PHILADELPHIA, March 1, 2021 /PRNewswire/ -- FS KKR Capital
Corp. (NYSE: FSK), a leading publicly traded business development
company focused on providing customized credit solutions to private
middle market U.S. companies, announced its financial and operating
results for the quarter and year ended December 31, 2020, and that its board of
directors has declared a first quarter 2021 distribution totaling
$0.60 per share.
Financial and Operating Highlights for the Quarter Ended
December 31,
2020(1)
- Net investment income of $0.63
per share, compared to $0.63 per
share for the quarter ended September 30,
2020
- Adjusted net investment income of $0.72 per share, compared to $0.63 per share for the quarter ended
September 30,
2020(2)
- Total net realized and unrealized gain of $0.53 per share, compared to a total net realized
and unrealized gain of $1.06 per
share for the quarter ended September
30, 2020
- Paid cash distributions to stockholders totaling
$0.60 per
share(3)
- Total purchases of $613
million versus $595 million of
sales and repayments, including $97
million of sales to its joint venture Strategic Credit
Opportunities Partners, LLC, or SCJV
- Net asset value of $25.02 per
share, compared to $24.46 per share
as of September 30, 2020
Financial and Operating Highlights for the Year Ended
December 31,
2020(1)
- Net investment income of $2.66
per share, compared to $3.16 per
share for the year ended December 31,
2019
- Total net realized and unrealized loss of $5.92 per share, compared to a total net realized
and unrealized loss of $1.26 per
share for the year ended December 31,
2019
- Paid cash distributions to stockholders totaling
$2.56 per
share(3)
"We were pleased to conclude 2020 with such a positive quarter,"
commented Michael C. Forman, CEO
& Chairman. "Across our BDC franchise during the fourth
quarter, we originated approximately $1.9
billion of new investments, $613
million of which were within FSK. At FSK, our net investment
income per share more than covered our $0.60 quarterly dividend, and our net asset value
increased by 2.3% quarter over quarter. Additionally, in November
we announced the proposed merger of FSK and FSKR, which would
create a single BDC with approximately $16
billion in assets, and in December we accessed the public
debt markets raising $1 billion in
long term, unsecured capital at attractive rates. As a result, we
enter 2021 with excitement regarding our prospects from both an
operational and investment standpoint."
Declaration of Distribution for First Quarter 2021
FSK's board of directors has declared a cash distribution for
the first quarter of $0.60 per share,
which will be paid on or about April 2,
2021 to stockholders of record as of the close of business
on March 17, 2021.
|
Summary
Consolidated Results
|
|
|
|
Three Months
Ended
|
|
(dollars in
millions, except per share data)
(all per share amounts are basic and
diluted)(1)
|
December 31,
2020
|
September 30,
2020
|
December 31,
2019
|
|
Total investment
income
|
$163
|
$147
|
$186
|
|
Net investment
income
|
78
|
78
|
100
|
|
Net increase
(decrease) in net assets resulting from operations
|
143
|
210
|
(27)
|
|
|
|
|
|
Net investment income
per share
|
$0.63
|
$0.63
|
$0.79
|
|
Total net realized
and unrealized gain (loss) per share
|
$0.53
|
$1.06
|
$(1.00)
|
|
Net increase
(decrease) in net assets resulting from operations (Earnings per
Share)
|
$1.16
|
$1.70
|
$(0.21)
|
|
Stockholder
distributions per share(3)
|
$0.60
|
$0.60
|
$0.76
|
|
Net asset value per
share at period end
|
$25.02
|
$24.46
|
$30.54
|
|
Weighted average
shares outstanding
|
123,755,965
|
123,755,965
|
277,283,374
|
|
Shares outstanding,
end of period
|
123,755,965
|
123,755,965
|
126,581,766
|
|
|
|
|
|
|
(dollar amounts in
millions)
|
|
As
of
December 31,
2020
|
As
of
December 31,
2019
|
|
Total fair value of
investments
|
|
$6,780
|
$7,357
|
|
Total
assets
|
|
7,237
|
8,216
|
|
Total stockholders'
equity
|
|
3,096
|
3,866
|
Portfolio Highlights as of December 31,
2020
- Total fair value of investments was $6.8
billion of which 65% was invested in senior secured
securities.
