PHILADELPHIA, Nov. 7, 2019 /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 ended September 30,
2019, and that its board of directors has declared a fourth
quarter 2019 regular distribution totaling $0.19 per share.
Financial and Operating Highlights for the Quarter Ended
September 30,
2019(1)
- Net investment income of $0.22
per share, compared to $0.23 per
share for the quarter ended September 30,
2018
- Adjusted net investment income of $0.22 per share, compared to $0.24 per share for the quarter ended
September 30,
2018(2)
- Net asset value of $7.86 per
share, compared to $7.88 per share as
of June 30, 2019
- Total net realized and unrealized loss of $0.08 per share, compared to a total net realized
and unrealized loss of $0.28 per
share for the quarter ended September
30, 2018
- Paid cash distributions to stockholders totaling
$0.19 per
share(3)
- Total purchases of $698
million versus $723 million of
sales and repayments. Net investment activity in the third quarter
was a negative $25 million, and
positive $249 million, net of the
$274 million of sales to joint
venture
- FSK repurchased $136 million
of shares year-to-date through November 6,
2019 under the previously announced $200 million share repurchase program
"We delivered solid financial results in the third quarter,"
said Michael Forman, Chairman and
Chief Executive Officer of FSK. "Our strong origination
activity resulted in further diversification of our investment
portfolio. We also meaningfully expanded our joint venture, and we
continued taking steps to strengthen our capital structure. As we
move forward, I'm excited by the leadership team we have assembled
and believe we are well-positioned for long-term success."
Declaration of Regular Distribution for Fourth Quarter
2019
FSK's board of directors has declared a regular cash
distribution for the fourth quarter of $0.19 per share, which will be paid on or about
January 3, 2020 to stockholders of
record as of the close of business on December 18, 2019.
Summary
Consolidated Results
|
|
|
|
Three Months
Ended
|
(dollars in
millions, except per share data)
(all per share amounts are basic and
diluted)(1)
|
September 30,
2019
|
June 30,
2019
|
September 30,
2018
|
Total investment
income
|
$199
|
$199
|
$95
|
Net investment
income
|
115
|
101
|
56
|
Net increase
(decrease) in net assets resulting from operations
|
71
|
101
|
(12)
|
|
|
|
|
Net investment income
per share
|
$0.22
|
$0.19
|
$0.23
|
Adjusted net
investment income per share(2)
|
$0.22
|
$0.19
|
$0.24
|
Total net realized
and unrealized gain (loss) per share
|
$(0.08)
|
$0.00
|
$(0.28)
|
Net increase
(decrease) in net assets resulting from operations
(Earnings per Share)
|
$0.14
|
$0.19
|
$(0.05)
|
Stockholder
distributions per share(3)
|
$0.19000
|
$0.19000
|
$0.19000
|
Net asset value per
share at period end
|
$7.86
|
$7.88
|
$8.64
|
Weighted average
shares outstanding
|
516,523,604
|
522,199,688
|
239,495,341
|
Shares outstanding,
end of period
|
512,262,372
|
520,268,915
|
239,154,069
|
|
(dollar amounts in
millions)
|
|
As
of September 30,
2019
|
As
of December 31,
2018
|
Total fair value of
investments
|
|
$7,218
|
$7,387
|
Total
assets
|
|
7,774
|
7,705
|
Total stockholders'
equity
|
|
4,024
|
4,166
|
Portfolio Highlights as of September 30,
2019
- Total fair value of investments was $7.2
billion of which 72% was invested in senior secured
securities.
- Direct originations(4) represented approximately 88%
of the portfolio by fair value as of September 30, 2019.
- Weighted average annual yield on accruing debt
investments(5) was 10.1%, compared to 10.5% as of
June 30, 2019.
- Weighted average annual yield on all debt
investments(5) was 9.6%, compared to 9.8% as of
June 30, 2019.
- Exposure to the top ten largest portfolio companies by fair
value was 22% as of September 30,
2019, compared to 21% as of June 30,
2019.
