OFS Capital : Investor Presentation - March 2024

Important Disclosures

This presentation contains "forward looking statements" that are subject to risks and uncertainties. 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 OFS Capital Corporation's (the "Company" or "OFS Capital") Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") under the section "Risk Factors," as well as other documents that may be filed by OFS Capital from time to time with the SEC. 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 Capital is providing the information as of this date and assumes no obligations to update the information included in this presentation or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Certain information included in this presentation (including certain information relating to portfolio companies) was derived from third party sources and has not been independently verified and, accordingly, OFS Capital makes no representation or warranty in respect of this information.

The following slides contain summaries of certain financial and statistical information about OFS Capital. We undertake no duty or obligation to publicly update or revise the information contained in this presentation. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the past performance of OFS Capital, or information about the market, as indicative of OFS Capital's future results. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of OFS Capital.

OFS is a brand name and is meant to include Orchard First Source Asset Management Holdings, LLC, its direct and indirect subsidiaries, including OFS Capital Management, LLC, OFS CLO Management, LLC and OFS CLO Management II, LLC, which are registered investment advisers, OFS Capital, a publicly traded business development company (NASDAQ "OFS"), OFS Credit Company, Inc., a publicly traded registered closed-end fund (NASDAQ "OCCI"), and their predecessor entities.

CIM Assets Owned and Operated represents the aggregate assets owned and operated by CIM on behalf of partners (including where CIM contributes alongside for its own account) and co-investors, whether or not CIM has discretion, in each case without duplication.

Please note, changes in global, national, regional or local economic, demographic or capital market conditions (including those caused by the impacts of the ongoing war between Russia and Ukraine, the escalated armed conflict in the Middle East, rising interest and elevated inflation rates, instability in the U.S. and international banking systems, the risk of recession or a shutdown of U.S. government services and related market volatility) may continue to have a significant negative impact on our business, financial condition, results of operations and cash flows and those of our portfolio companies, including our and their ability to achieve our respective objectives.

OFS®, HPCI®, OFS Capital® and OFS Credit® are registered trademarks of Orchard First Source Asset Management, LLC. OFS Capital Management is a trademark of Orchard First Source Asset Management, LLC.. All other trademarks or trade names are the property of their respective owners.

Fourth Quarter 2023 Highlights

• Net investment income per share for the fourth quarter 2023 was $0.35, a decrease of $0.05 per share compared to the prior quarter, primarily due to a decrease in interest income of $1.4 million, driven by a net decline in non-recurring income and a decrease in our average total investments at cost.
• Net loss on investments per share for the fourth quarter of 2023 was $0.66 and was primarily due to unrealized depreciation on a few issuer-specific portfolio companies and broader declines on our structured finance securities.
• Paid a quarterly distribution of $0.34 per share on December 29, 2023, and declared a distribution of $0.34 per share for the first quarter of 2024 payable on March 28, 2024 to stockholders of record as of March 18, 2024.1

1 Distributions are not guaranteed. Past performance is not indicative of future results.

OFS Capital Corporation (NASDAQ: OFS)

• Access to Infrastructure and Resources of Large Platform
• • OFS benefits from shared services provided by CIM Group - owners and operators of $30.7 billion of assets1
  • OFS Capital Management has $4.0 billion in Assets Under Management ("AUM")2, 3
  • Insiders own approximately 23% of OFS Capital's common shares3
• History of Generating Income for Investors and a Low Realized Loss Experience
• • $13.99 per share in distributions paid since 2012 IPO4
  • Since 2011, OFS Capital has invested ~$1.9 billion with a cumulative net realized loss rate of ~2.5%3, 5, 7, 10
• Senior Secured Focus with Earnings Growth Potential
• • 92% of loans in loan portfolio are floating rate3, 6, 8
  • Seek to selectively make equity investments when we identify a strong opportunity - return on invested capital since inception of 1.72x for realized investments and 4.94x for unrealized investments7
  • Potential to grow investment income as equity portfolio is rotated into higher income generating investments
• Attractive Financing
• • Approximately 89% of our outstanding debt matures in 2026 and beyond3, 9
  • Unsecured bonds provide flexibility and wholly owned senior loan facility has non-recourse financing

1. See Important Disclosures on page 1 and, in particular, the section "CIM Assets Owned and Operated" for additional details.
2. Includes OFS Capital Management, LLC, its parent company, OFSAM Holdings, and its direct and indirect subsidiaries.
3. As of December 31, 2023.
4. Distributions are not guaranteed. Past performance is not indicative of future results.
5. Investments for the years ended December 31, 2012 and 2011 give pro forma effect to OFS Capital's consolidation of OFS Capital WM, LLC as a result of the WM 2012 Credit Facility Amendments, as if the consolidation took place on January 1, 2011. Includes $2.7 million realized gain from the SBIC Fund acquisition.
6. Based on fair value as of December 31, 2023.
7. Past performance is not indicative of future results.
8. Excludes structured finance securities.
9. Based on outstanding principal drawn as of December 31, 2023.
10. Cumulative net realized gains (losses) represent the cumulative net gains (losses) realized on sold, significantly modified or restructured, or otherwise disposed investments. Cumulative net realized gains (losses) exclude the net unrealized appreciation (depreciation) on investments held by the Company as of the end of each reported period, and do not include interest, dividend or fee income, or fees and expenses that the Company paid over the period, which are disclosed in its financial statements.