FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments
As of September 30, 2023 (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—70.9%
Aimbridge Acquisition Co. Inc.(e)Consumer ServicesS+3750.00%2/2/26$1,984 $1,835 $1,910 
Allied Universal Holdco LLC(e)Consumer ServicesS+4750.50%5/12/288,000 7,760 7,900 
ANCILE Solutions, Inc.(e)(r)Software & ServicesL+700, 3.0% PIK (3.0% Max PIK)1.00%6/11/2633,393 33,393 33,894 
Arrow Purchaser Inc.(e)Consumer Discretionary Distribution & RetailS+6751.00%4/15/2613,304 13,292 12,040 
Ascena Retail Group, Inc.(e)(i)(p)Consumer Discretionary Distribution & RetailL+4500.75%8/21/2235,525 12,121 156 
Auris Luxembourg III S.à r.l.(e)Health Care Equipment & ServicesL+3750.00%2/27/269,948 9,438 9,720 
Aveanna Healthcare LLC(e)Health Care Equipment & ServicesL+3750.50%7/17/2819,899 17,350 17,973 
Belk, Inc.(e)(i)(p)Consumer Discretionary Distribution & Retail5.0%, 0.0% PIK (8.0% Max PIK)7/31/254,700 2,366 901 
BridgeBio Pharma, Inc.(r)Pharmaceuticals, Biotechnology & Life Sciences6.0%, 3.0% PIK (3.0% Max PIK)11/17/2621,092 20,886 19,300 
BusPatrol LLC(r)Commercial & Professional ServicesS+1450 PIK (S+1450 Max PIK)1.50%9/24/2432,743 32,226 31,515 
BusPatrol LLC(g)(r)Commercial & Professional ServicesS+1450 PIK (S+1450 Max PIK)1.50%9/24/24762 762 734 
CCS-CMGC Holdings, Inc.(e)Health Care Equipment & ServicesS+5500.00%10/1/2537,429 33,948 30,329 
Chinos Intermediate 2, LLC(e)Consumer Discretionary Distribution & RetailS+8000.00%9/10/2728,464 28,818 28,518 
CircusTrix Holdings, LLC(r)Consumer ServicesS+6751.00%7/18/2833,548 33,548 33,548 
CircusTrix Holdings, LLC(g)(r)Consumer ServicesS+6751.00%7/18/254,301 4,301 4,301 
CircusTrix Holdings, LLC(g)(r)Consumer ServicesS+6751.00%7/18/282,151 2,151 2,151 
Claros Mortgage Trust, Inc.(e)Financial ServicesS+4500.50%8/9/269,974 9,587 9,525 
CPC Acquisition Corp.(e)MaterialsS+3750.75%12/29/2711,700 9,096 9,734 
Cresco Labs, LLC(e)Pharmaceuticals, Biotechnology & Life Sciences9.5%8/12/2641,000 40,137 35,977 
Curia Global, Inc.(e)Pharmaceuticals, Biotechnology & Life SciencesS+3750.75%8/30/262,697 2,379 2,253 
Drive Assurance Corp.(r)InsuranceS+10001.00%5/23/2811,345 11,274 11,160 
First Brands Group, LLC(e)(f)Automobiles & ComponentsS+5001.00%3/30/2742,281 40,829 41,823 
First Brands Group, LLC(e)Automobiles & ComponentsS+5001.00%3/30/274,963 4,789 4,910 
GSM Midco, LLC(r)Consumer ServicesL+7251.00%3/25/2738,000 37,567 37,193 
Knowlton Development Corporation Inc.(e)Household & Personal ProductsS+5000.00%8/15/2821,000 20,370 20,296 
LHS Borrower, LLC(e)Financial ServicesS+4750.50%2/16/29992 854 910 
LifeScan Global Corp.(e)Health Care Equipment & ServicesS+6500.00%12/31/2653,692 51,895 42,954 
Lucky Bucks, LLC(e)Consumer ServicesS+100010/6/232,919 2,853 2,919 
Lucky Bucks, LLC(e)(f)(i)(p)Consumer ServicesL+7500.75%7/30/2719,100 15,253 5,475 
Maverick Gaming, LLC(e)Consumer ServicesS+7501.00%9/3/2615,170 14,975 11,377 

See Notes to Unaudited Consolidated Schedule of Investments.
