This prospectus supplement supplements the prospectus dated May 29, 2024, as amended and supplemented to date (the “Prospectus”), which relate to the sale of shares of common stock of OFS Credit Company, Inc. in an “at the market offering” pursuant to an equity distribution agreement, dated January 24, 2020, as amended by Amendment No. 1 thereto, dated March 16, 2021, Amendment No. 2 thereto, dated April 22, 2021, Amendment No. 3 thereto, dated June 8, 2021, Amendment No. 4 thereto, dated December 7, 2021, Amendment No. 5 thereto, dated August 15, 2023, Amendment No. 6 thereto, dated June 12, 2024 and Amendment No. 7 thereto, dated March 14, 2025, with Lucid Capital Markets LLC and Ladenburg Thalmann & Co. Inc. (the “Equity Distribution Agreement”). The disclosure in this prospectus supplement supersedes disclosure elsewhere in the Prospectus to the extent such disclosure is inconsistent with the disclosure herein.
You should carefully read the entire Prospectus before investing in our common stock. You should also review the information set forth under the “Risk Factors” section beginning on page 22 of the Base Prospectus.
The terms “OFS Credit,” the “Company,” “we,” “us” and “our” generally refer to OFS Credit Company, Inc.
PRIOR SALES PURSUANT TO THE “AT THE MARKET” OFFERING
From January 24, 2020 to October 14, 2026, we sold a total of 18,663,757 shares of common stock at a weighted average price of $8.30 per share under the Equity Distribution Agreement (the “At-the-Market Offering”). The net proceeds as a result of these sales of common stock were approximately $153.1 million after deducting commissions and fees.
Pursuant to Amendment No. 2 to the Equity Distribution Agreement, the aggregate offering price of the At-the-Market Offering was increased to up to $50.0 million. Pursuant to Amendment No. 4 to the Equity Distribution Agreement, the aggregate offering price of the At-the-Market offering was increased to up to $70.0 million. Pursuant to Amendment No. 5 to the Equity Distribution Agreement, the aggregate offering price of the At-the-Market offering was increased to up to $130.0 million. Pursuant to Amendment No. 6 to the Equity Distribution Agreement, the aggregate offering price of the At-the-Market offering was increased to up to $150.0 million. Pursuant to Amendment No. 7 to the Equity Distribution Agreement, the aggregate offering price of the At-the-Market offering was increased to up to $200.0 million (which amount includes all of the shares previously sold pursuant to the Equity Distribution Agreement to date). OFS Capital Management, LLC, our investment adviser, may, from time to time and in its sole discretion, pay some or all of the commissions payable under the Equity Distribution Agreement or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with the At-the-Market Offering made hereunder will not be less than our current net asset value per share. Any such payments made by the investment adviser will not be subject to reimbursement by us.
RECENT DEVELOPMENTS
September 2026 Financial Update
On October 15, 2026, we announced that management’s unaudited estimate of the range of our net asset value (“NAV”) per share of our common stock as of September 30, 2026 is between $2.88 and $2.98. This estimate is not a comprehensive statement of our financial condition or results for the month ended September 30, 2026. This estimate did not undergo the Company’s typical quarter-end financial closing procedures. We advise you that current estimates of our NAV per share may differ materially from future NAV estimates or determinations, including the determination for the period ending October 31, 2026, which will be reported in our Annual Report on Form N-CSR.
Our financial condition, including the fair value of our portfolio investments, and results of operations may be materially impacted after September 30, 2026 by circumstances and events that are not yet known. To the extent our portfolio investments are adversely impacted by interest rate and inflation rate changes, the ongoing war between Russia and Ukraine, the escalated armed conflict and heightened regional tensions in the Middle East, activity in South America, the agenda of the U.S. Presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, instability in the U.S. and international banking systems, the risk of recession or the impact of the prolonged shutdown of U.S. government services and related market volatility, or by other factors, we may experience a material adverse impact on our future NAV, net investment income (“NII”), the underlying value of our investments, our financial condition and the financial condition of our portfolio investments.
