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F• K•• C•••••• C•••

Business development companymanaged by F••••• A••••••• L••Listed: FSK· PHILADELPHIA, PA

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 2026-06-30 · 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 (942)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$1.44B
on 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•• →
$114M
newly 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.
FactBDC schedules of investments, 30 Jun 2026Open H••••• T••••••••• S•••••• L•• →
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.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →

Every headline figure, and the identifiersCIK 1422183 · file 814-00757Show

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

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 quarters

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

No non-routine events for this BDC yet.

Every position change, including routine ones

Largest facilities held, with co-lenders

C••••• O••••••••• P••••••• J•• L•• other
1 BDC hold it
$2.0B 166c
K••••••••• B••••••••• S••••••• L•• first lien term loan
3 BDCs hold it · matures Nov 6, 2028
$338M 74c
P••••••••• R••••••• G•••• L•• first lien term loan
2 BDCs hold it · matures Oct 1, 2030
$319M 104c
P•••••• C••• second lien term loan
7 BDCs hold it · matures Feb 1, 2029
$297M 70c
S••••• L•• second lien term loan
1 BDC hold it · matures Jun 1, 2029
$280M 79c
G••••• U•••••••• L•• first lien term loan
1 BDC hold it · matures May 1, 2028 · possible sponsor G••••••• C•••••• P••••••• L•
$241M 98c
M•••••••• I•• first lien term loan
5 BDCs hold it · matures Oct 29, 2028
$234M 50c
N••••• C•••••• G•••• H•••••• A• other
1 BDC hold it · matures Jun 1, 2031
$232M 111c
A•••••• S•••••• A• first lien term loan
1 BDC hold it · matures Jun 1, 2031
$218M 96c
T••••• L•• first lien term loan
1 BDC hold it · matures Jun 1, 2028
$192M 80c
A•• N••••••• C••• other
1 BDC hold it · matures Sep 1, 2028
$184M 127c
M•• D••••• S••••••••• L•• first lien term loan
3 BDCs hold it · matures Feb 13, 2031
$167M 100c

