FSCO - FS Credit Opportunities Corp.

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. May 14, 2026

   Apollo Management Holdings GP, LLC sold down below 5% of the fund's preferred shares and stopped reporting.

   Original document →

2. March 6, 2026

   Massachusetts Mutual Life Insurance Company raised its stake to 32.5% of the fund's preferred shares (from 26.3%), not the common shares most holders own.

   Original document →

3. Feb 13, 2026

   Apollo Management Holdings GP, LLC filed an updated notice; it still owns 6.3% of the fund's preferred shares, not the common shares most holders own.

   Original document →

4. Feb 12, 2026

   Blue Owl Capital Holdings LP sold down below 5% of the fund's preferred shares and stopped reporting.

   Original document →

5. Nov 14, 2025

   Apollo Management Holdings GP, LLC filed an updated notice; it still owns 6.3% of the fund's preferred shares, not the common shares most holders own.

   Original document →

About this fund

• Run by FS Global Advisor, LLC. Part of the Future Standard fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $1.44 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 36% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 50% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 2% a year in management fees; 7% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 80 charge a lower management fee and 81 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.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.80 a share, all of it 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 Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $7.11. The shares traded at $6.30, about 11.4% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 4% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2013.

How this has changed

• Payouts per share: $0.80 in the fiscal year ended Dec 31, 2025; $0.71 in the year ended Dec 31, 2024; $0.64 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 7.01% a year in the fiscal year ended Dec 31, 2025; 7.91% a year in the year ended Dec 31, 2024; 8.28% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $1.44 billion at Dec 31, 2025; $1.42 billion at Dec 31, 2024; $1.37 billion at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 33% on top of its own money at Dec 31, 2025; 39% at Dec 31, 2024; 34% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 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 Dec 31, 2025: the shares returned +3.7%, counting payouts; the holdings +10.9%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +34.7%, counting payouts; the holdings +14.3%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +36.6%, counting payouts; the holdings +20.1%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned +7.2%, counting payouts; the holdings -10.7%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the holdings returned +11.9%; the report gives no share return. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those four years together: the shares returned +104.4%. $10,000 of shares bought at the start (Jan 1, 2022) would have become about $20,400 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +8.7%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 75 funds that invest in bonds with a fiscal year ending within six months of this one, 52 reported a higher share return for that year and 22 a lower one. As of Dec 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

Mostly loans (84%), the rest shares, bonds and cash and short-term holdings. About 95% issued in the U.S.

1.4% of holdings are in default.

1. New Giving Acquisition - 4.7%
2. Neovia Logistics Services LLC 2022 Term Loan A - 3.8%
3. Cash and short-term - 3.5%
4. Powerhouse Intermediate LLC 2022 Term Loan B - 3%
5. Core Health & Fitness LLC Term Loan - 2.8%
6. Massiv Brands LLC Fixed PIK Term Loan - 2.7%
7. TravelPro Products Inc Term Loan - 2.4%
8. Monitronics International Inc 2023 Exit Term Loan - 2.4%
9. Guitar Center - 2.3%
10. Accupac LLC 2024 Term Loan - 2.2%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →