
Stockholder transaction expenses:
Sales load borne by us (as a percentage of offering price)	—	%	(1)
Offering expenses borne by us (as a percentage of offering price)	—	%	(2)
DRIP fees (per sales transaction fee)	$15.00		(3)
Total Stockholder transaction expenses (as a percentage of offering price)	—	%

Estimated annual expenses (as a percentage of net assets attributable to common stock):(4)
Base management fees payable under the Investment Advisory Agreement	5.50	%	(5)
Incentive fees payable under the Investment Advisory Agreement	1.43	%	(6)
Interest payments on borrowed funds	12.16	%	(7)
Other expenses	3.47	%	(8)
Total annual expenses	22.56	%	(9)

(1) The amounts set forth in this table do not reflect the impact of any sales load borne by the Company and its stockholders. If applicable, the prospectus supplement relating to an offering of our common stock will disclose the applicable sales load borne by the Company and its common stockholders as a percentage of the offering price and the following “Example” will be updated accordingly.

(2) The related prospectus supplement will also disclose the applicable offering expenses and total stockholder transaction expenses.

(3) The expenses of the DRIP are included in “other expenses.” The plan administrator’s fees will be paid by us. There will be no brokerage charges or other charges to stockholders who participate in the plan except that, if a participant elects by written notice to the plan administrator to have the plan administrator sell part or all of the shares held by the plan administrator in the participant’s account and remit the proceeds to the participant, the plan administrator is authorized to deduct a $15.00 transaction fee plus a $0.10 per share brokerage commission from the proceeds.

(4) Estimated annual expense captions presented in the table above are computed relative to our net asset value of $123.2 million as of December 31, 2025.

(5) Our base management fee is 1.75% of the average value of our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and assets owned by any consolidated entity). This item represents projected base management fees for the next twelve months assuming that the base management fee expense remains consistent with the base management fee incurred during the year ended December 31, 2025. The estimated base management fee used for the calculation in the table above excludes the fee reduction on OFSCC-FS Assets agreed to by OFS Advisor for the year ended December 31, 2025. See “Management and Other Agreements—Investment Advisory Agreement.”

(6) The incentive fee assumes that the Income Incentive Fee we will incur during the next twelve months remains consistent with the actual amounts incurred for the Income Incentive Fee for the year ended December 31, 2025. The Capital Gains Fee will be accrued, but not necessarily become payable, if, on a cumulative basis, the sum of net realized capital gains and losses plus net unrealized appreciation and depreciation is positive. The amount set forth in the table assumed the Capital Gains Fee is 0.0%.

The two parts of the incentive fee follows:

•The Income Incentive Fee, payable quarterly in arrears, equals 20.0% of our pre-incentive fee net investment income (including income that is accrued but not yet received in cash), subject to a 2.0% quarterly (8.0% annualized) hurdle rate and a “catch-up” provision measured as of the end of each calendar quarter. Under this provision, in any calendar quarter, OFS Advisor receives no incentive fee until our pre-incentive fee net investment income equals the hurdle rate of 2.0% but then receives, as a “catch-up,” 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5%. The effect of this provision is that, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, OFS Advisor will receive 20.0% of our pre-incentive fee net investment income as if a hurdle rate did not apply. There is no accumulation of amounts on the hurdle rate from quarter to quarter and accordingly there is no clawback of amounts

previously paid if subsequent quarters are below the quarterly hurdle rate and there is no delay of payment if prior quarters are below the quarterly hurdle rate.

•The Capital Gains Fee, payable annually in arrears, equals 20.0% of our realized capital gains on a cumulative basis, if any (or upon the termination of the Investment Advisory Agreement, as of the termination date), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. The incentive fee is determined on a consolidated basis. We accrue the Capital Gains Fee if, on a cumulative basis, the sum of net realized capital gains and losses plus net unrealized appreciation and depreciation is positive. See “Management and Other Agreements—Investment Advisory Agreement.”

(7) Interest payments on borrowed funds represent interest expenses to be incurred on our $220.5 million of outstanding debt as of December 31, 2025. Borrowing costs also include amortization of deferred debt issuance costs related to the issuance of our outstanding debt. As of December 31, 2025, our asset coverage ratio was 156% as permitted under Section 61(a)(2) of the 1940 Act, and assumes a weighted-average effective interest rate of 7.1%, which is equal to the weighted-average effective interest rate of our $220.5 million of debt outstanding as of December 31, 2025.

We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. As of December 31, 2025, availability under the Banc of California Credit Facility was $20.5 million, based on the stated advance rate of 50% under the borrowing base and the $4.5 million outstanding. Our stockholders will bear directly or indirectly the costs of borrowings under any debt instruments we may enter into.

(8) “Other expenses” assumes that other expenses we incur during the next twelve months remain consistent with the actual amounts incurred during the year ended December 31, 2025. “Other expenses” includes our overhead expenses, including services under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by OFS Services. See “Management and Other Agreements—Administration Agreement.” “Other expenses” also includes ongoing professional expenses to our independent accountants, legal counsel, other professional service providers and compensation of independent directors.

