FS KKR Capital : FSK Debt Investor Presentation May 2025

Published: 2025-05-15 17:09:21 ET FSK

Published on 05/15/2025 at 17:09

FS KKR Capital Corp.

( N Y S E : F S K )

D e b t I n v e s t o r P r e s e n t a t i o n

May 2025

All information is as of March 31, 2025 unless otherwise noted

FSK FS KKR Capital Corp.

FS KKR ADVISOR & MARKET OVERVIEW

Size & Scale

~$15 billion AUM publicly traded BDC within

$254 billion KKR Credit platform

FSK has direct involvement of ~250 professionals and

~110 investment professionals

Incumbency from large portfolio of 2,400+ issuers across KKR Credit network

~$11 billion diversified capital structure

Focus

Investment Structures

Senior secured

Asset Based Finance

Junior capital

Upper Middle Market

$50-$150 million+ of EBITDA

Market Leaders with Pricing

Power

Diversification Defensive, Non-Cyclical Sectors Sponsor & Non-Sponsor Global

Sourcing

Preservation of Capital Rigorous portfolio monitoring Internal workout capabilities

Debt investments directly originated by the FS/KKR Advisor have focused on senior secured structures in the upper middle market

First Lien Senior Secured Loan

$21.7bn / 70.7% of total investments

Wtd. Avg. Inception EBITDA: $146mm

Asset Based Finance

$4.6bn / 15.3%

Junior Debt

$3.5bn / 11.6%

Preferred Equity

$0.7bn / 2.4%

Wtd. Avg. Inception EBITDA: $314mm

Wtd. Avg. Inception EBITDA: N/A

Wtd. Avg. Inception EBITDA: $603mm

Note: Includes directly originated investments by the FS/KKR Advisor from Q2 2018 - Q1 2025 in FSK, predecessor BDCs managed by the Advisor that were merged into FSK, and investments in COPJV. Junior Debt is comprised of Second Lien Senior Secured Loans, Other Senior Secured Debt, and Subordinated Debt.

1. Unlevered asset level returns. Actual asset internal rate of return ("IRR") used for realized investments. For unrealized investments, the latest quarter-end fair market value is used as the final value which is then combined with the historical cash flows to generate an unrealized IRR. Recent investments may have an elevated unrealized IRR if they were purchased at a discount and/or had upfront fees. Cash flows used to calculate IRR for foreign investments are converted to USD using a constant exchange rate as a hedging assumption. There is no single generally accepted method for calculating returns for individual investments or sub-sets of investments. Alternative methods may have produced different results. Past performance is not indicative of future results.

Total Assets Under Management Ranked by Publicly Traded BDC Advisor/Manager ($bn)

$28.3

$18.4

$14.9

$14.0

$9.0

$7.0

$5.3

$4.0 $3.9 $3.5 $3.5 $3.4 $3.2 $3.1

$2.6 $2.5 $2.5 $2.5 $2.2 $1.9

ARCC OBDC FSK BXSL GBDC PSEC MAIN HTGC MSDL GSBD TSLX MFIC NMFC OCSL BCSF CGBD SLRC PFLT NCDL TCPC

Disclaimer

FS KKR Capital Corp. published this content on May 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2025 at 21:08 UTC.