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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.
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.
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