FS Credit Income Fund
Unaudited Consolidated Schedule
of Investments
As of March 31, 2026
(in thousands, except share amounts)
| Portfolio Company(a) | Footnotes | Industry | Principal Amount(b) | Amortized Cost | Fair Value(c) | ||||||||||||
| Senior Secured Loans—First Lien—82.0% | |||||||||||||||||
| 1440 Foods Topco, Inc., S+500, 10/31/31 | (d) | Food, Beverage & Tobacco | $ | 6,916 | $ | 6,664 | $ | 5,740 | |||||||||
| Accupac, LLC, S+300, 6.0% PIK (6.0% Max PIK), 2.0% Floor, 12/31/29 | (d)(e)(h)(i) | Pharmaceuticals, Biotechnology & Life Sciences | 6,818 | 6,709 | 5,616 | ||||||||||||
| Accupac, LLC, S+300, 6.0% PIK (6.0% Max PIK), 2.0% Floor, 12/31/29 | (d)(e)(f)(h)(i) | Pharmaceuticals, Biotechnology & Life Sciences | 300 | 300 | 247 | ||||||||||||
| ACM US Finco LP, S+800 PIK (S+800 Max PIK), 3.0% Floor, 1/30/29 | (d)(e) | Consumer Discretionary Distribution & Retail | 9,934 | 9,841 | 9,834 | ||||||||||||
| ADAN-B, LLC, S+575, 1.5% Floor, 12/31/30 | (d)(e) | Consumer Services | 16,346 | 16,212 | 16,224 | ||||||||||||
| ADAN-B, LLC, S+575, 1.5% Floor, 12/31/30 | (d)(e)(f) | Consumer Services | 1,575 | 1,575 | 1,563 | ||||||||||||
| Aircraft Performance Group, Inc., S+575, 3.0% Floor, 12/27/29 | (d)(e) | Software & Services | 6,913 | 6,816 | 6,964 | ||||||||||||
| APTIM Corp., S+750, 5/23/29 | (d) | Commercial & Professional Services | 7,000 | 7,054 | 7,026 | ||||||||||||
| Array Midco, Corp., S+650, 3.0% Floor, 12/31/29 | (d)(e) | Commercial & Professional Services | 6,924 | 6,827 | 6,769 | ||||||||||||
| Beacon Oral Specialists Management, LLC, S+550, 1.0% Floor, 12/14/26 | (d)(e) | Health Care Equipment & Services | 1,626 | 1,609 | 1,622 | ||||||||||||
| Beacon Oral Specialists Management, LLC, S+550, 1.0% Floor, 12/14/26 | (d)(e)(f) | Health Care Equipment & Services | 6,217 | 6,217 | 6,202 | ||||||||||||
| Brock Holdings III, LLC, S+600, 0.5% Floor, 5/2/30 | (d)(g) | Capital Goods | 8,980 | 8,984 | 8,970 | ||||||||||||
| By Light Professional IT Services, LLC, S+550, 1.0% Floor, 7/15/31 | (d)(e) | Software & Services | 7,778 | 7,825 | 7,622 | ||||||||||||
| By Light Professional IT Services, LLC, S+550, 1.0% Floor, 7/15/31 | (d)(e)(f) | Software & Services | 563 | 563 | 552 | ||||||||||||
| CCS Acquisition, LLC, S+550, 1.0% Floor, 12/30/30 | (d)(e) | Health Care Equipment & Services | 5,445 | 5,359 | 5,499 | ||||||||||||
| CCS Acquisition, LLC, S+550, 1.0% Floor, 12/30/30 | (d)(e)(f) | Health Care Equipment & Services | 1,500 | 1,500 | 1,515 | ||||||||||||
| CF Exedra Bidco Ltd., SA+550, 2/19/31 | (d)(e) | Consumer Services | £ | 6,200 | 7,944 | 8,206 | |||||||||||
| Circustrix Holdings, LLC, S+675, 1.0% Floor, 7/18/28 | (d)(e) | Consumer Services | $ | 6,948 | 6,845 | 6,913 | |||||||||||
| COP Tire & Auto Services Acquisitions, Inc., S+475, 0.8% Floor, 3/4/32 | (d)(e) | Consumer Services | 8,651 | 8,505 | 8,564 | ||||||||||||
| COP Tire & Auto Services Acquisitions, Inc., S+475, 0.8% Floor, 3/4/32 | (d)(e)(f) | Consumer Services | 8,150 | 8,150 | 8,099 | ||||||||||||
