FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments
As of September 30, 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—95.9%
Aimbridge Acquisition Co. Inc.(e)Consumer ServicesS+3750.0%2/2/26$1,964 $1,868 $1,920 
ANCILE Solutions, Inc.(e)(l)Software & ServicesS+10001.0%6/11/2632,241 32,241 32,966 
Ansira Partners, Inc.(l)Media & EntertainmentS+6751.5%7/1/2927,299 26,640 26,616 
Ansira Partners, Inc.(l)Media & EntertainmentS+6751.5%7/1/29295 221 288 
Ansira Partners, Inc.(g)(l)Media & EntertainmentS+6751.5%7/1/292,656 2,656 2,590 
APTIM Corp.(e)Commercial & Professional ServicesS+7500.0%5/23/2927,500 27,500 27,775 
Arrow Purchaser Inc.(e)Consumer Discretionary Distribution & RetailS+6751.0%4/15/2612,788 12,782 11,509 
Ascena Retail Group, Inc.(e)(i)(p)Consumer Discretionary Distribution & RetailL+4500.8%8/21/2235,525 11,795 111 
Aveanna Healthcare LLC(e)Health Care Equipment & ServicesS+3750.5%7/17/2819,696 17,579 19,284 
CCS-CMGC Holdings, Inc.(e)(i)(p)Health Care Equipment & ServicesS+5500.0%10/1/2537,036 34,880 23,498 
CircusTrix Holdings, LLC(l)Consumer ServicesS+6501.0%7/18/253,432 3,432 3,477 
CircusTrix Holdings, LLC(l)Consumer ServicesS+6501.0%7/18/28860 860 867 
CircusTrix Holdings, LLC(l)Consumer ServicesS+6501.0%7/18/2833,213 33,213 33,649 
CircusTrix Holdings, LLC(g)(l)Consumer ServicesS+6501.0%7/18/25860 860 872 
CircusTrix Holdings, LLC(g)(l)Consumer ServicesS+6501.0%7/18/281,290 1,290 1,301 
Claros Mortgage Trust, Inc.(e)Financial ServicesS+4500.5%8/9/2616,335 15,194 15,722 
Core Health & Fitness, LLC(l)Consumer ServicesS+8003.0%6/18/2939,900 38,928 39,351 
CPC Acquisition Corp.(e)MaterialsS+3750.8%12/29/2711,700 9,665 10,237 
Cresco Labs, LLC(e)Pharmaceuticals, Biotechnology & Life Sciences9.5%8/12/2641,000 40,395 39,565 
Domain Timberlake Note Issuer, LLC(l)Real Estate Management & DevelopmentS+6501.0%12/20/2929,000 29,035 29,435 
Electrical Components International, Inc.(l)Capital GoodsS+650 (2.0% Max PIK)2.0%5/10/2947,282 46,391 46,395 
Electrical Components International, Inc.(g)(l)Capital GoodsS+650 (2.0% Max PIK)2.0%5/10/292,600 2,600 2,551 
First Brands Group, LLC(e)Automobiles & ComponentsS+5001.0%3/30/2730,960 30,179 30,685 
First Brands Group, LLC(e)Automobiles & ComponentsS+5001.0%3/30/274,915 4,785 4,872 
Gold Rush Amusements, Inc.(l)Consumer ServicesS+7502.0%10/12/2830,442 29,916 30,480 
Grass Valley USA, LLC(l)Technology Hardware & EquipmentS+750, 2.5% PIK (2.5% Max PIK)3.0%3/15/2917,363 16,888 17,081 
Grass Valley USA, LLC(g)(l)Technology Hardware & EquipmentS+750, 2.5% PIK (2.5% Max PIK)3.0%3/15/294,427 4,427 4,355 
IXS Holdings, Inc.(e)MaterialsS+4250.8%3/5/276,707 6,097 6,549 
KDC/ONE Development Corporation, Inc.(e)Household & Personal ProductsS+4500.0%8/15/2820,948 20,358 20,990 
Lance East Holdings Pty Ltd.(l)Financial Services16.8%9/12/2615,000 15,000 15,244 
Level 3 Financing, Inc.(e)Telecommunication ServicesS+6562.0%4/15/2919,291 18,896 19,727 

See Notes to Unaudited Consolidated Schedule of Investments.
