OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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 XXI, Ltd. | ||||||||||||||||||||||||||
| Mezzanine Debt - Class E | 13.37 | % | (SOFR + 9.04%) | 7/20/2023 | 7/20/2035 | $ | 1,450,000 | $ | 1,376,873 | $ | 1,449,497 | 1.0 | % | |||||||||||||
| Brightwood Capital MM CLO 2023-1, Ltd. | ||||||||||||||||||||||||||
| Mezzanine Debt - Class E | 14.68 | % | (SOFR + 10.36%) | 9/28/2023 | 10/15/2035 | 1,882,451 | 1,751,557 | 1,895,413 | 1.1 | % | ||||||||||||||||
| Elevation CLO 2023-17, Ltd. | ||||||||||||||||||||||||||
| Mezzanine Debt - Class E | 12.49 | % | (SOFR + 8.16%) | 11/16/2023 | 10/20/2036 | 2,000,000 | 1,909,585 | 2,006,415 | 1.2 | % | ||||||||||||||||
| Empower CLO 2023-2, Ltd. | ||||||||||||||||||||||||||
| Mezzanine Debt - Class E | 12.57 | % | (SOFR + 8.25%) | 8/22/2023 | 7/15/2036 | 2,000,000 | 2,000,000 | 2,000,229 | 1.2 | % | ||||||||||||||||
| Fortress Credit BSL VII Limited | ||||||||||||||||||||||||||
| Mezzanine Debt - Class E | 11.73 | % | (SOFR + 7.14%) | 8/1/2023 | 4/20/2033 | 3,750,000 | 3,542,078 | 3,750,399 | 2.2 | % | ||||||||||||||||
| Gallatin CLO X 2023-1, Ltd. | ||||||||||||||||||||||||||
| Mezzanine Debt - Class E | 12.54 | % | (SOFR + 8.22%) | 9/7/2023 | 10/14/2035 | 4,000,000 | 3,859,084 | 3,995,075 | 2.3 | % | ||||||||||||||||
| Niagara Park CLO, Ltd. | ||||||||||||||||||||||||||
| Mezzanine Debt - Class G(12) | 0.00 | % | N/A | 11/19/2024 | 1/17/2038 | 155,833 | 147,101 | 146,795 | 0.1 | % | ||||||||||||||||
| Total CLO Debt Securities | $ | 15,238,284 | $ | 14,586,278 | $ | 15,243,823 | 9.1 | % | ||||||||||||||||||
| CLO Equity Securities(6) | ||||||||||||||||||||||||||
| Allegro CLO XIV, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 9.65 | % | N/A | 8/23/2021 | 10/15/2038 | $ | 5,000,000 | $ | 3,515,985 | $ | 2,417,707 | 1.5 | % | |||||||||||||
1
OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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 XV, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 20.95 | % | N/A | 6/10/2022 | 4/20/2038 | $ | 5,350,462 | $ | 3,325,338 | $ | 3,323,774 | 2.0 | % | |||||||||||||
| Allegro CLO XVI, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 12.83 | % | N/A | 4/11/2024 | 4/25/2037 | 6,490,084 | 4,599,548 | 4,188,010 | 2.5 | % | ||||||||||||||||
| Allegro CLO XVII, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 14.55 | % | N/A | 6/18/2025 | 7/25/2038 | 9,670,177 | 7,387,622 | 7,387,622 | 4.3 | % | ||||||||||||||||
| Anchorage Capital CLO 1-R, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(8)(10) | 0.00 | % | N/A | 10/5/2018 | 4/13/2031 | 2,100,000 | 142,577 | 20,681 | — | % | ||||||||||||||||
| Apex Credit CLO 2020 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 15.38 | % | N/A | 11/16/2020 | 4/20/2035 | 6,170,000 | 5,027,361 | 3,745,101 | 2.2 | % | ||||||||||||||||
| Apex Credit CLO 2021 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 13.60 | % | N/A | 5/28/2021 | 7/18/2034 | 7,140,000 | 4,633,803 | 3,403,477 | 2.0 | % | ||||||||||||||||
| Apex Credit CLO 2022-I Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 6.30 | % | N/A | 4/28/2022 | 4/22/2033 | 8,833,176 | 6,367,346 | 4,675,313 | 2.7 | % | ||||||||||||||||
| Apex Credit CLO 2024-I Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 25.66 | % | N/A | 3/7/2024 | 4/20/2036 | 3,600,000 | 2,428,590 | 2,654,867 | 1.6 | % | ||||||||||||||||
| Ares LXXIV CLO Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 20.75 | % | N/A | 9/12/2024 | 10/15/2037 | 10,000,000 | 8,177,080 | 8,349,192 | 4.9 | % | ||||||||||||||||