The preliminary financial data included in this September 2026 Financial Update has been prepared by, and is the responsibility of, OFS Credit’s management. KPMG LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, KPMG LLP does not express an opinion or any other form of assurance with respect thereto.
THIRD QUARTER 2026 HIGHLIGHTS AND FINANCIAL RESULTS
THIRD QUARTER HIGHLIGHTS
•
NII of $4.2 million, or $0.14 per common share, for the fiscal quarter ended July 31, 2026. This compares to NII of $4.4 million, or $0.15 per common share, for the fiscal quarter ended April 30, 2026. NII decreased for the fiscal quarter ended July 31, 2026, primarily due to a smaller investment portfolio, at cost, and a decrease in the interest income yield1 on our investment portfolio. See additional information under “Results of Operations” below.
•
Core net investment income (“Core NII”)2 of $6.3 million, or $0.21 per common share, for the fiscal quarter ended July 31, 2026. This compares to Core NII of $5.5 million, or $0.19 per common share, for the fiscal quarter ended April 30, 2026. Core NII increased for the fiscal quarter ended July 31, 2026, primarily due to an increase in cash flows from issuers making their first payments subsequent to our initial investment. See additional information under “Supplemental Information Regarding Core Net Investment Income” below.
•
NAV per common share of $3.32 at July 31, 2026, which decreased by $0.40 from the April 30, 2026 NAV of $3.72. The decrease in NAV was primarily due to a net loss on investments of $0.38 per common share. See additional information under “Results of Operations” below.
•
During the fiscal quarter ended July 31, 2026, the interest income yield1 of our investment portfolio was 11.43%, based on average amortized cost.
•
During the fiscal quarter ended July 31, 2026, we issued 13,500 shares of common stock through our At-the-Market offering, for net proceeds of $0.1 million, after deducting commissions, fees and offering costs.
SELECTED FINANCIAL HIGHLIGHTS
(in millions, except per share data)
At
July 31, 2026
April 30, 2026
Balance Sheet Highlights
Total investments, at fair value
$
181.5
$
197.4
Total outstanding preferred stock - principal
89.9
89.9
Total net assets
98.0
109.0
NAV per common share
3.32
3.72
Asset coverage ratio3
209.1
%
221.3
%
Operating Highlights
For the Fiscal Quarter Ended
(Per common share)
July 31, 2026
April 30, 2026
Net investment income
$
0.14
$
0.15
Net realized loss on investments
(0.08
)
(0.26
)
Net change in unrealized depreciation on investments
(0.30
)
(0.30
)
Loss on redemption of preferred stock4
—
—
Net earnings (loss)
$
(0.24
)
$
(0.41
)
Reconciliation of Core NII — Non-GAAP2
Net investment income
$
0.14
$
0.15
CLO equity adjustments
0.07
0.04
Core NII
$
0.21
$
0.19
PORTFOLIO AND INVESTMENT ACTIVITIES
As of July 31, 2026, the total fair value of our investment portfolio was $181.5 million, comprised of broadly syndicated loan CLOs and middle-market loan CLOs with a total fair value of $177.7 million and $3.8 million, respectively. For the fiscal quarter ended July 31, 2026, our CLO equity cash flow yield5 was 14.46% based on amortized cost.
At
Portfolio Overview ($ in millions)
July 31, 2026
April 30, 2026
Total investments, at fair value
$
181.5
$
197.4
Total number of issuers
78
81
Weighted-average effective yield6
11.67
%
11.64
%
For the Fiscal Quarter Ended
Portfolio Purchases ($ in millions)
July 31, 2026
April 30, 2026
CLO equity investments
$
0.9
$
—
Total investments
$
0.9
$
—
Weighted-average effective yield - period end
13.05
%
N/A
At July 31, 2026
Portfolio Composition ($ in millions)
Amortized Cost
Fair Value
CLO equity investments
$
293.3
$
179.4
Other CLO equity-related investments (i.e., fee rebates)
1.6
2.1
Total investments
$
294.9
$
181.5
RESULTS OF OPERATIONS
Interest Income
During the fiscal quarter ended July 31, 2026, interest income decreased to $8.6 million from $9.2 million during the prior quarter. The decrease in interest income was primarily due to a smaller average investment portfolio, at cost, and a decrease in the interest income yield1 on our investment portfolio.
Expenses
During the fiscal quarter ended July 31, 2026, total expenses decreased by $0.4 million to $4.4 million, primarily due to a decrease of $0.4 million in interest expense. The decrease in interest expense related to aggregate preferred stock redemptions of $26.0 million during the prior quarter.
Net Realized and Unrealized Gain (Loss) on Investments
During the fiscal quarter ended July 31, 2026, net loss on investments of $11.3 million was due to net realized losses of $2.4 million and net unrealized depreciation of $8.9 million. The net unrealized depreciation was primarily driven by continued spread compression coupled with concerns and price volatility surrounding software exposure in CLO portfolios, resulting in lower trading prices in market which impacted fair values.
OFS Credit Company, Inc.
Statement of Assets and Liabilities
(Unaudited)
As of July 31, 2026
Assets:
Investments, at fair value (amortized cost of $294,905,754)
$
181,500,267
Cash and cash equivalents
7,779,807
Other assets
328,614
Total assets
189,608,688
Liabilities:
Preferred stock (net of deferred issuance costs of $1,420,588)
88,479,412
Payable to adviser and affiliates
2,429,792
Other liabilities
650,700
Total liabilities
91,559,904
Net assets
$
98,048,784
Net assets consist of:
Common stock, par value of $0.001 per share; 90,000,000 shares authorized and 29,492,216 shares issued and outstanding
$
29,492
Paid-in capital in excess of par
225,116,515
Total accumulated losses
(127,097,223
)
Total net assets
$
98,048,784
Net asset value per common share
$
3.32
OFS Credit Company, Inc.
Statements of Operations
(Unaudited)
Three Months Ended July 31, 2026
Nine Months Ended July 31, 2026
Investment income:
Interest income
$
8,645,616
$
28,827,560
Operating expenses:
Interest expense
1,724,853
5,991,558
Incentive fees
1,058,191
3,522,745
Base management fees
830,539
2,781,836
Administration fees
328,962
974,607
Professional fees
241,902
768,052
Other expenses
228,405
697,784
Total operating expenses
4,412,852
14,736,582
Net investment income
4,232,764
14,090,978
Net realized and unrealized gain (loss) on investments:
Net realized loss on investments
(2,379,240
)
(10,482,285
)
Net change in unrealized depreciation on investments
(8,910,758
)
(44,448,029
)
Net loss on investments
(11,289,998
)
(54,930,314
)
Loss on redemption of preferred stock
—
(13,360
)
Net decrease in net assets resulting from operations
$
(7,057,234
)
$
(40,852,696
)
Weighted-average common shares outstanding
29,378,371
28,928,701
Supplemental Information Regarding Core Net Investment Income
We provide information relating to Core NII (a non-GAAP measure) on a supplemental basis. This measure is not provided as a substitute for GAAP NII, but in addition to it. Our non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core NII represents GAAP NII adjusted for differences in applicable cash distributions received on our CLO equity and equity-related investments that have not been optionally redeemed relative to income recognized in accordance with GAAP. OFS Capital Management, LLC, our investment adviser, uses this information in its internal analysis of results and believes that this information may be informative in gauging the quality of the Company’s financial performance, identifying trends in its results, and providing meaningful period-to-period comparisons.
Income from investments in the “equity” class securities of CLO vehicles, for GAAP purposes, is recorded using the effective interest method; this is based on an estimated effective yield, at current amortized cost, to the expected redemption of the security utilizing assumed cash flows, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The result is an estimated effective yield for the investment in which the respective investment’s cost basis is adjusted quarterly based on the difference between the actual cash received, or distributions entitled to be received, and the income recognized via the estimated effective yield calculation. Accordingly, investment income recognized on CLO equity and equity-related securities in the GAAP statement of operations differs from the cash distributions actually received by the Company during the period (referred to below as “CLO equity adjustments”). Therefore, management believes that Core NII may provide a useful indicator of distributable operating income, as this reflects a measure of potential cash availability, net of operating expenses, that could be utilized to cover distributions to common stockholders. We note that this non-GAAP measure has no bearing on the tax character of the common stock distributions made during the period, and future distributions are not guaranteed. A portion of current and future common stock distributions may consist of a return of capital for tax purposes. The actual tax character of our earnings cannot be finally determined until our tax return is prepared after the close of our taxable year.
