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F• K•• C•••••• C•••
A business development company traded as FSK, managed by F••••• A••••••• L••, holding $13B across 224 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $13B
- Borrowers
- 224
- Mark on cost
- 91.0¢
- First lien
- 37%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $1.44Bon non-accrual, 14 borrowers
14 borrowers on non-accrual, $1.44B principal; the largest is K••••••••• B••••••••• S••••••• L•• ($338M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen K••••••••• B••••••••• S••••••• L•• → - $114Mnewly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $114M principal: H••••• T••••••••• S•••••• L•• ($102M), A••••••• S•••••••• G•••• L•• ($11.8M).
Q2 2026 · The newest credit problems in the book.
- 19 below 80¢$1.45B principal
19 positions across 16 borrowers marked below 80¢ on cost, $1.45B principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 92.5¢ → 91.0¢book mark on cost
Marked its book down from 92.5¢ to 91.0¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
Every headline figure, and the identifiersCIK 1422183 · file 814-00757ShowHide
Fair value
$13B
as of Jun 30, 2026
Principal held
$12B
debt pieces, the filer's figure
Cost
$14B
91c on cost, debt pieces
Unfunded
$1.1B
commitments not yet drawn
Positions
942
224 borrowers
First lien
37%
83% debt by fair value
Quarters on the tape
18
since Dec 31, 2020
Facilities held
336
44 sponsors financed
Portfolio through time
Fair value by quarter end$17B as of Jun 30, 2026
Dec 31, 2020$1.9B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $17B | 224 | 91c | 21 | 547 bp |
| Mar 31, 2026 | $18B | 227 | 93c | 21 | 558 bp |
| Dec 31, 2025 | $21B | 228 | 95c | 28 | 569 bp |
| Sep 30, 2025 | $20B | 223 | 96c | 28 | 571 bp |
All 18 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $20B | 217 | 96c | 30 | 585 bp |
| Mar 31, 2025 | $21B | 224 | 98c | 27 | 609 bp |
| Dec 31, 2024 | $37B | 220 | 97c | 120 | 564 bp |
| Sep 30, 2024 | $20B | 219 | 97c | 36 | 568 bp |
| Jun 30, 2024 | $20B | 208 | 96c | 38 | 588 bp |
| Mar 31, 2024 | $20B | 205 | 97c | 51 | 601 bp |
| Dec 31, 2023 | $48B | 212 | 95c | 106 | 625 bp |
| Sep 30, 2023 | $19B | 204 | 96c | 63 | 615 bp |
| Jun 30, 2023 | $19B | 198 | 95c | 58 | 620 bp |
| Mar 31, 2023 | $20B | 192 | 95c | 52 | 613 bp |
| Dec 31, 2022 | $39B | 212 | 95c | 102 | 620 bp |
| Sep 30, 2022 | $17B | 200 | 96c | 49 | 625 bp |
| Dec 31, 2021 | $28B | 202 | 100c | 79 | 632 bp |
| Dec 31, 2020 | $1.9B | 40 | n/a | 3 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Placed on non-accrualJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- Placed on non-accrualJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
Largest facilities held, with co-lenders
- C••••• O••••••••• P••••••• J•• L•• other1 BDC hold it$2.0B 166c
- K••••••••• B••••••••• S••••••• L•• first lien term loan3 BDCs hold it · matures Nov 6, 2028$338M 74c
- P••••••••• R••••••• G•••• L•• first lien term loan2 BDCs hold it · matures Oct 1, 2030$319M 104c
- P•••••• C••• second lien term loan7 BDCs hold it · matures Feb 1, 2029$297M 70c
- S••••• L•• second lien term loan1 BDC hold it · matures Jun 1, 2029$280M 79c
- G••••• U•••••••• L•• first lien term loan1 BDC hold it · matures May 1, 2028 · possible sponsor G••••••• C•••••• P••••••• L•$241M 98c
- M•••••••• I•• first lien term loan5 BDCs hold it · matures Oct 29, 2028$234M 50c
- N••••• C•••••• G•••• H•••••• A• other1 BDC hold it · matures Jun 1, 2031$232M 111c
- A•••••• S•••••• A• first lien term loan1 BDC hold it · matures Jun 1, 2031$218M 96c
- T••••• L•• first lien term loan1 BDC hold it · matures Jun 1, 2028$192M 80c
- A•• N••••••• C••• other1 BDC hold it · matures Sep 1, 2028$184M 127c
- M•• D••••• S••••••••• L•• first lien term loan3 BDCs hold it · matures Feb 13, 2031$167M 100c
Schedule of investments at Dec 31, 2022
1,258 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| H•• C••••••••• & P••••••••• S••••••s | term loan first lien | $200,000 | $200,000 100c | S+575 bp | Aug 9, 2029 |
| H••• P••••••• J• 2• P•••••• E••••• Real Estate | unstated lien unstated | Not disclosed | $200,000 100c | ||
