interest rates could result in a net change of $1.702 million in earnings[242].

Important Disclosures www.cimgroup.com | ©2018 CIM Group | TRADE SECRET / CONFIDENTIAL INFORMATION www.ofscapital.com | ©2023 OFS Capital Corporation − Unsecured bonds provide flexibility and wholly owned senior loan facility has non-recourse financing 1 See Important Disclosures on page 1 and, in particular, the section "CIM Assets Owned and Operated" for additional details. 2 Includes OFS Capital Management, LLC, its parent company, OFSAM Holdings, as well as other wholly-owned subsidiaries of OFSAM Holdi ...

OFS Capital (NASDAQ:OFS) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET Company Participants Steve Altebrando - Vice President, Capital Markets Bilal Rashid - Chairman and Chief Executive Officer Jeff Cerny - Chief Financial Officer and Treasurer Conference Call Participants Mitchel Penn - Oppenheimer Operator Good morning, everyone and welcome to the OFS Capital Corporation Second Quarter 2023 Earnings Conference Call. After today’s prepared remarks, there will be an opportunity to ask questio ...

Financial Performance - As of June 30, 2023, the net asset value (NAV) per common share decreased to $12.94 from $13.42 at March 31, 2023, primarily due to a net loss on investments of $0.53 per common share[136]. - Total investment income for the quarter ended June 30, 2023, increased to $14.5 million from $14.3 million in the prior quarter, driven by a $0.7 million increase in interest income[137]. - A net loss on investments of $7.1 million, or $0.53 per common share, was recognized for the quarter ended June 30, 2023, primarily due to unrealized depreciation[139]. - Net investment income for the quarter ended June 30, 2023, was $5.1 million, compared to $5.0 million in the prior quarter[188]. - For the six months ended June 30, 2023, the portfolio experienced net losses of $8.2 million, mainly related to unrealized depreciation of $6.7 million on Structured Finance Securities[183]. - Adjusted net investment income for the quarter ended June 30, 2023, was $5.1 million, consistent with the prior quarter[188]. - Total expenses for the three months ended June 30, 2023, were $9.4 million, slightly up from $9.3 million in the prior quarter[174]. Investment Portfolio - The portfolio's weighted-average performing income yield rose to 13.8% from 13.0% in the prior quarter, attributed to rising interest rates with 95% of the loan portfolio consisting of floating rate loans[137]. - The fair value of the debt investment portfolio totaled $313.0 million across 44 portfolio companies, with approximately 99% being senior secured loans[152]. - The total portfolio company investments increased to $412,634,000 as of June 30, 2023, from $412,058,000 as of December 31, 2022[159]. - The three largest industries by fair value in the portfolio were Manufacturing (26.9%), Health Care and Social Assistance (17.6%), and Wholesale Trade (13.2%), totaling approximately 57.7% of the portfolio[160]. - Approximately 99% of the loan portfolio at fair value consisted of senior secured loans, providing greater downside protection against economic changes[159]. - Approximately 4.0% of the total portfolio at fair value was comprised of Structured Finance Securities managed by a single adviser as of June 30, 2023[154]. Debt and Financing - The weighted-average debt interest costs increased to 6.0% compared to 5.8% for the previous quarter, mainly due to SOFR rate increases[138]. - Approximately $296.6 million of debt investments bore interest at variable rates, with 84% having transitioned from LIBOR to SOFR[144]. - As of June 30, 2023, the company had an unused commitment of $24.5 million under the PWB Credit Facility and $48.9 million under the BNP Facility, with a total accessible unused credit of approximately $65.5 million[191][204]. - The effective interest rate on the PWB Credit Facility was 8.80% as of June 30, 2023, while the BNP Facility had an effective interest rate of 8.37%[204][211]. - The company has $101.1 million outstanding under the BNP Facility, maturing in 2027, which can be repaid by selling portfolio investments valued at $165.4 million[221]. - The company has $45.9 million of outstanding SBA debentures maturing in 2025, which may be repaid using proceeds from investment repayments[222]. Cash and Distributions - A distribution of $0.34 per share was declared for the third quarter of 2023, payable on September 29, 2023[142]. - Cash from net investment income increased by $4.4 million to $9.1 million for the six months ended June 30, 2023, compared to $4.8 million for the same period in 2022, primarily due to a $5.9 million increase in cash interest income[193][194]. - The company reported net cash provided by operating activities of $8.8 million for the six months ended June 30, 2023, compared to a net cash used of $34.7 million in the same period of 2022[193]. - The company has $9.6 million remaining for share repurchases under the Stock Repurchase Program, which is authorized until May 22, 2024[217]. Market Conditions and Risks - The company is subject to financial market risks due to ongoing geopolitical tensions, rising interest rates, and inflation, which may impact its market risks[228]. - As of June 30, 2023, the 1-month and 3-month SOFR were 5.14% and 5.27%, respectively, affecting the company's interest rate sensitivity[232]. - The company has not sold any shares below net asset value despite stockholder approval for such sales[219]. Strategic Outlook - The company expects to fund the growth of its investment portfolio through current borrowings, follow-on equity offerings, and issuances of senior securities[212]. - A definitive merger agreement was signed between Banc of California and Pacific Western Bank, which may impact the company's future access to liquidity[206].

Investment Performance - Return on invested capital on equity investments is 1.79x for realized investments and 5.67x for unrealized investments since inception[2] - Since inception, OFS Capital has incurred cumulative net realized losses of only approximately 1.9%[3] This is calculated from cumulative net realized losses of approximately $36.1 million divided by cumulative originations of approximately $1.9 billion from January 1, 2011, through March 31, 2023[3] - $12.69 per share in distributions paid since 4Q'12 IPO[4] Portfolio Composition - The investment portfolio consists of 62% senior secured loans, 21% common and preferred equity and warrants, and 17% structured finance securities[5] - $413 million invested in portfolio companies[8] - Manufacturing comprises 27.5% of portfolio company investments, followed by Health Care and Social Assistance at 16.5%, and Wholesale Trade at 13.1%[9] Debt Capital - Unsecured debt accounts for 54% of the debt mix, SBA debentures 14%, and bank facilities 32%[19] - 98% of outstanding debt matures in 2025 and beyond[101] Financial Highlights (Q1 2023) - Net investment income per share for the first quarter was $0.37[95] - Net loss on investments per share for the first quarter was $0.09[95] - Distributions paid per share were $0.33[96] OFS Capital Management - OFS Capital Management has $4.1 billion in Assets Under Management ("AUM") and owns approximately 22.5% of OFS Capital's common shares[105]

OFS Capital (NASDAQ:OFS) Q1 2023 Earnings Conference Call May 5, 2023 10:00 AM ET Company Participants Steve Altebrando – Vice President-Capital Markets Bilal Rashid – Chairman and Chief Executive Officer Jeff Cerny – Chief Financial Officer and Treasurer Conference Call Participants Operator Good morning, and welcome to the OFS Capital Corporation First Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 814-00813 OFS CAPITAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 46-1339639 State o ...