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Name | Symbol | Market | Type |
---|---|---|---|
OFS Credit Company Inc | NASDAQ:OCCIP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.03 | 17.50 | 26.70 | 0 | 01:00:00 |
PROSPECTUS SUPPLEMENT
(To Prospectus dated January 8, 2020
and Prospectus Supplement dated January 24, 2020)
|
|
March 6, 2020
|
•
|
Net investment income ("NII") of $1.36 million, or $0.44 per common share, for the fiscal quarter ended January 31, 2020.
|
•
|
Core net investment income ("Core NII")1 of $2.60 million, or $0.85 per common share, which approximated 167% of our distributions for the fiscal quarter ended January 31, 2020.
|
•
|
Net asset value of $15.92 per common share as of January 31, 2020, a 6.3% increase from $14.98 as of October 31, 2019.
|
•
|
Closed investments totaling approximately $2.5 million during the fiscal quarter ended January 31, 2020.
|
•
|
As of January 31, 2020, the weighted average GAAP (as defined below) effective yield of our CLO structured finance note investments at current cost was 14.33%.
|
•
|
Increased monthly distributions on common shares through April 2020 to $0.1734 per share, implying an annualized distribution of $2.08 per share.
|
|
Three Months Ended January 31, 2020
|
|
|
Amount
|
Per Common Share Amount
|
GAAP Net investment income
|
$1,357,078
|
$0.44
|
CLO equity adjustments
|
1,246,475
|
0.41
|
Core Net investment income
|
$2,603,553
|
$0.85
|
Record Date
|
Payable Date
|
Distribution Per Share
|
February 21, 2020
|
February 28, 2020
|
$0.1734
|
March 24, 2020
|
March 31, 2020
|
$0.1734
|
April 23, 2020
|
April 30, 2020
|
$0.1734
|
Record Date
|
Payable Date
|
Dividend Per Share
|
February 21, 2020
|
February 28, 2020
|
$0.1432292
|
March 24, 2020
|
March 31, 2020
|
$0.1432292
|
April 23, 2020
|
April 30, 2020
|
$0.1432292
|
Company and Investment
|
|
Effective Yield (3)
|
|
Initial Acquisition Date
|
|
Maturity (6)
|
|
Principal
Amount
|
|
Amortized Cost (4)
|
|
Fair Value (5)
|
|
Percent of
Net Assets
|
|||||||
Structured Finance (1) (2) (9)
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|||||||
Allegro CLO VII, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
13.54%
|
|
2/14/2019
|
|
6/13/2031
|
|
$
|
3,100,000
|
|
|
$
|
2,523,305
|
|
|
$
|
2,311,008
|
|
|
4.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Anchorage Capital CLO 1-R Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
15.85%
|
|
10/5/2018
|
|
4/13/2031
|
|
2,100,000
|
|
|
1,705,567
|
|
|
1,600,466
|
|
|
3.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Atlas Senior Loan Fund X Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
19.34%
|
|
10/5/2018
|
|
1/15/2031
|
|
5,000,000
|
|
|
2,969,427
|
|
|
2,420,508
|
|
|
4.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Atlas Senior Loan Fund IX Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
16.02%
|
|
10/5/2018
|
|
4/20/2028
|
|
1,200,000
|
|
|
598,651
|
|
|
461,491
|
|
|
0.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Battalion CLO IX Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income Notes (7)
|
|
17.28%
|
|
10/10/2018
|
|
7/15/2031
|
|
1,079,022
|
|
|
715,931
|
|
|
664,808
|
|
|
1.4
|
|
|||
Subordinated Notes
|
|
17.28%
|
|
10/10/2018
|
|
7/15/2031
|
|
1,770,978
|
|
|
1,175,043
|
|
|
1,091,136
|
|
|
2.2
|
|
|||
|
|
|
|
|
|
|
|
2,850,000
|
|
|
1,890,974
|
|
|
1,755,944
