OFS
OFS Capital
Portfolio Fair Value
$411.72M
108 holdings
Avg Spread
+6.34%
FV-weighted, debt
Avg Coupon
12.10%
FV-weighted
% First Lien
48.6%
of debt FV
Unrealized P/L
+$17.80M
+4.52% of cost
Non-Accrual
5
text-detected
Balance sheet
Assets$469.82M
Liabilities + Equity$469.82M
First Lien
$204.36M · 43.5%
First Lien
$204.36M · 43.5%
Second Lien
$49.53M · 10.5%
Second Lien
$49.53M · 10.5%
Subordinated
$74.60M · 15.9%
Subordinated
$74.60M · 15.9%
Equity
$91.80M · 19.5%
Equity
$91.80M · 19.5%
Cash & Equivalents
$45.35M · 9.7%
Other Assets
$4.18M · 0.9%
Debt (Borrowings)
$267.83M · 57.0%
Debt (Borrowings)
$267.83M · 57.0%
Other Liabilities
$39.98M · 8.5%
Net Assets (Equity)
$162.00M · 34.5%
Net Assets (Equity)
$162.00M · 34.5%
Industry Composition
Pharmaceutical Preparation Manufacturing
17.2%
Ares L CLO
10.1%
Motor Vehicle Parts (Used) Merchant Wholesalers
6.7%
Services for the Elderly and Persons with Disabilities
6.1%
Other Computer Related Services
4.2%
Other Ambulatory Health Care Services
3.9%
Motorcycle, Bicycle, and Parts Manufacturing
3.6%
Offices of Physicians, Mental Health Specialists
3.1%
Apex Credit CLO 2020
3.1%
Unclassified
3.1%
Software Publishers
2.6%
Offices of Other Holding Companies
2.6%
Other industries
33.7%
Spread Distribution
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
10.0%
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
108 of 114
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
Pfanstiehl Holdings, Inc. | Pharmaceutical Preparation Manufacturing | Common Equity | $70.93M | $217.0K | $70.71M | — | — | — |
All Star Auto Lights, Inc. | Motor Vehicle Parts (Used) Merchant Wholesalers | First Lien Debt #1 | $22.85M | $22.72M | $134.0K | 10.97% | +5.50% | 2025-08-20 |
Kreg LLC | Other Ambulatory Health Care Services | First Lien Debt | $15.99M | $17.07M | -$1.08M | 9.75% | +4.25% | 2026-12-20 |
Inergex Holdings, LLC | Other Computer Related Services | First Lien Debt | $14.87M | $14.78M | $85.0K | 12.58% | +7.00% | 2024-10-01 |
Tolemar Acquisition, INC. | Motorcycle, Bicycle, and Parts Manufacturing | First Lien Debt | $14.33M | $15.30M | -$970.0K | 11.75% | +6.00% | 2026-10-14 |
Boca Home Care Holdings, Inc. | Services for the Elderly and Persons with Disabilities | First Lien Debt | $10.60M | $10.87M | -$277.0K | 11.96% | +6.50% | 2027-02-25 |
Contract Datascan Holdings, Inc. | Office Machinery and Equipment Rental and Leasing | Preferred Equity | $10.31M | $7.31M | $3.00M | — | — | — |
SSJA Bariatric Management LLC | Offices of Physicians, Mental Health Specialists | First Lien Debt #1 | $9.19M | $9.56M | -$377.0K | 10.75% | +5.25% | 2024-08-26 |
STS Operating, Inc. | Industrial Machinery and Equipment Merchant Wholesalers | Second Lien Debt | $9.07M | $9.07M | $1.0K | 13.46% | +8.00% | 2026-04-30 |
24 Seven Holdco, LLC | Temporary Help Services | First Lien Debt | $8.48M | $8.78M | -$293.0K | 11.45% | +6.00% | 2027-11-16 |
Barings CLO 2019-I Ltd. | Ares L CLO | Mezzanine Debt - Class E | $7.72M | $7.92M | -$193.0K | 12.52% | +6.86% | 2035-04-15 |
One GI LLC | Offices of Other Holding Companies | First Lien Debt #1 | $7.07M | $7.36M | -$292.0K | 12.21% | +6.75% | 2025-12-22 |
Apex Credit CLO | Apex Credit CLO 2020 | Subordinated Notes #2020 | $7.03M | $10.19M | -$3.16M | 14.89% | — | 2031-10-20 |
Apex Credit CLO 2022-1A | Apex Credit CLO 2022-1A | Subordinated Notes | $6.96M | $8.86M | -$1.90M | 17.30% | — | 2033-04-22 |
Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC) | Software Publishers | First Lien Debt | $6.86M | $14.11M | -$7.25M | 6.50% | — | 2025-12-31 |
Honor HN Buyer Inc | Services for the Elderly and Persons with Disabilities | First Lien Debt #1 | $6.47M | $6.38M | $81.0K | 11.25% | +5.75% | 2027-10-15 |
Wellful Inc. (F/K/A KNS Acquisition Corp.) | Electronic Shopping and Mail-Order Houses | First Lien Debt | $6.31M | $6.58M | -$268.0K | 11.72% | +6.25% | 2027-04-21 |
Envocore Holding, LLC (F/K/A LRI Holding, LLC) | Electrical Contractors and Other Wiring Installation Contractors | First Lien Debt | $6.29M | $6.29M | $0.00 | 7.50% | — | 2025-12-31 |
Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets) | Supermarkets and Other Grocery (except Convenience) Stores | First Lien Debt | $5.92M | $5.64M | $284.0K | 12.20% | +6.75% | 2029-08-01 |
Convergint Technologies Holdings, LLC | Security Systems Services (except Locksmiths) | Second Lien Debt | $5.88M | $5.86M | $14.0K | 12.22% | +6.75% | 2029-03-30 |
Apex Credit CLO 2021 Ltd | Apex Credit CLO 2020 | Subordinated Notes | $5.71M | $6.98M | -$1.27M | 21.61% | — | 2034-07-18 |
Battalion CLO XI, Ltd. | Ares L CLO | Mezzanine Debt - Class E | $5.51M | $5.92M | -$407.0K | 12.51% | +6.85% | 2034-04-24 |
Madison Park Funding XXIX, Ltd. | Ares L CLO | Subordinated Notes | $5.36M | $5.93M | -$572.0K | 13.78% | — | 2047-10-18 |
Brightwood Capital MM CLO 2023-1A, Ltd. | Ares L CLO | Subordinated Notes | $5.02M | $5.02M | $0.00 | 14.56% | — | 2035-10-15 |
Flatiron CLO 18, Ltd. | Ares L CLO | Subordinated Notes | $4.99M | $6.31M | -$1.32M | 7.62% | — | 2031-04-17 |
BayMark Health Services, Inc. | Outpatient Mental Health and Substance Abuse Centers | Second Lien Debt #1 | $4.96M | $4.92M | $47.0K | 14.11% | +8.50% | 2028-06-11 |
All Star Auto Lights, Inc. | Motor Vehicle Parts (Used) Merchant Wholesalers | First Lien Debt #2 | $4.92M | $4.87M | $51.0K | 10.96% | +5.50% | 2025-08-20 |
Madison Park Funding XXIII, Ltd. | Ares L CLO | Subordinated Notes | $4.74M | $5.56M | -$814.0K | 16.45% | — | 2047-07-27 |
TruGreen Limited | — | Partnership, Second Lien Debt | $4.29M | $4.59M | -$305.0K | 14.14% | +8.50% | 2028-11-02 |
Excelin Home Health, LLC | Home Health Care Services | Second Lien Debt | $4.17M | $4.84M | -$666.0K | 18.00% | — | 2025-12-31 |
Honor HN Buyer Inc | Services for the Elderly and Persons with Disabilities | First Lien Debt #2 | $4.09M | $4.03M | $60.0K | 11.25% | +5.75% | 2027-10-15 |
BayMark Health Services, Inc. | Outpatient Mental Health and Substance Abuse Centers | Second Lien Debt #2 | $3.99M | $3.95M | $40.0K | 14.12% | +8.50% | 2028-06-11 |
Idera | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | Second Lien Debt | $3.85M | $4.00M | -$150.0K | 12.28% | +6.75% | 2029-03-02 |
Envocore Holding, LLC (F/K/A LRI Holding, LLC) | Electrical Contractors and Other Wiring Installation Contractors | Second Lien Debt | $3.80M | $6.58M | -$2.78M | — | — | 2026-12-31 |
One GI LLC | Offices of Other Holding Companies | First Lien Debt #2 | $3.72M | $3.88M | -$153.0K | 12.21% | +6.75% | 2025-12-22 |
Electrical Components International, Inc. | Current-Carrying Wiring Device Manufacturing | Second Lien Debt | $3.56M | $3.45M | $109.0K | 13.96% | +8.50% | 2026-06-26 |