| Atlas Senior Loan Fund X, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(7)(8) | 0.00 | % | N/A | 10/5/2018 | 1/15/2031 | 5,000,000 | 1,990,754 | 203,015 | 0.1 | % | ||||||||||||||||
2
OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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 | ||||||||||||||||||
| Atlas Senior Loan Fund XVII, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 15.20 | % | N/A | 9/20/2021 | 10/20/2034 | $ | 6,000,000 | $ | 4,068,497 | $ | 3,075,499 | 1.8 | % | |||||||||||||
| Ballyrock CLO 19 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 29.37 | % | N/A | 6/30/2025 | 4/20/2035 | 4,300,000 | 1,774,192 | 1,899,438 | 1.1 | % | ||||||||||||||||
| Barings CLO Ltd. 2018-II | ||||||||||||||||||||||||||
| Subordinated Notes | 21.13 | % | N/A | 2/19/2025 | 7/15/2036 | 4,750,000 | 2,241,905 | 2,118,680 | 1.2 | % | ||||||||||||||||
| Battalion CLO IX Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes - Income(7)(8) | 0.00 | % | N/A | 10/10/2018 | 1/17/2033 | 1,079,022 | 420,121 | 63,474 | — | % | ||||||||||||||||
| Subordinated Notes(7)(8) | 0.00 | % | N/A | 10/10/2018 | 1/17/2033 | 1,770,978 | 689,510 | 104,178 | 0.1 | % | ||||||||||||||||
| 2,850,000 | 1,109,631 | 167,652 | 0.1 | % | ||||||||||||||||||||||
| Battalion CLO XI Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(7) | 0.00 | % | N/A | 3/20/2019 | 4/24/2034 | 5,000,000 | 2,842,483 | 1,415,831 | 0.8 | % | ||||||||||||||||
| Battalion CLO XV Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 20.08 | % | N/A | 5/4/2023 | 1/17/2033 | 3,500,000 | 1,459,102 | 1,192,316 | 0.7 | % | ||||||||||||||||
| Subordinated Notes | 20.08 | % | N/A | 5/4/2023 | 1/17/2033 | 3,500,000 | 1,459,102 | 1,192,316 | 0.7 | % | ||||||||||||||||
| 7,000,000 | 2,918,204 | 2,384,632 | 1.4 | % | ||||||||||||||||||||||
| Battalion CLO XIX Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 6.75 | % | N/A | 3/16/2021 | 4/15/2034 | 5,000,000 | 2,387,294 | 1,416,040 | 0.8 | % | ||||||||||||||||
| BlueMountain CLO XXVI Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 19.42 | % | N/A | 8/9/2024 | 10/20/2034 | 4,000,000 | 2,083,510 | 1,917,382 | 1.1 | % | ||||||||||||||||
| Bridge Street CLO III Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 37.62 | % | N/A | 12/28/2022 | 10/20/2037 | 6,900,000 | 3,275,130 | 4,889,648 | 2.9 | % | ||||||||||||||||
3
OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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 | ||||||||||||||||||
| Brightwood Capital MM CLO 2023-1, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 14.10 | % | N/A | 9/28/2023 | 10/15/2035 | $ | 4,847,312 | $ | 4,343,656 | $ | 3,806,805 | 2.2 | % | |||||||||||||
| Canyon CLO 2019-1, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 23.64 | % | N/A | 8/22/2024 | 7/15/2037 | 1,000,000 | 497,561 | 509,377 | 0.3 | % | ||||||||||||||||
| Carlyle US CLO 2021-10, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 22.76 | % | N/A | 5/9/2025 | 1/20/2038 | 7,900,342 | 3,534,408 | 3,653,929 | 2.1 | % | ||||||||||||||||
| Dryden 38 Senior Loan Fund | ||||||||||||||||||||||||||
| Subordinated Notes(8)(10) | 0.00 | % | N/A | 10/5/2018 | 7/15/2030 | 2,600,000 | 678,062 | 36,132 | — | % | ||||||||||||||||
| Dryden 76 CLO, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 7.92 | % | N/A | 9/27/2019 | 10/15/2037 | 4,378,500 | 2,456,741 | 1,533,727 | 0.9 | % | ||||||||||||||||
| Dryden 83 CLO, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 15.89 | % | N/A | 9/17/2024 | 4/18/2037 | 21,000,000 | 9,931,214 | 8,435,598 | 5.0 | % | ||||||||||||||||
| Dryden 87 CLO, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 1.67 | % | N/A | 6/2/2021 | 5/20/2034 | 5,000,000 | 3,689,241 | 2,389,131 | 1.4 | % | ||||||||||||||||