(9) Our stockholders indirectly bear the expenses of underlying funds or other investment vehicles in which we invest that would be investment companies under section 3(a) of the 1940 Act but for the exceptions to that definition provided for in sections 3(c)(1) and 3(c)(7) of the 1940 Act. We do not currently invest in underlying funds or other investment companies and therefore do not expect to incur any acquired fund fees and expenses. The indirect expenses that will be associated with our Structured Finance Securities are not included in the fee table presentation, but if such expenses were included in the fee table presentation then our total annual expenses would have been 22.73%.

Example. The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above, except that the incentive fee has been assumed as 0% as further described below, resulting in an assumed total annual expense ratio of 21.13% of net assets. The expense amounts assume an annual base management fee of 1.75% as described in footnote 4 above, or 5.50% of net assets, for each year. Transaction expenses are not included in the following example.


	1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return	$194	$494	$704	$997

While the example assumes a 5.0% annual return, as required by the applicable rules of the SEC, our performance will vary and may result in a return greater or less than 5.0%. The incentive fee under the Investment Advisory Agreement is subject to an annual rate of return hurdle rate of 8.0% annualized. Therefore, assuming a 5.0% annual return as in the example above, the incentive fee would either not be payable or would have an insignificant impact on the expense amounts shown above, is not included in the above example. The above illustration assumes that we will not realize any capital gains (computed net of all realized capital losses and unrealized capital depreciation) in any of the indicated time periods. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive fee of a material amount, our expenses and returns to our investors would be higher. For example, if we assumed that we received our 5.0% annual return completely in the form of net realized capital gains on our investments, computed net of all cumulative unrealized depreciation on our investments, the projected dollar amount of total cumulative expenses set forth in the above illustration would be as follows:


	1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return resulting entirely from net realized capital gains (all of which is subject to our incentive fee on capital gains)	$204	$519	$741	$1,048

While the examples assume reinvestment of all distributions at NAV, participants in our DRIP will receive a number of shares of our common stock determined by dividing the total dollar amount of the distribution payable to a participant by the market price per share of our common stock at the close of trading on the dividend payment date. The market price per share of our common stock may be at, above or below NAV. The example should not be considered a representation of future expenses, and actual expenses may be greater or less than those shown.

Sales Load [Percent]

0.00%

Dividend Reinvestment and Cash Purchase Fees

$ 15.00

Other Transaction Expenses [Abstract]

Other Transaction Expense 1 [Percent]

0.00%

Annual Expenses [Table Text Block]


Stockholder transaction expenses:
Sales load borne by us (as a percentage of offering price)	—	%	(1)
Offering expenses borne by us (as a percentage of offering price)	—	%	(2)
DRIP fees (per sales transaction fee)	$15.00		(3)
Total Stockholder transaction expenses (as a percentage of offering price)	—	%

Estimated annual expenses (as a percentage of net assets attributable to common stock):(4)
Base management fees payable under the Investment Advisory Agreement	5.50	%	(5)
Incentive fees payable under the Investment Advisory Agreement	1.43	%	(6)
Interest payments on borrowed funds	12.16	%	(7)
Other expenses	3.47	%	(8)
Total annual expenses	22.56	%	(9)

(2) The related prospectus supplement will also disclose the applicable offering expenses and total stockholder transaction expenses.

(4) Estimated annual expense captions presented in the table above are computed relative to our net asset value of $123.2 million as of December 31, 2025.

The two parts of the incentive fee follows:

previously paid if subsequent quarters are below the quarterly hurdle rate and there is no delay of payment if prior quarters are below the quarterly hurdle rate.


	1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return	$194	$494	$704	$997


	1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return resulting entirely from net realized capital gains (all of which is subject to our incentive fee on capital gains)	$204	$519	$741	$1,048

Management Fees [Percent]

5.50%

Interest Expenses on Borrowings [Percent]

12.16%

Incentive Fees [Percent]

1.43%

Other Annual Expenses [Abstract]

Other Annual Expense 1 [Percent]

3.47%

Total Annual Expenses [Percent]

22.56%

Expense Example [Table Text Block]


	1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return	$194	$494	$704	$997

Expense Example, Year 01

$ 194

Expense Example, Years 1 to 3

494

Expense Example, Years 1 to 5

704

Expense Example, Years 1 to 10

$ 997

Purpose of Fee Table , Note [Text Block]

The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you that the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Annual Report on Form 10-K contains a reference to fees or expenses paid by “us,” “the Company” or “OFS Capital,” or that “we” will pay fees or expenses, you will indirectly bear such fees or expenses as an investor in OFS Capital.

