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OFS Credit Company Provides May 2022 Net Asset Value Update
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
OFS Credit Company, Inc. (NASDAQ: OCCI) announced its estimated net asset value (NAV) as of May 31, 2022, ranging between $11.13 and $11.23 per share. This estimate is unaudited and not approved by the board, indicating potential discrepancies in future NAV determinations. The company cautioned that various factors, including the COVID-19 pandemic and geopolitical tensions, may adversely affect its financial condition and the value of its investments. KPMG LLP has not audited the preliminary financial data.
Positive
NAV estimate between $11.13 and $11.23 per share indicates possible stability.
Negative
NAV estimate is unaudited and not board-approved, raising concerns over accuracy.
Future financial condition may be negatively impacted by COVID-19, inflation, and geopolitical conflicts.
CHICAGO--(BUSINESS WIRE)--
OFS Credit Company, Inc. (NASDAQ: OCCI) (“OFS Credit,” the “Company,” “we,” “us” or “our”), an investment company that primarily invests in collateralized loan obligation (“CLO”) equity and debt securities, today announced the following net asset value (“NAV”) estimate as of May 31, 2022.
Management’s unaudited estimate of the range of our NAV per share of our common stock as of May 31, 2022 is between $11.13 and $11.23. This estimate is not a comprehensive statement of our financial condition or results for the month ended May 31, 2022. This estimate did not undergo the Company’s typical quarter-end financial closing procedures and was not approved by the Company’s board of directors. We advise you that current estimates of our NAV per share may differ materially from future NAV estimates or determinations, including the determination for the period ending July 31, 2022, which will be reported in our monthly report on Form N-PORT.
Our financial condition, including the fair value of our portfolio investments, and results of operations may be materially impacted after May 31, 2022 by circumstances and events that are not yet known. To the extent our portfolio investments are adversely impacted by the COVID-19 pandemic, changes in base interest and inflation rates, the conflict between Russia and Ukraine, or by other factors, we may experience a material adverse impact on our future net investment income, the underlying value of our investments, our financial condition and the financial condition of our portfolio investments.
The preliminary financial data included in this press release has been prepared by, and is the responsibility of, OFS Credit’s management. KPMG LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, KPMG LLP does not express an opinion or any other form of assurance with respect thereto.
About OFS Credit Company, Inc.
OFS Credit is a non-diversified, externally managed closed-end management investment company. The Company’s investment objective is to generate current income, with a secondary objective to generate capital appreciation primarily through investment in CLO debt and subordinated securities. The Company's investment activities are managed by OFS Capital Management, LLC, an investment adviser registered under the Investment Advisers Act of 19401, as amended, and headquartered in Chicago, Illinois with additional offices in New York and Los Angeles.
Forward-Looking Statements
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects may constitute forward-looking statements. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in documents that may be filed by OFS Credit from time to time with the Securities and Exchange Commission, as well as the impact of the global COVID-19 pandemic, changes in base interest and inflation rates, the conflict between Russia and Ukraine and significant market volatility on our business, our portfolio companies, our industry and the global economy. As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. OFS Credit is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
1 Registration does not imply a certain level of skill or training
What is the estimated NAV for OFS Credit Company as of May 31, 2022?
The estimated NAV for OFS Credit Company (NASDAQ: OCCI) as of May 31, 2022, ranges from $11.13 to $11.23 per share.
Why is the NAV estimate of OFS Credit Company not fully reliable?
The NAV estimate is unaudited and not approved by the company's board, indicating it may differ from future determinations.
What factors could negatively impact OFS Credit Company's financial condition?
COVID-19, changes in inflation and interest rates, and geopolitical conflicts like the Russia-Ukraine war could adversely affect OFS Credit Company's financial condition.
When will OFS Credit Company report its next NAV estimate?
OFS Credit Company will report its next NAV estimate in the form of a monthly report on Form N-PORT for the period ending July 31, 2022.
