OFS Credit NPORTP (Jan 2022 report)

OFS Credit Company, Inc.

Schedule of Investments

January 31, 2022

(unaudited)

Company and Investment ⁽¹⁾⁽⁷⁾	Effective Yield ⁽³⁾			Initial Acquisition Date	Maturity		Principal Amount		Amortized Cost		Fair Value ⁽⁵⁾		Percent of Net Assets
Structured Finance Notes ⁽²⁾
Allegro CLO VII, Ltd.
Subordinated Notes		8.49	%	2/14/2019		6/13/2031	$	3,100,000	$	2,025,448	$	1,592,462		1.5	%

Allegro CLO 2021-2, Ltd.
Subordinated Notes		14.79	%	8/23/2021		10/15/2034		5,000,000		4,033,764		4,202,052		3.9

Anchorage Capital CLO 1-R Ltd.
Subordinated Notes		15.68	%	10/5/2018		4/13/2031		2,100,000		1,469,167		1,516,603		1.5

Apex Credit CLO 2020 Ltd.
Subordinated Notes		10.55	%	11/16/2020		10/20/2031		6,170,000		5,071,505		5,092,082		4.7

Apex Credit CLO 2021 Ltd.
Subordinated Notes		13.29	%	5/28/2021		7/18/2034		7,140,000		5,775,827		5,529,101		5.0

Atlas Senior Loan Fund IX Ltd.
Subordinated Notes (4) (6)		0.00	%	10/5/2018		4/20/2028		1,200,000		484,707		287,586		0.3

Atlas Senior Loan Fund X Ltd.
Subordinated Notes		4.14	%	10/5/2018		1/15/2031		5,000,000		2,588,534		1,698,943		1.5

Atlas Senior Loan Fund XVII, Ltd.
Subordinated Notes		15.68	%	9/20/2021		10/20/2034		6,000,000		5,024,750		5,248,551		4.8

Battalion CLO IX Ltd.
Income Notes		17.34	%	10/10/2018		7/15/2031		1,079,022		682,008		626,480		0.6
Subordinated Notes		17.34	%	10/10/2018		7/15/2031		1,770,978		1,119,279		1,028,312		0.9
								2,850,000		1,801,287		1,654,792		1.5
Battalion CLO XI Ltd.
Subordinated Notes		20.87	%	3/20/2019		10/24/2029		5,000,000		4,012,205		4,431,484		4.0

OFS Credit Company, Inc.

Schedule of Investments

January 31, 2022

(unaudited)

Company and Investment ⁽¹⁾⁽⁷⁾	Effective Yield ⁽³⁾			Initial Acquisition Date	Maturity		Principal Amount		Amortized Cost		Fair Value ⁽⁵⁾		Percent of Net Assets
Battalion CLO XIX Ltd.
Subordinated Notes		22.77	%	3/16/2021		4/15/2034		5,000,000		2,990,994		3,590,027		3.3

BlueMountain Fuji U.S. CLO III, Ltd.
Subordinated Notes		18.23	%	9/18/2019		1/15/2030		3,701,700		2,530,617		2,507,363		2.3

Crown Point CLO 4 Ltd.
Subordinated Notes		9.20	%	3/22/2019		4/20/2031		5,000,000		3,544,051		2,694,227		2.5

Dryden 30 Senior Loan Fund
Subordinated Notes		30.46	%	10/5/2018		11/15/2028		1,000,000		349,574		354,029		0.3

Dryden 38 Senior Loan Fund
Subordinated Notes		11.67	%	10/5/2018		7/15/2030		2,600,000		1,514,380		1,377,290		1.3

Dryden 41 Senior Loan Fund
Subordinated Notes		11.22	%	10/5/2018		4/15/2031		2,600,000		1,257,223		1,112,086		1.0

Dryden 53 CLO, Ltd.
Income Notes		14.45	%	10/5/2018		1/15/2031		3,200,000		2,005,413		1,882,560		1.7
Subordinated Notes		17.93	%	10/1/2019		1/15/2031		500,000		294,704		294,133		0.3
								3,700,000		2,300,117		2,176,693		2.0
Dryden 60 CLO, Ltd.
Subordinated Notes		14.40	%	4/23/2021		7/15/2031		5,950,000		4,681,637		4,658,760		4.2

Dryden 76 CLO, Ltd.
Subordinated Notes		18.49	%	9/27/2019		10/20/2032		2,250,000		1,660,573		1,867,226		1.7

Dryden 87 CLO, Ltd.
Subordinated Notes		16.06	%	6/2/2021		5/20/2034		5,000,000		4,471,191		4,519,708		4.1

OFS Credit Company, Inc.

