FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments
As of March 31, 2024 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
Principal Amount(c)
Amortized Cost
Fair Value(d)
Senior Secured Loans—First Lien—80.1%
Aimbridge Acquisition Co. Inc.(e)Consumer ServicesS+3750.00%2/2/26$1,974 $1,850 $1,914 
ANCILE Solutions, Inc.(e)(l)Software & ServicesS+10001.00%6/11/2632,932 32,932 33,426 
Arrow Purchaser Inc.(e)Consumer Discretionary Distribution & RetailS+6751.00%4/15/2613,046 13,037 11,741 
Ascena Retail Group, Inc.(e)(i)(p)Consumer Discretionary Distribution & RetailL+4500.75%8/21/2235,525 11,795 89 
Auris Luxembourg III S.a r.l(e)Health Care Equipment & ServicesS+3750.00%2/27/269,896 9,389 9,930 
Aveanna Healthcare LLC(e)Health Care Equipment & ServicesS+3750.50%7/17/2819,797 17,262 19,086 
CCS-CMGC Holdings, Inc.(e)Health Care Equipment & ServicesS+5500.00%10/1/2537,232 34,744 29,606 
Chinos Intermediate 2, LLC(e)Consumer Discretionary Distribution & RetailS+8001.00%9/10/2728,333 28,651 28,705 
CircusTrix Holdings, LLC(l)Consumer ServicesS+6501.00%7/18/2833,381 33,381 33,923 
CircusTrix Holdings, LLC(g)(l)Consumer ServicesS+6501.00%7/18/254,301 4,301 4,371 
CircusTrix Holdings, LLC(g)(l)Consumer ServicesS+6501.00%7/18/282,151 2,151 2,185 
Claros Mortgage Trust, Inc.(e)Financial ServicesS+4500.50%8/9/269,922 9,537 9,326 
CPC Acquisition Corp.(e)MaterialsS+3750.75%12/29/2711,700 9,207 9,933 
Cresco Labs, LLC(e)Pharmaceuticals, Biotechnology & Life Sciences9.5%8/12/2641,000 40,263 38,130 
Curia Global, Inc.(e)Pharmaceuticals, Biotechnology & Life SciencesS+3750.75%8/30/262,683 2,388 2,561 
Domain Timberlake Note Issuer, LLC(l)Real Estate Management & DevelopmentS+6501.00%12/20/2929,000 29,000 29,000 
Drive Assurance Corp.(l)InsuranceS+9001.00%5/23/2811,345 11,279 11,345 
First Brands Group, LLC(e)Automobiles & ComponentsS+5001.00%3/30/274,938 4,786 4,948 
First Brands Group, LLC(e)Automobiles & ComponentsS+5001.00%3/30/2731,121 30,195 31,206 
Global Tel Link Corp.(e)Technology Hardware & EquipmentS+4250.00%11/29/2514,031 13,577 13,685 
Gold Rush Amusements, Inc.(l)Consumer ServicesS+7502.00%10/12/2830,596 30,025 30,328 
Grass Valley USA, LLC(l)Technology Hardware & EquipmentS+9503.00%3/15/292,583 2,505 2,505 
Grass Valley USA, LLC(l)Technology Hardware & EquipmentS+750, 2.5% PIK (2.5% Max PIK)3.00%3/15/2914,634 14,195 14,195 
Grass Valley USA, LLC(g)(l)Technology Hardware & EquipmentS+750, 2.5% PIK (2.5% Max PIK)3.00%3/15/294,427 4,427 4,294 
GSM Midco, LLC(l)Consumer ServicesS+7251.00%3/25/2738,000 37,615 37,763 
IXS Holdings Inc.(e)MaterialsS+4250.75%3/5/276,743 5,996 6,437 
Knowlton Development Corporation Inc.(e)Household & Personal ProductsS+5000.00%8/15/2821,000 20,370 21,066 
Lance East Holdings PTY Ltd.(l)Financial Services16.8%9/12/2615,000 15,000 15,394 
LHS Borrower, LLC(e)Capital GoodsS+4750.50%2/16/29987 858 945 
LifeScan Global Corp.(e)(i)(p)Health Care Equipment & ServicesS+6500.00%12/31/2651,309 49,756 32,068 
Lucky Bucks, LLC(e)Consumer ServicesS+7501.00%10/2/281,234 1,164 1,166 

See Notes to Unaudited Consolidated Schedule of Investments.
