Document

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.

From January 24, 2020 to September 12, 2025, we sold a total of 17,744,922 shares of common stock at a weighted average price of $8.47 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 $148.5 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.

On September 15, 2025, we announced that management’s unaudited estimate of the range of our net asset value (“NAV”) per share of our common stock as of August 31, 2025 is between $5.81 and $5.91. This estimate is not a comprehensive statement of our financial condition or results for the month ended August 31, 2025. 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, 2025, 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 August 31, 2025 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, 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 a 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, the underlying value of our investments, our financial condition and the financial condition of our portfolio investments.

The preliminary financial data included in this August 2025 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 $6.1 million, or $0.22 per common share, for the fiscal quarter ended July 31, 2025. This compares to NII of $5.2 million, or $0.21 per common share, for the fiscal quarter ended April 30, 2025. During the fiscal quarter ended July 31, 2025, NII increased by $0.9 million, or 17.0%, primarily due to an increase in the size of our investment portfolio and an increase in our interest income yield1. See additional information under “Results of Operations” below.

•Core net investment income (“Core NII”)2 of $8.5 million, or $0.31 per common share, for the fiscal quarter ended July 31, 2025. This compares to Core NII of $9.2 million, or $0.37 per common share, for the fiscal quarter ended April 30, 2025. Core NII decreased for the fiscal quarter ended July 31, 2025, primarily due to lower cash flows on our CLO equity investments attributable to the tightening of loan spreads driven by strong investor demand for CLOs and leveraged loans.

•NAV per common share of $6.13 at July 31, 2025, a decrease of $0.04 from NAV of $6.17 at April 30, 2025. This decrease in NAV was primarily due to distributions of $0.345 per common share paid during the quarter which exceeded our quarterly NII of $0.22 per common share, partially offset by a net gain on investments of $0.07 per common share. See additional information under “Results of Operations” below.


Operating Highlights	For the Fiscal Quarter Ended
(Per common share)	July 31, 2025		April 30, 2025
Net investment income	$	0.22	$	0.21
Net realized loss on investments	(0.07)		(0.04)
Net change in unrealized appreciation (depreciation) on investments	0.14		(0.67)
Net earnings (loss)	$	0.29	$	(0.50)

Reconciliation of Core NII — Non-GAAP2
Net investment income	$	0.22	$	0.21
CLO equity adjustments	0.09		0.16
Core NII	$	0.31	$	0.37

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” below.


	For the Fiscal Quarter Ended
Portfolio Purchases ($ in millions)	July 31, 2025			April 30, 2025
CLO equity investments	$	36.8		$	39.5
CLO debt investments	2.0			—
Loan accumulation facility investments	2.2			2.2
Other CLO equity-related investments (i.e., fee rebates)	0.2			0.2
Total investments	$	41.2		$	41.9
Weighted-average effective yield - period end	19.05		%	20.96		%

During the fiscal quarter ended July 31, 2025, interest income increased to $11.9 million from $10.2 million during the prior quarter. The increase in interest income was primarily due to net investment deployment (purchases, net of sales and repayments) of $27.6 million and a 0.34% increase in the interest income yield of our investment portfolio as compared to the prior quarter.

During the fiscal quarter ended July 31, 2025, total expenses increased by $0.8 million to $5.8 million, primarily due to a $0.4 million increase in interest expense related to a full quarter of expense on our 8.00% Series G Term Preferred Stock due 2030 and a $0.3 million aggregate increase in base management and incentive fees due to portfolio growth.


	As of July 31, 2025
Assets:
Investments, at fair value (amortized cost of $333,925,279)	$	279,413,462
Cash and cash equivalents	7,332,005

Interest receivable	345,365
Other assets	313,117
Total assets	287,403,949

Liabilities:
Preferred stock (net of deferred issuance costs of $2,188,193)	113,711,807
Payable to adviser and affiliates	3,420,647

Other liabilities	242,000
Total liabilities	117,374,454



Net assets	$	170,029,495

Net assets consist of:
Common stock, par value of $0.001 per share; 90,000,000 shares authorized and 27,716,012 shares issued and outstanding	$	27,716
Paid-in capital in excess of par	241,806,374
Total accumulated losses	(71,804,595)
Total net assets	$	170,029,495

Net asset value per common share	$	6.13


	Three Months Ended		Nine Months Ended
	July 31, 2025		July 31, 2025
Investment income:
Interest income	$	11,875,174	$	32,177,892

