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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
FS KKR Capital
FS KKR Capital (FSK) investor relations material
FS KKR Capital Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 net investment income was $127M, or $0.46/share; adjusted NII was also $0.46/share.
NAV was $18.28/share at September 30, down from $18.30 at June 30; Q3 realized and unrealized losses totaled $54M.
Nine-month net assets from operations declined $402M, or $1.44/share; ending NAV was down from $20.89 at December 31, 2025.
Priorities included share repurchases, rotation toward first-lien senior secured positions, and addressing challenged and non-income-producing assets.
Financial highlights
Total investment income was $294M, up $4M QoQ and down from $373M YoY; net investment income was $127M versus $159M YoY.
Interest income was $206M, down $11M QoQ; dividend and fee income was $88M, up $15M, including a $25M non-recurring Belk dividend.
NII benefited by $12M from KKR’s incentive-fee waiver and $25M from Belk; Belk’s dividend added $0.08/share.
Net increase in assets from operations was $71M, or $0.26/share, applicable to common stockholders; total realized and unrealized losses were $54M.
Outlook and guidance
Q4 2026 GAAP NII is expected to annualize at 8%-9% of NAV/share; outlook includes an expected ~$17M JW Aluminum dividend and typically recognized annual excise tax.
Q4 NII excludes the non-recurring Q3 Belk dividend; portfolio activity and market risks could cause results to differ from guidance.
The annualized dividend objective remains 8%-9% of NAV/share; quarterly distributions may fluctuate with NII.
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Latest events from FS KKR Capital
- Strategic actions and disciplined lending drive portfolio resilience and shareholder value.FSK
Investor presentation - Net investment income rose to $0.44 per share as NAV declined and capital actions boosted liquidity.FSKQ2 2026
- Vote on director elections and capital flexibility proposals recommended by the board.FSKProxy filing
- NAV and NII fell in Q1 2026; major capital actions and credit facility changes announced.FSKQ1 2026
- Key votes include director elections and approval for flexible capital-raising measures.FSKProxy filing
- Shareholders are urged to vote on key issues at the upcoming meeting.FSKProxy filing
- Net investment income and NAV fell in 2025, but dividend coverage and liquidity remain strong.FSKQ4 2025
- Q3 2024 net investment income was $0.77 per share, with strong liquidity and a $0.70 Q4 distribution.FSKQ3 2024
- Net investment income rose to $0.77 per share, but NAV per share declined to $23.95.FSKQ2 2024
Next FS KKR Capital earnings date
Q4 202625 Feb, 2027
FS KKR Capital
Next FS KKR Capital earnings date
Q4 202625 Feb, 2027
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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.