FS KKR Capital (FSK) Investor presentation summary

Advisor and platform overview

• $12 billion AUM BDC within KKR's $293 billion credit platform, leveraging a network of ~3,400 issuers and 250 professionals.

• Focus on upper middle market companies ($50–$150M+ EBITDA) in defensive, non-cyclical sectors.

• Emphasis on capital preservation, rigorous monitoring, and internal workout capabilities.

• KKR Credit platform includes $142B in leveraged credit and $139B in private credit, with broad origination and risk management resources.

Investment strategy and process

• Direct lending and asset-based finance are core, with 70% control lender status and $2B KKR capital committed.

• Investment process includes multi-channel origination, PE-style due diligence, and ongoing portfolio monitoring.

• Portfolio construction emphasizes diversification and downside protection, supported by proprietary technology.

• Upper middle market focus offers lower default rates and stronger credit profiles compared to smaller companies.

Portfolio composition and performance

• $11.4B portfolio fair value across 232 companies, with 63% in senior secured investments and 23 industries represented.

• Weighted average yield on accruing debt investments at 9.8%, with a 3.8% non-accrual rate at fair value.

• Median direct origination portfolio company EBITDA is $130M with 5.9x leverage.

• Asset-based finance and joint venture investments provide additional diversification and yield enhancement.