OFS Credit Company, Inc.

Schedule of Investments

As of January 31, 2024

(unaudited)

 

Company and
Investment(1)(2)		  Interest Rate /Effective Yield(3)   Spread Above Index(4)  Initial Acquisition Date  Maturity   Principal
Amount		   Amortized Cost   Fair Value(5)   Percent of
Net Assets		 
CLO Debt Securities                                    
                                     
Atlas Senior Loan Fund XX, Ltd.                                    
Mezzanine Debt - Class E   14.74%  (SOFR + 9.43%)  10/13/2022   10/19/2035   $2,000,000   $1,874,663   $2,021,492    1.9%
                                     
Atlas Senior Loan Fund XXI, Ltd.                                    
Mezzanine Debt - Class E   14.62%  (SOFR + 9.04%)  7/20/2023   7/20/2035    1,450,000    1,339,972    1,469,484    1.2%
                                     
Birch Grove CLO 5, Ltd.                                    
Mezzanine Debt - Class E   13.97%  (SOFR + 8.65%)  4/28/2023   4/20/2035    3,000,000    2,925,104    3,013,833    2.5%
                                     
Birch Grove CLO 6, Ltd.                                    
Mezzanine Debt - Class E   14.51%  (SOFR + 8.93%)  7/7/2023   7/7/2035    2,500,000    2,432,109    2,522,805    2.1%
                                     
Brightwood Capital MM CLO 2023-1, Ltd.                                    
Mezzanine Debt - Class D   11.85%  (SOFR + 6.46%)  9/28/2023   10/15/2035    807,080    784,248    784,248    0.6%
Mezzanine Debt - Class E   15.75%  (SOFR + 10.36%)  9/28/2023   10/15/2035    1,882,451    1,704,944    1,704,944    1.4%
                    2,689,531    2,489,192    2,489,192    2.0%
Elevation CLO 2023 - 17                                    
Mezzanine Debt - Class E   13.55%  (SOFR + 8.16%)  11/16/2023   10/20/2036    2,000,000    1,883,651    1,883,651    1.5%
                                     
Empower CLO 2023-2, Ltd.                                    
Mezzanine Debt - Class E   13.56%  (SOFR + 8.25%)  8/22/2023   7/15/2036    2,000,000    2,000,000    2,017,040    1.6%
                                     
Fortress Credit BSL X Limited                                    
Mezzanine Debt - Class E   12.52%  (SOFR + 6.94%)  8/1/2023   7/23/2032    2,500,000    2,260,946    2,451,362    2.0%
                                     
Fortress Credit Opportunities VII CLO Limited                                    
Mezzanine Debt - Class E   12.72%  (SOFR + 7.14%)  8/1/2023   4/20/2033    3,750,000    3,360,685    3,688,061    3.0%

1

 

OFS Credit Company, Inc.

Schedule of Investments

As of January 31, 2024

(unaudited)

 

Company and
Investment(1)(2)		  Interest Rate /Effective Yield(3)   Spread Above Index(4)  Initial Acquisition Date  Maturity   Principal
Amount		   Amortized Cost   Fair Value(5)   Percent of
Net Assets		 
Gallatin CLO X 2023-1, Ltd.                                    
Mezzanine Debt - Class E   13.53%  (SOFR + 8.22%)  9/7/2023   10/14/2035   $4,000,000   $3,780,988   $4,022,293    3.3%
                                     
LCM 31 CLO                                    
Mezzanine Debt - Class E   12.66%  (SOFR + 7.08%)  12/18/2020   1/20/2032    250,000    248,871    244,701    0.2%
                                     
Sandstone Peak CLO II                                    
Mezzanine Debt - Class E   14.11%  (SOFR + 8.79%)  6/9/2023   7/20/2036    2,800,000    2,697,955    2,821,867    2.3%
                                     
Sound Point CLO 36, Ltd.                                    
Mezzanine Debt - Class E   14.13%  (SOFR + 8.81%)  8/9/2023   7/26/2030    2,500,000    2,348,747    2,522,384    2.1%
                                     