1
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2024 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
Principal Amount(c)
Amortized Cost
Fair Value(d)
LHS Borrower, LLC(e)Capital GoodsS+4750.5%2/16/29$982 $863 $941 
LifeScan Global Corp.(e)(i)(p)Health Care Equipment & ServicesS+6500.0%12/31/2648,926 45,341 20,365 
LogRhythm, Inc.(l)Software & ServicesS+7501.0%7/2/2929,091 28,230 28,255 
LogRhythm, Inc.(g)(l)Software & ServicesS+7501.0%7/2/292,909 2,909 2,825 
Maverick Gaming, LLC(e)Consumer ServicesS+7501.0%6/3/2813,944 15,129 10,109 
Maverick Gaming, LLC(e)Consumer ServicesS+7501.0%6/3/284,573 4,573 4,413 
MedImpact Healthcare Systems, Inc.Health Care Equipment & ServicesS+7250.0%3/31/2829,620 26,786 29,176 
MLN US HoldCo LLC(e)(i)(p)Technology Hardware & EquipmentS+4500.0%11/30/252,837 2,266 170 
Monitronics International, LLC(e)(q)Commercial & Professional ServicesS+7503.0%6/30/2851,110 51,116 51,349 
Mountaineer Merger Corp.(e)Consumer Discretionary Distribution & RetailS+7000.8%10/26/2813,313 13,068 10,950 
Neovia Logistics, LP(e)TransportationS+750 (7.0% Max PIK)0.5%11/1/2750,496 47,319 48,602 
Nephron Pharmaceuticals Corp.(l)Pharmaceuticals, Biotechnology & Life SciencesS+11001.5%9/11/2637,516 36,714 36,300 
Nephron Pharmaceuticals Corp.(l)Pharmaceuticals, Biotechnology & Life Sciences20.0% PIK (20.0% Max PIK)9/11/262,206 2,206 2,177 
New Giving Acquisition, Inc.(l)(q)Health Care Equipment & ServicesS+6001.0%4/26/2929,625 29,625 29,884 
North Atlantic Imports, LLC(l)Consumer Durables & ApparelS+7500.5%10/15/2610,825 10,830 12,070 
Onbe, Inc.(l)Financial ServicesS+5501.0%7/25/3127,000 26,480 26,460 
One Call Corp.(e)Health Care Equipment & ServicesS+5500.8%4/22/2740,715 39,466 39,860 
Powerhouse Intermediate, LLC(l)Commercial & Professional ServicesS+10251.0%1/12/2737,408 36,436 37,782 
Pretium PKG Holdings, Inc.(e)MaterialsS+250, 2.5% PIK (2.5% Max PIK)1.0%10/2/2822,427 22,131 22,882 
Pyxus Holdings, Inc.(e)Food, Beverage & TobaccoS+8001.5%12/31/278,156 7,545 8,197 
Pyxus Holdings, Inc.(e)Food, Beverage & TobaccoS+8001.5%12/31/2712,234 9,866 11,011 
Revlon Intermediate Holdings IV LLC(e)Household & Personal ProductsS+6881.0%5/2/2815,000 15,036 14,831 
Riddell, Inc.(l)Consumer Durables & ApparelS+600 (3.0% Max PIK)1.0%3/29/2912,344 12,058 12,236 
Riddell, Inc.(g)(l)Consumer Durables & ApparelS+600 (3.0% Max PIK)1.0%3/29/291,250 1,250 1,239 
River Ranch One Investments, Ltd.(l)Real Estate Management & Development13.5% PIK (13.5% Max PIK)9/11/2626,998 27,004 28,077 
River Ranch One Investments, Ltd.(g)(l)Real Estate Management & Development13.5% PIK (13.5% Max PIK)9/11/2610,002 10,002 10,403 
S&S Holdings LLC(e)Consumer Durables & ApparelS+5000.5%3/11/2821,676 21,300 21,614 
Salt Creek Aggregator HoldCo, LLC(e)(l)Energy8.0% PIK (8.0% Max PIK)7/12/2620,353 20,428 20,353 
SuperRego, LLC(l)Consumer Services15.0% PIK (15.0% Max PIK)3/30/3047,502 46,462 48,215 
TCFIII Owl Finance LLC(l)Capital Goods12.0% PIK (12.0% Max PIK)1/30/2760,826 60,299 54,591 

See Notes to Unaudited Consolidated Schedule of Investments.