| Delivery Hero Finco, LLC, S+500, 0.5% Floor, 12/12/29 | (d) | Consumer Services | 4,914 | 4,899 | 4,839 | ||||||||||||
| Digicel International Finance Ltd., S+525, 8/6/32 | (d) | Telecommunication Services | 5,878 | 5,857 | 5,885 | ||||||||||||
| Exemplis LLC, S+525, 0.8% Floor, 12/22/32 | (d)(e) | Commercial & Professional Services | 16,069 | 16,197 | 15,848 | ||||||||||||
| Exemplis LLC, S+525, 0.8% Floor, 12/22/32 | (d)(e)(f) | Commercial & Professional Services | 3,810 | 3,810 | 3,762 | ||||||||||||
| EXT Acquisitions, Inc., S+525, 1.0% Floor, 12/19/31 | (d)(e) | Materials | 12,305 | 12,169 | 12,197 | ||||||||||||
| EXT Acquisitions, Inc., S+525, 1.0% Floor, 12/19/31 | (d)(e)(f) | Materials | 2,666 | 2,666 | 2,643 | ||||||||||||
| EyeCare Partners, LLC, S+575, 8/31/28 | (d) | Health Care Equipment & Services | 10,333 | 10,346 | 10,244 | ||||||||||||
| Firmus Metal Singapore Pte. Ltd., S+1100, 3.0% Floor, 6/12/28 | (d)(e) | Software & Services | 7,417 | 7,417 | 7,612 | ||||||||||||
| Firmus Metal Singapore Pte. Ltd., S+1100, 3.0% Floor, 6/12/28 | (d)(e)(f) | Software & Services | 1,139 | 1,139 | 1,168 | ||||||||||||
| Frozen Garlic Bread Holdings, Inc., S+475, 0.8% Floor, 2/6/32 | (d)(e) | Food, Beverage & Tobacco | 11,359 | 11,452 | 11,260 | ||||||||||||
| Frozen Garlic Bread Holdings, Inc., S+475, 0.8% Floor, 2/6/32 | (d)(e)(f) | Food, Beverage & Tobacco | 3,640 | 3,640 | 3,609 | ||||||||||||
| Future Pak, LLC, S+625, 2.0% Floor, 3/21/30 | (d)(e) | Materials | 7,480 | 7,355 | 7,340 | ||||||||||||
| Gibson Brands, Inc., S+500, 0.8% Floor, 8/11/28 | (d) | Consumer Durables & Apparel | 7,667 | 7,361 | 7,101 | ||||||||||||
| Harrel-Fish, LLC, S+550, 1.0% Floor, 12/3/31 | (d)(e) | Capital Goods | 14,591 | 14,335 | 14,591 | ||||||||||||
| Harrel-Fish, LLC, S+550, 1.0% Floor, 12/3/31 | (d)(e)(f) | Capital Goods | 5,410 | 5,410 | 5,410 | ||||||||||||
| HMP Omnimedia, LLC, S+525, 1.0% Floor, 7/30/32 | (d)(e) | Media & Entertainment | 7,214 | 7,260 | 7,042 | ||||||||||||
See notes to unaudited consolidated schedule of investments.
FS Credit Income Fund
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2026
(in thousands, except share amounts)
| Portfolio Company(a) | Footnotes | Industry | Principal Amount(b) | Amortized Cost | Fair Value(c) | ||||||||||||
| HMP Omnimedia, LLC, S+525, 1.0% Floor, 7/30/32 | (d)(e)(f) | Media & Entertainment | $ | 1,875 | $ | 1,875 | $ | 1,831 | |||||||||
| HMP Omnimedia, LLC, S+525, 1.0% Floor, 7/31/30 | (d)(e)(f) | Media & Entertainment | 1,875 | 1,875 | 1,840 | ||||||||||||
| IXS Holdings, Inc., S+550, 1.0% Floor, 9/5/29 | (d) | Automobiles & Components | 5,694 | 5,567 | 5,695 | ||||||||||||
| Jonathan Acquisition Co., S+450, 1.0% Floor, 11/12/29 | (d)(e)(n) | Capital Goods | 17,992 | 17,718 | 17,745 | ||||||||||||
| Jonathan Acquisition Co., S+450, 1.0% Floor, 5/11/29 | (d)(e)(f) | Capital Goods | 1,964 | 1,964 | 1,939 | ||||||||||||
| Lance East Holdings Pty Ltd., S+750, 3.0% Floor, 8/20/28 | (d)(e) | Consumer Services | 1,198 | 1,148 | 1,528 | ||||||||||||