Total Portfolio
Activity
|
|
|
|
Three Months
Ended
|
|
(dollar amounts in
millions)
|
September 30,
2019
|
June 30,
2019
|
September 30,
2018
|
|
Purchases
|
$698
|
$513
|
$185
|
|
Sales and
redemptions
|
(723)
|
(692)
|
(223)
|
|
Net portfolio
activity
|
$(25)
|
$(179)
|
$(38)
|
|
|
|
Portfolio
Data
|
As of
September 30, 2019
|
As of
December 31, 2018
|
|
Total fair value of
investments
|
$7,218
|
$7,387
|
|
Number of Portfolio
Companies
|
201
|
204
|
|
% of Investments on
Non-Accrual (based on
fair value)(6)
|
1.7%
|
1.0%
|
|
|
|
|
Asset Class
(based on fair value)
|
|
|
Senior Secured Loans
— First Lien
|
50.8%
|
54.2%
|
|
Senior Secured Loans
— Second Lien
|
17.0%
|
15.1%
|
|
Other Senior Secured
Debt
|
3.8%
|
4.6%
|
|
Subordinated
Debt
|
5.4%
|
5.8%
|
|
Asset Based
Finance
|
9.7%
|
9.0%
|
|
Strategic Credit
Opportunities Partners, LLC
|
5.9%
|
4.0%
|
|
Equity/Other
|
7.4%
|
7.3%
|
|
|
|
|
|
Interest Rate
Type (based on fair value)(5)
|
|
|
|
% Variable Rate Debt
Investments
|
66.1%
|
68.1%
|
|
% Fixed Rate Debt
Investments
|
15.2%
|
16.5%
|
|
% Other Income
Producing Investments
|
10.8%
|
6.8%
|
|
% Non-Income
Producing Investments(7)
|
6.2%
|
7.6%
|
|
% of Investments on
Non-Accrual
|
1.7%
|
1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
Originations
|
|
Direct
Originations Portfolio Data
|
As of September
30, 2019
|
As of December 31,
2018
|
Total Fair Value of
Direct Originations
|
$6,378
|
$6,510
|
Leverage and Liquidity as of September 30, 2019
- Net debt to equity ratio(8) of 78%, based on
$3.5 billion in total debt
outstanding, $126 million of cash and
foreign currency and $257 million of
net receivable for investments sold and repaid and stockholders'
equity of $4.0 billion. FSK's
weighted average effective interest rate (including the effect of
non-usage fees) was 4.44%.
- Cash and foreign currency of $126
million and availability under its financing arrangements of
$1,245 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, November 8, 2019, to discuss
its third quarter 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 9889809 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 to
achieve the best risk-adjusted returns for its investors. 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 June 30,
2019. The BDCs managed by FS/KKR include FSK, FS Investment
Corporation II, FS Investment Corporation III, FS Investment
Corporation IV and Corporate Capital Trust 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 quarterly report
on Form 10-Q for the quarter ended September
30, 2019, which FSK filed with the U.S. Securities and
Exchange Commission (the SEC) on November 7,
2019, as well as FSK's other reports filed with the SEC. A
copy of FSK's quarterly report on Form 10-Q for the quarter ended
September 30, 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)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Investment
income
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
153
|
|
|
$
|
73
|
|
|
$
|
451
|
|
|
$
|
226
|
|
Paid-in-kind interest
income
|
|
7
|
|
|
10
|
|
|
23
|
|
|
27
|
|
Fee income
|
|
7
|
|
|
4
|
|
|
26
|
|
|
10
|
|
Dividend
income
|
|
5
|
|
|
1
|
|
|
9
|
|
|
8
|
|
From
non-controlled/affiliated investments:
|
|
|
|
|
|
|
|
|
Interest
income
|
|
7
|
|
|
1
|
|
|
18
|
|
|
5
|
|
Paid-in-kind interest
income
|
|
4
|
|
|
2
|
|
|
12
|
|
|
6
|