Basis of Transaction Fees, Note [Text Block]

Sales load borne by us (as a percentage of offering price)Offering expenses borne by us (as a percentage of offering price)DRIP fees (per sales transaction fee)Total Stockholder transaction expenses (as a percentage of offering price)

Management Fee not based on Net Assets, Note [Text Block]

Our base management fee is 1.75% of the average value of our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and assets owned by any consolidated entity). This item represents projected base management fees for the next twelve months assuming that the base management fee expense remains consistent with the base management fee incurred during the year ended December 31, 2025. The estimated base management fee used for the calculation in the table above excludes the fee reduction on OFSCC-FS Assets agreed to by OFS Advisor for the year ended December 31, 2025. See “Management and Other Agreements—Investment Advisory Agreement.”

Financial Highlights [Abstract]

Senior Securities [Table Text Block]


(dollar amounts in thousands, except per unit data) Class and Year	Total Amount Outstanding(1)		Asset Coverage Per Unit(2)		Involuntary Liquidating Preference Per Unit(3)	Average Market Value Per Unit(4)
4.75% Notes due 2026(5)
December 31, 2025	$	16,000	$	21,477	—	N/A
December 31, 2024	$	125,000	$	3,365	—	N/A
December 31, 2023	$	125,000	$	3,460	—	N/A
December 31, 2022	$	125,000	$	3,721	—	N/A
December 31, 2021	$	125,000	$	3,870	—	N/A

4.95% Notes due 2028
December 31, 2025	$	55,000	$	6,248	—	$	23.06
December 31, 2024	$	55,000	$	7,647	—	$	22.20
December 31, 2023	$	55,000	$	7,864	—	$	21.82
December 31, 2022	$	55,000	$	8,457	—	$	23.27
December 31, 2021	$	55,000	$	8,795	—	$	25.51

7.50% Notes due 2028
December 31, 2025	$	69,000	$	4,980	—	$	25.45

8.00% Note due 2029
December 31, 2025	$	25,000	$	13,746	—	N/A

6.25% Notes due 2023
December 31, 2020	$	25,000	$	14,754	—	$	24.82

6.375% Notes due 2025
December 31, 2020	$	50,000	$	7,377	—	$	22.66
December 31, 2019	$	50,000	$	7,519	—	$	25.30
December 31, 2018	$	50,000	$	5,645	—	$	24.84

6.50% Notes due 2025
December 31, 2020	$	48,525	$	7,601	—	$	22.80
December 31, 2019	$	48,525	$	7,747	—	$	25.29
December 31, 2018	$	48,525	$	5,817	—	$	24.43

5.95% Notes due 2026
December 31, 2020	$	54,325	$	6,790	—	$	21.89
December 31, 2019	$	54,325	$	6,920	—	$	24.75

BNP Facility
December 31, 2025	$	50,950	$	6,745	—	N/A


(dollar amounts in thousands, except per unit data) Class and Year	Total Amount Outstanding(1)		Asset Coverage Per Unit(2)		Involuntary Liquidating Preference Per Unit(3)	Average Market Value Per Unit(4)
December 31, 2024	$	67,350	$	6,245	—	N/A
December 31, 2023	$	90,500	$	4,779	—	N/A
December 31, 2022	$	104,700	$	4,442	—	N/A
December 31, 2021	$	100,000	$	4,837	—	N/A
December 31, 2020	$	31,450	$	11,728	—	N/A
December 31, 2019	$	56,450	$	6,659	—	N/A

Banc of California Credit Facility
December 31, 2025	$	4,500	$	76,364	—	N/A
December 31, 2024	$	1,000	$	420,574	—	N/A
December 31, 2023	$	—	$	—	—	N/A
December 31, 2022	$	—	$	—	—	N/A
December 31, 2021	$	—	$	—	—	N/A
December 31, 2020	$	600	$	614,760	—	N/A
December 31, 2019	$	—	$	—	—	N/A
December 31, 2018	$	12,000	$	23,521	—	N/A
December 31, 2017	$	17,600	$	11,540	—	N/A
December 31, 2016	$	9,500	$	15,821	—	N/A

SBA debentures (SBIC I LP)(6)
December 31, 2023	$	31,920	$	—	—	N/A
December 31, 2022	$	50,920	$	—	—	N/A
December 31, 2021	$	69,920	$	—	—	N/A
December 31, 2020	$	105,270	$	—	—	N/A
December 31, 2019	$	149,880	$	—	—	N/A
December 31, 2018	$	149,880	$	—	—	N/A
December 31, 2017	$	149,880	$	—	—	N/A
December 31, 2016	$	149,880	$	—	—	N/A

Total Senior Securities(7)
December 31, 2025	$	220,450	$	1,559	—	N/A
December 31, 2024	$	248,350	$	1,693	—	N/A
December 31, 2023	$	302,420	$	1,599	—	N/A
December 31, 2022	$	335,620	$	1,634	—	N/A
December 31, 2021	$	349,920	$	1,728	—	N/A
December 31, 2020	$	315,170	$	1,757	—	N/A
December 31, 2019	$	359,180	$	1,796	—	N/A
December 31, 2018	$	260,405	$	2,554	—	N/A
December 31, 2017	$	167,480	$	11,540	—	N/A
December 31, 2016	$	159,380	$	15,821	—	N/A

(1) Total amount of each class of senior securities outstanding at the end of the period presented.