The following table provides a reconciliation of GAAP NII to Core NII for the fiscal periods presented:
For the Fiscal Quarter Ended July 31, 2026
For the Fiscal Quarter Ended April 30, 2026
Amount
Per Common Share Amount
Amount
Per Common Share Amount
Net investment income
$
4,232,764
$
0.14
$
4,379,722
$
0.15
CLO equity adjustments
2,066,595
0.07
1,103,694
0.04
Core NII
$
6,299,359
$
0.21
$
5,483,416
$
0.19
The following table provides a reconciliation of GAAP NII to Core NII for the nine months ended July 31, 2026 and 2025:
For the Nine Months Ended July 31, 2026
For the Nine Months Ended July 31, 2025
Amount
Per Common Share Amount
Amount
Per Common Share Amount
Net investment income
$
14,090,978
$
0.49
$
16,373,941
$
0.66
CLO equity adjustments
6,801,447
0.23
8,891,204
0.36
Core NII
$
20,892,425
$
0.72
$
25,265,145
$
1.02
1 Interest income yield is calculated as total investment income earned on the investment portfolio (excluding idle cash interest income) divided by the average total investments at cost (annualized).
2 On a supplemental basis, we disclose Core NII, which is a financial measure calculated and presented on a basis of methodology other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Core NII represents NII adjusted for differences in applicable cash distributions received on our CLO equity and equity-related investments that have not been optionally redeemed relative to income recognized in accordance with GAAP. See additional information under “Supplemental Information Regarding Core Net Investment Income” above.
3 Under the Investment Company Act of 1940, as amended (the “1940 Act”), we are permitted to issue senior securities, including preferred stock, provided that we maintain an asset coverage of at least 200% for senior securities representing indebtedness plus preferred stock, and 300% in the case of senior securities representing indebtedness. Asset coverage of senior securities representing preferred stock is calculated as the ratio of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of our outstanding preferred stock and debt. Asset coverage of senior securities representing indebtedness is calculated as the ratio of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of our outstanding debt.
4 For the fiscal quarter ended April 30, 2026, loss on redemption of preferred stock rounds to less than $(0.01) per common share.
5 Calculated as CLO equity and equity-related cash distributions received during the quarter, excluding distributions on CLO equity investments that have been optionally redeemed, divided by average CLO equity and equity-related investments at amortized cost (annualized).
6 Based on amortized cost at period end; excludes discount accretion on CLO debt investments, if applicable.
SCHEDULE OF INVESTMENTS AS OF JULY 31, 2026
On September 17, 2026, the Company filed its monthly report on Form N-PORT for the month ended July 31, 2026, which included the Schedule of Investments as of July 31, 2026. The Schedule of Investments is attached hereto.
Information contained on our website is not incorporated by reference into this prospects supplement or the Prospectus, and you should not consider that information to be part of this prospectus supplement or the Prospectus.
Company and Investment(1)(2)
Interest Rate / Effective Yield(3)
Initial Acquisition Date
Maturity
Principal Amount
Amortized Cost
Fair Value (4)
Percent of Net Assets
CLO Equity Securities(5)
Allegro CLO XIV, Ltd.
Subordinated Notes
13.19%
8/23/2021
10/15/2038
$
8,781,500
$
5,526,027
$
3,622,276
3.7
%
Allegro CLO XV, Ltd.
Subordinated Notes
17.05%
6/10/2022
4/20/2038
5,350,462
3,326,892
2,548,663
2.6
%
Allegro CLO XVI, Ltd.
Subordinated Notes
14.15%
4/11/2024
4/25/2037
6,490,084
4,592,050
3,304,259
3.4
%
Allegro CLO XVII, Ltd.
