PHILADELPHIA, Feb. 27, 2020 /PRNewswire/ -- FS KKR Capital
Corp. (NYSE: FSK), a leading publicly traded business development
company focused on providing customized credit solutions to private
middle market U.S. companies, announced its financial and operating
results for the quarter and year ended December 31, 2019, and that its board of
directors has declared a first quarter 2020 regular distribution
totaling $0.19 per share.
Financial and Operating Highlights for the Quarter Ended
December 31,
2019(1)
- Net investment income of $0.20
per share, compared to $0.19 per
share for the quarter ended December 31,
2018
- Adjusted net investment income of $0.21 per share, compared to $0.21 per share for the quarter ended
December 31,
2018(2)
- Total net realized and unrealized loss of $0.25 per share, compared to a total net realized
and unrealized loss of $0.62(3) per share for the quarter
ended December 31,
2018
- Paid cash distributions to stockholders totaling
$0.19 per
share(4)
- Total purchases of $1,147
million versus $929 million of
sales and repayments
- Net asset value of $7.64 per
share, compared to $7.86 per share as
of September 30, 2019
Financial and Operating Highlights for the Year Ended
December 31,
2019(1)
- Net investment income of $0.79
per share, compared to $0.82 per
share for the year ended December 31,
2018
- Adjusted net investment income of $0.80 per share, compared to $0.85 per share for the year ended December 31, 2018(2)
- Total net realized and unrealized loss of $0.47 per share, compared to a total net realized
and unrealized loss of $1.40(3) per share for
the year ended December 31,
2018
- Paid cash distributions to stockholders totaling
$0.76 per
share(4)
- FSK repurchased $153 million
of shares in 2019 under the previously announced $200 million share repurchase program. Through
February 26, 2020, FSK repurchased
approximately $171 million under the
program
"We are pleased with the strategic progress we made during
2019," said Michael Forman, Chairman
and Chief Executive Officer of FSK. "From an operational
standpoint, we continued rotating our portfolio toward FS KKR
originated investments, as we invested approximately $2.9 billion during the year. From a balance
sheet perspective, we further reduced our already attractive cost
of capital and we extended maturities across a meaningful
percentage of our capital structure. As we move into 2020, we
remain focused on continuing to rotate our investment portfolio
while harnessing the full potential of the FS KKR origination
platform."
Declaration of Regular Distribution for First Quarter
2020
FSK's board of directors has declared a regular cash
distribution for the first quarter of $0.19 per share, which will be paid on or about
April 2, 2020 to stockholders of
record as of the close of business on March
18, 2020.
Summary Consolidated Results
|
Three Months
Ended
|
(dollars in
millions, except per share data)
(all per share amounts are basic and
diluted)(1)
|
December 31,
2019
|
September 30,
2019
|
December 31,
2018
|
Total investment
income
|
$186
|
$199
|
$103
|
Net investment
income
|
100
|
115
|
53
|
Net increase
(decrease) in net assets resulting from
operations(3)
|
(27)
|
71
|
(119)
|
|
|
|
|
Net investment income
per share
|
$0.20
|
$0.22
|
$0.19
|
Total net realized
and unrealized gain (loss) per share
|
$(0.25)
|
$(0.08)
|
$(0.62)
|
Net increase
(decrease) in net assets resulting from operations
(Earnings per Share)
|
$(0.05)
|
$0.14
|
$(0.43)
|
Stockholder
distributions per share(4)
|
$0.19000
|
$0.19000
|
$0.28000
|
Net asset value per
share at period end
|
$7.64
|
$7.86
|
$7.84
|
Weighted average
shares outstanding
|
508,758,302
|
516,523,604
|
277,283,374
|
Shares outstanding,
end of period
|
506,327,064
|
512,262,372
|
531,478,739
|
|
|
|
|
|
|
As
of December 31,
2019
|
As
of December 31,
2018
|
(dollar amounts in
millions)
|
|
|
|
Total fair value of
investments
|
|
$7,357
|
$7,387
|
Total
assets
|
|
8,216
|
7,705
|
Total stockholders'
equity
|
|
3,866
|
4,166
|
Portfolio Highlights as of December 31,
2019
- Total fair value of investments was $7.4
billion of which 70% was invested in senior secured
securities.