1
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2024 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
Principal Amount(c)
Amortized Cost
Fair Value(d)
Lucky Bucks, LLC(e)Consumer ServicesS+7501.00%10/2/29$2,469 $2,469 $2,087 
Maverick Gaming, LLC(e)(i)(p)Consumer ServicesS+7501.00%9/3/2615,079 14,912 10,932 
MLN US HoldCo LLC(e)(i)(p)Technology Hardware & EquipmentS+4500.00%11/30/252,837 2,399 350 
Monitronics International, LLC(e)(r)Commercial & Professional ServicesS+7503.00%6/30/2851,368 51,376 51,722 
Mountaineer Merger Corp.(e)Consumer Discretionary Distribution & RetailS+7000.00%10/26/2813,688 13,414 10,984 
Neovia Logistics, LP(e)TransportationS+50, 8.5% PIK (8.5% Max PIK)0.50%11/1/2748,394 44,869 40,288 
Nephron Pharmaceuticals Corp.(l)Pharmaceuticals, Biotechnology & Life SciencesS+11001.50%9/11/2637,858 36,889 36,769 
North Atlantic Imports, LLC(l)Consumer Durables & ApparelS+7500.50%10/15/2616,406 16,417 17,493 
One Call Corp.(e)Health Care Equipment & ServicesS+5500.75%4/22/2740,925 39,497 38,418 
Powerhouse Intermediate, LLC(l)Commercial & Professional ServicesS+10251.00%1/12/2737,803 36,664 38,453 
Pretium PKG Holdings, Inc.(e)MaterialsS+250, 2.5% PIK (2.5% Max PIK)1.00%10/2/2822,146 21,802 22,492 
Propulsion Acquisition, LLC(e)(l)Capital GoodsS+6501.50%7/31/2624,745 24,727 25,116 
Pyxus Holdings Inc.(e)Food, Beverage & TobaccoS+8001.50%12/31/2712,234 9,632 10,736 
Pyxus Holdings Inc.(e)Food, Beverage & TobaccoS+8001.50%12/31/278,156 7,477 8,172 
Retail Services WIS Corp.(e)Commercial & Professional ServicesS+8351.00%5/20/2513,381 13,211 13,248 
River Ranch One Investments, Ltd.(l)Real Estate Management & Development13.5% PIK (13.5% Max PIK)9/11/2625,735 25,735 26,025 
River Ranch One Investments, Ltd.(g)(l)Real Estate Management & Development13.5% PIK (13.5% Max PIK)9/11/2611,265 11,265 11,392 
S&S Holdings LLC(e)Consumer Durables & ApparelS+5000.50%3/11/2821,788 21,369 21,747 
Salt Creek Aggregator HoldCo, LLC(e)(l)Energy8.0% PIK (8.0% Max PIK)7/12/2619,554 19,646 19,334 
SuperRego, LLC(l)Consumer Services15.0% PIK (15.0% Max PIK)3/30/3044,000 42,900 42,900 
Syncapay, Inc.(e)Software & ServicesS+6501.00%12/10/2729,849 29,066 29,998 
TCFIII Owl Finance LLC(l)Capital Goods12.0% PIK (12.0% Max PIK)1/30/2757,244 56,630 49,087 
Titan Purchaser, Inc.(e)(q)Financial ServicesS+6001.00%3/1/3014,000 13,948 14,236 
TKC Holdings, Inc.(e)Consumer Staples Distribution & RetailS+5501.00%5/15/285,550 4,751 5,505 
Travelpro Group Holdings, Inc.(l)(n)Consumer Durables & ApparelS+8003.00%10/24/2842,731 41,771 42,037 
TruGreen, LP(e)Commercial & Professional ServicesS+4000.75%11/2/2713,869 12,806 13,526 
United Gaming LLC(e)(l)Consumer ServicesS+9006/9/2545,475 45,307 45,475 
United Gaming LLC(g)(l)Consumer ServicesS+9006/9/25563 563 563 
WMK, LLC(l)Consumer Discretionary Distribution & RetailS+6503.00%1/25/2817,048 16,485 16,546 

See Notes to Unaudited Consolidated Schedule of Investments.
