OFS Credit ATM Update: $153M Raised, NAV Slides to $3.28–$3.38
OCCI is trading near its 52-week low of $2.42 (4.1% above the low).
Summary
OFS Credit's latest ATM update shows $153.1M raised to date and a further NAV decline to $3.28–$3.38 per share, deepening the dilution pain for shareholders.
Key Events · Financing and Capital Events · OCCI
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Cumulative ATM Sales Reach $153.1M
As of July 14, 2026, 18.66 million shares have been sold under the ATM program for net proceeds of ~$153.1 million, representing substantial dilution over the program's life.
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NAV Drops to $3.28–$3.38
Management's unaudited estimate of NAV per share as of June 30, 2026, is $3.28–$3.38, down from $3.72 as of April 30, 2026, reflecting continued portfolio value erosion.
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Shares Sold Below NAV
With the stock price at $2.52, recent ATM sales are executed at a significant discount to the estimated NAV, amplifying dilution for existing shareholders.
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Adviser May Subsidize Sales Price
The investment adviser may pay commissions or make supplemental payments to ensure the sales price per share does not fall below NAV, though this does not eliminate the dilutive impact.
Analysis · OCCI · Unknown
OFS Credit continues to drip-feed shares into the market under its $200M ATM program, with cumulative sales now at $153.1M. The real sting is the updated NAV estimate of $3.28–$3.38 per share, down roughly 10% from the prior month's $3.72. With the stock trading at $2.52, shares are being sold at a persistent discount to NAV, compounding dilution for existing holders. The company is raising capital at a time when its portfolio value is eroding, a double hit to shareholder value.
At the time of this filing, OCCI was trading at $2.52 on NASDAQ in the Unknown sector, with a market capitalization of approximately $77.8M. The 52-week trading range was $2.42 to $6.29. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.