Sycamore Tree CLO 2023-2                                    
Mezzanine Debt - Class E   14.26%  (SOFR +8.94%)  2/22/2023   4/20/2035    4,000,000    3,852,866    4,007,500    3.3%
                                     
Sycamore Tree CLO 2023-3                                    
Mezzanine Debt - Class E   13.98%  (SOFR + 8.66%)  4/14/2023   4/20/2035    3,000,000    2,886,579    3,008,384    2.5%
                                     
Trinitas CLO XX, Ltd.                                    
Mezzanine Debt - Class E   13.47%  (SOFR + 8.15%)  8/3/2023   7/20/2035    6,000,000    5,848,516    6,047,263    4.9%
                                     
VCP CLO II                                    
Mezzanine Debt - Class E   13.98%  (SOFR + 8.40%)  2/19/2021   4/15/2031    500,000    491,141    500,376    0.4%
                                     
Total CLO Debt Securities                  $44,939,531   $42,721,985   $44,731,688    36.8%
                                     
CLO Equity Securities(6)                                     
                                     
Allegro CLO VII, Ltd.                                    
Subordinated Notes   9.37%     2/14/2019   6/13/2031   $3,100,000   $1,428,568   $607,814    0.5%

2

 

OFS Credit Company, Inc.

Schedule of Investments

As of January 31, 2024

(unaudited)

 

Company and
Investment(1)(2)		  Interest Rate /Effective Yield(3)   Spread Above Index(4)  Initial Acquisition Date  Maturity   Principal
Amount		   Amortized Cost   Fair Value(5)   Percent of
Net Assets		 
Allegro CLO 2021-2, Ltd.                                    
Subordinated Notes   18.74%     8/23/2021   10/15/2034   $5,000,000   $3,861,423   $3,170,392    2.6%
                                     
Allegro CLO XV, Ltd.                                    
Subordinated Notes   21.59%     6/10/2022   7/20/2035    4,640,000    3,326,844    3,254,656    2.7%
                                     
Anchorage Capital CLO 1-R Ltd.                                    
Subordinated Notes   9.31%     10/5/2018   4/13/2031    2,100,000    1,127,667    768,696    0.6%
                                     
Apex Credit CLO 2020 Ltd.                                    
Subordinated Notes   13.49%     11/16/2020   10/20/2031    6,170,000    5,462,979    3,695,141    3.0%
                                     
Apex Credit CLO 2021 Ltd.                                    
Subordinated Notes   21.61%     5/28/2021   7/18/2034    7,140,000    5,466,530    4,564,217    3.7%
                                     
Apex Credit CLO 2022-1A                                    
Subordinated Notes   16.85%     4/28/2022   4/22/2033    8,833,176    7,075,592    5,391,791    4.4%
                                     
Atlas Senior Loan Fund IX Ltd.                                    
Subordinated Notes(7)(8)   0.00%     10/5/2018   4/20/2028    1,200,000    424,911    66,052    0.1%
                                     
Atlas Senior Loan Fund X Ltd.                                    
Subordinated Notes(7)(8)   0.00%     10/5/2018   1/15/2031    5,000,000    2,033,362    445,299    0.4%
                                     
Atlas Senior Loan Fund XVII Ltd.                                    
Subordinated Notes   20.41%     9/20/2021   10/20/2034    6,000,000    4,595,658    3,185,190    2.6%
                                     
Battalion CLO IX Ltd.                                    
Subordinated Notes - Income   10.21%     10/10/2018   7/15/2031    1,079,022    579,787    276,746    0.2%
Subordinated Notes   10.21%     10/10/2018   7/15/2031    1,770,978    951,567    454,218    0.4%
                    2,850,000    1,531,354    730,964    0.6%

3

 

OFS Credit Company, Inc.

