FS KKR Capital CorpFSK

FS KKR Capital Corp Commitments Disclosure

10-KFiled Feb 25, 20266 min read
Commitments and Contingencies
The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Adviser has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.
The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.
Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated balance sheets. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of December 31, 2025, the Company’s unfunded commitments consisted of the following:
Category / Company(1)
Commitment Amount
Senior Secured Loans—First Lien
3Pillar Global Inc$6.0 
48Forty Solutions LLC2.1 
Aareon AG11.3 
Advanced Dermatology & Cosmetic Surgery3.1 
Affordable Care Inc0.1 
AGS Health LLC6.0 
AGS Health LLC2.1 
Alacrity Solutions Group LLC1.7 
Alacrity Solutions Group LLC2.3 
A-Lign Assurance LLC3.2 
A-Lign Assurance LLC1.5 
Alpha Financial Markets Consulting PLC2.3 
American Vision Partners4.7 
Amerivet Partners Management Inc8.4 
Apex Service Partners LLC3.8 
Arcfield Acquisition Corp6.0 
Arcwood Environmental (fka Heritage Environmental Services Inc)8.0 
Area Wide Protective Inc12.1 
Avetta LLC1.8 
Avetta LLC0.8 
Avetta LLC3.7 
BGB Group LLC3.2 
BGB Group LLC4.8 
Bonterra LLC14.4 
Cadence Education LLC8.5 
Cadence Education LLC4.0 
Cambrex Corp7.8 
Cambrex Corp9.4 
Cambrex Corp5.6 
Carrier Fire Protection1.8 
Carrier Fire Protection2.1 
Circana Group (f.k.a. NPD Group)4.3 
Civica Group Ltd5.1 
Category / Company(1)
Commitment Amount
Civica Group Ltd$4.4 
Clarience Technologies LLC12.4 
Clarience Technologies LLC27.5 
Clarience Technologies LLC1.9 
CLEAResult Consulting Inc4.5 
CLEAResult Consulting Inc3.0 
ClubCorp Club Operations Inc5.7 
ClubCorp Club Operations Inc3.4 
Com Laude Group Ltd3.1 
Com Laude Group Ltd1.3 
Com Laude Group Ltd3.0 
Community Brands Inc4.1 
Community Brands Inc7.1 
Consilium Safety Group AB10.5 
CSafe Global9.2 
Cyncly Refinancing3.2 
Cyncly Refinancing4.7 
Dental365 LLC4.6 
Dental365 LLC3.6 
DOXA Insurance Holdings LLC2.9 
DOXA Insurance Holdings LLC18.8 
DuBois Chemicals Inc14.7 
DuBois Chemicals Inc4.3 
Eagle Railcar Services Roscoe Inc10.8 
Eagle Railcar Services Roscoe Inc12.0 
Envirotainer Ltd2.8 
Excelitas Technologies Corp2.4 
Excelitas Technologies Corp22.6 
Flexera Software LLC6.5 
Follett Software Co5.6 
Fortnox AB9.0 
Foundation Consumer Brands LLC7.7 
Foundation Risk Partners Corp8.9 
Foundation Risk Partners Corp6.6 
Frontline Road Safety LLC15.7 
Frontline Road Safety LLC14.3 
Fullsteam Holdings LLC11.0 
Fullsteam Holdings LLC3.7 
Galaxy Universal LLC11.4 
Galway Partners Holdings LLC10.7 
Galway Partners Holdings LLC6.7 
Gigamon Inc5.6 
Granicus Inc2.3 
Granicus Inc0.5 
Heniff Transportation Systems LLC3.4 
Category / Company(1)
Commitment Amount
Higginbotham Insurance Agency Inc$1.0 
Highgate Hotels Inc4.2 
Highgate Hotels Inc3.9 
HM Dunn Co Inc6.0 
Homrich & Berg Inc0.7 
Horizon CTS Buyer LLC15.2 
Horizon CTS Buyer LLC2.2 
Inhabit IQ3.6 
Inhabit IQ2.2 
iNova Pharmaceuticals (Australia) Pty Limited2.5 
Insight Global LLC36.6 
Insightsoftware.Com Inc25.8 
Insightsoftware.Com Inc3.4 
Integrity Marketing Group LLC0.1 
Integrity Marketing Group LLC0.7 
J S Held LLC6.9 
J S Held LLC10.8 
Jeppesen Holdings LLC2.4 
Keystone Agency Partners LLC8.5 
Keystone Agency Partners LLC3.8 
Laboratoires Vivacy SAS0.6 
Lazer Logistics Inc1.9 
Lazer Logistics Inc2.3 
Learning Experience Corp/The3.5 
Legends Hospitality LLC9.3 
Legends Hospitality LLC1.2 
Lloyd's Register Quality Assurance Ltd5.6 
Magna Legal Services LLC2.2 
MAI Capital Management LLC2.7 
MAI Capital Management LLC4.3 
MB2 Dental Solutions LLC23.2 
MB2 Dental Solutions LLC8.8 
Med-Metrix37.2 
Med-Metrix34.1 
Mercer Advisors Inc4.5 
Model N Inc6.1 
Model N Inc3.2 
NAVEX Global Inc0.3 
NAVEX Global Inc6.7 
NeoGov Newt Holdco Inc1.1 
NeoGov Newt Holdco Inc2.4 
NeoGov Newt Holdco Inc4.9 
Net Documents3.6 
Netsmart Technologies Inc6.2 
Netsmart Technologies Inc6.3 
Category / Company(1)
Commitment Amount
New Era Technology Inc$2.3 
OEConnection LLC0.6 
OEConnection LLC2.4 
OEConnection LLC6.4 
