Executive Summary

FSCO did not file a detailed Q2 2025 results press release on EDGAR; instead, it filed an 8‑K noting the results would be posted on its website on August 25 and that a recorded earnings call and transcript would be available September 4 .
The Fund increased its monthly distribution in June to $0.0678 and maintained this rate through July, August, and September; annualized distribution yields ranged roughly 10.5%–11.2% on NAV and 10.7%–11.2% on market price across late Q2 and Q3, with distributions fully covered by net investment income on a tax basis in 2025 .
Estimated total returns year-to-date improved through the quarter: on NAV reaching 10.7% and on market price 18.3% by August 31, 2025; AUM was approximately $2.2B across the period .
Sell-side Wall Street consensus (S&P Global) for EPS/Revenue/EBITDA was unavailable for FSCO for Q2 2025 and adjacent quarters, limiting “beat/miss” framing; the lack of an EDGAR results release and reliance on website materials may also constrain coverage [GetEstimates]*.
Disclaimer: *Consensus availability checked via S&P Global; no estimates returned.

What Went Well and What Went Wrong

What Went Well

Distribution increased approximately 5.1% in June to $0.0678 per share and was sustained in July, August, and September, evidencing strong income generation and a shareholder-friendly payout policy .
Management highlighted “strong income generation from select investments that have meaningfully outperformed expectations,” supporting the distribution increase and reinforcing opportunistic credit strategy execution (Andrew Beckman: “We are pleased to announce an approximately 5.1% increase… The distribution increase reflects strong income generation from select investments that have meaningfully outperformed expectations.”) .
YTD performance strengthened as the quarter progressed: NAV total return reached 10.7% and market price total return 18.3% through August 31, 2025, reflecting positive carry/performance momentum .

What Went Wrong

No detailed Q2 2025 financials (e.g., NII per share, realized/unrealized gains) were filed via EDGAR; investors had to rely on website postings for the presentation and recorded call/transcript, increasing friction for analysis .
Street estimates coverage was absent (S&P Global returned no consensus for EPS/Revenue/EBITDA), limiting benchmark comparisons and narratives about beats/misses [GetEstimates]*.
Annualized distribution yields edged modestly lower at certain month-end checkpoints (e.g., NAV-based yield 11.1% in July vs. 11.0% in September; market price-based yield 11.2% in July vs. 10.8% in September), reflecting portfolio/NAV dynamics and market pricing .

Financial Results

FSCO did not provide a detailed Q2 2025 results press release via EDGAR; results materials were posted on the company website (presentation Aug 25; recorded call/transcript Sept 4). No EDGAR figures for revenue, EPS, margins, or NII were available in the filings listed and our S&P Global pull returned no quarterly estimates. The table below reflects availability status.

Metric	Q2 2024	Q1 2025	Q2 2025
Revenues ($USD)	Not disclosed	Not disclosed	Not disclosed
EPS ($USD)	Not disclosed	Not disclosed	Not disclosed
Net Income - (IS) ($USD)	Not disclosed	Not disclosed	Not disclosed
EBITDA ($USD)	Not disclosed	Not disclosed	Not disclosed
EBITDA Margin %	Not disclosed	Not disclosed	Not disclosed

Segment breakdown: Not applicable (closed-end credit fund) and not provided in EDGAR results documents for the periods above .

Key KPIs and payout metrics by month (distribution policy and yields):

KPI	Mar 2025	Apr 2025	May 2025	Jun 2025	Jul 2025	Aug 2025	Sep 2025
Monthly Distribution ($/sh)	$0.0645	$0.0645	$0.0645	$0.0678	$0.0678	$0.0678	$0.0678
Annualized Dist. Yield (NAV)	10.7%	10.7%	10.7%	10.5%	11.1%	11.1%	11.0%
Annualized Dist. Yield (Market)	11.1%	11.0%	11.1%	10.7%	11.2%	10.9%	10.8%
AUM ($USD Billions)	$2.2B	$2.1B	$2.1B	$2.2B	$2.2B	$2.2B	$2.2B
YTD Total Return on NAV	3.13% (as of Feb 28)	3.44% (as of Mar 31)	4.5% (as of Apr 30)	7.2% (as of May 30)	7.6% (as of Jun 30)	9.3% (as of Jul 31)	10.7% (as of Aug 31)
YTD Total Return on Market Price	4.3% (as of Feb 28)	6.3% (as of Mar 31)	5.9% (as of Apr 30)	10.8% (as of May 30)	12.5% (as of Jun 30)	16.5% (as of Jul 31)	18.3% (as of Aug 31)

Guidance Changes

FSCO does not provide formal forward financial guidance (revenue/margins) via EDGAR for these quarters. The primary formal change was to its distribution policy.

