Filed pursuant to Rule 424(b)(3)
File No. 333-255877
(To Prospectus dated June 7, 2021)
 March 16, 2023

OFS Credit Company, Inc.
Common Stock
This prospectus supplement supplements the prospectus dated June 7, 2021, 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, and Amendment No. 4 thereto, dated December 7, 2021, with 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.
From January 24, 2020 to March 15, 2023, we sold a total of 3,090,766 shares of common stock at a weighted average price of $13.50 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 $41.2 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 (which amount includes all of the shares previously sold pursuant to the Equity Distribution Agreement to date).

February 2023 Financial Update
On March 16, 2023, we announced that management’s unaudited estimate of the range of our net asset value (“NAV”) per share of our common stock as of February 28, 2023 is between $9.65 and $9.75. This estimate is not a comprehensive statement of our financial condition or results for the month ended February 28, 2023. 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 April 30, 2023, which will be reported in our Semi-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 February 28, 2023 by circumstances and events that are not yet known. To the extent our portfolio investments are adversely impacted by rising interest rates and high inflation rates, the ongoing war between Russia and Ukraine, the continuing COVID-19 pandemic, or by other factors, we may experience a material adverse impact on our future net investment income, the underlying value of our investments, our financial condition and the financial condition of our portfolio investments.
The preliminary financial data included in this February 2023 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.

Net investment income (“NII”) of $3.8 million, or $0.41 per common share, for the fiscal quarter ended January 31, 2023. This compares to NII of $4.0 million, or $0.44 per common share, for the fiscal quarter ended October 31, 2022. The decrease in net investment income was primarily due to a decrease in the portfolio’s weighted-average effective yield.
Core net investment income (“Core NII”)1 of $3.6 million, or $0.38 per common share, for the fiscal quarter ended January 31, 2023. Core NII declined $0.2 million, or $0.05 per common share, from the prior quarter, primarily due to a decrease in initial CLO equity payments received on newly issued CLOs. For our newly issued CLO investments, it may take up to three quarters from issuance to receive initial distribution payments.
Net asset value (“NAV”) per common share of $10.13 as of January 31, 2023, an increase from $9.98 as of October 31, 2022.
As of January 31, 2023, the weighted average effective yield of our investment portfolio at amortized cost was 15.64%.
On March 1, 2023, OFS Credit’s board of directors declared a quarterly distribution of $0.55 per share of common stock for the fiscal quarter ending April 30, 2023. The distribution is payable on April 28, 2023 in cash or shares of our common stock to stockholders of record as of March 14, 2023. The total amount of cash distributed to all stockholders will be limited to 20% of the total distribution, excluding any cash paid for fractional shares.
(in millions, except per share data) (unaudited)
As of January 31, 2023As of October 31, 2022
Investment portfolio, at fair value$151.1 $145.8 
NAV per share$10.13 $9.98 
For the Fiscal Quarter Ended
(Per common share)January 31, 2023October 31, 2022
Net investment income$0.41 $0.44 
Net unrealized gain (loss) on investments0.35 (0.43)
Total earnings$0.76 $0.01 
Core NII — Non-GAAP
Net investment income$0.41 $0.44 
CLO equity adjustments(0.03)(0.01)
Core NII$0.38 $0.43 
1 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 investments. See additional information under “Supplemental Information Regarding Core Net Investment Income” below.

As of January 31, 2023, the total fair value of our investment portfolio was approximately $151.1 million, which was equal to approximately 83% of amortized cost. Although new primary market CLO issuances have declined due to current economic and market conditions, we continue to evaluate new investment opportunities, in both the primary and secondary markets, and intend to deploy capital into investments that we believe will generate attractive risk-adjusted returns. During the quarter ended January 31, 2023, we deployed $5.8 million into three new CLO equity and debt investments. As of January 31, 2023, we had $14.9 million of cash available for potential future investment opportunities and general working capital needs.
Portfolio Overview
($ in millions)As of January 31, 2023As of October 31, 2022
Investment portfolio, at fair value
$151.1 $145.8 
Total number of portfolio companies6765
Weighted-average effective yield
15.64 %16.64 %
For the Fiscal Quarter Ended
Portfolio Activity ($ in millions)January 31, 2023October 31, 2022
CLO equity investments$3.9 $— 
CLO debt investments1.9 1.8 
Total investments$5.8 $1.8 
Interest Income
For the fiscal quarter ended January 31, 2023, interest income remained stable at $7.5 million compared to the prior quarter as growth in total investments at cost was offset by a decline in the weighted average effective yield on our investment portfolio.
For the fiscal quarter ended January 31, 2023, total expenses increased $0.1 million to $3.6 million compared to the prior quarter, primarily due to increases in professional fees and management fees.
Net realized and unrealized gain (loss)
For the fiscal quarter ended January 31, 2023, net change in unrealized appreciation of $3.3 million was primarily due to tightening of liquid credit market spreads.
On March 1, 2023, our board of directors declared the following distribution on shares of our common stock.
Record DatePayable Date
Distribution Per Common Share2
March 14, 2023April 28, 2023$0.55
2 The total amount of cash distributed to all stockholders will be limited to 20% of the total distribution to be paid, excluding any cash paid for fractional shares. The remainder of the distribution (approximately 80%) will be paid in the form of shares of our common stock. The exact distribution of cash and stock to any given stockholder will be dependent upon each stockholder's election as well as the elections of other stockholders, subject to the pro-rata limitation.

