OFS Credit NPORTP (Jul 2023 report)

OFS Credit Company, Inc.

Schedule of Investments

As of July 31, 2023

(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		14.75	%	(SOFR + 9.43%)	10/13/2022		10/19/2035	$	2,000,000	$	1,861,265	$	1,879,955		1.8	%

Atlas Senior Loan Fund XXI, Ltd.
Mezzanine Debt - Class E		14.63	%	(SOFR + 9.04%)	7/20/2023		7/20/2035		1,450,000		1,327,087		1,327,087		1.3	%

Birch Grove CLO 5, Ltd.
Mezzanine Debt - Class E		13.50	%	(SOFR + 8.65%)	4/28/2023		4/20/2035		3,000,000		2,916,132		2,916,132		2.8	%

Birch Grove CLO 6, Ltd.
Mezzanine Debt - Class E		14.47	%	(SOFR + 8.93%)	7/7/2023		7/7/2035		2,500,000		2,425,254		2,425,254		2.3	%

Carlyle US CLO 2022-6, Ltd.
Mezzanine Debt - Class E		13.98	%	(SOFR + 8.63%)	12/9/2022		10/25/2034		1,000,000		956,597		1,003,703		0.9	%

LCM 31 CLO
Mezzanine Debt - Class E		12.41	%	(SOFR + 7.08%)	12/18/2020		1/20/2032		250,000		248,640		238,701		0.2	%

PPM CLO 6 Ltd.
Mezzanine Debt - Class E		13.80	%	(SOFR + 8.21%)	12/20/2022		1/20/2031		1,000,000		927,888		975,337		0.9	%

Sandstone Peak CLO II
Mezzanine Debt - Class E		14.03	%	(SOFR + 8.79%)	6/9/2023		7/20/2036		2,800,000		2,690,009		2,690,009		2.5	%

Sycamore Tree CLO 2023-2
Mezzanine Debt - Class E		14.27	%	(SOFR +8.94%)	2/22/2023		4/20/2035		4,000,000		3,835,287		3,917,524		3.7	%

Sycamore Tree CLO 2023-3
Mezzanine Debt - Class E		13.65	%	(SOFR + 8.66%)	4/14/2023		4/20/2035		3,000,000		2,873,028		2,873,028		2.7	%

OFS Credit Company, Inc.

Schedule of Investments

As of July 31, 2023

(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
VCP CLO II
Mezzanine Debt - Class E		13.97	%	(SOFR + 8.40%)	2/19/2021		4/15/2031	$	500,000	$	490,079	$	491,518		0.5	%

Total CLO Debt Securities								$	21,500,000	$	20,551,266	$	20,738,248		19.6	%

CLO Equity Securities⁽⁶⁾

Allegro CLO VII, Ltd.
Subordinated Notes		4.12	%		2/14/2019		6/13/2031	$	3,100,000	$	1,617,915	$	802,347		0.9	%

Allegro CLO 2021-2, Ltd.
Subordinated Notes		19.47	%		8/23/2021		10/15/2034		5,000,000		3,928,694		3,474,953		3.4	%

Allegro CLO XV, LTD.
Subordinated Notes		21.47	%		6/10/2022		7/20/2035		4,640,000		3,365,108		3,513,350		3.3	%

Anchorage Capital CLO 1-R Ltd.
Subordinated Notes		8.30	%		10/5/2018		4/13/2031		2,100,000		1,232,035		875,929		0.8	%

Apex Credit CLO 2020 Ltd.
Subordinated Notes		21.91	%		11/16/2020		10/20/2031		6,170,000		5,507,886		3,904,414		3.7	%

Apex Credit CLO 2021 Ltd.
Subordinated Notes		19.97	%		5/28/2021		7/18/2034		7,140,000		5,669,577		4,612,101		4.4	%

Apex Credit CLO 2022-1A
Subordinated Notes		16.16	%		4/28/2022		4/22/2033		8,833,176		7,107,061		5,666,478		5.4	%

Atlas Senior Loan Fund IX Ltd.
Subordinated Notes⁽⁷⁾⁽⁸⁾		0.00	%		10/5/2018		4/20/2028		1,200,000		432,353		110,944		0.1	%

OFS Credit Company, Inc.