| LaserShip, Inc., S+625, 0.8% Floor, 1/2/29 | (d)(n) | Transportation | 8,754 | 9,042 | 8,870 | ||||||||||||
| Lawn & Garden, LLC, S+750, 3.0% Floor, 10/21/29 | (d)(e) | Consumer Durables & Apparel | 21,111 | 20,728 | 20,741 | ||||||||||||
| Level 3 Financing, Inc., S+325, 3/29/32 | (d) | Telecommunication Services | 5,000 | 5,000 | 5,007 | ||||||||||||
| LHS Borrower, LLC, S+525, 0.8% Floor, 9/4/31 | (d)(e) | Capital Goods | 8,504 | 8,379 | 8,376 | ||||||||||||
| LHS Borrower, LLC, S+525, 0.8% Floor, 9/4/31 | (d)(e)(f) | Capital Goods | 474 | 474 | 467 | ||||||||||||
| LSCS Holdings, Inc., S+450, 3/4/32 | (d) | Health Care Equipment & Services | 3,203 | 3,187 | 3,022 | ||||||||||||
| LTC Consulting Services, LLC, S+450, 1.0% Floor, 5/1/31 | (d)(e) | Health Care Equipment & Services | 6,526 | 6,457 | 6,461 | ||||||||||||
| LTC Consulting Services, LLC, S+450, 1.0% Floor, 5/1/31 | (d)(e)(f) | Health Care Equipment & Services | 424 | 424 | 420 | ||||||||||||
| M2S Group Intermediate Holdings, Inc., S+475, 0.5% Floor, 8/25/31 | (d) | Materials | 4,563 | 4,470 | 4,468 | ||||||||||||
| Management Health Systems, LLC, S+625, 1.0% Floor, 12/31/27 | (d)(e) | Health Care Equipment & Services | 6,948 | 6,878 | 6,869 | ||||||||||||
| Mannington Mills, Inc., S+475, 3/25/32 | (d) | Capital Goods | 6,479 | 6,414 | 6,382 | ||||||||||||
| MASSiv Brands, LLC, 10.0%, 5.0% PIK (5.0% Max PIK), 7/2/30 | (d)(e) | Consumer Durables & Apparel | 9,516 | 9,352 | 9,242 | ||||||||||||
| Maverick Power, LLC, S+500, 1.0% Floor, 5/4/31 | (d)(e) | Capital Goods | 19,950 | 19,663 | 19,676 | ||||||||||||
| Monitronics International, LLC, S+750, 3.0% Floor, 6/30/28 | (d) | Commercial & Professional Services | 1,433 | 1,438 | 1,432 | ||||||||||||
| Mood Media Borrower, LLC, S+675, 2.0% Floor, 5/30/30 | (d)(e) | Media & Entertainment | 8,462 | 8,382 | 8,388 | ||||||||||||
| Mood Media Borrower, LLC, S+675, 2.0% Floor, 5/30/30 | (d)(e)(f) | Media & Entertainment | 475 | 475 | 471 | ||||||||||||
| National Mentor Holdings, Inc., S+600, 12/12/30 | (d)(g) | Health Care Equipment & Services | 6,750 | 6,769 | 6,729 | ||||||||||||
| New WPCC Parent, LLC, S+950, 0.0% PIK (11.5% Max PIK), 2.0% Floor, 5/9/30 | (d)(e)(q) | Health Care Equipment & Services | 6,310 | 6,248 | 6,310 | ||||||||||||
| Nickerson NY, LLC, S+525, 1.0% Floor, 3/20/32 | (d)(e) | Commercial & Professional Services | 7,335 | 7,164 | 7,225 | ||||||||||||
| Nickerson NY, LLC, S+525, 1.0% Floor, 3/20/32 | (d)(e)(f) | Commercial & Professional Services | 5,474 | 5,474 | 5,412 | ||||||||||||
| Olibre Borrower, LLC, S+575, 1.0% Floor, 1/3/30 | (d)(e) | Consumer Durables & Apparel | 6,913 | 6,805 | 6,800 | ||||||||||||
| Orange Hibiscus, LLC, S+550, 3/6/31 | (d)(e) | Health Care Equipment & Services | 9,938 | 9,745 | 9,788 | ||||||||||||
| Orange Hibiscus, LLC, S+550, 3/6/31 | (d)(e)(f) | Health Care Equipment & Services | 2,812 | 2,812 | 2,770 | ||||||||||||