OEConnection LLC6.3 
Orion Services Group4.0 
Oxford Global Resources LLC7.6 
PartsSource Inc0.7 
PCI Pharma Services25.8 
PCI Pharma Services2.0 
PCI Pharma Services11.7 
Pike Corp6.6 
Pike Corp4.4 
Premise Health Holding Corp0.5 
Premise Health Holding Corp2.3 
PROS Holdings Inc1.3 
PSC Group1.4 
PSC Group1.5 
Radwell International LLC5.8 
Railpros Inc0.8 
Railpros Inc0.4 
Resa Power LLC12.2 
Resa Power LLC8.6 
Revere Superior Holdings Inc3.3 
Rialto Capital Management LLC1.0 
Rockefeller Capital Management LP8.8 
Safe-Guard Products International LLC8.8 
SAMBA Safety Inc0.6 
SAMBA Safety Inc0.9 
Service Express Inc10.7 
Service Express Inc12.3 
Service Logic LLC8.0 
Service Logic LLC4.0 
Sphera Solutions Inc6.4 
Sphera Solutions Inc3.4 
Sphera Solutions Inc20.0 
Spins LLC3.2 
Spotless Brands LLC5.3 
STV Group Inc8.3 
STV Group Inc11.9 
Sweeping Corp of America LLC4.5 
Time Manufacturing Co1.3 
Time Manufacturing Co14.0 
Trackunit ApS32.9 
Turnpoint Services Inc0.9 
Category / Company(1)
Commitment Amount
Turnpoint Services Inc$2.5 
USIC Holdings Inc3.0 
USIC Holdings Inc8.1 
Veriforce LLC2.1 
Veriforce LLC3.7 
Vermont Information Processing Inc9.6 
Vermont Information Processing Inc2.9 
Version1 Software Ltd13.0 
VetCor Professional Practices LLC5.9 
VetCor Professional Practices LLC20.8 
Vitu9.1 
Waste Services Group Pty Ltd4.8 
Wealth Enhancement Group LLC2.8 
Wealth Enhancement Group LLC13.9 
Wedgewood Weddings5.8 
Wedgewood Weddings5.8 
West Star Aviation Inc9.5 
West Star Aviation Inc30.1 
Woolpert Inc6.9 
Woolpert Inc15.9 
Worldwise Inc0.8 
Xylem Kendall15.9 
Xylem Kendall1.2 
Zellis Holdings Ltd4.4 
Zendesk Inc5.0 
Zendesk Inc6.0 
Zeus Industrial Products Inc11.6 
Zeus Industrial Products Inc7.7 
Subordinated Debt
Cyncly Refinancing1.6 
Asset Based Finance
Bond Aviation Holdings LLC, Term Loan13.6 
Bond Aviation Holdings LLC, Term Loan5.3 
Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver20.7 
GreenSky Holdings LLC, Term Loan3.0 
Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver14.8 
Philippine Airlines 777, Term Loan1.1 
Philippine Airlines 777, Term Loan1.1 
Sallie Mae Levered, Term Loan0.3 
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver5.2 
Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver15.0 
TPSI Receivables LLC (Tropicana Products Inc), Revolver6.0 
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver12.8 
Equity/Other
Kestra Financial Inc, Preferred Equity9.2 
Category / Company(1)
Commitment Amount
Total$1,447.4 
Unfunded Asset Based Finance/Other commitments$87.5 
_____________
(1)May be commitments to one or more entities affiliated with the named company.

As of December 31, 2025, the Company’s debt commitments are comprised of $721.1 revolving credit facilities and $726.3 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $(3.8). The Company’s unfunded Asset Based Finance/Other commitments generally require certain conditions to be met or actual approval from the Adviser prior to funding.
The Senior Secured Revolving Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $400, subject to increase or reduction from time to time pursuant to the terms of the Senior Secured Revolving Credit Facility. As of December 31, 2025, $50 of such letters of credit have been issued.
As of December 31, 2025, the Company also has an unfunded commitment to provide $245.0 of capital to COPJV. The capital commitment can be satisfied with contributions of cash and/or investments. The capital commitments cannot be drawn without an affirmative vote by both the Company’s and SCRS’s representatives on COPJV’s board of managers.
While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so.
In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company has no such guarantees outstanding at December 31, 2025 and December 31, 2024.
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About Commitments Disclosures

Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.

Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.

Other Available Disclosures

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