FSK on NYSE

FS KKR Capital Corp

Corporation registered in the United States, active since 20072

In its 2026 annual report the company says: “We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, we have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code.”5 It is headquartered in Philadelphia, United States.2 Its shares trade on NYSE under the symbol FSK.2

Price unavailable

Last updated Oct 21, 2026.

Overview

Compare with another stock.

  • TickerFSK on NYSE2
  • HeadquartersPhiladelphia, United States2
  • Incorporated inMD3
  • Business address3025 Jfk Boulevard, Ofc 500, Philadelphia, Pa 191043
  • Filer categoryLarge accelerated filer3
  • Legal formStock Corporation2
  • LEI549300TYRSI1T21B13602
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D122932472

FS KKR Capital Corp. (NYSE: FSK), or the Company, which may also be referred to as “we,” “us” or “our,” was incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and formally commenced investment operations on January 2, 2009. We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. As such, we are required to comply with certain regulatory requirements. In addition, we have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As of December 31, 2025, we had total assets of approximately $13.7 billion.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income6789$11.0M in 2025
-$500.0M0$500.0M$1.0B$1.5B$2.0B2020: -$405.0M-$405.0M20202021: $1.5B$1.5B20212022: $92.0M$92.0M2022−94%2023: $696.0M$696.0M2023+657%2024: $585.0M$585.0M2024−16%2025: $11.0M$11.0M2025−98%

Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.9

Period ending2025-12-312024-12-312023-12-31
Paid-in-kind interest income$224.0M$203.0M$144.0M
Total investment income$1.5B$1.7B$1.8B
Management fees$206.0M$216.0M$226.0M
Subordinated income incentive fees$136.0M$167.0M$181.0M
Administrative services expenses$10.0M$10.0M$12.0M
Accounting and administrative fees$4.0M$4.0M$4.0M
Interest expense$464.0M$465.0M$467.0M
Other general and administrative expenses$23.0M$23.0M$26.0M
Total operating expenses$843.0M$885.0M$916.0M
Net investment income before taxes$676.0M$836.0M$914.0M
Excise taxes$22.0M$23.0M$22.0M
Net investment income$654.0M$813.0M$892.0M
Net realized gain (loss) on investments:-$339.0M-$486.0M-$343.0M
Net realized gain (loss) on foreign currency forward contracts-$9.0M$19.0M$8.0M
Net change in unrealized appreciation (depreciation) on investments:-$178.0M$217.0M$166.0M
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts-$12.0M-$7.0M-$15.0M
Net change in unrealized gain (loss) on foreign currency-$58.0M$38.0M-$21.0M
Total net realized and unrealized gain (loss)-$624.0M-$228.0M-$193.0M
Provision for taxes on realized and unrealized gains on investments-$12.0M$0-$3.0M
Realized loss on extinguishment of debt-$7.0M$0$0
Net increase (decrease) in net assets resulting from operations$11.0M$585.0M$696.0M
Net increase (decrease) in net assets resulting from operations (Earnings per Share) - basic (in dollars per share)$0.04$2.09$2.48
Net increase (decrease) in net assets resulting from operations (Earnings per Share) - diluted (in dollars per share)$0.04$2.09$2.48
Weighted average shares outstanding - basic (in shares)280.1M shares280.1M shares280.3M shares
Weighted average shares outstanding - diluted (in shares)280.1M shares280.1M shares280.3M shares

Compare FS KKR Capital Corp with another company

Corporate structure

FS KKR Capital Corp sits at the top of its group. 25 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of FS KKR Capital Corp