Schedule of Investments

As of January 31, 2024

(unaudited)

 

Company and
Investment(1)(2)		  Interest Rate /Effective Yield(3)   Spread Above Index(4)  Initial Acquisition Date  Maturity   Principal
Amount		   Amortized Cost   Fair Value(5)   Percent of
Net Assets		 
Battalion CLO XI Ltd.                                    
Subordinated Notes   13.37%     3/20/2019   10/24/2029   $5,000,000   $3,769,016   $2,763,910    2.3%
                                     
Battalion CLO XV Ltd.                                    
Subordinated Notes   30.45%     5/4/2023   1/17/2033    3,500,000    1,816,185    1,880,141    1.5%
Subordinated Notes   30.45%     5/4/2023   1/17/2033    3,500,000    1,816,185    1,880,141    1.5%
                    7,000,000    3,632,370    3,760,282    3.0%
Battalion CLO XIX Ltd.                                    
Subordinated Notes   22.68%     3/16/2021   4/15/2034    5,000,000    2,905,455    2,596,420    2.1%
                                     
BlueMountain Fuji U.S. CLO III, Ltd.                                    
Subordinated Notes   7.46%     9/18/2019   1/15/2030    3,701,700    2,096,779    1,047,185    0.9%
                                     
Bridge Street CLO III Ltd.                                    
Subordinated Notes   20.85%     12/28/2022   10/20/2034    6,900,000    3,855,490    4,818,876    3.9%
                                     
Brightwood Capital MM CLO 2023-1, Ltd.                                    
Subordinated Notes   14.56%     9/28/2023   10/15/2035    4,847,312    4,480,034    4,480,034    3.7%
                                     
Crown Point CLO 4 Ltd.                                    
Subordinated Notes   3.53%     3/22/2019   4/20/2031    5,000,000    2,734,242    1,304,328    1.1%
                                     
Dryden 30 Senior Loan Fund                                    
Subordinated Notes(7)(8)   0.00%     10/5/2018   11/15/2028    1,000,000    280,691    96,002    0.1%
                                     
Dryden 38 Senior Loan Fund                                    
Subordinated Notes   1.19%     10/5/2018   7/15/2030    2,600,000    1,247,276    667,630    0.5%
                                     
Dryden 41 Senior Loan Fund                                    
Subordinated Notes(7)   0.00%     10/5/2018   4/15/2031    2,600,000    846,172    371,869    0.3%

4

 

OFS Credit Company, Inc.

Schedule of Investments

As of January 31, 2024

(unaudited)

 

Company and
Investment(1)(2)		  Interest Rate /Effective Yield(3)   Spread Above Index(4)  Initial Acquisition Date  Maturity   Principal
Amount		   Amortized Cost   Fair Value(5)   Percent of
Net Assets		 
Dryden 53 CLO, Ltd.                                    
Subordinated Notes - Income   3.50%     10/5/2018   1/15/2031   $3,200,000   $1,486,858   $638,530    0.5%
Subordinated Notes   4.94%     10/1/2019   1/15/2031    500,000    225,293    99,770    0.1%
                    3,700,000    1,712,151    738,300    0.6%
Dryden 60 CLO, Ltd.                                    
Subordinated Notes   6.17%     4/23/2021   7/15/2031    5,950,000    4,127,349    2,609,103    2.1%
                                     
Dryden 76 CLO, Ltd.                                    
Subordinated Notes   14.41%     9/27/2019   10/20/2032    2,250,000    1,888,821    1,490,431    1.2%
                                     
Dryden 87 CLO, Ltd.                                    
Subordinated Notes   18.00%     6/2/2021   5/20/2034    5,000,000    4,190,877    3,530,728    2.9%
                                     
Dryden 95 CLO, Ltd.                                    
Subordinated Notes   17.83%     7/29/2021   8/20/2034    6,000,000    4,749,999    3,961,859    3.2%
                                     
Dryden 98 CLO, Ltd.                                    
Subordinated Notes   18.81%     3/17/2022   4/20/2035    5,500,000    4,332,419    3,906,117    3.2%
                                     
Elevation CLO 2017-8, Ltd.                                    
Subordinated Notes(7)(8)   0.00%     10/5/2018   10/25/2030    2,000,000    695,724    159,768    0.1%
                                     
Elevation CLO 2021-12, Ltd.                                    
Subordinated Notes   10.58%     5/26/2021   4/20/2032    3,500,000    2,477,927    1,395,214    1.1%
                                     
Elevation CLO 2021-13, Ltd.                                    
Subordinated Notes   14.68%     6/9/2021   7/15/2034    6,026,765    4,526,335    2,992,305    2.4%
                                     
Elevation CLO 2021-14, Ltd.                                    
Subordinated Notes   13.55%     10/29/2021   10/20/2034    7,237,500    5,759,233    3,927,503    3.2%

5

 

OFS Credit Company, Inc.