Schedule of Investments

January 31, 2022

(unaudited)

Company and Investment ⁽¹⁾⁽⁷⁾	Effective Yield ⁽³⁾			Initial Acquisition Date	Maturity		Principal Amount		Amortized Cost		Fair Value ⁽⁵⁾		Percent of Net Assets
Dryden 95 CLO, Ltd.
Subordinated Notes		14.54	%	7/29/2021		8/20/2034		6,000,000		5,400,977		5,540,578		5.0

Elevation CLO 2017-7, Ltd.
Subordinated Notes		9.30	%	10/5/2018		7/15/2030		4,750,000		2,844,008		2,388,683		2.2

Elevation CLO 2017-8, Ltd.
Subordinated Notes		7.69	%	10/5/2018		10/25/2030		2,000,000		1,142,172		920,090		0.8
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Elevation CLO 2021-12, Ltd.
Subordinated Notes		18.07	%	5/26/2021		4/20/2032		3,500,000		2,484,127		2,536,992		2.3

Elevation CLO 2021-13
Subordinated Notes		17.91	%	6/9/2021		7/15/2034		6,026,765		4,572,379		5,027,335		4.6

Elevation CLO 2021-14, Ltd.
Subordinated Notes		16.05	%	10/29/2021		10/20/2034		7,237,500		6,144,969		6,373,422		5.8

Elevation CLO 2021-15, Ltd.
Subordinated Notes		16.91	%	12/6/2021		12/5/2035		9,000,000		6,431,456		6,431,456		5.9

Flatiron CLO 2017-1, Ltd.
Subordinated Notes		23.44	%	3/22/2019		5/15/2030		3,000,000		1,947,122		2,138,195		1.9

Flatiron CLO 18 Ltd.
Subordinated Notes		14.80	%	10/5/2018		4/17/2031		4,500,000		3,343,783		3,277,602		3.0

Greenwood Park CLO, Ltd.
Subordinated Notes		11.31	%	10/5/2018		4/15/2031		4,000,000		2,826,400		2,730,724		2.5

OFS Credit Company, Inc.

Schedule of Investments

January 31, 2022

(unaudited)

Company and Investment ⁽¹⁾⁽⁷⁾	Effective Yield ⁽³⁾			Initial Acquisition Date	Maturity		Principal Amount		Amortized Cost		Fair Value ⁽⁵⁾		Percent of Net Assets
Halcyon Loan Advisors Funding 2018-1 Ltd.
Subordinated Notes		14.01	%	3/20/2019		7/20/2031		3,000,000		2,024,214		1,671,824		1.5

HarbourView CLO VII-R, Ltd.
Subordinated Notes (4) (6)		0.00	%	10/5/2018		11/18/2026		3,100,000		1,886,533		97,584		0.1

Jamestown CLO XVI, Ltd.
Subordinated Notes		19.81	%	7/29/2021		7/25/2034		3,500,000		2,347,549		2,758,008		2.5

LCM 31 CLO
Mezzanine debt - Class E		7.68	%	12/18/2020		1/20/2032		250,000		247,955		249,169		0.2
Subordinated Notes		21.03	%	12/18/2020		1/20/2032		1,350,000		986,363		1,123,580		1.0
								1,600,000		1,234,318		1,372,749		1.2
Madison Park Funding XXIII, Ltd.
Subordinated Notes		16.97	%	10/5/2018		7/27/2047		4,000,000		2,678,083		2,748,437		2.5

Madison Park Funding XXIX, Ltd.
Subordinated Notes		15.48	%	12/22/2020		10/18/2047		1,000,000		689,323		704,721		0.6

Marble Point CLO X Ltd.
Subordinated Notes		5.49	%	10/5/2018		10/15/2030		7,000,000		3,977,207		2,808,600		2.6

Marble Point CLO XI Ltd.
Income Notes		0.93	%	10/5/2018		12/18/2047		1,500,000		902,911		533,652		0.5

Marble Point CLO XX, Ltd.
Subordinated Notes		14.89	%	4/9/2021		4/23/2051		5,125,000		4,009,736		4,103,561		3.7

Marble Point CLO XXI, Ltd.
Subordinated Notes		14.48	%	8/24/2021		10/17/2051		5,250,000		4,271,907		4,393,340		4.0

OFS Credit Company, Inc.

Schedule of Investments

January 31, 2022

(unaudited)

Company and Investment ⁽¹⁾⁽⁷⁾	Effective Yield ⁽³⁾			Initial Acquisition Date	Maturity		Principal Amount		Amortized Cost		Fair Value ⁽⁵⁾		Percent of Net Assets
Marble Point CLO XXIII Ltd.
Subordinated Notes		14.03	%	12/3/2021		1/22/2052		1,750,000		1,527,425		1,527,425		1.4

MidOcean Credit CLO VII Ltd.
Income Notes		3.83	%	3/20/2019		7/15/2029		3,275,000		1,434,997		970,413		0.9

MidOcean Credit CLO VIII Ltd.
Income Notes		18.42	%	1/14/2019		2/20/2031		3,225,000		2,182,343		2,102,220		1.9

MidOcean Credit CLO IX Ltd.
Income Notes		15.89	%	11/21/2018		7/20/2031		3,000,000		1,858,027		1,662,762		1.5

Monroe Capital MML CLO X
Mezzanine debt - Class E		9.61	%	3/10/2021		8/20/2031		1,000,000		987,498		1,000,070		0.9

Niagara Park CLO, Ltd.
Subordinated Notes		19.33	%	11/8/2019		7/17/2032		4,500,000		3,477,844		3,994,849		3.6