| Dryden 95 CLO, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 5.66 | % | N/A | 7/29/2021 | 8/20/2034 | 6,000,000 | 4,367,917 | 3,110,800 | 1.8 | % | ||||||||||||||||
| Dryden 98 CLO, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 7.27 | % | N/A | 3/17/2022 | 4/20/2035 | 5,500,000 | 3,974,740 | 2,770,871 | 1.6 | % | ||||||||||||||||
| Dryden 112 CLO, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 14.01 | % | N/A | 9/4/2024 | 11/15/2036 | 11,200,000 | 5,859,553 | 5,538,996 | 3.3 | % | ||||||||||||||||
4
OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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 123 CLO, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 15.36 | % | N/A | 4/4/2025 | 4/15/2038 | $ | 5,000,000 | $ | 4,594,090 | $ | 4,594,090 | 2.7 | % | |||||||||||||
| Eaton Vance CLO 2019-1, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 16.90 | % | N/A | 10/1/2024 | 7/15/2037 | 26,600,000 | 12,953,613 | 10,918,009 | 6.4 | % | ||||||||||||||||
| Elevation CLO 2017-8, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(7)(8) | 0.00 | % | N/A | 10/5/2018 | 10/25/2030 | 2,000,000 | 614,661 | — | — | % | ||||||||||||||||
| Elevation CLO 2021-12, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 7.03 | % | N/A | 5/26/2021 | 4/20/2037 | 4,810,737 | 2,715,495 | 1,556,733 | 0.9 | % | ||||||||||||||||
| Elevation CLO 2021-13, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 3.00 | % | N/A | 6/9/2021 | 7/15/2034 | 6,026,765 | 3,843,212 | 2,077,889 | 1.2 | % | ||||||||||||||||
| Elevation CLO 2021-14, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 12.94 | % | N/A | 10/29/2021 | 10/20/2034 | 11,971,482 | 6,748,992 | 4,764,394 | 2.8 | % | ||||||||||||||||
| Elevation CLO 2021-15, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 0.26 | % | N/A | 12/23/2021 | 1/5/2035 | 9,000,000 | 5,602,044 | 2,668,340 | 1.6 | % | ||||||||||||||||
| Empower CLO 2023-3, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 8.62 | % | N/A | 12/21/2023 | 1/20/2037 | 10,675,000 | 7,083,692 | 6,327,081 | 3.7 | % | ||||||||||||||||
| Empower CLO 2024-1, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 10.15 | % | N/A | 3/20/2024 | 4/25/2037 | 5,024,000 | 3,804,092 | 2,848,802 | 1.7 | % | ||||||||||||||||
| Empower CLO 2024-2, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 10.98 | % | N/A | 6/26/2024 | 7/15/2037 | 1,350,000 | 1,124,777 | 887,159 | 0.5 | % | ||||||||||||||||
5
OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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 | ||||||||||||||||||
| Empower CLO 2025-1, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 14.13 | % | N/A | 5/15/2025 | 7/20/2038 | $ | 10,450,000 | $ | 7,492,132 | $ | 7,492,132 | 4.4 | % | |||||||||||||
| Generate CLO 14 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 13.66 | % | N/A | 9/27/2024 | 4/22/2037 | 21,000,000 | 16,221,247 | 13,636,759 | 8.0 | % | ||||||||||||||||
| Halcyon Loan Advisors Funding 2018-1 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(7) | 0.00 | % | N/A | 3/20/2019 | 7/20/2031 | 3,000,000 | 1,321,576 | 312,136 | 0.2 | % | ||||||||||||||||
| HarbourView CLO VII, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(7)(8) | 0.00 | % | N/A | 10/5/2018 | 11/18/2026 | 3,100,000 | 1,886,533 | — | — | % | ||||||||||||||||
| ICG US CLO 2021-3, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 29.94 | % | N/A | 8/8/2024 | 10/20/2034 | 6,800,000 | 3,106,631 | 3,571,659 | 2.1 | % | ||||||||||||||||
| Invesco CLO 2021-2, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 5.71 | % | N/A | 5/24/2024 | 7/15/2034 | 6,000,000 | 2,879,506 | 1,923,656 | 1.1 | % | ||||||||||||||||