1
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2023 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
Principal Amount(c)
Amortized Cost
Fair Value(d)
MLN US HoldCo LLC(e)(i)(p)Technology Hardware & EquipmentS+4500.00%11/30/25$2,837 $2,527 $340 
Monitronics International, LLC(e)(t)Commercial & Professional ServicesS+7503.00%6/30/2851,627 51,635 52,092 
Mountaineer Merger Corp.(e)Consumer Discretionary Distribution & RetailS+7000.00%10/26/2814,063 13,752 11,203 
Neovia Logistics, LP(e)TransportationS+9000.50%11/1/2746,358 42,510 34,150 
Nephron Pharmaceuticals Corp.(r)Pharmaceuticals, Biotechnology & Life SciencesS+9001.50%9/11/2638,000 36,860 36,860 
New SK HoldCo Sub LLC(e)Consumer ServicesS+675, 1.5% PIK (1.5% Max PIK)0.75%6/30/2728,660 26,812 27,156 
North Atlantic Imports, LLC(r)Consumer Durables & ApparelS+7500.50%10/15/2617,344 17,355 18,016 
One Call Corp.(e)Health Care Equipment & ServicesS+5500.75%4/22/2741,135 39,539 33,388 
Powerhouse Intermediate, LLC(r)Commercial & Professional ServicesL+10251.00%1/12/2738,199 36,907 37,722 
Propulsion Acquisition, LLC(e)(r)Capital GoodsS+6501.50%7/31/2624,872 24,850 25,028 
Pyxus Holdings Inc.(e)Food, Beverage & TobaccoS+8001.50%12/31/278,156 7,416 7,708 
Pyxus Holdings Inc.(e)Food, Beverage & TobaccoS+8001.50%12/31/2712,234 9,422 8,411 
Retail Services WIS Corp.(e)Commercial & Professional ServicesS+8351.00%5/20/2513,758 13,550 13,001 
River Ranch One Investments, Ltd.(r)Real Estate Management & Development13.5% PIK (13.5% Max PIK)9/8/2611,943 11,943 11,943 
River Ranch One Investments, Ltd.(g)(r)Real Estate Management & Development13.5% PIK (13.5% Max PIK)9/8/2625,797 25,797 25,797 
S&S Holdings LLC(e)Consumer Durables & ApparelS+5000.50%3/11/2821,901 21,439 21,047 
Salt Creek Aggregator HoldCo, LLC(e)(r)Energy8.0% PIK (8.0% Max PIK)7/12/2618,798 18,907 18,539 
Sungard AS New Holdings III, LLC(i)(p)(r)Software & ServicesS+375, 3.8% PIK (3.8% Max PIK)1.00%7/1/245,561 5,631 419 
SuperRego, LLC(r)Consumer Services7.5%, 7.5% PIK (7.5% Max PIK)7/30/2616,182 15,949 14,867 
Syncapay, Inc.(e)Software & ServicesS+6501.00%12/10/2730,255 29,386 30,387 
TCFIII Owl Finance LLC(r)Capital Goods12.0% PIK (12.0% Max PIK)1/30/2753,856 53,159 51,836 
TKC Holdings, Inc.(e)Consumer Staples Distribution & RetailS+5501.00%5/15/285,601 4,788 5,384 
TruGreen, LP(e)Commercial & Professional ServicesS+4000.75%11/2/2713,941 12,871 13,286 
United Gaming LLC(e)(r)Consumer ServicesS+9006/9/2545,300 45,074 45,300 
United Gaming LLC(g)(r)Consumer ServicesS+9006/9/25967 967 967 
Total Senior Secured Loans—First Lien1,085,099 1,016,243 
Unfunded Commitments(33,978)(33,978)
Net Senior Secured Loans—First Lien1,051,121 982,265 

See Notes to Unaudited Consolidated Schedule of Investments.
