Portfolio

Overview

Portfolio as of June 30, 2025, and based on fair value unless otherwise noted.

218

Portfolio companies

10.6%

Weighted average annual yield 
on accruing debt investments4

3.0%

Non-accrual rate at Fair Value

19.2%

Top 10 concentration3

64.1%

Senior secured investments1

23

Industries

$13.6Bn

Portfolio Fair Value

$114M / 5.8x

Median portfolio company EBITDA & leverage2

Security Exposure

Senior secured loans – 1st lien: 59.0%
Senior secured loans – 2nd lien: 4.9%
Other senior secured debt: 0.2%
Subordinated debt: 1.6%
Asset based finance: 14.7%
Credit Opportunities Partners JV, LLC: 12.0%
Preferred equity⁵: 5.8%
Equity/other: 1.8%

Sector Exposure Across Top 10 Industries

Software & services: 17.1%
Commercial & professional services: 12.8%
Capital goods: 12.1%
Credit Opportunities Partners JV, LLC: 12.0%
Health care equipment & services: 11.8%
Financial services: 6.9%
Insurance: 5.0%
Media & entertainment: 4.5%
Pharmaceuticals, biotechnology & life sciences: 2.8%
Transportation: 2.6%
Other: 12.4%

Note: Does not look through to FSK’s portfolio companies held solely in Credit Opportunities Partners JV, LLC (COPJV) unless otherwise stated.

  1. Looking through to the investments in COPJV, senior secured investments total 73.4% as of June 30, 2025.
  2. Based on underlying Direct Origination corporate investments using most recently reported financial information and may include pro forma adjustments. Certain Asset Based Finance, Equity/Other and portfolio companies with negative or de minimis EBITDA are excluded.
  3. Figure excludes the impact of FSK’s investment in COPJV.
  4. Excludes the impact of the Merger. On June 16, 2021, FSK completed its merger (the Merger) with FS KKR Capital Corp. II. Pursuant to the Merger, FS KKR Capital Corp. II merged with and into FSK, with FSK continuing as the surviving company. See FSK’s Quarterly Report on Form 10-Q for additional information on the calculation of weighted average annual yield on accruing debt investments. On a GAAP basis, FSK’s weighted average annual yield on accruing debt investments was 10.8% as of June 30, 2025.
  5. Included within Equity/Other in FSK’s Quarterly and Annual Reports on Form 10-Q and 10-K, respectively.