OFS Credit Company, Inc. 

Schedule of Investments 

As of July 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   14.71%  (SOFR + 9.43%)  10/13/2022  10/19/2035  $2,000,000   $1,887,917   $2,002,785    1.7%
                                   
Atlas Senior Loan Fund XXI, Ltd.                                  
Mezzanine Debt - Class E   14.32%  (SOFR + 9.04%)  7/20/2023  7/20/2035   1,450,000    1,352,250    1,475,394    1.2%
                                   
Birch Grove CLO 5, Ltd.                                  
Mezzanine Debt - Class E   13.93%  (SOFR + 8.65%)  4/28/2023  4/20/2035   3,000,000    2,933,979    3,006,834    2.5%
                                   
Birch Grove CLO 6, Ltd.                                  
Mezzanine Debt - Class E   14.21%  (SOFR + 8.93%)  7/7/2023  7/7/2035   2,500,000    2,438,299    2,539,705    2.1%
                                   
Brightwood Capital MM CLO 2023-1, Ltd.                                  
Mezzanine Debt - Class D   11.76%  (SOFR + 6.46%)  9/28/2023  10/15/2035   807,080    786,243    819,848    0.7%
Mezzanine Debt - Class E   15.66%  (SOFR + 10.36%)  9/28/2023  10/15/2035   1,882,451    1,720,453    1,927,668    1.6%
                  2,689,531    2,506,696    2,747,516    2.3%
Elevation CLO 2023-17, Ltd.                                  
Mezzanine Debt - Class E   13.44%  (SOFR + 8.16%)  11/16/2023  10/20/2036   2,000,000    1,892,280    2,029,358    1.7%
                                   
Empower CLO 2023-2, Ltd.                                  
Mezzanine Debt - Class E   13.55%  (SOFR + 8.25%)  8/22/2023  7/15/2036   2,000,000    2,000,000    2,021,753    1.7%
                                   
Fortress Credit BSL X Limited                                  
Mezzanine Debt - Class E   12.48%  (SOFR + 6.94%)  8/1/2023  7/23/2032   2,500,000    2,309,128    2,500,465    2.1%
                                   
Fortress Credit Opportunities VII CLO Limited                                  
Mezzanine Debt - Class E   12.68%  (SOFR + 7.14%)  8/1/2023  4/20/2033   3,750,000    3,421,039    3,750,926    3.1%

1

 

OFS Credit Company, Inc. 

Schedule of Investments 

As of July 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   13.52%  (SOFR + 8.22%)  9/7/2023  10/14/2035  $4,000,000   $3,806,972   $4,030,204    3.3%
                                   
Sound Point CLO 36, Ltd.                                  
Mezzanine Debt - Class E   14.09%  (SOFR + 8.81%)  8/9/2023  7/26/2030   2,500,000    2,360,377    2,541,339    2.1%
                                   
Trinitas CLO XX, Ltd.                                  
Mezzanine Debt - Class E   13.43%  (SOFR + 8.15%)  8/3/2023  7/20/2035   6,000,000    5,862,336    6,045,355    5.0%
                                   
Total CLO Debt Securities                $34,389,531   $32,771,273   $34,691,634    28.8%
                                   
CLO Equity Securities(6)                                   
                                   
Allegro CLO 2021-2, Ltd.                                  
Subordinated Notes   17.11%     8/23/2021  10/15/2034  $5,000,000   $3,739,188   $3,013,273    2.6%
                                   
Allegro CLO XV, Ltd.                                  
Subordinated Notes   19.84%     6/10/2022  7/20/2035   4,640,000    3,232,051    3,043,958    2.6%
                                   
Allegro CLO XVI, Ltd.                                  
Subordinated Notes   20.13%     4/11/2024  4/25/2037   6,490,084    5,016,624    5,016,625    4.2%
                                   
Anchorage Capital CLO 1-R Ltd.                                  
Subordinated
Notes(7)(10)		   0.00%     10/5/2018  4/13/2031   2,100,000    249,558    160,230    0.1%
                                   
Apex Credit CLO 2020 Ltd.                                  
Subordinated Notes   17.92%     11/16/2020  10/20/2031   6,170,000    5,340,718    4,460,256    3.7%
                                   
Apex Credit CLO 2021 Ltd.                                  
Subordinated Notes   20.93%     5/28/2021  7/18/2034   7,140,000    5,234,682    4,472,017    3.7%

2

 

OFS Credit Company, Inc. 

