FSK · FS KKR Capital Corp.

FS KKR Capital Corp. has agreed to sell $150 million of newly issued cumulative convertible perpetual preferred stock to KKR Alternative Assets L.P. under a Purchase Agreement dated May 10, 2026. This unregistered offering relies on the Section 4(a)(2) exemption of the Securities Act, limiting resale without registration or further exemption. The transaction links directly to the Purchaser's concurrent tender offer for up to $150 million in Company common stock, signaling potential strategic coordination between preferred issuance and common share repurchase. Closing hinges on tender offer completion, HSR antitrust clearance, and standard conditions, with timing pegged to the 11th business day post-tender expiration. For investors, this bolsters capital base via perpetual preferred equity without immediate dilution to common shares, though conversion rights could impact future ownership. Full terms are summarized and qualified by the Exhibit 10.1 Purchase Agreement, incorporating prior disclosures from the May 11, 2026 8-K.