Operating expenses:
Interest expense	2,148,056		5,544,385
Incentive fees	1,512,696		4,093,485
Base management fees	1,263,086		3,609,133
Administration fees	402,998		1,086,561
Professional fees	270,419		791,537

Other expenses	227,136		678,850
Total operating expenses	5,824,391		15,803,951

Net investment income	6,050,783		16,373,941

Net realized and unrealized gain (loss) on investments:
Net realized loss on investments	(1,934,404)		(2,775,095)
Net change in unrealized appreciation (depreciation) on investments	3,813,971		(14,443,821)
Net gain (loss) on investments	1,879,567		(17,218,916)

Net increase (decrease) in net assets resulting from operations	$	7,930,350	$	(844,975)

Weighted-average common shares outstanding	27,179,615		24,785,225

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 quarters ended July 31, 2025 and April 30, 2025:


	For the Fiscal Quarter Ended July 31, 2025				For the Fiscal Quarter Ended April 30, 2025
	Amount		Per Common Share Amount		Amount		Per Common Share Amount
Net investment income	$	6,050,783	$	0.22	$	5,172,411	$	0.21
CLO equity adjustments	2,476,308		0.09		4,049,003		0.16
Core NII	$	8,527,091	$	0.31	$	9,221,414	$	0.37


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 XXI, Ltd.
Mezzanine Debt - Class E	13.37%	(SOFR + 9.04%)	7/20/2023	7/20/2035	$	1,450,000	$	1,376,873	$	1,449,497	1.0	%

Brightwood Capital MM CLO 2023-1, Ltd.
Mezzanine Debt - Class E	14.68%	(SOFR + 10.36%)	9/28/2023	10/15/2035	1,882,451		1,751,557		1,895,413		1.1	%

Elevation CLO 2023-17, Ltd.
Mezzanine Debt - Class E	12.49%	(SOFR + 8.16%)	11/16/2023	10/20/2036	2,000,000		1,909,585		2,006,415		1.2	%

Empower CLO 2023-2, Ltd.
Mezzanine Debt - Class E	12.57%	(SOFR + 8.25%)	8/22/2023	7/15/2036	2,000,000		2,000,000		2,000,229		1.2	%

Fortress Credit BSL VII Limited
Mezzanine Debt - Class E	11.73%	(SOFR + 7.14%)	8/1/2023	4/20/2033	3,750,000		3,542,078		3,750,399		2.2	%

Gallatin CLO X 2023-1, Ltd.
Mezzanine Debt - Class E	12.54%	(SOFR + 8.22%)	9/7/2023	10/14/2035	4,000,000		3,859,084		3,995,075		2.3	%

Niagara Park CLO, Ltd.
Mezzanine Debt - Class G(12)	0.00%	N/A	11/19/2024	1/17/2038	155,833		147,101		146,795		0.1	%

Total CLO Debt Securities					$	15,238,284	$	14,586,278	$	15,243,823	9.1	%


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 Equity Securities(6)

Allegro CLO XIV, Ltd.
Subordinated Notes	9.65%	N/A	8/23/2021	10/15/2038	$	5,000,000	$	3,515,985	$	2,417,707	1.5	%

Allegro CLO XV, Ltd.
Subordinated Notes	20.95%	N/A	6/10/2022	4/20/2038	5,350,462		3,325,338		3,323,774		2.0	%

Allegro CLO XVI, Ltd.
Subordinated Notes	12.83%	N/A	4/11/2024	4/25/2037	6,490,084		4,599,548		4,188,010		2.5	%

Allegro CLO XVII, Ltd.
Subordinated Notes	14.55%	N/A	6/18/2025	7/25/2038	9,670,177		7,387,622		7,387,622		4.3	%

Anchorage Capital CLO 1-R, Ltd.
Subordinated Notes(8)(10)	0.00%	N/A	10/5/2018	4/13/2031	2,100,000		142,577		20,681		—	%

Apex Credit CLO 2020 Ltd.
Subordinated Notes	15.38%	N/A	11/16/2020	4/20/2035	6,170,000		5,027,361		3,745,101		2.2	%

Apex Credit CLO 2021 Ltd.
Subordinated Notes	13.60%	N/A	5/28/2021	7/18/2034	7,140,000		4,633,803		3,403,477		2.0	%

