FSCO | FS Credit Opportunities Corp.

FSCO | FS Credit Opportunities Corp.

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FS Credit Opportunities Corp.     NYSE: FSCO

NAV data as of 11/20/2024

Daily NAV1

$7.07

Daily NAV change ($)

$0.00

Premium/discount to NAV (%)2

-7.17%

Market price as of 11/20/2024

Daily market price

$6.56

Daily market price change ($)

$-0.03

Market dividend yield (%)3

10.98%

As of 11/20/2024

Total shares outstanding

198,355,867

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.

Q2 2024 earnings results

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Earnings call replay

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Fund commentary

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Fund update

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Presentation

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Previous events

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A dynamic credit strategy investing across public and private markets

Performance as of 06/30/2024

FUND_ID AS_OF_DATE NAME FREQUENCY MTD QTD YTD 1YR 3YR 5YR 10YR Since inception LTD
FSCO 06/30/2024 NAV MONTH 1.48 2.75 8.67 18.21 6.34 7.03 5.25 5.70 0
name 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 fundId charge
FSCO 0.65% -2.94% -11.37% 26.66% 2.96% 8.29% 6.58% 5.49% 11.90% -10.69% 20.11% 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 8.3% for the year ended December 31, 2023.

Recent distributions history

Payable date Record date Distribution ($/Share) Distribution type1,2
11/29/2024 11/21/2024 $0.06 Anticipated ordinary distribution
10/31/2024 10/24/2024 $0.06 Ordinary distribution
9/30/2024 9/23/2024 $0.06 Ordinary distribution
8/30/2024 8/23/2024 $0.06 Ordinary distribution
7/31/2024 7/24/2024 $0.06 Ordinary distribution
6/28/2024 6/21/2024 $0.06 Ordinary distribution
5/31/2024 5/23/2024 $0.06 Ordinary distribution
4/30/2024 4/23/2024 $0.06 Ordinary distribution
3/28/2024 3/21/2024 $0.06 Ordinary distribution
2/29/2024 2/22/2024 $0.05700 Ordinary distribution
1/31/2024 1/24/2024 $0.05700 Ordinary distribution
12/29/2023 12/21/2023 $0.05700 Ordinary distribution
11/30/2023 11/21/2023 $0.05700 Ordinary distribution
10/31/2023 10/23/2023 $0.05700 Ordinary distribution
09/29/2023 09/22/2023 $0.05700 Ordinary distribution
08/31/2023 08/23/2023 $0.05700 Ordinary distribution
07/31/2023 07/21/2023 $0.05700 Ordinary distribution
06/30/2023 06/22/2023 $0.04945 Ordinary distribution
05/31/2023 05/23/2023 $0.04945 Ordinary distribution
04/28/2023 04/24/2023 $0.04945 Ordinary distribution
03/31/2023 03/23/2023 $0.04945 Ordinary distribution

View important disclosures

The payment of future distribution 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 distribution.

Portfolio highlights as of 06/30/2024

$2.1B

Total AUM

84

Portfolio companies

62%

Floating rate assets1

83%

Senior secured debt2

26.9%

Top 10 holdings

0.8

Years average duration3

Portfolio4 as of 06/30/2024

Asset type

FUND_ID AS_OF_DATE TYPE NAME FREQUENCY SUBTYPE VALUE SORT_ORDER
FSCO 06/30/2024 Asset Type Asset Type DAILY Subordinated debt 4 4
FSCO 06/30/2024 Asset Type Asset Type DAILY Asset-based finance 4 5
FSCO 06/30/2024 Asset Type Asset Type DAILY Equity/other 9 6
FSCO 06/30/2024 Asset Type Asset Type DAILY Senior secured loans - 1st lien 64 1
FSCO 06/30/2024 Asset Type Asset Type DAILY Senior secured loans - 2nd lien 4 2
FSCO 06/30/2024 Asset Type Asset Type DAILY Senior secured bonds 15 3

Industry

FUND_ID AS_OF_DATE TYPE NAME FREQUENCY SUBTYPE VALUE SORT_ORDER
FSCO 06/30/2024 Industries Industries DAILY Consumer Discretionary Distribution & Retail 5 7
FSCO 06/30/2024 Industries Industries DAILY Materials 5 9
FSCO 06/30/2024 Industries Industries DAILY Pharmaceuticals, Biotechnology & Life Sciences 5 8
FSCO 06/30/2024 Industries Industries DAILY Consumer Durables & Apparel 7 6
FSCO 06/30/2024 Industries Industries DAILY Other 22 11
FSCO 06/30/2024 Industries Industries DAILY Commercial & Professional Services 10 2
FSCO 06/30/2024 Industries Industries DAILY Capital Goods 8 4
FSCO 06/30/2024 Industries Industries DAILY Financial Services 8 5
FSCO 06/30/2024 Industries Industries DAILY Health Care Equipment & Services 10 3
FSCO 06/30/2024 Industries Industries DAILY Transportation 4 10
FSCO 06/30/2024 Industries Industries DAILY Consumer Services 16 1

