FS KKR Capital Corp. Announces Second Quarter 2025 Results
FS KKR Capital Corp. (NYSE: FSK) reported its Q2 2025 financial results, announcing a Q3 2025 distribution of $0.70 per share. The company posted net investment income of $0.62 per share, down from $0.67 in Q1 2025. FSK's net asset value decreased to $21.93 per share from $23.37, with a total net realized and unrealized loss of $1.36 per share.
The company's investment portfolio totaled $13.6 billion, with 64.1% in senior secured securities. FSK maintained a weighted average yield of 10.8% on accruing debt investments. The quarter saw $1.4 billion in new purchases versus $1.65 billion in sales and repayments. Non-accrual investments increased to 3.0% of the portfolio at fair value, up from 2.1% in Q1.
FSK also secured an amended Senior Secured Revolving Credit Facility, increasing it to $4.7 billion with extended maturity to July 2030 and a 10-basis-point reduction in borrowing rate.
FS KKR Capital Corp. (NYSE: FSK) ha comunicato i risultati finanziari del secondo trimestre 2025, annunciando una distribuzione per il terzo trimestre 2025 di 0,70 dollari per azione. La società ha registrato un reddito netto da investimenti di 0,62 dollari per azione, in calo rispetto a 0,67 nel primo trimestre 2025. Il valore patrimoniale netto di FSK è diminuito a 21,93 dollari per azione da 23,37, con una perdita netta totale realizzata e non realizzata di 1,36 dollari per azione.
Il portafoglio investimenti della società ammontava a 13,6 miliardi di dollari, con il 64,1% in titoli senior garantiti. FSK ha mantenuto un rendimento medio ponderato del 10,8% sugli investimenti in debito con accumulo di interessi. Nel trimestre sono stati effettuati acquisti per 1,4 miliardi di dollari contro vendite e rimborsi per 1,65 miliardi. Gli investimenti non in fase di accumulo sono aumentati al 3,0% del portafoglio a valore equo, rispetto al 2,1% del primo trimestre.
FSK ha inoltre ottenuto una modifica della linea di credito senior garantita revolving, portandola a 4,7 miliardi di dollari con scadenza estesa a luglio 2030 e una riduzione del tasso di interesse di 10 punti base.
FS KKR Capital Corp. (NYSE: FSK) informó sus resultados financieros del segundo trimestre de 2025, anunciando una distribución para el tercer trimestre de 2025 de 0,70 dólares por acción. La compañía reportó ingresos netos por inversiones de 0,62 dólares por acción, disminuyendo desde 0,67 en el primer trimestre de 2025. El valor neto de activos de FSK bajó a 21,93 dólares por acción desde 23,37, con una pérdida neta total realizada y no realizada de 1,36 dólares por acción.
La cartera de inversiones de la empresa sumó 13,6 mil millones de dólares, con un 64,1% en valores senior garantizados. FSK mantuvo un rendimiento promedio ponderado del 10,8% en inversiones de deuda acumulativa. En el trimestre se realizaron compras por 1,4 mil millones de dólares frente a ventas y reembolsos por 1,65 mil millones. Las inversiones en incumplimiento aumentaron al 3,0% de la cartera a valor justo, desde el 2,1% en el primer trimestre.
FSK también aseguró una modificación en su línea de crédito revolvente senior garantizada, elevándola a 4,7 mil millones de dólares con vencimiento extendido hasta julio de 2030 y una reducción de 10 puntos base en la tasa de interés.
FS KKR Capital Corp. (NYSE: FSK)는 2025년 2분기 재무 실적을 발표하며 2025년 3분기 배당금 주당 0.70달러를 공지했습니다. 회사는 주당 0.62달러의 순투자수익을 기록했으며, 이는 2025년 1분기의 0.67달러에서 감소한 수치입니다. FSK의 순자산 가치는 주당 21.93달러로 23.37달러에서 하락했으며, 총 순 실현 및 미실현 손실은 주당 1.36달러였습니다.
회사의 투자 포트폴리오는 총 136억 달러에 달하며, 이 중 64.1%는 선순위 담보 증권에 투자되어 있습니다. FSK는 누적 부채 투자에 대해 가중평균 수익률 10.8%를 유지했습니다. 이번 분기에는 14억 달러의 신규 매입이 있었고, 매출 및 상환은 16.5억 달러였습니다. 부실 투자 비율은 1분기의 2.1%에서 증가하여 공정가치 기준으로 포트폴리오의 3.0%를 차지했습니다.
