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OFS Capital (NASDAQ:OFS) Corporation (NASDAQ: OFS), a business development company with a market capitalization of $109 million and currently trading at $8.13, announced a change in its executive team with the departure of its Chief Financial Officer (CFO) and Treasurer, Jeffrey A. Cerny. The company, which maintains a notable 16.7% dividend yield according to InvestingPro data, has sustained dividend payments for 12 consecutive years.
According to a recent SEC filing, Cerny will resign from his roles effective March 31, 2025. The company has clarified that Cerny’s decision to step down is not due to any disagreements regarding operations or practices.
Cerny, who will continue to serve as a Class III Director on the company’s board, will be succeeded by Kyle Spina, who has been voted in by the board to assume the position of CFO and Treasurer on the same date. Spina, 38, is currently the Chief Accounting Officer of OFS Capital and has over 15 years of experience in accounting, having held positions at Thoma Bravo, LP, and Fidus Investment (NASDAQ:FDUS) Corporation (NASDAQ: FDUS) before joining OFS Capital Management, LLC in April 2021. This transition comes as OFS Capital trades near its 52-week low of $7.75, with InvestingPro analysis showing several additional key metrics and insights available to subscribers.
The company’s filing revealed no other arrangements or understandings behind Spina’s appointment, and there are no family relationships between him and any other directors or executive officers of the company. Additionally, there are no material transactions involving Spina that exceed the threshold of $120,000 since the last fiscal year’s beginning or any proposed transactions.
This leadership transition is part of the natural ebb and flow of corporate governance, and OFS Capital has ensured a smooth succession plan is in place. The information is based on a press release statement filed with the SEC.
In other recent news, OFS Capital Corporation reported a 4.8% increase in net investment income to $0.27 per share in its third-quarter 2024 earnings. However, the company’s net asset value per share experienced a slight dip of 1.9% to $11.29. The firm’s largest equity position, Pfanstiehl, saw an appreciation by $2.8 million due to improved fundamental performance.
Despite markdowns in loan and structured finance positions, OFS Capital remains confident in its portfolio’s defensive positioning in the current economic climate. The company is also exploring alternatives for its minority equity investment in Pfanstiehl. Expectations of lower interest rates are anticipated to reduce the debt service burden on borrowers and mitigate recession risk. However, total investment income was down by approximately 2% to $10.9 million this quarter due to a large loan position being repaid.
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