Apex Credit CLO 2022-I Ltd.
Subordinated Notes	6.30%	N/A	4/28/2022	4/22/2033	8,833,176		6,367,346		4,675,313		2.7	%

Apex Credit CLO 2024-I Ltd.
Subordinated Notes	25.66%	N/A	3/7/2024	4/20/2036	3,600,000		2,428,590		2,654,867		1.6	%

Ares LXXIV CLO Ltd.
Subordinated Notes	20.75%	N/A	9/12/2024	10/15/2037	10,000,000		8,177,080		8,349,192		4.9	%


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
Atlas Senior Loan Fund X, Ltd.
Subordinated Notes(7)(8)	0.00%	N/A	10/5/2018	1/15/2031	$	5,000,000	$	1,990,754	$	203,015	0.1	%

Atlas Senior Loan Fund XVII, Ltd.
Subordinated Notes	15.20%	N/A	9/20/2021	10/20/2034	6,000,000		4,068,497		3,075,499		1.8	%

Ballyrock CLO 19 Ltd.
Subordinated Notes	29.37%	N/A	6/30/2025	4/20/2035	4,300,000		1,774,192		1,899,438		1.1	%

Barings CLO Ltd. 2018-II
Subordinated Notes	21.13%	N/A	2/19/2025	7/15/2036	4,750,000		2,241,905		2,118,680		1.2	%

Battalion CLO IX Ltd.
Subordinated Notes - Income(7)(8)	0.00%	N/A	10/10/2018	1/17/2033	1,079,022		420,121		63,474		—	%
Subordinated Notes(7)(8)	0.00%	N/A	10/10/2018	1/17/2033	1,770,978		689,510		104,178		0.1	%
					2,850,000		1,109,631		167,652		0.1	%
Battalion CLO XI Ltd.
Subordinated Notes(7)	0.00%	N/A	3/20/2019	4/24/2034	5,000,000		2,842,483		1,415,831		0.8	%

Battalion CLO XV Ltd.
Subordinated Notes	20.08%	N/A	5/4/2023	1/17/2033	3,500,000		1,459,102		1,192,316		0.7	%
Subordinated Notes	20.08%	N/A	5/4/2023	1/17/2033	3,500,000		1,459,102		1,192,316		0.7	%
					7,000,000		2,918,204		2,384,632		1.4	%
Battalion CLO XIX Ltd.
Subordinated Notes	6.75%	N/A	3/16/2021	4/15/2034	5,000,000		2,387,294		1,416,040		0.8	%

BlueMountain CLO XXVI Ltd.
Subordinated Notes	19.42%	N/A	8/9/2024	10/20/2034	4,000,000		2,083,510		1,917,382		1.1	%

Bridge Street CLO III Ltd.
Subordinated Notes	37.62%	N/A	12/28/2022	10/20/2037	6,900,000		3,275,130		4,889,648		2.9	%


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
Brightwood Capital MM CLO 2023-1, Ltd.
Subordinated Notes	14.10%	N/A	9/28/2023	10/15/2035	$	4,847,312	$	4,343,656	$	3,806,805	2.2	%

Canyon CLO 2019-1, Ltd.
Subordinated Notes	23.64%	N/A	8/22/2024	7/15/2037	1,000,000		497,561		509,377		0.3	%

Carlyle US CLO 2021-10, Ltd.
Subordinated Notes	22.76%	N/A	5/9/2025	1/20/2038	7,900,342		3,534,408		3,653,929		2.1	%

Dryden 38 Senior Loan Fund
Subordinated Notes(8)(10)	0.00%	N/A	10/5/2018	7/15/2030	2,600,000		678,062		36,132		—	%

Dryden 76 CLO, Ltd.
Subordinated Notes	7.92%	N/A	9/27/2019	10/15/2037	4,378,500		2,456,741		1,533,727		0.9	%

Dryden 83 CLO, Ltd.
Subordinated Notes	15.89%	N/A	9/17/2024	4/18/2037	21,000,000		9,931,214		8,435,598		5.0	%

Dryden 87 CLO, Ltd.
Subordinated Notes	1.67%	N/A	6/2/2021	5/20/2034	5,000,000		3,689,241		2,389,131		1.4	%

Dryden 95 CLO, Ltd.
Subordinated Notes	5.66%	N/A	7/29/2021	8/20/2034	6,000,000		4,367,917		3,110,800		1.8	%