JP Intermediate B, LLC | Drugs and Druggists' Sundries Merchant Wholesalers | First Lien Debt | $3.37M | $4.51M | -$1.15M | 11.14% | +5.50% | 2027-11-20 |
Allen Media, LLC | Cable and Other Subscription Programming | First Lien Debt | $3.33M | $3.73M | -$401.0K | 11.00% | +5.50% | 2027-02-10 |
RSA Security | — | Second Lien Debt | $3.27M | $4.41M | -$1.14M | 13.22% | +7.75% | 2029-04-27 |
Clevertech Bidco, LLC | Commodity Contracts Dealing | First Lien Debt | $3.11M | $3.11M | $0.00 | 12.25% | +6.75% | 2027-12-30 |
SS Acquisition, LLC | Sports and Recreation Instruction | First Lien Debt #1 | $3.04M | $3.02M | $19.0K | 12.41% | +6.75% | 2026-12-30 |
Regatta XXII Funding Ltd | Redding Ridge 4 | Mezzanine Debt - Class E | $3.01M | $2.98M | $30.0K | 12.61% | +7.19% | 2035-07-20 |
THL Credit Wind River 2019‐3 CLO Ltd. | Redding Ridge 4 | Subordinated Notes | $2.94M | $4.88M | -$1.94M | 10.59% | — | 2031-04-15 |
Ivanti Software, Inc. | Software Publishers | First Lien Debt | $2.79M | $2.94M | -$148.0K | 9.91% | +4.25% | 2027-12-01 |
Staples, Inc. | Business to Business Electronic Markets | First Lien Debt | $2.73M | $2.84M | -$113.0K | 10.46% | +5.00% | 2026-04-16 |
Honor HN Buyer Inc | Services for the Elderly and Persons with Disabilities | First Lien Debt (Delayed Draw) #2 | $2.71M | $2.68M | $24.0K | 11.50% | +6.00% | 2027-10-15 |
RumbleOn, Inc. | Other Industrial Machinery Manufacturing | First Lien Debt #1 | $2.63M | $2.77M | -$136.0K | 14.36% | +8.75% | 2026-08-31 |
Venture 45 CLO Ltd. | Trinitas CLO VIII | Mezzanine Debt - Class E | $2.58M | $2.94M | -$363.0K | 13.12% | +7.70% | 2035-07-20 |
TRS Services, LLC | — | Preferred Equity | $2.51M | $97.0K | $2.41M | — | — | — |
SSJA Bariatric Management LLC | Offices of Physicians, Mental Health Specialists | First Lien Debt #3 | $2.50M | $2.60M | -$99.0K | 10.75% | +5.25% | 2024-08-26 |
Inergex Holdings, LLC | Other Computer Related Services | First Lien Debt (Revolver) | $2.34M | $2.31M | $32.0K | — | +7.00% | — |
Reception Purchaser LLC | Transportation and Warehousing | First Lien Debt | $2.26M | $2.50M | -$238.0K | 11.50% | +6.00% | 2028-03-24 |
Advantage Sales & Marketing Inc. (F/K/A Karman Buyer Corp) | Advertising Agencies | First Lien Debt | $2.25M | $2.24M | $11.0K | 10.18% | +4.50% | 2027-10-28 |
Medrina LLC | All Other Outpatient Care Centers | First Lien Debt | $2.18M | $2.18M | $0.00 | 11.74% | +6.25% | 2029-10-20 |
Octagon Investment Partners 39, Ltd. | Ares L CLO | Subordinated Notes | $2.17M | $3.96M | -$1.79M | 4.98% | — | 2030-10-20 |
AIDC Intermediateco 2, LLC | Computer Systems Design Services | First Lien Debt #1 | $1.97M | $1.95M | $26.0K | 11.80% | +6.25% | 2027-07-22 |
GoTo Group (F/K/A LogMeIn | Data Processing, Hosting, and Related Services | Inc.) First Lien Debt | $1.94M | $2.92M | -$972.0K | 10.28% | +4.75% | 2027-08-31 |
Brightwood Capital MM CLO 2023-1A, Ltd. | Ares L CLO | Mezzanine Debt - Class E | $1.93M | $1.93M | $0.00 | 15.75% | +10.36% | 2035-10-15 |
East West Manufacturing | Fluid Power Pump and Motor Manufacturing | First Lien Debt | $1.85M | $1.92M | -$61.0K | 11.13% | +5.75% | 2028-12-22 |
Creation Technologies | Bare Printed Circuit Board Manufacturing | First Lien Debt | $1.85M | $1.96M | -$108.0K | 11.18% | +5.50% | 2028-10-05 |
Dryden 76 CLO, Ltd. | Ares L CLO | Subordinated Notes | $1.78M | $2.33M | -$553.0K | 16.12% | — | 2032-10-20 |
