Semi-Annual Report by Investment Company (Form N-CSRS)

N-CSR

October 31

April 30, 2026

Item 1. Report to Stockholders

The Company's Semi-Annual Report to stockholders for the six months ended April 30, 2026 is filed herewith.

OFS CREDIT COMPANY, INC.

TABLE OF CONTENTS - SEMI-ANNUAL REPORT

June 9, 2026

To Our Stockholders:

We are pleased to provide you with the enclosed Semi-Annual Report of OFS Credit Company, Inc. ("OFS Credit", the "Company", "we" or "our") for the six months ended April 30, 2026.

Company Overview

We are a non-diversified, externally managed closed-end management investment company. Our primary investment objective is to generate current income, with a secondary objective to generate capital appreciation, which we seek to achieve primarily through investments in collateralized loan obligation ("CLO") equity and debt securities.

First Half Fiscal Year 2026 Summary

In the early part of 2026, the market conditions for CLO equity investments have been challenging. Ongoing underlying loan collateral spread compression, loan price declines and negative sentiment have weighed on valuations. Loan price declines were most pronounced in the software sector, driven primarily by disruption concerns surrounding the proliferation of artificial intelligence ("AI") and the potential impacts on enterprise software companies. While leveraged loan defaults remain consistent with historical levels, certain high-profile bankruptcies in the second half of 2025 and ongoing friction from liability management exercise activities have also weighed on CLO equity cash flow yields. In addition, loan spread compression has pressured the CLO equity arbitrage.

Amid the ongoing market volatility, we took actions to strengthen our balance sheet and preserve capital. In the second fiscal quarter of 2026, we redeemed all $23.0 million of our 6.125% Series C Term Preferred Stock due April 2026 and all $3.0 million of our 6.0% Series D Term Preferred Stock due June 2026. During the first half of fiscal year 2026, we raised net proceeds of $4.1 million through the sale of 825,444 shares of common stock pursuant to our at-the-market offering. Additionally, in an effort to preserve capital and provide more stability to our net asset value ("NAV"), in March 2026, we reduced our monthly common stock distribution rate from $0.115 per share to $0.05 per share - a level that we believe more closely aligns with our projected near-term net investment income.

For the six months ended April 30, 2026:

Common Stock Distributions and Dividend Reinvestment Plan ("DRIP")

Third Quarter 2026 Common Stock Distributions

On April 16, 2026, our board of directors declared monthly cash distributions of $0.05 per common share for each of the three months in the quarter ending July 31, 2026, which implied an annualized cash distribution rate of 19.0% based on the closing market price of $3.15 per common share on April 30, 2026.

The following schedule applies to the common stock distributions for stockholders of record on the close of business of each specific record date:

Dividend Reinvestment Plan - Shares Issued at 95% of Market Price

Our DRIP offers our common stockholders the opportunity to receive a 5% discount to the market price per share of common stock at the close of regular trading on The Nasdaq Capital Market on the valuation date fixed by the board of directors for each distribution (i.e., the payment date).

Portfolio Overview

As of April 30, 2026, our investment portfolio was comprised of investments in 81 issuers with a total fair value of $197.4 million, and a weighted-average effective yield of 11.64%, based on current amortized cost, consisting of:

As of April 30, 2026, our investment portfolio was comprised of broadly syndicated loan ("BSL") CLOs and middle-market loan CLOs with a total fair value of $193.6 million and $3.8 million, respectively. During the six months ended April 30, 2026, we received net proceeds of $26.1 million from the repayment and sale of investments, partially offset by investment purchases of $15.1 million. Investment purchases of $15.1 million consisted of $11.5 million of CLO equity investments, $3.1 million of loan accumulation facilities and a fee rebate of $0.5 million. These purchases had a weighted-average effective yield of 15.64% at April 30, 2026, based on the original purchase cost and the effective yield as of period end.

