FSK closes $150M convertible preferred issuance to KKR; adviser waives 50% subordinated incentive fee

FS KKR Capital Corp

Issued 6M shares of cumulative convertible perpetual preferred stock at $25/share to KKR subsidiary; proceeds for general corporate purposes.
Initial dividend 5.00% cash or 7.00% PIK; after 5.5 years increases 1% per annum.
Conversion price initially $18.83 (NAV as of 3/31/2026); convertible after 6 months.
Adviser waives 50% of subordinated income incentive fee for quarters ending 6/30/2026 through 3/31/2027; no recoupment.
Company may redeem in cash at any time; after 3 years may redeem in stock if 30-day VWAP >= conversion price.

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