- Weighted average annual yield on accruing debt
investments(4) was 8.8%, compared to 8.6% as of
September 30, 2020.
- Weighted average annual yield on all debt
investments(4) was 7.9%, compared to 7.6% as of
September 30, 2020.
- Exposure to the top ten largest portfolio companies by fair
value was 22% as of December 31,
2020, compared to 23% as of September
30, 2020.
|
Total Portfolio
Activity
|
|
|
Three Months
Ended
|
|
(dollar amounts in
millions)
|
December 31,
2020
|
September 30,
2020
|
December 31,
2019
|
|
Purchases
|
$613
|
$174
|
$1,147
|
|
Sales and
redemptions
|
(595)
|
(322)
|
(929)
|
|
Net portfolio
activity
|
$18
|
$(148)
|
$218
|
|
Sales to
SCJV
|
97
|
91
|
376
|
|
Adjusted net
portfolio activity
|
$115
|
$(57)
|
$594
|
|
|
Portfolio
Data
|
|
As of
December 31, 2020
|
As of
December 31, 2019
|
|
Total fair value of
investments
|
|
$6,780
|
$7,357
|
|
Number of Portfolio
Companies
|
|
164
|
210
|
|
% of Investments on
Non-Accrual
(based on fair
value)(5)
|
|
2.5%
|
2.8%
|
|
|
|
|
Asset Class
(based on fair value)
|
|
|
|
Senior Secured Loans
— First Lien
|
|
50.9%
|
50.6%
|
|
Senior Secured Loans
— Second Lien
|
|
13.0%
|
16.3%
|
|
Other Senior Secured
Debt
|
|
1.3%
|
3.2%
|
|
Subordinated
Debt
|
|
2.5%
|
5.6%
|
|
Asset Based
Finance
|
|
14.0%
|
10.0%
|
|
Strategic Credit
Opportunities Partners, LLC
|
|
10.5%
|
6.5%
|
|
Equity/Other
|
|
7.8%
|
7.8%
|
|
|
|
Interest Rate
Type (based on fair value)
|
|
|
|
% Variable Rate Debt
Investments
|
|
63.5%
|
64.8%
|
|
% Fixed Rate Debt
Investments
|
|
9.0%
|
14.6%
|
|
% Other Income
Producing Investments
|
|
16.9%
|
11.2%
|
|
% Non-Income
Producing Investments(6)
|
|
8.1%
|
6.6%
|
|
% of Investments on
Non-Accrual(5)
|
|
2.5%
|
2.8%
|
Leverage and Liquidity as of December 31, 2020
- Net debt to equity ratio(7) of 119%, based on
$4.0 billion in total debt
outstanding, $191 million of cash and
foreign currency and $173 million of
net receivable for investments sold and repaid and stockholders'
equity of $3.1 billion. FSK's
weighted average effective interest rate (including the effect of
non-usage fees) was 3.88%.
- Cash and foreign currency of $191
million and availability under its financing arrangements of
$1,040 million, subject to borrowing
base and other limitations.
Conference Call Information
FSK will host a conference
call at 8:00 a.m. (Eastern Time) on
Tuesday, March 2, 2021, to discuss its fourth quarter and
full year 2020 financial and operating results. All interested
parties are welcome to participate. Interested parties can access
the conference call by dialing (833) 818-6808 and using the
conference ID 7480289 approximately 10 minutes prior to the call.
The conference call also will be webcast, which can be accessed
from the Investor Relations section of FSK's website at
www.fskkradvisor.com/fsk under Events + presentations.
A replay of the call will be available shortly after the end of
the call for a period of 30 days following the call by visiting the
Investor Relations section of FSK's website at
www.fskkradvisor.com/fsk under Events +
presentations.
Supplemental Information
An investor presentation containing financial and operating
information will be made available prior to the call in the
Investor Relations section of FSK's website at
www.fskkradvisor.com/fsk under Events +
presentations.
About FS KKR Capital Corp.
FS KKR Capital Corp. (NYSE: FSK) is a leading publicly traded
business development company (BDC) focused on providing customized
credit solutions to private middle market U.S. companies. FSK seeks
to invest primarily in the senior secured debt and, to a lesser
extent, the subordinated debt of private middle market companies.