|
|
|
3.6
|
|
|||
Battalion CLO XI Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
17.54%
|
|
3/20/2019
|
|
10/24/2029
|
|
5,000,000
|
|
|
4,186,475
|
|
|
4,291,757
|
|
|
8.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
BlueMountain Fuji U.S. CLO III, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
20.08%
|
|
09/18/2019
|
|
1/15/2030
|
|
3,701,700
|
|
|
2,747,822
|
|
|
2,922,626
|
|
|
6.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Crown Point CLO 4 Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
16.76%
|
|
3/22/2019
|
|
4/20/2031
|
|
4,750,000
|
|
|
3,883,679
|
|
|
3,813,426
|
|
|
7.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dryden 30 Senior Loan Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
16.62%
|
|
10/5/2018
|
|
11/15/2028
|
|
1,000,000
|
|
|
576,309
|
|
|
495,267
|
|
|
1.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company and Investment
|
|
Effective Yield (3)
|
|
Initial Acquisition Date
|
|
Maturity (6)
|
|
Principal
Amount
|
|
Amortized Cost (4)
|
|
Fair Value (5)
|
|
Percent of
Net Assets
|
|||||||
Dryden 38 Senior Loan Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
13.31%
|
|
10/5/2018
|
|
7/15/2030
|
|
$
|
2,600,000
|
|
|
$
|
1,767,803
|
|
|
$
|
1,506,284
|
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dryden 41 Senior Loan Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
13.88%
|
|
10/5/2018
|
|
4/15/2031
|
|
2,600,000
|
|
|
1,724,746
|
|
|
1,509,069
|
|
|
3.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dryden 53 CLO, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income Notes (7)
|
|
15.59%
|
|
10/5/2018
|
|
1/15/2031
|
|
3,200,000
|
|
|
2,440,319
|
|
|
2,217,185
|
|
|
4.5
|
|
|||
Subordinated Notes
|
|
19.69%
|
|
10/1/2019
|
|
1/15/2031
|
|
500,000
|
|
|
345,305
|
|
|
346,435
|
|
|
0.7
|
|
|||
|
|
|
|
|
|
|
|
3,700,000
|
|
|
2,785,624
|
|
|
2,563,620
|
|
|
5.2
|
|
|||
Dryden 76 CLO, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
15.37%
|
|
9/27/2019
|
|
10/20/2032
|
|
2,250,000
|
|
|
2,064,211
|
|
|
2,068,172
|
|
|
4.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Elevation CLO 2017-7, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
12.86%
|
|
10/5/2018
|
|
7/15/2030
|
|
4,750,000
|
|
|
3,544,039
|
|
|
2,998,318
|
|
|
6.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Elevation CLO 2017-8, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
12.73%
|
|
10/5/2018
|
|
10/25/2030
|
|
2,000,000
|
|
|
1,534,677
|
|
|
1,186,623
|
|
|
2.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
TCI-Flatiron CLO 2017-1, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
15.73%
|
|
3/22/2019
|
|
5/15/2030
|
|
3,000,000
|
|
|
2,026,868
|
|
|
1,915,871
|
|
|
3.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Flatiron CLO 18 Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
12.21%
|
|
10/5/2018
|
|
4/17/2031
|
|
4,500,000
|
|
|
3,690,949
|
|
|
3,313,816
|
|
|
6.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Greenwood Park CLO, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
12.53%
|
|
10/5/2018
|
|
4/15/2031
|
|
4,000,000
|
|
|
3,345,515
|
|
|
3,119,279
|
|
|
6.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Halcyon Loan Advisors Funding 2018-1 Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
15.96%
|
|
3/20/2019
|
|
7/20/2031
|
|
3,000,000
|
|
|
2,339,292
|
|
|
1,976,404
|
|