Metric	Period	Previous Guidance	Current Guidance	Change
Monthly Distribution ($/sh)	June 2025	$0.0645 (May)	$0.0678	Raised (~+5.1%)
Monthly Distribution ($/sh)	July 2025	$0.0678 (Jun)	$0.0678	Maintained
Monthly Distribution ($/sh)	August 2025	$0.0678 (Jul)	$0.0678	Maintained
Monthly Distribution ($/sh)	September 2025	$0.0678 (Aug)	$0.0678	Maintained

Earnings Call Themes & Trends

Company stated it would post a recorded call and transcript after market close on September 4, 2025; the materials are hosted on the company website (not on EDGAR), and were not accessible through our document tools for content extraction .

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 2025)	Trend
Distribution policy and income coverage	Routine monthly distributions, fully covered YTD; increased in June	Sustained $0.0678 through Aug/Sep; fully covered in 2025	Stable-to-positive payout trend
Access to results materials	Q4 2024 and Q1 2025 announced calls/presentations (website)	Q2 posted presentation Aug 25; recorded call/transcript Sept 4 (website)	Consistent website-based disclosure
Macro/forward-looking statements	Standard risk/forward-looking disclosures in PRs	Similar forward-looking caveats in Q2 release schedule PR	Unchanged disclosure tone

Management Commentary

“We are pleased to announce an approximately 5.1% increase to FSCO's monthly distribution… The distribution increase reflects strong income generation from select investments that have meaningfully outperformed expectations.” — Andrew Beckman, Head of Global Credit and Portfolio Manager for FSCO (June distribution PR) .
The company emphasized availability of a comprehensive earnings presentation (Aug 25) and a recorded call with transcript (Sept 4) on its website IR page, encouraging investors to review materials and submit questions to IR .

Q&A Highlights

Not available through EDGAR or our document repository; the company indicated the recorded call and transcript were posted Sept 4 on its website, but we could not access the full transcript content via our tools for extraction .

Estimates Context

Street consensus (S&P Global) for FSCO’s quarterly EPS/Revenue/EBITDA and target price was unavailable for Q2 2025 and adjacent quarters. This limits beat/miss framing and may reflect limited sell-side coverage for this closed-end credit fund [GetEstimates]*.
Disclaimer: *Consensus availability checked via S&P Global; no estimates returned.

Key Takeaways for Investors

Distribution raised to $0.0678 in June and maintained through September; payout remains fully covered by net investment income on a tax basis in 2025, supporting cash yield for shareholders .
YTD performance trending positively, with NAV and market-price total returns improving through August 31, 2025, indicative of carry and portfolio execution in event-driven/special situations credit .
AUM approximately $2.2B provides scale for sourcing across event-driven credit, special situations, and private capital solutions; portfolio size was stable across mid-2025 .
Analysis friction: absence of an EDGAR-filed detailed results release and lack of S&P Global consensus estimates complicate benchmarking against “Street” expectations; investors should monitor website presentations/calls for granular NII/NAV detail [GetEstimates]*.
Near-term focus: confirm Q2 2025 NII per share, realized/unrealized marks, and NAV trajectory from the posted materials; assess sustainability of the $0.0678 monthly distribution under evolving macro/credit conditions .
Medium-term thesis: disciplined, opportunistic credit strategy with demonstrated income generation underpinning distributions; watch for any changes in distribution coverage, portfolio construction, and realized credit outcomes through subsequent monthly/quarterly updates .

Sources and document citations:

Q2 2025 8‑K (schedule, presentation and recorded call/transcript availability) ; Press release mirroring schedule .
Monthly distribution PRs and metrics: March ; April ; May ; June (increase; quote) ; July ; August ; September .
Prior quarter schedules: Q1 2025 8‑K ; Q4 2024 8‑K .
Company web page indicating Q2 2025 earnings call and transcript hosting .

S&P Global estimates disclaimer: Consensus was checked via S&P Global’s data feed and no estimates were available for FSCO for the requested periods.

FS Credit Opportunities Corp. (FSCO)·Q2 2025 Earnings Summary