FS Credit Opportunities Corp.

Unaudited Consolidated Schedule of Investments

As of March 31, 2023 (in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—79.2%
Aimbridge Acquisition Co. Inc.	(e)	Consumer Services	L+375	0.0%	2/2/26	$	1,995	$	1,821	$	1,910
ANCILE Solutions, Inc.	(e)(r)	Software & Services	L+700, 3.0% PIK (3.0% Max PIK)	1.0%	6/11/26	35,513		35,513		34,891
Arrow Purchaser Inc.	(e)	Consumer Discretionary Distribution & Retail	L+675	1.0%	4/15/26	13,950		13,929		12,555
Ascena Retail Group, Inc.	(e)(i)(p)	Consumer Discretionary Distribution & Retail	L+450	0.8%	8/21/22	35,525		12,121		128
Belk, Inc.	(e)(i)(p)	Consumer Discretionary Distribution & Retail	5.0%, 8.0% PIK (8.0% Max PIK)		7/31/25	4,753		2,517		823
BridgeBio Pharma, Inc.	(r)	Pharmaceuticals, Biotechnology & Life Sciences	6.0%, 3.0% PIK (3.0% Max PIK)		11/17/26	20,778		20,545		18,414
BusPatrol LLC	(r)	Commercial & Professional Services	L+725, L+725 PIK (L+1450 Max PIK)	1.5%	9/24/24	29,674		28,938		28,450
BusPatrol LLC	(g)(r)	Commercial & Professional Services	L+725, L+725 PIK (L+1450 Max PIK)	1.5%	9/24/24	762		762		731
CCS-CMGC Holdings, Inc.	(e)(f)	Health Care Equipment & Services	L+550	0.0%	10/1/25	36,125		32,899		24,546
Chinos Intermediate 2, LLC	(e)	Consumer Discretionary Distribution & Retail	S+800	1.0%	9/10/27	28,596		28,984		27,245
CPC Acquisition Corp.	(e)	Materials	L+375	0.8%	12/29/27	9,700		7,565		7,459
Cresco Labs, LLC	(e)	Pharmaceuticals, Biotechnology & Life Sciences	9.5%		8/12/26	41,000		40,017		36,849
Curia Global, Inc.	(e)(f)	Pharmaceuticals, Biotechnology & Life Sciences	S+375	0.8%	8/30/26	2,710		2,370		2,323
Diebold Nixdorf Holding Germany Inc. & Co.	(e)	Technology Hardware & Equipment	S+650	4.0%	7/15/25	3,453		3,290		3,641
Drive Assurance Corp.	(r)	Insurance	S+1000	1.0%	5/23/28	11,725		11,646		11,505
ECL Entertainment, LLC	(e)	Consumer Services	S+750	0.8%	5/1/28	13,072		12,975		13,096
First Brands Group, LLC	(e)	Automobiles & Components	S+500	1.0%	3/30/27	24,500		23,269		23,658
First Brands Group, LLC	(e)	Automobiles & Components	S+500	1.0%	3/30/27	4,988		4,795		4,800
GSM Midco, LLC	(r)	Consumer Services	L+725	1.0%	3/25/27	38,000		37,520		37,098
HCH Holdco, Inc.	(r)	Health Care Equipment & Services	S+825	1.0%	4/13/27	33,150		32,294		36,216
LHS Borrower, LLC	(e)	Financial Services	S+475	0.5%	2/16/29	997		852		816
LifeScan Global Corp.	(e)	Health Care Equipment & Services	L+600	0.0%	10/1/24	58,240		55,964		44,052
Lucky Bucks, LLC	(e)	Consumer Services	L+550	0.8%	7/30/27	21,022		17,300		6,812
Maverick Gaming, LLC	(e)	Consumer Services	L+750	1.0%	9/3/26	15,261		15,034		10,530
Medify Air, LLC	(r)	Capital Goods	S+1050	1.0%	12/1/26	49,205		49,205		49,205
MLN US HoldCo LLC	(e)(p)	Technology Hardware & Equipment	L+450	0.0%	11/30/25	2,837		2,575		801
Monitronics International, Inc.	(e)(p)	Commercial & Professional Services	L+750	1.3%	3/29/24	67,450		62,828		27,992
Monitronics International, Inc.	(e)(p)	Commercial & Professional Services	L+600	1.5%	7/3/24	29,876		29,888		28,482

See Notes to Unaudited Consolidated Schedule of Investments.

