FS Credit Opportunities Business Summary

FS Credit Opportunities Corp. (FSCO) is a non-diversified, closed-end management investment company that generates revenue primarily through net investment income and capital appreciation from a $2.2 billion portfolio of opportunistic credit. Managed by Future Standard (formerly FS Investments), the company’s business model is structured around four core segments: event-driven credit, special situations, private capital solutions, and non-traditional credit opportunities. Its investment strategy is characterized by a high-conviction allocation to senior secured debt, with approximately 78% of fair value held in first-lien loans and 5% in senior secured bonds as of early 2026. FSCO competes directly with other high-yield and alternative debt vehicles such as Oxford Lane Capital (OXLC), PennantPark Floating Rate Capital (PFLT), and Western Asset Emerging Markets Debt Fund (EMD). Within this competitive landscape, FSCO occupies a specialized niche as a provider of event-driven and opportunistic credit solutions, bridging the gap between traditional fixed income and private debt for both retail and institutional investors. FSCO is managed by Future Standard, which was co-founded in 2007 by Michael C. Forman and David Adelman to democratize access to institutional-grade alternative assets. Michael C. Forman serves as Chairman and CEO, leveraging his extensive pedigree in corporate law and capital markets to oversee the fund’s strategic direction. The executive team includes Mike Kelly, who serves as President and Chief Investment Officer, and Lisa Opoku, who joined as Chief Operating Officer in 2024 after a 20-year tenure at Goldman Sachs. For the FSCO fund specifically, William Goebel was appointed Chief Financial Officer and Treasurer in December 2025, bringing deep institutional knowledge from his previous leadership roles at KKR FS Income Trust. The company’s governance is supported by a board of directors including Lead Independent Director Walter W. Buckley, III, and is backed by prominent institutional shareholders such as Blackstone Group, Rockefeller Capital Management, and Cambridge Investment Research Advisors.