FS Credit income fund-U-2
Lower and core middle market credit with an opportunistic edge
daily nav1
Daily NAV change ($)
Daily NAV change (%)
Annualized distribution rate2
Past performance is not a guarantee of future results.
- FS Credit Income Fund’s NAV per common share as of the date indicated is the NAV determined by FS Credit Income Fund for purposes of complying with the requirements of Section 23(b) of the Investment Company Act of 1940, as amended, and has not been approved by FS Credit Income Fund’s board of trustees. FS Credit Income Fund’s NAV per common share may increase or decrease in the future, and any such change may be material.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. - As of the date indicated. Past performance is not a guarantee of future results. The annualized distribution rate shown is expressed as a percentage equal to the projected annualized distribution amount per share (which is calculated by annualizing the most recent monthly cash distribution per share declared as of the month indicated, without compounding), divided by the Fund’s NAV per share as of the end of the month indicated. The payment of future distributions on the Fund’s common shares is subject to the discretion of the Fund’s board of trustees and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such future distributions. The determination of the tax attributes of FS Credit Income Fund’s distributions is made annually at the end of the calendar year, and a determination made on an interim basis may not be representative of the actual tax attributes of FS Credit Income Fund’s distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as return of capital, borrowings or expense reimbursements and waivers. For the six months ended June 30, 2026, FS Credit Income Fund's distributions were funded through 100% net investment income. Class I shares and Class A shares are not subject to a distribution fee. Class T, Class U and Class U-2 shares pay to the distributor a distribution fee that accrues at an annual rate equal to 0.25%, 0.75% and 0.25%, respectively, of the fund’s average daily net assets attributable to the respective share class and is payable on a monthly basis.
MIDDLE MARKET ACCESS
FLEXIBLE STRATEGY
ATTRACTIVE TOTAL RETURN
returns
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Performance data quoted represents past performance and is no guarantee of future results. Returns less than one year are cumulative; all others are annualized. YTD information is provided on a calendar year basis. Total return figures reflect changes in share price and reinvestment of dividend and capital gain distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted.
For purchases made on or after March 1, 2024 but before September 15, 2025, a contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on Class U-2 Shares purchased without a sales charge if they are repurchased before the first day of the month of the 18-month anniversary of the purchase. For purchases made on or after September 15, 2025, a CDSC of 1.50% may be assessed on Class U-2 Shares purchased without a sales charge if they are repurchased before the first day of the month of the 18-month anniversary of the purchase. The CDSC is not reflected in the performance shown.
Hypothetical Growth oF $100,000
The chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
Bloomberg. Performance data quoted represents past performance and is no guarantee of future results. Class I shares have no sales charges; therefore performance is at NAV. Total return figures reflect changes in share price and reinvestment of dividend and capital gain distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. The benchmarks are shown for illustrative purposes only. An investment cannot be made directly in an index. FS Credit Income Fund (the “Fund”) is represented by the Class U-2 share class (FCUUX).
Nav history
global credit team
ANNUALIZED DISTRIBUTION RATE (CLASS I)1
SENIOR SECURED DEBT2
PRIVATE CREDIT3
Median EBITDA private credit investments (trailing 12 months)4
Weighted average SOFR spread for private investments (trailing 12 months)4
Summary6
Strategy7
Asset type
Top 10 holdings8
Private credit metrics
(trailing 12 months)9
- Past performance is not a guarantee of future results. The annualized distribution rate shown is expressed as a percentage equal to the projected annualized distribution amount per share (which is calculated by annualizing the most recent monthly cash distribution per share declared as of the month indicated, without compounding), divided by the Fund’s net asset value (NAV) per share as of the end of the month indicated. The payment of future distributions on the Fund’s common shares is subject to the discretion of the Fund’s board of trustees and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such future distributions. The determination of the tax attributes of FS Credit Income Fund’s distributions is made annually at the end of the calendar year, and a determination made on an interim basis may not be representative of the actual tax attributes of FS Credit Income Fund’s distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as return of capital, borrowings or expense reimbursements and waivers. For the six months ended June 30, 2026, FS Credit Income Fund's distributions were funded through 100% net investment income.
- Senior secured debt includes first lien loans, second lien loans and senior secured bonds.
- Private investments represented by investments in directly originated transactions sourced by Future Standard, where it acts as the sole lender/investor or one of the lead investors.
- Based on trailing twelve months as of September 30, 2026. EBITDA is earnings before interest, taxes, depreciation and amortization.
- Percentages may change over time depending on market conditions. Calculated as a percentage of fair value.
- Duration is a measure of how sensitive a fixed income investment’s price is to a change in interest rates and is expressed as a number of years.
- Private investments represented by investments in directly originated transactions sourced by Future Standard, where it acts as the sole lender/investor or one of the lead investors.
- Securities may be an obligation of one or more entities affiliated with the named company.
- Reflects private credit investments originated over the trailing 12 months as of September 30, 2026.
Objective
Adviser
structure
cusip
ticker
inception date
distributions1
min. initial investment2
tax reporting
share repurchase Program3
upcoming repurchase offer4
Payment by: 12/16/2026
Share class-specific information
- The payment of distributions on FS Credit Income Fund’s common shares is subject to the discretion of FS Credit Income Fund’s board of trustees and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such distributions.
