FSCO – Fund page

FSCO – Fund page

Home > All investments > Closed-end funds > FSCO

FS Credit Opportunities Corp.     NYSE: FSCO

NAV data as of 12/02/2022

Daily NAV1

$6.55

Daily NAV change ($)

$0.01

Premium/discount to NAV (%)2

-23.46%

Market price as of 12/02/2022

Daily market price

$5.01

Daily market price change ($)

$0.03

Market dividend yield (%)3

10.18%

Past performance is not a guarantee of future results. Effective March 23, 2022, the Company has been renamed FS Credit Opportunities Corp. Prior to that date, the Company operated under the name FS Global Credit Opportunities Fund.

View important footnotes + disclosures

  • FSCO’s net asset value (NAV) per common share as of the date indicated is the NAV determined by FSCO for purposes of complying with the requirements of Section 23(b) of the Investment Company Act of 1940, as amended, and has not been approved by FSCO’s board of directors. FSCO’s NAV per common share may increase or decrease in the future and any such change may be material.

  • The amount the Fund is trading above or below the reported NAV expressed as a percentage of NAV. When the Fund’s closing price is greater than the Fund’s NAV, it is said to be trading at a “Premium” and the percentage is expressed as a positive number. When the Fund’s closing price is less than the Fund’s NAV, it is said to be trading at a “Discount” and the percentage is expressed as a negative number. Closing price is determined using the last traded price on the NYSE and NAV is calculated daily.

  • The annual distribution rate an investor would receive if the most recent Fund distribution and current Fund price stayed the same going forward. It is calculated by annualizing the most recent distribution and dividing by the Fund’s market price from the as-of-date.

A dynamic credit strategy investing across public and private markets


Performance as of 10/31/2022

FUND_ID AS_OF_DATE NAME FREQUENCY MTD QTD YTD 1YR 3YR 5YR 10YR Since inception Since listing
FSCO 06/30/2022 MV MONTH 0.00 0.00 0.00 0.00 0.00 0.00 0 0.00 0
FSCO 10/31/2022 NAV MONTH -1.50 -1.50 -9.90 -9.60 3.00 3.70 0 3.70 0
name 2013 2014 2015 2016 2017 2018 2019 2020 2021 fundId charge
FSCO 0.65% -2.94% -11.37% 26.66% 2.96% 8.29% 6.58% 4.82% 11.90% FSCO 0

Past performance is not a guarantee or a reliable indicator of future results. An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Shares may be worth more or less than original purchase price. Current performance may be lower or higher than the performance shown. Returns are calculated by determining the percentage change in NAV or market price (as applicable) in the specific period. The calculation assumes that all dividends and distributions, if any, have been reinvested. NAV and market price returns do not reflect broker sales charges, commissions or dealer manager fees, as applicable, in connection with the purchase or sales of Fund shares and includes the effect of any expense reductions. Returns for a period of less than one year are not annualized. Returns for a period of more than one year represents the average annual return. Performance at market price will differ from results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the fund, market conditions, supply and demand for the fund’s shares or changes in fund dividends and distributions.

On December 14, 2020, FS Global Credit Opportunities Fund–A (FSGCO–A), FS Global Credit Opportunities Fund–ADV (FSGCO–ADV), FS Global Credit Opportunities Fund–D (FSGCO–D), FS Global Credit Opportunities Fund–T (FSGCO–T), and FS Global Credit Opportunities Fund–T2 (FSGCO–T2) (the Funds) merged into FS Global Credit Opportunities Fund (FSGCO). On March 23, 2022, the Fund was renamed FS Credit Opportunities Corp. (FSCO). Performance for shareholders who initially invested in the Funds would differ based on fees. Shareholder Returns do not include selling commissions and dealer manager fees, which could have totaled up to 8% of FSGCO–A’s public offering price, up to 2% of FSGCO–D’s public offering price, up to 4% of FSGCO–T’s public offering price, and up to 4% of FSGCO–T2’s public offering price. Had such selling commissions and dealer manager fees been included, performance would be lower. Market conditions may cause the actual values to be more or less than the values shown.

FSCO’s total operating expenses as a percentage of average net assets was 5.58% for the year ended December 31, 2021.


Recent dividends history

Fund Ex date Payable date Dividend ($/Share) Dividend type
FSCO Master Fund Distribution Resolution 10/18/2022 10/20/2022 0.04250 Ordinary distribution
FSCO Master Fund Distribution Resolution 11/28/2022 12/02/2022 0.04250 Ordinary distribution
FSCO Master Fund Distribution Resolution 12/22/2022 12/30/2022 0.04945 Ordinary distribution

The amount and timing of future dividends beyond December 2022 remains subject to the approval of the board of directors; however, at this time we do not expect a change to the dividend amount.

View important disclosures

The payment of future dividends on FSCO’s common shares is subject to the discretion of FSCO’s board of directors and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such future dividends.