1

FS Credit Opportunities Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2023 (in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity		Principal Amount(c)		Amortized Cost		Fair Value(d)
Mountaineer Merger Corp.	(e)	Consumer Discretionary Distribution & Retail	L+700	0.8%	10/26/28		$	14,438	$	14,069	$	11,370
Nelson Global Products, Inc.	(e)(r)	Automobiles & Components	L+1025	1.3%	9/23/26		40,695		38,094		41,484
Nelson Global Products, Inc.	(g)(r)	Automobiles & Components	L+1025	1.3%	9/23/26		6,482		6,482		6,607
Neovia Logistics, LP	(e)	Transportation	S+900	0.5%	11/1/27		44,439		40,344		35,995
New SK HoldCo Sub LLC	(e)	Consumer Services	S+675, 1.5% PIK (1.5% Max PIK)	0.8%	6/30/27		28,583		26,551		23,652
North Atlantic Imports, LLC	(r)	Consumer Durables & Apparel	S+750	0.5%	10/15/26		18,281		18,293		18,396
One Call Corp.	(e)	Health Care Equipment & Services	L+550	0.8%	4/22/27		41,346		39,645		31,216
Powerhouse Intermediate, LLC	(r)	Commercial & Professional Services	L+1025	1.0%	1/12/27		38,595		37,160		37,775
Propulsion Acquisition, LLC	(e)(r)	Capital Goods	L+700	1.0%	7/13/24		37,099		36,865		37,145
Pyxus Holdings Inc.	(e)	Food, Beverage & Tobacco	S+800	1.5%	12/31/27		8,156		7,364		7,735
Pyxus Holdings Inc.	(e)	Food, Beverage & Tobacco	S+800	1.5%	12/31/27		12,234		9,255		8,462
Quorum Health Corp.	(e)	Health Care Equipment & Services	S+825	1.0%	4/29/25		28,438		28,156		17,774
Retail Services WIS Corp.	(e)	Commercial & Professional Services	L+775	1.0%	5/20/25		14,134		13,890		13,710
S&S Holdings LLC	(e)	Consumer Durables & Apparel	L+500	0.5%	3/11/28		22,013		21,510		20,816
Salt Creek Aggregator HoldCo, LLC	(e)(r)	Energy	8.0% PIK (8.0% Max PIK)		7/12/26		18,070		18,196		17,799
Staples Canada, ULC	(e)(r)	Consumer Discretionary Distribution & Retail	C+700	1.0%	9/12/24		C$	20,685	16,155		15,196
Sungard AS New Holdings III, LLC	(i)(p)(r)	Software & Services	S+375, 3.8% PIK (3.8% Max PIK)	1.0%	7/1/24		$	6,221	6,308		468
SuperRego, LLC	(r)	Consumer Services	15%		7/30/26		16,182		15,920		14,665
Syncapay, Inc.	(e)	Software & Services	L+650	1.0%	12/10/27		30,661		29,707		30,230
TCFIII Owl Finance LLC	(r)	Capital Goods	12.0% PIK (12.0% Max PIK)		1/30/27		50,701		49,928		49,243
TKC Holdings, Inc.	(e)(f)	Consumer Staples Distribution & Retail	L+550	1.0%	5/15/28		4,652		3,961		3,957
United Gaming LLC	(e)(r)	Consumer Services	S+900		6/9/25		45,358		45,078		45,358
United Gaming LLC	(g)(r)	Consumer Services	S+900		6/9/25		1,138		1,138		1,138
US Renal Care, Inc.	(e)	Health Care Equipment & Services	L+500	0.0%	6/26/26	USD	16,512		14,072		11,290
US Renal Care, Inc.	(e)	Health Care Equipment & Services	L+550	1.0%	6/26/26		14,613		14,202		9,991
Total Senior Secured Loans—First Lien									1,139,759		1,006,500
Unfunded Commitments									(8,382)		(8,382)
Net Senior Secured Loans—First Lien									1,131,377		998,118
Senior Secured Loans—Second Lien—14.6%
Astro One Acquisition Corp.	(e)	Consumer Durables & Apparel	L+850	0.8%	10/25/29		10,000		8,929		5,950

See Notes to Unaudited Consolidated Schedule of Investments.