2
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2024 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
Principal Amount(c)
Amortized Cost
Fair Value(d)
Titan Purchaser, Inc.(e)MaterialsS+6001.0%3/1/30$15,570 $15,519 $15,852 
TKC Holdings, Inc.(e)Consumer Staples Distribution & RetailS+5001.0%5/15/285,498 4,852 5,495 
Travelpro Group Holdings, Inc.(l)(n)Consumer Durables & ApparelS+8003.0%10/24/2842,194 41,317 41,561 
TruGreen, LP(e)Commercial & Professional ServicesS+4000.8%11/2/2713,798 12,975 13,377 
United Gaming LLC(e)(l)Consumer ServicesS+9006/9/2545,660 45,553 45,660 
United Gaming LLC(g)(l)Consumer ServicesS+9006/9/25146 146 146 
Upstream Newco, Inc.(e)Health Care Equipment & ServicesS+4250.0%11/20/266,971 6,407 6,069 
Vohra Wound Physicians Management, LLC(l)Health Care Equipment & ServicesS+6672.5%8/28/2550,000 49,127 49,750 
Vortex Opco, LLC(e)Commercial & Professional ServicesS+6250.5%4/30/305,000 5,111 5,213 
WildBrain Ltd.(l)Media & EntertainmentS+6001.0%7/23/2931,547 30,949 30,916 
WildBrain Ltd.(l)Media & EntertainmentS+6001.0%7/23/291,771 1,705 1,736 
WildBrain Ltd.(g)(l)Media & EntertainmentS+6001.0%7/23/291,602 1,602 1,570 
WMK, LLC(l)Consumer Discretionary Distribution & RetailS+6503.0%1/25/2817,743 17,230 17,388 
WMK, LLC(g)(l)Consumer Discretionary Distribution & RetailS+6503.0%1/25/282,048 2,048 2,007 
Total Senior Secured Loans—First Lien1,443,850 1,402,039 
Unfunded Commitments(29,790)(29,790)
Net Senior Secured Loans—First Lien1,414,060 1,372,249 
Senior Secured Loans—Second Lien—5.8%
Eversana Life Sciences Services, LLC(e)Health Care Equipment & ServicesS+8000.0%12/17/297,000 6,920 6,738 
LaserShip, Inc.(e)(i)(p)TransportationS+7500.0%5/7/2927,272 27,147 11,400 
MBS Services Holdings, LLC(l)Commercial & Professional Services15.0% PIK (15.0% Max PIK)9/20/3030,833 29,865 29,561 
MLN US HoldCo LLC(e)(i)(p)Technology Hardware & EquipmentS+8750.0%11/30/2614,396 10,590 832 
S&S Holdings LLC(e)Consumer Durables & ApparelS+8750.5%3/9/295,000 5,010 4,600 
Salt Creek Aggregator HoldCo, LLC(e)(i)(l)Energy 7/12/2723,486 18,450 18,788 
Salt Creek Aggregator HoldCo, LLC(e)(i)(l)Energy 7/12/273,701 1,996 2,322 
TruGreen, LP(e)Commercial & Professional ServicesS+8500.8%11/2/2810,000 9,872 8,500 
Total Senior Secured Loans—Second Lien109,850 82,741 
Senior Secured Bonds—17.2%
Aretec Escrow Issuer, Inc.(n)(o)Financial Services10.0%8/15/309,000 9,000 9,589 
Cornerstone Building Brands, Inc.(n)(o)Capital Goods9.5%8/15/293,000 3,000 3,084 
Digicel International Finance Ltd.(o)Telecommunication Services9.0%, 1.5% PIK (1.5% Max PIK)5/25/2731,445 30,933 31,665 

See Notes to Unaudited Consolidated Schedule of Investments.