OFS Credit Company, Inc.
Statement of Assets and Liabilities

As of January 31, 2023
Investments, at fair value (amortized cost of $181,161,434)$151,115,749 
Interest receivable589,346 
Other assets137,580 
Total assets$166,705,892 
Preferred stock (net of deferred issuance costs of $1,578,716)$62,421,284 
Payable to adviser and affiliates2,390,653 
Accrued professional fees256,500 
Other liabilities312,000 
Total liabilities$65,380,437 
Net assets$101,325,455 
Net assets consist of:
Common stock, par value of $0.001 per share; 90,000,000 shares authorized and 9,997,837 shares issued and outstanding$9,998 
Paid-in capital in excess of par114,688,905 
Total accumulated losses(13,373,448)
Total net assets$101,325,455 
Net asset value per share$10.13 

OFS Credit Company, Inc.
Statement of Operations
Three Months Ended
January 31, 2023
Investment income:
Interest income$7,479,588 
Operating expenses:
Interest expense1,021,241 
Management fees730,700 
Incentive fees961,065 
Administration fees289,395 
Professional fees217,953 
Excise tax240,000 
Other expenses174,974 
Total operating expenses3,635,328 
Net investment income 3,844,260 

Net realized and unrealized gain (loss):
Net change in unrealized appreciation on investments3,312,705 
Net realized and unrealized gain3,312,705 
Net increase in net assets resulting from operations$7,156,965 

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 in the event of similar terms being utilized to identify such measures. Core NII represents GAAP NII adjusted for differences in applicable cash distributions received on our CLO equity investments. 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 effective yield to the expected redemption utilizing estimated cash flows, at current amortized cost, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The result is an 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 effective yield calculation. Accordingly, investment income recognized on CLO equity 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”).
Furthermore, in order for the Company to continue to qualify for tax treatment as a regulated investment company, we are required, among other things, to distribute at least 90% of our investment company taxable income annually. Therefore, the Company’s management believes that Core NII may provide a better indication of our estimated taxable income for a reporting period than GAAP NII; however, we can offer no assurance that will be the case, as the ultimate tax character of our earnings cannot be determined until after tax returns are prepared at the close of a fiscal year. We note that this non-GAAP measure may not serve as a useful indicator of taxable earnings, particularly during periods of market disruption and volatility, and, as such, our taxable income may differ materially from our Core NII.
The following table provides a reconciliation of GAAP NII to Core NII for the fiscal quarters ended January 31, 2023 and October 31, 2022 (unaudited):
For the Fiscal Quarter Ended January 31, 2023For the Fiscal Quarter Ended October 31, 2022
AmountPer Common Share AmountAmountPer Common Share Amount
Net investment income$3,844,260 $0.41 $3,950,999 $0.44 
CLO equity adjustments(222,342)(0.03)(93,022)(0.01)
Core NII$3,621,918 $0.38 $3,857,977 $0.43 


