Romita Shetty
About Romita Shetty
Romita Shetty (age 59) is an independent Class II director of OFS Credit Company, Inc. (OCCI) since 2018, with her current term expiring in 2026 . She is a partner at DA Management (owner of DA Capital), with 30+ years in fixed income and credit across special situations, structured credit and private investments; prior roles include leading Lehman Brothers’ Global Special Opportunities group (2007–2008), co-leading structured equity/credit at RBS (2004–2006), and leading JP Morgan’s Global Structured Credit Derivatives and related businesses (1997–2004); she began at Standard & Poor’s in 1990, and holds a BA (Honors) in History from St. Stephens College and a Master of International Affairs from Columbia University . She chairs OCCI’s Compensation Committee and serves on the Audit and Nominating & Corporate Governance Committees; she is designated a Preferred Stock Director and is considered independent under Nasdaq/1940 Act standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| DA Management / DA Capital | Partner; President of DA Capital Asia Pte Ltd | Ongoing; prior management capacity | Focused on special situations, structured credit, private investments; participates in portfolio company boards and leads The Shopping Lab, including Grocery Buddy app . |
| Lehman Brothers | Head, Global Special Opportunities (proprietary investing) | 2007–2008 | Led special opportunities investing . |
| RBS | Co-lead, North American structured equity and credit markets; Global Alternative Investment product businesses | 2004–2006 | Structured credit/equity leadership . |
| JP Morgan | Led Global Structured Credit Derivatives; Financial Institutions Solutions & CDO businesses | 1997–2004 | Built derivatives/CDO businesses . |
| Standard & Poor’s | Credit Ratings (municipal, FI, ABS); managed part of ABS ratings | Began 1990 | Broad ratings experience . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| OFS Capital Corporation (NASDAQ: OFS) | Director | Current | Oversees 2 portfolios in the OFS fund complex (Company, Hancock Park, OFS Capital, CIM RACR) . |
Board Governance
- Committee assignments: Audit (member), Compensation (chair), Nominating & Corporate Governance (member) .
- Independence: Board determined Shetty, Fitta, and Griggs are independent under Nasdaq rules and not “interested persons” under Section 2(a)(19) of the 1940 Act; Shetty is considered independent for 1940 Act purposes .
- Committee activity and cadence (FY 2024): Audit met 9 times (chair: Griggs); Compensation met 2 times (chair: Shetty); Nominating met 2 times (chair: Fitta) .
- Attendance: Board met 5 times in FY 2024; each director attended at least 75% of board and committee meetings; all directors attended the 2024 annual meeting and are expected to attend 2025 .
- Lead Independent Director: Kathleen M. Griggs; independent executive sessions presided by Griggs .
- Governance posture: Combined Chairman/CEO (Bilal Rashid) with lead independent director offset; all committees fully independent .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $60,000 | $66,250 |
| Stock Awards ($) | $0 | $0 |
| Total Compensation from OCCI ($) | $60,000 | $66,250 |
| Total Compensation from Fund Complex ($) | $160,000 | $166,250 |
| Structure Notes | Independent directors received $50,000 annual cash fee, plus $10,000 for committee chair service (FY 2023) . | Annual cash retainer is $50,000 if NAV ≤$125M and $75,000 if NAV >$125M; OCCI’s NAV exceeded $125M in Q4 FY 2024, increasing the retainer beginning that quarter; independent directors also receive $10,000 annually for serving on one or more committees . |
Performance Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Stock Awards ($) | $0 | $0 |
- No options, PSUs/RSUs, or performance-tied director compensation were disclosed; director pay is cash-based with committee-related fees .
Other Directorships & Interlocks
| Company | Type | Relationship/Interlock |
|---|---|---|
| OFS Capital Corporation | Public BDC | Shetty is a director; shared fund complex and advisory relationships via OFS Advisor affiliates . |
Expertise & Qualifications
- Fixed income/credit specialist with structured credit, derivatives, and CDO leadership across Lehman, RBS, JP Morgan; broad ratings experience at S&P .
- Strategic/operator experience at DA Management/DA Capital, including board participation and building consumer/data businesses (The Shopping Lab; Grocery Buddy) .
- Education: BA (Honors) in History, St. Stephens College; Master of International Affairs, Columbia University .
- Fund complex oversight: 2 portfolios .
Equity Ownership
| Metric | As of Jun 20, 2024 | As of Jun 20, 2025 |
|---|---|---|
| Common Shares Beneficially Owned | 0 | 0 |
| % of Common Shares Outstanding | N/A (0%) | N/A (0%) |
| Preferred Shares Beneficially Owned | 0 | 0 |
| % of Preferred Shares Outstanding | N/A (0%) | N/A (0%) |
| Dollar Range of OCCI Equity Owned (Director) | None | None |
| Aggregate Dollar Range Across Fund Complex (Director) | None | None |
Governance Assessment
- Strengths:
- Independent director with deep structured credit and risk expertise; chairs Compensation Committee and sits on Audit and Nominating, supporting robust oversight of valuation, fees, and risk management .
- Board and committee independence and executive sessions, plus a designated Lead Independent Director, mitigate risks of combined Chair/CEO structure .
- Documented annual board/committee evaluation process and active audit oversight (9 meetings in FY 2024) signal engagement .
- Watch items / RED FLAGS:
- Zero share ownership at OCCI (no common or preferred; “None” dollar range) reduces direct alignment with common shareholders; she also reports “None” across the fund complex, indicating limited “skin-in-the-game” despite long tenure .
- Interlocks within the OFS fund complex (director at OFS Capital) coincide with advisor-related conflicts disclosed (valuation subjectivity, incentive fee on non-cash income, co-investment and allocation conflicts), placing higher importance on her committee oversight and independence in practice .
- OCCI’s code allows hedging transactions with compliance clearance (not a prohibition), which can dilute alignment if used; mitigated by compliance approvals and her current zero holdings .
Overall, Shetty’s governance profile emphasizes committee leadership and credit/risk expertise, but lack of equity ownership and intra-complex interlocks necessitate continued focus on independence, related-party oversight, and transparent fee/valuation governance to sustain investor confidence .