  • FS KKR Capital Corp Philadelphia, Pennsylvania, United States
    • Ambler Funding LLC Subsidiary · Delaware, United States
    • Callowhill Street Funding LLC Subsidiary · Delaware, United States
    • CCT Dublin Funding Designated Activity Company Subsidiary · Ireland
    • CCT Holdings II LLC Subsidiary · Delaware, United States
    • CCT Tokyo Funding LLC Subsidiary · Delaware, United States
    • Cobbs Creek LLC Subsidiary · Delaware, United States
    • Cooper River LLC Subsidiary · Delaware, United States
    • Darby Creek LLC Subsidiary · Delaware, United States
    • FCF LLC Subsidiary · Delaware, United States
    • FS KKR MM CLO 1 LLC Subsidiary · Delaware, United States
    • FSIC II Investments, Inc. Subsidiary · Delaware, United States
    • FSIC Investments, Inc. Subsidiary · Delaware, United States
    • Germantown Funding LLC Subsidiary · Delaware, United States
    • IC Altus Investments, LLC Subsidiary · Delaware, United States
    • IC American Energy Investments, Inc. Subsidiary · Delaware, United States
    • IC Arches Investments, LLC Subsidiary · Delaware, United States
    • IC II Northern Investments, LLC Subsidiary · Delaware, United States
    • IC Northern Investments, LLC Subsidiary · Delaware, United States
    • Juniata River LLC Subsidiary · Delaware, United States
    • KKR - FSK CLO 2 LLC Subsidiary · Delaware, United States
    • KKR - FSK CLO 3 LLC Subsidiary · Delaware, United States
    • Locust Street Funding LLC Subsidiary · Delaware, United States
    • Meadowbrook Run Funding LLC Subsidiary · Delaware, United States
    • Race Street Funding LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What FS KKR Capital Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 3025 John F. Kennedy Boulevard, OFC 500, Philadelphia, Pennsylvania 19104. We believe that our office facilities are suitable and adequate for our business as it is presently conducted.

Item 2 of the 10-K filed Feb 25, 2026.5

Leadership

Who has led FS KKR Capital Corp, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (33)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Ambler Funding LLC Delaware4
  • CCT Dublin Funding Designated Activity Company Ireland4
  • CCT Holdings II LLC Delaware4
  • CCT Tokyo Funding LLC Delaware4
  • Callowhill Street Funding LLC Delaware4
  • Cobbs Creek LLC Delaware4
  • Cooper River LLC Delaware4
  • Darby Creek LLC Delaware4
  • FCF LLC Delaware4
  • FS KKR MM CLO 1 LLC Delaware4
  • FSIC II Investments, Inc. Delaware4
  • FSIC Investments, Inc. Delaware4
  • Germantown Funding LLC Delaware4
  • IC Altus Investments, LLC Delaware4
  • IC American Energy Investments, Inc. Delaware4
  • IC Arches Investments, LLC Delaware4
  • IC II Northern Investments, LLC Delaware4
  • IC Northern Investments, LLC Delaware4
  • Juniata River LLC Delaware4
  • KKR - FSK CLO 2 LLC Delaware4
  • KKR - FSK CLO 3 LLC Delaware4
  • Locust Street Funding LLC Delaware4
  • Meadowbrook Run Funding LLC Delaware4
  • Race Street Funding LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • FS Investment CORPJun 19, 2008 to Dec 6, 20183
  • Franklin Square Investment CORPFeb 25, 2008 to Apr 29, 20083

Timeline

  1. Oct 8, 20268-K Regulation FD disclosure52
  2. Aug 20, 20268-K Shareholder vote53
  3. Aug 13, 20268-K Regulation FD disclosure54
  4. Aug 6, 20268-K Results of operations; Regulation FD disclosure55
  5. Jul 9, 20268-K Regulation FD disclosure56
  6. Jun 29, 20268-K Entered a material agreement; Change to shareholders' rights; Bylaws or fiscal year changed57
  7. Jun 18, 20268-K Shareholder vote58
  8. Jun 8, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure59
  9. Jun 3, 20268-K Entered a material agreement60
  10. Jun 2, 20268-K Regulation FD disclosure61
  11. Jun 2, 20268-K Entered a material agreement62
  12. May 18, 20268-K Regulation FD disclosure63
  13. Sep 19, 2008New chief executive Michael C. Forman becomes CEO12
  14. Dec 21, 2007Founded FS KKR Capital Corp is founded2

Calendar

Coming up

  1. Nov 5, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.57 a share, on Nov 5, 2025.64

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results55
  2. May 11, 2026Reported quarterly or annual results65
  3. Apr 9, 2026Reported quarterly or annual results66
  4. Feb 25, 2026Reported quarterly or annual results67
  5. Jan 21, 2026Reported quarterly or annual results68
  6. Nov 5, 2025Reported quarterly or annual results69
  7. Oct 8, 2025Reported quarterly or annual results70
  8. Aug 6, 2025Reported quarterly or annual results71

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

307 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 123 major events, 64 insider forms, 5 large holders, 95 other. The latest 20:

