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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 Jun 30, 2023
599 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A•• N••••••• C••• Capital G•••• | unstated lien unstated | $54.8M | $54.8M 100c | S+750 bp | Sep 1, 2026 |
| A•• N••••••• C••• | unstated lien unstated | Not disclosed | $54.8M | ||
| A•••••••• M••••••• | equity equity | $52.2M | $54.7M 107c | ||
| O••••••• L••• I••• S••••••••• | subordinated debt unsecured or subordinated | $56.9M | $53.6M 94c | 10.00% | Apr 1, 2026 |
| F••••••••• R••• P••••••• C••• I•••••••• | term loan first lien | $54.5M | $52.8M 98c | S+625 bp | Oct 29, 2028 |
| A••• G•••• L•••••• Financial S••••••s | unstated lien unstated | $55.0M | $52.4M 97c | S+675 bp | Jul 27, 2029 |
| K••••• S•••• I•• Capital G•••• | term loan first lien | $50.5M | $50.0M 103c | S+700 bp | Dec 21, 2025 |
| A••••• J•• P•••••• E••••• I•••••••• | unstated lien unstated | Not disclosed | $50.0M 108c | ||
| K•• A••••••• I• O••••••• A••••••••• L• | equity equity | Not disclosed | $49.3M 102c | ||
| K•• A••••••• I• O••••••• A••••••••• L• | equity equity | Not disclosed | $49.3M | ||
| A••••••••• C••• I•• | preferred equity equity | Not disclosed | $48.8M 101c | PIK 11.80% | |
| A••••••••• C••• I•• | preferred equity equity | Not disclosed | $48.8M | ||
| T••••••••• G•••• C••••••• D••••••••• D••••••••• & R••••• | term loan first lien | $46.1M | $45.6M 99c | S+475 bp PIK 2.50% | Mar 1, 2024 |
| T••••••••• G•••• C••••••• D••••••••• D••••••••• & R••••• | term loan first lien | $45.8M | $45.3M 99c | S+500 bp PIK 2.50% | Mar 1, 2024 |
| A••••••• D••••••••• • C••••••• S•••••• H••••• C••• E•••••••• & S••••••s | term loan first lien | $46.1M | $45.0M 101c | S+650 bp | May 7, 2027 |
| T••• M••••••••• C• Capital G•••• | term loan first lien | $45.1M | $42.3M 95c | S+650 bp | Dec 1, 2027 |
| C•••••• A••••••••• L•• S••••••••• | subordinated debt unsecured or subordinated | $41.5M | $41.5M 102c | 11.00% | Dec 22, 2028 |
| C•••• C••• S••••••• & S••••••s | term loan second lien | $44.8M | $40.8M 96c | S+763 bp | May 25, 2029 |
| A•• N••••••• C••• | equity equity | Not disclosed | $40.6M 410c | ||
| A•• N••••••• C••• | equity equity | Not disclosed | $40.6M | ||
| A•••• H•••••• A• | equity equity | Not disclosed | $39.5M 79c | ||
| A••••••• A••••••••• C••• Capital G•••• | term loan first lien | $40.1M | $39.5M 99c | S+575 bp | Mar 10, 2028 |
| A•••• H•••••• A• | equity equity | Not disclosed | $39.5M | ||
| A••••••• P••••••• M••••••••• I•• H••••• C••• E•••••••• & S••••••s | term loan first lien | $40.7M | $39.2M 96c | S+550 bp | Feb 25, 2028 |
| C••••• B• C••••••• D••••••••• D••••••••• & R••••• | unstated lien unstated | $40.0M | $38.8M 99c | S+725 bp | Feb 25, 2030 |
| W••••• H•••••• G••• Capital G•••• | term loan second lien | $114M | $38.5M 31c | S+850 bp PIK 1.00% | Oct 4, 2027 |
| W•••••••• I•• H•••••••• & P••••••• P••••••• | term loan first lien | $40.8M | $37.6M 92c | S+625 bp PIK 0.50% | Mar 29, 2028 |
| T•••• S••••••• I•• S••••••• & S••••••s | unstated lien unstated | $39.8M | $37.3M 102c | S+450 bp | Mar 30, 2029 |
| P•••• S• L••• S••••••••• M••••••••• E••••• R••• E••••• I•••• | subordinated debt unsecured or subordinated | $55.5M | $37.2M 69c | 5.00% PIK 6.00% | Mar 12, 2030 |
| P•••• S• L••• S••••••••• M•••••••• | subordinated debt unsecured or subordinated | Not disclosed | $37.2M | ||
| C•••••••• C••••••••• F•••••• L••• 2• | term loan lien unstated | $36.1M | $36.3M 101c | S+900 bp | Nov 3, 2025 |
| K••••• S•••• I•• Capital G•••• | term loan first lien | $36.6M | $36.3M 100c | S+700 bp | Dec 21, 2025 |
| A•••••• A•••••••• G•••• P•• L•• P•••••••••, B••••••••• & L••• S••••••• | term loan first lien | $56.5M | $36.2M 100c | S+675 bp | Jun 5, 2028 |