| Orange Hibiscus, LLC, S+550, 1.0% Floor, 3/6/31 | (d)(e)(f) | Health Care Equipment & Services | 2,250 | 2,250 | 2,216 | ||||||||||||
| Oregon Tool Lux LP, S+535, 0.5% Floor, 10/15/29 | (d) | Financial Services | 5,000 | 4,987 | 5,088 | ||||||||||||
| Padagis LLC, S+475, 0.5% Floor, 7/6/28 | (d)(g) | Pharmaceuticals, Biotechnology & Life Sciences | 2,389 | 2,235 | 2,204 | ||||||||||||
| Phoenix Rehabilitation and Health Services, Inc., S+600, 1.0% Floor, 9/29/30 | (d)(e) | Health Care Equipment & Services | 6,102 | 5,990 | 5,988 | ||||||||||||
| Phoenix Rehabilitation and Health Services, Inc., 14.0% PIK (14.0% Max PIK), 9/29/30 | (d)(e) | Health Care Equipment & Services | 1,636 | 1,576 | 1,692 | ||||||||||||
| Phoenix Rehabilitation and Health Services, Inc., S+600, 1.0% Floor, 9/29/30 | (d)(e)(f) | Health Care Equipment & Services | 2,352 | 2,352 | 2,308 | ||||||||||||
| Pretium PKG Holdings, Inc., S+525, 3/2/31 | (d)(g) | Materials | 3,459 | 3,459 | 3,455 | ||||||||||||
See notes to unaudited consolidated schedule of investments.
FS Credit Income Fund
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2026
(in thousands, except share amounts)
| Portfolio Company(a) | Footnotes | Industry | Principal Amount(b) | Amortized Cost | Fair Value(c) | ||||||||||||
| Project Granite Buyer, Inc., S+575, 0.8% Floor, 12/31/31 | (d)(e) | Insurance | $ | 5,547 | $ | 5,432 | $ | 5,554 | |||||||||
| Project Granite Buyer, Inc., S+525, 1.0% Floor, 12/31/31 | (d)(e) | Insurance | 6,000 | 5,881 | 5,880 | ||||||||||||
| Project Granite Buyer, Inc., S+575, 0.8% Floor, 12/31/31 | (d)(e)(f) | Insurance | 518 | 518 | 519 | ||||||||||||
| Project Granite Buyer, Inc., S+575, 0.8% Floor, 12/31/30 | (d)(e)(f) | Insurance | 865 | 865 | 867 | ||||||||||||
| Ranpak BV, S+450, 12/19/31 | (d) | Materials | 1,927 | 1,908 | 1,923 | ||||||||||||
| Ranpak Corp., S+450, 12/19/31 | (d) | Materials | 3,011 | 2,981 | 3,004 | ||||||||||||
| RealTruck Group, Inc., S+500, 0.8% Floor, 1/31/28 | (d) | Automobiles & Components | 6,912 | 6,819 | 4,798 | ||||||||||||
| Recovery Solutions Parent, LLC, S+750, 0.0% PIK (8.5% Max PIK), 2.0% Floor, 1/28/30 | (d)(e)(q) | Health Care Equipment & Services | 9,477 | 9,595 | 9,477 | ||||||||||||
| Restoration Forest Products Group, LLC, S+1000 PIK (S+1000 Max PIK), 3.0% Floor, 5/5/28 | (d)(e) | Materials | 8,899 | 8,719 | 8,587 | ||||||||||||
| Revlon Intermediate Holdings IV, LLC, S+688, 1.0% Floor, 5/2/28 | (d) | Household & Personal Products | 6,895 | 6,895 | 6,803 | ||||||||||||
| S&S Holdings, LLC, S+500, 0.5% Floor, 3/11/28 | (d) | Consumer Durables & Apparel | 4,914 | 4,927 | 4,663 | ||||||||||||
| Shepherd Intermediate, LLC, S+725, 1.0% Floor, 7/10/30 | (d)(e) | Commercial & Professional Services | 5,176 | 5,089 | 5,241 | ||||||||||||
| Shepherd Intermediate, LLC, S+725, 1.0% Floor, 7/10/30 | (d)(e)(f) | Commercial & Professional Services | 2,083 | 2,083 | 2,110 | ||||||||||||
| Speedway Buyer, Inc., S+525, 0.8% Floor, 1/27/32 | (d)(e) | Commercial & Professional Services | 7,156 | 7,258 | 7,120 | ||||||||||||