Dryden 98 CLO, Ltd.
Subordinated Notes	7.27%	N/A	3/17/2022	4/20/2035	5,500,000		3,974,740		2,770,871		1.6	%

Dryden 112 CLO, Ltd.
Subordinated Notes	14.01%	N/A	9/4/2024	11/15/2036	11,200,000		5,859,553		5,538,996		3.3	%


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
Dryden 123 CLO, Ltd.
Subordinated Notes	15.36%	N/A	4/4/2025	4/15/2038	$	5,000,000	$	4,594,090	$	4,594,090	2.7	%

Eaton Vance CLO 2019-1, Ltd.
Subordinated Notes	16.90%	N/A	10/1/2024	7/15/2037	26,600,000		12,953,613		10,918,009		6.4	%

Elevation CLO 2017-8, Ltd.
Subordinated Notes(7)(8)	0.00%	N/A	10/5/2018	10/25/2030	2,000,000		614,661		—		—	%

Elevation CLO 2021-12, Ltd.
Subordinated Notes	7.03%	N/A	5/26/2021	4/20/2037	4,810,737		2,715,495		1,556,733		0.9	%

Elevation CLO 2021-13, Ltd.
Subordinated Notes	3.00%	N/A	6/9/2021	7/15/2034	6,026,765		3,843,212		2,077,889		1.2	%

Elevation CLO 2021-14, Ltd.
Subordinated Notes	12.94%	N/A	10/29/2021	10/20/2034	11,971,482		6,748,992		4,764,394		2.8	%

Elevation CLO 2021-15, Ltd.
Subordinated Notes	0.26%	N/A	12/23/2021	1/5/2035	9,000,000		5,602,044		2,668,340		1.6	%

Empower CLO 2023-3, Ltd.
Subordinated Notes	8.62%	N/A	12/21/2023	1/20/2037	10,675,000		7,083,692		6,327,081		3.7	%

Empower CLO 2024-1, Ltd.
Subordinated Notes	10.15%	N/A	3/20/2024	4/25/2037	5,024,000		3,804,092		2,848,802		1.7	%

Empower CLO 2024-2, Ltd.
Subordinated Notes	10.98%	N/A	6/26/2024	7/15/2037	1,350,000		1,124,777		887,159		0.5	%


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
Empower CLO 2025-1, Ltd.
Subordinated Notes	14.13%	N/A	5/15/2025	7/20/2038	$	10,450,000	$	7,492,132	$	7,492,132	4.4	%

Generate CLO 14 Ltd.
Subordinated Notes	13.66%	N/A	9/27/2024	4/22/2037	21,000,000		16,221,247		13,636,759		8.0	%

Halcyon Loan Advisors Funding 2018-1 Ltd.
Subordinated Notes(7)	0.00%	N/A	3/20/2019	7/20/2031	3,000,000		1,321,576		312,136		0.2	%

HarbourView CLO VII, Ltd.
Subordinated Notes(7)(8)	0.00%	N/A	10/5/2018	11/18/2026	3,100,000		1,886,533		—		—	%

ICG US CLO 2021-3, Ltd.
Subordinated Notes	29.94%	N/A	8/8/2024	10/20/2034	6,800,000		3,106,631		3,571,659		2.1	%

Invesco CLO 2021-2, Ltd.
Subordinated Notes	5.71%	N/A	5/24/2024	7/15/2034	6,000,000		2,879,506		1,923,656		1.1	%

Invesco U.S. CLO 2023-1, Ltd.
Subordinated Notes	13.16%	N/A	5/31/2024	4/22/2037	9,000,000		6,306,957		5,393,578		3.2	%

Jamestown CLO XVI Ltd.
Subordinated Notes	6.97%	N/A	7/29/2021	7/25/2034	3,500,000		2,309,778		1,657,983		1.0	%

KKR CLO 35 Ltd.
Subordinated Notes	24.76%	N/A	6/5/2025	1/20/2038	7,000,000		4,536,655		4,675,936		2.8	%

LCM 31 Ltd.
Subordinated Notes	4.86%	N/A	12/18/2020	7/20/2034	1,350,000		783,029		421,204		0.2	%


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 42 Ltd.
Subordinated Notes	21.26%	N/A	12/19/2024	1/15/2038	$	3,500,000	$	2,956,664	$	3,091,588	1.8	%