- Direct originations(5) represented approximately 88%
of the portfolio by fair value as of December 31, 2019.
- Weighted average annual yield on accruing debt
investments(6) was 9.7%, compared to 10.1% as of
September 30, 2019.
- Exposure to the top ten largest portfolio companies by fair
value was 22% as of December 31,
2019, compared to 22% as of September
30, 2019.
Total Portfolio Activity(7)
|
Three Months
Ended
|
|
(dollar amounts in
millions)
|
December 31,
2019
|
September 30,
2019
|
December 31,
2018
|
|
Purchases
|
$1,147
|
$698
|
$220
|
|
Sales and
redemptions
|
(929)
|
(723)
|
(397)
|
|
Net portfolio
activity
|
$218
|
$(25)
|
($177)
|
|
|
|
Portfolio
Data
|
As of
December 31, 2019
|
As of
December 31, 2018
|
|
Total fair value of
investments
|
$7,357
|
$7,387
|
|
Number of Portfolio
Companies
|
210
|
204
|
|
% of Investments on
Non-Accrual
(based on fair
value)(8)
|
2.8%
|
1.0%
|
|
|
|
|
Asset Class
(based on fair value)
|
|
|
Senior Secured Loans
— First Lien
|
50.6%
|
54.2%
|
|
Senior Secured Loans
— Second Lien
|
16.3%
|
15.1%
|
|
Other Senior Secured
Debt
|
3.2%
|
4.6%
|
|
Subordinated
Debt
|
5.6%
|
5.8%
|
|
Asset Based
Finance
|
10.0%
|
9.0%
|
|
Strategic Credit
Opportunities Partners, LLC
|
6.5%
|
4.0%
|
|
Equity/Other
|
7.8%
|
7.3%
|
|
|
|
|
|
Interest Rate
Type (based on fair value)(6)
|
|
|
|
% Variable Rate Debt
Investments
|
64.8%
|
68.1%
|
|
% Fixed Rate Debt
Investments
|
14.6%
|
16.5%
|
|
% Other Income
Producing Investments
|
11.2%
|
6.8%
|
|
% Non-Income
Producing Investments(9)
|
6.6%
|
7.6%
|
|
% of Investments on
Non-Accrual
|
2.8%
|
1.0%
|
|
|
|
|
|
Direct Originations
Direct
Originations Portfolio Data
|
As of December 31,
2019
|
As of December 31,
2018
|
Total Fair Value of
Direct Originations
|
$6,492
|
$6,510
|
|
|
|
|
|
|
|
|
|
|
Leverage and Liquidity as of December 31, 2019
- Net debt to equity ratio(10) of 89%, based on
$4.2 billion in total debt
outstanding, $106 million of cash and
foreign currency and $642 million of
net receivable for investments sold and repaid and stockholders'
equity of $3.9 billion. FSK's
weighted average effective interest rate (including the effect of
non-usage fees) was 4.01%.
- Cash and foreign currency of $106
million and availability under its financing arrangements of
$637 million, subject to borrowing
base and other limitations.
Conference Call
Information
FSK will host a conference call at 10:00
a.m. (Eastern Time) on Friday, February 28, 2020, to discuss
its fourth quarter and full year 2019 financial and operating
results. All interested parties are welcome to participate.
Interested parties can access the conference call by dialing (833)
818-6808 and using the conference ID 6190199 approximately 10
minutes prior to the call. The conference call also will be
webcast, which can be accessed from the Investor Relations section
of FSK's website at www.fskkrcapitalcorp.com under Events
and Presentations.
A replay of the call will be available shortly after the end of
the call for a period of 30 days following the call by visiting the
Investor Relations section of FSK's website at
www.fskkrcapitalcorp.com under Events and
Presentations.
Supplemental Information
An investor presentation containing financial and operating
information will be made available prior to the call in the
Investor Relations section of FSK's website at
www.fskkrcapitalcorp.com under Events and Presentations.
About FS KKR Capital Corp.
FS KKR Capital Corp. (NYSE: FSK) is a leading publicly traded
business development company (BDC) focused on providing customized
credit solutions to private middle market U.S. companies. FSK seeks
to invest primarily in the senior secured debt and, to a lesser
extent, the subordinated debt of private middle market companies.
FSK is advised by FS/KKR Advisor, LLC. For more information,
please visit www.fskkrcapitalcorp.com.