Schedule of Investments

As of July 31, 2023

(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 X Ltd.
Subordinated Notes⁽⁷⁾		0.00	%		10/5/2018		1/15/2031	$	5,000,000	$	2,033,362	$	595,811			0.6	%

Atlas Senior Loan Fund XVII, Ltd.
Subordinated Notes		23.46	%		9/20/2021		10/20/2034		6,000,000		4,643,604		3,760,476	��		3.6	%

Battalion CLO IX Ltd.
Subordinated Notes - Income		8.82	%		10/10/2018		7/15/2031		1,079,022		630,415		312,462			0.3	%
Subordinated Notes		8.82	%		10/10/2018		7/15/2031		1,770,978		1,034,640		512,839			0.5	%
									2,850,000		1,665,055		825,301			0.8	%
Battalion CLO XI Ltd.
Subordinated Notes		16.41	%		3/20/2019		10/24/2029		5,000,000		3,916,710		3,073,997			2.9	%

Battalion CLO XV Ltd.
Subordinated Notes		30.99	%		7/17/2023		1/17/2033		3,500,000		1,858,787		1,955,419			1.8	%
Subordinated Notes		30.99	%		7/17/2023		1/17/2033		3,500,000		1,858,787		1,955,419			1.8	%
									7,000,000		3,717,574		3,910,838			3.6	%
Battalion CLO XIX Ltd.
Subordinated Notes		23.61	%		3/16/2021		4/15/2034		5,000,000		2,950,901		2,730,218			2.6	%

BlueMountain Fuji U.S. CLO III, Ltd.
Subordinated Notes		11.36	%		9/18/2019		1/15/2030		3,701,700		2,231,840		1,214,362			1.1	%

Bridge Street CLO III Ltd.
Subordinated Notes		20.33	%		12/28/2022		10/20/2034		6,900,000		3,725,427		4,415,204			4.2	%

Crown Point CLO 4 Ltd.
Subordinated Notes		8.39	%		3/22/2019		4/20/2031		5,000,000		2,990,761		1,424,679			1.3	%

Dryden 30 Senior Loan Fund
Subordinated Notes		5.65	%		10/5/2018		11/15/2028		1,000,000		323,952		137,940			0.1	%

OFS Credit Company, Inc.

Schedule of Investments

As of July 31, 2023

(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 38 Senior Loan Fund
Subordinated Notes		5.99	%		10/5/2018		7/15/2030	$	2,600,000	$	1,354,232	$	781,455		0.7	%

Dryden 41 Senior Loan Fund
Subordinated Notes		4.33	%		10/5/2018		4/15/2031		2,600,000		988,100		510,056		0.5	%

Dryden 53 CLO, Ltd.
Subordinated Notes - Income		9.54	%		10/5/2018		1/15/2031		3,200,000		1,689,687		786,745		0.7	%
Subordinated Notes		11.91	%		10/1/2019		1/15/2031		500,000		255,052		122,929		0.1	%
									3,700,000		1,944,739		909,674		0.8	%
Dryden 60 CLO, Ltd.
Subordinated Notes		10.82	%		4/23/2021		7/15/2031		5,950,000		4,439,676		2,924,770		2.8	%

Dryden 76 CLO, Ltd.
Subordinated Notes		17.88	%		9/27/2019		10/20/2032		2,250,000		1,858,238		1,524,827		1.4	%

Dryden 87 CLO, Ltd.
Subordinated Notes		18.63	%		6/2/2021		5/20/2034		5,000,000		4,302,943		3,737,766		3.5	%

Dryden 95 CLO, Ltd.
Subordinated Notes		18.14	%		7/29/2021		8/20/2034		6,000,000		4,909,026		4,193,618		4.0	%

Dryden 98 CLO, Ltd.
Subordinated Notes		19.90	%		3/17/2022		4/20/2035		5,500,000		4,384,312		4,044,068		3.8	%

Elevation CLO 2017-7, Ltd.
Subordinated Notes^(7)(8)(11)		0.00	%		10/5/2018		7/15/2030		2,600,464		684,363		46,078		—	%

Elevation CLO 2017-8, Ltd.
Subordinated Notes⁽⁷⁾		0.00	%		10/5/2018		10/25/2030		2,000,000		831,714		346,428		0.3	%

OFS Credit Company, Inc.