Subordinated Notes
17.50%
6/18/2025
7/25/2038
9,670,177
7,379,364
6,640,705
6.8
%
Anchorage Capital CLO 1-R, Ltd.
Subordinated Notes(7)(9)
0.00%
10/5/2018
4/13/2031
2,100,000
142,577
1,428
—
%
Apex Credit CLO 2020 Ltd.
Subordinated Notes
4.34%
11/16/2020
4/20/2035
6,170,000
4,834,851
1,635,727
1.6
%
Apex Credit CLO 2021 Ltd.
Subordinated Notes(6)
0.00%
5/28/2021
7/18/2034
7,140,000
3,795,166
840,786
0.9
%
Apex Credit CLO 2022-I Ltd.
Subordinated Notes
12.35%
4/28/2022
10/22/2038
14,060,974
8,255,173
3,601,368
3.7
%
Apex Credit CLO 2024-I Ltd.
Subordinated Notes
16.40%
3/7/2024
4/20/2036
3,600,000
2,501,933
1,716,298
1.8
%
Apex Credit CLO 13 Ltd.
Subordinated Notes
20.28%
1/23/2025
1/22/2039
10,958,237
8,192,961
8,420,980
8.6
%
Ares LV CLO Ltd.
Subordinated Notes
17.90%
11/19/2025
10/15/2037
3,800,000
2,331,795
1,882,127
1.9
%
Ares LXXIV CLO Ltd.
Subordinated Notes
13.04%
9/12/2024
10/15/2037
10,000,000
8,072,042
5,934,980
6.1
%
Atlas Senior Loan Fund X, Ltd.
Subordinated Notes(6)(7)
0.00%
10/5/2018
1/15/2031
5,000,000
1,990,754
—
—
%
Company and Investment(1)(2)
Interest Rate / Effective Yield(3)
Initial Acquisition Date
Maturity
Principal Amount
Amortized Cost
Fair Value (4)
Percent of Net Assets
Atlas Senior Loan Fund XVII, Ltd.
Subordinated Notes
0.48%
9/20/2021
10/20/2034
6,000,000
3,371,296
1,433,672
1.5
%
Ballyrock CLO 19 Ltd.
Subordinated Notes
19.73%
6/30/2025
4/20/2035
4,300,000
1,756,698
1,385,836
1.4
%
Barings CLO Ltd. 2018-II
Subordinated Notes
13.17%
2/19/2025
7/15/2036
4,750,000
2,294,011
1,388,150
1.4
%
Battalion CLO IX Ltd.
Subordinated Notes - Income(6)(7)
0.00%
10/10/2018
7/15/2031
1,079,022
408,304
—
—
%
Subordinated Notes(6)(7)
0.00%
10/10/2018
7/15/2031
1,770,978
670,114
—
—
%
2,850,000
1,078,418
—
—
%
Battalion CLO XI Ltd.
Subordinated Notes(6)(7)
0.00%
3/20/2019
4/24/2034
5,000,000
2,569,438
566,356
0.6
%
Battalion CLO XV Ltd.
Subordinated Notes
2.98%
5/04/2023
1/17/2033
3,500,000
1,272,981
365,150
0.4
%
Subordinated Notes
2.98%
5/04/2023
1/17/2033
3,500,000
1,272,981
365,150
0.4
%
7,000,000
2,545,962
730,300
0.8
%
Battalion CLO XIX Ltd.
Subordinated Notes(6)
0.00%
3/16/2021
4/15/2034
5,000,000
1,973,935
379,456
0.4
%
BlueMountain CLO XXVI Ltd.
Subordinated Notes
12.26%
8/9/2024
10/20/2034
4,000,000
2,086,644
1,444,748
1.5
%
Bridge Street CLO III Ltd.
Subordinated Notes
34.03%
12/28/2022
10/20/2037
6,900,000
3,508,313
3,690,899
3.8
%
Brightwood Capital MM CLO 2023-1, Ltd.
Subordinated Notes
26.79%
9/28/2023
10/15/2035
4,847,312
3,630,235
3,757,448
3.8
%
Canyon CLO 2019-1, Ltd.