Signal Parent, Inc. | New Single-Family Housing Construction (except For-Sale Builders) | First Lien Debt | $1.62M | $1.79M | -$175.0K | 8.96% | +3.50% | 2028-04-03 |
Spear Education Holdings, LLC | Professional and Management Development Training | First Lien Debt | $1.48M | $1.46M | $29.0K | 13.00% | +7.50% | 2027-12-15 |
BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings) | Ice Cream and Frozen Dessert Manufacturing | Second Lien Debt | $1.47M | $1.65M | -$171.0K | 12.72% | +7.25% | 2029-06-08 |
SS Acquisition, LLC | Sports and Recreation Instruction | First Lien Debt #2 | $1.46M | $1.45M | $11.0K | 13.10% | +7.45% | 2026-12-30 |
Trinitas CLO VIII | Trinitas CLO VIII | Subordinated Notes | $1.35M | $2.89M | -$1.54M | 3.95% | — | — |
RSA Security | — | First Lien Debt | $1.31M | $1.71M | -$401.0K | 10.22% | +4.75% | 2028-04-27 |
TRS Services, LLC | — | Common Equity | $1.28M | $572.0K | $713.0K | — | — | — |
RPLF Holdings, LLC | Software Publishers | Common Equity | $1.18M | — | — | — | — | — |
TalentSmart Holdings, LLC | Professional and Management Development Training | Common Equity | $1.14M | $1.59M | -$459.0K | — | — | — |
Avison Young | Nonresidential Property Managers | First Lien Debt #1 | $1.06M | $3.90M | -$2.84M | 12.11% | +6.50% | 2026-01-31 |
SSJA Bariatric Management LLC | Offices of Physicians, Mental Health Specialists | First Lien Debt #2 | $993.0K | $1.03M | -$40.0K | 10.75% | +5.25% | 2024-08-26 |
Park Avenue Institutional Advisers CLO Ltd | Park Avenue Institutional Advisers CLO Ltd 2021-1 | 2021-1, Mezzanine Debt - Class E | $982.0K | $982.0K | $0.00 | 12.98% | +7.30% | 2034-01-20 |
Monroe Capital MML CLO X, Ltd. | Ares L CLO | Mezzanine Debt - Class E-R | $967.0K | $961.0K | $6.0K | 14.12% | +8.75% | 2034-05-20 |
Brightwood Capital MM CLO 2023-1A, Ltd. | Ares L CLO | Mezzanine Debt - Class D | $888.0K | $888.0K | $0.00 | 11.85% | +6.46% | 2035-10-15 |
Boca Home Care Holdings, Inc. | Services for the Elderly and Persons with Disabilities | Common Equity | $827.0K | $1.29M | -$463.0K | — | — | — |
RumbleOn, Inc. | Other Industrial Machinery Manufacturing | First Lien Debt #2 | $795.0K | $854.0K | -$59.0K | 14.36% | +8.75% | 2026-08-31 |
Dryden 53 CLO, LTD. | Ares L CLO | Subordinated Notes - Income | $622.0K | $1.28M | -$658.0K | 8.04% | — | 2031-01-15 |
PM Acquisition LLC | All Other General Merchandise Stores | Common Equity | $551.0K | $499.0K | $52.0K | — | — | — |
Redding Ridge | Redding Ridge 4 | Subordinated Notes #4 | $544.0K | $910.0K | -$366.0K | 7.46% | — | 2030-04-15 |
Tolemar Acquisition, INC. | Motorcycle, Bicycle, and Parts Manufacturing | First Lien Debt (Revolver) | $422.0K | $585.0K | -$163.0K | 11.75% | +6.00% | 2026-10-14 |
DRS Imaging Services, LLC | Data Processing, Hosting, and Related Services | Common Equity | $393.0K | $1.14M | -$742.0K | — | — | — |
Boca Home Care Holdings, Inc. | Services for the Elderly and Persons with Disabilities | Preferred Equity | $344.0K | $345.0K | -$1.0K | — | — | — |
Contract Datascan Holdings, Inc. | Office Machinery and Equipment Rental and Leasing | Common Equity | $271.0K | $104.0K | $167.0K | — | — | — |
Wellfleet CLO 2018-2 | Wellfleet CLO 2018-2 | Subordinated Notes | $270.0K | $627.0K | -$357.0K | 9.99% | — | 2031-10-20 |
Avison Young | Nonresidential Property Managers | First Lien Debt #2 | $215.0K | $757.0K | -$542.0K | 12.64% | +7.00% | 2026-01-31 |
