FS Credit Opportunities Corp. · NYSE:FSCO
FS Credit Opportunities — Investor Presentation (May 2022)
15 slides from FS Credit Opportunities's investor presentation, May 6, 2022
Slide 1: FS Credit Opportunities Corp. Overview and listing preparations
FS Credit Opportunities Corp. Overview and listing preparations May 2022 Exhibit 99.2
Slide 2: Agenda
1 FS Credit Opportunities Corp. (FSCO) listing overview 2 Why a listing makes sense now 3 Listing considerations 4 Timeline of key events 5 Investor resources Agenda
Slide 3: FS Credit Opportunities Corp. listing overview
FS Credit Opportunities Corp. listing overview Company name On March 23, 2022, in preparation for the listing, the Fund was converted from a Delaware statutory trust into Maryland corporation and was renamed FS Credit Opportunities Corp Ticker symbol: FSCO Expected timeline April 28: filed a definit
Slide 4: Why a listing makes sense now
A direct listing provides compelling benefits to existing shareholders All figures as of December 31, 2021 unless otherwise denoted. Source: Wells Fargo FS Investments’ Liquid Credit & Special Situations Group took over all portfolio management responsibilities of FSCO in January 2018. The actual di
Slide 5: Strong performance since change in management team
Strong performance since change in management team FS Liquid Credit & Special Situations Group took over management responsibilities in January 2018 2018–2021: FS Investments sole portfolio manager2 Growth of $100,000 2013–2017: Adviser / Sub-Adviser management1 Growth of $100,000 Past performance d
Slide 6: Key considerations for the listing
Key considerations for the listing Direct listing vs. IPO Current NAV vs. public share price FSCO vs. public peers
Slide 7: What is the difference between a direct listing and IPO?
What is the difference between a direct listing and IPO? FSCO’s direct listing Initial public offering (IPO) Initial trading price Market-driven (supply & demand) Set price prior to listing New shares issued No Yes New capital raised by company No Yes Road shows with new potential investors Yes Yes
Slide 8: Prior listings in perspective
Valuations and stock prices have generally increased after initial downward pressure Price-to-book value (indexed) Daily trading volume as % of shares outstanding Source: Factset, Bloomberg, company filings. Analysis represents average performance of RiverNorth Specialty Finance Corporation (RSF), V
Slide 9: Supply and demand will determine FSCO's share price at listing
Supply and demand will determine FSCO’s share price at listing Price-to-book values based on a range of potential share prices at listing As of February 28, 2022. Implied loss rate refers to the immediate decline in net asset value necessary to equate to the price-to-book value based on the range of
Slide 10: FSCO has significant scale vs. peers
Fund size by total assets under management ($ millions) Source: Company filings. As of latest publicly available information. FSCO, BGB and KIO AUM is as of December 31, 2021. ARDC and AIF AUM is as of January 31, 2021. FSCO is FS Credit Opportunities Corp. BGB is Blackstone Strategic Credit Fund. A
Slide 11: FSCO offers attractive, fully-funded distribution
Dividend yield based on net asset value Annualized net investment income as % of last reported dividend1 Dividend coverage Net investment income as % of most recent distribution1,2 As of February 25, 2022. AIF is Apollo tactical Income Fund. ARDC is Ares Dynamic Credit Allocation Fund. BGB is Blacks
Slide 12: Timeline of key events
Early May Process Q1 tenders Seek shareholder approval of listing-related proposals Timeline of key events Note: Subject to shareholder approval, board approval and the satisfaction of other customary conditions. 1. Upon the completion of the listing, and subject to board approval, the Fund intends
Slide 13: Investor resources
Investor resources www.fsproxy.com FAQs SEC filings ? Press Releases Presentation
Slide 14: Forward-looking statements
FORWARD-LOOKING STATEMENTS Statements included herein may constitute “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litiga
Slide 15: Important information
IMPORTANT INFORMATION The Company, its directors and certain of its officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the matters to be considered at the Company’s 2022 annual meeting (the “2022 Annual Meeting”). On April 28, 2002, the Comp
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