- Any minimum initial investment requirement may be waived in FS Credit Income Fund’s sole discretion. Qualified or non-qualified accounts may have a different minimum initial investment amount. Refer to the prospectus for more information.
- No secondary market is expected to develop for the Fund’s common shares; liquidity for the common shares will be provided only through quarterly repurchase offers for no less than 5% and no more than 25% of the common shares at net asset value, and there is no guarantee that an investor will be able to sell all the common shares that the investor desires to sell in the repurchase offer. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity.
- Dates are subject to change. Each repurchase offer is subject to the terms and conditions set forth in the applicable repurchase offer notice. Repurchase request deadline: The date the quarterly repurchase offers are scheduled to expire. The Fund must receive all repurchase requests in response to the repurchase offer or withdrawals/modifications of previously submitted repurchase requests for such repurchase offer from shareholders by this date. Payment by: The date by which the Fund must pay shareholders for any common shares repurchased. Proceeds sent to brokerage accounts may take 7 to 10 days to appear in accounts. Checks are sent via USPS and usually arrive within 7 to 10 days after mailing for registered shareholders. Proceeds sent via ACH to a bank account are typically credited to the bank account in 3 to 5 days for registered shareholders.
- Calculated as an estimated percentage of average net assets attributable to shares pursuant to the Fund’s prospectus dated March 1, 2026, as supplemented. The Fund’s actual expenses may be different than the estimate above.
- Net expense ratios calculated as an estimated percentage of average net assets attributable to shares pursuant to the Fund’s prospectus dated March 1, 2026, as supplemented. The Fund’s actual expenses may be different than the estimate above. The calculation also takes into account the fee waiver and/or expense reimbursement during such time period. FS Credit Income Advisor has entered into an expense limitation agreement with the Fund under which it has agreed to pay or waive the “ordinary operating expenses” (exclusive of (1) investment advisory fees, (2) portfolio transaction and other investment related costs, (3) interest expense and other financing costs, (4) taxes, (5) distribution or shareholder servicing fees and (6) extraordinary expenses) of the Fund attributable to a share class to the extent that such expenses exceed 0.25% per annum of the Fund’s average daily net assets attributable to the applicable share class thereafter. The expense limitation agreement will continue indefinitely until terminated by the Fund’s board of trustees on written notice to FS Credit Income Advisor. The expense limitation agreement permits the adviser to recoup the amounts it has paid or waived pursuant to the agreement in the future, subject to certain limitations. For full detail on the Fund’s fees and expenses, please review the Fund’s prospectus.
Investing in the Fund involves risk, including the risk that a shareholder may receive little or no return on their investment or that a shareholder may lose part or all of their investment. The Fund expects most of its investments to be in securities that are rated below investment grade or would be rated below investment grade if they were rated. Below investment grade instruments are particularly susceptible to economic downturns compared to higher rated investments. The Fund is subject to interest rate risk and will decline in value as interest rates rise. The Fund may use leverage to achieve its investment objective, which involves risks, including the likelihood of NAV volatility and the risk that fluctuations in interest rates on borrowings will reduce the return to investors. In addition, the Fund’s investments may be highly leveraged, which increases sensitivity to rising interest rates, declining earnings, and other adverse economic conditions and increases the risk of default. In addition to the normal risks associated with investing, investing in international and emerging markets involves risk of capital loss from unfavorable fluctuations in currency values, differences in generally accepted accounting principles or from social, economic or political instability in other nations. The Fund may invest in derivatives, which, depending on market conditions and the type of derivative, are more volatile than other investments and will magnify the Fund’s gains or losses. The Fund may invest in collateralized loan obligations (“CLOs”) and other securitized products, which are highly complex and speculative. The private credit market generally has grown rapidly and become increasingly interconnected with banks, insurers, and other financial institutions, with lending activity concentrated among a relatively small number of large managers and borrowers. Adverse developments affecting large market participants or borrower sectors could affect the availability, terms or performance of the Fund’s investments and may lead to inaccurate pricing by the Fund. An investment in shares of the Fund should be considered only by investors who can assess and bear the illiquidity and other risks associated with such an investment.
There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although the Fund will offer to purchase at least 5% (but no more than 25%) of the outstanding shares of the Fund at NAV in each quarterly repurchase, unless such offer is suspended or postponed in accordance with regulatory requirements.
During the year ended October 31, 2023, the Fund’s diversification classification under the Investment Company Act of 1940, as amended (the “1940 Act”) automatically converted from non-diversified to diversified status because the Fund operated as a diversified fund for a period of three years. No secondary market is expected to develop for the Fund’s common shares; liquidity for the common shares will be provided only through quarterly repurchase offers for no less than 5% and no more than 25% of the common shares at net asset value, and there is no guarantee that an investor will be able to sell all the common shares that the investor desires to sell in the repurchase offer. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity. There is no assurance that the Fund’s repurchase offer structure will be sufficient to accommodate an increased likelihood of elevated shareholder repurchase requests during periods of market stress.
The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as a return of capital, borrowings or expense.