Subordinated Notes
13.04%
8/22/2024
7/15/2037
1,000,000
516,699
334,655
0.3
%
Carlyle US CLO 2021-10, Ltd.
Subordinated Notes
16.19%
5/09/2025
1/20/2038
7,900,342
3,665,696
2,597,170
2.6
%
Dryden 38 Senior Loan Fund
Subordinated Notes(7)(9)
0.00%
10/5/2018
7/15/2030
2,600,000
678,062
30,160
—
%
Dryden 83 CLO, Ltd.
Subordinated Notes
16.86%
9/17/2024
4/18/2037
15,000,000
7,286,255
5,529,710
5.6
%
Dryden 87 CLO, Ltd.
Subordinated Notes
10.09%
6/2/2021
8/20/2038
7,078,500
4,602,815
2,723,602
2.8
%
Company and Investment(1)(2)
Interest Rate / Effective Yield(3)
Initial Acquisition Date
Maturity
Principal Amount
Amortized Cost
Fair Value (4)
Percent of Net Assets
Dryden 95 CLO, Ltd.
Subordinated Notes(6)
0.00%
7/29/2021
8/20/2034
6,000,000
3,703,244
1,888,633
1.9
%
Dryden 98 CLO, Ltd.
Subordinated Notes
1.80%
3/17/2022
4/20/2035
5,500,000
3,570,488
1,828,760
1.9
%
Dryden 112 CLO, Ltd.
Subordinated Notes
22.91%
9/4/2024
11/15/2036
11,200,000
6,223,464
4,907,305
5.0
%
Dryden 123 CLO, Ltd.
Subordinated Notes
15.01%
4/4/2025
4/15/2038
5,000,000
4,237,586
3,560,510
3.6
%
Eaton Vance CLO 2019-1, Ltd.
Subordinated Notes
10.89%
10/1/2024
7/15/2037
26,600,000
13,184,857
7,910,573
8.1
%
Elevation CLO 2017-8, Ltd.
Subordinated Notes(7)(9)
0.00%
10/5/2018
10/25/2030
2,000,000
614,661
—
—
%
Elevation CLO 2021-12, Ltd.
Subordinated Notes
8.01%
5/26/2021
4/20/2037
4,810,737
2,609,730
1,367,386
1.4
%
Elevation CLO 2021-13, Ltd.
Subordinated Notes(6)
0.00%
6/9/2021
7/15/2034
6,026,765
3,058,371
1,115,701
1.1
%
Elevation CLO 2021-14, Ltd.
Subordinated Notes
9.75%
10/29/2021
1/20/2038
11,971,482
6,626,336
2,925,581
3.0
%
Elevation CLO 2021-15, Ltd.
Subordinated Notes(6)
0.00%
12/23/2021
1/25/2035
9,000,000
4,927,174
1,386,955
1.4
%
Empower CLO 2023-3, Ltd.
Subordinated Notes
13.28%
12/21/2023
1/20/2039
10,675,000
7,111,733
4,740,371
4.8
%
Empower CLO 2024-1, Ltd.
Subordinated Notes
6.26%
3/20/2024
4/25/2037
5,024,000
3,776,706
1,912,478
2.0
%
Empower CLO 2024-2, Ltd.
Subordinated Notes
3.71%
6/26/2024
7/15/2037
1,350,000
1,091,331
610,991
0.6
%
Empower CLO 2025-1, Ltd.
Subordinated Notes
12.38%
5/15/2025
7/20/2038
10,450,000
7,451,530
5,754,133
5.9
%
Halcyon Loan Advisors Funding 2018-1 Ltd.
Subordinated Notes(7)(9)
0.00%
3/20/2019
7/20/2031
3,000,000
1,190,676
71,700
0.1
%
HarbourView CLO VII, Ltd.
Subordinated Notes(7)(9)
0.00%
10/5/2018
7/18/2031
3,100,000
1,886,533
—
—
%
Company and Investment(1)(2)
Interest Rate / Effective Yield(3)
Initial Acquisition Date
Maturity
Principal Amount
Amortized Cost
Fair Value (4)
Percent of Net Assets
ICG US CLO 2021-3, Ltd.
