William Goebel
About William Goebel
William Goebel, age 50, is Chief Accounting Officer of FS KKR Capital Corp. (FSK) since October 2019; he previously served as FSK’s Chief Financial Officer from July 2011 to September 2014 and again from September 2016 to October 2019, and as Treasurer from April 2018 to June 2020 . He is a Managing Director at FS Investments and continues to serve as CFO of other FS-sponsored funds; he also serves as Chief Accounting Officer of K-FIT and K-FITS since each entity’s inception . Goebel holds a B.S. in Economics from the Wharton School (1997), is a Certified Public Accountant, and holds the CFA designation; he worked in Ernst & Young’s asset management practice (2003–Jan 2011) auditing RICs, investment partnerships, advisers and broker-dealers, and began his career at Tait, Weller & Baker LLP in 1997 . FSK’s executive officers are employees of the external Advisor and do not receive direct compensation from the Company; Advisor fees include a base management fee on assets and a quarterly incentive fee based on pre-incentive fee net investment income with a hurdle rate, shaping the firm’s performance economics rather than executive-specific TSR, revenue or EBITDA metrics disclosed at the Company level .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FS KKR Capital Corp. (FSK) | Chief Accounting Officer | Oct 2019–present | Not disclosed in proxy |
| FS KKR Capital Corp. (FSK) | Treasurer | Apr 2018–Jun 2020 | Not disclosed in proxy |
| FS KKR Capital Corp. (FSK) | Chief Financial Officer | Jul 2011–Sep 2014; Sep 2016–Oct 2019 | Not disclosed in proxy |
| FS Investments | Managing Director | Current (years not disclosed) | Not disclosed in proxy |
| K-FIT and K-FITS | Chief Accounting Officer | Since inception | Not disclosed in proxy |
| Other FS-sponsored funds | Chief Financial Officer | Current (years not disclosed) | Not disclosed in proxy |
| Ernst & Young LLP | Senior Manager, Asset Management Practice | 2003–Jan 2011 | Led audits of RICs, partnerships, advisers, broker-dealers |
| Tait, Weller & Baker LLP | Public accounting (role not specified) | Began career in 1997 | Not disclosed in proxy |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FS Investments | Managing Director | Current (years not disclosed) | Not disclosed in proxy |
| FS-sponsored funds | Chief Financial Officer | Current (years not disclosed) | Not disclosed in proxy |
Fixed Compensation
- FSK’s executive officers, including Goebel, do not receive direct compensation from the Company; as an externally managed BDC, services are provided by employees of the Advisor, and FSK reimburses the Advisor for the Company’s allocable portion of expenses under the Investment Advisory and Administration Agreements .
- The Compensation Committee is responsible for reviewing the Company’s reimbursement to the Advisor of the allocable portion of the cost of executive officers annually; it held one meeting in FY 2024 .
- FSK did not grant stock options or similar option-like instruments during fiscal year 2024 (Item 402(x) none) .
Performance Compensation
Executive-specific performance metrics and payouts are not disclosed by the Company (executives are paid by the Advisor) . The Advisor’s fee structure drives firm-level economics and operational incentives:
| Term | Details |
|---|---|
| Base management fee | 1.50% of average weekly gross assets excluding cash and equivalents; payable quarterly in arrears |
| Reduced base fee on leverage >1.0x debt-to-equity | Permanently waived to 1.0% on assets financed using leverage over 1.0x, effective June 15, 2019 |
| Incentive fee on income | 17.5% of pre-incentive fee net investment income, payable quarterly in arrears |
| Quarterly hurdle rate | 1.75% of net assets per quarter (7.0% annualized) |
| Catch-up threshold | Catch-up until pre-incentive fee NII equals 2.12% of net assets per quarter (8.48% annualized), then 17.5% thereafter |
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Shares Beneficially Owned (Mar 31, 2025) | 4,458 |
| Ownership % of Shares Outstanding | <1% (asterisk indicates less than one percent) |
| Options exercisable within 60 days (Company-wide) | None; no shares subject to options currently exercisable or within 60 days as of Mar 31, 2025 |
| Pledging/Margin use | Prohibited under Insider Trading Policy (holding in margin accounts or pledging securities requires advance approval; policy prohibits short sales, derivatives, and hedging/monetization transactions without prior approval) |
| Trading windows & preclearance | Trades only in designated windows and must be precleared; Rule 10b5-1 plans permitted if pre-approved |
Employment Terms
| Term | Details |
|---|---|
| Employment relationship | Executive officers are employees of the external Advisor; FSK has no employees |
| Direct pay from FSK | None; FSK reimburses Advisor for allocable costs under agreements |
| Compensation Committee role | Reviews annual reimbursement to Advisor for executive officer costs; authority to engage compensation consultants; 1 meeting in FY 2024 |
| Severance provisions | Not disclosed in Company filings (executive employment handled by Advisor) |
| Change-of-control economics | Not disclosed in Company filings |
| Clawback provisions (comp) | Not disclosed; Company discloses Insider Trading Policy and governance policies |
| Advisor indemnification | Advisor and affiliates entitled to indemnification for liabilities arising from duties, except for willful misfeasance, bad faith, gross negligence, or reckless disregard |
Investment Implications
- Transparency: As an externally managed BDC, FSK does not disclose executive-specific compensation (salary, bonus, equity awards), complicating pay-for-performance assessment at the Company level; Compensation Committee focuses on reimbursement rather than executive pay-setting .
- Alignment: Goebel’s direct ownership is modest at 4,458 shares (<1%), limiting equity alignment; however, hedging, pledging, short sales, and margin usage are restricted, reducing misalignment and potential selling pressure, with trades limited to windows and preclearance and 10b5-1 plans allowed .
- Options risk: No options granted in FY 2024 and no options currently exercisable within 60 days as of Mar 31, 2025 reduces risk of option-related selling or repricing red flags .
- Incentives: Advisor economics are tied to asset levels and pre-incentive fee net investment income above a hurdle (1.75% quarterly), which may emphasize income generation over equity TSR alignment; executive compensation specifics at the Advisor are not disclosed by FSK .
- Continuity: Goebel’s long tenure across CFO, Treasurer, and CAO roles since 2011 signals continuity in accounting leadership; Section 16 filings were timely in FY 2024, indicating compliance rigor .