2
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2024 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
Principal Amount(c)
Amortized Cost
Fair Value(d)
WMK, LLC(g)(l)Consumer Discretionary Distribution & RetailS+6503.00%1/25/28$2,952 $2,952 $2,866 
Total Senior Secured Loans—First Lien1,202,585 1,159,768 
Unfunded Commitments(25,659)(25,659)
Net Senior Secured Loans—First Lien1,176,926 1,134,109 
Senior Secured Loans—Second Lien—9.6%
Astro One Acquisition Corp.(e)(i)(l)(p)Consumer Durables & ApparelS+8500.75%9/17/2910,000 8,607 500 
Eversana Life Sciences Services, LLC(e)Health Care Equipment & ServicesS+8000.00%12/17/297,000 6,916 6,230 
LaserShip, Inc.(e)TransportationS+7500.00%5/7/2927,272 27,138 22,581 
MBS Services Holdings, LLC(l)Commercial & Professional Services15.0% PIK (15.0% Max PIK)9/20/3028,622 27,569 28,049 
MLN US HoldCo LLC(e)(i)(p)Technology Hardware & EquipmentS+8750.00%11/30/2614,396 11,584 1,404 
New Giving Acquisition, Inc.(l)(r)Health Care Equipment & Services12.5%2/19/2845,000 44,298 45,788 
S&S Holdings LLC(e)Consumer Durables & ApparelS+8750.50%3/9/295,000 5,010 4,500 
Salt Creek Aggregator HoldCo, LLC(e)(i)(l)(p)Energy             7/12/273,701 1,996 2,350 
Salt Creek Aggregator HoldCo, LLC(e)(i)(l)(p)Energy             7/12/2723,486 18,450 17,291 
TruGreen, LP(e)Commercial & Professional ServicesS+8500.75%11/2/2810,000 9,862 7,908 
Total Senior Secured Loans—Second Lien161,430 136,601 
Senior Secured Bonds—25.6%
Aretec Escrow Issuer Inc.(n)(o)Financial Services10.0%8/15/3014,000 14,000 15,309 
Blackstone Mortgage Trust, Inc.(n)(o)Financial Services3.8%1/15/272,000 1,660 1,786 
CSVC Acquisition Corp.(n)(o)Commercial & Professional Services7.8%6/15/2541,897 36,410 41,423 
Digicel International Finance Ltd.(o)Financial Services12.0%5/25/2741,263 40,504 40,604 
Encore Capital Group, Inc.(o)Financial Services5.4%2/15/26£1,000 1,172 1,237 
Full House Resorts, Inc.(n)(o)Consumer Services8.3%2/15/28$23,340 21,057 22,324 
Grass Valley USA, LLC(l)Technology Hardware & Equipment8.5% PIK (8.5% Max PIK)9/20/293,407 1,129 1,124 
Guitar Center, Inc.(n)(o)Consumer Discretionary Distribution & Retail8.5%1/15/2637,000 37,103 32,685 
Hunt Companies, Inc.(n)(o)Financial Services5.3%4/15/2910,000 7,975 9,157 
JW Aluminum Co.(n)(o)Materials10.3%6/1/2643,500 43,554 44,645 
LHS, LLC(l)Capital Goods12.0% PIK (12.0% Max PIK)2/26/2737,599 37,339 35,202 
Medicine Man Technologies, Inc., Convertible Note(l)Pharmaceuticals, Biotechnology & Life Sciences9.0%, 4.0% PIK (4.0% Max PIK)12/3/2616,449 16,259 14,207 
Navios Logistics Finance, Inc.(n)(o)Transportation10.8%7/1/2525,000 25,000 25,013 

See Notes to Unaudited Consolidated Schedule of Investments.
