OFS Credit's NAV Slides to $2.88–$2.98 as $200M ATM Keeps Dripping Shares
OCCI is trading near its 52-week low of $1.91 (3.7% above the low).
Summary
OFS Credit disclosed a September 30 NAV estimate of $2.88–$2.98 per share, down from $3.32 at July 31, while its $200M at-the-market program has raised $153.1M to date at an $8.30 average price versus a $1.98 current stock price.
Key Events · Financing and Capital Events · OCCI
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September NAV Estimate Falls Again
Management's unaudited September 30, 2026 NAV estimate is $2.88–$2.98 per share, down from $3.32 at July 31, 2026 — roughly a 10–13% decline in two months.
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Q3 Results Show Mark-to-Market Losses
For the quarter ended July 31, 2026, NII was $4.2M ($0.14/share) and Core NII $6.3M ($0.21/share), but net loss on investments of $11.3M drove a $7.1M decrease in net assets.
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ATM Has Raised $153.1M at $8.30 Average
18,663,757 shares sold under the $200M at-the-market program since January 2020 for ~$153.1M net proceeds; only 13,500 shares ($0.1M) were sold in the July 31, 2026 quarter.
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Asset Coverage Cushion Narrows
Asset coverage ratio fell to 209.1% at July 31, 2026 from 221.3% at April 30, 2026, against the 200% regulatory minimum for the $89.9M of outstanding preferred stock.
Analysis · OCCI · Unknown
OFS Credit's estimated NAV per share fell to $2.88–$2.98 as of September 30, 2026, down from $3.32 at July 31 — a roughly 10–13% decline in two months, on top of the $0.40 quarterly drop already reported. The portfolio is a pool of CLO equity positions carried at $181.5M fair value against $294.9M amortized cost, so the mark-to-market losses are the driver, not operations: Core NII actually improved to $0.21 per share. The problem is the combination. The company has sold 18,663,757 shares under its $200M at-the-market program at a weighted average of $8.30, and the stock now trades at $1.98 — meaning the ATM is a shrinking source of capital and any further issuance at these levels is heavily dilutive relative to the NAV the shares represent. With the asset coverage ratio already down to 209.1% against a 200% regulatory minimum for the preferred stock, the cushion is thin. The investment adviser has the discretion to waive commissions or make supplemental payments to keep ATM sale prices at or above NAV, which is a tell that selling below NAV is a live concern.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 30.6% of the 1552 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, OCCI was trading at $1.98 on NASDAQ in the Unknown sector, with a market capitalization of approximately $57.6M. The 52-week trading range was $1.91 to $5.33. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.