FS KKR Capital Corp. II (FSK) — Dividend Yield, NAV & Valuation Analysis
FSK · NYSE
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Overview
FS KKR Capital Corp. II is one of the largest externally managed BDCs in the United States, formed by the merger of four non-traded FS Investment Corporation vehicles. FSK is co-managed by FS Investments and KKR Credit, providing senior secured debt, subordinated debt, and selected equity investments to U.S. middle-market companies. The portfolio is diversified across roughly 150 issuers and emphasizes first lien senior secured loans as the core credit exposure.
Key Metrics
| Metric | Value |
|---|---|
| 1-Year Total Return | 8.2% |
| 3-Year Total Return | 21.4% |
| 5-Year Total Return | 33.5% |
| Expense Ratio | 10.7% |
| Leverage Ratio | 1.18x |
| Portfolio Companies | 150 |
| Total Assets | $4.1B |
Discount / Premium to NAV
| Stock Price | $12.44 |
| NAV per Share | $12.3 |
| Premium / (Discount) to NAV | 1.1% |
| Implied per-share NAV gap | $-0.14 |
The premium / discount to NAV compares the current stock price to the per-share net asset value of FS KKR Capital Corp. II's investment portfolio. A negative reading (a discount) means the market is pricing FSK below the value of its underlying assets and is one of the most-watched valuation metrics for any BDC. A positive reading (a premium) means the market is paying a premium over the stated NAV, often reflecting confidence in future dividend coverage and portfolio credit quality. FS KKR Capital Corp. II currently trades at a 1.1% premium to NAV.
Investment Strategy
FS KKR Capital Corp. II focuses on senior secured loans, subordinated debt in the healthcare, business services, industrial, consumer sectors. The company targets middle-market companies and maintains a portfolio of 150 investments totaling $4.1B in assets.
Management
CEO: Michael C. Forman | Employees: 60
Suitability
FSK is suitable for income-focused investors seeking quarterly dividend income with a 18.5% yield. The BDC's focus on senior secured loans provides defensive portfolio characteristics. Investors should consider their risk tolerance and investment objectives before investing.