Loan and CLO Market Overview

Loan Market

The six month period ended April 30, 2026 was initially defined by a significant repricing environment for borrowers and sponsors given the lack of significant merger and acquisition activity. Strong CLO creation provided a technical tailwind to the loan market. However starting in January 2026, the technical backdrop started to fade due to the risk of potential AI disruption of software businesses, declining enterprise values, along with persistent inflation concerns, rising tensions in the Middle East and the U.S. Federal Reserve leadership transition. These factors contributed to a decrease in loan levels during the first half of our fiscal year. The Morningstar LSTA U.S. Leveraged Loan Index average bid price was $96.68 on November 1, 2025, and decreased to $95.31 on April 30, 2026, with a high of $96.76 on January 8, 2026, and a low of $94.17 on March 3, 2026.

Because software companies comprise approximately 13% of the LSTA U.S. Leveraged Loan Index, managers were reacting to lower loan prices, fears of ratings downgrades, and in turn, re-underwriting these loans. Loan price declines were most pronounced in late-February through early-March, spurred by these factors. However, into April, we observed signs of technical strength in the loan market due to satisfactory earnings profiles and signs of resilience in the U.S. economy. The first half of fiscal year 2026 ended with the average bid price on software loans at $88.03, compared to the rest of the market at $95.31.

During the six months ended April 30, 2026, issuers reported fourth quarter 2025 and first quarter 2026 earnings and, we noted an acceptable credit profile, with a focus on cost savings, margin sustainability, adoption of AI to enhance efficiency and raw material cost pass-throughs.

We also evaluated inflows/outflows from the two largest segments of the BSL market, CLOs and fund flows. For the six months ended April 30, 2026, CLO inflows totaled $89.5 billion, while fund outflows were $9.5 billion, resulting in net inflow of $80.0 billion. This compares to $98.6 billion of net inflows for the six-month period ending April 30, 2025.

Defaults, as reported by Morningstar U.S. Leveraged Loan Index (excluding distressed exchanges), were range-bound, starting at 1.46% on November 1, 2025 and ending at 1.34% on April 30, 2026. The high-tick during the six months ended April 30, 2026 was 1.46% on November 1, 2025 with a low-tick of 1.23% on December 31, 2025.

CLO Market

During the fourth quarter of 2025, CLO issuance rebounded, driving annual U.S. CLO volume to a new record of $208.8 billion, which surpassed the prior year. Collateral managers priced $55.3 billion of CLOs during the fourth quarter of 2025,

supported by lower debt spreads, elevated warehouse activity and sustained demand from a diversified investor base. Strong secondary market liquidity and continued reset and refinancing activity, which reached a record $337 billion during 2025, further reinforced confidence in the asset class.

CLO issuers entered 2026 with a modest pullback in activity as they assessed mounting risks from software-sector disruptions and broader macro and geopolitical uncertainty. While the sharp sell-off in software loans during the first quarter has not yet fully appeared in CLO portfolio sector allocations, managers are expected to adjust allocations in upcoming reporting periods. CLO issuances for the first three months of 2026 totaled $47.0 billion, slightly below the 2025 pace, reflecting the aforementioned risks and uncertainty. At the same time, volatility created relative-value opportunities, with managers selectively buying discounted assets to improve portfolio positioning amid tight arbitrage conditions. CLO issuance trends showed a continued dominance of BSL CLOs, which accounted for roughly 80% of activity, while middle-market CLO formation slowed as direct lenders and BDCs responded to rising credit stress. Investors have increasingly favored new-issue CLOs with lower tech exposure, while deterioration in portfolio metrics, including rising sub-80% price level loan exposure, has complicated reset economics. Meanwhile, elevated liquidations reflected ongoing deal calls due to a more cautious overall market environment.

New issue CLO demand weakened sharply in April 2026, with issuance falling to $5.7 billion, which was the slowest month since December 2023. Primary and secondary spread levels on CLO debt compressed to early 2026 levels, and, as a result, CLO managers shifted focus from new issuances to refinancings, resets and de-risking portfolios. In our opinion, the CLO market has seen further bifurcation in the lower rated mezzanine debt and equity tranches across CLOs, where newer, longer duration bonds with limited software and AI-related exposure are trading at tighter market levels, while shorter duration and tail risk bonds are trading notably wider to market.