About FS/KKR Advisor, LLC
FS/KKR Advisor, LLC (FS/KKR) is a partnership between FS
Investments and KKR Credit that serves as the investment adviser to
BDCs with approximately $17 billion
in assets under management as of December
31, 2019. The BDCs managed by FS/KKR are FSK and FS KKR
Capital Corp. II.
FS Investments is a leading asset manager dedicated to helping
individuals, financial professionals and institutions design better
portfolios. The firm provides access to alternative sources of
income and growth, and focuses on setting industry standards for
investor protection, education and transparency. FS Investments is
headquartered in Philadelphia, PA
with offices in New York, NY,
Orlando, FL and Washington, DC. Visit www.fsinvestments.com to
learn more.
KKR Credit is a subsidiary of KKR & Co. Inc., a leading
global investment firm that manages multiple alternative asset
classes, including private equity, energy, infrastructure, real
estate and credit, with strategic manager partnerships that manage
hedge funds. KKR aims to generate attractive investment returns for
its fund investors by following a patient and disciplined
investment approach, employing world-class people, and driving
growth and value creation with KKR portfolio companies. KKR invests
its own capital alongside the capital it manages for fund investors
and provides financing solutions and investment opportunities
through its capital markets business. References to KKR's
investments may include the activities of its sponsored funds. For
additional information about KKR & Co. Inc. (NYSE: KKR), please
visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
Forward-Looking Statements and Important Disclosure
Notice
This announcement may contain certain forward-looking
statements, including statements with regard to future events or
the future performance or operations of FSK. Words such as
"believes," "expects," "projects," and "future" or similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. Certain
factors could cause actual results to differ materially from those
projected in these forward-looking statements. Factors that could
cause actual results to differ materially include changes in the
economy, risks associated with possible disruption in FSK's
operations or the economy generally due to terrorism or natural
disasters, future changes in laws or regulations and conditions in
FSK's operating area, and the price at which shares of FSK's common
stock trade on the New York Stock Exchange. Some of these factors
are enumerated in the filings FSK makes with the SEC. FSK
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
The press release above contains summaries of certain financial
and statistical information about FSK. The information contained in
this press release is summary information that is intended to be
considered in the context of FSK's SEC filings and other public
announcements that FSK may make, by press release or otherwise,
from time to time. FSK undertakes no duty or obligation to update
or revise the information contained in this press release. In
addition, information related to past performance, while helpful as
an evaluative tool, is not necessarily indicative of future
results, the achievement of which cannot be assured. Investors
should not view the past performance of FSK, or information about
the market, as indicative of FSK's future results.
Other Information
The information in this press release is summary information
only and should be read in conjunction with FSK's annual report on
Form 10-K for the year ended December 31,
2019, which FSK filed with the U.S. Securities and Exchange
Commission (the SEC) on February 27,
2020, as well as FSK's other reports filed with the SEC. A
copy of FSK's annual report on Form 10-K for the year ended
December 31, 2019 and FSK's other
reports filed with the SEC can be found on FSK's website at
www.fskkrcapitalcorp.com and the SEC's website at
www.sec.gov.
Certain Information About Distributions
The determination of the tax attributes of FSK's distributions
is made annually as of the end of its fiscal year based upon its
taxable income and distributions paid, in each case, for the full
year. Therefore, a determination as to the tax attributes of the
distributions made on a quarterly basis may not be representative
of the actual tax attributes for a full year. FSK intends to update
stockholders quarterly with an estimated percentage of its
distributions that resulted from taxable ordinary income. The
actual tax characteristics of distributions to stockholders will be
reported to stockholders annually on Form 1099-DIV.
The timing and amount of any future distributions on FSK's
shares of common stock are subject to applicable legal restrictions
and the sole discretion of its board of directors. There can be no
assurance as to the amount or timing of any such future
distributions, including the special distribution referenced
herein.
FSK may fund its cash distributions to stockholders from any
sources of funds legally available to it, including proceeds from
the sale of shares of FSK's common stock, borrowings, net
investment income from operations, capital gains proceeds from the
sale of assets, non-capital gains proceeds from the sale of assets
and dividends or other distributions paid to it on account of
preferred and common equity investments in portfolio companies. FSK
has not established limits on the amount of funds it may use from
available sources to make distributions. There can be no assurance
that FSK will be able to pay distributions at a specific rate or at
all.