2
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2023 (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—Second Lien—10.8%
Astro One Acquisition Corp.(e)(i)(p)Consumer Durables & ApparelL+8500.75%10/25/29$10,000 $8,967 $5,217 
Eversana Life Sciences Services, LLC(e)Health Care Equipment & ServicesS+8000.00%12/17/297,000 6,911 6,265 
LaserShip, Inc.(e)TransportationS+7500.00%5/7/2927,272 27,129 22,772 
MLN US HoldCo LLC(e)(i)(p)Technology Hardware & EquipmentS+8750.00%11/30/2614,396 12,548 1,620 
New Giving Acquisition, Inc.(r)(t)Health Care Equipment & Services12.5%2/19/2845,000 44,223 44,663 
NGS US Finco, LLC(e)EnergyL+8501.00%8/21/2630,000 29,782 28,050 
S&S Holdings LLC(e)Consumer Durables & ApparelL+8750.50%3/9/295,000 5,011 4,300 
Salt Creek Aggregator HoldCo, LLC(e)(i)(p)(r)Energy    7/12/2723,486 18,450 20,183 
Salt Creek Aggregator HoldCo, LLC(e)(i)(p)(r)Energy    7/12/273,701 1,996 2,783 
TruGreen, LP(e)Commercial & Professional ServicesS+8500.75%11/2/2810,000 9,852 7,050 
Women's Care Holdings, Inc.(e)Health Care Equipment & ServicesS+8250.75%1/12/298,000 7,879 6,519 
Total Senior Secured Loans—Second Lien172,748 149,422 
Senior Secured Bonds—24.5%
Carnival Corp.(n)(o)Consumer Services9.9%8/1/2710,000 10,000 10,447 
CSVC Acquisition Corp.(n)(o)Commercial & Professional Services7.8%6/15/2541,897 36,410 38,964 
Digicel International Finance Ltd.(n)(o)Telecommunication Services8.8%5/25/2441,249 40,558 37,197 
Encore Capital Group, Inc.(o)Financial Services5.4%2/15/26£1,000 1,145 1,126 
Full House Resorts, Inc.(n)(o)Consumer Services8.3%2/15/28$19,500 17,904 17,088 
G-III Apparel Group Ltd.(n)(o)Consumer Durables & Apparel7.9%8/15/255,000 4,741 4,978 
GPS Hospitality Holding Co. LLC(n)(o)Consumer Services7.0%8/15/285,300 3,637 3,647 
Guitar Center, Inc.(n)(o)Consumer Discretionary Distribution & Retail8.5%1/15/2637,000 37,130 32,190 
Hunt Companies, Inc.(n)(o)Financial Services5.3%4/15/2910,000 7,975 7,868 
JW Aluminum Co.(n)(o)Materials10.3%6/1/2643,500 43,732 43,262 
LHS, LLC(r)Capital Goods12.0% PIK (12.0% Max PIK)2/26/2735,471 35,168 32,633 
Medicine Man Technologies, Inc.(r)Pharmaceuticals, Biotechnology & Life Sciences9.0%, 4.0% PIK (4.0% Max PIK)12/3/2616,124 15,908 13,565 
Navios Logistics Finance, Inc.(n)(o)Transportation10.8%7/1/2525,000 25,000 24,628 
North Atlantic Imports, LLC(r)Consumer Durables & Apparel14.0%, 0.0% PIK (7.0% Max PIK)11/30/2725,000 25,013 32,125 
North Atlantic Imports, LLC(g)(r)Consumer Durables & Apparel14.0%, 0.0% PIK (7.0% Max PIK)11/30/276,250 6,250 8,031 
Sizzling Platter, LLC(n)(o)Consumer Services8.5%11/28/251,900 1,774 1,900 
TKC Holdings, Inc.(n)(o)Consumer Staples Distribution & Retail6.9%5/15/2815,977 14,873 14,231 
Triumph Group Inc.(n)(o)Capital Goods9.0%3/15/285,000 5,000 4,950 

See Notes to Unaudited Consolidated Schedule of Investments.