|
4.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company and Investment
|
|
Effective Yield (3)
|
|
Initial Acquisition Date
|
|
Maturity (6)
|
|
Principal
Amount
|
|
Amortized Cost (4)
|
|
Fair Value (5)
|
|
Percent of
Net Assets
|
|||||||
HarbourView CLO VII-R, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
7.23%
|
|
10/5/2018
|
|
11/18/2026
|
|
$
|
3,100,000
|
|
|
$
|
1,857,899
|
|
|
$
|
850,190
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Madison Park Funding XXIII, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
12.72%
|
|
10/5/2018
|
|
7/27/2047
|
|
4,000,000
|
|
|
3,131,878
|
|
|
2,800,172
|
|
|
5.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Marble Point CLO X Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
11.80%
|
|
10/5/2018
|
|
10/15/2030
|
|
7,000,000
|
|
|
5,133,965
|
|
|
3,855,461
|
|
|
7.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Marble Point CLO XI Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income Notes (7)
|
|
12.90%
|
|
10/5/2018
|
|
12/18/2047
|
|
1,500,000
|
|
|
1,215,613
|
|
|
921,600
|
|
|
1.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MidOcean Credit CLO VII Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income Notes (7)
|
|
9.83%
|
|
3/20/2019
|
|
7/15/2029
|
|
3,275,000
|
|
|
2,239,999
|
|
|
1,859,119
|
|
|
3.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MidOcean Credit CLO VIII Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income Notes (7)
|
|
11.42%
|
|
1/14/2019
|
|
2/20/2031
|
|
3,250,000
|
|
|
2,510,427
|
|
|
2,372,758
|
|
|
4.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MidOcean Credit CLO IX Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income Notes (7)
|
|
14.72%
|
|
11/21/2018
|
|
7/20/2031
|
|
3,000,000
|
|
|
2,090,734
|
|
|
2,091,817
|
|
|
4.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Niagara Park CLO, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
18.12%
|
|
11/8/2019
|
|
7/17/2032
|
|
2,000,000
|
|
|
1,476,053
|
|
|
1,706,197
|
|
|
3.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sound Point CLO IV-R, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
6.34%
|
|
11/2/2018
|
|
4/18/2031
|
|
4,000,000
|
|
|
1,549,942
|
|
|
1,244,238
|
|
|
2.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
THL Credit Wind River 2014-3 CLO Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
9.21%
|
|
10/10/2018
|
|
10/22/2031
|
|
2,778,000
|
|
|
1,866,811
|
|
|
1,171,930
|
|
|
2.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Venture 33 CLO Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
14.43%
|
|
3/21/2019
|
|
7/15/2031
|
|
3,150,000
|
|
|
2,474,244
|
|
|
2,173,357
|
|
|
4.4
|
|
Company and Investment
|
|
Effective Yield (3)
|
|
Initial Acquisition Date
|
|
Maturity (6)
|
|
Principal
Amount
|
|
Amortized Cost (4)
|
|
Fair Value (5)
|
|
Percent of
Net Assets
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Vibrant CLO X Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
17.59%
|
|
05/23/2019
|
|
10/20/2031
|
|
$
|
5,000,000
|
|
|
$
|
3,574,630
|
|
|
$
|
3,442,894
|
|
|
7.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Voya CLO 2017-4, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
12.55%
|
|
10/5/2018
|
|
10/15/2030
|
|
1,000,000
|
|
|
835,566
|
|
|
716,698
|
|
|
1.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ZAIS CLO 3, Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income Notes (7)