On March 10, 2023, the Company filed its monthly report on Form N-PORT for the month ended January 31, 2023, which included the Schedule of Investments as of January 31, 2023. 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
Interest Rate /Effective Yield(3)
Spread Above Index(4)
Initial Acquisition DateMaturityPrincipal
Amortized Cost
Fair Value(5)
Percent of
Net Assets
CLO Debt Securities
Atlas Senior Loan Fund XX, Ltd.
Mezzanine Debt - Class E13.21%(SOFR + 9.43%)10/13/202210/19/2035$2,000,000 $1,848,084 $1,848,084 1.8 %
Carlyle US CLO 2022-6, Ltd.
Mezzanine Debt - Class E13.10%(SOFR + 8.63%)12/9/202210/25/20341,000,000 951,516 951,516 0.9 
Mezzanine Debt - Class E11.89%(L + 7.08%)12/18/20201/20/2032250,000 248,413 239,421 0.2 
PPM CLO 6 Ltd.
Mezzanine Debt - Class E12.72%(SOFR + 8.21%)12/20/20221/20/20311,000,000 913,434 913,434 0.9 
Mezzanine Debt - Class E13.23%(L + 8.40%)2/19/20214/15/2031500,000 489,034 $475,063 0.5 
Total CLO Debt Securities$4,750,000 $4,450,481 $4,427,518 4.3 %
CLO Equity Securities(6)
Allegro CLO VII, Ltd.
Subordinated Notes6.25%2/14/20196/13/2031$3,100,000 $1,840,328 $1,054,605 1.1 %
Allegro CLO 2021-2, Ltd.
Subordinated Notes16.99%8/23/202110/15/20345,000,000 4,073,175 3,807,557 3.9 

Company and
Interest Rate /Effective Yield(3)
Spread Above Index(4)
Initial Acquisition DateMaturityPrincipal
Amortized Cost
Fair Value(5)
Percent of
Net Assets
Allegro CLO XV, LTD.
Subordinated Notes18.93%6/10/20227/20/2035$4,640,000 $3,565,986 $4,061,252 4.0 %
Anchorage Capital CLO 1-R Ltd.
Subordinated Notes7.60%10/5/20184/13/20312,100,000 1,361,614 1,090,825 1.1 
Apex Credit CLO 2020 Ltd.
Subordinated Notes20.28%11/16/202010/20/20316,170,000 5,457,134 4,622,640 4.6 
Apex Credit CLO 2021 Ltd.
Subordinated Notes17.59%5/28/20217/18/20347,140,000 5,873,311 5,248,746 5.2 
Apex Credit CLO 2022-1A
Subordinated Notes16.28%4/28/20224/22/20338,833,176 6,982,532 7,408,265 7.3 
Atlas Senior Loan Fund IX Ltd.
Subordinated Notes(7)(8)
0.00%10/5/20184/20/20281,200,000 452,476 131,830 0.1 
Atlas Senior Loan Fund X Ltd.
Subordinated Notes5.79%10/5/20181/15/20315,000,000 2,188,292 964,170 1.0 
Atlas Senior Loan Fund XVII, Ltd.
Subordinated Notes21.18%9/20/202110/20/20346,000,000 4,769,077 4,654,730 4.6 
Battalion CLO IX Ltd.
Subordinated Notes - Income13.56%10/10/20187/15/20311,079,022 667,169 402,835 0.4 
Subordinated Notes13.56%10/10/20187/15/20311,770,978 1,094,966 661,165 0.7 
2,850,000 1,762,135 1,064,000 1.1 
Battalion CLO XI Ltd.
Subordinated Notes17.45%3/20/201910/24/20295,000,000 4,056,752 3,645,565 3.6 

Company and
Interest Rate /Effective Yield(3)
Spread Above Index(4)
Initial Acquisition DateMaturityPrincipal
Amortized Cost
Fair Value(5)
Percent of
Net Assets
Battalion CLO XIX Ltd.
Subordinated Notes22.87%3/16/20214/15/2034$5,000,000 $3,020,336 $3,162,382 3.1 %
BlueMountain Fuji U.S. CLO III, Ltd.
Subordinated Notes10.50%9/18/20191/15/20303,701,700 2,428,033 1,732,509 1.7 
Bridge Street CLO III Ltd.
Subordinated Notes16.83%12/28/202210/20/20346,900,000 3,645,147 3,645,147 3.6 
Crown Point CLO 4 Ltd.
Subordinated Notes11.87%3/22/20194/20/20315,000,000 3,232,271 1,882,213 1.9 
Dryden 30 Senior Loan Fund
Subordinated Notes5.33%10/5/201811/15/20281,000,000 349,088 180,152 0.2 
Dryden 38 Senior Loan Fund
Subordinated Notes15.89%10/5/20187/15/20302,600,000 1,434,881 990,379 1.0 
Dryden 41 Senior Loan Fund
Subordinated Notes20.03%10/5/20184/15/20312,600,000 1,061,797 710,970 0.7 
Dryden 53 CLO, Ltd.
Subordinated Notes - Income18.13%10/5/20181/15/20313,200,000 1,848,077 1,149,513 1.1 
Subordinated Notes21.17%10/1/20191/15/2031500,000 276,944 179,611 0.2 
3,700,000 2,125,021 1,329,124 1.3 
Dryden 60 CLO, Ltd.
Subordinated Notes18.30%4/23/20217/15/20315,950,000 4,609,144 3,837,961 3.8 
Dryden 76 CLO, Ltd.
Subordinated Notes19.59%9/27/201910/20/20322,250,000 1,846,972 1,749,365 1.7 

