OFS Credit NPORTP (Jul 2022 report)

OFS Credit Company, Inc.

Schedule of Investments

July 31, 2022

(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

LCM 31 CLO
Mezzanine Debt - Class E		9.79	%	(L +7.08%)	12/18/2020		1/20/2032	$	250,000	$	248,182	$	233,549		0.3	%

VCP CLO II
Mezzanine Debt - Class E		10.91	%	(L +8.40%)	2/19/2021		4/15/2031		500,000		487,972		468,680		0.5

Total CLO Debt Securities								$	750,000	$	736,154	$	702,229		0.8	%

CLO Equity Securities ⁽⁶⁾

Allegro CLO VII, Ltd.
Subordinated Notes		14.09	%		2/14/2019		6/13/2031	$	3,100,000	$	1,867,637	$	1,185,054		1.2	%

Allegro CLO 2021-2, Ltd.
Subordinated Notes		17.68	%		8/23/2021		10/15/2034		5,000,000		3,949,463		3,613,826		3.9

Allegro CLO XV, LTD.
Subordinated Notes		15.81	%		6/10/2022		7/20/2035		4,640,000		4,085,480		4,085,480		4.4

Anchorage Capital CLO 1-R Ltd.
Subordinated Notes		16.21	%		10/5/2018		4/13/2031		2,100,000		1,397,338		1,174,614		1.3

Apex Credit CLO 2020 Ltd.
Subordinated Notes		18.37	%		11/16/2020		10/20/2031		6,170,000		5,200,282		4,684,755		5.1

OFS Credit Company, Inc.

Schedule of Investments

July 31, 2022

(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
Apex Credit CLO 2021 Ltd.
Subordinated Notes		15.84	%		5/28/2021		7/18/2034		7,140,000		5,693,406		4,788,482		5.2

Apex Credit CLO 2022-1A
Subordinated Notes		13.36	%		4/28/2022		4/22/2033		8,833,176		7,239,140		7,239,140		7.8

Atlas Senior Loan Fund IX Ltd.
Subordinated Notes (7) (8)		0.00	%		10/5/2018		4/20/2028		1,200,000		460,137		119,078		0.1

Atlas Senior Loan Fund X Ltd.
Subordinated Notes		9.42	%		10/5/2018		1/15/2031		5,000,000		2,319,097		1,281,279		1.4

Atlas Senior Loan Fund XVII, Ltd.
Subordinated Notes		19.75	%		9/20/2021		10/20/2034		6,000,000		4,632,971		4,521,098		4.9

Battalion CLO IX Ltd.
Subordinated Notes - Income		18.97	%		10/10/2018		7/15/2031		1,079,022		665,273		471,188		0.5
Subordinated Notes		18.98	%		10/10/2018		7/15/2031		1,770,978		1,091,837		773,352		0.8
									2,850,000		1,757,110		1,244,540		1.3
Battalion CLO XI Ltd.
Subordinated Notes		20.05	%		3/20/2019		10/24/2029		5,000,000		3,989,276		3,615,524		3.9

Battalion CLO XIX Ltd.
Subordinated Notes		23.39	%		3/16/2021		4/15/2034		5,000,000		2,944,665		3,161,079		3.4

BlueMountain Fuji U.S. CLO III, Ltd.
Subordinated Notes		21.32	%		9/18/2019		1/15/2030		3,701,700		2,442,251		1,904,166		2.1

OFS Credit Company, Inc.

Schedule of Investments

July 31, 2022

(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
Crown Point CLO 4 Ltd.
Subordinated Notes		13.13	%		3/22/2019		4/20/2031		5,000,000		3,314,738		2,104,961		2.3

Dryden 30 Senior Loan Fund
Subordinated Notes		48.95	%		10/5/2018		11/15/2028		1,000,000		344,134		206,174		0.2

Dryden 38 Senior Loan Fund
Subordinated Notes		15.92	%		10/5/2018		7/15/2030		2,600,000		1,435,015		1,011,673		1.1

Dryden 41 Senior Loan Fund
Subordinated Notes		19.87	%		10/5/2018		4/15/2031		2,600,000		1,103,145		813,003		0.9

Dryden 53 CLO, Ltd.
Subordinated Notes - Income		21.59	%		10/5/2018		1/15/2031		3,200,000		1,860,997		1,341,334		1.5
Subordinated Notes		25.13	%		10/1/2019		1/15/2031		500,000		275,708		209,583		0.2
									3,700,000		2,136,705		1,550,917		1.7
Dryden 60 CLO, Ltd.
Subordinated Notes		19.24	%		4/23/2021		7/15/2031		5,950,000		4,535,878		3,758,565		4.1

Dryden 76 CLO, Ltd.
Subordinated Notes		19.59	%		9/27/2019		10/20/2032		2,250,000		1,725,260		1,569,932		1.7

Dryden 87 CLO, Ltd.
Subordinated Notes		17.46	%		6/2/2021		5/20/2034		5,000,000		4,332,873		3,964,637		4.3

Dryden 95 CLO, Ltd.
Subordinated Notes		18.02	%		7/29/2021		8/20/2034		6,000,000		4,891,877		4,508,015		4.9

OFS Credit Company, Inc.