3
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2024 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
Principal Amount(c)
Amortized Cost
Fair Value(d)
Full House Resorts, Inc.(n)(o)Consumer Services8.3%2/15/28$23,340 $21,510 $23,392 
Grass Valley Canada ULC(l)Technology Hardware & Equipment8.5% PIK (8.5% Max PIK)9/20/29€2,373 958 975 
Grass Valley Dutch Acquisition B.V.(l)Technology Hardware & Equipment8.5% PIK (8.5% Max PIK)9/20/29549 222 226 
Grass Valley Dutch Holdco B.V.(l)Technology Hardware & Equipment8.5% PIK (8.5% Max PIK)9/20/29262 106 108 
Guitar Center, Inc.(n)(o)Consumer Discretionary Distribution & Retail8.5%1/15/26$37,000 37,074 32,341 
JW Aluminum Co.(n)(o)Materials10.3%6/1/2643,500 43,500 43,559 
Medicine Man Technologies, Inc., Convertible Note(l)Pharmaceuticals, Biotechnology & Life Sciences9.0%, 4.0% PIK (4.0% Max PIK)12/3/2616,779 16,619 13,339 
North Atlantic Imports, LLC, Convertible Note(l)Consumer Durables & Apparel14.0% (7.0% Max PIK)11/30/2731,250 31,260 54,883 
TKC Holdings, Inc.(n)(o)Consumer Staples Distribution & Retail6.9%5/15/286,977 5,904 6,900 
Universal Entertainment Corp.(n)(o)Consumer Durables & Apparel9.9%8/1/2925,375 25,134 25,454 
Total Senior Secured Bonds225,220 245,515 
Subordinated Debt—9.1%
Advisor Group Holdings, Inc.(n)(o)Financial Services10.8%8/1/2720,200 19,500 20,584 
Delivery Hero SE(o)Consumer Services1.5%1/15/28€27,000 22,407 25,633 
Five Point Operating Co., LP(n)(o)Equity Real Estate Investment Trusts10.5%1/15/28$19,748 19,779 20,222 
LHS, LLC(l)Capital Goods12.0% PIK (12.0% Max PIK)2/26/2739,854 39,638 38,359 
Pioneer Midco, LLC(l)Consumer Services11.6% PIK (11.6% Max PIK)11/18/3024,843 24,853 25,402 
Total Subordinated Debt126,177 130,200 
Asset Based Finance—3.7%
Bridge Street CLO I Ltd., Subordinated Notes(l)(m)(n)(q)Financial Services18.0%7/20/3728,200 22,408 26,409 
Bridge Street CLO I Ltd., Tranche D Notes(m)(n)(q)Financial ServicesS+7057/20/373,500 3,500 3,525 
Bridge Street CLO II Ltd., Subordinated Notes(l)(m)(n)(q)Financial Services19.8%7/20/3428,560 24,110 23,353 
Total Asset Based Finance50,018 53,287 
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Shares/UnitsCost
Fair
Value(d)
Equity/Other—12.8%
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(e)(i)(l)Consumer Services30,146 30 — 

See Notes to Unaudited Consolidated Schedule of Investments.