(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the class of senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit.” The calculation presented for individual classes of senior securities does not include the impact of other classes of senior securities outstanding as of a particular date. Refer to the Asset Coverage Per Unit for Total Senior Securities below.

(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.

(4) Average market value per unit for our unsecured notes represents the average of the daily closing prices as reported on the Nasdaq Market during the period presented. Not applicable to our 4.75% Notes due 2026, 8.00% Note due 2029, the Banc of California Credit Facility, BNP Facility or SBA debentures because these senior securities are not registered for public trading.

(5) On January 8, 2026, we issued notices to the holders of the 4.75% Notes due 2026 regarding the exercise of our option to redeem on February 9, 2026 the remaining $16.0 million of outstanding notes at 100% of their principal amount, plus the accrued and unpaid interest.

(6) The SBA debentures were not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC.

(7) The Asset Coverage Per Unit does not include the SBA debentures as described in footnote (6) above.

Senior Securities Amount

$ 220,450,000

$ 248,350,000

$ 220,450,000

$ 248,350,000

$ 302,420,000

$ 335,620,000

$ 349,920,000

$ 315,170,000

$ 359,180,000

$ 260,405,000

$ 167,480,000

$ 159,380,000

Senior Securities Coverage per Unit

$ 1,559

$ 1,693

$ 1,559

$ 1,693

$ 1,599

$ 1,634

$ 1,728

$ 1,757

$ 1,796

$ 2,554

$ 11,540

$ 15,821

Senior Securities Averaging Method, Note [Text Block]

Average market value per unit for our unsecured notes represents the average of the daily closing prices as reported on the Nasdaq Market during the period presented. Not applicable to our 4.75% Notes due 2026, 8.00% Note due 2029, the Banc of California Credit Facility, BNP Facility or SBA debentures because these senior securities are not registered for public trading.

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Investment Criteria/Guidelines

Our investment objective is to provide our stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. We focus on investments in senior secured loans, including first lien, second lien, and unitranche loans, as well as subordinated loans and, to a lesser extent, common stock, preferred stock and Structured Finance Securities. In particular, we believe that structured equity with debt investments (i.e., typically senior secured unitranche loans, often with warrant coverage, and, at times, in companies with no financial sponsor) represent a strong relative value opportunity offering the borrower the convenience of dealing with one lender, which may result in a higher blended rate of interest to us than we might expect to receive under a traditional multi-tranche structure. We expect that our investments in the equity securities of portfolio companies, such as warrants, preferred stock, common stock and other equity interests, will principally be made in conjunction with our debt investments in those companies. Generally, we do not expect to make investments in companies or securities that OFS Advisor determines to be distressed investments (such as discounted debt instruments that have either experienced a default or have a significant potential for default), other than follow-on investments in portfolio companies of ours. We intend to continue to generate strong risk-adjusted net returns by assembling a diversified portfolio of investments across a broad range of industries.

We target U.S. middle-market companies through OFS’s access to a network of financial institutions, private equity sponsors, investment banks, consultants and attorneys, and our proprietary database of borrowers developed over OFS’s 25 year history of lending to middle-market companies. A typical targeted borrower will exhibit certain of the following characteristics:

•number of employees between 150 and 2,000;

•revenues between $15 million and $300 million;

•annual EBITDA between $5 million and $50 million;

•private companies owned by private equity firms or owners/operators;

•enterprise value between $10 million and $500 million;

•effective and experienced management teams;

•defensible market share;

•solid historical financial performance, including a steady stream of cash flow;

•high degree of recurring revenue;

•diversity of customers, markets, products and geography; and

•differentiated products or services.

While we believe that the characteristics listed above are important in identifying and investing in prospective portfolio companies, not all of these criteria will be met by each prospective portfolio company.

Return at Minus Ten [Percent]

(39.30%)

Return at Minus Five [Percent]

(25.50%)

Return at Zero [Percent]

(11.60%)

Return at Plus Five [Percent]

2.30%

Return at Plus Ten [Percent]

16.20%

Share Price [Table Text Block]

The following table lists the high and low intraday sale price for our common stock, NAV per share, and the cash distributions per share that we have declared on our common stock for each fiscal quarter during the last two most recently completed fiscal years. The stock quotations are inter-dealer quotations and do not include markups, markdowns or commissions.