Schedule of Investments

As of January 31, 2024

(unaudited)

 

Company and
Investment(1)(2)		  Interest Rate /Effective Yield(3)   Spread Above Index(4)  Initial Acquisition Date  Maturity   Principal
Amount		   Amortized Cost   Fair Value(5)   Percent of
Net Assets		 
Elevation CLO 2021-15, Ltd.                                    
Subordinated Notes   13.16%     12/23/2021   1/5/2035   $9,000,000   $6,370,616   $3,939,882    3.2%
                                     
Empower CLO 2023 - 3, Ltd.                                    
Subordinated Notes   14.01%     12/21/2023   1/20/2037    10,675,000    7,595,043    7,595,043    6.2%
                                     
Flatiron CLO 2017-1, Ltd.                                    
Subordinated Notes   5.97%     3/22/2019   5/15/2030    3,000,000    1,703,131    1,285,698    1.0%
                                     
Flatiron CLO 18 Ltd.                                    
Subordinated Notes   6.97%     10/5/2018   4/17/2031    4,500,000    2,904,982    2,195,556    1.8%
                                     
Greenwood Park CLO, Ltd.                                    
Subordinated Notes   3.97%     10/5/2018   4/15/2031    4,000,000    2,147,255    1,160,446    0.9%
                                     
Halcyon Loan Advisors Funding 2018-1 Ltd.                                    
Subordinated Notes   8.77%     3/20/2019   7/20/2031    3,000,000    1,732,385    803,205    0.7%
                                     
HarbourView CLO VII-R, Ltd.                                    
Subordinated Notes(7)(8)   0.00%     10/5/2018   11/18/2026    3,100,000    1,886,533    109,692    0.1%
                                     
Jamestown CLO XVI, Ltd.                                    
Subordinated Notes   20.86%     7/29/2021   7/25/2034    3,500,000    2,600,349    2,224,590    1.8%
                                     
LCM 31 CLO                                    
Subordinated Notes   17.56%     12/18/2020   1/20/2032    1,350,000    951,308    613,342    0.5%
                                     
Madison Park Funding XXIII, Ltd.                                    
Subordinated Notes   14.36%     10/5/2018   7/27/2047    4,000,000    2,195,317    1,790,858    1.5%

6

 

OFS Credit Company, Inc.

Schedule of Investments

As of January 31, 2024

(unaudited)

 

Company and
Investment(1)(2)		  Interest Rate /Effective Yield(3)   Spread Above Index(4)  Initial Acquisition Date  Maturity   Principal
Amount		   Amortized Cost   Fair Value(5)   Percent of
Net Assets		 
Madison Park Funding XXIX, Ltd.                                    
Subordinated Notes   12.93%     12/22/2020   10/18/2047   $1,000,000   $584,712   $521,304    0.4%
                                     
Marble Point CLO X Ltd.                                    
Subordinated Notes(7)   0.00%     10/5/2018   10/15/2030    7,000,000    2,903,820    1,036,262    0.8%
                                     
Marble Point CLO XI Ltd.                                    
Subordinated Notes - Income(7)   0.00%     10/5/2018   12/18/2047    1,500,000    735,559    166,734    0.1%
                                     
Marble Point CLO XX Ltd.                                    
Subordinated Notes   16.29%     4/9/2021   4/23/2051    5,125,000    3,843,341    2,896,518    2.4%
                                     
Marble Point CLO XXI Ltd.                                    
Subordinated Notes   15.17%     8/24/2021   10/17/2051    5,250,000    4,018,155    3,101,737    2.5%
                                     
Marble Point CLO XXIII Ltd.                                    
Subordinated Notes   15.75%     12/3/2021   1/22/2052    1,750,000    1,410,534    1,130,677    0.9%
                                     
