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FS KKR Capital (FSK) investor relations material
FS KKR Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net investment income for Q3 2025 was $159 million ($0.57 per share), down from $173 million ($0.62 per share) in Q2, with net asset value per share increasing to $21.99 from $21.93.
Adjusted net investment income was $0.57 per share, in line with guidance.
A fourth quarter distribution of $0.70 per share was declared, with a base of $0.64 and a supplemental of $0.06 per share.
For 2026, total distribution is expected to yield approximately 10% on net asset value, with a base quarterly distribution of $0.45 per share and supplemental distributions as net investment income allows.
New investment fundings totaled approximately $1.1 billion, with net investment activity of $109 million, including $450 million in sales to a joint venture.
Financial highlights
Total investment income for Q3 was $373 million, down from $398 million in Q2, mainly due to lower base rates and repayments of higher-yielding investments.
Interest income was $285 million, a $13 million decrease quarter-over-quarter; dividend and fee income totaled $88 million, down $12 million.
Total expenses were $210 million, a $15 million decrease from Q2, primarily due to lower interest expense.
Net increase in net assets from operations was $214 million ($0.76 per share), rebounding from a loss of $209 million in Q2.
Adjusted net realized and unrealized gain was $0.21 per share, versus a loss of $1.34 per share previously.
Outlook and guidance
Q4 2025 GAAP net investment income is expected to be approximately $0.51 per share, with adjusted net investment income at $0.56 per share.
For Q1 2026, total distribution is expected to approximate $0.55 per share, equating to an annualized yield of about 10% on September 30, 2025 NAV.
Management expects to pay out 100% of GAAP net investment income on an annual basis, with possible one-time distributions if spillover income remains.
The 2026 distribution strategy targets a base of $0.45 per share plus variable supplemental amounts, aligning with long-term BDC industry yields.
The First Amendment to the Loan and Servicing Agreement for Callowhill Street Funding LLC updates administrative and operational responsibilities, supporting compliance and efficient facility management.
How will 2026 distribution yield be funded?
Drivers of portfolio yield decline?
Strategy for net investment sales, including JV.
Spillover income's impact on 2026 payout?
Nonaccrual trend post-PRG restructuring
Why aren't spreads widening with M&A uptick?
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Next FS KKR Capital earnings date
Q4 202527 Feb, 2026
Next FS KKR Capital earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
FS KKR Capital Corp is a business development company that provides customized credit solutions to middle-market companies across various industries. The company focuses on direct lending, offering senior secured loans, subordinated debt, and other credit instruments to support business growth, acquisitions, and recapitalizations. It is externally managed by FS/KKR Advisor, a partnership between FS Investments and KKR, which specializes in alternative asset management. The company is headquartered in Philadelphia, Pennsylvania, and its shares are listed on the NYSE.
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