2

FS Credit Opportunities Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2023 (in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Aveanna Healthcare LLC	(e)	Health Care Equipment & Services	L+700	0.5%	12/10/29	$	20,000	$	19,823	$	12,500
Eversana Life Sciences Services, LLC	(e)	Health Care Equipment & Services	L+800	0.5%	12/17/29	7,000		6,907		6,370
First Brands Group, LLC	(e)	Automobiles & Components	L+850	1.0%	3/30/28	18,000		17,718		16,050
Infinite Bidco LLC	(e)	Capital Goods	L+700	0.5%	3/2/29	10,000		9,960		8,900
LaserShip, Inc.	(e)	Transportation	L+750	0.8%	5/7/29	27,272		27,119		17,863
MLN US HoldCo LLC	(e)(p)	Technology Hardware & Equipment	S+875	0.0%	11/30/26	14,396		13,480		2,879
New Giving Acquisition, Inc.	(r)(s)	Health Care Equipment & Services	12.5%		2/19/28	45,000		44,151		45,056
NGS US Finco, LLC	(e)	Energy	L+850	1.0%	8/21/26	30,000		29,755		28,050
S&S Holdings LLC	(e)	Consumer Durables & Apparel	L+875	0.5%	3/9/29	5,000		5,011		4,550
Salt Creek Aggregator HoldCo, LLC	(e)(i)(p)(r)	Energy			7/12/27	3,701		1,996		2,674
Salt Creek Aggregator HoldCo, LLC	(e)(i)(p)(r)	Energy			7/12/27	23,486		18,450		19,728
TruGreen, LP	(e)	Commercial & Professional Services	L+850	0.8%	11/2/28	10,000		9,843		6,750
Women's Care Holdings, Inc.	(e)	Health Care Equipment & Services	L+825	0.8%	1/12/29	8,000		7,871		7,214
Total Senior Secured Loans—Second Lien								221,013		184,534
Senior Secured Bonds—24.2%
Carnival Corp.	(n)(o)	Consumer Services	10.5%		2/1/26	7,500		7,719		7,820
Carnival Corp.	(n)(o)	Consumer Services	9.9%		8/1/27	10,000		10,000		10,310
CSI Compressco LP	(n)(o)	Energy	10.0%		4/1/26	11,567		6,678		10,104
CSVC Acquisition Corp.	(n)(o)	Commercial & Professional Services	7.8%		6/15/25	41,897		36,410		29,537
Diebold Nixdorf, Inc.	(n)(o)(p)	Technology Hardware & Equipment	9.4%		7/15/25	19,055		16,864		9,766
Digicel International Finance Ltd.	(n)(o)	Telecommunication Services	8.8%		5/25/24	35,000		34,961		31,504
GPS Hospitality Holding Co LLC	(n)(o)	Consumer Services	7.0%		8/15/28	5,300		3,529		3,265
Guitar Center, Inc.	(n)(o)	Consumer Discretionary Distribution & Retail	8.5%		1/15/26	37,000		37,157		32,506
JW Aluminum Co.	(n)(o)	Materials	10.3%		6/1/26	43,500		43,906		43,778
LHS, LLC	(r)	Capital Goods	12.0% PIK (12.0% Max PIK)		2/26/27	33,463		33,117		28,109
Medicine Man Technologies, Inc.	(r)	Pharmaceuticals, Biotechnology & Life Sciences	9.0%, 4.0% PIK (4.0% Max PIK)		12/3/26	15,807		15,564		13,268
Navios Logistics Finance, Inc.	(n)(o)	Transportation	10.8%		7/1/25	25,000		25,000		24,500
North Atlantic Imports, LLC	(r)	Consumer Durables & Apparel	14.0%, 0.0% PIK (7.0% Max PIK)		11/30/27	25,000		25,016		25,188
North Atlantic Imports, LLC	(g)(r)	Consumer Durables & Apparel	14.0%, 0.0% PIK (7.0% Max PIK)		11/30/27	6,250		6,250		6,297
TKC Holdings, Inc.	(n)(o)	Consumer Staples Distribution & Retail	6.9%		5/15/28	15,977		14,871		13,507
Triumph Group Inc.	(n)(o)	Capital Goods	9.0%		3/15/28	5,000		5,000		5,012