4
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2024 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Shares/UnitsCost
Fair
Value(d)
Chinos Holdings, Inc., Warrants(i)Consumer Discretionary Distribution & Retail412,738 $1,446 $952 
Drive Assurance Corp., Common Stock(i)(l)Insurance18,760 19 1,022 
Drive Assurance Corp., Preferred Stock(l)Insurance10.0% PIK (10.0% Max PIK)1,136 1,136 1,136 
Guitar Center, Inc., Preferred Equity(e)(i)(l)(p)Consumer Discretionary Distribution & Retail15.0%8,678 8,364 3,856 
MBS Services Holdings, LLC, A-3 Units(i)(k)(l)Commercial & Professional Services522,382 522 648 
Monitronics International, LLC, Common Equity(e)(i)(q)Commercial & Professional Services997,489 13,517 20,947 
Nelson Global Products, Inc., Common Stock(i)(l)Automobiles & Components43,998 1,231 1,477 
Nelson Global Products, Inc., Series A Preferred Stock(i)(l)Automobiles & Components1,268 1,268 1,268 
New Giving Acquisition, Inc., Common Stock(l)(q)Health Care Equipment & Services205,227 — 53,605 
Penn Foster Inc., Preferred Equity, 11/17/27(e)(l)Consumer ServicesS+1075 PIK (S+1075 Max PIK)1.00%63,858 63,137 49,875 
RDV Resources Oil & Gas, Inc., Common Equity(i)(l)Energy457,704 3,618 803 
Riddell, Inc., Preferred Equity(l)Consumer Durables & Apparel10.0% PIK (10.0% Max PIK)6,566 6,445 6,943 
SCM EPIC, LLC, Common Equity(i)(k)(l)(r)Energy34,800 35,861 28,886 
SCM Topco, LLC, Series B Preferred Equity, 7/13/28(i)(k)(l)(p)Energy27,398 2,449 1,952 
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 — 
SPDR S&P 500 ETF Trust, Put Option, 11/15/24, Strike: $465(i)Financial Services14 11,514 994 
SPDR S&P 500 ETF Trust, Put Option, 11/15/24, Strike: $470(i)Financial Services8 7,194 648 
SPDR S&P 500 ETF Trust, Put Option, 11/29/24, Strike: $506(i)Financial Services4 2,398 763 
SPDR S&P 500 ETF Trust, Put Option, 11/29/24, Strike: $508(i)Financial Services2 1,118 412 
SPDR S&P 500 ETF Trust, Put Option, 11/29/24, Strike: $512(i)Financial Services2 1,299 530 
SPDR S&P 500 ETF Trust, Put Option, 11/29/24, Strike: $514(i)Financial Services2 1,317 544 
SPDR S&P 500 ETF Trust, Put Option, 11/29/24, Strike: $517(i)Financial Services4 2,552 1,126 

See Notes to Unaudited Consolidated Schedule of Investments.
5
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2024 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Shares/UnitsCost
Fair
Value(d)
SuperRego, LLC, Warrants, 7/30/28, Strike: $0.01(i)(l)Consumer Services139,285 $56 $4,277 
Total Equity/Other167,810 182,664 
TOTAL INVESTMENTS—144.5%$2,093,135 2,066,656 
Cash and Cash Equivalents and Foreign Currency—8.0%(f)114,039 
Credit Facilities Payable—(25.2%)(360,000)
Term Preferred Shares, at Liquidation Value, Net—(27.8%)(397,665)
Other Assets in Excess of Liabilities—0.5%(j)7,213 
NET ASSETS—100.0%$1,430,243 
_________________
€ – Euro.
Forward Foreign Currency Exchange ContractsContract Settlement DateCurrency to be ReceivedValueCurrency to be DeliveredValueUnrealized Appreciation (Depreciation)
Counterparty
JPMorgan Chase Bank, N.A.10/15/24USD25,914EUR23,500$(288)
Total$(288)
_________________
EUR – Euro.
USD – U.S. Dollar.