Schedule of Investments

As of July 31, 2023

(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 2021-12, Ltd.
Subordinated Notes		18.74	%		5/26/2021		4/20/2032	$	3,500,000	$	2,511,254	$	1,567,799		1.5	%

Elevation CLO 2021-13, Ltd.
Subordinated Notes		18.41	%		6/9/2021		7/15/2034		6,026,765		4,554,954		3,479,839		3.3	%

Elevation CLO 2021-14, Ltd.
Subordinated Notes		15.58	%		10/29/2021		10/20/2034		7,237,500		5,751,162		4,373,620		4.1	%

Elevation CLO 2021-15, Ltd.
Subordinated Notes		16.31	%		12/23/2021		1/5/2035		9,000,000		6,392,715		4,676,054		4.4	%

Flatiron CLO 2017-1, Ltd.
Subordinated Notes		6.38	%		3/22/2019		5/15/2030		3,000,000		1,849,711		1,260,270		1.2	%

Flatiron CLO 18 Ltd.
Subordinated Notes		7.67	%		10/5/2018		4/17/2031		4,500,000		3,146,843		2,266,298		2.1	%

Greenwood Park CLO, Ltd.
Subordinated Notes		2.86	%		10/5/2018		4/15/2031		4,000,000		2,384,650		1,271,472		1.2	%

Halcyon Loan Advisors Funding 2018-1 Ltd.
Subordinated Notes		12.93	%		3/20/2019		7/20/2031		3,000,000		1,859,830		911,816		0.9	%

HarbourView CLO VII-R, Ltd.
Subordinated Notes⁽⁷⁾⁽⁸⁾		0.00	%		10/5/2018		11/18/2026		3,100,000		1,886,533		154,370		0.1	%

Jamestown CLO XVI, Ltd.
Subordinated Notes		21.34	%		7/29/2021		7/25/2034		3,500,000		2,558,297		2,292,213		2.2	%

OFS Credit Company, Inc.

Schedule of Investments

As of July 31, 2023

(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 31 CLO
Subordinated Notes		22.01	%		12/18/2020		1/20/2032	$	1,350,000	$	994,923	$	723,261		0.7	%

Madison Park Funding XXIII, Ltd.
Subordinated Notes		20.03	%		10/5/2018		7/27/2047		4,000,000		2,368,496		1,835,577		1.7	%

Madison Park Funding XXIX, Ltd.
Subordinated Notes		20.70	%		12/22/2020		10/18/2047		1,000,000		624,759		566,638		0.5	%

Marble Point CLO X Ltd.
Subordinated Notes		4.39	%		10/5/2018		10/15/2030		7,000,000		3,205,874		1,397,847		1.3	%

Marble Point CLO XI Ltd.
Subordinated Notes - Income		0.66	%		10/5/2018		12/18/2047		1,500,000		735,235		221,969		0.2	%

Marble Point CLO XX, Ltd.
Subordinated Notes		17.65	%		4/9/2021		4/23/2051		5,125,000		3,939,290		3,001,219		2.8	%

Marble Point CLO XXI, Ltd.
Subordinated Notes		17.29	%		8/24/2021		10/17/2051		5,250,000		4,104,293		3,053,903		2.9	%

Marble Point CLO XXIII Ltd.
Subordinated Notes		17.13	%		12/3/2021		1/22/2052		1,750,000		1,437,374		1,151,718		1.1	%

MidOcean Credit CLO VII Ltd.
Subordinated Notes - Income⁽⁷⁾⁽⁸⁾		0.00	%		3/20/2019		7/15/2029		3,275,000		1,056,168		164,500		0.2	%

MidOcean Credit CLO VIII Ltd.
Subordinated Notes - Income		16.04	%		1/14/2019		2/20/2031		3,225,000		1,978,289		1,041,021		1.0	%

OFS Credit Company, Inc.