FSK is advised by FS/KKR Advisor, LLC. For more information,
please visit www.fskkradvisor.com/fsk.
About FS/KKR Advisor, LLC
FS/KKR Advisor, LLC (FS/KKR) is a partnership between FS
Investments and KKR Credit that serves as the investment adviser to
BDCs with approximately $16 billion
in assets under management as of December
31, 2020. The BDCs managed by FS/KKR are FSK and FS KKR
Capital Corp. II. (NYSE: FSKR).
FS Investments is a leading asset manager dedicated to helping
individuals, financial professionals and institutions design better
portfolios. The firm provides access to alternative sources of
income and growth, and focuses on setting industry standards for
investor protection, education and transparency. FS Investments is
headquartered in Philadelphia, PA
with offices in New York, NY,
Orlando, FL and Leawood, KS. Visit www.fsinvestments.com to
learn more.
KKR Credit is a subsidiary of KKR & Co. Inc., a leading
global investment firm that manages multiple alternative asset
classes, including private equity, credit and real assets, with
strategic manager partnerships that manage hedge funds. KKR aims to
generate attractive investment returns for its fund investors by
following a patient and disciplined investment approach, employing
world-class people, and driving growth and value creation with KKR
portfolio companies. KKR invests its own capital alongside the
capital it manages for fund investors and provides financing
solutions and investment opportunities through its capital markets
business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about
KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at
www.kkr.com and on Twitter @KKR_Co.
Forward-Looking Statements and Important Disclosure
Notice
This announcement may contain certain forward-looking statements,
including statements with regard to future events or the future
performance or operations of FSK. Words such as "believes,"
"expects," "projects," and "future" or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. Certain
factors could cause actual results to differ materially from those
projected in these forward-looking statements. Factors that could
cause actual results to differ materially include changes in the
economy, risks associated with possible disruption in FSK's
operations or the economy generally due to terrorism, natural
disasters or pandemics such as COVID-19, future changes in laws or
regulations and conditions in FSK's operating area, and the price
at which shares of FSK's common stock trade on the New York Stock
Exchange. Some of these factors are enumerated in the filings FSK
makes with the SEC. FSK undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
The press release above contains summaries of certain financial
and statistical information about FSK. The information contained in
this press release is summary information that is intended to be
considered in the context of FSK's SEC filings and other public
announcements that FSK may make, by press release or otherwise,
from time to time. FSK undertakes no duty or obligation to update
or revise the information contained in this press release. In
addition, information related to past performance, while helpful as
an evaluative tool, is not necessarily indicative of future
results, the achievement of which cannot be assured. Investors
should not view the past performance of FSK, or information about
the market, as indicative of FSK's future results.
Other Information
The information in this press release is summary information only
and should be read in conjunction with FSK's annual report on Form
10-K for the year ended December 31,
2020, which FSK filed with the U.S. Securities and Exchange
Commission (the SEC) on March 1,
2021, as well as FSK's other reports filed with the SEC. A
copy of FSK's annual report on Form 10-K for the year ended
December 31, 2020 and FSK's other
reports filed with the SEC can be found on FSK's website at
www.fskkradvisor.com/fsk and the SEC's website at
www.sec.gov.
Certain Information About Distributions
The determination of the tax attributes of FSK's distributions is
made annually as of the end of its fiscal year based upon its
taxable income and distributions paid, in each case, for the full
year. Therefore, a determination as to the tax attributes of the
distributions made on a quarterly basis may not be representative
of the actual tax attributes for a full year. FSK intends to update
stockholders quarterly with an estimated percentage of its
distributions that resulted from taxable ordinary income. The
actual tax characteristics of distributions to stockholders will be
reported to stockholders annually on Form 1099-DIV.
The timing and amount of any future distributions on FSK's
shares of common stock are subject to applicable legal restrictions
and the sole discretion of its board of directors. There can be no
assurance as to the amount or timing of any such future
distributions.