MidOcean Credit CLO VII Ltd.                                    
Subordinated Notes - Income(7)(8)   0.00%     3/20/2019   7/15/2029    3,275,000    1,047,083    —    —%
                                     
MidOcean Credit CLO VIII Ltd.                                    
Subordinated Notes - Income   9.96%     1/14/2019   2/20/2031    3,225,000    1,772,257    763,432    0.6%
                                     
MidOcean Credit CLO IX Ltd.                                    
Subordinated Notes - Income(7)   0.00%     11/21/2018   7/20/2031    3,000,000    1,627,442    633,489    0.5%
                                     
Niagara Park CLO, Ltd.                                    
Subordinated Notes   14.06%     11/8/2019   7/17/2032    4,500,000    3,363,352    2,657,957    2.2%

7

 

OFS Credit Company, Inc.

Schedule of Investments

As of January 31, 2024

(unaudited)

 

Company and
Investment(1)(2)		  Interest Rate /Effective Yield(3)   Spread Above Index(4)  Initial Acquisition Date  Maturity   Principal
Amount		   Amortized Cost   Fair Value(5)   Percent of
Net Assets		 
Octagon Investment Partners 39, Ltd.                                    
Subordinated Notes   4.76%     2/27/2020   10/20/2030   $3,600,000   $1,887,297   $989,355    0.8%
                                     
Rockford Tower CLO 2019-1, Ltd.                                    
Subordinated Notes   22.33%     8/25/2023   4/20/2034    4,500,000    2,637,291    2,555,529    2.1%
                                     
Sound Point CLO IV-R, Ltd.                                    
Subordinated Notes(7)(8)   0.00%     11/2/2018   4/18/2031    4,000,000    599,847    268,650    0.2%
                                     
Steele Creek CLO 2022-1, Ltd.                                    
Subordinated Notes   23.59%     3/28/2022   4/15/2035    5,000,000    3,456,029    3,149,277    2.6%
                                     
THL Credit Wind River 2014-3 CLO Ltd.                                    
Subordinated Notes(7)(8)   0.00%     10/10/2018   10/22/2031    2,778,000    1,103,093    429,360    0.4%
                                     
Trinitas CLO VIII                                    
Subordinated Notes   7.17%     4/28/2021   7/20/2117    2,800,000    1,469,357    661,072    0.5%
                                     
Vibrant CLO X, Ltd.                                    
Subordinated Notes(7)(11)   0.00%     5/23/2019   10/20/2031    8,000,000    3,926,768    1,426,865    1.2%
                                     
Vibrant CLO XIII, Ltd.                                    
Subordinated Notes   17.53%     6/3/2021   7/15/2034    5,000,000    3,973,318    3,306,824    2.7%
                                     
Vibrant CLO XV, Ltd.                                    
Subordinated Notes   26.07%     8/21/2023   1/20/2035    4,000,000    2,538,964    2,742,209    2.2%
                                     
Voya CLO 2017-4, Ltd.                                    
Subordinated Notes   2.30%     10/5/2018   10/15/2030    1,000,000    537,213    214,486    0.2%

8

 

OFS Credit Company, Inc.

Schedule of Investments

As of January 31, 2024

(unaudited)

 

Company and
Investment(1)(2)		  Interest Rate /Effective Yield(3)   Spread Above Index(4)  Initial Acquisition Date  Maturity   Principal
Amount		   Amortized Cost   Fair Value(5)   Percent of
Net Assets		 
Wind River 2015-1 CLO                                    
Subordinated Notes   5.03%     4/28/2021   10/20/2030   $2,600,000   $1,114,660   $550,236    0.4%
                                     
Webster Park CLO                                    
Subordinated Notes   8.17%     4/23/2021   1/20/2027    3,363,000    1,787,173    1,010,160    0.8%
                                     
Zais CLO 3, Limited                                    
Subordinated Notes - Income(7)(8)   0.00%     10/10/2018   7/15/2031    1,038,255    491,947    84,473    0.1%
Subordinated Notes(7)(8)   0.00%     10/10/2018   7/15/2031    1,761,745    834,659    143,337    0.1%
                    2,800,000    1,326,606    227,810    0.2%
                                     