Schedule of Investments

As of July 31, 2023

(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
MidOcean Credit CLO IX Ltd.
Subordinated Notes - Income		12.60	%		11/21/2018		7/20/2031	$	3,000,000	$	1,742,481	$	981,905		0.9	%

Niagara Park CLO, Ltd.
Subordinated Notes		16.71	%		11/8/2019		7/17/2032		4,500,000		3,506,145		2,578,356		2.4	%

Octagon Investment Partners 39, Ltd.
Subordinated Notes		12.90	%		2/27/2020		10/20/2030		3,600,000		2,056,057		1,236,427		1.2	%

Sound Point CLO IV-R, Ltd.
Subordinated Notes⁽⁷⁾⁽⁸⁾		0.00	%		11/2/2018		4/18/2031		4,000,000		746,358		251,465		0.2	%

Steele Creek CLO 2022-1, Ltd.
Subordinated Notes		19.80	%		3/28/2022		4/15/2035		5,000,000		3,665,626		3,238,969		3.1	%

THL Credit Wind River 2014-3 CLO Ltd.
Subordinated Notes⁽⁷⁾		0.00	%		10/10/2018		10/22/2031		2,778,000		1,319,034		631,712		0.6	%

Trinitas CLO VIII
Subordinated Notes		10.22	%		4/28/2021		7/20/2117		2,800,000		1,617,668		935,065		0.9	%

Venture 33 CLO Limited
Subordinated Notes		10.83	%		3/21/2019		7/15/2031		3,150,000		1,785,672		634,961		0.6	%

Vibrant CLO X Ltd.
Subordinated Notes		0.64	%		5/23/2019		10/20/2031		8,000,000		4,372,144		1,916,727		1.8	%

Vibrant CLO XIII, Ltd.
Subordinated Notes		17.17	%		6/3/2021		7/15/2034		5,000,000		4,035,940		3,179,596		3.0	%

OFS Credit Company, Inc.

Schedule of Investments

As of July 31, 2023

(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
Voya CLO 2017-4, Ltd.
Subordinated Notes		6.48	%		10/5/2018		10/15/2030	$	1,000,000	$	586,137	$	261,080		0.2	%

Wind River 2015-1 CLO
Subordinated Notes		13.45	%		4/28/2021		10/20/2030		2,600,000		1,233,063		738,738		0.7	%

Webster Park CLO
Subordinated Notes		7.96	%		4/23/2021		1/20/2027		3,363,000		1,945,177		989,974		0.9	%

Zais CLO 3, Limited
Subordinated Notes - Income⁽⁷⁾		0.00	%		10/10/2018		7/15/2031		1,038,255		540,793		147,724		0.1	%
Subordinated Notes⁽⁷⁾		0.00	%		10/10/2018		7/15/2031		1,761,745		910,272		250,663		0.2	%
									2,800,000		1,451,065		398,387		0.3	%

Total CLO Equity Securities								$	255,765,605	$	166,160,375	$	117,452,848		110.8	%

Loan Accumulation Facilities⁽⁹⁾

Allegro CLO XVI, Ltd		14.50	%		6/2/2023		5/5/2025	$	623,750	$	623,750	$	623,750		0.6	%
Loan Accumulation Facility

Brightwood Capital MM CLO 2022-1, Ltd.
Loan Accumulation Facility⁽⁸⁾		0.00	%		1/5/2022		12/31/2032		7,500,000		7,500,000		7,364,250		7.0	%

Total Loan Accumulation Facilities								$	8,123,750	$	8,123,750	$	7,988,000		7.6	%
Other CLO equity-related investments
CLO other⁽¹⁰⁾		19.40	%							$	785,405	$	896,387		0.8	%

Total Investments								$	285,389,355	$	195,620,796	$	147,075,483		138.8	%

OFS Credit Company, Inc.

Schedule of Investments

As of July 31, 2023

(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 July 31, 2023, the Company’s weighted-average effective yield on its total investments, based on current amortized cost, was 14.11% (excludes discount accretion on CLO debt investments).

(4)

CLO debt securities bear interest at a rate determined by reference to three-month SOFR which resets quarterly. The rate provided for each CLO debt security is as of July 31, 2023.

(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 July 31, 2023, 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 July 31, 2023, the investment has been optionally redeemed and is in the process of liquidating. Remaining residual distributions are anticipated to be recognized as return of capital.

OFS Credit (OCCI) NPORT-POFS Credit Company, Inc. (Jul 2023 report)