OCCI - OFS Credit Company

What this means for you

Herzfeld owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Oct 16, 2026

   The fund said it will repay some borrowed money on Nov 30, 2026.

   Original document →

2. Oct 16, 2026

   The fund said it may sell new shares.

   Original document →

3. Oct 16, 2026

   The fund said it will repay some borrowed money on Nov 16, 2026.

   Original document →

4. Sept 29, 2026

   The fund said it will repay some borrowed money on Oct 30, 2026.

   Original document →

5. Sept 15, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by OFS Capital Management, LLC. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $98 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 48% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 98% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 6.8% a year in management fees; 14.1% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 89 charge a lower management fee and 88 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $120 in the first year and about $867 over 10 years, assuming the holdings return 5% a year. As of April 30, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $1.38 a share. $0.57 of that was income; $0.81 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $5.46. The shares traded at $4.82, about 11.7% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 29.6% below to 23.7% above. As of April 30, 2026, from the fund's annual report. Original document →
• How the holdings did: down 17.3% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2017.

How this has changed

• Payouts per share: $1.38 in the fiscal year ended Oct 31, 2025; $1.26 in the year ended Oct 31, 2024; $2.20 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.81 in the year ended Oct 31, 2025; none in the year ended Oct 31, 2024; $0.32 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 13.31% a year in the fiscal year ended Oct 31, 2025; 12.2% a year in the year ended Oct 31, 2024; 13.12% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $153 million at Oct 31, 2025; $149 million at Oct 31, 2024; $120 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 44% on top of its own money at Oct 31, 2025; 38% at Oct 31, 2024; 35% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned -14.2%, counting payouts; the holdings -4.3%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +37.8%, counting payouts; the holdings +14.6%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -16.4%, counting payouts; the holdings -2.3%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -13.6%, counting payouts; the holdings -12.3%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +60.7%, counting payouts; the holdings +40.4%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +37.2%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $13,700 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: -46.3%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 59 funds that invest in bonds with a fiscal year ending within six months of this one, 55 reported a higher share return for that year and 3 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All other holdings (100%).

1. Kllm 2024-14A Sub, Kennedy Lewis CLO 14 Ltd. (F/K/A Generate CLO 14 Ltd.) - 9.7%
2. Apexc 2025-13A Sub, Apex Credit CLO 13 Ltd. - 8.6%
3. Eaton 2019-1A, Eaton Vance CLO 2019-1, Ltd. - 8.1%
4. Woods 2018-11BA, Northwoods Capital XI-B, Limited - 7.8%
5. Alleg 2025-2A Sub, Allegro CLO XVII, Ltd. - 6.8%
6. Ares 2024-74A, Ares LXXIV CLO Ltd. - 6.1%
7. Pkblu 2023-3A Sub, Park Blue CLO 2023-3, Ltd. - 6%
8. Empwr 2025-1A Sub, Empower CLO 2025-1, Ltd. - 5.9%
9. Drslf 2020-83A, Dryden 83 CLO, Ltd. - 5.6%
10. Nmc CLO-2A Sub, New Mountain CLO 2 Ltd. - 5.6%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →