FS KKR Capital (FSK) Company Report

For the fourth quarter ended December 31, 2025, FS KKR Capital reported Net Investment Income (NII) of $0.48 per share and Adjusted NII of $0.52 per share, both representing a decrease from the prior quarter.
The company's Net Asset Value (NAV) per share was $20.89 as of December 31, 2025, down from $21.99 as of September 30, 2025.
FS KKR Capital declared a distribution of $0.48 per share for the first quarter of 2026 and achieved an Adjusted NII / total dividend coverage ratio of 108% for Q4 2025.
New investment fundings in Q4 2025 totaled approximately $1.1 billion, with the portfolio's weighted average annual yield on accruing debt investments at 10.0% as of December 31, 2025.
As of December 31, 2025, the company had $3.8 billion of liquidity and a Net Debt-to-Equity ratio of 1.22x.

1 day ago

Presentation

FS KKR Capital Reports Q4 2025 Results, Citing NAV Decline and Increased Nonaccruals

FSK

Earnings

Guidance Update

Dividends

FS KKR Capital Corp. (FSK) reported GAAP net investment income of $0.48 per share for Q4 2025, which was below its public guidance of $0.51 per share.
The company's net asset value (NAV) per share declined by 5% to $20.89 as of December 31, 2025, from $21.99 at the end of Q3 2025. This decline was primarily driven by an $0.87 per share decrease due to downward pressure on certain investments and a $0.22 per share impact from distributions exceeding GAAP net investment income.
Nonaccrual assets increased to 5.5% of the portfolio on a cost basis and 3.4% on a fair value basis as of December 31, 2025, compared to 5% and 2.9%, respectively, at the end of Q3 2025.
The board declared a Q1 2026 total distribution of $0.48 per share, consisting of a $0.45 base distribution and a $0.03 supplemental distribution, representing a 100% payout of GAAP net investment income and a 9.2% yield on the ending Q4 NAV.
Management revised its 2026 dividend outlook from an initial expectation of approximately 10% of net asset value to a range of 9% of net asset value, attributing the change to higher nonaccrual assets.

1 day ago

Transcript

FS KKR Capital Reports Q4 2025 Results and Provides Q1 2026 Guidance

FSK

Earnings

Guidance Update

Dividends

FSK reported Q4 2025 GAAP net investment income of $0.48 per share and adjusted net investment income of $0.52 per share.
The company's net asset value (NAV) per share decreased by 5% to $20.89 as of December 31, 2025, primarily driven by a $0.87 per share decline from underperforming investments.
For Q1 2026, FSK expects GAAP net investment income of approximately $0.45 per share and declared a total first quarter distribution of $0.48 per share.
In 2025, FSK originated $5.6 billion of investments and increased its joint venture capital commitment to approximately $2.975 billion.
Management noted higher nonaccrual assets and revised the 2026 dividend expectation to approximately 9% of net asset value, down from a previous 10% estimate.

1 day ago

Transcript

FSK Reports Q4 2025 Earnings, Declares Q1 2026 Distribution, and Addresses Portfolio Underperformance

FSK

Earnings

Profit Warning

Dividends

FS KKR Capital reported net investment income of $0.48 per share and adjusted net investment income of $0.52 per share for the fourth quarter of 2025, while its net asset value per share declined by 5% to $20.89 as of December 31, 2025.
The company declared a Q1 2026 distribution of $0.48 per share, consisting of a base distribution of $0.45 and a supplemental distribution of $0.03, representing a 9.2% yield on its ending Q4 net asset value.
The decline in net asset value was primarily attributed to downward pressure on certain investments, with approximately 50% of net realized and unrealized losses in Q4 2025 stemming from Production Resource Group, Medallia, Peraton, and CubicCorp.
Nonaccrual assets increased to 5.5% of the portfolio on a cost basis and 3.4% on a fair value basis as of December 31, 2025, up from 5% and 2.9% respectively at the end of Q3 2025.
For Q1 2026, FSK expects GAAP net investment income to approximate $0.45 per share and adjusted net investment income to approximate $0.44 per share.

1 day ago

Transcript

FS KKR Capital Corp. Announces Fourth Quarter and Full Year 2025 Results

FSK

Earnings

Dividends

Guidance Update

FS KKR Capital Corp. (FSK) reported an Earnings (Loss) per Share of ($0.41) for the quarter ended December 31, 2025, and a net asset value of $20.89 per share as of that date.
The company declared a first quarter 2026 distribution of $0.48 per share, consisting of a $0.45 base and a $0.03 supplemental distribution, payable on or about April 2, 2026.
As of December 31, 2025, the net debt to equity ratio was 122%, and investments on non-accrual status represented 3.4% of the total investment portfolio at fair value.
CEO Michael C. Forman noted challenges with a few investments impacting results in the second and fourth quarters of 2025, with plans to stabilize these investments and focus on high-quality new originations in 2026.

2 days ago

8-K

FS KKR Capital Corp. Announces Q4 and Full Year 2025 Results, Declares Q1 2026 Distribution

FSK

Earnings

Dividends

Demand Weakening

FS KKR Capital Corp. (FSK) reported a net investment income of $0.48 per share for Q4 2025, a decrease from $0.57 per share in Q3 2025, and a net loss of $0.41 per share for Q4 2025, compared to earnings of $0.76 per share in Q3 2025.
For the full year ended December 31, 2025, FSK's net investment income was $2.34 per share, down from $2.90 per share in 2024.
The company's net asset value (NAV) per share was $20.89 as of December 31, 2025, declining from $21.99 as of September 30, 2025, and $23.64 as of December 31, 2024.
FSK declared a first quarter 2026 distribution of $0.48 per share, comprising a base distribution of $0.45 per share and a supplemental distribution of $0.03 per share.
The net debt to equity ratio increased to 122% as of December 31, 2025, from 116% as of September 30, 2025, and investments on non-accrual status rose to 3.4% of the total investment portfolio at fair value.

2 days ago

Press Release

FS KKR Capital Reports Weaker Annual Results and Dividend Cut

FSK

Earnings

Dividends

Demand Weakening

FS KKR Capital Corp. (FSK) filed its annual 10-K, reporting weaker results including total investment income of $1,519 million and net investment income of $654 million ($2.34 per share). The company also recorded a net realized loss of $376 million and net unrealized depreciation of $248 million.
The company announced a significant cut to its quarterly cash distribution by approximately 30%, with the recently declared dividend set at $0.45 per share plus a $0.03 supplemental distribution, totaling $0.48. This pushes the stock's forward yield to about 13.51%.
FSK's fourth-quarter net investment income (NII) of $0.52 per share missed expectations, and portfolio stress is evident with non-accruals approaching 3.4% (roughly $440 million).
Financial metrics indicate stress, including a debt-to-equity ratio of about 1.19, a three-year revenue decline of roughly 31.2%, and year-over-year earnings growth down about 48.4%.

2 days ago

Bloomberg

FSK Announces Q3 2025 Results and Updates 2026 Distribution Strategy

FSK

Earnings

Dividends

Guidance Update

FSK reported Net Investment Income (NII) and Adjusted Net Investment Income (Adjusted NII) of $0.57 per share for the third quarter ended September 30, 2025.
The company's Net Asset Value (NAV) per share increased to $21.99 as of September 30, 2025, up from $21.93 as of June 30, 2025.
FSK paid a total distribution of $0.70 per share for Q3 2025 and declared the same for Q4 2025. However, for Q1 2026, the total distribution is expected to approximate $0.55 per share, consisting of a $0.45 per share base distribution and a variable supplemental distribution.
New investment fundings in Q3 2025 were approximately $1.1 billion, contributing to $109 million in net investment activity.
As of September 30, 2025, FSK's Net Debt-to-Equity ratio was 1.16x, and the company maintained $3.7 billion in liquidity.

Nov 6, 2025, 2:00 PM

Presentation

FSK Reports Q3 2025 Results and Announces 2026 Dividend Strategy

FSK

Earnings

Guidance Update

Dividends

FSK generated net investment income and adjusted net investment income of $0.57 per share for Q3 2025, with its net asset value increasing to $2,199 as of the end of the quarter. The board declared a Q4 2025 distribution totaling $0.70 per share, consisting of a $0.64 base and a $0.06 supplemental.
For 2026, FSK expects its total distribution to equate to an annualized yield of approximately 10% on its net asset value, with a quarterly base distribution anticipated to be approximately $0.45 per share. The company aims to pay 100% of its GAAP net investment income annually.
During Q3 2025, FSK originated approximately $1.1 billion of new investments, leading to a net portfolio increase of $109 million. As of quarter-end, non-accruals represented 5% of the portfolio on a cost basis and 2.9% on a fair value basis.

Nov 6, 2025, 2:00 PM

Transcript

FS KKR Capital Corp. Announces Third Quarter 2025 Results

FSK

Earnings

Dividends

Guidance Update

FS KKR Capital Corp. reported net investment income of $0.57 per share and adjusted net investment income of $0.57 per share for the quarter ended September 30, 2025.
The company's net asset value increased to $21.99 per share as of September 30, 2025, compared to $21.93 per share as of June 30, 2025.
FSK's board of directors declared a fourth quarter 2025 distribution of $0.70 per share, payable on or about December 17, 2025.
The net debt to equity ratio was 116% as of September 30, 2025, an improvement from 120% as of June 30, 2025.

Nov 5, 2025, 9:22 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for FS KKR Capital.

Q4 2025

Feb 26, 2026

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Q3 2025

Nov 6, 2025

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Q2 2025

Aug 7, 2025

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FS KKR Capital (FSK)

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