See Notes to Unaudited Consolidated Schedule of Investments.

3

FS Credit Opportunities Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2023 (in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Trulieve Cannabis Corp.	(o)	Pharmaceuticals, Biotechnology & Life Sciences	8.0%		10/6/26	$	20,000	$	20,000	$	16,226
Total Senior Secured Bonds								342,042		310,697
Unfunded Commitments								(6,250)		(6,250)
Net Senior Secured Bonds								335,792		304,447
Subordinated Debt—6.6%
Acrisure LLC	(n)(o)	Insurance	10.1%		8/1/26	31,000		30,905		30,863
Advisor Group Holdings, Inc.	(n)(o)	Financial Services	10.8%		8/1/27	20,200		19,335		20,521
Carnival Holdings Bermuda, Ltd.	(n)(o)	Consumer Services	10.4%		5/1/28	3,000		2,956		3,230
Five Point Operating Co LP / Five Point Capital Corp.	(n)(o)	Equity Real Estate Investment Trusts (REITs)	7.9%		11/15/25	8,121		7,372		7,315
Home Point Capital Inc.	(n)(o)	Financial Services	5.0%		2/1/26	27,483		23,350		20,649
TKC Holdings, Inc.	(n)(o)	Consumer Staples Distribution & Retail	10.5%		5/15/29	1,500		1,500		938
Total Subordinated Debt								85,418		83,516
Asset Based Finance—8.6%
BCP Great Lakes II - Series A Holdings LP	(r)(s)	Financial Services	11.8%		7/31/30	37,484		36,882		36,922
BCP Great Lakes II - Series A Holdings LP	(g)(r)(s)	Financial Services	11.8%		7/31/30	1,990		1,990		1,960
Bridge Street CLO I Ltd., Subordinated Notes	(m)(n)(r)(s)	Financial Services	10.1%		1/20/34	28,200		24,513		25,601
Bridge Street CLO II Ltd., Subordinated Notes	(m)(n)(r)(s)	Financial Services	14.3%		7/20/34	28,560		25,640		26,040
Bridge Street CLO III Ltd., Subordinated Notes	(m)(n)(r)(s)	Financial Services	13.5%		10/20/34	27,600		27,652		19,220
Total Asset Based Finance								116,677		109,743
Unfunded Commitments								(1,990)		(1,990)
Net Asset Based Finance								114,687		107,753

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Shares/Units	Cost	Fair Value(d)
Equity/Other—11.5%
Belk, Inc., Common Equity	(e)(i)	Consumer Discretionary Distribution & Retail			579	15	5
BusPatrol LLC, Warrants, 12/31/31, Strike: $0.01	(i)(r)	Commercial & Professional Services			6,408	1,314	1,470
Carnelian Point Holdings LP, Warrants, 6/30/27, Strike: $10.00	(e)(i)	Consumer Services			30,146	30	30
Chinos Holdings, Inc., Common Equity	(i)	Consumer Discretionary Distribution & Retail			878,252	9,892	7,383

See Notes to Unaudited Consolidated Schedule of Investments.