Portfolio highlights as of 06/30/2022

$2.1B

Total AUM

85

Portfolio companies

64%

Floating rate assets1

81%

Senior secured debt2

25.4%

Top 10 holdings

1.18 years

Average duration3

Portfolio4 as of 06/30/2022

Asset type

FUND_ID AS_OF_DATE TYPE NAME FREQUENCY SUBTYPE VALUE SORT_ORDER
FSCO 06/30/2022 Asset Type Asset Type DAILY Asset-based finance 7 5
FSCO 06/30/2022 Asset Type Asset Type DAILY Senior secured bonds 19 3
FSCO 06/30/2022 Asset Type Asset Type DAILY Subordinated debt 5 4
FSCO 06/30/2022 Asset Type Asset Type DAILY Senior secured loans - 1st lien 53 1
FSCO 06/30/2022 Asset Type Asset Type DAILY Senior secured loans - 2nd lien 9 2
FSCO 06/30/2022 Asset Type Asset Type DAILY Equity/other 7 6

Industry

FUND_ID AS_OF_DATE TYPE NAME FREQUENCY SUBTYPE VALUE SORT_ORDER
FSCO 06/30/2022 Industries Industries DAILY Capital Goods 11 3
FSCO 06/30/2022 Industries Industries DAILY Automobiles & Components 4 9
FSCO 06/30/2022 Industries Industries DAILY Transportation 4 10
FSCO 06/30/2022 Industries Industries DAILY Consumer Services 13 1
FSCO 06/30/2022 Industries Industries DAILY Commercial & Professional Services 10 4
FSCO 06/30/2022 Industries Industries DAILY Pharmaceuticals, Biotechnology & Life Sciences 5 8
FSCO 06/30/2022 Industries Industries DAILY Health Care Equipment & Services 11 2
FSCO 06/30/2022 Industries Industries DAILY Retailing 7 7
FSCO 06/30/2022 Industries Industries DAILY Energy 9 5
FSCO 06/30/2022 Industries Industries DAILY Diversified Financials 9 6

Top 10 holdings

FUND_ID AS_OF_DATE TYPE NAME FREQUENCY SUBTYPE VALUE SORT_ORDER
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY Nelson Global Products 2.3 7
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY Cresco Labs Inc 2.6 4
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY Trico Group LLC 2.2 8
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY Monitronics International Inc 3.6 1
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY Total Top 10 Holdings 25.4 11
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY United Gaming LLC 2.1 9
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY Medify Air, LLC 3.0 3
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY Everberg Penn Foster Holdings, LLC 3.0 2
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY Salt Creek Aggregator Holdco LLC 2.0 10
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY JW Aluminum Co 2.3 6
FSCO 06/30/2022 Top 10 Holdings Top 10 Holdings DAILY Lifescan Global Corporation 2.5 5

Characteristics

FUND_ID AS_OF_DATE TYPE NAME FREQUENCY SUBTYPE VALUE SORT_ORDER
FSCO 06/30/2022 Characteristics Characteristics DAILY Floating rate assets 64% 0
FSCO 06/30/2022 Characteristics Characteristics DAILY Duration 1.18 years 0
FSCO 06/30/2022 Characteristics Characteristics DAILY Senior secured debt 81% 0
FSCO 06/30/2022 Characteristics Characteristics DAILY Assets under management $2.1B 0
FSCO 06/30/2022 Characteristics Characteristics DAILY Total portfolio companies 85 0

View important disclosures

  • Based on fair value as of June 30, 2022. Includes floating rate assets on a look-through basis within the FSCO’s Asset Based Finance investments.
  • Based on fair value as of June 30, 2022. Senior secured debt includes first lien loans, second lien loans and senior secured bonds.
  • As of June 30, 2022. Includes all debt investments. Duration measures the sensitivity of a fixed income investment’s price to changes in interest rates and is measured in years. A duration of 1.18 years suggests that a 1% rise in interest rates would equate to a 1.18% decline in FSCO’s NAV and vice versa as rates fall.
  • These percentages may change over time depending on market conditions. Asset type, Industry and Top 10 holdings are as a percent of fair value.

Portfolio managers

Andrew Beckman

Head of Liquid Credit & Special Situations

26 years of experience

Nicholas Heilbut

Portfolio Manager, Director of Research, Liquid Credit & Special Situations

24 years of experience

Key facts

Objective

Generate an attractive total return with a secondary objective of capital preservation

Structure

Closed-end fund

Advisor

FS Global Advisor, LLC, an affiliate of FS Investments

Liquidity

Daily via NYSE

Tax reporting

Form 1099-DIV

Dividend frequency2

Monthly

Ticker

FSCO

CUSIP

30290Y101

Inception date1

12/12/2013

Listing date

11/14/2022

Total annual operating expenses

5.58%

View important disclosures

  • On December 14, 2020, FS Global Credit Opportunities Fund–A (FSGCO–A), FS Global Credit Opportunities Fund–ADV (FSGCO–ADV), FS Global Credit Opportunities Fund–D (FSGCO–D), FS Global Credit Opportunities Fund–T (FSGCO–T), and FS Global Credit Opportunities Fund–T2 (FSGCO–T2) (the Funds) merged in to FS Global Credit Opportunities Fund (FSGCO). On March 23, 2022, the Company was renamed FS Credit Opportunities Corp. (FSCO). The inception dates for the Funds are FSGCO–A: 12/12/2013, FSGCO–ADV: 7/6/2016, FSGCO–D: 12/12/2013, FSGCO–T: 6/1/2016 and FSGCO–T2: 8/2/2017. The Funds closed to new investors on the following dates FSGCO–A: 4/27/2016, FSGCO–ADV: 10/11/2017, FSGCO–D: 4/27/2016, FSGCO–T: 6/1/2016 and FSGCO–T2: 10/11/2017.
  • The payment of future dividends on FSCO’s common shares is subject to the discretion of FSCO’s board of directors and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such future dividends.