Interest Rate Swaps
CounterpartyFund PaysFund ReceivesPeriodic Payment FrequencyExpiration DateNotional Amount
Fair Value(d)
Unamortized Premiums Paid (Received)Unrealized Appreciation (Depreciation)
Barclays Bank PLCSOFR4.2%Semi-Annual5/16/29$50,000$372 $— $372 
Total$372 $— $372 
Options Written
DescriptionPut / CallStrikeExpiration DateNumber of ContractsPremiums Received
Fair Value(d)
SPDR S&P 500 ETF TrustPut Option$44011/15/24(14,000)$(7,954)$(714)
SPDR S&P 500 ETF TrustPut Option$44511/15/24(8,100)(4,946)(437)
SPDR S&P 500 ETF TrustPut Option$47911/29/24(3,500)(1,341)(420)
SPDR S&P 500 ETF TrustPut Option$48511/29/24(2,000)(769)(284)
SPDR S&P 500 ETF TrustPut Option$48711/29/24(2,000)(773)(288)
SPDR S&P 500 ETF TrustPut Option$48911/29/24(4,250)(1,469)(693)
SPDR S&P 500 ETF TrustPut Option$48111/29/24(1,800)(611)(279)
Total$(17,863)$(3,115)



See Notes to Unaudited Consolidated Schedule of Investments.
6
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 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 September 30, 2024, the three-month London Interbank Offered Rate, or LIBOR, or L, was 4.85% and the one-month and three-month Term Secured Overnight Financing Rate, or Term SOFR, or S, were 4.85% and 4.59%, 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 $34,002 of a short-term investment held in the Allspring Government Money Market Fund with a 7-day yield of 4.86% as of September 30, 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, interest rate swaps and options written.
(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 may be 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 $279,973, which represents approximately 19.58% of net assets as of September 30, 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 September 30, 2024, three securities with a fair value of $53,298 were rehypothecated by BNP PBIL. The Fund earned $0 of income from rehypothecated securities during the nine months ended September 30, 2024.
(p)
Security was on non-accrual status as of September 30, 2024.

See Notes to Unaudited Consolidated Schedule of Investments.
7
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2024 (in thousands, except share amounts)
(q)
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 September 30, 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 September 30, 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
September 30, 2024
Interest Income(3)
Dividend Income(3)
Fee Income(3)
Senior Secured Loans—First Lien
Monitronics International, LLC$51,412 $— $(390)$— $327 51,349 $5,110 $— $— 
New Giving Acquisition, Inc.— 30,000 (375)— 259 29,884 1,491 — — 
Senior Secured Loans—Second Lien
New Giving Acquisition, Inc.45,844 46 (45,000)695 (1,585)— 2,569 — 1,350 
Asset Based Finance
Bridge Street CLO I Ltd., Subordinated Notes24,955 717 (1,982)— 2,719 26,409 4,005 — — 
Bridge Street CLO I Ltd., Tranche D Notes— 3,500 — — 25 3,525 123 — — 
Bridge Street CLO II Ltd., Subordinated Notes25,108 207 (977)— (985)23,353 3,836 — — 
Bridge Street CLO III Ltd., Subordinated Notes21,430 1,156 (19,800)(7,938)5,152 — 3,804 — — 
Equity/Other
Monitronics International, LLC20,947 — — — — 20,947 — — — 
New Giving Acquisition, Inc, Common Stock76,443 29 (29,245)28,886 (22,508)53,605 — 19,497 680 
New Giving Acquisition, Inc. Warrants, 8/19/29, Strike: $0.016,757 — (29)— (6,728)— — — — 
Total$272,896 $35,655 $(97,798)$21,643 $(23,324)$209,072 $20,938 $19,497 $2,030 
_________________
(1)Gross additions may 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/or the movement of an existing portfolio company into this category from a different category.
(2)Gross reductions may 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/or the movement of an existing portfolio company out of this category into a different category.
(3)Interest income, dividend income and fee income presented for the full nine months ended September 30, 2024.



See Notes to Unaudited Consolidated Schedule of Investments.
