OFS Credit Co Inc 2024年度报告

OFS Credit Company, Inc. Annual Report 2025Stockholder Letter and Annual Report OFS CREDIT COMPANY, INC. TABLE OF CONTENTS - ANNUAL REPORT Letter to Stockholders1Important Information5Performance Data (Unaudited)8Summary of Certain Portfolio Characteristics (Unaudited)12Statement of Assets and Liabilities as of October 31, 202514Statement of Operations for the Year Ended October 31, 202515Statements of Changes in Net Assets for the Years Ended October 31, 2025 and October 31, 202416Statement of Cash Flows for the Year Ended October 31, 202517Schedule of Investments as of October 31, 202518Notes to Financial Statements28Report of Independent Registered Accounting Firm50Summary Risk Factors51Dividend Reinvestment Plan67Board Approval of the Investment Advisory Agreement68Additional Information69 December 10, 2025 To Our Stockholders: We are pleased to provide you with the enclosed Annual Report of OFS Credit Company, Inc. (“OFS Credit”, the “Company”,“we” or “our”) for the fiscal year ended October 31, 2025. Company Overview We are a non-diversified, externally managed closed-end management investment company. Our primary investment objectiveis to generate current income, with a secondary objective to generate capital appreciation, which we seek to achieve primarilythrough investments in collateralized loan obligation (“CLO”) equity and debt securities. Fiscal Year 2025 Highlights During fiscal year 2025, we continued to actively manage our capital structure and raised capital to take advantage of availableinvestment opportunities. • During the fiscal year ended October 31, 2025, we raised net proceeds of $45.1 million through the sale of 6,544,106shares of common stock pursuant to our at-the-market offering. • On April 1, 2025, through a private placement, we issued 1,000,000 shares of our 8.00% Series G Term Preferred Stockdue 2030 (the “Series G Term Preferred Stock”) at a price of $24.25 per share, raising approximately $24.3 million in netproceeds, before offering costs. The shares of Series G Term Preferred Stock have a liquidation preference of $25 per shareand are subject to mandatory redemption on April 1, 2030. We believe that the additional capital raised helped us take advantage of available investment opportunities in the CLO market,which contributed to the growth of our investment portfolio by 19.4% from $214.9 million at October 31, 2024 to $256.5million at October 31, 2025, at fair value. During the fiscal year ended October 31, 2025, we deployed 139.4 million into additional investments, of which 119.9 millionwere in CLO equity and loan accumulation facility investments. These new investments increased our total investmentportfolio’s weighted-average remaining reinvestment period (“WARP”)1from 3.1 years at October 31, 2024 to 3.4 years atOctober 31, 2025. We believe the extended WARP of our investment portfolio will provide us with long-term cash flows andenable CLO managers to capitalize on opportunities presented during periods of market volatility. See “Portfolio Overview”below for additional details on our investment portfolio. During fiscal year 2025, our investment portfolio produced an interest income yield2of 14.49%, with a net interest spread3of7.20%. Our debt-to-equity ratio4increased from 0.61x at October 31, 2024 to 0.76x at October 31, 2025, primarily due to theissuance of the Series G Term Preferred Stock and unrealized depreciation on our investment portfolio. As of October 31, 2025,we had 115.9 million of term preferred stock outstanding with a weighted-average effective interest rate of 7.41% and aweighted-average maturity of 2.5 years. For the fiscal year ended October 31, 2025, our net asset value (“NAV”) per common share decreased from $7.18 to $5.46,primarily due to net unrealized depreciation on investments of 1.13 per common share and declared aggregate per commonshare distributions of 1.38, which exceeded our net investment income of 0.88 per common share. Net unrealized depreciationof $1.13 per common share was attributable to meaningful tightening in debt spread levels. For the fiscal year ended October31, 2025, shares of our common stock experienced a total returnof (4.26)% based on NAV5. During fiscal year 2025, we recognized net investment income of 0.88 per common share and Core NII6of $1.33 per commonshare. Common Stock Distributions and Dividend Reinvestment Plan (“DRIP”) First Quarter 2026 Common Stock Distributions On October 16, 2025, our board of directors declared monthly cash distributions of $0.115 per common share for each of thethree months in the quarter ending January 31, 2026, which implied an annualized cash distribution rate of 28.6% based on theclosing market price of $4.82 per common share on October 31, 2025. The following schedule applies to the common stock distributions for stockholders of record on the close of business of eachspecific record date: Dividend Reinvestment Plan - Shares Issued at 95% of Market Price Our