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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
FS KKR Capital
FS KKR Capital (FSK) investor relations material
FS KKR Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Net investment income for Q4 2025 was $135 million ($0.48 per share), down from $159 million ($0.57 per share) in Q3 2025; full-year 2025 net investment income was $2.34 per share, down from $2.90 in 2024.
Net asset value per share declined to $20.89 at year-end 2025 from $21.99 at the end of Q3 2025 and $23.64 at year-end 2024.
Achieved $2.80 per share in total distributions for 2025, supported by increased spillover income.
Optimized capital structure with $400 million in new unsecured notes, a $400 million lending facility, two new CLOs, and improved revolver terms.
Portfolio comprised 232 companies across 23 industries, with top 10 holdings representing 19% of fair value.
Financial highlights
Adjusted net investment income for Q4 2025 was $0.52 per share, down from $0.57 in Q3 2025.
Total investment income for Q4 2025 was $348 million, down from $373 million in Q3.
Net realized and unrealized losses per share were ($0.89) in Q4 2025, compared to $0.19 in Q3 2025.
Q4 distribution was $0.70 per share; Q1 2026 distribution set at $0.48 per share (base $0.45, supplemental $0.03).
Available liquidity at quarter-end was $3.8 billion.
Outlook and guidance
2026 dividend yield expected to be around 9% of NAV, down from prior 10% estimate due to higher nonaccruals.
Management aims to stabilize challenged investments in 2026 and focus on high-quality new originations, primarily in first lien senior secured structures.
Q1 2026 GAAP net investment income guidance is $0.45 per share; adjusted NII $0.44 per share.
Recurring interest income expected at $226 million, with $60 million from JV dividends.
Dividend yield on NAV per share was 9.2% and on market value was 14.8% as of February 20, 2026.
What is the plan to stabilize challenged investments
How will NII cover future distributions?
How will portfolio diversification be achieved
Nonaccrual assets: 2026 reduction strategy
Share repurchases: current considerations
Portfolio risk: healthcare roll-ups and AI
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Next FS KKR Capital earnings date
Q1 20267 May, 2026
FS KKR Capital
Next FS KKR Capital earnings date
Q1 20267 May, 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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