Contact information

Institutional investors

Robert Paun

robert.paun@fsinvestments.com

917-338-5074

Media contact

Melanie Hemmert

media@fsinvestments.com

215-309-6843

Risk factors and definitions

FS Credit Opportunities Corp. (FSCO or the Company) is a non-diversified, closed-end management investment company that carries out the investment strategies generally described herein. An investment in FSCO involves a high degree of risk and may be considered speculative. The following are some of the risks an investment in the Shares involves; however, investors should carefully consider all of the risks discussed in FSCO’s reports filed with the SEC before deciding to invest in the Shares.

  • Shareholders of the Company (the Shareholders) should consider that an investment in the shares of common stock of the Company (the Shares) may result in loss in principal.
  • When a Shareholder sells their Shares, the Shareholder may receive less than their purchase price and the then-current net asset value, or NAV, per Share.
  • Shares of closed-end funds frequently trade at a discount to NAV and this creates a risk of loss for investors who purchased Shares at the time of listing on the New York Stock Exchange (the Listing). This risk is separate and distinct from the risk that FSCO’s NAV will decrease.
  • Following the Listing, certain directors and officers of the Company and its affiliates expect to make commitments to an investment fund that is currently intended to be established to invest from time to time in the Shares. The investment fund would be managed by a third party and the Company-related investors would not exercise investment or voting control over the investment fund. There can be no assurances that the investment fund will be established, and if it is, the amount or timing of any purchases of the Shares.
  • FSCO’s distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to FSCO for investment. Any capital returned to Shareholders through distributions will be distributed after payment of fees and expenses, as well as the sales load.
  • FSCO’s previous distributions to Shareholders were funded in significant part from the reimbursement of certain expenses, including through the waiver of certain investment advisory fees, and additional support payments that may be subject to repayment to FSCO’s affiliate, Franklin Square Holdings, L.P. (FS Investments), and FSCO’s future distributions may be funded from such waivers, reimbursements or payments. Significant portions of these distributions were not based on FSCO’s investment performance and such waivers, reimbursements and payments by FS Investments may not continue in the future. If FS Investments had not agreed to reimburse certain of FSCO’s expenses, including through the waiver of certain advisory fees payable by FSCO, and provide additional support payments, significant portions of FSCO’s distributions would have come from offering proceeds or borrowings. The repayment of any amounts owed to FS Investments will reduce the future distributions to which the Shareholders would otherwise be entitled.
  • FSCO’s investments in securities and other obligations of companies that are experiencing distress involve a substantial degree of risk, require a high level of analytical sophistication for successful investment and require active monitoring.
  • FSCO’s investments in various types of debt securities and instruments may be secured, unsecured, rated or unrated, are subject to non-payment risk, and may be speculative in nature.
  • Below investment grade instruments (commonly referred to as “high yield” securities or “junk bonds”) may be particularly susceptible to economic downturns, which could cause losses.
  • FSCO may invest in illiquid and restricted securities that may be difficult to dispose of at a fair price.
  • FSCO’s use of leverage could result in special risks for the Shareholders and can magnify the effect of any losses.
  • Investments in certain securities or other instruments of non-U.S. issuers or borrowers may involve factors not typically associated with investing in the United States or other developed countries.
  • Securities or other instruments of non-U.S. securities may be traded in underdeveloped, inefficient and less liquid markets and may experience greater price volatility, illiquidity and changes in value.
  • FS Global Advisor, LLC and certain of its affiliates may experience conflicts of interest in connection with the management of FSCO.
  • FSCO seeks to achieve its investment objectives by focusing on a limited number of opportunities across the investment universe.
  • The global outbreak of COVID-19 (commonly known as the coronavirus) has caused volatility, severe market dislocations and liquidity constraints in many markets, including securities FSCO holds, and may adversely affect FSCO’s investments and operations. Such impacts may adversely affect the performance of FSCO’s investments and FSCO.
  • The national and global political environment, including foreign relations and trading policies, as well as the impact of Russia’s invasion of Ukraine and related sanctions, and potential retaliatory actions may adversely affect the performance of FSCO’s investments and FSCO.
  • We expect that the current market conditions may have a lasting and, in some instances, permanent impact on some of our portfolio companies as they struggle to meet covenant obligations and face insolvency in future periods. Poor performance or insolvency of our portfolio companies could have a material adverse impact on our financial condition and results of operations.

Search our site