|
From
controlled/affiliated investments:
|
|
|
|
|
|
|
|
|
Interest
income
|
|
3
|
|
|
1
|
|
|
8
|
|
|
3
|
|
Paid-in-kind interest
income
|
|
—
|
|
|
3
|
|
|
4
|
|
|
7
|
|
Dividend
income
|
|
13
|
|
|
—
|
|
|
42
|
|
|
—
|
|
Total investment
income
|
|
199
|
|
|
95
|
|
|
593
|
|
|
292
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Management
fees
|
|
28
|
|
|
14
|
|
|
85
|
|
|
47
|
|
Subordinated income
incentive fees
|
|
8
|
|
|
—
|
|
|
57
|
|
|
23
|
|
Administrative
services expenses
|
|
4
|
|
|
1
|
|
|
7
|
|
|
3
|
|
Accounting and
administrative fees
|
|
0
|
|
|
1
|
|
|
1
|
|
|
1
|
|
Interest
expense
|
|
42
|
|
|
21
|
|
|
126
|
|
|
62
|
|
Directors'
fees
|
|
1
|
|
|
0
|
|
|
1
|
|
|
1
|
|
Other general and
administrative expenses
|
|
1
|
|
|
2
|
|
|
5
|
|
|
5
|
|
Total operating
expenses
|
|
84
|
|
|
39
|
|
|
282
|
|
|
142
|
|
Management fee
waiver
|
|
—
|
|
|
(0)
|
|
|
—
|
|
|
(3)
|
|
Net expenses
|
|
84
|
|
|
39
|
|
|
282
|
|
|
139
|
|
Net investment
income
|
|
115
|
|
|
56
|
|
|
311
|
|
|
153
|
|
|
|
|
|
|
|
|
|
|
Realized and
unrealized gain/loss
|
|
|
|
|
|
|
|
|
Net realized gain
(loss) on investments:
|
|
|
|
|
|
|
|
|
Non-controlled/unaffiliated investments
|
|
(17)
|
|
|
23
|
|
|
(83)
|
|
|
60
|
|
Non-controlled/affiliated investments
|
|
29
|
|
|
—
|
|
|
21
|
|
|
(10)
|
|
Controlled/affiliated
investments
|
|
5
|
|
|
0
|
|
|
2
|
|
|
0
|
|
Net realized gain
(loss) on swap contracts
|
|
—
|
|
|
—
|
|
|
(10)
|
|
|
—
|
|
Net realized gain
(loss) on foreign currency forward contracts
|
|
2
|
|
|
—
|
|
|
6
|
|
|
—
|
|
Net realized gain
(loss) on foreign currency
|
|
2
|
|
|
6
|
|
|
3
|
|
|
6
|
|
Net change in
unrealized appreciation (depreciation) on investments:
|
|
|
|
|
|
|
|
|
Non-controlled/unaffiliated investments
|
|
(73)
|
|
|
(104)
|
|
|
(54)
|
|
|
(203)
|
|
Non-controlled/affiliated investments
|
|
(15)
|
|
|
8
|
|
|
62
|
|
|
(19)
|
|
Controlled/affiliated
investments
|
|
12
|
|
|
6
|
|
|
(7)
|
|
|
(12)
|
|
Net change in
unrealized appreciation (depreciation) on swap contracts
|
|
1
|
|
|
—
|
|
|
15
|
|
|
—
|
|
Net change in
unrealized appreciation (depreciation) on foreign
currency forward contracts
|
|
7
|
|
|
—
|
|
|
6
|
|
|
—
|
|
Net change in
unrealized gain (loss) on foreign currency
|
|
3
|
|
|
(7)
|
|
|
1
|
|
|
(5)
|
|
Total net realized and
unrealized gain (loss)
|
|
$
|
(44)
|
|
|
$
|
(68)
|
|
|
$
|
(38)
|
|
|
$
|
(183)
|
|
Net increase
(decrease) in net assets resulting from operations
|
|
$
|
71
|
|
|
$
|
(12)
|
|
|
$
|
273
|
|
|
$
|
(30)
|
|
|
|
|
|
|
|
|
|
|
Per share
information—basic and diluted
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in net assets resulting from operations
(Earnings per Share)
|
|
$
|
0.14
|
|
|
$
|
(0.05)
|
|
|
$
|
0.52
|
|
|
$
|
(0.12)
|
|
Weighted average
shares outstanding
|
|
517,543,295
|
|
|
239,495,341
|
|
|
522,380,207
|
|
|
242,647,216
|
|
Balance Sheet
($ amounts in millions, except per share
data)
|
|
September 30,
2019
|
|
|
|
|
(Unaudited)
|
|
December 31,
2018
|
Assets
|
|
|
|
|
Investments, at fair
value
|
|
|
|
|
Non-controlled/unaffiliated investments (amortized
cost—$6,009 and $6,457, respectively)
|
|
$
|
5,715
|
|
|
$
|
6,217
|
|
Non-controlled/affiliated investments (amortized
cost—$598 and $382, respectively)
|
|
636
|
|
|
358
|
|
Controlled/affiliated
investments (amortized cost—$979 and $917, respectively)