Schedule of Investments 

As of July 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 
Apex Credit CLO 2022-1 Ltd.                                  
Subordinated Notes   13.10%     4/28/2022  4/22/2033  $8,833,176   $7,171,896   $5,241,151    4.3%
                                   
Apex Credit CLO 2024-1, Ltd.                                  
Subordinated Notes   29.55%     3/7/2024  4/20/2036   3,600,000    2,398,306    3,020,406    2.5%
                                   
Atlas Senior Loan Fund X Ltd.                                  
Subordinated
Notes(7)(8)		   0.00%     10/5/2018  1/15/2031   5,000,000    2,033,362    230,550    0.2%
                                   
Atlas Senior Loan Fund XVII Ltd.                                  
Subordinated Notes   19.10%     9/20/2021  10/20/2034   6,000,000    4,412,725    3,162,105    2.6%
                                   
Battalion CLO IX Ltd.                                  
Subordinated Notes - Income(7)   0.00%     10/10/2018  7/15/2031   1,079,022    516,751    219,481    0.2%
Subordinated Notes(7)   0.00%     10/10/2018  7/15/2031   1,770,978    848,107    360,230    0.3%
                  2,850,000    1,364,858    579,711    0.5%
Battalion CLO XI Ltd.                                  
Subordinated Notes   7.40%     3/20/2019  10/24/2029   5,000,000    3,499,341    2,240,841    1.9%
                                   
Battalion CLO XV Ltd.                                  
Subordinated Notes   31.04%     5/4/2023  1/17/2033   3,500,000    1,742,255    1,740,704    1.4%
Subordinated Notes   31.04%     5/4/2023  1/17/2033   3,500,000    1,742,255    1,740,704    1.4%
                  7,000,000    3,484,510    3,481,408    2.8%
Battalion CLO XIX Ltd.                                  
Subordinated Notes   16.63%     3/16/2021  4/15/2034   5,000,000    2,779,454    2,206,313    1.8%
                                   
Bridge Street CLO III Ltd.                                  
Subordinated Notes   20.80%     12/28/2022  10/20/2034   6,900,000    3,923,374    5,057,595    4.2%
                                   
Brightwood Capital MM CLO 2023-1, Ltd.                                  
Subordinated Notes   13.26%     9/28/2023  10/15/2035   4,847,312    4,274,619    3,912,990    3.2%

3

 

OFS Credit Company, Inc. 

Schedule of Investments 

As of July 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 
Crown Point CLO 4 Ltd.                                  
Subordinated Notes(7)   0.00%     3/22/2019  4/20/2031  $5,000,000   $2,397,911   $1,248,925    1.0%
                                   
Dryden 38 Senior Loan Fund                                  
Subordinated Notes(7)   0.00%     10/5/2018  7/15/2030   2,600,000    1,182,266    532,895    0.4%
                                   
Dryden 76 CLO, Ltd.                                  
Subordinated Notes   9.26%     9/27/2019  10/20/2032   2,250,000    1,880,905    1,253,124    1.0%
                                   
Dryden 87 CLO, Ltd.                                  
Subordinated Notes   13.56%     6/2/2021  5/20/2034   5,000,000    4,149,302    2,975,589    2.5%
                                   
Dryden 95 CLO, Ltd.                                  
Subordinated Notes   14.00%     7/29/2021  8/20/2034   6,000,000    4,724,353    3,386,880    2.8%
                                   
Dryden 98 CLO, Ltd.                                  
Subordinated Notes   13.62%     3/17/2022  4/20/2035   5,500,000    4,295,249    3,406,343    2.8%
                                   
Elevation CLO 2017-8, Ltd.                                  
Subordinated
Notes(7)(8)		   0.00%     10/5/2018  10/25/2030   2,000,000    635,841    58,673    —%
                                   
Elevation CLO 2021-12, Ltd.                                  
Subordinated Notes   9.09%     5/26/2021  4/20/2032   4,810,737    2,873,584    1,887,289    1.6%
                                   
Elevation CLO 2021-13, Ltd.                                  
Subordinated Notes   3.92%     6/9/2021  7/15/2034   6,026,765    4,300,223    2,418,179    2.0%
                                   
Elevation CLO 2021-14, Ltd.                                  
Subordinated Notes   5.26%     10/29/2021  10/20/2034   7,237,500    5,547,725    3,201,792    2.6%

4

 

OFS Credit Company, Inc. 