Madison Park Funding XXIX, Ltd.
Subordinated Notes	18.43%	N/A	12/22/2020	10/18/2047	1,154,848		543,702		496,191		0.3	%

Marble Point CLO XX Ltd.
Subordinated Notes	1.33%	N/A	4/9/2021	4/23/2051	5,125,000		3,336,437		1,909,009		1.1	%

Marble Point CLO XXI Ltd.
Subordinated Notes	1.43%	N/A	8/24/2021	10/17/2051	5,250,000		3,474,664		1,848,387		1.1	%

Marble Point CLO XXIII Ltd.
Subordinated Notes	4.65%	N/A	12/3/2021	1/22/2052	1,750,000		1,240,787		738,430		0.4	%

MidOcean Credit CLO VII
Subordinated Notes - Income(7)(8)	0.00%	N/A	3/20/2019	7/15/2029	3,275,000		1,047,083		—		—	%

MidOcean Credit CLO VIII
Subordinated Notes - Income(8)(10)	0.00%	N/A	1/14/2019	2/20/2031	3,225,000		1,045,529		84,520		—	%

MidOcean Credit CLO IX
Subordinated Notes - Income(7)(8)	0.00%	N/A	11/21/2018	7/20/2031	3,000,000		1,387,565		—		—	%

New Mountain CLO 2 Ltd.
Subordinated Notes	21.63%	N/A	4/1/2025	4/15/2034	11,250,000		6,970,262		7,068,983		4.2	%

Niagara Park CLO, Ltd.
Subordinated Notes	17.54%	N/A	11/8/2019	1/17/2038	4,500,000		3,048,238		2,890,782		1.7	%


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
Northwoods XI-B, Limited
Subordinated Notes	20.77%	N/A	3/31/2025	7/19/2037	$	34,632,954	$	7,540,776	$	9,012,091	5.3	%

OCP CLO 2017-14, Ltd.
Subordinated Notes	13.04%	N/A	9/24/2024	7/20/2037	10,000,000		4,212,022		3,360,874		2.0	%

Park Blue CLO 2022-I, Ltd.
Subordinated Notes	22.22%	N/A	3/18/2025	10/20/2037	10,000,000		6,212,647		6,241,351		3.7	%

Park Blue CLO 2022-II, Ltd.
Subordinated Notes	16.92%	N/A	9/27/2024	7/20/2037	5,325,000		3,238,977		2,743,313		1.6	%

Park Blue CLO 2023-3, Ltd.
Subordinated Notes	24.71%	N/A	7/9/2025	4/20/2038	14,500,000		8,223,329		8,523,001		5.0	%

PPM CLO 2 Ltd.
Subordinated Notes	16.10%	N/A	10/15/2024	4/16/2037	2,000,000		708,095		496,957		0.3	%

Rockford Tower CLO 2019-1, Ltd.
Subordinated Notes	13.23%	N/A	8/25/2023	4/20/2034	4,500,000		2,321,012		1,620,704		1.0	%

Rockford Tower CLO 2025-1, Ltd.
Subordinated Notes	18.53%	N/A	3/7/2025	3/31/2038	8,000,000		6,897,527		6,897,527		4.1	%

Signal Peak CLO 7, Ltd.
Subordinated Notes	21.79%	N/A	2/4/2025	10/20/2037	5,674,500		2,806,701		2,452,391		1.4	%

Sound Point CLO IV-R, Ltd.
Subordinated Notes(7)(8)	0.00%	N/A	11/2/2018	4/18/2031	4,000,000		599,847		—		—	%


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
Steele Creek CLO 2022-1, Ltd.
Subordinated Notes	9.35%	N/A	3/28/2022	4/15/2038	$	6,339,779	$	3,735,928	$	2,205,373	1.3	%

Trimaran CAVU 2021-2 Ltd.
Subordinated Notes	20.00%	N/A	8/20/2024	10/25/2034	2,000,000		865,012		807,972		0.5	%

Trinitas CLO VIII, Ltd.
Subordinated Notes(7)(8)	0.00%	N/A	4/28/2021	7/20/2117	2,800,000		1,280,756		251,843		0.1	%

Vibrant CLO X, Ltd.
Subordinated Notes(8)(10)	0.00%	N/A	5/23/2019	10/20/2031	8,000,000		2,720,176		—		—	%

Vibrant CLO XIII, Ltd.
Subordinated Notes	14.17%	N/A	6/3/2021	1/15/2038	5,000,000		3,784,768		2,843,604		1.7	%