3
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2024 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
Principal Amount(c)
Amortized Cost
Fair Value(d)
North Atlantic Imports, LLC, Convertible Note(l)Consumer Durables & Apparel14.0%, 0.0% PIK (7.0% Max PIK)11/30/27$31,250 $31,261 $43,008 
TKC Holdings, Inc.(n)(o)Consumer Staples Distribution & Retail6.9%5/15/2815,977 15,021 15,179 
Trulieve Cannabis Corp.(o)Pharmaceuticals, Biotechnology & Life Sciences8.0%10/6/2620,000 20,000 19,122 
Total Senior Secured Bonds349,444 362,025 
Subordinated Debt—7.8%
Acrisure LLC(n)(o)Insurance10.1%8/1/2631,000 30,929 32,205 
Advisor Group Holdings, Inc.(n)(o)Financial Services10.8%8/1/2720,200 19,456 20,950 
Delivery Hero SE(o)Consumer Services1.5%1/15/28€22,000 17,323 18,740 
Five Point Operating Co., LP(n)(o)Equity Real Estate Investment Trusts (REITs)10.5%1/15/28$19,748 19,748 20,349 
PRA Group, Inc.(n)(o)Financial Services7.4%9/1/256,295 5,899 6,289 
PRA Group, Inc.(n)(o)Financial Services8.4%2/1/2812,390 11,251 12,338 
Total Subordinated Debt104,606 110,871 
Asset Based Finance—5.1%
Bridge Street CLO I Ltd., Subordinated Notes(l)(m)(n)(r)Financial Services20.8%1/20/3428,200 24,292 25,091 
Bridge Street CLO II Ltd., Subordinated Notes(l)(m)(n)(r)Financial Services19.3%7/20/3428,560 24,833 25,162 
Bridge Street CLO III Ltd., Subordinated Notes(l)(m)(n)(r)Financial Services5.7% 10/20/3427,600 26,212 22,458 
Total Asset Based Finance75,337 72,711 
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Shares/UnitsCost
Fair
Value(d)
Equity/Other—15.0%
BusPatrol LLC, Warrants, 12/31/31, Strike: $0.01(i)(l)Commercial & Professional Services6,408 1,314 — 
Carnelian Point Holdings LP, Warrants, 6/30/27, Strike: $10.00(e)(i)(l)Consumer Services30,146 30 — 
Chinos Holdings, Inc., Warrants(i)Consumer Discretionary Distribution & Retail412,738 1,447 1,066 
Drive Assurance Corp., Common Stock(i)(l)Insurance18,760 19 894 
Drive Assurance Corp., Preferred Stock(l)Insurance10.0% PIK (10.0% Max PIK)1,104 1,104 1,104 
Guitar Center, Inc., Preferred Equity(e)(l)Consumer Discretionary Distribution & Retail15.0%8,062 8,062 5,603 
Lucky Bucks, LLC, Common Equity(e)(i)Consumer Services350,344 4,905 4,379 
MBS Services Holdings, LLC, A-3 Units(i)(k)(l)Commercial & Professional Services522,382 522 — 

See Notes to Unaudited Consolidated Schedule of Investments.