Looking ahead, we are more positive on secondary CLO equity and mezzanine debt tranche opportunities, which could benefit from loan price volatility, and may offer more attractive relative value given wider levels as compared to the current primary market. However, we expect to be prudent with our capital allocation as we monitor our above-target leverage position.

About Our Adviser

We look forward to continuing this dialogue with you over the coming weeks and months and appreciate your continued support.

Chairman and Chief Executive Officer

This letter is intended to assist stockholders in understanding our performance during the six months ended April 30, 2026. The views and opinions in this letter were current as of April 30, 2026. Statements other than those of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties, including management's belief: that reset and refinancing transactions consummated during the quarter will extend and improve the cash flow streams of the affected securities; that secondary CLO equity and mezzanine debt tranche opportunities will benefit from loan price volatility and will offer more attractive relative value given wider levels as compared to the current primary market; that we will be prudent with our capital allocation as we monitor our above-target leverage position; regarding the expertise of the Company's adviser; and that the Company's commitment to strong, long-term performance is aligned with the Company's adviser who, together with affiliated parties, own 4.1% of the Company's common stock. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. Nothing herein should be relied upon as a representation regarding the future performance or portfolio holdings of the Company. We undertake no duty to update any forward-looking statement made herein.

The following table provides a reconciliation of GAAP (as defined below) net investment income to Core NII for the six months ended April 30, 2026:

[Not Part of the Semi-Annual Report]

This report is transmitted to the stockholders of OFS Credit Company, Inc. ("we," "us," "our," or the "Company") and is furnished pursuant to certain regulatory requirements. This report and the information and views herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with the Company or any of its affiliates. This report is provided for informational purposes only, does not constitute an offer to sell securities of the Company and is not a prospectus. From time to time, the Company may have a registration statement relating to one or more of its securities on file with the U.S. Securities and Exchange Commission ("SEC").

An investment in the Company is not appropriate for all investors. The investment program of the Company is speculative, entails substantial risk and includes investment techniques not employed by traditional mutual funds. An investment in the Company is not intended to be a complete investment program. Shares of closed-end investment companies, such as the Company, frequently trade at a discount from their net asset value ("NAV"), which may increase investors' risk of loss. Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of April 30, 2026. Nothing herein should be relied upon as a representation regarding the future performance or portfolio holdings of the Company. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Company's performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein.

About OFS Credit Company, Inc.

Investment Objectives and Strategies

We are a non-diversified, externally managed closed-end management investment company that has registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Our primary investment objective is to generate current income, with a secondary objective to generate capital appreciation. We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually as a regulated investment company under subchapter M of the Internal Revenue Code of 1986, as amended.

Under normal market conditions, we will invest at least 80% of our assets, or net assets plus borrowings, in floating rate credit-based instruments and other structured credit investments, including: (i) collateralized loan obligation ("CLO") debt and subordinated (i.e., residual or equity) securities; (ii) traditional corporate credit investments, including leveraged loans and high yield bonds; (iii) opportunistic credit investments, including stressed and distressed credit situations and long/short credit investments; and (iv) other credit-related instruments, which include securities issued by other securitization vehicles, such as credit-linked notes and collateralized bond obligations, or "CBOs", and synthetic investments, such as significant risk transfer securities and credit risk transfer securities issued by banks or other financial institutions ("80% Policy"). The 80% Policy is not a fundamental policy of the Company and may be changed by our board of directors (the "Board") on 60 days' notice to our stockholders. We define "credit" to consist primarily of the debt investments and instruments described in our 80% Policy.