  1. Oct 8, 20268-K EDGAR
  2. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Aug 25, 202640-33 EDGAR
  4. Aug 20, 20268-K EDGAR
  5. Aug 13, 20268-K EDGAR
  6. Aug 12, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Aug 6, 202610-Q EDGAR
  8. Aug 6, 20268-K EDGAR
  9. Jul 17, 202640-33 EDGAR
  10. Jul 9, 20268-K EDGAR
  11. Jul 2, 202640-33 EDGAR
  12. Jun 29, 20268-K EDGAR
  13. Jun 23, 2026SCHEDULE 13D EDGAR
  14. Jun 23, 2026DEFA14A EDGAR
  15. Jun 18, 20268-K EDGAR
  16. Jun 15, 2026SC TO-T/A EDGAR
  17. Jun 15, 2026SC 14D9/A EDGAR
  18. Jun 12, 2026SC TO-T/A EDGAR
  19. Jun 12, 2026SC 14D9/A EDGAR
  20. Jun 8, 20268-K EDGAR

The 307 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

65 open-market trades by officers, directors and large owners since October 2021: 59 buys and 6 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 31, 2026Hopkins Jerel ADirectorBuy800$12.44$10.0KForm 4
Aug 11, 2026KROPP JAMES HDirectorBuy1,100$12.08$13.3KForm 4
Feb 27, 2026KROPP JAMES HDirectorBuy1,666$11.16$18.6KForm 4
Feb 27, 2026Pietrzak DanielPresident and CIOBuy5,000$11.25$56.2KForm 4
Dec 5, 2025Hopkins Jerel ADirectorBuy450$15.50$7.0KForm 4
Nov 11, 2025Forman Michael C.Chief Executive OfficerBuy10,000$15.50$155.0KForm 4
Nov 7, 2025Pietrzak DanielPresident and CIOBuy10,000$15.15$151.5KForm 4
Sep 3, 2025Hopkins Jerel ADirectorBuy330$18.13$6.0KForm 4
Aug 15, 2025Adams BarbaraDirectorBuy3,750$17.52$65.7KForm 4
May 29, 2025Hopkins Jerel ADirectorBuy700$21.24$14.9KForm 4
Jan 1, 2025Forman Michael C.Chief Executive OfficerSale10,088Form 4
Dec 6, 2024Hopkins Jerel ADirectorBuy500$21.47$10.7KForm 4
Dec 5, 2024Pietrzak DanielPresident and CIOBuy5,000$21.31$106.5KForm 4
Dec 4, 2024Sandler ElizabethDirectorBuy1,000$21.23$21.2KForm 4
Dec 3, 2024Gerson BrianCo-PresidentBuy5,000$22.08$110.4KForm 4
Nov 25, 2024IMASOGIE OSAGIE ODirectorSale40,885$22.01$899.9KForm 4
Aug 15, 2024Forman Michael C.Chief Executive OfficerSale195,139$19.56$3.8MForm 4
Aug 8, 2024Pietrzak DanielPresident and CIOBuy5,000$19.21$96.0KForm 4
Jun 10, 2024Hopkins Jerel ADirectorBuy470$20.70$9.7KForm 4
May 15, 2024Adams BarbaraDirectorBuy3,381$20.10$68.0KForm 4

All 65 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Oak Hill Advisors LP11,371,693$119.4M17.0%+2,395,866
UBS Group AG5,760,510$60.5M0.0%−32,254
Van Eck Associates Corp5,382,748$56.5M0.0%+636,889
Victory Capital Management Inc5,032,014$52.8M0.0%+3,533,540
LPL Financial LLC4,868,176$51.1M0.0%+461,790
Saba Capital Management, L.P.4,215,619$44.3M1.4%+705,871
Morgan Stanley2,877,758$30.2M0.0%−832,480
Legal & General Group Plc2,735,984$28.7M0.0%+220,124
Silver Point Capital L.P.2,724,000$28.6M2.9%New
Generali Asset Management SPA SGR2,529,225$26.6M0.5%−17,146
Cura Wealth Advisors, LLC2,132,461$22.4M9.6%−132,473
Callodine Capital Management, LP2,109,688$22.2M1.5%+774,979
Commonwealth Equity Services, LLC1,928,826$20.3M0.0%−625,082
Union Bancaire Privee, UBP SA11,759$19.8M0.2%No change
Russell Investments Group, Ltd.1,587,876$16.7M0.0%+546,833
D. E. Shaw & Co., Inc.1,516,058$15.9M0.0%−699,371
Invesco Ltd.1,502,415$15.8M0.0%−217,120
Rockefeller Capital Management L.P.1,449,769$15.2M0.0%−93,358
Beach Point Capital Management LP1,221,115$12.8M5.0%−1,908,672
CastleKnight Management LP1,181,300$12.4M0.5%−211,900
Cetera Investment Advisers1,124,969$11.8M0.0%−106,236
BlackRock, Inc.1,058,574$11.1M0.0%−24,044
Kohlberg Kravis Roberts & Co. L.P.980,587$10.3M0.2%No change
Lalia Capital, LLC923,146$9.7M4.7%+897,706
Arax Advisory Partners903,927$9.5M0.1%+789,543