| Speedway Buyer, Inc., S+525, 0.8% Floor, 1/27/32 | (d)(e)(f) | Commercial & Professional Services | 1,512 | 1,512 | 1,507 | ||||||||||||
| Speedway Buyer, Inc., S+525, 1/27/32 | (d)(e)(f) | Commercial & Professional Services | 196 | 196 | 195 | ||||||||||||
| Spinrite, Inc., S+750, 3.0% Floor, 12/5/30 | (d)(e) | Consumer Durables & Apparel | 17,474 | 17,094 | 17,321 | ||||||||||||
| Spinrite, Inc., S+750, 3.0% Floor, 12/5/30 | (d)(e)(f) | Consumer Durables & Apparel | 2,526 | 2,526 | 2,504 | ||||||||||||
| Stryten Energy Resources, LLC, S+550, 1.0% Floor, 12/18/29 | (d)(e) | Capital Goods | 6,781 | 6,672 | 6,680 | ||||||||||||
| SWF Holdings I Corp., S+450, 1.0% Floor, 12/19/29 | (d) | Consumer Durables & Apparel | 5,039 | 5,149 | 5,013 | ||||||||||||
| SWF Holdings I Corp., S+450, 1.0% Floor, 12/19/29 | (d)(f) | Consumer Durables & Apparel | 1,961 | 1,961 | 1,950 | ||||||||||||
| Technique, LLC, S+550, 1.0% Floor, 11/14/31 | (d)(e) | Capital Goods | 11,812 | 11,584 | 11,621 | ||||||||||||
| Technique, LLC, S+325, 1.0% Floor, 11/14/30 | (d)(e)(f) | Capital Goods | 3,158 | 3,158 | 3,126 | ||||||||||||
| Tikehau Sonic S.a r.l., E+500, 12/15/32 | (d)(e) | Capital Goods | € | 6,519 | 8,089 | 7,480 | |||||||||||
| Tikehau Sonic S.a r.l., E+500, 12/15/32 | (d)(e)(f) | Capital Goods | 856 | 856 | 979 | ||||||||||||
| Tikehau Sonic S.a r.l., E+450, 6/15/32 | (d)(e)(f) | Capital Goods | 856 | 856 | 979 | ||||||||||||
| Tikehau Sonic S.a r.l., S+500, 12/15/32 | (d)(e) | Capital Goods | 7,919 | 7,840 | 7,840 | ||||||||||||
| Titan Purchaser, Inc., S+600, 1.0% Floor, 3/1/30 | (d) | Materials | $ | 6,465 | 6,538 | 6,513 | |||||||||||
| Trimlight, Inc., S+600, 1.5% Floor, 5/6/30 | (d)(e) | Consumer Discretionary Distribution & Retail | 5,851 | 5,725 | 5,763 | ||||||||||||
| Trimlight, Inc., S+600, 1.5% Floor, 5/6/30 | (d)(e)(f) | Consumer Discretionary Distribution & Retail | 737 | 737 | 726 | ||||||||||||
| TruGreen, LP, S+400, 0.8% Floor, 11/2/27 | (d) | Commercial & Professional Services | 6,982 | 6,864 | 6,667 | ||||||||||||
| Veritiv Operating Co., S+400, 11/30/30 | (d) | Capital Goods | 4,950 | 4,841 | 4,822 | ||||||||||||
| Vibrantz Technologies, Inc., S+625, 0.5% Floor, 4/30/30 | (d)(g) | Materials | 3,000 | 3,000 | 2,997 | ||||||||||||
| Voyager Parent, LLC, S+425, 7/1/32 | (d) | Consumer Services | 3,980 | 3,980 | 3,958 | ||||||||||||
| WH Borrower, LLC, S+450, 0.5% Floor, 2/20/32 | (d) | Media & Entertainment | 4,953 | 4,963 | 4,962 | ||||||||||||
| Wilsonart, LLC, S+425, 8/5/31 | (d) | Capital Goods | 4,907 | 4,927 | 4,288 | ||||||||||||
| Wok Holdings, Inc., S+625, 9/3/29 | (d) | Consumer Services | 4,921 | 4,763 | 3,547 | ||||||||||||
| Total Senior Secured Loans—First Lien | 638,389 | 631,137 | |||||||||||||||
| Unfunded Loan Commitments | (70,213 | ) | (70,213 | ) | |||||||||||||
| Net Senior Secured Loans—First Lien | 568,176 | 560,924 | |||||||||||||||
See notes to unaudited consolidated schedule of investments.