| Invesco U.S. CLO 2023-1, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 13.16 | % | N/A | 5/31/2024 | 4/22/2037 | 9,000,000 | 6,306,957 | 5,393,578 | 3.2 | % | ||||||||||||||||
| Jamestown CLO XVI Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 6.97 | % | N/A | 7/29/2021 | 7/25/2034 | 3,500,000 | 2,309,778 | 1,657,983 | 1.0 | % | ||||||||||||||||
| KKR CLO 35 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 24.76 | % | N/A | 6/5/2025 | 1/20/2038 | 7,000,000 | 4,536,655 | 4,675,936 | 2.8 | % | ||||||||||||||||
| LCM 31 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 4.86 | % | N/A | 12/18/2020 | 7/20/2034 | 1,350,000 | 783,029 | 421,204 | 0.2 | % | ||||||||||||||||
6
OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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 | ||||||||||||||||||
| LCM 42 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 21.26 | % | N/A | 12/19/2024 | 1/15/2038 | $ | 3,500,000 | $ | 2,956,664 | $ | 3,091,588 | 1.8 | % | |||||||||||||
| Madison Park Funding XXIX, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 18.43 | % | N/A | 12/22/2020 | 10/18/2047 | 1,154,848 | 543,702 | 496,191 | 0.3 | % | ||||||||||||||||
| Marble Point CLO XX Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 1.33 | % | N/A | 4/9/2021 | 4/23/2051 | 5,125,000 | 3,336,437 | 1,909,009 | 1.1 | % | ||||||||||||||||
| Marble Point CLO XXI Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 1.43 | % | N/A | 8/24/2021 | 10/17/2051 | 5,250,000 | 3,474,664 | 1,848,387 | 1.1 | % | ||||||||||||||||
| Marble Point CLO XXIII Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 4.65 | % | N/A | 12/3/2021 | 1/22/2052 | 1,750,000 | 1,240,787 | 738,430 | 0.4 | % | ||||||||||||||||
| MidOcean Credit CLO VII | ||||||||||||||||||||||||||
| Subordinated Notes - Income(7)(8) | 0.00 | % | N/A | 3/20/2019 | 7/15/2029 | 3,275,000 | 1,047,083 | — | — | % | ||||||||||||||||
| MidOcean Credit CLO VIII | ||||||||||||||||||||||||||
| Subordinated Notes - Income(8)(10) | 0.00 | % | N/A | 1/14/2019 | 2/20/2031 | 3,225,000 | 1,045,529 | 84,520 | — | % | ||||||||||||||||
| MidOcean Credit CLO IX | ||||||||||||||||||||||||||
| Subordinated Notes - Income(7)(8) | 0.00 | % | N/A | 11/21/2018 | 7/20/2031 | 3,000,000 | 1,387,565 | — | — | % | ||||||||||||||||
| New Mountain CLO 2 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 21.63 | % | N/A | 4/1/2025 | 4/15/2034 | 11,250,000 | 6,970,262 | 7,068,983 | 4.2 | % | ||||||||||||||||
| Niagara Park CLO, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 17.54 | % | N/A | 11/8/2019 | 1/17/2038 | 4,500,000 | 3,048,238 | 2,890,782 | 1.7 | % | ||||||||||||||||
7
OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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 | ||||||||||||||||||
| Northwoods XI-B, Limited | ||||||||||||||||||||||||||
| Subordinated Notes | 20.77 | % | N/A | 3/31/2025 | 7/19/2037 | $ | 34,632,954 | $ | 7,540,776 | $ | 9,012,091 | 5.3 | % | |||||||||||||
| OCP CLO 2017-14, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 13.04 | % | N/A | 9/24/2024 | 7/20/2037 | 10,000,000 | 4,212,022 | 3,360,874 | 2.0 | % | ||||||||||||||||
| Park Blue CLO 2022-I, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 22.22 | % | N/A | 3/18/2025 | 10/20/2037 | 10,000,000 | 6,212,647 | 6,241,351 | 3.7 | % | ||||||||||||||||
| Park Blue CLO 2022-II, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 16.92 | % | N/A | 9/27/2024 | 7/20/2037 | 5,325,000 | 3,238,977 | 2,743,313 | 1.6 | % | ||||||||||||||||
| Park Blue CLO 2023-3, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 24.71 | % | N/A | 7/9/2025 | 4/20/2038 | 14,500,000 | 8,223,329 | 8,523,001 | 5.0 | % | ||||||||||||||||
| PPM CLO 2 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 16.10 | % | N/A | 10/15/2024 | 4/16/2037 | 2,000,000 | 708,095 | 496,957 | 0.3 | % | ||||||||||||||||
| Rockford Tower CLO 2019-1, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 13.23 | % | N/A | 8/25/2023 | 4/20/2034 | 4,500,000 | 2,321,012 | 1,620,704 | 1.0 | % | ||||||||||||||||
| Rockford Tower CLO 2025-1, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 18.53 | % | N/A | 3/7/2025 | 3/31/2038 | 8,000,000 | 6,897,527 | 6,897,527 | 4.1 | % | ||||||||||||||||
| Signal Peak CLO 7, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 21.79 | % | N/A | 2/4/2025 | 10/20/2037 | 5,674,500 | 2,806,701 | 2,452,391 | 1.4 | % | ||||||||||||||||
| Sound Point CLO IV-R, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(7)(8) | 0.00 | % | N/A | 11/2/2018 | 4/18/2031 | 4,000,000 | 599,847 | — | — | % | ||||||||||||||||
8
OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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 | ||||||||||||||||||
| Steele Creek CLO 2022-1, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 9.35 | % | N/A | 3/28/2022 | 4/15/2038 | $ | 6,339,779 | $ | 3,735,928 | $ | 2,205,373 | 1.3 | % | |||||||||||||
| Trimaran CAVU 2021-2 Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 20.00 | % | N/A | 8/20/2024 | 10/25/2034 | 2,000,000 | 865,012 | 807,972 | 0.5 | % | ||||||||||||||||
| Trinitas CLO VIII, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(7)(8) | 0.00 | % | N/A | 4/28/2021 | 7/20/2117 | 2,800,000 | 1,280,756 | 251,843 | 0.1 | % | ||||||||||||||||
| Vibrant CLO X, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(8)(10) | 0.00 | % | N/A | 5/23/2019 | 10/20/2031 | 8,000,000 | 2,720,176 | — | — | % | ||||||||||||||||
| Vibrant CLO XIII, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 14.17 | % | N/A | 6/3/2021 | 1/15/2038 | 5,000,000 | 3,784,768 | 2,843,604 | 1.7 | % | ||||||||||||||||
| Vibrant CLO XV, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 18.70 | % | N/A | 8/21/2023 | 1/20/2035 | 4,000,000 | 2,447,997 | 2,255,193 | 1.3 | % | ||||||||||||||||
| Voya CLO 2017-4, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(8)(10) | 0.00 | % | N/A | 10/5/2018 | 10/15/2030 | 1,000,000 | 279,656 | — | — | % | ||||||||||||||||
| Voya CLO 2024-7, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 17.48 | % | N/A | 1/7/2025 | 1/20/2038 | 17,475,000 | 15,471,646 | 15,446,224 | 9.1 | % | ||||||||||||||||
| Webster Park CLO, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes(8)(10) | 0.00 | % | N/A | 4/23/2021 | 7/20/2030 | 3,363,000 | 622,664 | — | — | % | ||||||||||||||||
| Wellfleet CLO 2021-1, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 20.48 | % | N/A | 7/30/2025 | 4/20/2034 | 4,830,000 | 1,715,612 | 1,715,612 | 1.0 | % | ||||||||||||||||
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OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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 | ||||||||||||||||||
| Wildwood Park CLO, Ltd. | ||||||||||||||||||||||||||
| Subordinated Notes | 16.46 | % | N/A | 11/5/2024 | 10/20/2037 | $ | 5,000,000 | $ | 4,140,105 | $ | 3,973,382 | 2.3 | % | |||||||||||||
| Zais CLO 3, Limited | ||||||||||||||||||||||||||
| Subordinated Notes - Income(7)(8) | 0.00 | % | N/A | 10/10/2018 | 7/15/2031 | 1,038,255 | 491,947 | — | — | % | ||||||||||||||||
| Subordinated Notes(7)(8) | 0.00 | % | N/A | 10/10/2018 | 7/15/2031 | 1,761,745 | 834,659 | — | — | % | ||||||||||||||||
| 2,800,000 | 1,326,606 | — | — | % | ||||||||||||||||||||||
| Total CLO Equity Securities | $ | 541,508,118 | $ | 311,761,445 | $ | 256,141,769 | 150.4 | % | ||||||||||||||||||
| Loan Accumulation Facilities(11) | ||||||||||||||||||||||||||