	NAV Per Share(1)		Price Range				Premium (Discount) of High Sales Price to NAV		Premium (Discount) of Low Sales Price to NAV		Cash Distribution per Share
Period			High		Low
Fiscal 2025
Fourth Quarter	$	9.19	$	7.81	$	4.44	-15.0	%	-51.7	%	$	0.17
Third Quarter	$	10.17	$	8.99	$	7.58	-11.6	%	-25.5	%	$	0.34
Second Quarter	$	10.91	$	9.52	$	7.88	-12.7	%	-27.8	%	$	0.34
First Quarter	$	11.97	$	9.80	$	7.92	-18.1	%	-33.8	%	$	0.34
Fiscal 2024
Fourth Quarter	$	12.85	$	8.98	$	7.81	-30.1	%	-39.2	%	$	0.34
Third Quarter	$	11.29	$	9.35	$	7.75	-17.2	%	-31.4	%	$	0.34
Second Quarter	$	11.51	$	10.14	$	8.42	-11.9	%	-26.8	%	$	0.34
First Quarter	$	11.08	$	12.07	$	9.53	8.9	%	-14.0	%	$	0.34

(1)NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

NAV Per Share

$ 9.19

$ 12.85

$ 9.19

$ 12.85

$ 12.09

$ 13.47

$ 15.18

$ 11.85

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

Borrowings

As of December 31, 2025, we had $220.5 million of outstanding debt with a weighted-average effective interest rate of 7.1%.

Banc of California Credit Facility. We are party to the BLA with Banc of California, as lender, to provide us with a senior secured revolving credit facility, or the Banc of California Credit Facility. The Banc of California Credit Facility is available for general corporate purposes including investment funding. The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance Securities and non-performing loans, and as otherwise specified in the BLA. The

Banc of California Credit Facility is guaranteed by OFSCC-MB and secured by all of our and OFSCC-MB’s current and future assets, excluding assets held by OFSCC-FS and SBIC I LP, and our partnership interests in SBIC I LP. As of December 31, 2025, OFSCC-MB and us held aggregate investments of $140.5 million, at fair value.

The BLA contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, a minimum tangible NAV, a minimum quarterly net investment income after incentive fees, and a maximum ratio of total liabilities divided by NAV. The BLA also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change in investment advisor, and the occurrence of a material adverse change in our financial condition. As of December 31, 2025, we were in compliance in all material respects with the applicable covenants.

As of December 31, 2025, the terms of the Banc of California Credit Facility were as follows (dollar amounts in thousands):


	Principal Outstanding		Unused Commitment		Floor Rate	Interest Rate	Stated Coupon	Annual Commitment Fee	Maturity Date(1)
Banc of California Credit Facility	$	4,500	$	20,500	5.00%	Prime + 0.25%	7.00%	0.50%	February 28, 2026

(1) On January 9, 2026, we amended the Banc of California Credit Facility to extend the maturity date from February 28, 2026 to February 28, 2028.

On April 22, 2022, we amended the Banc of California Credit Facility to: (i) increase the maximum amount available from $25.0 million to $35.0 million; and (ii) extend the maturity date from February 28, 2023 to February 28, 2024.

On December 15, 2022, we amended the Banc of California Credit Facility to: (i) reduce the maximum amount available from $35.0 million to $25.0 million; and (ii) eliminate the No Net Losses covenant, which restricted net losses (defined as income after adjustments to the investment portfolio for gains and losses, realized and unrealized, also shown as net increase (decrease) in net assets resulting from operations) in more than two quarters during the prior four quarters then ended.

On December 15, 2023, we amended the Banc of California Credit Facility to: (i) extend the maturity date from February 28, 2024 to February 28, 2026; (ii) increase the interest rate floor from 4.00% to 5.00%; and (iii) eliminate the 0.50% unused line fee and replace it with an annual commitment fee of 0.50%.

On January 9, 2026, we amended the Banc of California Credit Facility to extend the maturity date from February 28, 2026 to February 28, 2028.

BNP Facility. On June 20, 2019, we entered into the a revolving credit and security agreement by and among OFSCC-FS, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, OFSCC-FS Holdings, LLC, a wholly owned subsidiary of the Company, as equityholder, the Company, as servicer, Citibank, N.A., as collateral agent and Virtus Group, LP, as collateral administrator, which provided for borrowings in an aggregate principal amount up to $80.0 million during its reinvestment period.

Borrowings under the BNP Facility bore interest at a variable rate of SOFR plus a variable margin (2.65% floor), which is determined on the basis of industry-recognized portfolio company metrics at the time of funding.

The reinvestment period of the BNP Facility expired on September 30, 2025, after which the ability to access the unused commitment of the facility and make additional investments under the facility terminated. On February 18, 2026, in connection with the closing of the Natixis Facility, OFSCC-FS repaid in full all outstanding obligations due, and terminated all commitments, under the BNP Facility. All liens securing the BNP Facility were released upon such repayment.

Borrowings under the BNP Facility were secured by substantially all of the assets held by OFSCC-FS. As of December 31, 2025, total assets held by OFSCC-FS were $132.9 million.

