OFS Credit Company, Inc. (NASDAQ: OCCI) found its shares in the green Friday, after unveiling financial results for the fiscal quarter ended July 31.
Net investment income was $3.5 million, or $0.42 per common share, for the fiscal quarter ended July 31. This compares to NII of $3.1 million, or $0.38 per common share, for the fiscal quarter ended April 30.
Core net investment income of $4.5 million, or $0.54 per common share, for the fiscal quarter ended July 31. Core NII declined $3.2 million, or $0.43 per common share, from the prior quarter primarily due to rising interest rates.
On September 1, OFS Credit’s board of directors declared a quarterly distribution of $0.55 per share of common stock for the fiscal quarter ending October 31. The distribution is payable on October 31, in cash or shares of our common stock to stockholders of record as of September 13. The total amount of cash distributed to all stockholders will be limited to 20% of the total distribution, excluding any cash paid for fractional shares.
“Our effective yield and NII remained strong and both increased for the second straight quarter,” said CEO Bilal Rashid, “While unrealized depreciation impacted our EPS and NAV per share, we believe this unrealized depreciation is primarily due to widening spreads and is not due to fundamental credit issues.”
OCCI shares increased 17 cents, or 1.7%, to $10.45.