Vibrant CLO XV, Ltd.
Subordinated Notes	18.70%	N/A	8/21/2023	1/20/2035	4,000,000		2,447,997		2,255,193		1.3	%

Voya CLO 2017-4, Ltd.
Subordinated Notes(8)(10)	0.00%	N/A	10/5/2018	10/15/2030	1,000,000		279,656		—		—	%

Voya CLO 2024-7, Ltd.
Subordinated Notes	17.48%	N/A	1/7/2025	1/20/2038	17,475,000		15,471,646		15,446,224		9.1	%

Webster Park CLO, Ltd.
Subordinated Notes(8)(10)	0.00%	N/A	4/23/2021	7/20/2030	3,363,000		622,664		—		—	%

Wellfleet CLO 2021-1, Ltd.
Subordinated Notes	20.48%	N/A	7/30/2025	4/20/2034	4,830,000		1,715,612		1,715,612		1.0	%


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
Wildwood Park CLO, Ltd.
Subordinated Notes	16.46%	N/A	11/5/2024	10/20/2037	$	5,000,000	$	4,140,105	$	3,973,382	2.3	%

Zais CLO 3, Limited
Subordinated Notes - Income(7)(8)	0.00%	N/A	10/10/2018	7/15/2031	1,038,255		491,947		—		—	%
Subordinated Notes(7)(8)	0.00%	N/A	10/10/2018	7/15/2031	1,761,745		834,659		—		—	%
					2,800,000		1,326,606		—		—	%

Total CLO Equity Securities					$	541,508,118	$	311,761,445	$	256,141,769	150.4	%

Loan Accumulation Facilities(11)

Dryden 128 CLO, Ltd.
Loan Accumulation Facility	16.50%	N/A	6/2/2025	5/21/2026	$	1,000,000	$	1,000,000	$	1,000,000	0.6	%

Fortress Credit Opportunities XXVII CLO B LLC
Loan Accumulation Facility	15.50%	N/A	1/27/2025	6/30/2026	5,022,110		5,022,110		5,022,110		3.0	%

Total Loan Accumulation Facilities					$	6,022,110	$	6,022,110	$	6,022,110	3.6	%

Other CLO equity-related investments
CLO other(9)	18.04%	N/A					$	1,555,446	$	2,005,760	1.2	%

Total Investments					$	562,768,512	$	333,925,279	$	279,413,462	164.3	%

(2) 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.

(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. 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 below) represents the estimated yield to be earned on the investment through estimated redemption. As of July 31, 2025, the Company’s weighted-average effective yield on its total investments, based on current amortized cost, was 14.04% (excludes discount accretion on CLO debt investments). Excluding optionally redeemed CLOs, the weighted average effective yield on total investments, based on current amortized cost, was 14.23%.

(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 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.

(7) As of July 31, 2025, 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.

(10) As of July 31, 2025, 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.

(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.


SELECTED FINANCIAL HIGHLIGHTS
(in millions, except per share data)	At
	July 31, 2025		April 30, 2025
Balance Sheet Highlights
Total investments, at fair value	$	279.4	$	252.2
Total outstanding preferred stock - principal	115.9		115.9
Total net assets	170.0		160.3
NAV per common share	6.13		6.17


	At
Portfolio Overview ($ in millions)	July 31, 2025			April 30, 2025
Total investments, at fair value	$	279.4		$	252.2
Total number of issuers	89			85
Weighted-average effective yield4	14.04		%	14.07		%


	For the Nine Months Ended July 31, 2025				For the Nine Months Ended July 31, 2024
	Amount		Per Common Share Amount		Amount		Per Common Share Amount
Net investment income	$	16,373,941	$	0.66	$	12,952,411	$	0.81
CLO equity adjustments	8,891,204		0.36		10,275,605		0.64
Core NII	$	25,265,145	$	1.02	$	23,228,016	$	1.45


PROSPECTUS SUPPLEMENT (To Prospectus dated May 29, 2024)									September 15, 2025


	At July 31, 2025
Portfolio Composition ($ in millions)	Amortized Cost		Fair Value
CLO equity investments	$	311.8	$	256.1
CLO debt investments	14.6		15.3
Loan accumulation facility investments	6.0		6.0
Other CLO equity-related investments (i.e., fee rebates)	1.5		2.0
Total investments	$	333.9	$	279.4