| A••••• O•• P•••••• P•••••• E••••• | equity equity | Not disclosed | $35.5M 100c | ||
| A••••• O•• P••••• | equity equity | Not disclosed | $35.5M | ||
| H• D••• C• I•• | unstated lien unstated | Not disclosed | $35.1M | ||
| H• D••• C• I•• Capital G•••• | term loan first lien | $35.1M | $35.1M 100c | S+600 bp | Jun 30, 2026 |
| P••••••••• R••••••• G•••• L•• M•••• & E••••••••• | term loan first lien | $34.1M | $34.5M 101c | S+500 bp PIK 3.10% | Aug 21, 2024 |
| P••••••••• R••••••• G•••• L•• | unstated lien unstated | Not disclosed | $34.5M | ||
| A•••••• L•• S••••••• & S••••••s | term loan first lien | $34.5M | $34.4M 101c | S+575 bp | Dec 3, 2027 |
| C•••• G••••• Capital G•••• | term loan first lien | $27.0M | $34.3M 96c | S+625 bp | Dec 23, 2027 |
| S••••••• C••••••••• L•• T••••••••• S••••••s | term loan first lien | $41.9M | $34.3M 107c | ||
| A••••••••• C••• I•• H••••• C••• E•••••••• & S••••••s | term loan first lien | $34.4M | $33.8M 99c | S+450 bp PIK 1.30% | Aug 2, 2028 |
| C•••• C••• | preferred equity equity | Not disclosed | $33.5M 84c | PIK 11.00% | |
| A••••••••• C••• I•• | unstated lien unstated | Not disclosed | $33.3M | ||
| R••••• S••••••• H••••••• I•• S••••••• & S••••••s | term loan first lien | $33.3M | $32.9M 100c | S+575 bp | Sep 30, 2026 |
| N•• D•••••••• S••••••• & S••••••s | term loan first lien | $33.0M | $32.3M 98c | PIK 6.25% | Jun 30, 2027 |
| 5• A••• I••••• F••• 2• L•• Financial S••••••s | term loan first lien | $85.6M | $32.1M 51c | S+900 bp | Nov 18, 2023 |
| T••••••••• S••••••• G•••• L•• S••••••• & S••••••s | term loan first lien | $48.3M | $32.0M 93c | S+550 bp | Oct 14, 2026 |
| C•••••••• B••••• I•• S••••••• & S••••••s | term loan first lien | $32.6M | $31.5M 98c | S+550 bp | Feb 24, 2028 |
| L•••••••• V••••••••• G•••• H••••• C••• E•••••••• & S••••••s | term loan first lien | $32.8M | $31.4M 96c | S+550 bp | Nov 23, 2028 |
| A•• N••••••• C••• | unstated lien unstated | Not disclosed | $31.3M | ||
| A•• N••••••• C••• Capital G•••• | unstated lien unstated | $31.3M | $31.3M 174c | PIK 10.00% | Sep 1, 2028 |
| C•••• G••••• Capital G•••• | term loan first lien | $31.4M | $31.2M 99c | S+625 bp | Dec 23, 2026 |
| P••• F•••••• I•• C••••••• D••••••• & A•••••• | unstated lien unstated | $33.5M | $30.2M 91c | S+450 bp | Dec 22, 2025 |
| N•• I•• S••••••• & S••••••s | term loan first lien | $29.8M | $29.8M 99c | PIK 7.50% | Aug 15, 2028 |
| M••••••• I•• S••••••• & S••••••s | term loan first lien | $30.6M | $29.8M 99c | S+325 bp PIK 3.30% | Oct 29, 2028 |
| C•••••••• I••••••••• I•• S••••••• & S••••••s | term loan first lien | $30.1M | $29.8M 104c | S+550 bp | Apr 19, 2028 |
| N•• I•• | unstated lien unstated | Not disclosed | $29.8M | ||
| C•••••• A••••••••• L•• P•••••• E••••• | equity equity | Not disclosed | $29.8M 126c | ||
| S••••••• C••••••••• L•• T••••••••• S••••••s | term loan first lien | $31.6M | $29.4M 97c | S+550 bp | Mar 17, 2026 |
| S••••••• H••••••• C••• Real Estate Management & D••••••••• | term loan first lien | $29.9M | $29.3M 99c | S+550 bp | Dec 22, 2027 |
| R••• B••••• C•••••• F•••, B••••••• & T•••••• | term loan first lien | $28.4M | $28.2M 101c | S+650 bp | Aug 13, 2027 |
| I•••••• G••••• L•• C••••••••• & P••••••••• S••••••s | term loan first lien | $26.8M | $26.2M 98c | S+600 bp | Sep 22, 2028 |
| N•• E•• T••••••••• I•• S••••••• & S••••••s | term loan first lien | $25.3M | $24.9M 102c | S+625 bp | Oct 31, 2026 |
| C•••••••• T••••••••• L•• Capital G•••• | term loan first lien | $25.4M | $24.9M 98c | S+625 bp | Dec 13, 2024 |
| D•• G••••••• S•• P•••••••••, B••••••••• & L••• S••••••• | unstated lien unstated | $23.1M | $24.8M 110c | S+650 bp | Oct 27, 2028 |