|
|
16.54%
|
|
10/10/2018
|
|
7/15/2031
|
|
1,038,255
|
|
|
609,793
|
|
|
386,844
|
|
|
0.8
|
|
|||
Subordinated Notes
|
|
16.54%
|
|
10/10/2018
|
|
7/15/2031
|
|
1,761,745
|
|
|
1,034,717
|
|
|
656,409
|
|
|
1.3
|
|
|||
|
|
|
|
|
|
|
|
2,800,000
|
|
|
1,644,510
|
|
|
1,043,253
|
|
|
2.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Structured Finance Notes
|
|
|
|
|
|
|
|
$
|
106,954,700
|
|
|
$
|
77,508,204
|
|
|
$
|
68,479,633
|
|
|
139.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cash and Cash Equivalents (8)
|
|
|
|
|
|
|
|
|
|
$
|
2,218,793
|
|
|
$
|
2,218,793
|
|
|
4.5
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Investments, Cash Equivalents
|
|
|
|
|
|
|
|
|
|
$
|
79,726,997
|
|
|
$
|
70,698,426
|
|
|
144.0
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities In Excess of Other Assets (excluding cash equivalents)
|
|
|
|
|
|
|
|
|
|
|
|
(21,615,962
|
)
|
|
|
||||||
Net Assets (equivalent to $15.92 per share based on 3,083,280 shares of common stock outstanding)
|
|
|
|
|
|
|
|
|
|
|
|
$
|
49,082,464
|
|
|
|
Investment Type
|
|
Fair Value
|
|
Valuation Techniques
|
|
Unobservable Input
|
|
Range
(Weighted average)(1)
|
||
Structured Finance Notes
|
|
$
|
68,479,633
|
|
|
Discounted Cash Flows
|
|
Constant Default Rate(2)
|
|
1.25% - 1.64% (1.38%)
|
|
|
|
|
|
|
Constant Default Rate(3)
|
|
1.69% - 2.42% (2.02%)
|
||
|
|
|
|
|
|
Constant Prepayment Rate
|
|
25.00% - 25.00% (25.00%)
|
||
|
|
|
|
|
|
Reinvestment Spread
|
|
3.30% - 4.15% (3.56%)
|
||
|
|
|
|
|
|
Reinvestment Price
|
|
99.50% - 99.50% (99.50%)
|
||
|
|
|
|
|
|
Reinvestment Floor
|
|
1.00% - 1.00% (1.00%)
|
||
|
|
|
|
|
|
Recovery Rate
|
|
68.60% - 70.00% (69.64%)
|
||
|
|
|
|
|
|
Discount Rate
|
|
14.50% - 30.50% (18.31%)
|
|
Structured Finance Notes
|
||
Level 3 assets, Beginning of period
|
$
|
64,147,358
|
|
|
|
||
Net unrealized appreciation on investments (1)
|
3,099,181
|
|
|
Accretion of interest income on structured-finance securities
|
2,764,792
|
|
|
Purchase of portfolio investments
|
2,489,750
|
|
|
Distributions from portfolio investments
|
(4,021,448
|
)
|
|
|
|
||
Level 3 assets, January 31, 2020
|
$
|
68,479,633
|
|
Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
6.875% Series A Term Preferred Stock
|
|
$
|
22,339,692
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,339,692
|
|
Description
|
|
Carrying Value
|
|
Fair Value
|
||||
6.875% Series A Term Preferred Stock
|
|
$
|
20,624,700
|
|
|
$
|
22,339,692
|
|
Tax-basis amortized cost of investments
|
|
$
|
79,762,164
|
|
Tax-basis gross unrealized appreciation on investments
|
|
734,311
|
|
|
Tax-basis gross unrealized depreciation on investments
|
|
(12,016,842
|
)
|
|
Tax-basis net unrealized depreciation on investments
|
|
11,282,531
|
|
|
Fair value of investments
|
|
$
|
68,479,633
|
|
Record Date
|
Payable Date
|
Distribution Per Share
|
February 21, 2020
|
February 28, 2020
|
$0.1734
|
March 24, 2020
|
March 31, 2020
|
$0.1734
|
April 23, 2020
|
April 30, 2020
|
$0.1734
|
Record Date
|
Payable Date
|
Dividend Per Share
|
February 21, 2020
|
February 28, 2020
|
$0.1432292
|
March 24, 2020
|
March 31, 2020
|
$0.1432292
|
April 23, 2020
|
April 30, 2020
|
$0.1432292
|
1 Year OFS Credit Chart |
1 Month OFS Credit Chart |
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