---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-014524"
form_type: "8-K"
ticker: "OMCC"
cik: "0001000045"
company_name: "OLD MARKET CAPITAL Corp"
filed_at: "2024-02-13T23:59:59+00:00"
generated_at: "2026-06-06T02:59:49.320890+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Nicholas Financial Q3 FY2024 net loss $11.7M; loan portfolio sale to Westlake pending

## Summary
- Net loss of $11.7M ($1.60/share) vs $13.4M loss ($1.85) prior year; interest income down 55.8% to $5.0M.
- Net charge-off rate surged to 34.8% from 16.6%; $19.5M valuation allowance recorded on portfolios reclassified to held for sale.
- Operating expenses cut 59.2% to $4.0M; payroll down 76.9% as branch closures and outsourcing continue under restructuring.
- Company seeks shareholder approval to sell substantially all auto finance contracts to Westlake Services (Nov 13, 2023 agreement).
- Nine-month net loss $20.6M ($2.83/share); originations fell to $5.5M, credit facility fully repaid.

## SEC filing metadata
- accession: 0000950170-24-014524
- form_type: 8-K
- ticker: OMCC
- cik: 0001000045
- company_name: OLD MARKET CAPITAL Corp
- filed_at: 2024-02-13T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1000045/000095017024014524/0000950170-24-014524-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1000045/000095017024014524/nick-20240213.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-014524
- JSON: https://secwatch.observer/filing/0000950170-24-014524.json
- Plain text: https://secwatch.observer/filing/0000950170-24-014524.txt

## Key facts
- Earnings Releases
  OLD MARKET CAPITAL Corp reported nine months ended December 31, 2023 results: net income net loss for the nine months ended December 31, 2023 of $20.6 million, EPS Basic and diluted net loss per share was $2.83.
  - Period: nine months ended December 31, 2023
  - Net income: net loss for the nine months ended December 31, 2023 of $20.6 million
  - EPS: Basic and diluted net loss per share was $2.83
  - Result: reported results
  source text: The Company reported a net loss for the nine months ended December 31, 2023 of $20.6 million compared to net loss of $18.3 million for the nine months ended December 31, 2022. Basic and diluted net loss per share was $2.83 for the nine months ended December 31, 2023 as compared to basic and diluted net loss per share of $2.49 for the nine months ended December 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1000045/000095017024014524/0000950170-24-014524-index.htm
- Earnings Releases
  OLD MARKET CAPITAL Corp reported three months ended December 31, 2023 results: net income net loss of $11.7 million, EPS Basic and diluted net loss per share was $1.60.
  - Period: three months ended December 31, 2023
  - Net income: net loss of $11.7 million
  - EPS: Basic and diluted net loss per share was $1.60
  - Result: reported results
  source text: Nicholas Financial Announces 3rd Quarter Fiscal Year 2024 Results February 13, 2024 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) (the "Company") announced a net loss for the three months ended December 31, 2023 of $11.7 million compared to net loss of $13.4 million for the three months ended December 31, 2022. Basic and diluted net loss per share was $1.60 for the three months ended December 31, 2023 as compared to basic and diluted net loss per share of $1.85 for the three months ended December 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1000045/000095017024014524/0000950170-24-014524-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.