The CLOs in which we invest, or intend to invest, are collateralized by portfolios consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors. As part of the 80% Policy, we may also invest in other securities and instruments that are related to these investments or that OFS Capital Management, LLC ("OFS Advisor") believes are consistent with our investment objectives, including senior debt tranches of CLOs and loan accumulation facilities. Loan accumulation facilities are short-to-medium-term facilities often provided by the bank that will serve as the placement agent or arranger on a CLO transaction. Investments in loan accumulation facilities have risks similar to those applicable to investments in CLOs. Loan accumulation facilities typically incur leverage between three- and six-times equity prior to a CLO's pricing. The amount that we invest in these other securities and instruments may vary from time to time and, as such, may constitute a material part of our portfolio on any given date, all as based on OFS Advisor's assessment of prevailing market conditions. The CLO securities in which we will primarily seek to invest are unrated or rated below investment grade and are considered speculative with respect to timely payment of interest and repayment of principal. Unrated and below investment grade securities are also sometimes referred to as "junk" securities. In addition, the CLO equity and subordinated debt securities in which we will, or intend to, invest are highly leveraged (with CLO equity securities typically being leveraged 9 to 13 times), which magnifies our risk of loss on such investments.

These investment objectives are not fundamental policies of ours and may be changed by our Board on 60 days' notice to our stockholders.

Investment Restrictions

Our investment objectives and our investment policies and strategies, except for the seven investment restrictions designated as fundamental policies under this caption, are not fundamental and may be changed by the Board without stockholder approval.

The following seven investment restrictions are designated as fundamental policies and as such cannot be changed without the approval of the holders of a majority of our outstanding voting securities:

Principal Risks

For a description of the principal risks associated with an investment in us, please refer to Note 10 to the Financial Statements, "Principal Risks".

Forward-Looking Statements

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to make new investments, certain margins and levels of profitability and the availability of additional capital on favorable terms. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in "Summary Risk Factors" in this report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including Annual and Semi-Annual Reports on Form N-CSR and monthly portfolio investments reports filed on Form N-PORT for the third month of each of our fiscal quarters.

PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS (Unaudited)

Our common stock is traded on The Nasdaq Capital Market under the symbol "OCCI." The following table sets forth, for each fiscal quarter during the last two fiscal years and each full fiscal quarter since the beginning of the current fiscal year, the NAV per share of our common stock, the intraday high and low sales prices for our common stock, such sales prices as a percentage of NAV per share, and quarterly distributions per common share. Since our initial public offering, shares of our common stock have traded at a discount and at a premium to the net assets attributable to those shares. As of June 2, 2026, our shares of common stock traded at a discount equal to approximately 11.3% of our NAV per share as of April 30, 2026. It is not possible to predict whether our common stock will trade at, above, or below NAV.

FEES AND EXPENSES (Unaudited)

The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly as a stockholder. However, we caution you that some of the percentages indicated in the table below are estimates and may vary. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown.

Example*

The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in us. In calculating the following expense amounts, we assumed we would maintain the leverage as set forth above and that our operating expenses would remain at the levels set forth in the table above.

As of April 30, 2026

The information below is presented on a look-through basis to the portfolios of the CLO investments held by the Company as of April 30, 2026, and reflects the aggregate underlying principal exposure of the combined portfolio of those investments. The data is estimated and unaudited and is derived from third party sources based on reported information available as of April 30, 2026.

Summary of Certain Portfolio Characteristics (Unaudited)

As of April 30, 2026

The credit ratings distribution of the underlying obligors on a look-through basis to the portfolios of the Company's CLO investments and other unrated investments reported as of April 30, 2026 is provided below:

The maturity distribution of the underlying obligors on a look-through basis to the portfolios of the Company's CLO investments and other unrated investments reported as of April 30, 2026 is provided below:

OFS Credit Company, Inc.

See Notes to Financial Statements (Unaudited).

OFS Credit Company, Inc.

See Notes to Financial Statements (Unaudited).

OFS Credit Company, Inc.

See Notes to Financial Statements (Unaudited).

OFS Credit Company, Inc.

See Notes to Financial Statements (Unaudited).

OFS Credit , Inc.

Schedule of Investments

As of April 30, 2026

(Unaudited)

OFS Credit Company, Inc.

Schedule of Investments

As of April 30, 2026

(Unaudited)

OFS Credit Company, Inc.

Schedule of Investments

As of April 30, 2026

(Unaudited)

OFS Credit Company, Inc.

Schedule of Investments

As of April 30, 2026

(Unaudited)