FS Credit Opportunities Corp. · NYSE:FSCO
FS Credit Opportunities — Q4 2025 Earnings Presentation
18 slides from FS Credit Opportunities's earnings presentation, Mar 2, 2026
Slide 1: FS Credit Opportunities Corp. Q4 2025
Q4 2025 FSCO FS CREDIT OPPORTUNITIES CORP. All information is as of December 31, 2025, unless otherwise noted. Note: All figures may be rounded.
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, real estate and infrastructure. We back the business owners and financial s
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
FUND 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 ROBUST SEASONED Salomon Smith DW TEAM EXPERIENCE Investcorp Goldman Sachs (SSG) Magnetar Future Standard
Slide 6: Diversified Sourcing Network Drives Proprietary Deal Flow
OVERVIEW DIVERSIFIED SOURCING NETWORK DRIVES PROPRIETARY DEAL FLOW TEAM-LED SOURCING JP MORGAN JOINT VENTURE 1 FIRM-WIDE SOURCING — Seasoned team with long-standing relationships — JP Morgan committed $50B to private credit with — $86B asset manager and one of the largest across verticals goal of di
Slide 7: Specialized Focus Within Private and Public Credit
FUND OVERVIEW SPECIALIZED FOCUS WITHIN PRIVATE AND PUBLIC CREDIT Adjusting allocations between private and public markets has been a significant driver of our ability to deliver strong risk-adjusted returns across changing economic and credit cycles for investors. PRIVATE MARKETS PUBLIC MARKETS — Di
Slide 8: Portfolio and Performance
FSCO PORTFOLIO AND PERFORMANCE FS CREDIT OPPORTUNITIES CORP. 8
Slide 9: Q4 2025 Portfolio and Performance Highlights
PORTFOLIO AND PERFORMANCE Q4 2025 PORTFOLIO AND PERFORMANCE HIGHLIGHTS PERFORMANCE — Generated a net return of 1.69% based on net asset value (NAV) during the quarter.1 HIGHLIGHTS — Paid distributions of approximately $0.20 per share during Q4 fully covered by net investment income (NII) on a tax ba
Slide 10: FSCO Portfolio Overview
PORTFOLIO FSCO PORTFOLIO OVERVIEW $2.2B 81 78% 90% 91% total assets portfolio companies floating rate assets1 senior secured debt2 U.S.-based investments ASSET TYPE INDUSTRY ALLOCATIONS 3 Senior secured loans – 1st Lien 83% Consumer services 15% Consumer discretionary distribution & retail 4% Se
Slide 11: Private Credit Overview
PORTFOLIO PRIVATE CREDIT OVERVIEW FSCO remains anchored to lower and core U.S. middle market private credit PRIVATE VS. PUBLIC 1 2025 PRIVATE CREDIT ORIGINATION METRICS 1 Private 75% Total investments ($) $552 million Public 25% Number of new investments 19 Average spread SOFR + 661bps Median EB
Slide 12: Preferred Financing Offers Competitive Advantages
CAPITAL STRUCTURE 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 AMOUNT
Slide 13: Appendix
APPENDIX FS CREDIT OPPORTUNITIES CORP. 13
Slide 14: Track Record of Generating Strong Risk-Adjusted Returns
APPENDIX TRACK RECORD OF GENERATING STRONG RISK-ADJUSTED RETURNS SINCE JANUARY 1, 2018 ANNUALIZED OVER/UNDER AS OF DECEMBER 31, 2025 YTD 1YR 3YR 5YR 10YR RETURN PERFORMANCE SHARPE RATIO FSCO (net NAV return) 10.89% 10.89% 15.02% 8.74% 9.21% 8.00% - 0.63 Morningstar LSTA Leveraged Loan Index 5.90% 5.
Slide 15: Financial Highlights
APPENDIX FINANCIAL HIGHLIGHTS 1H 2022 FY 2022 1H 2023 FY 2023 1H 2024 FY 2024 1H 2025 FY2025 $ IN MILLIONS 6/30/2022 12/31/2022 6/30/2023 12/31/2023 6/30/2024 12/30/2024 6/30/2025 12/31/2025 Investment portfolio $1,987 $1,825 $1,816 $1,933 $2,008 $2,054 $1,867 $1,709 Debt $335 $285 $285 $390 $285 $4
Slide 16: Endnotes
ENDNOTES Total AUM estimated as of September 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 capit
Slide 17: 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 by the Private Securities Litigation Reform Act of 19
Slide 18: Risk Factors
RISK FACTORS FS Credit Opportunities Corp. (“FSCO” or the “Company”) is a non-diversified, closed- — FSCO may invest in unsecured debt, which is subordinated in payment and/or lower — Elevated levels of inflation, and Federal Reserve rate increases to control inflation end management investment comp
FS Credit Opportunities — Q4 2025 Earnings Presentation on 6ix