FSK는 또한 만기가 연장되어 2030년 7월까지이고 차입 금리가 10bp 인하된 47억 달러 규모의 수정된 선순위 담보 회전 신용시설을 확보했습니다.
FS KKR Capital Corp. (NYSE : FSK) a publié ses résultats financiers du deuxième trimestre 2025, annonçant une distribution pour le troisième trimestre 2025 de 0,70 $ par action. La société a enregistré un revenu net d'investissement de 0,62 $ par action, en baisse par rapport à 0,67 au premier trimestre 2025. La valeur nette d'actifs de FSK a diminué à 21,93 $ par action contre 23,37, avec une perte nette totale réalisée et non réalisée de 1,36 $ par action.
Le portefeuille d'investissement de la société s'élevait à 13,6 milliards de dollars, dont 64,1 % en titres senior garantis. FSK a maintenu un rendement moyen pondéré de 10,8 % sur les investissements en dette courante. Le trimestre a enregistré 1,4 milliard de dollars d'achats contre 1,65 milliard de dollars de ventes et remboursements. Les investissements en défaut ont augmenté pour représenter 3,0 % du portefeuille à la juste valeur, contre 2,1 % au premier trimestre.
FSK a également obtenu une facilité de crédit renouvelable senior garantie modifiée, augmentée à 4,7 milliards de dollars, avec une échéance prolongée jusqu'en juillet 2030 et une réduction de 10 points de base du taux d'intérêt.
FS KKR Capital Corp. (NYSE: FSK) meldete seine Finanzergebnisse für das zweite Quartal 2025 und kündigte eine Ausschüttung für das dritte Quartal 2025 von 0,70 USD pro Aktie an. Das Unternehmen erzielte einen Nettogewinn aus Investitionen von 0,62 USD pro Aktie, ein Rückgang gegenüber 0,67 USD im ersten Quartal 2025. Der Nettovermögenswert von FSK sank auf 21,93 USD pro Aktie von 23,37 USD, mit einem gesamten realisierten und unrealiserten Nettoverlust von 1,36 USD pro Aktie.
Das Anlageportfolio des Unternehmens belief sich auf 13,6 Milliarden USD, davon 64,1 % in vorrangigen gesicherten Wertpapieren. FSK hielt eine gewichtete durchschnittliche Rendite von 10,8 % auf aufgelaufene Schuldenanlagen. Im Quartal gab es 1,4 Milliarden USD an Neuanschaffungen gegenüber 1,65 Milliarden USD an Verkäufen und Rückzahlungen. Nicht-leistungsfähige Investitionen stiegen auf 3,0 % des Portfolios zum beizulegenden Zeitwert, gegenüber 2,1 % im ersten Quartal.
FSK sicherte sich außerdem eine geänderte revolvierende vorrangige gesicherte Kreditfazilität in Höhe von 4,7 Milliarden USD mit verlängerter Laufzeit bis Juli 2030 und einer Senkung des Zinssatzes um 10 Basispunkte.
- Secured enhanced credit facility with increased size to $4.7B, extended maturity to 2030, and reduced borrowing rate
- Maintained strong quarterly distribution of $0.70 per share
- Substantial liquidity with $2.4B available under financing arrangements
- Portfolio remains well-diversified with top 10 investments representing only 19% of fair value
- 64.1% of investments in senior secured securities, demonstrating conservative portfolio structure
- Net investment income declined to $0.62 per share from $0.67 in Q1 2025
- Net asset value decreased by $1.44 per share to $21.93
- Non-accrual investments increased to 3.0% from 2.1% of portfolio fair value
- Net debt to equity ratio increased to 120% from 114% in Q1 2025
- Total net realized and unrealized loss of $1.36 per share impacted by issues with four portfolio companies
Insights
FSK's Q2 results show significant NAV decline, increased non-accruals, and portfolio issues despite maintaining $0.70 distribution.