Subordinated Notes
14.76%
8/8/2024
10/20/2034
6,800,000
2,938,889
2,046,838
2.1
%
Invesco CLO 2021-2, Ltd.
Subordinated Notes(6)
0.00%
5/24/2024
7/15/2034
6,000,000
2,461,939
739,831
0.8
%
Invesco U.S. CLO 2023-1, Ltd.
Subordinated Notes
16.98%
5/31/2024
4/22/2037
9,000,000
6,331,110
4,519,982
4.6
%
Jamestown CLO XVI Ltd.
Subordinated Notes(6)
0.00%
7/29/2021
7/25/2034
3,500,000
1,930,809
828,979
0.8
%
Kennedy Lewis CLO 14 Ltd. (F/K/A Generate CLO 14 Ltd.)
Subordinated Notes
11.47%
9/27/2024
4/22/2037
21,000,000
16,046,696
9,540,935
9.7
%
KKR CLO 35 Ltd.
Subordinated Notes
17.06%
6/5/2025
1/20/2038
7,000,000
4,504,204
3,391,275
3.5
%
LCM 31 Ltd.
Subordinated Notes(6)
0.00%
12/18/2020
7/20/2034
1,350,000
645,657
162,205
0.2
%
LCM 42 Ltd.
Subordinated Notes
15.94%
12/19/2024
1/15/2038
3,500,000
2,886,475
2,179,135
2.2
%
Marble Point CLO XX Ltd.
Subordinated Notes(6)
0.00%
4/9/2021
4/23/2051
5,125,000
2,869,047
1,051,058
1.1
%
Marble Point CLO XXI Ltd.
Subordinated Notes
0.40%
8/24/2021
10/17/2051
5,250,000
3,016,596
1,323,112
1.3
%
Marble Point CLO XXIII Ltd.
Subordinated Notes(6)
0.00%
12/3/2021
1/22/2052
1,750,000
1,081,394
411,517
0.4
%
New Mountain CLO 2 Ltd.
Subordinated Notes
17.91%
4/1/2025
4/15/2034
11,250,000
6,890,108
5,470,807
5.6
%
Niagara Park CLO, Ltd.
Subordinated Notes
11.01%
11/8/2019
1/17/2038
4,500,000
3,087,221
1,696,508
1.7
%
Northwoods Capital XI-B, Limited
Subordinated Notes
21.68%
3/31/2025
7/19/2037
34,632,954
7,617,448
7,645,917
7.8
%
OCP CLO 2017-14, Ltd.
Subordinated Notes
6.73%
9/24/2024
7/20/2037
10,000,000
4,288,436
2,260,768
2.3
%
Park Blue CLO 2022-I, Ltd.
Subordinated Notes
14.32%
3/18/2025
10/20/2037
10,000,000
6,201,105
4,140,027
4.2
%
Company and Investment(1)(2)
Interest Rate / Effective Yield(3)
Initial Acquisition Date
Maturity
Principal Amount
Amortized Cost
Fair Value (4)
Percent of Net Assets
Park Blue CLO 2022-II, Ltd.
Subordinated Notes
13.05%
9/27/2024
7/20/2037
5,325,000
4,187,977
3,148,115
3.2
%
Park Blue CLO 2023-3, Ltd.
Subordinated Notes
16.35%
7/9/2025
4/20/2038
14,500,000
8,192,249
5,921,690
6.0
%
PPM CLO 2 Ltd.
Subordinated Notes
4.06%
10/15/2024
4/16/2037
2,000,000
695,942
254,231
0.3
%
Regatta XIX Funding Ltd.
Subordinated Notes
19.69%
11/7/2025
10/20/2038
1,000,000
624,094
536,226
0.5
%
Rockford Tower CLO 2019-1, Ltd.
Subordinated Notes(6)
0.00%
8/25/2023
4/20/2034
4,500,000
1,918,495
681,956
0.7
%
Rockford Tower CLO 2025-1, Ltd.
Subordinated Notes
17.18%
3/7/2025
3/31/2038
8,000,000
5,945,991
4,839,662
4.9
%
Signal Peak CLO 7, Ltd.
