FS Credit Opportunities Corp. · NYSE:FSCO
FS Credit Opportunities — Q2 2025 Earnings Presentation
17 slides from FS Credit Opportunities's earnings presentation, Sep 8, 2025
Slide 1: FS Credit Opportunities Corp. Q2 2025
Q2 2025 FSCO FS CREDIT OPPORTUNITIES CORP. All information is as of June 30, 2025, unless otherwise noted.
Slide 2: Delivering Differentiated Opportunities in the Middle Market
OVERVIEW DELIVERING DIFFERENTIATED OPPORTUNITIES IN THE MIDDLE MARKET Future Standard is a global alternative asset manager serving institutional KEY FACTS and private wealth clients, investing across private equity, credit and real estate. We back the business owners and financial sponsors that dri
Slide 3: Table of Contents
TABLE OF CONTENTS 01 Overview 02 Portfolio and performance 03 Appendix FS CREDIT OPPORTUNITIES CORP. 3
Slide 4: Overview
FSCO OVERVIEW FS CREDIT OPPORTUNITIES CORP. 4
Slide 5: Introduction to the Global Credit Team
OVERVIEW INTRODUCTION TO THE GLOBAL CREDIT TEAM Robust, cycle-tested team with prior experience across top firms ANDREW BECKMAN, Head of Global Credit, Portfolio Manager, 29 years experience Salomon DW ROBUST TEAM SEASONED EXPERIENCE 24 15 years Smith Investcorp Goldman Sachs (SSG) Magnetar Future S
Slide 6: Diversified Sourcing Network Drives Proprietary Deal Flow
OVERVIEW DIVERSIFIED SOURCING NETWORK DRIVES PROPRIETARY DEAL FLOW We leverage personal and firm relationships to identify new potential investments TEAM-LED SOURCING JP MORGAN JOINT VENTURE 1 FIRM-WIDE SOURCING — Seasoned team with long-standing relationships — JP Morgan committed $10B to private c
Slide 7: Deep Experience Across Public and Private Credit
OVERVIEW DEEP EXPERIENCE ACROSS PUBLIC AND PRIVATE CREDIT Adjusting allocations between public and private markets has been a significant driver of our ability to deliver strong risk-adjusted returns across changing economic and credit cycles for investors. PUBLIC MARKETS PRIVATE MARKETS — Opportuni
Slide 8: Portfolio and Performance
FSCO PORTFOLIO AND PERFORMANCE FS CREDIT OPPORTUNITIES CORP. 8
Slide 9: Q2 2025 Portfolio and Performance Highlights
PORTFOLIO AND PERFORMANCE Q2 2025 PORTFOLIO AND PERFORMANCE HIGHLIGHTS PERFORMANCE — Generated a 4.0% net return during the quarter1 HIGHLIGHTS — Paid distributions of $0.20 per share during Q2 fully covered by net investment income on a tax basis.2 — Net investment income (NII) for the quarter endi
Slide 10: FSCO Portfolio Overview
PORTFOLIO AND PERFORMANCE FSCO PORTFOLIO OVERVIEW $2.2B 77 75% 86% 0.6 years total assets portfolio companies floating rate assets1 senior secured debt2 average duration3 ASSET TYPE PRIVATE VS. PUBLIC GEOGRAPHIC LOCATION Senior secured loans – 1st Lien 78% Public 28% United States 92% Other
Slide 11: Preferred Financing Offers Competitive Advantages
PORTFOLIO AND PERFORMANCE PREFERRED FINANCING OFFERS COMPETITIVE ADVANTAGES Benefits of preferred equity financings Enhanced borrowing Attractive multi-year Favorable $400M preferred debt financings flexibility of underlying assets fixed-rate borrowings regulatory treatment 0.20x FUNDING SOURCE RATE
Slide 12: Appendix
APPENDIX FS CREDIT OPPORTUNITIES CORP. 12
Slide 13: Track Record of Generating Strong Risk-Adjusted Returns
APPENDIX TRACK RECORD OF GENERATING STRONG RISK-ADJUSTED RETURNS FSCO has outperformed the liquid indexes since the change in management in January 2018 SINCE JANUARY 1, 2018 ANNUALIZED OVER/UNDER AS OF JUNE 30, 2025 YTD 1YR 3YR 5YR 10YR RETURN PERFORMANCE SHARPE RATIO FSCO (net NAV return) 7.69% 13
Slide 14: Financial Highlights
APPENDIX FINANCIAL HIGHLIGHTS FY 2021 1H 2022 FY 2022 1H 2023 FY 2023 1H 2024 FY 2024 1H 2025 $ IN MILLIONS 12/31/2021 6/30/2022 12/31/2022 6/30/2023 12/31/2023 6/30/2024 12/30/2024 6/30/2025 Investment portfolio $2,244 $1,987 $1,825 $1,816 $1,933 $2,008 $2,054 $1,867 Debt $435 $335 $285 $285 $390 $
Slide 15: Endnotes
ENDNOTES Total AUM estimated as of June 30, 2025. References to “assets under management” or “AUM” represent the assets managed by Future Standard or its strategic partners as to which Future Standard is entitled to receive a fee or carried interest (either currently or upon deployment of capital) a
Slide 16: 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, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements with regard to future events or
Slide 17: Risk Factors
RISK FACTORS FS Credit Opportunities Corp. (“FSCO” or the “Company”) is a non-diversified, closed- — FSCO may invest in subordinated debt, which is subordinated in payment — Elevated levels of inflation, and Federal Reserve rate increases to control inflation, end management investment company that
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