SCHEDULE: Apollo Group Discloses 6.3% Stake in Matured FS Credit Preferred Shares

A group of Apollo entities, including Athene Annuity and Life Company, reported a 6.3% beneficial ownership stake in FS Credit Opportunities Corp.'s Term Preferred Shares as of their maturity date, September 30, 2025.

Summary

• A group of nine Apollo-affiliated entities, including Athene Annuity and Life Company, filed an Amendment No. 7 to Schedule 13G.
• The filing reports beneficial ownership of 25,000 Term Preferred Shares of FS Credit Opportunities Corp. as of September 30, 2025.
• This represents 6.3% of the class, based on 400,000 shares outstanding as of June 30, 2025.
• The Term Preferred Shares (CUSIP: 30290YAF8) matured on September 30, 2025, which is identified as the 'Date of Event Which Requires Filing of this Statement'.
• Athene Annuity and Life Company directly holds the shares, while other Apollo entities are listed as reporting persons due to their control relationships, with each disclaiming beneficial ownership for Section 13(d) or 13(g) purposes.

Sentiment

Score: 5

Explanation: The filing is neutral as it reports a factual ownership stake of matured preferred shares. The continued holding by a major institution until maturity is a standard investment practice and does not inherently signal positive or negative sentiment beyond the initial investment decision.

Positives

• The continued holding of the Term Preferred Shares by a major institutional investor group like Apollo/Athene until their maturity date suggests confidence in the issuer's credit quality and ability to meet its obligations for this specific security.

Future Outlook

NA

Management Comments

• "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."

Industry Context

This filing confirms the final beneficial ownership of a specific class of preferred shares by a major institutional investor group (Apollo/Athene) as those shares reached their maturity date. It reflects the conclusion of an investment cycle for this particular security, demonstrating the orderly process of investment and redemption in the fixed-income market.

Stakeholder Impact

• For shareholders of FS Credit Opportunities Corp., this filing confirms the orderly conclusion of a preferred share class held by a significant institutional investor, potentially reinforcing confidence in the issuer's financial management.
• For the issuer, it signifies the redemption of these preferred shares, impacting its capital structure.

Key Dates

Keywords

FS Credit Opportunities Corp., Apollo Management Holdings, Athene Annuity and Life Company, Term Preferred Shares, Beneficial Ownership, Schedule 13G, Institutional Investment, Preferred Stock, SEC Filing