Contact Information:
Investor Relations Contact
Robert Paun
Robert.Paun@fsinvestments.com
FS Investments Media Team
Melanie Hemmert
Melanie.Hemmert@fsinvestments.com
Income Statement
($ amounts in millions, except per share
data)
|
|
Year Ended
December 31,
|
|
|
2019
|
|
2018
|
|
2017
|
Investment
income
|
|
|
|
|
|
|
From
non-controlled/unaffiliated investments:
|
|
|
|
|
|
|
Interest
income
|
|
$
|
571
|
|
|
$
|
305
|
|
|
$
|
319
|
|
Paid-in-kind interest
income
|
|
40
|
|
|
34
|
|
|
32
|
|
Fee income
|
|
42
|
|
|
13
|
|
|
41
|
|
Dividend
income
|
|
10
|
|
|
8
|
|
|
0
|
|
From
non-controlled/affiliated investments:
|
|
|
|
|
|
|
Interest
income
|
|
28
|
|
|
3
|
|
|
11
|
|
Paid-in-kind interest
income
|
|
16
|
|
|
2
|
|
|
3
|
|
Fee income
|
|
—
|
|
|
—
|
|
|
3
|
|
From
controlled/affiliated investments:
|
|
|
|
|
|
|
Interest
income
|
|
11
|
|
|
9
|
|
|
4
|
|
Paid-in-kind interest
income
|
|
4
|
|
|
19
|
|
|
6
|
|
Dividend
income
|
|
57
|
|
|
1
|
|
|
—
|
|
Total investment
income
|
|
779
|
|
|
394
|
|
|
419
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
Management
fees
|
|
115
|
|
|
63
|
|
|
73
|
|
Subordinated income
incentive fees
|
|
57
|
|
|
26
|
|
|
50
|
|
Administrative
services expenses
|
|
9
|
|
|
4
|
|
|
3
|
|
Accounting and
administrative fees
|
|
2
|
|
|
1
|
|
|
1
|
|
Interest
expense
|
|
170
|
|
|
84
|
|
|
79
|
|
Directors'
fees
|
|
1
|
|
|
1
|
|
|
1
|
|
Other general and
administrative expenses
|
|
8
|
|
|
6
|
|
|
6
|
|
Total operating
expenses
|
|
362
|
|
|
185
|
|
|
213
|
|
Management fee
waiver
|
|
—
|
|
|
(3)
|
|
|
(3)
|
|
Net expenses
|
|
362
|
|
|
182
|
|
|
210
|
|
Net investment income
before taxes
|
|
417
|
|
|
212
|
|
|
209
|
|
Excise
taxes
|
|
7
|
|
|
7
|
|
|
5
|
|
Net investment
income
|
|
410
|
|
|
205
|
|
|
204
|
|
|
|
|
|
|
|
|
Realized and
unrealized gain/loss
|
|
|
|
|
|
|
Net realized gain
(loss) on investments:
|
|
|
|
|
|
|
Non-controlled/unaffiliated investments
|
|
$
|
(114)
|
|
|
$
|
(116)
|
|
|
$
|
(98)
|
|
Non-controlled/affiliated investments
|
|
32
|
|
|
(9)
|
|
|
9
|
|
Controlled/affiliated
investments
|
|
1
|
|
|
—
|
|
|
(53)
|
|
Net realized gain
(loss) on swap contracts
|
|
(11)
|
|
|
0
|
|
|
—
|
|
Net realized gain
(loss) on foreign currency forward contracts
|
|
12
|
|
|
—
|
|
|
—
|
|
Net realized gain
(loss) on secured borrowing
|
|
—
|
|
|
—
|
|
|
0
|
|
Net realized gain
(loss) on foreign currency
|
|
2
|
|
|
6
|
|
|
0
|
|
Net change in
unrealized appreciation (depreciation) on investments:
|
|
|
|
|
|
|
Non-controlled/unaffiliated investments
|
|
(105)
|
|
|
(48)
|
|
|
137
|
|
Non-controlled/affiliated investments
|
|
55
|
|
|
(57)
|
|
|
(17)
|
|
Controlled/affiliated
investments
|
|
(33)
|
|
|
(113)
|
|
|
6
|
|
Net change in
unrealized appreciation (depreciation) on swap contracts
|
|
16
|
|
|
(16)
|
|
|
—
|
|
Net change in
unrealized appreciation (depreciation) on foreign currency forward
contracts
|
|
(2)
|
|
|
3
|
|
|
—
|
|
Net change in
unrealized appreciation (depreciation) on secured
borrowing
|
|
—
|
|
|
—
|
|
|
0
|
|
Net change in
unrealized gain (loss) on foreign currency
|
|
(17)
|
|
|
(3)
|
|
|
(6)
|
|
Change in unrealized
appreciation from merger accounting
|
|
—
|
|
|
717
|
|
|
—
|
|
Total net realized and
unrealized gain (loss)
|
|
(164)
|
|
|
364
|
|
|
(22)
|
|
Net increase