4

FS Credit Opportunities Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2023 (in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Shares/Units	Cost		Fair Value(d)
Chinos Holdings, Inc., Warrants	(i)	Consumer Discretionary Distribution & Retail			412,738	$	1,447	$	1,084
Copper Property CTL Pass Through Trust, Common Equity	(i)	Consumer Discretionary Distribution & Retail			159,498	2,632		1,795
Drive Assurance Corp., Common Stock	(i)(r)	Insurance			18,760	19		—
Drive Assurance Corp., Preferred Stock	(r)	Insurance	10.0% PIK (10.0% Max PIK)		1,000	1,000		1,174
Guitar Center, Inc., Preferred Equity	(e)(r)	Consumer Discretionary Distribution & Retail	15.0%		6,957	6,957		5,714
Nelson Global Products, Inc., Common Stock	(i)(r)	Automobiles & Components			43,998	1,231		2,376
Nelson Global Products, Inc., Series A Preferred Stock	(i)(r)	Automobiles & Components			1,268	1,268		1,268
New Giving Acquisition, Inc, Common Stock	(i)(r)(s)	Health Care Equipment & Services			188,561	330		34,431
New Giving Acquisition, Inc. Warrants, 8/19/29, Strike: $0.01	(i)(r)(s)	Health Care Equipment & Services			16,667	29		3,043
Penn Foster Inc., Preferred Equity, 10/12/28	(e)(r)	Consumer Services	L+975 (L+975 Max PIK)	1.0%	61,667	60,748		42,473
Penney Borrower, LLC, Earnouts	(i)	Consumer Discretionary Distribution & Retail			21,267	170		122
RDV Resources Oil & Gas, Inc., Common Equity	(i)(r)	Energy			457,704	3,618		1,703
Saturn Oil & Gas Inc., Common Equity	(i)	Energy			354,319	671		658
SCM EPIC, LLC, Common Equity	(i)(q)(r)(t)	Energy			34,800	35,861		33,193
SCM Topco, LLC, Series B Preferred Equity, 7/13/28	(i)(p)(q)(r)	Energy			27,398	2,449		4,589
SCM Topco, LLC, Series C Common Equity	(i)(q)(r)	Energy			196	—		—
SCM Topco, LLC, Warrants, 7/10/28, Strike: $75,000	(i)(q)(r)	Energy			1	—		—
Selecta Group B.V., Contingent Value Notes, 6/15/23	(h)(i)(r)	Consumer Discretionary Distribution & Retail			7	3		—
Selecta Group B.V., Warrants	(h)(i)(r)	Consumer Discretionary Distribution & Retail			98	2		—
SuperRego, LLC, Warrants, 7/30/28, Strike: $0.01	(i)(r)	Consumer Services			139,285	56		2,695
Total Equity/Other						129,742		145,206
TOTAL INVESTMENTS—144.7%						$	2,018,029	1,823,574
Credit Facilities Payable—(22.6)%								(285,000)
Term Preferred Shares, at Liquidation Value, Net—(31.6)%								(397,995)
Other Assets in Excess of Liabilities—9.5%	(j)							119,911
NET ASSETS—100.0%								$	1,260,490

_________________

C$ – Canadian Dollar.

See Notes to Unaudited Consolidated Schedule of Investments.

5

FS Credit Opportunities Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2023 (in thousands, except share amounts)

Investments Sold Short			Number of Shares	Proceeds		Fair Value(d)
Portfolio Company(a)	Footnotes	Industry
Investments Sold Short—(4.0)%
Invesco Senior Loan ETF, Common Equity	(i)	Financial Services	(2,400,000)	$	(51,401)	$	(49,920)
Total				$	(51,401)	$	(49,920)

Forward Foreign Currency Exchange Contracts	Contract Settlement Date	Currency to be Received	Value	Currency to be Delivered	Value	Unrealized Appreciation (Depreciation)
Counterparty
JPMorgan Chase Bank, N.A.	4/17/23	USD	22,101	CAD	30,250	$	(265)
JPMorgan Chase Bank, N.A.	4/17/23	USD	4,193	EUR	3,900	(50)
Total						$	(315)

_________________

CAD – Canadian Dollar.

EUR – Euro.

USD – U.S. Dollar.