SSJA Bariatric Management LLC | Offices of Physicians, Mental Health Specialists | First Lien Debt (Revolver) | $173.0K | $199.0K | -$26.0K | 10.75% | +5.25% | 2024-08-26 |
Astro One Acquisition Corporation | Other Miscellaneous Nondurable Goods Merchant Wholesalers | Second Lien Debt | $110.0K | $2.60M | -$2.49M | 14.11% | +8.50% | 2029-09-14 |
Honor HN Buyer Inc | Services for the Elderly and Persons with Disabilities | First Lien Debt (Revolver) | $95.0K | $85.0K | $10.0K | 13.25% | +4.75% | 2027-10-15 |
Diamond Sports Group, LLC | Television Broadcasting | Second Lien Debt | $92.0K | $1.94M | -$1.84M | 10.71% | +5.25% | 2026-08-24 |
Sentry Centers Holdings, LLC | Other Professional, Scientific, and Technical Services | Preferred Equity | $77.0K | $160.0K | -$83.0K | — | — | — |
RumbleOn, Inc. | Other Industrial Machinery Manufacturing | Warrants | $72.0K | $200.0K | -$128.0K | — | — | — |
AIDC IntermediateCo 2, LLC | Computer Systems Design Services | First Lien Debt #2 | $46.0K | $45.0K | $1.0K | 11.78% | +6.25% | 2027-07-22 |
Constellis Holdings, LLC | Other Justice, Public Order, and Safety Activities | Common Equity | $45.0K | $703.0K | -$658.0K | — | — | — |
Envocore Holding, LLC (F/K/A LRI Holding, LLC) | Electrical Contractors and Other Wiring Installation Contractors | Equity Participation Rights | $0.00 | $4.72M | -$4.72M | — | — | — |
GGC Aerospace Topco L.P. | Other Aircraft Parts and Auxiliary Equipment Manufacturing | Common Equity Class A Units | $0.00 | $450.0K | -$450.0K | — | — | — |
GGC Aerospace Topco L.P. | Other Aircraft Parts and Auxiliary Equipment Manufacturing | Common Equity Class B Units | $0.00 | $50.0K | -$50.0K | — | — | — |
Master Cutlery, LLC | Sporting and Recreational Goods and Supplies Merchant Wholesalers | Subordinated Debt | $0.00 | $4.68M | -$4.68M | — | — | 2024-05-25 |
Master Cutlery, LLC | Sporting and Recreational Goods and Supplies Merchant Wholesalers | Preferred Equity | $0.00 | $3.48M | -$3.48M | — | — | — |
United Biologics Holdings, LLC | Medical Laboratories | Preferred Equity | $0.00 | $9.0K | -$9.0K | — | — | — |
Medrina LLC | All Other Outpatient Care Centers | First Lien Debt (Delayed Draw) | -$5.0K | -$5.0K | $0.00 | — | +6.25% | 2029-10-20 |
Medrina LLC | All Other Outpatient Care Centers | First Lien Debt (Revolver) | -$8.0K | -$8.0K | $0.00 | — | +6.25% | 2029-10-20 |
Clevertech Bidco, LLC | Commodity Contracts Dealing | First Lien Debt (Revolver) | -$9.0K | -$9.0K | $0.00 | — | +6.75% | 2027-12-30 |
Boca Home Care Holdings, Inc. | Services for the Elderly and Persons with Disabilities | First Lien Debt (Revolver) | -$44.0K | -$10.0K | -$34.0K | — | +6.50% | 2027-02-25 |
Metasource | All Other Business Support Services | First Lien Debt (Delayed Draw) | -$69.0K | -$4.0K | -$65.0K | — | +6.25% | 2027-05-17 |
One GI LLC | Offices of Other Holding Companies | First Lien Debt (Revolver) | -$71.0K | -$14.0K | -$57.0K | — | +6.75% | 2025-12-22 |
Kreg LLC | Other Ambulatory Health Care Services | First Lien Debt (Revolver) | -$90.0K | -$6.0K | -$84.0K | — | +6.25% | 2026-12-20 |
Master Cutlery, LLC | Sporting and Recreational Goods and Supplies Merchant Wholesalers | Common Equity | — | — | — | — | — | — |
Disclosed holdings FV
$420.29M
Parsed holdings FV
$411.72M
Residual gap
$8.57M
Balance-sheet cash
$45.35M
CIK
0001487918
Accession
0001487918-24-000006
Form type
10-K
Period
2023-12-31