3
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2023 (in thousands, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
Principal Amount(c)
Amortized Cost
Fair Value(d)
Trulieve Cannabis Corp.(o)Pharmaceuticals, Biotechnology & Life Sciences8.0%10/6/26$20,000 $20,000 $16,428 
Total Senior Secured Bonds352,218 345,258 
Unfunded Commitments(6,250)(6,250)
Net Senior Secured Bonds345,968 339,008 
Subordinated Debt—10.2%
Acrisure LLC(n)(o)Insurance10.1%8/1/2631,000 30,916 31,812 
Advisor Group Holdings, Inc.(n)(o)Financial Services10.8%8/1/2720,200 19,421 20,338 
Carnival Holdings Bermuda, Ltd.(n)(o)Consumer Services10.4%5/1/283,000 2,959 3,219 
Ferrellgas, LP(n)(o)Energy5.4%4/1/2621,931 20,416 20,581 
Five Point Operating Co., LP(n)(o)Equity Real Estate Investment Trusts (REITs)7.9%11/15/2523,521 21,616 22,220 
Home Point Capital Inc.(n)(o)Financial Services5.0%2/1/2627,483 23,833 25,701 
PRA Group, Inc.(n)(o)Financial Services7.4%9/1/256,295 5,899 6,137 
PRA Group, Inc.(n)(o)Financial Services8.4%2/1/2812,390 11,251 11,283 
Total Subordinated Debt136,311 141,291 
Asset Based Finance—5.7%
BCP Great Lakes II - Series A Holdings LP(r)Financial Services13.8%7/31/309,210 9,076 9,057 
BCP Great Lakes II - Series A Holdings LP(g)(r)Financial Services13.8%7/31/30263 263 259 
Bridge Street CLO I Ltd., Subordinated Notes(m)(n)(r)(t)Financial Services12.8%1/20/3428,200 23,229 24,544 
Bridge Street CLO II Ltd., Subordinated Notes(m)(n)(r)(t)Financial Services18.8%7/20/3428,560 24,810 24,758 
Bridge Street CLO III Ltd., Subordinated Notes(m)(n)(r)(t)Financial Services6.8% 10/20/3427,600 26,865 21,169 
Total Asset Based Finance84,243 79,787 
Unfunded Commitments(263)(263)
Net Asset Based Finance83,980 79,524 
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Shares/UnitsCost
Fair
Value(d)
Equity/Other—16.7%
Belk, Inc., Common Equity (e)(i)Consumer Discretionary Distribution & Retail579 15 6 
BusPatrol LLC, Warrants, 12/31/31, Strike: $0.01(i)(r)Commercial & Professional Services6,408 1,314 1,110 
Carnelian Point Holdings LP, Warrants, 6/30/27, Strike: $10.00(e)(i)Consumer Services30,146 30 30 
Chinos Holdings, Inc., Common Equity(i)Consumer Discretionary Distribution & Retail878,252 9,892 9,266 

See Notes to Unaudited Consolidated Schedule of Investments.
4
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2023 (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 $1,447 $929 
Copper Property CTL Pass Through Trust, Common Equity(i)Consumer Discretionary Distribution & Retail159,498 2,632 1,743 
Drive Assurance Corp., Common Stock(i)(r)Insurance18,760 19 36 
Drive Assurance Corp., Preferred Stock(r)Insurance10.0% PIK (10.0% Max PIK)1,051 1,051 1,202 
Guitar Center, Inc., Preferred Equity(e)(r)Consumer Discretionary Distribution & Retail15.0%7,489 7,489 4,456 
Monitronics International, LLC, Common Equity(e)(i)(t)Commercial & Professional Services997,489 13,517 20,947 
Nelson Global Products, Inc., Common Stock(i)(r)Automobiles & Components43,998 1,231 1,761 
Nelson Global Products, Inc., Series A Preferred Stock(i)(r)Automobiles & Components1,268 1,268 1,268 
New Giving Acquisition, Inc, Common Stock(i)(r)(t)Health Care Equipment & Services188,561 330 63,545 
New Giving Acquisition, Inc. Warrants, 8/19/29, Strike: $0.01(i)(r)(t)Health Care Equipment & Services16,667 29 5,617 
Penn Foster Inc., Preferred Equity, 10/12/28(e)(r)Consumer ServicesL+975 (L+975 Max PIK)1.0%59,395 58,562 48,703 
Penney Borrower, LLC, Earnouts(i)Consumer Discretionary Distribution & Retail21,267 170 66 
RDV Resources Oil & Gas, Inc., Common Equity(i)(r)Energy457,704 3,618 803 
