Risk Sleuth
FSK · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

FS KKR Capital

24 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

State Street Bank and Trust Company

depends on
We have contracted with State Street Bank and Trust Company, or State Street, to provide various accounting and administrative services, including, but not limited to, preparing preliminary financial information for review by the Adviser, preparing and monitoring expense budgets, maintaining accounting and corporate books and records, processing trade information provided by us and performing testing with respect to RIC compliance.Business (Item 1)

Also named by CGBD, GSBD

Partners and platforms

Credit Opportunities Partners JV, LLC (COPJV)

operates in · approximately $2.0 billion at fair valuenamed as a risk
As of December 31, 2025, our investment in COPJV was approximately $2.0 billion at fair value.Business (Item 1)

KKR Credit Advisors (US) LLC

depends on · approximately 250 dedicated investment professionals
Our investment platform is supported by approximately 250 dedicated investment professionals at KKR Credit located in twelve global cities.Business (Item 1)

South Carolina Retirement Systems Group Trust

$0.35 billion
As of December 31, 2025, COPJV had total capital commitments of $2.8 billion, $2.45 billion of which was from us and the remaining $0.35 billion of which was from SCRS.Business (Item 1)

KKR & Co. Inc.

depends onnamed as a risk
There can be no certainty as to the possible outcome of the DOJ Complaint, the KKR Complaint, the DOJ’s investigations, or such other proceedings or other actions, any of which could result in a range of adverse financial and non-financial consequences to KKR & Co.Risk factors (Item 1A)

Also named by HSIC

Senior Secured Revolving Credit Facility

depends onnamed as a risk
Pursuant to the terms of the Callowhill Credit Facility, CCT Tokyo Funding Credit Facility, Meadowbrook Run Credit Facility, Senior Secured Revolving Credit Facility, CLO-2 Notes and CLO-3 Notes, we borrow at a floating rate based on a benchmark interest rate.Market risk (Item 7A)

Also named by TER

Private equity sponsors

depends onnamed as a risk
The Adviser depends on its broader organization’s relationships with private equity sponsors, investment banks and commercial banks, and we rely to a significant extent upon these relationships to provide us with potential investment opportunities.Risk factors (Item 1A)

Also named by GBDC

FS/KKR Advisor, LLC

depends onnamed as a risk
Because we have no employees, we depend on the investment expertise, skill and network of business contacts of the Adviser.Risk factors (Item 1A)

Future Standard (Franklin Square Holdings L.P.)

depends onnamed as a risk
The Company’s business is dependent on the communications and information systems of the Adviser, as an affiliate of Future Standard.Cybersecurity (Item 1C)

Other companies

KKR FS Income Trust

competes withnamed as a risk
For example, the Adviser is also investment adviser to KKR FS Income Trust and KKR FS Income Trust Select, or together with the Company, the Fund Complex, and the officers, managers and other personnel of the Adviser serve and may serve in the future in similar or other capacities for the investment advisers to future investment vehicles affiliated with Future Standard or KKR Credit.Risk factors (Item 1A)

Places

China

named as a risk
Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

United States middle market companies

concentrated innamed as a risk
Our principal focus is to invest in senior secured debt of private middle market U.S. companies, and to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies.Business (Item 1)

Also named by GBDC

Commodities and inputs

Euro

exposed to its price · $375.9named as a risk
As of December 31, 2025, we had outstanding borrowings denominated in foreign currencies of €361, £180 and AUD3 under our Senior Secured Revolving Credit Facility.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

British pound sterling

exposed to its price · $318.2named as a risk
We are typically a net receiver of these foreign currencies as related for our international investment positions, and, as a result, our investments denominated in foreign currencies, to the extent not hedged, benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar.Market risk (Item 7A)

Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more

Secured Overnight Financing Rate (SOFR)

exposed to its price · 60.9% of our portfolio investments (based on fair value) were debt investments paying variable interest ratesnamed as a risk
As of December 31, 2025, 60.9% of our portfolio investments (based on fair value) were debt investments paying variable interest rates and 8.2% were debt investments paying fixed interest rates while 21.4% were other income producing investments, 6.1% consisted of non-income producing investments, and the remaining 3.4% consisted of investments on non-accrual status.Market risk (Item 7A)

Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more

Swedish krona

exposed to its price · $95.4named as a risk
From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements.Market risk (Item 7A)

Also named by DOV, FIS, NDAQ, STWD, XYL

Regulators

U.S. Department of Justice Antitrust Division

subject tonamed as a risk
The DOJ may initiate additional civil or criminal proceedings or take other actions against KKR & Co., its employees or portfolio companies, which could include further antitrust investigations into past HSR filings or transactions or other purported violations of law.Risk factors (Item 1A)

Also named by CALM

Laws and programs

Investment Company Act of 1940

subject to · at least 70% of our total assetsnamed as a risk
As a BDC, we may not acquire any assets other than “qualifying assets,” as listed in Section 55(a) of the 1940 Act, unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets.Risk factors (Item 1A)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more

Subchapter M of the Internal Revenue Code (RIC status)

subject to · at least 90% of our investment company taxable incomenamed as a risk
We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code or to satisfy the RIC annual distribution requirements.Risk factors (Item 1A)

Also named by CGBD, GAIN, GBDC, MAIN, TRIN, TSLX

SEC Rule 18f-4 (Derivatives Rule)

subject to · no more than 10% of its net assetsnamed as a risk
The Company currently classifies itself as a “limited derivatives user” under the Derivatives Rule and has adopted written policies and procedures reasonably designed to manage the Company’s derivatives risks, as required by the Derivatives Rule for “limited derivatives users.”Risk factors (Item 1A)

Also named by CGBD, FDUS, HTGC, MAIN, TSLX

Small Business Credit Availability Act

subject to · asset coverage requirement was reduced from 200% to 150%named as a risk
Effective June 15, 2019, following approval by our stockholders pursuant to Section 61(a) of the 1940 Act, our asset coverage requirement was reduced from 200% to 150%, such that the Company’s maximum debt to equity ratio increased from a prior maximum of 1.0x (equivalent of $1 of debt outstanding for each $1 of equity) to a maximum of 2.0x permitted by the Small Business Credit Availability Act (equivalent to $2 of debt outstanding for each $1 of equity).Risk factors (Item 1A)

Also named by BCSF, GSBD, OBDC, TSLX

Hart-Scott-Rodino Antitrust Improvements Act

subject tonamed as a risk
For instance, on January 14, 2025, the Antitrust Division of the U.S. Department of Justice, or the DOJ, filed a civil antitrust complaint, or the DOJ Complaint, in the U.S. District Court for the Southern District of New York against KKR & Co. and various KKR-sponsored investment entities, or the KKR Defendants, alleging violations of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, or the HSR Act.Risk factors (Item 1A)

Also named by AWK, BEN, BLK, CPRT, CTAS, KVUE, NXST, SWKS and 2 more

U.S. bank deregulation

competes withnamed as a risk
Potential deregulation of the banking industry in the United States, including a rollback of existing regulatory requirements, could adversely affect the private credit industry and, consequently, our investment strategy, portfolio performance and overall returns.Risk factors (Item 1A)

Maryland Control Share Acquisition Act

subject tonamed as a risk
The Company is subject to the MCSAA.Risk factors (Item 1A)