| S••• M••••••• D••••••••• C••••• I••••• F••• I••• L•• P•••••• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $24.1M 103c | ||
| C••• T• L••••• L• C••••••• S••••••s | term loan first lien | $23.3M | $23.8M 102c | S+1080 bp PIK 1.00% | Jun 30, 2026 |
| E••••• D•••••• L•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $24.9M | $23.7M 97c | PIK 9.80% | Dec 13, 2029 |
| A••••••• B•••••• H•••••• B• Capital G•••• | term loan second lien | $23.6M | $23.6M 107c | S+775 bp | Sep 12, 2026 |
| W••••• R•••••••• I•• | equity equity | Not disclosed | $23.2M 181c | ||
| W••••• R•••••••• I•• | equity equity | Not disclosed | $23.2M | ||
| 3•••••• G••••• I•• S••••••• & S••••••s | term loan first lien | $24.0M | $22.8M 95c | S+600 bp | Nov 23, 2027 |
| H• D••• C• I•• | preferred equity equity | Not disclosed | $22.7M 320c | ||
| H• D••• C• I•• | preferred equity equity | Not disclosed | $22.7M | ||
| A••••••••• C••• I•• H••••• C••• E•••••••• & S••••••s | term loan first lien | $22.7M | $22.4M 99c | S+450 bp PIK 1.30% | Aug 2, 2028 |
| G•••••• L•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $25.9M | $22.4M 85c | S+550 bp | Feb 28, 2027 |
| P••••••••• I•• H••••• C••• E•••••••• & S••••••s | term loan first lien | $22.9M | $22.3M 98c | S+575 bp | Aug 23, 2028 |
| T••••••••• S•• S••••••• & S••••••s | unstated lien unstated | $19.8M | $22.2M 117c | S+625 bp | Feb 15, 2028 |
| T•••• S••••••• I•• S••••••• & S••••••s | unstated lien unstated | $25.0M | $21.9M 111c | S+900 bp | Sep 30, 2029 |
| A•••• G•••• I••••••••• H••••••• I•• I•••••••• | term loan first lien | $22.4M | $21.6M 96c | S+600 bp | Oct 2, 2028 |
| S•••••• C••••• C••••••• D••••••••• D••••••••• & R••••• | term loan first lien | $27.9M | $21.5M 99c | S+700 bp | Sep 12, 2024 |
| K•• Z••• A••••••••• L• •• A•••••••• | equity equity | Not disclosed | $21.2M 92c | ||
| N•• H••• C••••••• D••••••• & A•••••• | unstated lien unstated | $21.2M | $21.2M 100c | PIK 10.00% | Aug 2, 2023 |
| A••••••• G•••• L•• I•••••••• | unstated lien unstated | $19.0M | $20.6M 107c | S+725 bp | Jul 14, 2026 |
| G••••• L•••••• S••••••• L••• P•••••• E••••• Financial S••••••s | unstated lien unstated | Not disclosed | $20.6M 99c | ||
| I•••••• G••••• L•• C••••••••• & P••••••••• S••••••s | term loan first lien | $21.1M | $20.5M 97c | S+600 bp | Sep 22, 2027 |
| O•• C••• C••• M••••••••• I•• H••••• C••• E•••••••• & S••••••s | unstated lien unstated | $26.7M | $19.7M 78c | PIK 8.50% | Nov 1, 2028 |
| C•••••• G•••• •••••• N•• G••••• C••••••• S••••••s | unstated lien unstated | $19.3M | $19.5M 101c | S+350 bp PIK 2.80% | Dec 1, 2028 |
| B•• G•••• L•• M•••• & E••••••••• | term loan first lien | $19.9M | $19.4M 97c | S+575 bp | Aug 16, 2027 |
| S••••• F••••• S••• F•••, B••••••• & T•••••• | unstated lien unstated | $19.5M | $19.4M 102c | S+650 bp | Jul 31, 2028 |
| N•• I•• | equity equity | Not disclosed | $19.0M | ||
| N•• I•• | equity equity | Not disclosed | $19.0M 94c | ||
| E••••• D•••••• L•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $19.6M | $19.0M 98c | S+550 bp | Dec 20, 2028 |
| C•••• F•••• S••• P•••••••••, B••••••••• & L••• S••••••• | revolver lien unstated | $18.8M | $18.8M 100c | S+675 bp | Nov 20, 2026 |
| W••••• R•••••••• I•• E••••• | term loan first lien | $18.7M | $18.7M 103c | S+900 bp PIK 1.00% | May 22, 2024 |
| W••••• R•••••••• I•• | unstated lien unstated | Not disclosed | $18.7M | ||
| A••••• R•••••••• U•••• H••••••• L•• • A•• F•••••• C•••• T•••• C•••• E••••• | unstated lien unstated | Not disclosed | $18.6M 96c | ||
| H••••• T••••••••• S•••••• L•• T••••••••• | term loan first lien | $18.9M | $18.6M 102c | S+625 bp | Dec 3, 2026 |
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