SCM EPIC, LLC, Common Equity(i)(q)(r)(u)Energy34,800 35,861 41,951 
SCM Topco, LLC, Series B Preferred Equity, 7/13/28(i)(p)(q)(r)Energy27,398 2,449 5,120 
SCM Topco, LLC, Series C Common Equity(i)(q)(r)Energy196 — — 
SCM Topco, LLC, Warrants, 7/10/28, Strike: $75,000(i)(q)(r)Energy1 — — 
Selecta Group B.V., Contingent Value Notes, 12/15/23(h)(i)(r)Consumer Discretionary Distribution & Retail7 3 — 
Selecta Group B.V., Warrants(h)(i)(r)Consumer Discretionary Distribution & Retail98 2 — 
SPDR S&P 500 ETF Trust, Put Option, 10/20/23, Strike: $370(i)Financial Services825 6,354 198 
SPDR S&P 500 ETF Trust, Put Option, 11/17/23, Strike: $402(i)Financial Services750 2,642 2,063 
SPDR S&P 500 ETF Trust, Put Option, 11/17/23, Strike: $407(i)Financial Services900 5,294 3,024 
SPDR S&P 500 ETF Trust, Put Option, 12/15/23, Strike: $397(i)Financial Services2,775 11,781 11,017 
SPDR S&P 500 ETF Trust, Put Option, 12/15/23, Strike: $402(i)Financial Services925 2,379 4,209 

See Notes to Unaudited Consolidated Schedule of Investments.
5
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2023 (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)(r)Consumer Services139,285 $56 $1,609 
Total Equity/Other169,435 230,679 
Short-Term Investments—0.2%
Allspring Government Money Market Fund - Select Class(s)Money Market Fund5.3%2,146,852 2,147 2,147 
Total Short-Term Investments2,147 2,147 
TOTAL INVESTMENTS—139.0%$1,961,710 1,924,336 
Credit Facilities Payable—(25.3)%(350,000)
Term Preferred Shares, at Liquidation Value, Net—(21.5)%(298,376)
Other Assets in Excess of Liabilities—7.8%(j)109,385 
NET ASSETS—100.0%$1,385,345 
_________________
£ – British Pound.

Investments Sold ShortNumber of SharesProceeds
Fair Value(d)
Portfolio Company(a)
FootnotesIndustry
Investments Sold Short—(3.6)%
Invesco Senior Loan ETF, Common Equity(i)Financial Services(2,400,000)$(51,401)$(50,376)
Total$(51,401)$(50,376)
Options Written
DescriptionPut / CallStrikeExpiration DateNumber of ContractsPremiums Received
Fair Value(d)
SPDR S&P 500 ETF TrustPut Option$35010/20/23(8,250)$(4,280)$(116)
SPDR S&P 500 ETF TrustPut Option$38511/17/23(9,000)(3,211)(1,197)
SPDR S&P 500 ETF TrustPut Option$38011/17/23(7,500)(1,588)(818)
SPDR S&P 500 ETF TrustPut Option$38012/15/23(9,250)(1,339)(2,118)
SPDR S&P 500 ETF TrustPut Option$37612/15/23(27,750)(6,182)(5,494)
Total$(16,600)$(9,743)

See Notes to Unaudited Consolidated Schedule of Investments.
6
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2023 (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.10/16/23 USD1,248 CAD1,000 $27 
JPMorgan Chase Bank, N.A.10/16/23 USD4,298 EUR4,000 63 
Total$90 
_________________
CAD – Canadian Dollar.
EUR – Euro.
USD – U.S. Dollar.
Credit Default Swaps on Corporate Issues—Buy Protection
Reference EntityCounterparty
Implied Credit Spread
at September 30, 2023(k)
IndustryFixed Deal Pay RatePeriodic Payment FrequencyMaturity
Notional(l)
Fair Value(d)
Unamortized Premiums Paid (Received)Unrealized Appreciation (Depreciation)
United Rentals North America, Inc.Barclays Bank PLC0.4%Capital Goods5.0%Quarterly12/20/24$(2,000)$(110)$(80)$(30)
United Rentals North America, Inc.JPMorgan Chase Bank, N.A.0.4%Capital Goods5.0%Quarterly12/20/24$(3,000)(166)(120)(46)
Total$(276)$(200)$(76)
_________________
(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, 2023, the three-month London Interbank Offered Rate, or LIBOR, or L, was 5.66% and the Term Secured Overnight Financing Rate, or Term SOFR, or S, was 5.40%. 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)
Position or portion thereof unsettled as of September 30, 2023.