Schedule of Investments

July 31, 2022

(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 98 CLO, Ltd.
Subordinated Notes		14.00	%		3/17/2022		4/20/2035		5,500,000		5,237,813		5,237,813		5.7

Elevation CLO 2017-7, Ltd.
Subordinated Notes (7) (8)		0.00	%		10/5/2018		7/15/2030		2,800,897		884,797		253,469		0.3

Elevation CLO 2017-8, Ltd.
Subordinated Notes		13.35	%		10/5/2018		10/25/2030		2,000,000		1,024,929		601,961		0.7

Elevation CLO 2021-12, Ltd.
Subordinated Notes		19.95	%		5/26/2021		4/20/2032		3,500,000		2,470,575		1,953,329		2.1

Elevation CLO 2021-13, Ltd.
Subordinated Notes		18.81	%		6/9/2021		7/15/2034		6,026,765		4,529,107		4,061,672		4.4

Elevation CLO 2021-14, Ltd.
Subordinated Notes		17.66	%		10/29/2021		10/20/2034		7,237,500		5,698,060		5,276,611		5.7

Elevation CLO 2021-15, Ltd.
Subordinated Notes		17.94	%		12/6/2021		1/5/2035		9,000,000		6,253,245		5,801,154		6.3

Flatiron CLO 2017-1, Ltd.
Subordinated Notes		21.41	%		3/22/2019		5/15/2030		3,000,000		1,902,855		1,532,443		1.7

Flatiron CLO 18 Ltd.
Subordinated Notes		18.20	%		10/5/2018		4/17/2031		4,500,000		3,256,950		2,585,846		2.8

Greenwood Park CLO, Ltd.
Subordinated Notes		16.77	%		10/5/2018		4/15/2031		4,000,000		2,658,797		2,214,957		2.4

OFS Credit Company, Inc.

Schedule of Investments

July 31, 2022

(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
Halcyon Loan Advisors Funding 2018-1 Ltd.
Subordinated Notes		19.22	%		3/20/2019		7/20/2031		3,000,000		1,935,608		1,349,608		1.5

HarbourView CLO VII-R, Ltd.
Subordinated Notes (7) (8)		0.00	%		10/5/2018		11/18/2026		3,100,000		1,886,533		143,759		0.2

Jamestown CLO XVI, Ltd.
Subordinated Notes		20.12	%		7/29/2021		7/25/2034		3,500,000		2,374,989		2,208,062		2.4

LCM 31 CLO
Subordinated Notes		24.59	%		12/18/2020		1/20/2032		1,350,000		975,138		951,757		1.0

Madison Park Funding XXIII, Ltd.
Subordinated Notes		16.53	%		10/5/2018		7/27/2047		4,000,000		2,569,276		2,129,539		2.3

Madison Park Funding XXIX, Ltd.
Subordinated Notes		17.60	%		12/22/2020		10/18/2047		1,000,000		657,994		597,874		0.6

Marble Point CLO X Ltd.
Subordinated Notes		10.33	%		10/5/2018		10/15/2030		7,000,000		3,640,846		1,862,468		2.0

Marble Point CLO XI Ltd.
Subordinated Notes - Income		6.87	%		10/5/2018		12/18/2047		1,500,000		809,133		371,721		0.4

Marble Point CLO XX, Ltd.
Subordinated Notes		15.27	%		4/9/2021		4/23/2051		5,125,000		3,943,541		3,214,124		3.5

OFS Credit Company, Inc.