Octagon Investment Partners 39, Ltd.
Subordinated Notes		20.03	%	2/27/2020		10/20/2030		3,600,000		2,214,753		2,343,404		2.1

Sound Point CLO IV-R, Ltd.
Subordinated Notes (4) (6)		0.00	%	11/2/2018		4/18/2031		4,000,000		1,061,782		648,877		0.6

THL Credit Wind River 2014-3 CLO Ltd.
Subordinated Notes		6.73	%	10/10/2018		10/22/2031		2,778,000		1,593,114		1,252,878		1.1

Trinitas CLO VIII
Subordinated Notes		20.03	%	4/28/2021		7/20/2117		2,800,000		1,623,685		1,650,252		1.5

Venture 33 CLO Limited
Subordinated Notes		10.16	%	3/21/2019		7/15/2031		3,150,000		1,996,214		1,275,930		1.2

OFS Credit Company, Inc.

Schedule of Investments

January 31, 2022

(unaudited)

Company and Investment ⁽¹⁾⁽⁷⁾	Effective Yield ⁽³⁾			Initial Acquisition Date	Maturity		Principal Amount		Amortized Cost		Fair Value ⁽⁵⁾		Percent of Net Assets
VCP CLO II
Mezzanine debt - Class E		9.43	%	2/19/2021		4/15/2031		500,000		486,928		496,003		0.5

Vibrant CLO X Ltd.
Subordinated Notes		12.72	%	5/23/2019		10/20/2031		8,000,000		4,629,699		3,974,098		3.6

Vibrant CLO XIII, Ltd.
Subordinated Notes		13.12	%	6/3/2021		7/15/2034		5,000,000		4,176,275		4,061,647		3.7

Voya CLO 2017-4, Ltd.
Subordinated Notes		9.40	%	10/5/2018		10/15/2030		1,000,000		678,579		535,888		0.5

Wind River 2015-1 CLO
Subordinated Notes		20.33	%	4/28/2021		10/20/2030		2,600,000		1,274,902		1,374,624		1.3

Webster Park CLO
Subordinated Notes		18.19	%	4/23/2021		1/20/2027		3,363,000		2,163,035		2,243,895		2.0

Zais CLO 3, Limited
Income Notes		5.87	%	10/10/2018		7/15/2031		1,038,255		590,064		287,908		0.3
Subordinated Notes		5.87	%	10/10/2018		7/15/2031		1,761,745		1,001,240		488,514		0.4
								2,800,000		1,591,304		776,422		0.7

Total Structured Finance							$	221,791,965	$	153,705,129	$	146,560,275		133.6	%

Loan Accumulation Facilities ⁽⁹⁾
Apex Credit CLO 2021-II Ltd.
Loan accumulation facility		13.50	%	7/14/2021		7/14/2022	$	7,000,000	$	7,000,000	$	7,000,000		6.4	%

OFS Credit Company, Inc.

Schedule of Investments

January 31, 2022

(unaudited)

Company and Investment ⁽¹⁾⁽⁷⁾	Effective Yield ⁽³⁾			Initial Acquisition Date	Maturity		Principal Amount		Amortized Cost		Fair Value ⁽⁵⁾		Percent of Net Assets
Brightwood Capital MM CLO 2022-1, Ltd.
Loan accumulation facility		13.50	%	1/5/2022		12/31/2032		7,500,000		7,500,000		7,500,000		6.8

Dryden 98 CLO, Ltd.
Loan accumulation facility		13.50	%	12/14/2021		12/13/2022		5,950,000		5,950,000		5,950,000		5.4

Total Loan Accumulation Facilities							$	20,450,000	$	20,450,000	$	20,450,000		18.6	%

Other CLO equity related investments
CLO other (8)		18.02	%						$	596,351	$	643,366		0.6	%

Total Investments							$	242,241,965	$	174,751,480	$	167,653,641		152.8	%

(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)

Structured Finance Notes classified as income notes and subordinated notes are considered CLO subordinated debt positions. CLO subordinated debt positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. These securities are colloquially referred to as CLO equity.

(3)

The rate disclosed on Structured Finance Note investments is the estimated effective yield, generally established at purchase and re-evaluated upon receipt of distributions, and based upon projected amounts and timing of future distributions and the projected amount 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 projected amount and timing of terminal principal payments which may be projected to occur prior to the contractual maturity date, were utilized in deriving the effective yield of the investments. As of January 31, 2022, the Company's weighted-average effective yield on its total investments, based on current amortized cost, was 14.12%.

(4)

As of January 31, 2022, 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 optional redemption, is less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions 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.

(5)

The fair value of all investments was determined in good faith by the board of directors of the Company using significant, unobservable inputs.

(6)

Non-income producing.

(7)

We do not "control" and are not an "affiliate" of any of our portfolio investments, each as defined in 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.

(8)

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

(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 pay returns equal to the actual income earned on facility assets less costs and fees incurred on senior financing. 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 the stated expiration of the instrument. Reported yields represent the estimated yield earned on the investment since inception.

OFS Credit (OCCI) NPORT-POFS Credit Company, Inc. (Jan 2022 report)