Kyle Spina
About Kyle Spina
Kyle Spina is the Chief Financial Officer and Treasurer of OFS Capital Corporation, appointed effective March 31, 2025; he previously served as Chief Accounting Officer from April 21, 2023 to 2025 . Age 38, he holds a B.S. in Accounting and Management from Purdue University and is a Certified Public Accountant (active since 2010) . Prior roles include Assistant Controller of Credit Funds at Thoma Bravo (2020–2021), Controller/Accounting Manager at Fidus Investment Corporation (2016–2020), and Audit Manager at BDO (2014–2016), with ~15 years in public and private accounting . Company performance in 2025 YTD under his finance leadership shows net losses in Q1–Q3 2025 and mixed revenue trends; EBITDA remained in the ~$7.1–$7.5 million range in Q2–Q3 2025 *.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BDO | Audit Manager | 2014–2016 | Led audits of public companies; strengthened reporting rigor |
| Public Accounting (various) | Auditor | 2009–2014 | Built technical foundation in GAAP and controls |
| Fidus Investment Corporation (NASDAQ: FDUS) & affiliates | Controller & Accounting Manager | 2016–2020 | Managed finance/reporting for BDC; enhanced close processes |
| Thoma Bravo, LP | Assistant Controller, Credit Funds | 2020–2021 | Oversaw fund accounting for credit strategies |
| OFS Advisor / OFSC | VP & Controller, Fund Accounting & Reporting | Apr 2021–2023 | Led fund accounting/reporting across OFS complex |
| OFS Capital Corporation | Chief Accounting Officer | Apr 21, 2023–Mar 31, 2025 | Transitioned CAO function; supported finance transformation |
| OFS Capital Corporation | Chief Financial Officer & Treasurer | Mar 31, 2025–present | Oversees corporate finance, treasury, reporting |
External Roles
| Organization | Role | Years | Scope |
|---|---|---|---|
| Hancock Park Corporate Income, Inc. | CFO & Treasurer | 2025–present | Finance leadership across BDC affiliate |
| OFS Credit Company, Inc. | CFO & Treasurer | 2025–present | Finance leadership across BDC affiliate |
| OFS Advisor | Director & CFO | 2025–present | Corporate finance for investment adviser |
| Orchard First Source Capital, Inc. (OFSC) | CFO & Treasurer | 2025–present | Finance and treasury management |
| OFSAM & OFSAM Holdings | Vice President & CFO | 2025–present | Holding company finance oversight |
Fixed Compensation
- None of the Company’s officers receives direct compensation from OFS Capital; compensation is paid by OFSC and reimbursed by OFS Capital under the Administration Agreement (allocable share, without profit to the administrator) .
- The proxy does not disclose Kyle Spina’s base salary, target/actual bonus, or equity compensation at the affiliate level; therefore, company-level fixed compensation details are not available .
Performance Compensation
- Company-level RSUs/PSUs/options for officers are not disclosed; officers are compensated via OFSC and reimbursed by OFS Capital, with no company pay-for-performance metrics reported for Spina .
- Consequently, there is no disclosed weighting, targets, or payout tables tied to revenue, EBITDA, TSR, or ESG metrics at the OFS Capital level for officers .
Equity Ownership & Alignment
| Holder | Beneficial Shares | % Outstanding | Pledged | Notes |
|---|---|---|---|---|
| Kyle Spina | 0 | N/A | None indicated | As of April 16, 2025; less than 1% |
- Hedging: The Code of Ethics does not expressly prohibit hedging transactions; directors and officers must obtain clearance from the Chief Compliance Officer before transacting in derivative securities tied to OFS stock .
- Context: OFSAM Holdings (significant holder) has pledged shares as collateral for a revolving credit facility; this is not attributed to Spina and pertains to a separate beneficial owner .
Employment Terms
| Item | Detail |
|---|---|
| Appointment (CFO) | Appointed January 28, 2025, effective March 31, 2025 |
| Prior Role (CAO) | Appointed April 12, 2023, effective April 21, 2023 |
| Arrangements | No arrangement/understanding pursuant to which appointed; no family relationships disclosed |
| Related Transactions | None >$120,000 with direct/indirect interest disclosed in the relevant periods |
| Severance/CoC | Not disclosed in 8-Ks or proxy; officers paid via OFSC with reimbursements to OFS Capital |
| Non-compete/solicit | Not disclosed in 8-Ks or proxy |
Company Performance (Finance context under Spina’s tenure)
| Metric ($USD) | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenues | 257,000* | 129,000 | 31,000 | 15,000 | 330,000 | 29,000* | 150,000* | 162,000 |
| EBITDA | 9,483,000* | 10,237,000* | 7,554,000* | 7,625,000* | 8,013,000* | 7,340,250* | 7,142,250* | 7,499,250* |
| Net Income - (IS) | -4,107,999* | -9,049,000 | 10,328,000 | 1,688,000 | 25,475,000 | -7,287,000 | -9,631,000 | -5,327,000 |
Values with * retrieved from S&P Global.
Compensation Committee & Governance Highlights
- Compensation Committee: Independent members (Ranganathan chair; Healy; Shetty); 2 meetings in FY2024. Responsibilities include reviewing and approving reimbursement by the Company of the CEO/CFO/CCO compensation paid by the administrator and recommending pay for independent directors .
- Audit Committee: Independent; Healy chair; 11 meetings in FY2024; oversight of financial reporting, controls, and related-person transactions review .
- Insider Trading/Hedging: Hedging not expressly prohibited but subject to pre-clearance; Insider Trading Policy on file and referenced in proxy .
Performance Compensation (detail table) — Not disclosed
- No company-level disclosure of metric weighting, targets, actuals, payouts, or vesting schedules for officers compensated via OFSC; therefore this section is omitted .
Investment Implications
- Alignment: Zero beneficial ownership by Spina at OFS Capital indicates limited direct equity alignment; combined with hedging allowed under clearance, alignment relies on affiliate-level incentives rather than company equity, increasing potential agency risk .
- Retention/Contract Risk: No disclosed severance, change-of-control, non-compete/non-solicit terms at the company level; compensation routed through OFSC under the Administration Agreement suggests retention levers sit at the affiliate, not OFS Capital .
- Selling Pressure: No Form 4 data could be retrieved programmatically due to API access issues; proxies show 0 share ownership for Spina, implying no near-term selling pressure from personal holdings at the company level (insider trades tool error prevented retrieval).
- Execution Risk: 2025 YTD net losses across Q1–Q3 despite steady EBITDA imply portfolio mark-to-market or realized loss pressure; CFO tenure begins amid earnings volatility, raising focus on credit quality, fee structure under the advisory agreement, and cost control .
Overall: Investors should monitor any future changes to officer equity policies, hedging practices, and disclosures of affiliate-level compensation metrics; company-level performance swings and the affiliate reimbursement model create a gap between pay-for-performance transparency and equity alignment at OFS Capital .