| Q••••• H••••• C•••• T•••• I•••••• F•••••• U•••• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | Not disclosed | $200,000 100c | ||
| P••••••••• R••••••• G•••• L•• | unstated lien unstated | Not disclosed | $100,000 | ||
| P••••••••• R••••••• G•••• L••• 2• | unstated lien unstated | Not disclosed | $100,000 | ||
| N•• G•••• I••••••• C••••••• S•••••••• 1• | term loan first lien | $100,000 | $100,000 100c | S+575 bp | Dec 1, 2027 |
| S••••••••• P••••••• I••••••••• L•• D••••••••• F••••••••• | term loan first lien | $100,000 | $100,000 100c | S+500 bp | Jan 27, 2027 |
| P••••••••• R••••••• G•••• L•• M•••• & E••••••••• | term loan first lien | $100,000 | $100,000 100c | S+550 bp PIK 5.50% | Aug 21, 2024 |
| N•• G•••• I•••••• C••••••• S••••••s | term loan first lien | $100,000 | $100,000 100c | S+575 bp | Dec 1, 2027 |
| P••••••••• R••••••• G•••• L••• M•••• • E••••••••• 3• | term loan first lien | $100,000 | $100,000 100c | S+550 bp | Aug 21, 2024 |
| S••••••••• P••••••• I••••••••• L•• D••••••••• F••••••••• | term loan first lien | $100,000 | $100,000 100c | S+500 bp | Jan 27, 2027 |
| M•••• B•••• M•••••• G•••• L•• | equity equity | Not disclosed | $0 0c | ||
| M•••••••• F••••••••• H••••••• I•• | preferred equity equity | Not disclosed | $0 | ||
| O•••••• M••••• L•••••• | equity equity | Not disclosed | $0 | ||
| P•• I•• L•• | preferred equity equity | Not disclosed | $0 | ||
| P•••••••• A•••••••• I•• | warrants equity | Not disclosed | $0 | ||
| G••••• U•••••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| S•••••• A••••••••• S••••••• C•••••• I•• | unstated lien unstated | Not disclosed | $0 | ||
| A••••••••• I••••••••• A••••••••• L• | equity equity | Not disclosed | $0 | ||
| P•• I•• L•• | preferred equity equity | Not disclosed | $0 | Aug 21, 2024 | |
| P•••• S• L••• P•••••• E••••••••• E••••• | equity equity | Not disclosed | $0 0c | ||
| A•• P••••• L••• T•••• C•••• R•••••••• | unstated lien unstated | Not disclosed | $0 | ||
| A•••• G••••• T••••••••• P•• L••• O••••••• S••••• A••••••••• & C••••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| H•••••• A••••• C••••••• D••••••• & A•••••• | subordinated debt unsecured or subordinated | $135M | $0 0c | ||
| S•••••• A••••••••• S••••••• C•••••• I•• S••••••• & S••••••s | unstated lien unstated | $15.1M | $0 0c | S+400 bp PIK 2.80% | Aug 1, 2024 |
| P•••• S• L••• P•••••• E•••••• R••• E••••• | equity equity | Not disclosed | $0 0c | ||
| C•••••• A••••••••• L• | equity equity | Not disclosed | $0 | ||
| S••••••• C••••••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| a••••••••• I•• | unstated lien unstated | Not disclosed | $0 | ||
| P•••••••• A•••••••• I•• | preferred equity equity | Not disclosed | $0 | ||
| B••••• ••• D•••• O••••• 2• | unstated lien unstated | Not disclosed | $0 | ||
| B••••• ••• D•••• O•••• | term loan first lien | Not disclosed | $0 | ||
| P•••• S• L••• P•••••• E••••• | equity equity | Not disclosed | $0 | ||
| A•••••••• M••••••• I• | equity equity | Not disclosed | $0 | ||
| G•••••• T••••••••• L••••••••• I••• O••••••• S••••• T••••••••• H••••••• & E•••••••• | unstated lien unstated | Not disclosed | $0 | ||
| B••• I•• | equity equity | Not disclosed | $0 | ||
| J•• E••• I••••••••• L•• | warrants equity | Not disclosed | $0 | ||
| N•• H••• C••••••• D••••••• & A•••••• | unstated lien unstated | $35.8M | $0 0c | PIK 12.75% | Sep 30, 2024 |
| A••••••••• I••••••••• A••••••••• L•• P•••••• E••••••• | unstated lien unstated | Not disclosed | $0 | ||
| C•• F•••• H•••••• C• L•• | equity equity | Not disclosed | $0 0c | ||
| Q••••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| H•••••• A••••• C••••••• D••••••• & A•••••• | subordinated debt unsecured or subordinated | $153M | $0 0c | PIK 13.00% | Nov 30, 2025 |
| Q••••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| F•••••• G•••• H••••••• C•••• 2• | unstated lien unstated | Not disclosed | $0 | ||
| G••••• U•••••••• L••• 1• | unstated lien unstated | Not disclosed | $0 | ||
| Q••••• H••••• C•••• T•••• C•••• | unstated lien unstated | Not disclosed | $0 | ||
| S••••••• C••••••••• L•• | term loan first lien | Not disclosed | $0 | ||
| S••••• W••••••• I•• | equity equity | Not disclosed | $0 | ||