Schedule of Investments 

As of July 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   2.68%     12/23/2021  1/5/2035  $9,000,000   $6,142,568   $3,087,235    2.6%
                                   
Empower CLO 2023-3, Ltd.                                  
Subordinated Notes   14.56%     12/21/2023  1/20/2037   10,675,000    7,228,679    7,162,343    5.9%
                                   
Empower CLO 2024-1, Ltd.                                  
Subordinated Notes   15.07%     3/20/2024  4/25/2037   5,024,000    4,115,189    4,115,189    3.4%
                                   
Empower CLO 2024-2, Ltd                                  
Subordinated Notes   15.16%     6/26/2024  7/15/2037   1,350,000    1,141,812    1,141,812    0.9%
                                   
Flatiron CLO 18 Ltd.                                  
Subordinated Notes   5.62%     10/5/2018  4/17/2031   4,500,000    2,680,309    2,084,079    1.7%
                                   
Halcyon Loan Advisors Funding 2018-1 Ltd.                                  
Subordinated Notes   5.99%     3/20/2019  7/20/2031   3,000,000    1,532,562    731,236    0.6%
                                   
HarbourView CLO VII-R, Ltd.                                  
Subordinated
Notes(7)(8)		   0.00%     10/5/2018  11/18/2026   3,100,000    1,886,533    —    —%
                                   
Invesco CLO 2021-2, Ltd.                                  
Subordinated Notes   27.28%     5/24/2024  7/15/2034   6,000,000    3,038,291    3,018,513    2.5%
                                   
Invesco U.S. CLO 2023-1, Ltd.                                  
Subordinated Notes   18.64%     5/31/2024  4/22/2037   5,000,000    3,674,372    3,685,420    3.0%
                                   
Jamestown CLO XVI, Ltd.                                  
Subordinated Notes   14.87%     7/29/2021  7/25/2034   3,500,000    2,526,461    2,014,733    1.7%

5

 

OFS Credit Company, Inc. 

Schedule of Investments 

As of July 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 
LCM 31 Ltd.                                  
Subordinated Notes   18.11%     12/18/2020  1/20/2032  $1,350,000   $907,129   $723,377    0.6%
                                   
Madison Park Funding XXIII, Ltd.                                  
Subordinated Notes   11.33%     10/5/2018  7/27/2047   4,000,000    1,962,939    1,785,218    1.5%
                                   
Madison Park Funding XXIX, Ltd.                                  
Subordinated Notes   8.09%     12/22/2020  10/18/2047   1,000,000    532,330    453,550    0.4%
                                   
Marble Point CLO X Ltd.                                  
Subordinated Notes(7)   0.00%     10/5/2018  10/15/2030   7,000,000    2,821,711    482,803    0.4%
                                   
Marble Point CLO XX Ltd.                                  
Subordinated Notes   12.64%     4/9/2021  4/23/2051   5,125,000    3,694,510    2,581,297    2.1%
                                   
Marble Point CLO XXI Ltd.                                  
Subordinated Notes   12.93%     8/24/2021  10/17/2051   5,250,000    3,836,108    2,778,044    2.3%
                                   
Marble Point CLO XXIII Ltd.                                  
Subordinated Notes   14.39%     12/3/2021  1/22/2052   1,750,000    1,356,521    1,014,150    0.8%
                                   
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(7)   0.00%     1/14/2019  2/20/2031   3,225,000    1,571,656    422,922    0.3%
                                   
MidOcean Credit CLO IX Ltd.                                  
Subordinated Notes - Income(7)   0.00%     11/21/2018  7/20/2031   3,000,000    1,471,083    253,784    0.2%

6

 

OFS Credit Company, Inc. 