As of December 31, 2025, the BNP Facility had the following terms and balances (dollar amounts in thousands):

Principal Outstanding(1)

Unused Commitment(2)

Interest Rate

Margin Floor

Stated Coupon

Maturity

BNP Facility

$50,950

N/A

SOFR + 2.65%

2.65%

6.47%

June 20, 2027

(1) On February 18, 2026, in connection with the closing of the Natixis Facility, OFSCC-FS repaid in full all outstanding obligations due.

(2) As of December 31, 2025, the unused commitment under the BNP Facility was $0, following the expiration of the reinvestment period on September 30, 2025.

Unsecured Notes. At December 31, 2025 and 2024, the aggregate principal debt of our Unsecured Notes totaled $165.0 million and $180.0 million, respectively.

Issuance and Redemption of Unsecured Notes During the Year Ended December 31, 2025

On July 23, 2025, we closed the public offering of $69.0 million aggregate principal amount of our Unsecured Notes Due July 2028, which included $9.0 million of aggregate principal amount related to the underwriters’ option to cover overallotments. The net proceeds to us from the Unsecured Notes Due July 2028, after deducting underwriting fees of $1.4 million and offering expenses of $0.3 million, was $67.3 million. The Unsecured Notes Due July 2028 bear interest at a stated rate of 7.50% and will mature on July 31, 2028. We may redeem the Unsecured Notes Due July 2028 in whole or in part at any time, or from time to time, on or after July 31, 2026.

On August 8, 2025, we entered into the Securities Purchase Agreement, pursuant to which we sold in a private placement a $25.0 million aggregate principal amount Unsecured Note Due August 2029. The net proceeds to us from the Unsecured Note Due August 2029, after deducting discounts and offering expenses of $0.8 million, was $24.2 million. The Unsecured Note Due August 2029 bears interest at a stated rate of 8.00% and will mature on August 8, 2029. We may redeem the Unsecured Note Due August 2029 in whole or in part at any time.

In connection with, and using the proceeds from, the issuance of the Unsecured Notes Due July 2028 and Unsecured Note Due August 2029, on August 11, 2025 and August 21, 2025, we redeemed $94.0 million in aggregate principal amount of the Unsecured Notes Due February 2026, which resulted in a leverage-neutral refinancing. The Unsecured Notes Due February 2026 were redeemed at 100% of their principal amount, plus accrued interest and a make-whole premium payments. We recognized a loss on extinguishment of debt of $0.3 million related to the acceleration of unamortized deferred debt issuance costs and make-whole premium payments on the redeemed notes.

On December 30, 2025, we redeemed $15.0 million of the issued and outstanding Unsecured Notes Due February 2026, plus accrued interest.

As of December 31, 2025, we had $16.0 million of outstanding Unsecured Notes Due February 2026, which were redeemed in full on February 9, 2026. See “—Recent Developments” for additional information.

The Unsecured Notes are direct unsecured obligations and rank equal in right of payment with all of our current and future unsecured indebtedness. Because the Unsecured Notes are not secured by any of our assets, they are effectively subordinated to all existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which we subsequently grant a security interest), to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the Banc of California Credit Facility.

In order to, among other things, reduce future cash interest payments, as well as future amounts due at maturity or upon redemption, we may, from time to time, purchase the Unsecured Notes for cash in open market purchases and/or privately negotiated transactions. We will evaluate any such transactions in light of then-existing market conditions, taking into account our current liquidity, prospects for future access to capital, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material.

As of December 31, 2025, the Unsecured Notes had the following terms and balances (dollar amounts in thousands):


Unsecured Notes	Principal		Stated Interest Rate		Effective Interest Rate(1)		Optional Redemption Date	Maturity
Unsecured Notes Due February 2026(2)	$	16,000	4.75	%	5.44	%	Callable	February 10, 2026
Unsecured Notes Due July 2028	69,000		7.50		8.34		July 31, 2026	July 31, 2028
Unsecured Notes Due October 2028	55,000		4.95		5.32		Callable	October 31, 2028
Unsecured Note Due August 2029	25,000		8.00		8.80		Callable	August 8, 2029
Total / Weighted-Average	$	165,000	6.46	%	7.12	%

(1) The effective interest rate on the Unsecured Notes includes deferred debt issuance cost amortization.

(2) On February 9, 2026, we redeemed in full the $16.0 million in aggregate principal amount of our Unsecured Notes Due February 2026. See “—Recent Developments” for additional information.

SBA Debentures. On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures totaling $31.9 million, and, on April 17, 2024, surrendered its license to operate as a SBIC.