Credit Default Swaps on Corporate Issues—Buy Protection
Reference Entity	Counterparty	Implied Credit Spread at March 31, 2023(k)	Industry	Fixed Deal Pay Rate	Periodic Payment Frequency	Maturity	Notional(l)		Fair Value(d)		Unamortized Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
United Rentals North America, Inc.	Barclays Bank PLC	0.7%	Capital Goods	5.0%	Quarterly	12/20/24	$	(2,000)	$	(145)	$	(113)	$	(32)
United Rentals North America, Inc.	JPMorgan Chase Bank, N.A.	0.7%	Capital Goods	5.0%	Quarterly	12/20/24	$	(3,000)	(217)		(170)		(47)
Total									$	(362)	$	(283)	$	(79)

_________________

(a)	Security may be an obligation of one or more entities affiliated with the named company.
(b)	Certain variable rate securities in the FS Credit Opportunities Corp. (the “Fund”) portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of March 31, 2023, the three-month London Interbank Offered Rate, or LIBOR, or L, was 5.19%, the Term Secured Overnight Financing Rate, or Term SOFR, or S, was 4.91% and the Canadian Dollar Offer Rate, or CDOR, or C was 5.03%. 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 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 (“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 March 31, 2023.
(g)	Security is an unfunded loan commitment.

See Notes to Unaudited Consolidated Schedule of Investments.

6

FS Credit Opportunities Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2023 (in thousands, except share amounts)

(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.
(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 (“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 $375,986, which represents approximately 29.83% of net assets as of March 31, 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. (“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, 2023, no securities were rehypothecated by BNP PBIL. The Fund earned $0 of income from rehypothecated securities during the three months ended March 31, 2023.
(p)	Security was on non-accrual status as of March 31, 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.

See Notes to Unaudited Consolidated Schedule of Investments.

7

FS Credit Opportunities Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2023 (in thousands, except share amounts)

(s) 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, 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 March 31, 2023:

Portfolio Company	Fair Value at December 31, 2022		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2023		Interest Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Sungard AS New Holdings III, LLC(5)	$	468	$	—	$	(6,308)	$	—	$	5,840	$	—	$	—	$	—
Sungard AS New Holdings III, LLC(6)	2,118		—		(2,118)		—		—		—		—		—
Senior Secured Loans—Second Lien
New Giving Acquisition, Inc.	44,775		32		—		—		249		45,056		1,439		—
Sungard AS New Holdings III, LLC(6)	—		—		(14,729)		—		14,729		—		—		—
Asset Based Finance
BCP Great Lakes II - Series A Holdings LP(4)(7)	—		36,941		(59)		—		40		36,922		1,110		—
Bridge Street CLO I Ltd., Subordinated Notes	24,783		—		(84)		—		902		25,601		354		—
Bridge Street CLO II Ltd., Subordinated Notes	25,261		97		—		—		682		26,040		866		—
Bridge Street CLO III Ltd., Subordinated Notes	18,830		87		—		—		303		19,220		920		—
Equity/Other
New Giving Acquisition, Inc, Common Stock	6,911		—		—		—		27,520		34,431		—		214
New Giving Acquisition, Inc. Warrants, 8/19/29, Strike: $0.01	611		—		—		—		2,432		3,043		—		—
Total	$	123,757	$	37,157	$	(23,298)	$	—	$	52,697	$	190,313	$	4,689	$	214

_________________

(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 three months ended March 31, 2023.

(4)Security includes a partially unfunded commitment with amortized cost of $1,990 and fair value of $1,960.

(5)The Fund held this investment as of March 31, 2023 but it was deemed to be an “unaffiliated person” of the portfolio company as of March 31, 2023. Transfers in or out have been presented at amortized cost and are deemed to have occurred at the beginning of the reporting period.

(6)The Fund was deemed to be an “unaffiliated person” of the portfolio company during the three months ended March 31, 2023. Transfers in or out have been presented at amortized cost and are deemed to have occurred at the beginning of the reporting period.

(7)The Fund held this investment as of December 31, 2022 but it was deemed to "control" the portfolio company as of December 31, 2022. 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.