4
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2024 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Shares/UnitsCost
Fair
Value(d)
Monitronics International, LLC, Common Equity(e)(i)(r)Commercial & Professional Services997,489 $13,517 $21,197 
Nelson Global Products, Inc., Common Stock(i)(l)Automobiles & Components43,998 1,231 1,761 
Nelson Global Products, Inc., Series A Preferred Stock(i)(l)Automobiles & Components1,268 1,268 1,268 
New Giving Acquisition, Inc., Common Stock(i)(l)(r)Health Care Equipment & Services188,561 330 89,896 
New Giving Acquisition, Inc. Warrants, 8/19/29, Strike: $0.01(i)(l)(r)Health Care Equipment & Services16,667 29 7,946 
Penn Foster Inc., Preferred Equity, 11/17/27(e)(l)Consumer ServicesS+1075 PIK (S+1075 Max PIK)1.0%61,225 60,445 41,562 
RDV Resources Oil & Gas, Inc., Common Equity(i)(l)Energy457,704 3,618 803 
SCM EPIC, LLC, Common Equity(i)(k)(l)(s)Energy34,800 35,861 30,703 
SCM Topco, LLC, Series B Preferred Equity, 7/13/28(i)(k)(l)(p)Energy27,398 2,449 2,004 
SCM Topco, LLC, Series C Common Equity(i)(k)(l)Energy196 — — 
SCM Topco, LLC, Warrants, 7/10/28, Strike: $75,000(i)(k)(l)Energy1 — — 
Selecta Group B.V., Contingent Value Notes(h)(i)(l)Consumer Discretionary Distribution & Retail7 3 — 
Selecta Group B.V., Warrants(h)(i)(l)Consumer Discretionary Distribution & Retail98 2 — 
SuperRego, LLC, Warrants, 7/30/28, Strike: $0.01(i)(l)Consumer Services139,285 56 1,915 
Total Equity/Other136,212 212,101 
TOTAL INVESTMENTS—143.2%$2,003,955 2,028,418 
Cash, Cash Equivalents and Foreign Currency—6.5%(f)92,357 
Credit Facilities Payable—(29.3)%(415,000)
Term Preferred Shares, at Liquidation Value, Net—(21.1)%(298,674)
Other Assets in Excess of Liabilities—0.7%(j)9,142 
NET ASSETS—100.0%$1,416,243 
_________________
£ – British Pound.
€ – Euro.



See Notes to Unaudited Consolidated Schedule of Investments.
5
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2024 (in thousands, except share amounts)
Forward Foreign Currency Exchange ContractsContract Settlement DateCurrency to be ReceivedValueCurrency to be DeliveredValueUnrealized Appreciation (Depreciation)
Counterparty
JPMorgan Chase Bank, N.A.4/12/24USD18,662 EUR17,000 $296 
JPMorgan Chase Bank, N.A.4/12/24USD1,288 GBP1,000 24 
Total$320 
_________________
EUR – Euro.
GBP – British Pound.
USD – U.S. Dollar.








































See Notes to Unaudited Consolidated Schedule of Investments.
6
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2024 (in thousands, except share amounts)
_________________
(a)Security may be an obligation of one or more entities affiliated with the named company.
(b)
Certain variable rate securities in FS Credit Opportunities Corp.’s, or the Fund’s, portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of March 31, 2024, the three-month London Interbank Offered Rate, or LIBOR, or L, was 5.56% and the one-month and three-month Term Secured Overnight Financing Rate, or Term SOFR, or S, were 5.33% and 5.30%, respectively. Term SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.
(c)Denominated in U.S. dollars, unless otherwise noted.
(d)Fair value is determined by the Fund’s investment adviser, FS Global Advisor, LLC which has been designated by the Fund’s Board of Directors as its valuation designee. The Fund’s current Valuation Policy complies with SEC Rule 2a-5, Good Faith Determinations of Fair Value, and addresses the valuation of investments, fair value hierarchy levels and other significant valuation-related procedures, reporting and recordkeeping.
(e)Security or portion thereof held by Blair Funding LLC, or Blair Funding, a wholly-owned subsidiary of the Fund, and is pledged as collateral supporting the amounts outstanding under Blair Funding’s credit facility with Barclays Bank PLC, as administrative agent and Wells Fargo Bank, National Association, as collateral agent.
(f)
Includes $5,295 of a short-term investment held in the Allspring Government Money Market Fund with a 7-day yield of 5.25% as of March 31, 2024.
(g)Security is an unfunded loan commitment.
(h)
Security or portion thereof held by FS Global Credit Opportunities (Luxembourg) S.à r.l., a wholly-owned subsidiary of the Fund.