| T•••••••• C••• | equity equity | Not disclosed | $0 0c | ||
| a••••••••• I•• | term loan first lien | Not disclosed | $0 | ||
| Q••••• H••••• C••• | equity equity | Not disclosed | $0 | ||
| H•••••• A•••••• E••••• O•••••• C••••••• D••••••• & A•••••• | unstated lien unstated | Not disclosed | $0 0c | Nov 30, 2025 | |
| V•••••••• P••••••••• G•••• I••• C•••• A• | equity equity | Not disclosed | $0 0c | ||
| T•••••••• C••• | equity equity | Not disclosed | $0 | ||
| A••••••••• C••• I•• | unstated lien unstated | Not disclosed | $0 | ||
| Q•••••• L•• ••• N•• H•••• | equity equity | Not disclosed | $0 | ||
| N••• W••• H••••••• I•• | equity equity | Not disclosed | $0 0c | ||
| M•••••••• F••••••••• H••••••• I•• | preferred equity equity | Not disclosed | $0 | ||
| B••••• ••• D•••• O•••• | unstated lien unstated | Not disclosed | $0 | ||
| B••••• ••• D•••• O•••• | unstated lien unstated | Not disclosed | $0 | ||
| B•••••• F•••••• L••• P•••••• E••••• A••••••••• & C••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| K•• C•••••• P••• L•••••• A••••••••• L••• | equity equity | Not disclosed | $0 | ||
| H•••••• A••••• | equity equity | Not disclosed | $0 0c | ||
| K•• Z••• A••••••••• L• •• A•••••••• | equity equity | Not disclosed | $0 | ||
| a••••••••• I•• | unstated lien unstated | Not disclosed | $0 | ||
| E••••• L••••••••• I••• S••••• A• | warrants equity | Not disclosed | $0 | Apr 29, 2024 | |
| P•• I•• L•• | preferred equity equity | Not disclosed | $0 | Aug 21, 2024 | |
| T••••• C•••••• F•••••• L•• | equity equity | Not disclosed | $0 | ||
| T•••••••• C••• | equity equity | Not disclosed | $0 | ||
| A•••• G••••• T••••••••• P•• L•• | equity equity | Not disclosed | $0 | ||
| S•••• U••••• L•• | equity equity | Not disclosed | $0 | ||
| B•••••• F•••••• L••• P•••••• E••••• A••••••••• & C••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| H••• P••••••• J•• S••••••••• | subordinated debt unsecured or subordinated | Not disclosed | $0 | S+1100 bp | |
| N•• H••• | unstated lien unstated | Not disclosed | $0 | ||
| G•••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| P•••••••• A•••••••• I•• | term loan first lien | Not disclosed | $0 | ||
| M•••• B•••• M•••••• G•••• L•• | equity equity | Not disclosed | $0 0c | ||
| M•••••••• F••••••••• H••••••• I•• | unstated lien unstated | Not disclosed | $0 | ||
| M•••••••• F••••••••• H••••••• I•• | equity equity | Not disclosed | $0 | ||
| O•• C••• C••• M••••••••• I•• | preferred equity equity | Not disclosed | $0 | ||
| P•••••••• A•••••••• I•• | preferred equity equity | Not disclosed | $0 | ||
| Q•••••• L•• ••• N•• H•••• | unstated lien unstated | Not disclosed | $0 | ||
| S•••••• A••••••••• S••••••• C•••••• I•• | equity equity | Not disclosed | $0 | ||
| T•••••••• C••• | equity equity | Not disclosed | $0 | ||
| T•••••••• C••• | preferred equity equity | Not disclosed | $0 | ||
| G•••••• T••••••••• L••••••••• I•• | preferred equity equity | Not disclosed | $0 | ||
| F•••••• G•••• H••••••• C••• | equity equity | Not disclosed | $0 | ||
| N•• I•• | equity equity | Not disclosed | $0 | ||
| A•••• G••••• T••••••••• P•• L•• | equity equity | Not disclosed | $0 | ||
| C••••••• E••••• I••• P••••••••• O••••• E••••• | unstated lien unstated | Not disclosed | $0 | ||
| O•• C••• C••• M••••••••• I•• | equity equity | Not disclosed | $0 | ||
| B••• I•• | equity equity | Not disclosed | $0 | ||
| H••• P••••••• J•• S••••••••• | subordinated debt unsecured or subordinated | Not disclosed | $0 | S+1100 bp | |
| C•• F•••• H•••••• C• L•• | equity equity | Not disclosed | $0 0c | ||
| F•••••• G•••• H••••••• C••• | unstated lien unstated | Not disclosed | $0 | ||
| G••••• U•••••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| G•••••• T••••••••• L••••••••• I•• | equity equity | Not disclosed | $0 | ||
| H• D••• C• I•• | preferred equity equity | Not disclosed | $0 | ||
| G•••••• L••• N••• | equity equity | Not disclosed | $0 0c | ||
| G•••••• L••• N••• | equity equity | Not disclosed | $0 0c |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2012 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- FS Investment CORP; Franklin Square Investment CORPreported
- Latest schedule
- 0001628280-26-053783reported