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FS KKR Capital Corp.

NYSE•FSK
CEO: Mr. Michael Craig Forman J.D.
Sector: Financial Services
Industry: Asset Management
Listing Date: 2014-04-16
FS KKR Capital Corp. is a business development company specializing in investments in debt securities. It provides customized credit solutions to private middle market U.S. companies. It invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market U.S. companies. It seeks to purchase interests in loans through secondary market transactions or directly from the target companies as primary market investments. It also seeks to invest in first lien senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans, or mezzanine loans. In connection with the debt investments, the firm also receives equity interests such as warrants or options as additional consideration. It also seek to purchase minority interests in the form of common or preferred equity in our target companies, either in conjunction with one of the debt investments or through a co-investment with a financial sponsor. Additionally, on an opportunistic basis, the fund may also invest in corporate bonds and similar debt securities. The fund does not seek to invest in start-up companies, turnaround situations, or companies with speculative business plans. It seeks to invest in small and middle-market companies based in United States. The fund seeks to invest in firms with annual revenue between $10 million to $2.5 billion. It focus on providing customized one-stop credit solutions to private upper middle market companies with annual EBITDA of $50 million to $100 million at the time of investment. It seeks to exit from securities by selling them in a privately negotiated over- the- counter market. For any investments that are not able to be sold within the secondary market, the firm seeks to exit such investments through repayment, an initial public offering of equity securities, merger, sale or recapitalization.
Contact Information
201 Rouse Boulevard, Philadelphia, PA, 19112, United States
215-220-6651
www.fskkradvisor.com
Market Cap
$2.79B
P/E (TTM)
253.8
0
Dividend Yield
25.9%
52W High
$22.68
52W Low
$9.72
52W Range
2%
Rank44Top 53.8%
3.7
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.7 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$209.00M+0.00%
4-Quarter Trend

EPS

-$0.41+0.00%
4-Quarter Trend

FCF

$195.00M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Net Investment Income Decline Net investment income was $654M in 2025, down from $813M in 2024, driven by lower yields and asset placement.
Portfolio Fair Value Shrinkage Total investments fair value ended at $13.01B as of December 31, 2025, reflecting portfolio activity and unrealized depreciation.
Direct Originations Strategy Direct Originations comprise 97.1% of total portfolio fair value, emphasizing negotiated deal flow consistent with investment focus.
Debt Yield Compression Weighted average yield on all debt investments fell to 9.3% in 2025, compared to 10.7% reported in the prior year.

Risk Factors

Rising Non-Accrual Rate Non-accrual investments increased to 3.4% of fair value in 2025, up from 2.2% last year, signaling potential credit stress.
Net Asset Decline Net assets decreased by $773M during 2025, resulting in only $11M net increase from operations for the entire year.
Variable Rate Exposure High 60.9% of portfolio is variable rate debt, making interest income sensitive to benchmark rate changes and interest rate floors.
Level 3 Valuation Uncertainty 67% of investments are Level 3, relying heavily on unobservable inputs and management judgment for fair value determination.

Outlook

Advisory Agreement Continuity Advisory Agreement re-approved for one year term on April 17, 2025, ensuring continuity of investment management expertise.
Leverage Headroom Maintained Asset coverage ratio stands at 177% as of year-end 2025, maintaining sufficient headroom above the 150% minimum requirement.
Future Equity Sales Authority Authority remains to sell common stock below net asset value until August 15, 2026, subject to Board determination.
COPJV Ownership Adjustment February 2026 transaction adjusted COPJV ownership, reducing FSK's stake to 78.9% while SCRS increased its commitment.

Peer Comparison

Revenue (TTM)

ARCC stock ticker logoARCC
$2.32B
-1.5%
FSK stock ticker logoFSK
$736.00M
-33.7%
MAIN stock ticker logoMAIN
$734.76M
+1.4%

Gross Margin (Latest Quarter)

TCPC stock ticker logoTCPC
425.9%
+6.1pp
TPVG stock ticker logoTPVG
122.7%
-6.6pp
CGBD stock ticker logoCGBD
106.8%
-2.4pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ARCC$12.90B9.79.2%51.2%
MAIN$4.96B10.016.9%43.0%
GBDC$3.25B9.98.3%54.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-4.8%
Flat Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
50%
Cash Flow Needs Attention

Deep Research

Next earnings:May 5, 2026
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EPS:-
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Financials
Earnings Calls
Reports
News
Income Statement
Balance Sheet
Cash Flow Statement
Ratios
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Income Statement
LTM
No Data