FS KKR Capital (FSK) Investor presentation summary

Advisor and platform overview

• $14 billion AUM BDC within KKR Credit's $288 billion platform, leveraging a network of 2,700+ issuers and 250 professionals.

• Focus on upper middle market companies ($50–$150 million+ EBITDA) with market leaders and pricing power.

• Diversified capital structure (~$11 billion), with senior secured, asset-based finance, and junior capital investments.

• Emphasis on defensive, non-cyclical sectors and global sourcing, with rigorous portfolio monitoring.

• KKR Credit platform includes $145bn in leveraged credit, $135bn in private credit, and $8bn in strategic investments.

Investment strategy and process

• Disciplined, PE-style due diligence with focus on downside and structural protections.

• Global, multi-channel origination and ability to exploit incumbent lender relationships.

• Over $110bn deployed in private credit transactions over 20+ years, with consistent portfolio construction and risk management.

• Ongoing monitoring and quarterly portfolio reviews, leveraging proprietary technology for risk identification.

• 66% of originations come from existing portfolio companies within KKR's network.

Portfolio composition and performance

• $13.0bn portfolio fair value as of December 31, 2025, across 232 companies and 23 industries.

• 62.4% in senior secured loans, 13% in asset-based finance, and 15.1% in Credit Opportunities Partners JV.

• Weighted average yield on accruing debt investments at 10.0%, with a 3.4% non-accrual rate at fair value.

• Median portfolio company EBITDA of $132mm and leverage of 5.8x.

• 88.1% of debt investments are floating rate.