Schedule of Investments

July 31, 2022

(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
Marble Point CLO XXI, Ltd.
Subordinated Notes		15.20	%		8/24/2021		10/17/2051		5,250,000		4,150,963		3,424,681		3.7

Marble Point CLO XXIII Ltd.
Subordinated Notes		14.44	%		12/3/2021		1/22/2052		1,750,000		1,443,678		1,214,786		1.3

MidOcean Credit CLO VII Ltd.
Subordinated Notes - Income (7) (8)		0.00	%		3/20/2019		7/15/2029		3,275,000		1,228,875		359,937		0.4

MidOcean Credit CLO VIII Ltd.
Subordinated Notes - Income		17.13	%		1/14/2019		2/20/2031		3,225,000		2,066,858		1,471,214		1.6

MidOcean Credit CLO IX Ltd.
Subordinated Notes - Income		18.30	%		11/21/2018		7/20/2031		3,000,000		1,795,050		1,275,874		1.4

Niagara Park CLO, Ltd.
Subordinated Notes		21.18	%		11/8/2019		7/17/2032		4,500,000		3,440,970		3,380,772		3.7

Octagon Investment Partners 39, Ltd.
Subordinated Notes		23.84	%		2/27/2020		10/20/2030		3,600,000		2,121,257		1,799,202		1.9

Sound Point CLO IV-R, Ltd.
Subordinated Notes		7.66	%		11/2/2018		4/18/2031		4,000,000		895,528		362,943		0.4

Steele Creek CLO 2022-1, Ltd.
Subordinated Notes		20.54	%		3/1/2022		4/15/2035		5,000,000		3,592,316		3,424,831		3.7

THL Credit Wind River 2014-3 CLO Ltd.
Subordinated Notes		14.00	%		10/10/2018		10/22/2031		2,778,000		1,455,300		947,991		1.0

OFS Credit Company, Inc.

Schedule of Investments

July 31, 2022

(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
Trinitas CLO VIII
Subordinated Notes		24.19	%		4/28/2021		7/20/2117		2,800,000		1,576,158		1,262,669		1.4

Venture 33 CLO Limited
Subordinated Notes		24.94	%		3/21/2019		7/15/2031		3,150,000		1,859,906		1,137,291		1.2

Vibrant CLO X Ltd.
Subordinated Notes		18.10	%		5/23/2019		10/20/2031		8,000,000		4,429,893		2,992,671		3.2

Vibrant CLO XIII, Ltd.
Subordinated Notes		14.86	%		6/3/2021		7/15/2034		5,000,000		4,106,179		3,307,654		3.6

Voya CLO 2017-4, Ltd.
Subordinated Notes		16.15	%		10/5/2018		10/15/2030		1,000,000		637,237		367,460		0.4

Wind River 2015-1 CLO
Subordinated Notes		25.87	%		4/28/2021		10/20/2030		2,600,000		1,214,342		1,014,980		1.1

Webster Park CLO
Subordinated Notes		19.42	%		4/23/2021		1/20/2027		3,363,000		2,078,512		1,783,052		1.9

Zais CLO 3, Limited
Subordinated Notes - Income		11.56	%		10/10/2018		7/15/2031		1,038,255		545,231		204,909		0.2
Subordinated Notes		11.56	%		10/10/2018		7/15/2031		1,761,745		925,130		347,696		0.4
									2,800,000		1,470,361		552,605		0.6

OFS Credit Company, Inc.

Schedule of Investments

July 31, 2022

(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
Total CLO Equity Securities								$	242,066,038	$	164,071,447	$	134,534,772		145.7	%

Loan Accumulation Facilities ⁽⁹⁾

Anchorage Capital CLO 26, Ltd.
Loan Accumulation Facility		14.50	%		5/16/2022		5/16/2024	$	531,250	$	531,250	$	531,250		0.6	%

Brightwood Capital MM CLO 2022-1, Ltd.
Loan Accumulation Facility		14.50	%		1/5/2022		12/31/2032		7,500,000		7,500,000		7,500,000		8.1

Marble Point CLO XXV Ltd.
Loan Accumulation Facility		14.50	%		4/4/2022		3/2/2023		4,000,000		4,000,000		4,000,000		4.3

Total Loan Accumulation Facilities								$	12,031,250	$	12,031,250	$	12,031,250		13.0	%

Other CLO equity-related investments
CLO other (10)		19.04	%							$	547,610	$	634,955		0.7	%

Total Investments								$	254,847,288	$	177,386,461	$	147,903,206		160.2	%

(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. In general, under the Investment Company Act of 1940, as amended, 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 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 amount 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 reflects the contractual interest rate. The rate disclosed on Loan Accumulation Facilities represents the estimated yield to be earned on the investment. As of July 31, 2022, the Company's weighted-average effective yield on its total investments, based on current amortized cost, was 16.86%.

(4)

CLO debt securities bear interest at a rate determined by reference to three-month LIBOR (L) which resets quarterly. The rate provided for each CLO debt security is as of July 31, 2022.

(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)

Subordinated notes and income notes are considered CLO equity securities. CLO equity securities are entitled to recurring distributions, which are generally equal to the remaining cash flow payments made by underlying securities less contractual payments to debt holders and fund expenses.

(7)

As of July 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.

(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.

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