Company and
Interest Rate /Effective Yield(3)
Spread Above Index(4)
Initial Acquisition DateMaturityPrincipal
Amortized Cost
Fair Value(5)
Percent of
Net Assets
Dryden 87 CLO, Ltd.
Subordinated Notes18.78%6/2/20215/20/2034$5,000,000 $4,353,370 $4,400,843 4.3 %
Dryden 95 CLO, Ltd.
Subordinated Notes18.69%7/29/20218/20/20346,000,000 4,910,714 5,045,333 5.0 
Dryden 98 CLO, Ltd.
Subordinated Notes20.16%3/17/20224/20/20355,500,000 4,464,199 5,033,910 5.0 
Elevation CLO 2017-7, Ltd.
Subordinated Notes(7)(8)(11)
0.00%10/5/20187/15/20302,605,080 688,979 46,078 — 
Elevation CLO 2017-8, Ltd.
Subordinated Notes4.75%10/5/201810/25/20302,000,000 967,141 443,537 0.4 
Elevation CLO 2021-12, Ltd.
Subordinated Notes18.37%5/26/20214/20/20323,500,000 2,542,537 1,923,753 1.9 
Elevation CLO 2021-13, Ltd.
Subordinated Notes17.45%6/9/20217/15/20346,026,765 4,644,405 4,398,647 4.3 
Elevation CLO 2021-14, Ltd.
Subordinated Notes15.71%10/29/202110/20/20347,237,500 5,855,818 5,317,532 5.2 
Elevation CLO 2021-15, Ltd.
Subordinated Notes16.67%12/23/20211/5/20359,000,000 6,490,248 5,889,669 5.8 
Flatiron CLO 2017-1, Ltd.
Subordinated Notes20.25%3/22/20195/15/20303,000,000 1,908,971 1,531,309 1.5 
Flatiron CLO 18 Ltd.
Subordinated Notes15.70%10/5/20184/17/20314,500,000 3,305,823 2,656,839 2.6 

Company and
Interest Rate /Effective Yield(3)
Spread Above Index(4)
Initial Acquisition DateMaturityPrincipal
Amortized Cost
Fair Value(5)
Percent of
Net Assets
Greenwood Park CLO, Ltd.
Subordinated Notes8.21%10/5/20184/15/2031$4,000,000 $2,621,429 $1,878,444 1.9 %
Halcyon Loan Advisors Funding 2018-1 Ltd.
Subordinated Notes18.57%3/20/20197/20/20313,000,000 1,951,986 1,176,147 1.2 
HarbourView CLO VII-R, Ltd.
Subordinated Notes(7)(8)
0.00%10/5/201811/18/20263,100,000 1,886,533 120,561 0.1 
Jamestown CLO XVI, Ltd.
Subordinated Notes19.63%7/29/20217/25/20343,500,000 2,557,638 2,456,735 2.4 
Subordinated Notes24.22%12/18/20201/20/20321,350,000 1,010,675 883,950 0.9 
Madison Park Funding XXIII, Ltd.
Subordinated Notes19.89%10/5/20187/27/20474,000,000 2,540,446 2,274,388 2.2 
Madison Park Funding XXIX, Ltd.
Subordinated Notes21.85%12/22/202010/18/20471,000,000 658,609 612,879 0.6 
Marble Point CLO X Ltd.
Subordinated Notes13.29%10/5/201810/15/20307,000,000 3,485,013 1,660,047 1.6 
Marble Point CLO XI Ltd.
Subordinated Notes - Income9.91%10/5/201812/18/20471,500,000 768,417 316,221 0.3 
Marble Point CLO XX, Ltd.
Subordinated Notes15.48%4/9/20214/23/20515,125,000 4,029,641 3,456,877 3.4 