FSK may fund its cash distributions to stockholders from any
sources of funds legally available to it, including net investment
income from operations, capital gains proceeds from the sale of
assets, non-capital gains proceeds from the sale of assets,
dividends or other distributions paid to it on account of preferred
and common equity investments in portfolio companies, proceeds from
the sale of shares of FSK's common stock, and borrowings. FSK has
not established limits on the amount of funds it may use from
available sources to make distributions. There can be no assurance
that FSK will be able to pay distributions at a specific rate or at
all.
Contact Information:
Investor Relations Contact
Robert Paun
Robert.Paun@fsinvestments.com
FS Investments Media Team
Melanie Hemmert
media@fsinvestments.com
|
Income Statement
($ amounts in millions, except per share
data)
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2019
|
|
2018
|
|
Investment
income
|
|
|
|
|
|
|
|
From
non-controlled/unaffiliated investments:
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
427
|
|
|
$
|
571
|
|
|
$
|
305
|
|
|
Paid-in-kind interest
income
|
|
43
|
|
|
40
|
|
|
34
|
|
|
Fee income
|
|
33
|
|
|
42
|
|
|
13
|
|
|
Dividend
income
|
|
16
|
|
|
10
|
|
|
8
|
|
|
From
non-controlled/affiliated investments:
|
|
|
|
|
|
|
|
Interest
income
|
|
10
|
|
|
28
|
|
|
3
|
|
|
Paid-in-kind interest
income
|
|
19
|
|
|
16
|
|
|
2
|
|
|
Fee income
|
|
0
|
|
|
—
|
|
|
—
|
|
|
Dividend
income
|
|
0
|
|
|
—
|
|
|
—
|
|
|
From
controlled/affiliated investments:
|
|
|
|
|
|
|
|
Interest
income
|
|
7
|
|
|
11
|
|
|
9
|
|
|
Paid-in-kind interest
income
|
|
4
|
|
|
4
|
|
|
19
|
|
|
Dividend
income
|
|
80
|
|
|
57
|
|
|
1
|
|
|
Total investment
income
|
|
639
|
|
|
779
|
|
|
394
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Management
fees
|
|
106
|
|
|
115
|
|
|
63
|
|
|
Subordinated income
incentive fees
|
|
—
|
|
|
57
|
|
|
26
|
|
|
Administrative
services expenses
|
|
7
|
|
|
9
|
|
|
4
|
|
|
Accounting and
administrative fees
|
|
2
|
|
|
2
|
|
|
1
|
|
|
Interest
expense
|
|
170
|
|
|
170
|
|
|
84
|
|
|
Other general and
administrative expenses
|
|
13
|
|
|
9
|
|
|
7
|
|
|
Total operating
expenses
|
|
298
|
|
|
362
|
|
|
185
|
|
|
Management fee
waiver
|
|
—
|
|
|
—
|
|
|
(3)
|
|
|
Net expenses
|
|
298
|
|
|
362
|
|
|
182
|
|
|
Net investment income
before taxes
|
|
341
|
|
|
417
|
|
|
212
|
|
|
Excise
taxes
|
|
10
|
|
|
7
|
|
|
7
|
|
|
Net investment
income
|
|
331
|
|
|
410
|
|
|
205
|
|
|
|
|
|
|
|
|
|
Realized and
unrealized gain/loss
|
|
|
|
|
|
|
|
Net realized gain
(loss) on investments:
|
|
|
|
|
|
|
|
Non-controlled/unaffiliated investments
|
|
(323)
|
|
|
(114)
|
|
|
(116)
|
|
|
Non-controlled/affiliated investments
|
|
(132)
|
|
|
32
|
|
|
(9)
|
|
|
Controlled/affiliated
investments
|
|
(35)
|
|
|
1
|
|
|
—
|
|
|
Net realized gain
(loss) on swap contracts
|
|
—
|
|
|
(11)
|
|
|
—
|
|
|
Net realized gain
(loss) on foreign currency forward contracts
|
|
0
|
|
|
12
|
|
|
—
|
|
|
Net realized gain
(loss) on foreign currency
|
|
(6)
|
|
|
2
|
|
|
6
|
|
|
Net change in
unrealized appreciation (depreciation) on investments:
|
|
|
|
|
|
|
|
Non-controlled/unaffiliated investments
|
|
17
|
|
|
(105)
|
|
|
(48)
|
|
|
Non-controlled/affiliated investments
|
|
(126)
|
|
|
55
|
|
|
(57)
|
|
|
Controlled/affiliated
investments
|
|
(112)
|
|
|
(33)
|
|
|
(113)
|
|
|
Net change in
unrealized appreciation (depreciation) on swap contracts
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
(16)
|
|
|
Net change in
unrealized appreciation (depreciation) on foreign currency forward
contracts
|
|
(3)
|
|
|
(2)
