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FS KKR Capital (FSK) investor relations material
FS KKR Capital Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Net investment income for Q2 2025 was $173M ($0.62/share), down from $187M ($0.67/share) in Q1 2025, with adjusted NII at $0.60/share, both below prior guidance.
Net asset value per share declined to $21.93 from $23.37 sequentially, mainly due to company-specific issues impacting four portfolio companies.
Total net realized and unrealized losses were $1.36 per share, a significant increase from $0.24 in the prior quarter.
Declared and paid distributions of $0.70/share for Q2 and Q3 2025, with 2025 guidance at $2.80/share.
Portfolio included 218 companies across 23 industries, with $1.4B in new investment fundings in Q2.
Financial highlights
Total investment income for Q2 was $398M, down from $439M in the prior year quarter, with net expenses of $225M.
Net assets at June 30, 2025, were $6.1B, down from $6.6B at year-end 2024.
Net decrease in net assets from operations was ($0.75) per share in Q2 2025.
Weighted average annual yield on accruing debt investments was 10.8% as of June 30, 2025.
Non-accruals increased to 3.0% of portfolio fair value, up from 2.1% last quarter.
Outlook and guidance
Q3 2025 GAAP NII is expected to be ~$0.58 per share; adjusted NII ~$0.57 per share.
Management maintains a defensive investment approach and expects to continue regular quarterly distributions, subject to board discretion.
Distribution policy will be NII-led, with a steady base and potential supplemental tied to earnings.
Dividend yield on NAV per share was 12.8% and on market value was 13.7% as of August 1, 2025.
No material changes to risk factors or forward-looking statements since the last annual report.
How will FSK's 2026 dividend policy be reset?
Are more re-defaults expected from restructured assets?
Assess FSK's capacity for new investment growth
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Next FS KKR Capital earnings date
Q3 20256 Nov, 2025
Next FS KKR Capital earnings date
Q3 20256 Nov, 2025
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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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