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Nov 26, 2021Kevin HernRepublican, HouseSale$100,001 - $250,000+117.6%Report
Aug 27, 2021Gary C. PetersDemocratic, SenateBuy$1,001 - $15,000−125.0%Report
Dec 4, 2019Kevin HernRepublican, HouseSale$100,001 - $250,000+205.4%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How FS KKR Capital Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFS KKR Capital Corp1
  • CIK0001422183
  • Employer ID (EIN)26-16300405
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsDecember 311
  • Business address3025 Jfk Boulevard, Ofc 500, Philadelphia, PA 191041
  • Phone215-495-11501
  • Shares outstanding276,340,280 as of Aug 5, 202611
  • Public float$5.8B as of Jun 30, 20255
  • AuditorDeloitte & Touche LLP, San Francisco, California PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceFeb 25, 20081
  • Filings1,382 in all: 8-K (444), 4 (328), 497 (60), 10-Q (54), 497AD (44), DEFA14A (43), 3 (42), 425 (42)1
    All 61 form types

    CORRESP (39), SC TO-I/A (28), 424B2 (21), DEF 14A (19), 10-K (18), 40-17G (18), SC TO-I (17), FWP (14), PRE 14A (14), EFFECT (13), 40-APP/A (11), POS 8C (10), POS EX (9), N-2/A (8), SC TO-C (8), 144 (6), N-2 (6), SC 14D9/A (5), SC TO-T/A (5), 40-33 (4), N-23C-2 (4), SC 13D/A (4), 40-APP (3), ARS (3), N-14 8C/A (3), SC 13G (3), 10-K/A (2), 4/A (2), 8-K/A (2), N-14 8C (2), N-2ASR (2), 305B2 (1), 40-17G/A (1), 40-33/A (1), 424B3 (1), 5 (1), 8-A12B (1), 8-A12G (1), APP NTC (1), APP ORDR (1), CERTNYS (1), DEFR14A (1), N-2 POSASR (1), N-54A (1), N-6F (1), POSASR (1), PRER14A (1), SC 13D (1), SC 13G/A (1), SC 14D9 (1), SC TO-T (1), SCHEDULE 13D (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Oct 8, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareFSKThe New York Stock Exchange

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks FS KKR Capital Corp names in Item 1A of its 10-K filed Feb 25, 2026: 74 risks under these headings, as written.5