(i)Security is non-income producing.
(j)Includes the effect of forward foreign currency exchange contracts.
(k)Security held within FS Global Investments, Inc., a wholly-owned subsidiary of the Fund.
(l)Security is classified as Level 3 in the Fund’s fair value hierarchy.
(m)Securities of collateralized loan obligations, or CLOs, where an affiliate of the Fund’s investment adviser serves as collateral manager and administrator. The fair value of the investment is inclusive of the present value of future senior management fee and subordinated management fee cash flows from the collateral manager and administrator of the CLOs to the Fund.
(n)
Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $414,400, which represents approximately 29.26% of net assets as of March 31, 2024.
(o)
Security or portion thereof held by Bucks Funding, a wholly-owned subsidiary of the Fund, and is pledged as collateral supporting the amounts outstanding under Bucks Funding’s prime brokerage facility with BNP Paribas Prime Brokerage International, Ltd., or BNP PBIL. Securities held by Bucks Funding may be rehypothecated from time to time as permitted by Rule 15c-1(a)(1) promulgated under the Securities Exchange Act of 1934, as amended, subject to the terms and conditions governing Bucks Funding’s prime brokerage facility with BNP PBIL. As of March 31, 2024, seven securities with a fair value of $66,523 were rehypothecated by BNP PBIL. The Fund earned $0 of income from rehypothecated securities during the three months ended March 31, 2024.
(p)
Security was on non-accrual status as of March 31, 2024.
(q)
Position or portion thereof unsettled as of March 31, 2024.







See Notes to Unaudited Consolidated Schedule of Investments.
7
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2024 (in thousands, except share amounts)
(r)
Under the Investment Company Act of 1940, as amended, the Fund generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of March 31, 2024, the Fund held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Fund was deemed to be an affiliated person as of March 31, 2024:
Portfolio CompanyFair Value at
December 31, 2023
Gross Additions(1)
Gross Reductions(2)
Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)
Fair Value at
March 31, 2024
Interest Income(3)
Fee Income(3)
Senior Secured Loans—First Lien
Monitronics International, LLC$51,412 $— $(130)$— $440 $51,722 $1,704 $— 
Senior Secured Loans—Second Lien
New Giving Acquisition, Inc.45,844 39 — — (95)45,788 1,461 — 
Asset Based Finance
Bridge Street CLO I Ltd., Subordinated Notes24,955 717 (98)— (483)25,091 1,143 — 
Bridge Street CLO II Ltd., Subordinated Notes25,108 207 (254)— 101 25,162 1,123 — 
Bridge Street CLO III Ltd., Subordinated Notes21,430 — (370)— 1,398 22,458 349 — 
Equity/Other
Monitronics International, LLC20,947 — — — 250 21,197 — — 
New Giving Acquisition, Inc, Common Stock76,443 — — — 13,453 89,896 — 229 
New Giving Acquisition, Inc. Warrants, 8/19/29, Strike: $0.016,757 — — — 1,189 7,946 — — 
Total$272,896 $963 $(852)$— $16,253 $289,260 $5,780 $229 
_________________
(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
(3)Interest income and fee income presented for the full three months ended March 31, 2024.




See Notes to Unaudited Consolidated Schedule of Investments.
8
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2024 (in thousands, except share amounts)
(s)
Under the Investment Company Act of 1940, as amended, the Fund generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of March 31, 2024, the Fund held investments in portfolio companies of which it is deemed to be an “affiliated person” and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Fund was deemed to be an affiliated person and deemed to control as of March 31, 2024:
Portfolio CompanyFair Value at
December 31, 2023
Gross Additions(1)
Gross Reductions(2)
Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)
Fair Value at
March 31, 2024
Equity/Other
SCM EPIC, LLC, Common Equity$29,470 $— $— $— $1,233 $30,703 
Total$29,470 $— $— $— $1,233 $30,703 
_________________
(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

See Notes to Unaudited Consolidated Schedule of Investments.
9

FS Credit Opportunities Corp.