(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 investments sold short, forward foreign currency exchange contracts and swap contracts.
(k)Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap agreements as of period end serves as an indicator of the current status of the payment/performance risk and represents the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required in connection with the entrance into the agreement. Wider credit spreads generally represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring, as defined under the terms of the applicable agreement.

See Notes to Unaudited Consolidated Schedule of Investments.
7
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2023 (in thousands, except share amounts)
(l)The maximum potential amount the Fund could receive/pay as a buyer/seller of credit protection if a credit event occurs, as defined under the terms of the applicable agreement.
(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 $453,112, which represents approximately 32.7% of net assets as of September 30, 2023.
(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, 2023, no securities were rehypothecated by BNP PBIL. The Fund earned $1 of income from rehypothecated securities during the nine months ended September 30, 2023.
(p)
Security was on non-accrual status as of September 30, 2023.
(q)Security held within FS Global Investments, Inc., a wholly-owned subsidiary of the Fund.
(r)Security is classified as Level 3 in the Fund’s fair value hierarchy.
(s)
Rate represents the money market fund’s average 7-day yield as of September 30, 2023.
(t)
Under the Investment Company Act of 1940, as amended, the Fund generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of September 30, 2023, the Fund held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Fund was deemed to be an affiliated person as of September 30, 2023:
Portfolio CompanyFair Value at
December 31, 2022
Gross Additions(1)
Gross Reductions(2)
Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)
Fair Value at
September 30, 2023
Interest Income(3)
Dividend Income(3)
Senior Secured Loans—First Lien
Monitronics International, LLC$— $51,765 $(130)$— $457 $52,092 $1,739 $— 
Sungard AS New Holdings III, LLC(4)
468 — (6,308)— 5,840 — — — 
Sungard AS New Holdings III, LLC(5)
2,118 — (2,118)— — — — — 
Senior Secured Loans—Second Lien
New Giving Acquisition, Inc.44,775 104 — — (216)44,663 4,370 — 
Sungard AS New Holdings III, LLC(5)
— — (14,729)— 14,729 — — — 
Asset Based Finance
Bridge Street CLO I Ltd., Subordinated Notes24,783 201 (1,569)— 1,129 24,544 2,107 — 
Bridge Street CLO II Ltd., Subordinated Notes25,261 82 (815)— 230 24,758 3,041 — 
Bridge Street CLO III Ltd., Subordinated Notes18,830 — (700)— 3,039 21,169 1,391 — 
Equity/Other
Monitronics International, LLC— 13,517 — — 7,430 20,947 — — 
New Giving Acquisition, Inc, Common Stock6,911 — — — 56,634 63,545 — 640 
New Giving Acquisition, Inc. Warrants, 8/19/29, Strike: $0.01611 — — — 5,006 5,617 — — 
Total$123,757 $65,669 $(26,369)$— $94,278 $257,335 $12,648 $640 


See Notes to Unaudited Consolidated Schedule of Investments.
8
FS Credit Opportunities Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of September 30, 2023 (in thousands, except share amounts)
_________________
(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 dividend income presented for the full nine months ended September 30, 2023.
(4)The Fund held this investment as of September 30, 2023 but it was deemed to be an “unaffiliated person” of the portfolio company as of September 30, 2023. Transfers in or out have been presented at amortized cost and are deemed to have occurred at the beginning of the reporting period.
(5)The Fund was deemed to be an “unaffiliated person” of the portfolio company during the nine months ended September 30, 2023. Transfers in or out have been presented at amortized cost and are deemed to have occurred at the beginning of the reporting period.
