FS Credit Opportunities Corp. received an updated ownership report showing that Athene Annuity and Life Company and related Apollo-managed entities collectively report beneficial ownership of 25,000 Term Preferred Shares, equal to 6.3% of this class.
The percentage is based on 400,000 Term Preferred Shares outstanding as of June 30, 2025, as reported by the company in a prior shareholder report. AAIA directly holds the Term Preferred Shares, while Apollo Insurance Solutions Group and several affiliated partnerships and limited liability companies are listed because of their roles in the advisory and ownership chain.
The reporting group states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of FS Credit Opportunities Corp., consistent with a passive institutional ownership position.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 8)
FS Credit Opportunities Corp.
(Name of Issuer)
Term Preferred Shares
(Title of Class of Securities)
30290YAF8
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
30290YAF8
1
Names of Reporting Persons
Apollo Management Holdings GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
30290YAF8
1
Names of Reporting Persons
Athene Annuity and Life Company
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
IOWA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
IC
SCHEDULE 13G
CUSIP No.
30290YAF8
1
Names of Reporting Persons
Apollo Insurance Solutions Group LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
30290YAF8
1
Names of Reporting Persons
AISG GP Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
30290YAF8
1
Names of Reporting Persons
Apollo Life Asset L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
30290YAF8
1
Names of Reporting Persons
Apollo Life Asset GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
30290YAF8
1
Names of Reporting Persons
Apollo Capital Management, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
30290YAF8
1
Names of Reporting Persons
Apollo Capital Management GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
30290YAF8
1
Names of Reporting Persons
Apollo Management Holdings, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
FS Credit Opportunities Corp.
(b)
Address of issuer's principal executive offices:
201 Rouse Boulevard, Philadelphia, PA 19112
Item 2.
(a)
Name of person filing:
This statement is filed by: (i) Athene Annuity and Life Company ("AAIA"); (ii) Apollo Insurance Solutions Group LP ("AISG"); (iii) AISG GP Ltd. ("AISG GP"); (iv) Apollo Life Asset, L.P. ("Apollo Life"); (v) Apollo Life Asset GP, LLC ("Apollo Life GP"); (vi) Apollo Capital Management, L.P. ("Capital Management"); (vii) Apollo Capital Management GP, LLC ("Capital Management GP"); (viii) Apollo Management Holdings, L.P. ("Management Holdings"); and (ix) Apollo Management Holdings GP, LLC ("Management Holdings GP"). The foregoing are collectively referred to herein as the "Reporting Persons."
AAIA holds the Term Preferred Shares of the Issuer. AISG is the investment adviser of AAIA. AISG GP is the general partner of AISG. Apollo Life is the sole shareholder of AISG GP, and Apollo Life GP is the general partner of Apollo Life. Capital Management is the sole member of Apollo Life GP. The general partner of Capital Management is Capital Management GP. Management Holdings is the sole member and manager of Capital Management GP, and Management Holdings GP is the general partner of Management Holdings.
(b)
Address or principal business office or, if none, residence:
The address of the principal office of AAIA is 7700 Mills Civic Parkway, West Des Moines, Iowa 50266. The address of the principal office of AISG is 2121 Rosecrans Ave. Ste 5300, El Segundo, California 90245. The address of the principal office of each of AISG GP and Apollo Life GP, is c/o Walkers Corporate Limited, 190 Elgin Avenue, George Town, KY1-9008 Grand Cayman, Cayman Islands. The address of the principal office of each of Apollo Life, Capital Management, Capital Management GP, Management Holdings, and Management Holdings GP is 9 West 57th Street, 41st Floor, New York, NY 10019.
(c)
Citizenship:
AAIA - Iowa
AISG - Delaware
AISG GP - Cayman Islands
Apollo Life - Delaware
Apollo Life GP - Cayman Islands
Capital Management - Delaware
Capital Management GP - Delaware
Management Holdings - Delaware
Management Holdings GP - Delaware
(d)
Title of class of securities:
Term Preferred Shares
(e)
CUSIP No.:
30290YAF8
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Information in Rows 5 to 11 of the respective cover pages of the individual Reporting Persons are incorporated into this Item 4 by reference.
AISG, AISG GP, Apollo Life, Apollo Life GP, Capital Management, Capital Management GP, Management Holdings, and Management Holdings GP each disclaim beneficial ownership of all Term Preferred Shares included in this report, and the filing of this report shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(b)
Percent of class:
Information in Rows 5 to 11 of the respective cover pages of the individual Reporting Persons are incorporated into this Item 4 by reference.
The Reporting Persons' aggregate percentage of beneficial ownership of the total amount of Term Preferred Shares outstanding is based on 400,000 shares of the Term Preferred Shares outstanding as of June 30, 2025, as reported by the Issuer in its Certified Shareholder Report filed with the Securities and Exchange Commission on August 25, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0 for all Reporting Persons
(ii) Shared power to vote or to direct the vote:
AAIA - 25,000
AISG - 25,000
AISG GP - 25,000
Apollo Life - 25,000
Apollo Life GP - 25,000
Capital Management - 25,000
Capital Management GP - 25,000
Management Holdings - 25,000
Management Holdings GP - 25,000
(iii) Sole power to dispose or to direct the disposition of:
0 for all Reporting Persons
(iv) Shared power to dispose or to direct the disposition of:
AAIA - 25,000
AISG - 25,000
AISG GP - 25,000
Apollo Life - 25,000
Apollo Life GP - 25,000
Capital Management - 25,000
Capital Management GP - 25,000
Management Holdings - 25,000
Management Holdings GP - 25,000
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See response to Item 2(a), which is incorporated herein by reference.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What ownership stake in FSCO does Athene and Apollo report?
The reporting group discloses beneficial ownership of 25,000 Term Preferred Shares of FS Credit Opportunities Corp., representing 6.3% of that share class, based on 400,000 shares outstanding as of June 30, 2025.
Which entities are included as reporting persons for FSCO in this Schedule 13G/A?
The filing lists Athene Annuity and Life Company plus multiple Apollo-affiliated entities, including Apollo Insurance Solutions Group LP, Apollo Life Asset entities, and Apollo Management entities, collectively referred to as the Reporting Persons for this ownership position.
Who directly holds the FS Credit Opportunities Corp. Term Preferred Shares?
Athene Annuity and Life Company (AAIA) directly holds the Term Preferred Shares. Apollo Insurance Solutions Group LP acts as AAIA’s investment adviser, and several Apollo-related partnerships and limited liability companies are included because of their roles in the ownership and control structure.
How was the 6.3% ownership percentage in FSCO Term Preferred Shares calculated?
The 6.3% ownership reflects 25,000 Term Preferred Shares compared with 400,000 Term Preferred Shares outstanding as of June 30, 2025. That outstanding share figure comes from FS Credit Opportunities Corp.’s Certified Shareholder Report filed on August 25, 2025.
Do the Apollo-related entities claim full beneficial ownership of FSCO shares?
The filing states that several Apollo-related entities, including AISG, Apollo Life, and management entities, disclaim beneficial ownership of the Term Preferred Shares, and that inclusion in the report should not be construed as an admission of beneficial ownership.
Is the Athene and Apollo position in FSCO intended to influence control of the company?
The certification explains the Term Preferred Shares were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of FS Credit Opportunities Corp. or participating in transactions with that objective.