The average dollar borrowings and average interest rate related to our debt for the years ended December 31, 2025, 2024 and 2023, were as follows (dollar amounts in thousands):


Year Ended	Average Dollar Borrowings		Weighted-Average Interest Rate
December 31, 2025	$	251,696	6.56	%
December 31, 2024	260,792		6.38
December 31, 2023	324,357		6.01

The following table shows the scheduled maturities of the principal balances of our outstanding borrowings as of December 31, 2025:


	Principal Due by Year
Debt liabilities	Total		2026		2027		2028		2029		2030
Banc of California Credit Facility(1)	$	4,500	$	4,500	$	—	$	—	$	—	$	—
BNP Facility(2)	50,950		—		50,950		—		—		—
Unsecured Notes(3)	165,000		16,000		—		124,000		25,000		—
Total	$	220,450	$	20,500	$	50,950	$	124,000	$	25,000	$	—

(1) On January 9, 2026, we amended the Banc of California Credit Facility to extend the maturity date from February 28, 2026 to February 28, 2028.

(2) On February 18, 2026, in connection with the closing of the Natixis Facility, OFSCC-FS repaid in full all outstanding obligations due, and terminated all commitments, under the BNP Facility. The maturity date of the Natixis Facility is February 18, 2031, subject to earlier termination under certain conditions set forth in the Natixis Facility.

(3)

Banc of California Credit Facility [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 4,500,000

$ 1,000,000

$ 4,500,000

$ 1,000,000

$ 0

$ 600,000

$ 0

$ 12,000,000

$ 17,600,000

$ 9,500,000

Senior Securities Coverage per Unit

$ 76,364

$ 420,574

$ 76,364

$ 420,574

$ 0

$ 614,760

$ 0

$ 23,521

$ 11,540

$ 15,821

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

Banc of California Credit Facility

Long Term Debt, Principal

$ 4,500,000

Long Term Debt, Structuring [Text Block]

We are party to the BLA with Banc of California, as lender, to provide us with a senior secured revolving credit facility, or the Banc of California Credit Facility. The Banc of California Credit Facility is available for general corporate purposes including investment funding. The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance Securities and non-performing loans, and as otherwise specified in the BLA. The

Long Term Debt, Dividends and Covenants [Text Block]

As of December 31, 2025, the terms of the Banc of California Credit Facility were as follows (dollar amounts in thousands):


	Principal Outstanding		Unused Commitment		Floor Rate	Interest Rate	Stated Coupon	Annual Commitment Fee	Maturity Date(1)
Banc of California Credit Facility	$	4,500	$	20,500	5.00%	Prime + 0.25%	7.00%	0.50%	February 28, 2026

4.75 Percent Notes Due 2026 [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 16,000,000

$ 125,000,000

$ 16,000,000

$ 125,000,000

Senior Securities Coverage per Unit

$ 21,477

$ 3,365

$ 21,477

$ 3,365

$ 3,460

$ 3,721

$ 3,870

4.95 Percent Notes Due 2028 [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 55,000,000

Senior Securities Coverage per Unit

$ 6,248

$ 7,647

$ 6,248

$ 7,647

$ 7,864

$ 8,457

$ 8,795

Senior Securities Average Market Value per Unit

$ 23.06

$ 22.20

$ 21.82

$ 23.27

$ 25.51

7.50 Percent Notes Due 2028 [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 69,000,000

Senior Securities Coverage per Unit

$ 4,980

Senior Securities Average Market Value per Unit

$ 25.45

8.00 Percent Notes due 2029 [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 25,000,000

Senior Securities Coverage per Unit

$ 13,746

6.25 Percent Notes Due 2023 [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 25,000,000

Senior Securities Coverage per Unit

$ 14,754

Senior Securities Average Market Value per Unit

$ 24.82

6.375 Percent Notes Due 2025 [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 50,000,000

Senior Securities Coverage per Unit

$ 7,377

$ 7,519

$ 5,645

Senior Securities Average Market Value per Unit

$ 22.66

$ 25.30

$ 24.84

6.50 Percent Notes Due 2025 [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 48,525,000

Senior Securities Coverage per Unit

$ 7,601

$ 7,747

$ 5,817

Senior Securities Average Market Value per Unit

$ 22.80

$ 25.29

$ 24.43

5.95 Percent Notes Due 2026 [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 54,325,000

Senior Securities Coverage per Unit

$ 6,790

$ 6,920

Senior Securities Average Market Value per Unit

$ 21.89

$ 24.75

BNP Facility [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 50,950,000

$ 67,350,000

$ 50,950,000

$ 67,350,000

$ 90,500,000

$ 104,700,000

$ 100,000,000

$ 31,450,000

$ 56,450,000

Senior Securities Coverage per Unit

$ 6,745

$ 6,245

$ 6,745

$ 6,245

$ 4,779

$ 4,442

$ 4,837

$ 11,728

$ 6,659

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

BNP Facility

Long Term Debt, Principal

$ 50,950,000

Long Term Debt, Structuring [Text Block]

On June 20, 2019, we entered into the a revolving credit and security agreement by and among OFSCC-FS, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, OFSCC-FS Holdings, LLC, a wholly owned subsidiary of the Company, as equityholder, the Company, as servicer, Citibank, N.A., as collateral agent and Virtus Group, LP, as collateral administrator, which provided for borrowings in an aggregate principal amount up to $80.0 million during its reinvestment period.