(decrease) in net assets resulting from operations
|
|
$
|
246
|
|
|
$
|
569
|
|
|
$
|
182
|
|
Per share
information—basic and diluted
|
|
|
|
|
|
|
Net increase
(decrease) in net assets resulting from operations (Earnings per
Share)
|
|
$
|
0.47
|
|
|
$
2.26(5)
|
|
$
|
0.74
|
|
Weighted average
shares outstanding
|
|
518,946,741
|
|
|
251,377,426
|
|
|
245,270,969
|
|
Balance Sheet
($ amounts in millions, except per share
data)
|
|
December
31,
|
|
|
2019
|
|
2018
|
Assets
|
|
|
|
|
Investments, at fair
value
|
|
|
|
|
Non-controlled/unaffiliated investments (amortized
cost—$6,006 and $6,457, respectively)
|
|
$
|
5,661
|
|
|
$
|
6,217
|
|
Non-controlled/affiliated investments (amortized
cost—$686 and $382, respectively)
|
|
717
|
|
|
358
|
|
Controlled/affiliated
investments (amortized cost—$1,117 and $917,
respectively)
|
|
979
|
|
|
812
|
|
Total investments, at
fair value (amortized cost—$7,809 and $7,756,
respectively)
|
|
7,357
|
|
|
7,387
|
|
Cash
|
|
93
|
|
|
101
|
|
Foreign currency, at
fair value (cost—$13 and $3, respectively)
|
|
13
|
|
|
3
|
|
Receivable for
investments sold and repaid
|
|
657
|
|
|
144
|
|
Income
receivable
|
|
82
|
|
|
60
|
|
Unrealized
appreciation on foreign currency forward contracts
|
|
1
|
|
|
3
|
|
Deferred financing
costs
|
|
10
|
|
|
6
|
|
Prepaid expenses and
other assets
|
|
3
|
|
|
1
|
|
Total
assets
|
|
$
|
8,216
|
|
|
$
|
7,705
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Payable for
investments purchased
|
|
$
|
15
|
|
|
$
|
6
|
|
Debt (net of deferred
financing costs of $9 and $3, respectively)
|
|
4,173
|
|
|
3,391
|
|
Unrealized
depreciation on swap contracts
|
|
—
|
|
|
16
|
|
Unrealized
depreciation on foreign currency forward contracts
|
|
0
|
|
|
0
|
|
Stockholder
distributions payable
|
|
96
|
|
|
45
|
|
Management and
investment adviser fees payable
|
|
30
|
|
|
20
|
|
Subordinated income
incentive fees payable
|
|
—
|
|
|
14
|
|
Administrative
services expense payable
|
|
3
|
|
|
1
|
|
Interest
payable
|
|
23
|
|
|
28
|
|
Directors' fees
payable
|
|
0
|
|
|
0
|
|
Other accrued
expenses and liabilities
|
|
10
|
|
|
18
|
|
Total
liabilities
|
|
4,350
|
|
|
3,539
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
Preferred stock,
$0.001 par value, 50,000,000 shares authorized, none issued and
outstanding
|
|
—
|
|
|
—
|
|
Common stock, $0.001
par value, 750,000,000 shares authorized, 506,327,064 and
531,478,739 shares issued and outstanding, respectively
|
|
1
|
|
|
1
|
|
Capital in excess of
par value
|
|
4,041
|
|
|
4,235
|
|
Retained earnings
(accumulated deficit)
|
|
(176)
|
|
|
(70)
|
|
Total
stockholders' equity
|
|
3,866
|
|
|
4,166
|
|
Total
liabilities and stockholders' equity
|
|
$
|
8,216
|
|
|
$
|
7,705
|
|
Net asset value per
share of common stock at year end
|
|
$
|
7.64
|
|
|
$
|
7.84
|
|
Non-GAAP Financial Measures
This press release contains certain financial measures that have
not been prepared in accordance with generally accepted accounting
principles in the United States
(GAAP). FSK uses these non-GAAP financial measures internally in
analyzing financial results and believes that the use of these
non-GAAP financial measures is useful to investors as an additional
tool to evaluate ongoing results and trends and in comparing FSK's
financial results with other BDCs.