|
|
|
3
|
|
|
Net change in
unrealized gain (loss) on foreign currency
|
|
(16)
|
|
|
(17)
|
|
|
(3)
|
|
|
Change in unrealized
appreciation from merger accounting
|
|
—
|
|
|
—
|
|
|
717
|
|
|
Total net realized and
unrealized gain (loss)
|
|
(736)
|
|
|
(164)
|
|
|
364
|
|
|
Net increase
(decrease) in net assets resulting from operations
|
|
$
|
(405)
|
|
|
$
|
246
|
|
|
$
|
569
|
|
|
Per share
information—basic and diluted
|
|
|
|
|
|
|
|
Net increase
(decrease) in net assets resulting from operations (Earnings per
Share)(1)
|
|
$
|
(3.26)
|
|
|
$
|
1.90
|
|
|
$
9.05(5)
|
|
|
Weighted average
shares outstanding(1)
|
|
124,290,607
|
|
|
129,736,685
|
|
|
62,844,356
|
|
|
Balance Sheet
($ amounts in millions, except per share
data)
|
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
Assets
|
|
|
|
|
|
Investments, at fair
value
|
|
|
|
|
|
Non-controlled/unaffiliated investments (amortized
cost—$5,314 and $6,006, respectively)
|
|
$
|
4,986
|
|
|
$
|
5,661
|
|
|
Non-controlled/affiliated investments (amortized
cost—$629 and $686, respectively)
|
|
534
|
|
|
717
|
|
|
Controlled/affiliated
investments (amortized cost—$1,510 and $1,117,
respectively)
|
|
1,260
|
|
|
979
|
|
|
Total investments, at
fair value (amortized cost—$7,453 and $7,809,
respectively)
|
|
6,780
|
|
|
7,357
|
|
|
Cash
|
|
182
|
|
|
93
|
|
|
Foreign currency, at
fair value (cost—$8 and $13, respectively)
|
|
9
|
|
|
13
|
|
|
Receivable for
investments sold and repaid
|
|
173
|
|
|
657
|
|
|
Income
receivable
|
|
72
|
|
|
82
|
|
|
Unrealized
appreciation on foreign currency forward contracts
|
|
1
|
|
|
1
|
|
|
Deferred financing
costs
|
|
15
|
|
|
10
|
|
|
Deferred merger
costs
|
|
1
|
|
|
—
|
|
|
Prepaid expenses and
other assets
|
|
4
|
|
|
3
|
|
|
Total
assets
|
|
$
|
7,237
|
|
|
$
|
8,216
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Payable for
investments purchased
|
|
$
|
—
|
|
|
$
|
15
|
|
|
Debt (net of deferred
financing costs of $23 and $9, respectively)
|
|
3,997
|
|
|
4,173
|
|
|
Unrealized
depreciation on foreign currency forward contracts
|
|
3
|
|
|
0
|
|
|
Stockholder
distributions payable
|
|
74
|
|
|
96
|
|
|
Management and
investment adviser fees payable
|
|
25
|
|
|
30
|
|
|
Subordinated income
incentive fees payable
|
|
—
|
|
|
—
|
|
|
Administrative
services expense payable
|
|
2
|
|
|
3
|
|
|
Interest
payable
|
|
25
|
|
|
23
|
|
|
Other accrued
expenses and liabilities
|
|
15
|
|
|
10
|
|
|
Total
liabilities
|
|
4,141
|
|
|
4,350
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
Preferred stock,
$0.001 par value, 50,000,000 shares authorized, none issued and
outstanding
|
|
—
|
|
|
—
|
|
|
Common stock, $0.001
par value, 750,000,000 shares authorized, 123,755,965 and
126,581,766 shares issued and outstanding, respectively
|
|
0
|
|
|
1
|
|
|
Capital in excess of
par value
|
|
3,866
|
|
|
4,041
|
|
|
Retained earnings
(accumulated deficit)
|
|
(770)
|
|
|
(176)
|
|
|
Total
stockholders' equity
|
|
3,096
|
|
|
3,866
|
|
|
Total
liabilities and stockholders' equity
|
|
$
|
7,237
|
|
|
$
|
8,216
|
|
|
Net asset value per
share of common stock at year end(1)
|
|
$
|
25.02
|
|
|
$
|
30.54
|
|
Non-GAAP Financial Measures
This press release contains certain financial measures that have
not been prepared in accordance with generally accepted accounting
principles in the United States
(GAAP). FSK uses these non-GAAP financial measures internally in
analyzing financial results and believes that the use of these
non-GAAP financial measures is useful to investors as an additional
tool to evaluate ongoing results and trends and in comparing FSK's
financial results with other BDCs.