Schedule of Investments 

As of July 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 
Niagara Park CLO, Ltd.                                  
Subordinated Notes   11.32%     11/8/2019  7/17/2032  $4,500,000   $3,129,360   $2,559,660    2.1%
                                   
Octagon Investment Partners 39, Ltd.                                  
Subordinated Notes(7)   0.00%     2/27/2020  10/20/2030   3,600,000    1,600,048    677,460    0.6%
                                   
Rockford Tower CLO 2019-1, Ltd.                                  
Subordinated Notes   22.30%     8/25/2023  4/20/2034   4,500,000    2,538,580    2,168,264    1.8%
                                   
Sound Point CLO IV-R, Ltd.                                  
Subordinated
Notes(7)(8)		   0.00%     11/2/2018  4/18/2031   4,000,000    599,847    —    —%
                                   
Steele Creek CLO 2022-1, Ltd.                                  
Subordinated Notes   15.92%     3/28/2022  4/15/2035   5,000,000    3,390,010    2,775,632    2.3%
                                   
THL Credit Wind River 2014-3 CLO Ltd.                                  
Subordinated
Notes(7)(8)		   0.00%     10/10/2018  10/22/2031   2,778,000    1,099,947    130,562    0.1%
                                   
Trinitas CLO VIII, Ltd.                                  
Subordinated Notes(7)   0.00%     4/28/2021  7/20/2117   2,800,000    1,333,265    460,955    0.4%
                                   
Vibrant CLO X, Ltd.                                  
Subordinated
Notes(7)(10)		   0.00%     5/23/2019  10/20/2031   8,000,000    2,720,176    —    —%
                                   
Vibrant CLO XIII, Ltd.                                  
Subordinated Notes   14.80%     6/3/2021  7/15/2034   5,000,000    3,862,495    3,051,768    2.5%
                                   
Vibrant CLO XV, Ltd.                                  
Subordinated Notes   26.32%     8/21/2023  1/20/2035   4,000,000    2,501,412    2,537,447    2.1%

7

 

OFS Credit Company, Inc. 

Schedule of Investments 

As of July 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 
Voya CLO 2017-4, Ltd.                                  
Subordinated Notes(7)(10)   0.00%     10/5/2018  10/15/2030  $1,000,000   $326,423   $43,968    —%
                                   
Wind River 2015-1 CLO, Ltd.                                  
Subordinated Notes(7)   0.00%     4/28/2021  10/20/2030   2,600,000    963,671    289,363    0.2%
                                   
Webster Park CLO, Ltd.                                  
Subordinated Notes(7)(10)   0.00%     4/23/2021  1/20/2027   3,363,000    1,436,291    600,034    0.5%
                                   
Zais CLO 3, Limited                                  
Subordinated Notes - Income(7)(8)   0.00%     10/10/2018  7/15/2031   1,038,255    491,947    32,600    —%
Subordinated Notes(7)(8)   0.00%     10/10/2018  7/15/2031   1,761,745    834,659    55,316    —%
                  2,800,000    1,326,606    87,916    —%
                                   
Total CLO Equity Securities                $273,060,574   $170,138,602   $122,587,852    101.1%
                                   
Loan Accumulation Facilities(11)                                  
                                   
Allegro CLO XVII, Ltd.                                  
Loan Accumulation Facility   17.50%     5/15/2024  5/15/2025  $2,500,000   $2,500,000   $2,500,000    2.1%
                                   
Total Loan Accumulation Facilities                $2,500,000   $2,500,000   $2,500,000    2.1%
                                   
Other CLO equity-related investments                                  
CLO other(9)   16.98%                $1,123,430   $1,332,522    1.1%
                                   
Total Investments                $309,950,105   $206,533,305   $161,112,008    133.1%

 

(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.

8

 

OFS Credit Company, Inc. 

Schedule of Investments 

As of July 31, 2024 

(Unaudited)

 

(3)The rate disclosed on collateralized loan obligation (“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 (as defined in footnote 11) represents the estimated yield to be earned on the investment through estimated redemption. As of July 31, 2024, the Company’s weighted-average effective yield on its total investments, based on current amortized cost, was 12.71% (excludes discount accretion on CLO debt investments). When excluding optionally redeemed CLOs, the weighted average effective yield on total investments, based on current amortized cost, was 13.01%.
(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, 2024.
(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 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, 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)Fair value represents discounted cash flows associated with fees earned from CLO equity-related investments.
(10)As of July 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.
(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.

 

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