FS Credit Income Fund
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2026
(in thousands, except share amounts)
| Portfolio Company(a) | Footnotes | Industry | Principal Amount(b) | Amortized Cost | Fair Value(c) | ||||||||||||
| Senior Secured Loans—Second Lien—0.7% | |||||||||||||||||
| Hexion Holdings Corp., S+744, 0.5% Floor, 3/15/30 | (d) | Materials | $ | 5,148 | $ | 4,515 | $ | 4,820 | |||||||||
| Sterling Entertainment Enterprises, LLC, 17.8% PIK (17.8% Max PIK), 4/16/31 | (e)(h)(i) | Media & Entertainment | 897 | 819 | — | ||||||||||||
| Total Senior Secured Loans—Second Lien | 5,334 | 4,820 | |||||||||||||||
| Senior Secured Bonds—0.6% | |||||||||||||||||
| Guitar Center, Inc., PIK, 8.5%, 3.5% PIK (3.5% Max PIK), 1/15/29 | (p) | Retail | 5,000 | 4,101 | 4,025 | ||||||||||||
| Total Senior Secured Bonds | 4,101 | 4,025 | |||||||||||||||
| Unsecured Debt—0.0% | |||||||||||||||||
| Solocal Group SA, 0.0%, 4/24/26 | (e)(h)(j) | Media & Entertainment | € | 10 | — | — | |||||||||||
| Total Unsecured Debt | — | — | |||||||||||||||
| Portfolio Company(a) | Footnotes | Industry | Number of Shares | Cost | Fair Value(c) | ||||||||||||
| Common Equity—0.1% | |||||||||||||||||
| Harrel-Fish, LLC | (e)(h)(k) | Capital Goods | 13,214 | 13 | 17 | ||||||||||||
| MASSiv Brands, LLC | (e)(k) | Consumer Durables & Apparel | 83,318 | 20 | 444 | ||||||||||||
| Total Common Equity | 33 | 461 | |||||||||||||||
| TOTAL INVESTMENTS—83.4% | $ | 577,644 | 570,230 | ||||||||||||||
| CASH, CASH EQUIVALENTS, RESTRICTED CASH AND FOREIGN CURRENCY—22.6%(o) | 154,784 | ||||||||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS—(6.0%)(l) | (40,893 | ) | |||||||||||||||
| NET ASSETS—100.0% | $ | 684,121 | |||||||||||||||
| Forward Foreign Currency Exchange Contracts | ||||||||||||||||||||||
| Counterparty | Contract Settlement Date | Currency and Amount to be Received | Currency and Amount to be Delivered | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| State Street Bank and Trust Company | 5/15/26 | USD | 7,788 | EUR | 6,700 | $ | 28 | $ | — | |||||||||||||
| State Street Bank and Trust Company | 4/13/26 | USD | 8,344 | GBP | 6,100 | 271 | — | |||||||||||||||
| Total Forward Foreign Currency Exchange Contracts | $ | 299 | $ | — | ||||||||||||||||||
Total Return Swaps
| Received by the Fund(m) | Paid by the Fund(m) | |||||||||||||||||||||||||||
| Counterparty | Underlying Reference | Payment Frequency | Interest rate(d) | Payment Frequency | Maturity | Type | Number of Shares | Notional | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||
| Nomura Global Financial Products, Inc. | FS Specialty Lending Fund Common Shares | Monthly | OBFR+150 | Monthly | 11/13/28 | Equity | 913,956 | 11,270 | $ | 163 | $ | — | ||||||||||||||||
| BNP Paribas | American Auto Auction Group, LLC | Monthly | S+125 | Monthly | 9/20/26 | Loan | 7,920,000 | 7,785 | 71 | — | ||||||||||||||||||
| BNP Paribas | CPM Holdings, Inc. | Monthly | S+125 | Monthly | 9/20/26 | Loan | 6,911,616 | 6,863 | 46 | — | ||||||||||||||||||
| BNP Paribas | KDC/ONE Development Corporation, Inc. | Monthly | S+125 | Monthly | 9/20/26 | Loan | 5,985,000 | 5,820 | 106 | — | ||||||||||||||||||
See notes to unaudited consolidated schedule of investments.