FSK's Q2 2025 results reveal concerning performance deterioration with a substantial NAV drop of
Portfolio quality metrics show meaningful deterioration. Non-accrual investments increased to
The leverage profile has weakened, with net debt to equity increasing to
On the investment front, FSK's acquisition pace slowed with
The
Declares Third Quarter 2025 Distribution of
Financial and Operating Highlights for the Quarter Ended June 30, 2025(1)
- Net investment income of
$0.62 $0.67 - Adjusted net investment income(2) of
$0.60 $0.65
- Adjusted net investment income(2) of
- Net asset value of
$21.93 $23.37 - Total net realized and unrealized loss of
$1.36 $0.24 - Adjusted net realized and unrealized loss(2) of
$1.34 $0.22
- Adjusted net realized and unrealized loss(2) of
- Earnings (Loss) per Share of
$(0.75) $0.43 - Total purchases of
$1,400 million $1,650 million $561 million - Net debt to equity ratio(3) as of June 30, 2025 was
120% , compared to114% as of March 31, 2025 - Paid distributions to stockholders totaling
$0.70
"During the second quarter FSK generated
Declaration of Distribution for Third Quarter 2025
On July 31, 2025, FSK's board of directors declared a distribution for the third quarter of
Portfolio Highlights as of June 30, 2025
- Total fair value of investments was
$13.6 billion 64.1% was invested in senior secured securities. - Weighted average annual yield on accruing debt investments(5) was
10.8% , compared to11.0% as of March 31, 2025. Excluding the impact of merger accounting, weighted average annual yield on accruing debt investments was10.6% , compared to10.8% as of March 31, 2025. - Weighted average annual yield on all debt investments(5) was
9.9% , compared to10.4% as of March 31, 2025. Excluding the impact of merger accounting, weighted average annual yield on all debt investments was9.7% , compared to10.2% as of March 31, 2025. - Exposure to the top ten largest portfolio companies by fair value was
19% , compared to20% as of March 31, 2025. - As of June 30, 2025, investments on non-accrual status represented
3.0% and5.3% of the total investment portfolio at fair value and amortized cost, respectively, compared to2.1% and3.5% as of March 31, 2025.
Portfolio Data | As of June 30, 2025 | As of March 31, 2025 |
Total fair value of investments (in millions) | ||
Asset Class (based on fair value) | ||
Senior Secured Loans — First Lien | 59.0 % | 58.1 % |
Senior Secured Loans — Second Lien | 4.9 % | 4.8 % |
Other Senior Secured Debt | 0.2 % | 0.4 % |
Subordinated Debt | 1.6 % | 1.7 % |
Asset Based Finance | 14.7 % | 15.4 % |
Credit Opportunities Partners JV, LLC | 12.0 % | 11.8 % |
Equity/Other | 7.6 % | 7.8 % |
Interest Rate Type (based on fair value) | ||
% Variable Rate Debt Investments | 66.0 % | 67.2 % |
% Fixed Rate Debt Investments | 8.1 % | 8.2 % |
% Other Income Producing Investments | 17.5 % | 17.3 % |
% Non-Income Producing Investments(7) | 5.4 % | 5.2 % |
% of Investments on Non-Accrual(6) | 3.0 % | 2.1 % |
Leverage and Liquidity as of June 30, 2025
- Net debt to equity ratio(3) of
120% , based on$8.0 billion $312 million $317 million $6.1 billion 5.34% . - Cash, cash equivalents and foreign currency of
$312 million $2.4 billion - As of June 30, 2025,
54% of the Company's$8.0 billion 46% in secured debt.
Conference Call Information
FSK will host its second quarter 2025 results conference call via live webcast on Thursday, August 7, 2025 at 9:00 a.m. (Eastern Time). All interested parties are welcome to participate and can access the live webcast from the Investor Relations section of FSK's website at www.fskkradvisor.com under Events or through the following URL: https://edge.media-server.com/mmc/p/8i3uqq3q.
Research analysts who wish to participate in the conference call are requested to register a day in advance or at a minimum 15 minutes before the start of the call using the following URL: https://register.vevent.com/register/BI5813a51da8944e1fa5d909f6f4495690. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN number that can be used to access the call.
An investor presentation of financial information will be available by visiting the Investor Relations section of FSK's website at www.fskkradvisor.com, under Presentations, after the market close on Wednesday, August 6, 2025.
A replay of the call will be available beginning shortly after the end of the call by visiting the Investor Relations section of FSK's website, under Events.
About FS KKR Capital Corp.
FSK is a leading publicly traded business development company (BDC) focused on providing customized credit solutions to private middle market
About FS/KKR Advisor, LLC
FS/KKR Advisor, LLC (FS/KKR) is a partnership between Future Standard, formerly FS Investments, and KKR Credit that serves as the investment adviser to FSK and other business development companies.