Company and
Interest Rate /Effective Yield(3)
Spread Above Index(4)
Initial Acquisition DateMaturityPrincipal
Amortized Cost
Fair Value(5)
Percent of
Net Assets
Marble Point CLO XXI, Ltd.
Subordinated Notes15.46%8/24/202110/17/2051$5,250,000 $4,208,940 $3,675,027 3.6 %
Marble Point CLO XXIII Ltd.
Subordinated Notes14.98%12/3/20211/22/20521,750,000 1,463,539 1,336,058 1.3 
MidOcean Credit CLO VII Ltd.
Subordinated Notes - Income(7)(8)
0.00%3/20/20197/15/20293,275,000 1,135,920 171,257 0.2 
MidOcean Credit CLO VIII Ltd.
Subordinated Notes - Income21.32%1/14/20192/20/20313,225,000 2,045,962 1,410,503 1.4 
MidOcean Credit CLO IX Ltd.
Subordinated Notes - Income18.97%11/21/20187/20/20313,000,000 1,826,907 1,254,039 1.2 
Niagara Park CLO, Ltd.
Subordinated Notes18.55%11/8/20197/17/20324,500,000 3,573,906 3,401,495 3.4 
Octagon Investment Partners 39, Ltd.
Subordinated Notes19.49%2/27/202010/20/20303,600,000 2,195,841 1,699,889 1.7 
Sound Point CLO IV-R, Ltd.
Subordinated Notes(7)(8)
0.00%11/2/20184/18/20314,000,000 850,583 328,596 0.3 
Steele Creek CLO 2022-1, Ltd.
Subordinated Notes21.22%3/28/20224/15/20355,000,000 3,676,444 3,724,517 3.7 
THL Credit Wind River 2014-3 CLO Ltd.
Subordinated Notes11.32%10/10/201810/22/20312,778,000 1,454,579 828,689 0.8 

Company and
Interest Rate /Effective Yield(3)
Spread Above Index(4)
Initial Acquisition DateMaturityPrincipal
Amortized Cost
Fair Value(5)
Percent of
Net Assets
Trinitas CLO VIII
Subordinated Notes22.56%4/28/20217/20/2117$2,800,000 $1,618,793 $1,170,248 1.2 %
Venture 33 CLO Limited
Subordinated Notes27.29%3/21/20197/15/20313,150,000 1,868,832 956,330 0.9 
Vibrant CLO X Ltd.
Subordinated Notes12.66%5/23/201910/20/20318,000,000 4,508,830 2,548,505 2.5 
Vibrant CLO XIII, Ltd.
Subordinated Notes14.32%6/3/20217/15/20345,000,000 4,153,543 3,646,233 3.6 
Voya CLO 2017-4, Ltd.
Subordinated Notes13.17%10/5/201810/15/20301,000,000 628,960 330,869 0.3 
Wind River 2015-1 CLO
Subordinated Notes23.90%4/28/202110/20/20302,600,000 1,268,685 954,987 0.9 
Webster Park CLO
Subordinated Notes12.14%4/23/20211/20/20273,363,000 2,110,472 1,539,960 1.5 
Zais CLO 3, Limited
Subordinated Notes - Income14.70%10/10/20187/15/20311,038,255 539,345 162,818 0.2 
Subordinated Notes14.70%10/10/20187/15/20311,761,745 907,817 276,275 0.3 
2,800,000 1,447,162 439,093 0.5 
Total CLO Equity Securities$248,770,221 $167,815,992 $137,914,381 136.2 %
Loan Accumulation Facilities(9)
Anchorage Capital CLO 26, Ltd.
Loan Accumulation Facility14.50%6/3/20225/16/2024$531,250 $531,250 $522,538 0.5 %

Company and
Interest Rate /Effective Yield(3)
Spread Above Index(4)
Initial Acquisition DateMaturityPrincipal
Amortized Cost
Fair Value(5)
Percent of
Net Assets
Brightwood Capital MM CLO 2022-1, Ltd.
Loan Accumulation Facility(8)
0.00%1/5/202212/31/2032$7,500,000 $7,500,000 $7,312,500 7.2 %
Total Loan Accumulation Facilities$8,031,250 $8,031,250 $7,835,038 7.7 %
Other CLO equity-related investments
CLO other(10)
17.51%$863,711 $938,812 0.9 %
Total Investments$261,551,471 $181,161,434 $151,115,749 149.1 %
(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)    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. In general, under the Investment Company Act of 1940, as amended, 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 re-evaluated upon receipt of distributions, and based upon projected amounts and timing of future distributions and the projected amount 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 amount 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 reflects the contractual interest rate. The rate disclosed on Loan Accumulation Facilities represents the estimated yield to be earned on the investment. As of January 31, 2023, the Company’s weighted-average effective yield on its total investments, based on current amortized cost, was 15.64%.
(4)    CLO debt securities bear interest at a rate determined by reference to three-month LIBOR (L) or SOFR which reset quarterly. The rate provided for each CLO debt security is as of January 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 remaining cash flow payments made by underlying securities less contractual payments to debt holders and fund expenses.
(7)    As of January 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 optional redemption, is equal to or less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions 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 January 31, 2023, the investment has been optionally redeemed. Remaining residual distributions are anticipated to be recognized as return of capital.