8

FS Credit Opportunities Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2023 (in thousands, except share amounts)

(t) 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, 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 March 31, 2023:

Portfolio Company	Fair Value at December 31, 2022		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2023
Asset Based Finance
BCP Great Lakes II - Series A Holdings LP(3)	$	32,234	$	—	$	(32,438)	$	—	$	204	$	—
Equity/Other
SCM EPIC, LLC, Common Equity	32,430		—		—		—		763		33,193
Total	$	64,664	$	—	$	(32,438)	$	—	$	967	$	33,193

_________________

(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 March 31, 2023 but it was deemed to be an “affiliated person” of the portfolio company as of March 31, 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 March 31, 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.

The following table summarizes the composition of the Fund’s investment portfolio at cost and fair value as of March 31, 2023:

	Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	1,131,377	$	998,118	55	%
Senior Secured Loans—Second Lien	221,013		184,534		10	%
Senior Secured Bonds	335,792		304,447		17	%
Subordinated Debt	85,418		83,516		4	%
Asset Based Finance	114,687		107,753		6	%
Equity/Other	129,742		145,206		8	%
Total	$	2,018,029	$	1,823,574	100	%
Investments Sold Short	$	(51,401)	$	(49,920)

__________________________

(1)    Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

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, 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 investments in one portfolio company of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (s) and (t) to the unaudited consolidated schedule of investments as of March 31, 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 March 31, 2023, the Fund had three senior secured loan investments with aggregate unfunded commitments of $8,382, one senior secured bond investment with an unfunded commitment of $6,250 and one asset based finance investment with an unfunded commitment of $1,990. 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, 2023:

Industry Classification	Fair Value		Percentage of Portfolio
Automobiles & Components	$	89,761	5%
Capital Goods	177,614		10%
Commercial & Professional Services	174,135		10%
Consumer Discretionary Distribution & Retail	115,926		6%
Consumer Durables & Apparel	74,947		4%
Consumer Services	222,944		12%
Consumer Staples Distribution & Retail	18,402		1%
Energy	118,498		6%
Equity Real Estate Investment Trusts (REITs)	7,315		0%
Financial Services	149,739		8%
Food, Beverage & Tobacco	16,197		1%
Health Care Equipment & Services	283,699		16%
Insurance	43,542		2%
Materials	51,237		3%
Pharmaceuticals, Biotechnology & Life Sciences	87,080		5%
Software & Services	65,589		4%
Technology Hardware & Equipment	17,087		1%
Telecommunication Services	31,504		2%
Transportation	78,358		4%
Total	$	1,823,574	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, 2023, the Fund’s investments and derivatives were categorized as follows in the fair value hierarchy:

Asset Description	Level 1		Level 2		Level 3		Total
Senior Secured Loans—First Lien	$	—	$	504,716	$	493,402	$	998,118
Senior Secured Loans—Second Lien	—		117,076		67,458		184,534
Senior Secured Bonds	—		237,835		66,612		304,447
Subordinated Debt	—		83,516		—		83,516
Asset Based Finance	—		—		107,753		107,753
Equity/Other	658		10,419		134,129		145,206
Total Investments	658		953,562		869,354		1,823,574
Total Assets	$	658	$	953,562	$	869,354	$	1,823,574

Liability Description	Level 1		Level 2		Level 3		Total
Investments Sold Short	$	49,920	$	—	$	—	$	49,920
Forward Foreign Currency Exchange Contracts	—		315		—		315
Credit Default Swaps—Buy Protection	—		362		—		362
Total Liabilities	$	49,920	$	677	$	—	$	50,597

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, 2023:

	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Subordinated Debt		Asset Based Finance		Equity/Other		Total
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)	490		32		31		—		20		26		599
Net realized gain (loss)	—		(14,729)		—		(125)		(1,147)		(2,320)		(18,321)
Net change in unrealized appreciation (depreciation)	4,891		15,169		212		—		3,353		21,621		45,246
Purchases	297		—		18		—		4,667		—		4,982
Paid-in-kind interest	3,242		—		2,051		—		—		2,549		7,842
Sales and repayments	(6,808)		—		—		—		(5,605)		(7,196)		(19,609)
Fair value at end of period	$	493,402	$	67,458	$	66,612	$	—	$	107,753	$	134,129	$	869,354
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	$	4,833	$	15,169	$	212	$	—	$	2,261	$	20,652	$	43,127

10