FS Credit Income Fund
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2026
(in thousands, except share amounts)
| Received by the Fund(m) | Paid by the Fund(m) | |||||||||||||||||||||||||||
| Counterparty | Underlying Reference | Payment Frequency | Interest rate(d) | Payment Frequency | Maturity | Type | Number of Shares | Notional | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||
| BNP Paribas | BCPE North Star US Holdco 2, Inc. | Monthly | S+125 | Monthly | 9/20/26 | Loan | 6,909,616 | 6,892 | $ | — | $ | (16 | ) | |||||||||||||||
| BNP Paribas | Delivery Hero Finco, LLC | Monthly | S+125 | Monthly | 9/20/26 | Loan | 1,994,911 | 1,995 | — | (40 | ) | |||||||||||||||||
| BNP Paribas | Gloves Buyer, Inc. | Monthly | S+125 | Monthly | 9/20/26 | Loan | 6,982,500 | 6,952 | — | (1 | ) | |||||||||||||||||
| BNP Paribas | Level 3 Financing, Inc. | Monthly | S+125 | Monthly | 9/20/26 | Loan | 2,000,000 | 2,008 | — | (10 | ) | |||||||||||||||||
| BNP Paribas | S&S Holdings, LLC | Monthly | S+125 | Monthly | 9/20/26 | Loan | 1,994,751 | 1,994 | — | (111 | ) | |||||||||||||||||
| BNP Paribas | Weber-Stephen Products LLC | Monthly | S+125 | Monthly | 9/20/26 | Loan | 3,333,333 | 3,333 | — | (82 | ) | |||||||||||||||||
| BNP Paribas | LSCS Holdings, Inc. | Monthly | S+125 | Monthly | 9/20/26 | Loan | 1,994,962 | 1,945 | — | (80 | ) | |||||||||||||||||
| BNP Paribas | IXS Holdings, Inc. | Monthly | S+125 | Monthly | 9/20/26 | Loan | 1,994,975 | 1,990 | — | (3 | ) | |||||||||||||||||
| BNP Paribas | M2S Group Intermediate Holdings, Inc. | Monthly | S+125 | Monthly | 9/20/26 | Loan | 2,000,000 | 1,984 | — | (36 | ) | |||||||||||||||||
| BNP Paribas | Magnera Corp. | Monthly | S+125 | Monthly | 9/20/26 | Loan | 3,597,834 | 3,585 | — | (143 | ) | |||||||||||||||||
| BNP Paribas | Veritiv Operating Co. | Monthly | S+125 | Monthly | 9/20/26 | Loan | 1,994,937 | 1,985 | — | (50 | ) | |||||||||||||||||
| BNP Paribas | WH Borrower, LLC | Monthly | S+125 | Monthly | 9/20/26 | Loan | 1,994,975 | 2,005 | — | (12 | ) | |||||||||||||||||
| BNP Paribas | Wilsonart, LLC | Monthly | S+125 | Monthly | 9/20/26 | Loan | 1,994,937 | 1,940 | — | (209 | ) | |||||||||||||||||
| Total | $ | 386 | $ | (793 | ) | |||||||||||||||||||||||
| (a) | Security may be an obligation of one or more entities affiliated with the named company. |
| (b) | Denominated in U.S. dollars unless otherwise noted. |
| (c) | Fair value is determined by FS Credit Income Fund's (the "Fund") investment adviser, FS Credit Income Advisor, LLC (“FS Credit Income Advisor'”), which has been designated by the Fund’s board of trustees as its valuation designee. For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent audited financial statements. |
| (d) | Certain variable rate securities in the Fund’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of March 31, 2026, the three-month Sterling Overnight Index Average (“SONIA” or “SA”) was 3.85%, the one-month and three-month Secured Overnight Financing Rate (“SOFR” or “S”) was 3.66% and 3.68%, respectively, the three-month Euro Inter Bank Offered Rate (“EURIBOR” or “E”) was 2.08%, and the Overnight Bank Funding Rate (“OBFR”) was 3.64%. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and basis point spread. 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. |
| (e) | Security is classified as Level 3 in the Fund’s fair value hierarchy. |
| (f) | Security is an unfunded commitment. |
| (g) | Position or portion thereof unsettled as of March 31, 2026. |
| (h) | Security is non-income producing. |
| (i) | Security was on non-accrual status as of March 31, 2026. |
| (j) | The security has a perpetual maturity; the date displayed is the next call date. |
| (k) | Security held within FS Credit Income Equity Blocker, LLC, a wholly-owned subsidiary of the Fund. |
| (l) | Includes the effect of forward foreign currency exchange contracts and total return swaps. |
| (m) | The fund receives the total return on the reference asset underlying the total return swap. The fund pays a variable rate of interest, based on a specified benchmark. |
See notes to unaudited consolidated schedule of investments.