Non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for comparable GAAP financial
measures, and should be read only in conjunction with FSK's
consolidated financial statements prepared in accordance with GAAP.
A reconciliation of non-GAAP financial measures to the most
directly comparable GAAP measures has been provided in this press
release, and investors are encouraged to review the
reconciliation.
Reconciliation of Non-GAAP Financial
Measures(1)
|
Three Months
Ended
|
|
December 31,
2019
|
September 30,
2019
|
December 31,
2018
|
GAAP net investment
income per share
|
$0.20
|
$0.22
|
$0.19
|
Plus capital gains
incentive fees per share
|
—
|
—
|
—
|
Plus excise taxes per
share
|
0.01
|
—
|
0.02
|
Plus one-time
expenses per share(11)
|
—
|
(0.00)
|
—
|
Adjusted net
investment income per share(2)
|
$0.21
|
$0.22
|
$0.21
|
1)
|
Per share data was
derived by using the weighted average shares of FSK's common stock
outstanding during the applicable
period. Per share numbers may not sum due to rounding.
|
|
|
2)
|
Adjusted net
investment income is a non-GAAP financial measure. Adjusted net
investment income is presented for all periods
as GAAP net investment income excluding (i) the accrual for the
capital gains incentive fee for realized and unrealized gains;
(ii)
excise taxes; and (iii) certain non-recurring operating expenses
that are one-time in nature and are not representative of
ongoing
operating expenses incurred during FSK's normal course of business
(referred to herein as one-time expenses). FSK uses this
non-GAAP financial measure internally in analyzing financial
results and believes that the use of this non-GAAP financial
measure is useful to investors as an additional tool to evaluate
ongoing results and trends and in comparing its financial
results
with other business development companies. The presentation of this
additional information is not meant to be considered in
isolation or as a substitute for financial results prepared in
accordance with GAAP. A reconciliation of GAAP net investment
income to adjusted net investment income can be found
above.
|
|
|
3)
|
Three months ended
December 31, 2018 excludes the impact of $717 million in unrealized
appreciation resulting from merger
accounting. See FSK's annual report on Form 10-K for the year ended
December 31, 2019 for additional information.
|
|
|
4)
|
The per share data
for distributions reflects the amount of distributions paid per
share of our common stock to stockholders of
record during each applicable period.
|
|
|
5)
|
See FSK's annual
report on Form 10-K for the year ended December 31, 2019 for a
description of FSK's investment strategies,
including its definition of "direct originations."
|
|
|
6)
|
See FSK's annual
report on Form 10-K for the year ended December 31, 2019 for
important information, including information
related to the calculation and definition of weighted average
annual yield on accruing debt investments, weighted average
annual
yield on all debt investments, variable rate debt investments,
fixed rate debt investments, other income producing investments
and non-income producing investments.
|
|
|
7)
|
Purchases do not
include the investments acquired in connection with the acquisition
of CCT for the three months ended
December 31, 2018.
|
|
|
8)
|
Interest income is
recorded on an accrual basis. See FSK's annual report on Form 10-K
for the year ended December 31, 2019
for a description of FSK's revenue recognition policy.
|
|
|
9)
|
Does not include
investments on non-accrual status.
|
|
|
10)
|
Net debt to equity
ratio is debt outstanding, net of cash and foreign currency and net
payable/receivable for investments
purchased/sold and repaid, divided by net assets.
|
|
|
11)
|
FSK's one-time
expenses for the three months ended September 30, 2019 consist of a
reversal of $1 resulting from a reduction in
the estimate for deferred taxes.
|
|
|
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SOURCE FS KKR Capital Corp.