Notes to Unaudited Consolidated Schedule of Investments
As of March 31, 2024 (in thousands)
Investment Portfolio

The information contained in this section should be read in conjunction with the Fund’s audited consolidated financial statements contained in its annual report for the fiscal year ended December 31, 2023.

In general, under the 1940 Act, the Fund would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of a portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.
As of March 31, 2024, the Fund held investments in five portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control,” and held an investment in one portfolio company of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (r) and (s) to the unaudited consolidated schedule of investments as of March 31, 2024 included herein.
The Fund’s investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require the Fund to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of March 31, 2024, the Fund had six senior secured loan investments with aggregate unfunded commitments of $25,659. The Fund maintains sufficient cash on hand and/or available borrowings to fund such unfunded commitments should the need arise.
The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of March 31, 2024:
Industry ClassificationFair ValuePercentage of Portfolio
Automobiles & Components$39,183 2%
Capital Goods110,350 5%
Commercial & Professional Services215,526 11%
Consumer Discretionary Distribution & Retail107,333 5%
Consumer Durables & Apparel129,285 6%
Consumer Services295,512 15%
Consumer Staples Distribution & Retail20,684 1%
Energy72,485 4%
Equity Real Estate Investment Trusts (REITs)20,349 1%
Financial Services219,337 11%
Food, Beverage & Tobacco18,908 1%
Health Care Equipment & Services278,968 14%
Household & Personal Products21,066 1%
Insurance45,548 2%
Materials83,507 4%
Pharmaceuticals, Biotechnology & Life Sciences110,789 5%
Real Estate Management & Development55,152 3%
Software & Services63,424 3%
Technology Hardware & Equipment33,130 2%
Transportation87,882 4%
Total$2,028,418 100%
Under existing accounting guidance, fair value is defined as the price that the Fund would receive upon selling an asset or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Fund. Unobservable inputs are inputs that reflect the assumptions market participants would
use in pricing an asset or liability developed based on the best information available in the circumstances. The Fund classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:
Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.
Level 3: Inputs that are unobservable for an asset or liability.
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
As of March 31, 2024, the Fund’s investments and derivatives were categorized as follows in the fair value hierarchy:
Asset DescriptionLevel 1Level 2Level 3Total
Senior Secured Loans—First Lien$— $566,983 $567,126 $1,134,109 
Senior Secured Loans—Second Lien— 42,623 93,978 136,601 
Senior Secured Bonds— 268,484 93,541 362,025 
Subordinated Debt— 110,871 — 110,871 
Asset Based Finance— — 72,711 72,711 
Equity/Other— 26,642 185,459 212,101 
Total Investments— 1,015,603 1,012,815 2,028,418 
Forward Foreign Currency Exchange Contracts— 320 — 320 
Total Assets$— $1,015,923 $1,012,815 $2,028,738 
The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the three months ended March 31, 2024:
 Senior Secured Loans—First LienSenior Secured Loans—Second LienSenior Secured BondsAsset Based FinanceEquity/OtherTotal
Fair value at beginning of period$512,763 $65,994 $91,166 $79,765 $162,371 $912,059 
Accretion of discount (amortization of premium)869 39 49 4 27 988 
Net realized gain (loss)— — — 126 — 126 
Net change in unrealized appreciation (depreciation)3,606 376 (1,088)1,040 20,333 24,267 
Purchases86,507 26,540 1,123 924 522 115,616 
Paid-in-kind interest2,465 1,029 2,291 — 2,176 7,961 
Sales and repayments(39,084)— — (9,148)— (48,232)
Transfers into Level 3(1)
— — — — 30 30 
Fair value at end of period$567,126 $93,978 $93,541 $72,711 $185,459 $1,012,815 
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date$1,394 $376 $(1,088)$1,016 $20,333 $22,031 
______________
(1)Transfers into Level 3 are deemed to have occurred as a result of, among other factors, changes in liquidity, the depth and consistency of prices from third-party pricing services and the existence of observable trades in the market. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting year. For the three months ended March 31, 2024, transfers into Level 3 were due to decreased price transparency.
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