FSK

FS KKR Capital Corp

FS/KKR Advisor · Q4 2025 (3 months ago)

SEC EDGAR ↗

$8.5BPortfolio FV

1330Positions(991 debt, 305 equity)

99.6¢Avg Mark

167Stressed

Portfolio Quality

Portfolio Healthⓘ

C70/ 100

Non-accrual: 3.9%

Technical NA: 1.1%

Stressed: 4.4%

Avg mark: 99.6¢

Grade: A (90+) · B (80-89) · C (70-79) · D (60-69) · F (<60)|Factors: distressed non-accruals (mark <95%), stressed positions, avg mark, first lien %

Data Quality

76%

Fair Value

93%

Spread

84%

Lien

39%

Mark

86%

Avg Spread

614bps

Fair-value weighted

Avg Mark

99.6¢

44 stressed (<90¢)

First Lien

30%

Senior secured positions

PIK Income

18%

Deferred interest yield

Non-Accrual

3.9%

2.7% distressed, 1.1% technical

Portfolio Mix

991debt

339 equity positions

Key Financials

NAV / Share

20.89$

↓

Net Asset Value per share

Dividend Coverage

0.83x

Undercovered

NII per share ÷ Dividend per share

Leverage

1.25x

High leverage

Debt ÷ Equity

Total Assets

13.7B

Total portfolio value

NII / Share

0.58$

Annual

Net Investment Income per share

Dividend / Share

0.70$

Quarterly

Most recent quarterly dividend

Est. Div Yield

13.4%

Annualized

Estimated annual dividend yield

Total Debt

7.6B

Total debt outstanding

Equity

6.1B

Total assets - Total debt

Historical Trends

NAV Per Share — 8 Quarters

-14.1% over period

NAVAnnualized Div

NII vs Dividend Coverage

NII/shareCoverage

Portfolio Composition

Investment Type

1330positions

Debt601

Equity305

First Lien300

Unsecured34

+3 more

Rate Type

SOFR720

Fixed525

Euribor41

SONIA28

+6 more

Maturity Profile

Avg: 3.2 years

861 debt positions with maturity data

Top Sectors

Top Borrowers by FV

Include equity

Excluding 339 equity/SPV positions

Fair Value Mark Distribution

2.6% stressed(<80¢, $41M)0.1% watchlist(80–95¢, $2M)97.2% healthy(≥95¢, $1522M)

Weighted median mark: 100.0¢

Fair value mark — cents on dollar (debt positions only, weighted by fair value)

Schedule of Investments1330 positions

PIK onlyStressed only

PIK = Payment-in-Kind (deferred interest)NA = Non-accrual (not collecting interest)⚠ = Stressed (mark <90¢)

Company	#	Sector	Total FV ▼	Avg Mark	Status(PIK● NA● ⚠)
▶Credit Opportunities Partners JV, LLC	4	Financials	$3.3B	—	⚠ 2
▶athenahealth Inc	3	Health Care	$767.8M	—
▶KKR Altitude II Offshore Aggregator LP	3	Industrials	$409.1M	—
▶Kilter Finance	8	Financials	$263.2M	—
▶Kellermeyer Bergensons Services LLC	18	Industrials	$261.5M	92.4¢	PIK: 3⚠ 4NA
▶Roemanu LLC (FKA Toorak Capital Partners LLC)	1	Financials	$238.9M	—
▶Global Jet Capital LLC	2	Industrials	$207.1M	—	⚠ 2NA
▶My Community Homes PropCo 2	9	Real Estate	$190.1M	100.0¢	PIK: 1⚠ 1
▶Affordable Care Inc	2	Health Care	$144.6M	—
▶GreenSky Holdings LLC	11	Financials	$139.1M	100.0¢	PIK: 2⚠ 2NA
▶Vehicle Secured Funding Trust	4	Financials	$132.4M	100.0¢	PIK: 1⚠ 1NA
▶Trinseo Materials Operating SCA / Trinseo Materials Finance Inc	2	Materials	$117.0M	100.0¢
▶Avida Holding AB	8	Financials	$115.1M	112.7¢	PIK: 1⚠ 2
▶Horizon CTS Buyer LLC	5	Industrials	$112.4M	100.1¢	PIK: 3
▶J S Held LLC	7	Financials	$109.8M	100.4¢
▶801 5th Ave, Seattle	7	Real Estate	$104.4M	84.4¢	PIK: 2⚠ 2
▶Integrity Marketing Group LLC	6	Financials	$99.4M	100.0¢
▶Insight Global LLC	5	Industrials	$99.1M	100.3¢
▶Capital Automotive LP	6	Real Estate	$91.8M	101.3¢
▶Industria Chimica Emiliana Srl	2	Health Care	$87.2M	97.2¢	PIK: 2⚠ 1

Page 1 of 16 (314 companies, 1330 positions)

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