FS Credit Income Fund
Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2026
(in thousands, except share amounts)
| (n) | All or a portion of this security was transferred through a participation arrangement. As the transaction did not qualify as a “true sale” in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Fund recorded a corresponding $36,995 secured borrowing, at fair value. As of March 31, 2026, the effective interest rate for the secured borrowing was 6.90%. |
| (o) | Includes $14,945 of a cash equivalent held in U.S. Treasury Bills with a yield of 3.63% as of March 31, 2026. The U.S. Treasury Bills were purchased for $14,946 on March 31, 2026 and mature on May 7, 2026. The U.S. Treasury Bills were issued with a zero coupon and a face value of $15,000. Income is recognized through the accretion of discount. |
| (p) | Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by FS Credit Income Advisor and may be resold, normally to qualified institutional buyers in transactions exempt from registration. |
| (q) | 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, 2026, 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, 2026: |
| Portfolio Company | Fair Value at December 31, 2025 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at March 31, 2026 | Interest Income(3) | |||||||||||||||||||||
| Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||
| New WPCC Parent, LLC | $ | — | $ | 6,931 | $ | (690 | ) | $ | 7 | $ | 62 | $ | 6,310 | $ | 49 | |||||||||||||
| Recovery Solutions Parent, LLC | — | 9,618 | (23 | ) | — | (118 | ) | 9,477 | 37 | |||||||||||||||||||
| Total | $ | — | $ | 16,549 | $ | (713 | ) | $ | 7 | $ | (56 | ) | $ | 15,787 | $ | 86 | ||||||||||||
| (1) | Gross additions may 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/or the movement of an existing portfolio company into this category from a different category. |
| (2) | Gross reductions may 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/or the movement of an existing portfolio company out of this category into a different category. |
| (3) | Interest income is presented for the three months ended March 31, 2026. |
| GBP | - British Pound |
| EUR | - Euro |
| USD | - U.S. Dollar |
| £ | - British Pound |
| € | - Euro |
See notes to unaudited consolidated schedule of investments.
FS Credit Income Fund
Notes to Unaudited Consolidated Schedule of Investments
As of March 31, 2026
(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, 2025.
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 such 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, 2026, the Fund held investments in two portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” For additional information with respect to such portfolio companies, see footnote (q) to the unaudited consolidated schedule of investments as of March 31, 2026 included herein.
Under existing accounting guidance, fair value is defined as the price that a 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, 2026, 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 | $ | — | $ | 166,104 | $ | 394,820 | $ | 560,924 | ||||||||
| Senior Secured Loans—Second Lien | — | 4,820 | — | 4,820 | ||||||||||||
| Senior Secured Bonds | — | 4,025 | — | 4,025 | ||||||||||||
| Unsecured Debt | — | — | — | — | ||||||||||||
| Common Equity | — | — | 461 | 461 | ||||||||||||
| Total Investments | $ | — | $ | 174,949 | $ | 395,281 | $ | 570,230 | ||||||||
As of March 31, 2026, the Fund had a cash equivalent invested in U.S. Treasury Bills, forward foreign currency exchange contracts, and total return swaps with a net fair value of $14,945, $299 and $(407), respectively, all of which are categorized as Level 2 in the fair value hierarchy.
FS Credit Income Fund
Notes to Unaudited Consolidated Schedule of Investments (continued)
As of March 31, 2026
(in thousands)
The following is a reconciliation for the three months ended March 31, 2026 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
| Senior Secured Loans— First Lien | Senior Secured Loans— Second Lien | Unsecured Debt | Common Equity | Total | ||||||||||||||||
| Fair value at beginning of period | $ | 354,830 | $ | 152 | $ | — | $ | 283 | $ | 355,265 | ||||||||||
| Accretion of discount (amortization of premium) | 189 | — | — | — | 189 | |||||||||||||||
| Realized gain (loss) | 475 | — | — | — | 475 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | (777 | ) | (103 | ) | — | 178 | (702 | ) | ||||||||||||
| Purchases | 77,681 | — | — | — | 77,681 | |||||||||||||||
| Paid-in-kind interest | 758 | — | — | — | 758 | |||||||||||||||
| Sales | (38,336 | ) | (49 | ) | — | — | (38,385 | ) | ||||||||||||
| Transfers into Level 3(1) | — | — | — | — | — | |||||||||||||||
| Transfers out of Level 3(1) | — | — | — | — | — | |||||||||||||||
| Fair value at end of period | $ | 394,820 | $ | — | $ | — | $ | 461 | $ | 395,281 | ||||||||||
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 | $ | (515 | ) | $ | (103 | ) | $ | — | $ | 178 | $ | (440 | ) | |||||||
| (1) | Transfers into or out of Level 3 were deemed to have occurred as a result of, among other factors, changes in liquidity, the depth and consistency of prices from third-party pricing services and the existence of observable trades in the market. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period. |