Future Standard is a global alternative asset manager serving institutional and private wealth clients, investing across private equity, credit and real estate. With a 30+ year track record of value creation and over
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.
Forward-Looking Statements and Important Disclosure Notice
This announcement may contain certain forward-looking statements, including statements with regard to future events or 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, geo-political risks, natural disasters or pandemics, 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 quarterly report on Form 10-Q for the quarter ended June 30, 2025, which FSK filed with the
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.
FSK may fund its distributions to stockholders from any sources of funds legally available to it, including net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies, proceeds from the sale of shares of FSK's common stock and borrowings. 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
Anna Kleinhenn
Anna.Kleinhenn@futurestandard.com
Future Standard Media Team
Melanie Hemmert
Melanie.Hemmert@futurestandard.com
Unaudited Consolidated Statements of Operations (in millions, except share and per share amounts) | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Investment income | ||||||||
From non-controlled/unaffiliated investments: | ||||||||
Interest income | $ 224 | $ 276 | $ 441 | $ 564 | ||||
Paid-in-kind interest income | 15 | 17 | 31 | 34 | ||||
Fee income | 9 | 9 | 23 | 26 | ||||
Dividend and other income | 12 | 7 | 24 | 13 | ||||
From non-controlled/affiliated investments: | ||||||||
Interest income | 8 | 7 | 16 | 13 | ||||
Paid-in-kind interest income | 18 | 10 | 36 | 20 | ||||
Fee income | — | — | 3 | — | ||||
Dividend and other income | 6 | 5 | 15 | 9 | ||||
From controlled/affiliated investments: | ||||||||
Interest income | 13 | 27 | 28 | 48 | ||||
Paid-in-kind interest income | 20 | 16 | 48 | 24 | ||||
Fee income | — | 9 | — | 9 | ||||
Dividend and other income | 73 | 56 | 133 | 113 | ||||
Total investment income | 398 | 439 | 798 | 873 | ||||
Operating expenses | ||||||||
Management fees | 53 | 54 | 105 | 109 | ||||
Subordinated income incentive fees | 36 | 45 | 75 | 88 | ||||
Administrative services expenses | 2 | 2 | 5 | 5 | ||||
Accounting and administrative fees | 1 | 1 | 2 | 2 | ||||
Interest expense | 125 | 115 | 238 | 231 | ||||
Other general and administrative expenses | 8 | 7 | 13 | 11 | ||||
Total operating expenses | 225 | 224 | 438 | 446 | ||||
Net investment income | 173 | 215 | 360 | 427 | ||||
Realized and unrealized gain/loss | ||||||||
Net realized gain (loss) on investments: | ||||||||
Non-controlled/unaffiliated investments | (66) | (65) | (106) | (290) | ||||
Non-controlled/affiliated investments | (1) | 2 | 8 | (8) | ||||
Controlled/affiliated investments | (68) | (1) | (55) | (9) | ||||
Net realized gain (loss) on foreign currency forward contracts | (3) | 19 | (3) | 19 | ||||
Net realized gain (loss) on foreign currency | (6) | — | (5) | (3) | ||||
Net change in unrealized appreciation (depreciation) on investments: | ||||||||
Non-controlled/unaffiliated investments | 58 | (5) | 116 | 167 | ||||
Non-controlled/affiliated investments | (62) | — | (82) | 20 | ||||
Controlled/affiliated investments | (151) | (43) | (203) | (49) | ||||
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (10) | (21) | (20) | (13) | ||||
Net change in unrealized gain (loss) on foreign currency | (59) | 4 | (85) | 17 | ||||
Total net realized and unrealized gain (loss) | (368) | (110) | (435) | (149) | ||||
Provision for taxes on investments | (11) | — | (11) | — | ||||
Realized loss on extinguishment of debt | (3) | — | (3) | — | ||||
Net increase (decrease) in net assets resulting from operations | $ (209) | $ 105 | $ (89) | $ 278 | ||||
Per share information—basic and diluted | ||||||||
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) | $ (0.75) | $ 0.37 | $ (0.32) | $ 0.99 | ||||
Weighted average shares outstanding | 280,066,433 | 280,066,433 | 280,066,433 | 280,066,433 | ||||
Consolidated Balance Sheets (in millions, except share and per share amounts) | ||||
June 30, 2025 | December 31, 2024 | |||
(Unaudited) | ||||
Assets | ||||
Investments, at fair value | ||||
Non-controlled/unaffiliated investments (amortized cost— | $ 8,930 | $ 8,573 | ||
Non-controlled/affiliated investments (amortized cost— | 1,111 | 1,140 | ||
Controlled/affiliated investments (amortized cost— | 3,607 | 3,777 | ||
Total investments, at fair value (amortized cost— | $ 13,648 | $ 13,490 | ||
