Formed in 2009, FS KKR Capital Corp. (NYSE: FSK) (“the company”) is a closed-end, externally managed BDC that provides capital primarily in the form of senior secured loans with a substantial position in asset-based finance loans, largely to upper-middle market companies. The company had a recent market capitalization of ~$5.8 billion. The company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) for federal income tax purposes.
FSK is externally managed by FS/KKR Advisor, LLC (“Adviser”), a 2018 partnership between FS Investments and KKR Credit.
Key Credit Considerations
FSK’s ratings and Stable Outlook are supported by its affiliation with KKR & Co.’s (“KKR”) $664 billion AUM investment platform, including the $254 billion KKR Credit business. This relationship provides SEC exemptive relief to co-invest alongside affiliated entities and grants FSK access to substantial resources…
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