FS KKR Capital: My Biggest BDC Mistake And Why I'm Throwing In The Towel

CFA analyst discusses their regrets over investing in FS KKR Capital Corp. (FSK) and decision to exit the position.

Published on Mar. 2, 2026

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The author, a CFA analyst, discusses their experience investing in FS KKR Capital Corp. (FSK), a business development company (BDC). They disclose that FSK was one of their first BDC investments, and that back in December 2023 they had issued a bullish recommendation on the stock. However, the author now says they are 'throwing in the towel' on FSK due to concerns over non-accrual fears, which have led to a deep discount in the BDC's stock price. The author cites their over a decade of experience in financial management and involvement in efforts to institutionalize REIT frameworks and develop national SOE financing guidelines.

Why it matters

This article provides insight into the challenges and risks involved in investing in BDCs, which can be complex financial instruments. The author's decision to exit their FSK position highlights how even experienced investors can make mistakes or have regrets about certain investments. It also touches on broader themes around the development of capital markets and the role of financial professionals in shaping policy and industry frameworks.

The details

The author, who is a CFA charterholder and has experience in financial management and policy-level work, previously issued a bullish recommendation on FS KKR Capital Corp. (FSK) in December 2023. However, they now say they are 'throwing in the towel' on the BDC due to concerns over non-accrual fears, which have led to a deep discount in the stock price. The author cites their over a decade of experience in the financial industry, including efforts to institutionalize REIT frameworks and develop national SOE financing guidelines in Latvia.

  • The author issued a bullish recommendation on FSK in December 2023.
  • The author is now, in March 2026, deciding to exit their position in FSK.

The players

Roberts Berzins

The author of the article, who is a CFA charterholder and has over a decade of experience in financial management. They have also made significant efforts to institutionalize REIT frameworks and develop national SOE financing guidelines in Latvia.

FS KKR Capital Corp.

A business development company (BDC) that the author had previously invested in and recommended, but is now deciding to exit the position due to concerns over non-accrual fears and the resulting deep discount in the stock price.

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What they’re saying

“FS KKR Capital Corp. (FSK) is one of my first business development companies, or BDCs, that I have covered here on the Seeking Alpha platform. Back in December 2023, I issued a bullish”

— Roberts Berzins, CFA Analyst (Seeking Alpha)

The takeaway

This article highlights the complexities and risks involved in investing in BDCs, even for experienced financial professionals like the author. It serves as a cautionary tale about the importance of ongoing due diligence and the potential for even seasoned investors to make mistakes or have regrets about certain investment decisions.