FS Investment Corporation Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by FS Investment Corporation (referred to in the metadata as FS KKR Capital Corp) on November 14, 2011, covering events that occurred on November 8, 2011. The Company is a Maryland corporation focused on investing in mortgage-backed securities and other fixed-income assets.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. The only specific financial data disclosed relates to shareholder distributions:
- Distribution Declaration: Two regular semi-monthly cash distributions of $0.033594 per share each.
- Payment Date: November 30, 2011.
- Record Dates: November 15, 2011 (first distribution) and November 29, 2011 (second distribution).
Material Changes
The filing reports two material changes to the Company's operations and governance:
- Distribution Reinvestment Plan (DRP) Amendment: The Company amended its DRP to increase the discount on reinvested shares. Under the new plan, effective for distributions paid on or after January 1, 2012, shares will be purchased at 90% of the public offering price, down from the previous 95% discount.
- Board Appointment: Governor Thomas J. Ridge was appointed to the Board of Directors, increasing the total number of directors to ten (six independent).
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, revenue outlook, or discussion of risks and contingencies beyond the standard incorporation of the amended DRP text. Management commentary is limited to the announcement of the distribution and the new board member's biographical details.
Key Facts for Investor Verification
- Verify the exact payment date of November 30, 2011, for the declared distributions of $0.033594 per share.
- Confirm the effective date of the new DRP discount (90% of public offering price) applies to distributions paid on or after January 1, 2012.
- Review the full text of the Amended and Restated Distribution Reinvestment Plan (Exhibit 4.1) for any other terms not summarized in the filing.
- Note that the filing does not contain updated financial performance data (revenue, net income, or balance sheet items) for the period.