Schedule of investments at Jun 30, 2026

942 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
G•••••• L••	preferred equity equity	Not disclosed	$0
C••••••••• H••••••• L•• Capital G••••	preferred equity equity	Not disclosed	$0		Dec 1, 2028
A•• N••••••• C•••	unstated lien unstated	Not disclosed	$0
L••••••••• T••••••••• I••	equity equity	Not disclosed	$0
A•• N••••••• C•••	equity equity	Not disclosed	$0
K••••••••• B••••••••• S••••••• L•• C••••••••• & P••••••••• S••••••s	preferred equity equity	Not disclosed	$0 0c
A••••••• A•••••••••	equity equity	Not disclosed	$0
B••••• F•••••• I••	warrants equity	Not disclosed	$0		Sep 1, 2028
A•• H••••••• I• C••• ••• A••••••• P••••••• M••••••••• I••• H••••• C••• E•••••••• & S••••••s	preferred equity equity	Not disclosed	$0 0c	S+1150 bp
A•• N••••••• C••• Capital G••••	unstated lien unstated	$49.8M	$0 0c	S+850 bp	Sep 1, 2028
S••••• M•• L••••••	notes lien unstated	Not disclosed	$0
S••••• M•• L••••••	term loan lien unstated	Not disclosed	$0
G•••••• L•• H••••• C••• E•••••••• & S••••••s	preferred equity equity	Not disclosed	$0
C•••• C••• S••••••• & S••••••s	term loan second lien	$36.7M	$0	S+760 bp	Aug 1, 2029
K••••••••• B••••••••• S••••••• L•• C••••••••• & P••••••••• S••••••s	equity equity	Not disclosed	$0
N•• I•• S••••••• & S••••••s	equity equity	Not disclosed	$0
H• D••• C• I••	equity equity	Not disclosed	$0
G•••••• L••	preferred equity equity	Not disclosed	$0
G•••••• L••	equity equity	Not disclosed	$0
B•••••• F•••••• L••• A•• E••••• A••••••••• & C•••••••••	unstated lien unstated	Not disclosed	$0
A••••••• S•••••••• G•••• L••	preferred equity equity	Not disclosed	$0
S•••• S••••• I••	term loan first lien	$0	$0	S+480 bp	Dec 1, 2032
4•••••• S•••••••• L••	unstated lien unstated	Not disclosed	$0
I••••••••• I••	unstated lien unstated	$0	$0	S+530 bp	May 1, 2028
N•• I••	equity equity	Not disclosed	$0
K••••••••• B••••••••• S••••••• L••	preferred equity equity	Not disclosed	$0
N•• I••	equity equity	Not disclosed	$0
A••••••• C•••	preferred equity equity	Not disclosed	$0
A••••••• C•••	equity equity	Not disclosed	$0
S••••• M•• L••••••	notes lien unstated	Not disclosed	$0
S••••• M•• L••••••	notes lien unstated	Not disclosed	$0
C••••• S••••••• & S••••••s	unstated lien unstated	$0	$0	S+750 bp	Apr 1, 2033
4•••••• S•••••••• L••	unstated lien unstated	Not disclosed	$0
A••••••• S•••••••• G•••• L••	equity equity	Not disclosed	$0
B••••••• C•••••• L••• A••••••••• T•••• 2••••••••• S••••••••• Real Estate Management & D•••••••••	subordinated debt unsecured or subordinated	$1.5M	$0 0c	S+1800 bp	Jul 1, 2030
A••••••• S•••••••• G•••• L•• I••••••••	preferred equity equity	Not disclosed	$0 0c	S+800 bp
B••••• F•••••• I••	warrants equity	Not disclosed	$0		Sep 1, 2028
P•••• S• L••• A•• E•••••	equity equity	Not disclosed	$0
S••••• W••••••• I•• C••••••• D••••••• & A••••••	equity equity	Not disclosed	$0
N•• E•• T••••••••• L•• S••••••• & S••••••s	preferred equity equity	Not disclosed	$0 0c
A•• N••••••• C••• Capital G••••	equity equity	Not disclosed	$0
N•• I•• S••••••• & S••••••s	equity equity	Not disclosed	$0
A••••••••• C••• I••	unstated lien unstated	Not disclosed	$0
C•••• C••• S••••••• & S••••••s	warrants equity	Not disclosed	$0
A•• N••••••• C•••	equity equity	Not disclosed	$0
A••••••••• C••• I••	preferred equity equity	Not disclosed	$0
A•••••••• G••••••••• M•••• M••••• F••• S••••• C••••	unstated lien unstated	Not disclosed	Not disclosed	3.60%
P••• C•••	unstated lien unstated	Not disclosed	Not disclosed
P•• P••••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
N••••••• T••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
M•• C•••••• M••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
N••••••• T••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
N•••• C•••	unstated lien unstated	Not disclosed	Not disclosed
E••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
J• S• H••• L••	unstated lien unstated	Not disclosed	Not disclosed
B•• G•••• L••	unstated lien unstated	Not disclosed	Not disclosed
X•••• K••••••	unstated lien unstated	Not disclosed	Not disclosed
C•• L•••• G•••• L••	unstated lien unstated	Not disclosed	Not disclosed
C•••• G•••••	unstated lien unstated	Not disclosed	Not disclosed
A••••• A•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
L••••••••• V••••• S••	unstated lien unstated	Not disclosed	Not disclosed
D•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
E•••••••• T••••••••• C•••	unstated lien unstated	Not disclosed	Not disclosed
F••••••••• R••• P••••••• C•••	unstated lien unstated	Not disclosed	Not disclosed
M•• C•••••• M••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•••• L•••• S••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
T•••••••• S••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
W••• S••• A••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
T••• M••••••••• C•	unstated lien unstated	Not disclosed	Not disclosed
V•••••• I••••••••• P••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
V•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
T•••••••• A••	unstated lien unstated	Not disclosed	Not disclosed
S••••••• C••• o• A•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•••••• E•••••• I••	unstated lien unstated	Not disclosed	Not disclosed
S••••••••• P••••••• I••••••••• L••	term loan first lien	Not disclosed	Not disclosed
A•• H••••••• I• C•••	unstated lien unstated	Not disclosed	Not disclosed
C•••••••• S••••• G•••• A•	unstated lien unstated	Not disclosed	Not disclosed
O••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•••• S••••• I••	unstated lien unstated	Not disclosed	Not disclosed
N•••• H••••••••• H•••••• A•	unstated lien unstated	Not disclosed	Not disclosed
N••••• N••• H••••• I••	unstated lien unstated	Not disclosed	Not disclosed
R••• P•••• L••	unstated lien unstated	Not disclosed	Not disclosed
N••••• N••• H••••• I••	unstated lien unstated	Not disclosed	Not disclosed
P•• P••••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
L•••• L•••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• P•••• S••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• P•••• S••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
H••••••• H••••• I••	unstated lien unstated	Not disclosed	Not disclosed
G•••••• I••	unstated lien unstated	Not disclosed	Not disclosed
C•••••• G•••• •••••• N•• G•••••	unstated lien unstated	Not disclosed	Not disclosed
A••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••••• L••	unstated lien unstated	Not disclosed	Not disclosed
O••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
C•••••	unstated lien unstated	Not disclosed	Not disclosed
V•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
B•• G•••• L••	unstated lien unstated	Not disclosed	Not disclosed
R••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
N•••• G••••• I••	unstated lien unstated	Not disclosed	Not disclosed
F•••••• A•	unstated lien unstated	Not disclosed	Not disclosed
S•••••••• I••	unstated lien unstated	Not disclosed	Not disclosed

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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