FSK vs GECC: Which BDC is the Better Dividend Buy?
A side-by-side comparison of FS KKR Capital Corp. II (FSK) and Great Elm Capital Corp. (GECC) — dividend yield, NAV premium/discount, market cap, and price-to-NAV valuation.
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As of 09/04/2026: FSK 18.5% yield vs GECC 21.5% — NAV 1.1% vs -50.4%, leverage 1.18x vs 1.28x. Side-by-side table below.
FSK vs GECC: Key Metrics Head-to-Head
| Metric | FSK | GECC | Edge |
|---|---|---|---|
| Dividend Yield | 18.49% | 21.5% | GECC |
| Premium / Discount to NAV | 1.14% | -50.41% | FSK |
| Market Capitalization | $2.6B | $0.08B | FSK |
| Trailing Stock Price | $12.44 | $6 | — |
| Net Asset Value (NAV) | $12.3 | $12.1 | — |
| Price vs NAV (Valuation) | Premium | Discount | FSK |
| Dividend Frequency | Quarterly | Quarterly | — |
| Leverage Ratio | 1.18x | 1.28x | FSK |
About FSK — FS KKR Capital Corp. II
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.
About GECC — Great Elm Capital Corp.
Great Elm Capital Corp. is an externally managed BDC focused on investing in senior secured and mezzanine debt of middle-market companies. GECC seeks to generate current income with a portfolio that includes senior secured loans, mezzanine instruments, and selected unsecured debt positions. The BDC is externally managed by Great Elm Capital Management and targets borrowers with EBITDA between $3 million and $25 million.
How to Choose Between FSK and GECC
When comparing two Business Development Companies, the right choice depends on your income objective:
- Dividend yield matters most for immediate income — the higher yielder wins on cash flow, but make sure it's covered by investment income.
- NAV premium/discount matters for valuation — a discount to NAV implies you're buying assets below their accounting value, a premium implies the market expects above-average growth.
- Market cap reflects liquidity and scale — larger BDCs typically have lower borrowing costs and better portfolio diversification.
- Leverage cuts both ways — it amplifies dividend yield but increases sensitivity to credit defaults and interest rate moves.
Both FSK and GECC are Regulated Investment Company (RIC)-structured BDCs required to distribute at least 90% of taxable income to shareholders, which is what produces their above-average dividend yields. Use the comparison table above as a starting point, then read each full profile before making an investment decision.
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Not Investment Advice: This comparison is for educational and informational purposes only. Nothing here constitutes a recommendation, solicitation, or investment advice to buy or sell any security. Past performance does not guarantee future results. Always conduct your own due diligence and consult a licensed financial advisor. Read our full Editorial Policy and Terms of Service.