8
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2024 (in thousands, except share amounts)
(r)
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 September 30, 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 September 30, 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
September 30, 2024
Equity/Other
SCM EPIC, LLC, Common Equity$29,470 $— $— $— $(584)$28,886 
Total$29,470 $— $— $— $(584)$28,886 
_________________
(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 September 30, 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 and its unaudited consolidated financial statements contained in its semi-annual report for the semi-annual period ended June 30, 2024.

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 September 30, 2024, the Fund held investments in four 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 (q) and (r) to the unaudited consolidated schedule of investments as of September 30, 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 September 30, 2024, the Fund had eleven senior secured loan investments with aggregate unfunded commitments of $29,790. 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 September 30, 2024:
Industry ClassificationFair ValuePercentage of Portfolio
Automobiles & Components$38,302 2%
Capital Goods143,321 7%
Commercial & Professional Services195,152 9%
Consumer Discretionary Distribution & Retail77,066 4%
Consumer Durables & Apparel179,350 9%
Consumer Services346,743 17%
Consumer Staples Distribution & Retail12,395 1%
Energy73,104 3%
Equity Real Estate Investment Trusts20,222 1%
Financial Services145,903 7%
Food, Beverage & Tobacco19,208 1%
Health Care Equipment & Services278,229 13%
Household & Personal Products35,821 2%
Insurance2,158 0%
Materials99,079 5%
Media & Entertainment59,458 3%
Pharmaceuticals, Biotechnology & Life Sciences91,381 4%
Real Estate Management & Development57,913 3%
Software & Services61,137 3%
Technology Hardware & Equipment19,320 1%
Telecommunication Services51,392 2%
Transportation60,002 3%
Total$2,066,656 100%
Under existing accounting guidance, fair value is defined as the price that the Fund would receive upon selling an asset or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Fund. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Fund classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:
Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.
Level 3: Inputs that are unobservable for an asset or liability.
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
As of September 30, 2024, the Fund’s investments and derivatives were categorized as follows in the fair value hierarchy:
Asset DescriptionLevel 1Level 2Level 3Total
Senior Secured Loans—First Lien$— $572,920 $799,329 $1,372,249 
Senior Secured Loans—Second Lien— 32,070 50,671 82,741 
Senior Secured Bonds— 175,984 69,531 245,515 
Subordinated Debt— 66,439 63,761 130,200 
Asset Based Finance— 3,525 49,762 53,287 
Equity/Other5,017 21,899 155,748 182,664 
Total Investments5,017 872,837 1,188,802 2,066,656 
Interest Rate Swaps— 372 — 372 
Total Assets$5,017 $873,209 $1,188,802 $2,067,028 
Liability DescriptionLevel 1Level 2Level 3Total
Forward Foreign Currency Exchange Contracts$— $288 $— $288 
Options Written— 3,115 — 3,115 
Total Liabilities$— $3,403 $— $3,403 
The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the nine months ended September 30, 2024:
 Senior Secured Loans—First LienSenior Secured Loans—Second LienSenior Secured BondsSubordinated DebtAsset 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)2,340 130 135 64 4 91 2,764 
Net realized gain (loss)21 (7,229)— — (7,812)28,886 13,866 
Net change in unrealized appreciation (depreciation)9,494 7,678 8,325 2,670 6,910 (18,490)16,587 
Purchases376,946 26,540 1,124 23,455 2,080 6,677 436,822 
Paid-in-kind interest10,853 3,240 571 5,782 — 5,459 25,905 
Sales and repayments(113,088)(45,682)— — (31,185)(29,276)(219,231)
Transfers into Level 3(1)
— — — 31,790 — 30 31,820 
Transfers out of Level 3(1)
— — (31,790)— — — (31,790)
Fair value at end of period$799,329 $50,671 $69,531 $63,761 $49,762 $155,748 $1,188,802 
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$7,536 $1,156 $8,325 $2,670 $1,734 $(11,762)$9,659 
______________
(1)Transfers into or out of 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.

10
Fs Credit Opportunities (NYSE:FSCO)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Fs Credit Opportunities Charts.
Fs Credit Opportunities (NYSE:FSCO)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Fs Credit Opportunities Charts.