FS KKR Capital (FSK) Investor presentation summary

Platform and market overview

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

• Focuses on upper middle market companies ($50–$150 million+ EBITDA), emphasizing defensive, non-cyclical sectors and capital preservation.

• KKR Credit manages $288 billion AUM, with $135 billion in private credit and $145 billion in leveraged credit.

• Private credit platform benefits from global origination, rigorous due diligence, and strong alignment of interest with $2.5 billion of KKR capital committed.

Investment strategy and process

• Employs a disciplined, PE-style due diligence process with a focus on downside protection and structural safeguards.

• Origination leverages KKR’s global network, with 66% of new deals from existing relationships.

• Portfolio construction emphasizes diversification and ongoing risk management, supported by proprietary technology.

• Targets upper middle market borrowers with strong credit profiles and lower default rates compared to smaller companies.

Portfolio composition and performance

• As of December 31, 2025, portfolio fair value was $13.0 billion across 232 companies, with 62.4% in senior secured loans and 13% in asset-based finance.

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

• Asset-based finance investments are backed by diversified pools of financial and hard assets, managed by a specialized team.

• Portfolio rotation since 2018 increased KKR/FSK-originated assets from 31% to 90% of the total portfolio.