  • Risks Related to Our Business and Structure
  • Our ability to achieve our investment objectives depends on the Adviser’s ability to manage and support our investment process and if our Advisory Agreement were to be terminated, or if the Adviser loses any members of its senior management team, our ability to achieve our investment objectives could be significantly harmed.
  • Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • Our Board of Directors may change our operating policies and strategies without prior notice or stockholder approval.
  • Changes in laws or regulations governing our operations or the operations of our business partners may adversely affect our business or cause us to alter our business strategy.
  • The Small Business Credit Availability Act allows us to incur additional leverage.
  • Any failure by the Adviser to manage and support our investment process may hinder the achievement of our investment objectives.
  • We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us.
  • We may experience fluctuations in our quarterly results.
  • If we, our affiliates and our and their respective third-party service providers are unable to maintain the availability of electronic data systems and safeguard the security of data, our ability to conduct business may be compromised, which could impair our liquidity, disrupt our business, damage our reputation or otherwise adversely affect our business.
The other 63 risks
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • We and the Adviser could be the target of litigation.
  • It may be difficult to bring suit or foreclosure in non-U.S. countries.
  • Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • We may not be able to obtain all required state licenses.
  • Our business and operations could be negatively affected if we become subject to stockholder activism, which could cause us to incur significant expense, hinder the execution of our investment strategy or impact our stock price.
  • Increasing scrutiny from stakeholders and regulators with respect to sustainability matters may impose additional costs and expose us to additional risks.
  • Risks Related to the Adviser and its Affiliates; Conflicts of Interest
  • The Adviser and its affiliates, including our officers and some of our directors, face conflicts of interest as a result of compensation arrangements between us and the Adviser, which could result in actions that are not in the best interests of our stockholders.
  • We may be obligated to pay the Adviser incentive compensation on income that we have not received.
  • We may be obligated to pay the Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.
  • There may be conflicts of interest related to obligations the Adviser’s senior management and investment teams have to our affiliates and to other clients.
  • The time and resources that the Adviser and individuals employed by the Adviser devote to us may be diverted and we may face additional competition due to the fact that the Adviser and individuals employed by the Adviser are not prohibited from raising money for or managing another entity that makes the same types of investments that we target.
  • The Adviser’s liability is limited under each of the Advisory Agreement and the Administration Agreement, and we are required to indemnify it against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.
  • Our shares may be purchased by the Adviser or its affiliates.
  • The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.
  • Risks Related to Business Development Companies and RICs
  • Failure to maintain our status as a BDC would reduce our operating flexibility.
  • We are uncertain of our sources for funding our future capital needs and if we cannot obtain debt or equity financing on acceptable terms, or at all, our ability to acquire investments and to expand our operations will be adversely affected.
  • The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.
  • Regulations governing our operation as a BDC and a RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.
  • Our ability to enter into transactions with our affiliates is restricted.
  • Risks Related to Our Investments
  • Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.
  • Investments in Asset-Based Finance Opportunities.
  • Equity and Equity-Related Securities.
  • Derivatives and Other Similar Investments.
  • Asset-backed securities and structured products present additional risks.
  • Our investments in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities, subject us indirectly to the underlying risks of such private investment funds and additional fees and expenses.
  • Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
  • We may enter into securities lending agreements.
  • We may acquire various structured financial instruments for purposes of “hedging” or reducing our risks, which may be costly and ineffective and could reduce the cash available to service debt or for distribution to stockholders.
  • Investing in middle-market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • Any investments in securities or assets of publicly traded companies are subject to the risks inherent in investing in public securities.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • We generally will not control our portfolio companies.
  • Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies.
  • Declines in market values or fair market values of our investments could result in significant net unrealized depreciation of our portfolio, which in turn would reduce our net asset value.
  • A significant portion of our investment portfolio does not have a readily available market price and is and will be recorded at fair value in accordance with policies and procedures approved by our Board of Directors and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • We are exposed to risks associated with changes in interest rates.
  • A covenant breach by our portfolio companies may harm our operating results.
  • Our portfolio companies may be highly leveraged.
  • We may not realize gains from our equity investments.
  • An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies.
  • A lack of liquidity in certain of our investments may adversely affect our business.
  • We may not have the funds or ability to make additional investments in our portfolio companies.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Our investments may include original issue discount and PIK instruments.
  • We may use a wide range of investment techniques that could expose us to a diverse range of risks.
  • We may from time to time enter into total return swaps, credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • Technological innovations and industry disruptions may negatively impact us.
  • We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, and investments in which we have a non-controlling interest may involve risks specific to third-party management of those investments.
  • Syndication of Co-Investments.
  • Risks Related to Debt Financing
  • We currently incur indebtedness to make investments, which magnifies the potential for gain or loss on amounts invested in our common stock and may increase the risk of investing in our common stock.
  • The agreements governing our or our subsidiaries’ debt financing arrangements contain, and agreements governing future debt financing arrangements may contain, various covenants which, if not complied with, could have a material adverse effect on our ability to meet our investment obligations and to pay distributions to our stockholders.
  • Provisions in a credit facility may limit our investment discretion.
  • Changes in interest rates may affect our cost of capital and net investment income.
  • We have formed and may in the future form one or more CLOs, which may subject us to certain structured financing risks.
  • Risks Related to an Investment in Our Common Stock
  • There is a risk that investors in our common stock may not receive distributions or that distributions may not increase, or may decrease, over time.
  • Our distribution proceeds may exceed our earnings. Therefore, portions of the distributions that we make may represent a return of capital to stockholders, which will lower their tax basis in their shares of common stock.
  • Our shares of common stock may trade at a discount to net asset value, and such discount may be significant.
  • We may pay distributions from offering proceeds, borrowings or the sale of assets to the extent our cash flows from operations, net investment income or earnings are not sufficient to fund declared distributions.
  • A stockholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.

Legal proceedings

Neither we, the Adviser, nor our subsidiaries are currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, the Adviser or any of our subsidiaries, other than ordinary routine litigation incidental to our business. We, the Adviser, and our subsidiaries may from time to time, however, be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our respective rights under contracts with our portfolio companies. While the outcome of any current legal proceedings cannot be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72
  73. 73