Top 10 holdings

FUND_ID AS_OF_DATE TYPE NAME FREQUENCY SUBTYPE VALUE SORT_ORDER
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY TCFIII Owl Finance LLC 2.6 4
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY New Giving Acquisition, Inc. 4.0 1
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY North Atlantic Imports, LLC 3.0 3
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY JW Aluminum Co. 2.2 10
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY Super Rego, LLC 2.5 5
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY United Gaming LLC 2.3 7
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY Neovia Logistics, LP 2.2 8
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY Electrical Components International, Inc. 2.3 6
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY Penn Foster Inc. 2.2 9
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY Monitronics International, LLC 3.6 2
FSCO 06/30/2024 Top 10 Holdings Top 10 Holdings DAILY Total Top 10 26.9 11

Characteristics

FUND_ID AS_OF_DATE TYPE NAME FREQUENCY SUBTYPE VALUE SORT_ORDER
FSCO 06/30/2024 Characteristics Characteristics DAILY Senior secured debt 83% 0
FSCO 06/30/2024 Characteristics Characteristics DAILY Duration 0.8 0
FSCO 06/30/2024 Characteristics Characteristics DAILY Total portfolio companies 84 0
FSCO 06/30/2024 Characteristics Characteristics DAILY Floating rate assets 62% 0
FSCO 06/30/2024 Characteristics Characteristics DAILY Assets under management $2.1B 0

View important disclosures

  • Based on fair value as of June 30, 2024. 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, 2024. Senior secured debt includes first lien loans, second lien loans and senior secured bonds.
  • As of June 30, 2024. 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 0.9 years suggests that a 1% rise in interest rates would equate to a 0.8% 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 FS Global Credit

27 years of experience

View profile

Nicholas Heilbut

Portfolio Manager, Director of Research, FS Global Credit

26 years of experience

View profile
Learn about the FS Global Credit team

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

Distribution frequency2

Monthly

Ticker

FSCO

CUSIP

30290Y101

Inception date1

12/12/2013

Listing date

11/14/2022

Total annual operating expenses

7.5%

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 distributions 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 distributions.

Investor relations

Fund materials

Quarterly update  
Quarterly commentary  
Q2 2024 Earnings presentation  
Fund video  
FS Global Credit team  
See all fund resources  

SEC filings + reports

Annual report  
Semi-annual report  
First quarter report  
Third quarter report  
Form N-PX report  
See all SEC filings  

Tax information

View tax information  

Corporate governance

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Events + presentations

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News

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Contact information

Institutional investors

Joe Montelione

joseph.montelione@fsinvestments.com

(215) 220-6330

Media contact

Sarah Hilferty

media@fsinvestments.com

(215) 261-7510

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. Investors may obtain a copy of these filings free of charge at www.fsinvestments.com or by contacting FS Investments at 201 Rouse Boulevard, Philadelphia, PA 19112 or by phone at 877-628-8575.

  • 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 (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.
  • 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.
  • Senior secured debt is backed by a borrower’s assets or cash flows and has the highest repayment priority. However, rising interest rates can increase loan defaults, and there’s no guarantee of full repayment after a default, especially if collateral values drop. Additionally, security for these investments may not be recognized if required filings are not made, which may affect priority over other creditors.
  • 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.
  • FSCO may invest in subordinated debt, which is subordinated in payment and/or lower in lien priority relative to first lien holders, and in the event of a default on such subordinated debt, first lien holders would have a first claim to the underlying collateral.
  • Below investment grade instruments (commonly referred to as “high yield” securities or “junk bonds”) may be particularly susceptible to economic recessions or 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.
  • Certain local, regional or global events such as war (including Russia’s invasion of Ukraine and the Israel-Hamas war), acts of terrorism, the spread of infectious illnesses and/or other public health issues, or other events may have a significant impact on a security or instrument and may adversely affect the performance of FSCO’s investments and FSCO.
  • Inflation increased substantially in 2022, and the Federal Reserve raised interest rates several times through 2024 to, among other things, control inflation. Elevated levels of inflation, and Federal Reserve rate increases to control inflation, may adversely affect the performance of FSCO’s investments and FSCO.
  • Future economic recessions or downturns could impair our portfolio companies and harm our operating results.

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