FSCO operates with a highly conservative 0.20% debt-to-equity ratio, which may be constraining the fund's capacity to enhance returns through leverage.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Cash & Short Term Investments | 398.93M | 189.34M | 106.2M | 85.67M |
| Cash & Due from Banks | 398.93M | 189.34M | 106.2M | 85.67M |
| Short Term Investments | 0 | 0 | 0 | 0 |
| Total Investments | 196K | 2.05B | 0 | 1.83B |
| Investments Growth % | -99.99% | - | -100% | - |
| Long-Term Investments | 196K | 2.05B | 0 | 1.83B |
| Accounts Receivables | 0 | 76.71M | 45.21M | 41.56M |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 |
| Other Assets | 1.76B | 83.33M | 1.94B | 0 |
| Total Current Assets | 398.93M | 189.34M | 151.41M | 127.23M |
| Total Non-Current Assets | 1.76B | 2.14B | 1.94B | 1.83B |
| Total Assets | 2.16B | 2.33B | 2.09B | 2.01B |
| Asset Growth % | -7.22% | 11.52% | 3.59% | - |
| Return on Assets (ROA) | 6.68% | 8.52% | 11.85% | -7.73% |
| Accounts Payable | 17.01M | 32.43M | 6.71M | 6.86M |
| Total Debt | 285M | 453M | 390M | 285M |
| Net Debt | -113.93M | 263.66M | 283.8M | 199.33M |
| Long-Term Debt | 285M | 453M | 390M | 285M |
| Short-Term Debt | 0 | 0 | 0 | 0 |
| Other Liabilities | 406.7M | 422.51M | 317.33M | 466.17M |
| Total Current Liabilities | 29.24M | 32.43M | 6.71M | 6.86M |
| Total Non-Current Liabilities | 691.71M | 875.51M | 707.33M | 751.17M |
| Total Liabilities | 720.95M | 907.94M | 714.04M | 758.02M |
| Total Equity | 1.44B | 1.42B | 1.37B | 1.26B |
| Equity Growth % | 1.34% | 3.38% | 9.25% | - |
| Equity / Assets (Capital Ratio) | 66.61% | 60.98% | 65.78% | 62.37% |
| Return on Equity (ROE) | 10.48% | 13.47% | 18.48% | -12.39% |
| Book Value per Share | 7.30 | 7.18 | 6.95 | 6.37 |
| Tangible BV per Share | 7.30 | 7.18 | 6.95 | 6.37 |
| Common Stock | 202K | 198K | 198K | 198K |
| Additional Paid-in Capital | 1.67B | 1.65B | 1.66B | 1.67B |
| Retained Earnings | -228.98M | -232.62M | -287.57M | -410.83M |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 |
Deployment and reinvestment velocity
As reported in recent financial filings, FSCO maintains a conservative balance sheet structure, though the 18.64% year-over-year revenue decline suggests that the fund's asset base is currently contracting, which may signal a shift toward more defensive positioning or difficulty in sourcing accretive, event-driven credit opportunities.
The fund's trajectory appears to be defined by a cautious stance that prioritizes capital preservation over aggressive growth. This trend warrants further investigation into whether the current contraction is a strategic pivot or a reflection of limited deal flow in the middle-market credit space.
Based on the fund's reported figures, FSCO operates with a low debt-to-equity ratio of 0.20%, which indicates a highly conservative approach to leverage that may be constraining the fund's ability to enhance returns in a manner consistent with its opportunistic, event-driven investment mandate.
While this low leverage profile provides a significant buffer against market volatility, it may also be indicative of an under-utilization of the fund's structural capacity. Investors should monitor whether this conservative posture is a deliberate risk-mitigation strategy or a sign of management's inability to find attractive, leveragable credit assets.
According to recent portfolio data, FSCO holds $398 million in cash and equivalents, which represents significant dry powder but simultaneously acts as a drag on current returns until management successfully deploys these assets into higher-yielding credit instruments within the current interest rate environment.
The substantial cash position suggests that the fund is currently struggling to find accretive investment opportunities that align with its specific mandate. This liquidity buffer provides safety, but it also creates a performance headwind that may continue to pressure total returns until deployment velocity improves.
As indicated by regulatory filings, the reliance on mark-to-market valuations for illiquid credit assets means that headline net asset values may significantly diverge from actual exit prices, as unrealized gains do not provide the liquidity necessary to support the fund's ongoing distribution obligations to its shareholders.
The market may be mispricing the fund by failing to account for the liquidity mismatch between the fund's closed-end structure and the underlying illiquid assets. This distortion suggests that the balance sheet's reported strength may be partially obscured by the inherent difficulty in valuing distressed or event-driven credit tranches.
Quick answers to the most common questions about buying FSCO stock.
As of 2025, FS Credit Opportunities Corp. (FSCO) had total assets of $2.16B including $398.9M in current assets.
FS Credit Opportunities Corp. (FSCO) carries total debt of $285.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FS Credit Opportunities Corp. (FSCO) has total shareholders' equity (book value) of $1.44B ($7.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FS Credit Opportunities Corp. (FSCO) reported a current ratio of 13.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.