Subordinated Notes
14.56%
2/4/2025
10/20/2037
5,674,500
2,744,652
1,556,451
1.6
%
Sound Point CLO IV-R, Ltd.
Subordinated Notes(6)(7)
0.00%
11/2/2018
4/18/2031
4,000,000
599,847
—
—
%
Steele Creek CLO 2022-1, Ltd.
Subordinated Notes
2.28%
3/28/2022
4/15/2038
6,339,779
3,764,961
1,400,747
1.4
%
Trimaran CAVU 2021-2 Ltd.
Subordinated Notes
21.76%
8/20/2024
10/25/2034
2,000,000
810,673
637,505
0.7
%
Trinitas CLO VIII, Ltd.
Subordinated Notes(6)(7)
0.00%
4/28/2021
7/20/2117
2,800,000
1,248,940
—
—
%
Vibrant CLO X, Ltd.
Subordinated Notes(7)(9)
0.00%
5/23/2019
10/20/2031
8,000,000
2,720,176
—
—
%
Vibrant CLO XIII, Ltd.
Subordinated Notes
9.52%
6/3/2021
1/15/2038
5,000,000
3,741,205
1,833,198
1.9
%
Vibrant CLO XV, Ltd.
Subordinated Notes
11.40%
8/21/2023
1/20/2035
4,000,000
2,343,183
1,398,005
1.4
%
Voya CLO 2017-4, Ltd.
Subordinated Notes(7)(9)
0.00%
10/05/2018
10/15/2030
1,000,000
279,656
—
—
%
Wellfleet CLO 2021-1, Ltd.
Subordinated Notes
11.56%
7/30/2025
4/20/2034
4,830,000
1,475,241
812,177
0.8
%
Company and Investment(1)(2)
Interest Rate / Effective Yield(3)
Initial Acquisition Date
Maturity
Principal Amount
Amortized Cost
Fair Value (4)
Percent of Net Assets
Wildwood Park CLO, Ltd.
Subordinated Notes
13.09%
11/5/2024
10/20/2037
5,000,000
4,073,731
2,877,505
2.9
%
Zais CLO 3, Limited
Subordinated Notes - Income(6)(7)
0.00%
10/10/2018
7/15/2031
1,038,255
491,947
—
—
%
Subordinated Notes(6)(7)
0.00%
10/10/2018
7/15/2031
1,761,745
834,659
—
—
%
2,800,000
1,326,606
—
—
%
Total CLO Equity Securities
$
526,482,805
$
293,261,235
$
179,429,198
183.0
%
Other CLO equity-related investments
CLO other(8)
$
1,644,519
$
2,071,069
2.1
%
Total Investments
$
526,482,805
$
294,905,754
$
181,500,267
185.1
%
Cash Equivalents
First American Treasury Obligations Fund Class Z(10)
3.57%
$
7,779,807
$
7,779,807
$
7,779,807
7.9
%
Total Investments and Cash Equivalents
$
534,262,612
$
302,685,561
$
189,280,074
193.0
%
(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)
The Company does not “control” and is not an “affiliate” of any of its portfolio investments, each as defined in 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. As of July 31, 2026, the Company’s weighted-average effective yield on its total investments, based on current amortized cost, was 11.67%. Excluding optionally redeemed CLOs, the weighted average effective yield on total investments, based on current amortized cost, was 11.98%.
(4)
The fair value of all investments was determined in good faith by OFS Capital Management, LLC (the Company’s investment adviser) using significant, unobservable inputs. The fair value of the investments may differ significantly from the values that would have been used had a ready market or observable inputs existed for such investments and may differ materially from the values that may ultimately be received or settled.
(5)
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.
(6)
As of July 31, 2026, 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.
(7)
Non-income producing. The Company has not recognized income on the security during the prior twelve-month period preceding the period-end date.
(8)
Fair value represents discounted cash flows associated with fee rebates earned from CLO equity-related investments.
(9)
As of July 31, 2026, 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.
(10)
Represents cash equivalents held in a money market fund as of July 31, 2026.