| Dryden 128 CLO, Ltd. | ||||||||||||||||||||||||||
| Loan Accumulation Facility | 16.50 | % | N/A | 6/2/2025 | 5/21/2026 | $ | 1,000,000 | $ | 1,000,000 | $ | 1,000,000 | 0.6 | % | |||||||||||||
| Fortress Credit Opportunities XXVII CLO B LLC | ||||||||||||||||||||||||||
| Loan Accumulation Facility | 15.50 | % | N/A | 1/27/2025 | 6/30/2026 | 5,022,110 | 5,022,110 | 5,022,110 | 3.0 | % | ||||||||||||||||
| Total Loan Accumulation Facilities | $ | 6,022,110 | $ | 6,022,110 | $ | 6,022,110 | 3.6 | % | ||||||||||||||||||
| Other CLO equity-related investments | ||||||||||||||||||||||||||
| CLO other(9) | 18.04 | % | N/A | $ | 1,555,446 | $ | 2,005,760 | 1.2 | % | |||||||||||||||||
| Total Investments | $ | 562,768,512 | $ | 333,925,279 | $ | 279,413,462 | 164.3 | % | ||||||||||||||||||
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OFS Credit Company, Inc.
Schedule of Investments
As of July 31, 2025
(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) | OFS Credit Company, Inc. (the “Company”) does not “control” and is not an “affiliate” of any of its portfolio investments, each as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). In general, under the 1940 Act, the Company would be presumed to “control” a portfolio investment if it owned 25% or more of its voting securities and would be an “affiliate” of a portfolio investment if the Company owned 5% or more of its voting securities. |
| (3) | The rate disclosed on collateralized loan obligation (“CLO”) equity and equity-related securities is the estimated effective yield, generally established at purchase, and re-evaluated 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 (as defined in footnote 11 below) represents the estimated yield to be earned on the investment through estimated redemption. As of July 31, 2025, the Company’s weighted-average effective yield on its total investments, based on current amortized cost, was 14.04% (excludes discount accretion on CLO debt investments). Excluding optionally redeemed CLOs, the weighted average effective yield on total investments, based on current amortized cost, was 14.23%. |
| (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 July 31, 2025. |
| (5) | The fair value of all investments was determined in good faith by OFS Capital Management, LLC 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 of the CLO less contractual payments to debt holders and CLO-fund expenses, subject to compliance with coverage tests and other provisions of the respective CLO indenture, as applicable. |
| (7) | As of July 31, 2025, 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 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. The Company has not recognized income on the security during the prior twelve-month period preceding the period-end date. |
| (9) | Fair value represents discounted cash flows associated with fee rebates earned from CLO equity-related investments. |
| (10) | As of July 31, 2025, the investment has been optionally redeemed and is in the process of liquidating. Commencing on the optional redemption date, the Company stops accruing interest income and remaining residual distributions are recognized as a return of capital up to the amount of current amortized cost, and realized gain for any amounts received in excess of current amortized cost, if applicable. |
| (11) | “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. |
| (12) | Represents a zero-coupon CLO debt security that does not have a contractual interest rate. The Company earns interest income on the accretion of the discount over the expected life of the security. |
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