(u)
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, 2023, 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, 2023:
Portfolio CompanyFair Value at
December 31, 2022
Gross Additions(1)
Gross Reductions(2)
Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)
Fair Value at
September 30, 2023
Asset Based Finance
BCP Great Lakes II - Series A Holdings LP(3)
$32,234 $— $(32,438)$— $204 $— 
Equity/Other
SCM EPIC, LLC, Common Equity32,430 — — — 9,521 41,951 
Total$64,664 $— $(32,438)$— $9,725 $41,951 
_________________
(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)The Fund held this investment as of September 30, 2023 but it was deemed to be an “unaffiliated person” of the portfolio company as of September 30, 2023. Transfers in or out have been presented at amortized cost and are deemed to have occurred at the beginning of the reporting period.


See Notes to Unaudited Consolidated Schedule of Investments.
9

FS Credit Opportunities Corp.
Notes to Unaudited Consolidated Schedule of Investments
As of September 30, 2023 (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, 2022 and its unaudited consolidated financial statements contained in its semi-annual report for the semi-annual period ended June 30, 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 September 30, 2023, 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 (t) and (u) to the unaudited consolidated schedule of investments as of September 30, 2023 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, 2023, the Fund had five senior secured loan investments with aggregate unfunded commitments of $33,978, one senior secured bond investment with an unfunded commitment of $6,250 and one asset based finance investment with an unfunded commitment of $263. 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, 2023:
Industry ClassificationFair ValuePercentage of Portfolio
Automobiles & Components$49,762 3%
Capital Goods114,447 6%
Commercial & Professional Services215,659 11%
Consumer Discretionary Distribution & Retail101,474 5%
Consumer Durables & Apparel87,464 5%
Consumer Services274,288 14%
Consumer Staples Distribution & Retail19,615 1%
Energy138,010 7%
Equity Real Estate Investment Trusts (REITs)22,220 1%
Financial Services182,923 10%
Food, Beverage & Tobacco16,119 1%
Health Care Equipment & Services260,973 14%
Household & Personal Products20,296 1%
Insurance44,210 2%
Materials52,996 3%
Money Market Fund2,147 0%
Pharmaceuticals, Biotechnology & Life Sciences124,383 6%
Real Estate Management & Development11,943 1%
Software & Services64,700 3%
Technology Hardware & Equipment1,960 0%
Telecommunication Services37,197 2%
Transportation81,550 4%
Total$1,924,336 100%

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, 2023, 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$— $555,153 $427,112 $982,265 
Senior Secured Loans—Second Lien— 81,793 67,629 149,422 
Senior Secured Bonds— 258,904 80,104 339,008 
Subordinated Debt— 141,291 — 141,291 
Asset Based Finance— — 79,524 79,524 
Equity/Other20,511 32,987 177,181 230,679 
Short-Term Investments— 2,147 — 2,147 
Total Investments20,511 1,072,275 831,550 1,924,336 
Forward Foreign Currency Exchange Contracts— 90 — 90 
Total Assets$20,511 $1,072,365 $831,550 $1,924,426 
Liability DescriptionLevel 1Level 2Level 3Total
Investments Sold Short$50,376 $— $— $50,376 
Options Written— 9,743 — 9,743 
Credit Default Swaps—Buy Protection— 276 — 276 
Total Liabilities$50,376 $10,019 $— $60,395 
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, 2023:
 Senior Secured Loans—First LienSenior Secured Loans—Second LienSenior Secured BondsSubordinated DebtAsset Based FinanceEquity/OtherTotal
Fair value at beginning of period$491,290 $66,986 $64,300 $125 $106,465 $119,449 $848,615 
Accretion of discount (amortization of premium)4,462 104 95 — 54 113 4,828 
Net realized gain (loss)(266)(14,729)— (125)(714)(2,320)(18,154)
Net change in unrealized appreciation (depreciation)730 15,268 11,312 — 5,831 66,276 99,417 
Purchases85,267 — 21 — 6,318 — 91,606 
Paid-in-kind interest7,925 — 4,376 — — 3,131 15,432 
Sales and repayments(162,296)— — — (38,430)(9,468)(210,194)
Fair value at end of period$427,112 $67,629 $80,104 $— $79,524 $177,181 $831,550 
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$4,872 $539 $11,312 $— $4,739 $65,307 $86,769 
10
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