Borrowings under the BNP Facility were secured by substantially all of the assets held by OFSCC-FS. As of December 31, 2025, total assets held by OFSCC-FS were $132.9 million.

As of December 31, 2025, the BNP Facility had the following terms and balances (dollar amounts in thousands):

Principal Outstanding(1)

Unused Commitment(2)

Interest Rate

Margin Floor

Stated Coupon

Maturity

BNP Facility

$50,950

N/A

SOFR + 2.65%

2.65%

6.47%

June 20, 2027

(1) On February 18, 2026, in connection with the closing of the Natixis Facility, OFSCC-FS repaid in full all outstanding obligations due.

(2) As of December 31, 2025, the unused commitment under the BNP Facility was $0, following the expiration of the reinvestment period on September 30, 2025.

SBA Debentures [Member]

Financial Highlights [Abstract]

Senior Securities Amount

$ 31,920,000

$ 50,920,000

$ 69,920,000

$ 105,270,000

$ 149,880,000

Senior Securities Coverage per Unit

$ 0

Unsecured Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

Unsecured Notes

Long Term Debt, Principal

$ 165,000,000

Long Term Debt, Structuring [Text Block]

At December 31, 2025 and 2024, the aggregate principal debt of our Unsecured Notes totaled $165.0 million and $180.0 million, respectively.

Issuance and Redemption of Unsecured Notes During the Year Ended December 31, 2025

On December 30, 2025, we redeemed $15.0 million of the issued and outstanding Unsecured Notes Due February 2026, plus accrued interest.

As of December 31, 2025, the Unsecured Notes had the following terms and balances (dollar amounts in thousands):


Unsecured Notes	Principal		Stated Interest Rate		Effective Interest Rate(1)		Optional Redemption Date	Maturity
Unsecured Notes Due February 2026(2)	$	16,000	4.75	%	5.44	%	Callable	February 10, 2026
Unsecured Notes Due July 2028	69,000		7.50		8.34		July 31, 2026	July 31, 2028
Unsecured Notes Due October 2028	55,000		4.95		5.32		Callable	October 31, 2028
Unsecured Note Due August 2029	25,000		8.00		8.80		Callable	August 8, 2029
Total / Weighted-Average	$	165,000	6.46	%	7.12	%

(1) The effective interest rate on the Unsecured Notes includes deferred debt issuance cost amortization.

(2) On February 9, 2026, we redeemed in full the $16.0 million in aggregate principal amount of our Unsecured Notes Due February 2026. See “—Recent Developments” for additional information.

SBA Debentures. On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures totaling $31.9 million, and, on April 17, 2024, surrendered its license to operate as a SBIC.

The average dollar borrowings and average interest rate related to our debt for the years ended December 31, 2025, 2024 and 2023, were as follows (dollar amounts in thousands):


Year Ended	Average Dollar Borrowings		Weighted-Average Interest Rate
December 31, 2025	$	251,696	6.56	%
December 31, 2024	260,792		6.38
December 31, 2023	324,357		6.01

The following table shows the scheduled maturities of the principal balances of our outstanding borrowings as of December 31, 2025:


	Principal Due by Year
Debt liabilities	Total		2026		2027		2028		2029		2030
Banc of California Credit Facility(1)	$	4,500	$	4,500	$	—	$	—	$	—	$	—
BNP Facility(2)	50,950		—		50,950		—		—		—
Unsecured Notes(3)	165,000		16,000		—		124,000		25,000		—
Total	$	220,450	$	20,500	$	50,950	$	124,000	$	25,000	$	—

(1) On January 9, 2026, we amended the Banc of California Credit Facility to extend the maturity date from February 28, 2026 to February 28, 2028.

(3)

Security 1 Common [Member]

General Description of Registrant [Abstract]

Lowest Price or Bid

4.44

$ 7.58

$ 7.88

$ 7.92

7.81

$ 7.75

$ 8.42

$ 9.53

Highest Price or Bid

$ 7.81

$ 8.99

$ 9.52

$ 9.80

$ 8.98

$ 9.35

$ 10.14

$ 12.07

Highest Price or Bid, Premium (Discount) to NAV [Percent]

(15.00%)

(11.60%)

(12.70%)

(18.10%)

(30.10%)

(17.20%)

(11.90%)

8.90%

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

(51.70%)

(25.50%)

(27.80%)

(33.80%)

(39.20%)

(31.40%)

(26.80%)

(14.00%)

NAV Per Share

$ 9.19

$ 10.17

$ 10.91

$ 11.97

$ 12.85

$ 11.29

$ 11.51

$ 11.08

$ 9.19

$ 12.85