|
|
867
|
|
|
812
|
|
Total investments, at
fair value (amortized cost—$7,586 and $7,756,
respectively)
|
|
$
|
7,218
|
|
|
$
|
7,387
|
|
Cash
|
|
115
|
|
|
101
|
|
Foreign currency, at
fair value (cost—$11 and $3, respectively)
|
|
11
|
|
|
3
|
|
Receivable for
investments sold and repaid
|
|
328
|
|
|
144
|
|
Income
receivable
|
|
84
|
|
|
60
|
|
Unrealized
appreciation on foreign currency forward contracts
|
|
9
|
|
|
3
|
|
Deferred financing
costs
|
|
6
|
|
|
6
|
|
Prepaid expenses and
other assets
|
|
3
|
|
|
1
|
|
Total
assets
|
|
$
|
7,774
|
|
|
$
|
7,705
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Payable for
investments purchased
|
|
$
|
71
|
|
|
$
|
6
|
|
Debt (net of deferred
financing costs of $9 and $3, respectively)
|
|
3,508
|
|
|
3,391
|
|
Unrealized
depreciation on swap contracts
|
|
1
|
|
|
16
|
|
Unrealized
depreciation on foreign currency forward contracts
|
|
0
|
|
|
0
|
|
Stockholder
distributions payable
|
|
98
|
|
|
45
|
|
Management fees
payable
|
|
28
|
|
|
20
|
|
Subordinated income
incentive fees payable
|
|
8
|
|
|
14
|
|
Administrative
services expense payable
|
|
4
|
|
|
1
|
|
Interest
payable
|
|
29
|
|
|
28
|
|
Directors' fees
payable
|
|
0
|
|
|
0
|
|
Other accrued
expenses and liabilities
|
|
3
|
|
|
18
|
|
Total
liabilities
|
|
3,750
|
|
|
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, 512,262,372 and
531,478,739 shares
issued and outstanding, respectively
|
|
1
|
|
|
1
|
|
Capital in excess of
par value
|
|
4,117
|
|
|
4,235
|
|
Retained earnings
(accumulated deficit)
|
|
(94)
|
|
|
(70)
|
|
Total
stockholders' equity
|
|
4,024
|
|
|
4,166
|
|
Total
liabilities and stockholders' equity
|
|
$
|
7,774
|
|
|
$
|
7,705
|
|
Net asset value per
share of common stock at period end
|
|
$
|
7.86
|
|
|
$
|
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
|
|
September 30,
2019
|
June 30,
2019
|
September 30,
2018
|
GAAP net investment
income per share
|
$0.22
|
$0.19
|
$0.23
|
Plus capital gains
incentive fees per share
|
—
|
—
|
—
|
Plus excise taxes per
share
|
—
|
—
|
—
|
Plus one-time
expenses per share(9)
|
(0.00)
|
—
|
0.01
|
Adjusted net
investment income per share(2)
|
$0.22
|
$0.19
|
$0.24
|
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)
|
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.
|
|
|
4)
|
See FSK's quarterly
report on Form 10-Q for the three months ended September 30, 2019
for a description of FSK's investment strategies, including its
definition of "direct originations."
|
|
|
5)
|
See FSK's quarterly
report on Form 10-Q for the three months ended September 30, 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.
|
|
|
6)
|
Interest income is
recorded on an accrual basis. See FSK's quarterly report on Form
10-Q for the three months ended September 30, 2019 for a
description of FSK's revenue recognition policy.
|
|
|
7)
|
Does not include
investments on non-accrual status.
|
|
|
8)
|
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.
|
|
|
9)
|
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. FSK's one-time expenses for the three months ended
September 30, 2018 were $1 resulting from the acceleration of the
remaining unamortized deferred financing costs associated with the
closing of the Hamilton Street Credit Facility.
|
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SOURCE FS KKR Capital Corp.