Total CLO Equity Securities                  $274,037,453   $174,394,038   $124,656,331    101.5%
                                     
Loan Accumulation Facilities(9)                                    
                                     
Allegro CLO XVI, Ltd                                    
Loan Accumulation Facility   15.50%     6/2/2023   5/5/2025   $2,623,750   $2,623,750   $2,623,750    2.1%
                                     
Apex Credit CLO 2022-II  Ltd.                                    
Loan Accumulation Facility   15.50%     9/22/2023   9/22/2024    3,000,000    3,000,000    3,000,000    2.4%
                                     
Empower CLO 2024-1, Ltd                                    
Loan Accumulation Facility   15.50%     11/20/2023   11/20/2024    1,700,000    1,700,000    1,700,000    1.4%
                                     
Total Loan Accumulation Facilities                  $7,323,750   $7,323,750   $7,323,750    5.9%
                                     
Other CLO equity-related investments                                    
CLO other(10)   19.06%                  $874,878   $923,582    0.8%
                                     
Total Investments                  $326,300,734   $225,314,651   $177,635,351    145.0%

9

 

OFS Credit Company, Inc.

Schedule of Investments

As of January 31, 2024

(unaudited)

 

(1)These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933, as amended.

(2)We do not “control” and are not an “affiliate” of any of our portfolio investments, each as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). In general, under the 1940 Act, we would be presumed to “control” a portfolio investment if we owned 25% or more of its voting securities and would be an “affiliate” of a portfolio investment if we owned 5% or more of its voting securities.

(3)The rate disclosed on CLO equity securities is the estimated effective yield, generally established at purchase, and reevaluated upon the receipt of the initial distribution and each subsequent quarter thereafter. The estimated effective yield is based upon projected amounts and timing of future distributions and the projected amounts and timing of terminal principal payments at the time of estimation. The estimated effective yield and investment cost may ultimately not be realized. Projected cash flows, including the amounts and timing of terminal principal payments, which generally are projected to occur prior to the contractual maturity date, were utilized in deriving the effective yield of the investments. The rates disclosed on CLO debt securities reflect the contractual interest rate, and exclude yield related to accretion of discounts. The rate disclosed on Loan Accumulation Facilities represents the estimated yield to be earned on the investment through estimated redemption. As of January 31, 2024, the Company’s weighted-average effective yield on its total investments, based on current amortized cost, was 13.59% (excludes discount accretion on CLO debt investments).

(4)CLO debt securities bear interest at a rate determined by reference to three-month Secured Overnight Financing Rate (“SOFR”) which resets quarterly. The rate provided for each CLO debt security is as of January 31, 2024.

(5)The fair value of all investments was determined in good faith by OFS Advisor using significant, unobservable inputs.

(6)Subordinated notes and income notes are considered CLO equity securities. CLO equity securities are entitled to recurring distributions, which are generally equal to the residual cash flow payments made by underlying securities less contractual payments to debt holders and fund expenses, subject to compliance with coverage tests and other provisions of the respective CLO indenture, as applicable.

(7)As of January 31, 2024, the effective accretable yield has been estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security’s anticipated redemption, is equal to or less than current amortized cost. Projected distributions are monitored and re-evaluated quarterly. All actual distributions received will be recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security’s then-current amortized cost.

(8)Non-income producing.

(9)Loan Accumulation Facilities are financing structures intended to aggregate loans that are expected to form part of the portfolio of a future CLO. Investments in Loan Accumulation Facilities generally earn returns equal to the actual income earned on facility assets less costs and fees incurred on senior financing and manager costs. Income and return of capital distributions from investments in Loan Accumulation Facilities are generally received upon the earlier of the closing of the CLO securitization or liquidation of the underlying portfolio.

(10)Fair value represents discounted cash flows associated with fees earned from CLO equity-related investments.

(11)As of January 31, 2024, the investment has been optionally redeemed and is in the process of liquidating. Remaining residual distributions are anticipated to be recognized as a return of capital.

 

10

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