Cash and cash equivalents | 244 | 278 | ||
Foreign currency, at fair value (cost— | 68 | 18 | ||
Receivable for investments sold and repaid | 320 | 186 | ||
Income receivable | 194 | 187 | ||
Unrealized appreciation on foreign currency forward contracts | 0 | 3 | ||
Deferred financing costs | 24 | 26 | ||
Prepaid expenses and other assets | 95 | 31 | ||
Total assets | $ 14,593 | $ 14,219 | ||
Liabilities | ||||
Payable for investments purchased | $ 3 | $ 2 | ||
Debt (net of deferred financing costs and discount of | 8,041 | 7,351 | ||
Unrealized depreciation on foreign currency forward contracts | 18 | 1 | ||
Stockholder distributions payable | 196 | — | ||
Management fees payable | 53 | 53 | ||
Subordinated income incentive fees payable | 36 | 35 | ||
Administrative services expense payable | 6 | 3 | ||
Interest payable | 80 | 108 | ||
Other accrued expenses and liabilities | 19 | 44 | ||
Total liabilities | 8,452 | 7,597 | ||
Commitments and contingencies | ||||
Stockholders' equity | ||||
Preferred stock, | — | — | ||
Common stock, | 0 | 0 | ||
Capital in excess of par value | 9,284 | 9,284 | ||
Retained earnings (accumulated deficit) | (3,143) | (2,662) | ||
Total stockholders' equity | 6,141 | 6,622 | ||
Total liabilities and stockholders' equity | $ 14,593 | $ 14,219 | ||
Net asset value per share of common stock at period end | $ 21.93 | $ 23.64 | ||
Non-GAAP Financial Measures
This press release contains certain financial measures that have not been prepared in accordance with generally accepted accounting principles in
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 | |||
30-Jun-25 | 31-Mar-25 | ||
GAAP net investment income per share | |||
Accretion resulting from merger accounting | |||
Adjusted net investment income per share(2) | |||
GAAP Net realized and unrealized gain (loss) per share | |||
Unrealized appreciation from merger accounting | |||
Adjusted net realized and unrealized gain (loss)(2) | |||
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 (iii) the impact of accretion resulting from merger accounting; and (iv) 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. 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. Adjusted net realized and unrealized gain is a non-GAAP financial measure. Adjusted net realized and unrealized gain is presented for all periods as GAAP realized and unrealized gains to exclude the impact of the merger accounting. 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 and GAAP net realized and unrealized gain to adjusted net realized and unrealized gain can be found above. |
3) | 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. |
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 quarterly report on Form 10-Q for the quarter ended June 30, 2025 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. |
6) | Interest income is recorded on an accrual basis. See FSK's quarterly report on Form 10-Q for the quarter ended June 30, 2025 for a description of FSK's revenue recognition policy. |
7) | Does not include investments on non-accrual status. |
8) | Total AUM estimated as of March 31, 2025. References to "assets under management" or "AUM" represent the assets managed by Future Standard or its strategic partners as to which Future Standard is entitled to receive a fee or carried interest (either currently or upon deployment of capital) and general partner capital. Future Standard calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of Future Standards' investment funds; (ii) uncalled investor capital commitments to these funds, including uncalled investor capital commitments from which Future Standard is currently not earning management fees or carried interest; (iii) the value of outstanding collateralized loan obligations ("CLOs") (excluding CLOs wholly-owned by Future Standard); (iv) the fair value of Credit Opportunities Partners JV, LLC's assets and (v) the fair value of other assets managed by Future Standard. Future Standards' calculation of AUM may differ from the calculations of other asset managers and, as a result, Future Standards' measurements of its AUM may not be comparable to similar measures presented by other asset managers. Future Standards' definition of AUM is not based on any definition of AUM that may be set forth in agreements governing the investment funds, vehicles or accounts that it manages and is not calculated pursuant to any regulatory definitions. |
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SOURCE Future Standard
FAQ
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