Non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for comparable GAAP financial
measures, and should be read only in conjunction with FSK's
consolidated financial statements prepared in accordance with GAAP.
A reconciliation of non-GAAP financial measures to the most
directly comparable GAAP measures has been provided in this press
release, and investors are encouraged to review the
reconciliation.
|
Reconciliation of
Non-GAAP Financial Measures(1)
|
|
|
|
Three Months
Ended
|
|
December 31,
2020
|
September 30,
2020
|
|
GAAP net investment
income per share
|
$0.63
|
$0.63
|
|
Plus capital gains
incentive fees per share
|
—
|
—
|
|
Plus excise taxes per
share
|
0.08
|
—
|
|
Plus one-time
expenses per share(8)
|
0.01
|
—
|
|
Adjusted net
investment income per share(2)
|
$0.72
|
$0.63
|
|
|
|
1)
|
Per share data was
derived by using the weighted average shares of FSK's common stock
outstanding during the applicable period. Per share numbers may not
sum due to rounding. Share and per share amounts have been adjusted
on a retroactive basis to reflect FSK's 4 to 1 reverse split of its
shares of common stock (the Reverse Stock Split), which became
effective on June 15, 2020.
|
|
|
|
2)
|
Adjusted net
investment income is a non-GAAP financial measure. Adjusted net
investment income is presented for all periods as GAAP net
investment income excluding (i) the accrual for the capital gains
incentive fee for realized and unrealized gains; (ii) excise taxes;
and (iii) certain non-recurring operating expenses that are
one-time in nature and are not representative of ongoing operating
expenses incurred during FSK's normal course of business (referred
to herein as one-time expenses). FSK uses this non-GAAP financial
measure internally in analyzing financial results and believes that
the use of this non-GAAP financial measure is useful to investors
as an additional tool to evaluate ongoing results and trends and in
comparing its financial results with other business development
companies. The presentation of this additional information is not
meant to be considered in isolation or as a substitute for
financial results prepared in accordance with GAAP. A
reconciliation of GAAP net investment income to adjusted net
investment income can be found above.
|
|
|
|
3)
|
The per share data
for distributions reflects the amount of distributions paid per
share of our common stock to stockholders of record during each
applicable period. The amount of each per share distribution has
been retroactively adjusted to reflect the Reverse Stock
Split.
|
|
|
|
4)
|
See FSK's annual
report on Form 10-K for the year ended December 31, 2020 for
important information, including information related to the
calculation and definition of weighted average annual yield on
accruing debt investments, weighted average annual yield on all
debt investments, variable rate debt investments, fixed rate debt
investments, other income producing investments and non-income
producing investments.
|
|
|
|
5)
|
Interest income is
recorded on an accrual basis. See FSK's annual report on Form 10-K
for the year ended December 31, 2020 for a description of FSK's
revenue recognition policy.
|
|
|
|
6)
|
Does not include
investments on non-accrual status.
|
|
|
|
7)
|
Net debt to equity
ratio is debt outstanding, net of cash and foreign currency and net
payable/receivable for investments purchased/sold and repaid,
divided by net assets.
|
|
|
|
8)
|
FSK's one-time
expenses for the three months ended December 31, 2020 were $1
resulting from the acceleration of the remaining unamortized
deferred financing costs associated with the closing of the Locust
Street Credit Facility.
|
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SOURCE FS KKR Capital Corp.
