FS KKR Capital Corp.
- Open
- 12.30
- Day high
- 12.52
- Day low
- 12.29
- Prev close
- 12.26
- Volume
- 1.7M
- Mkt cap
- $3.4B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.7
- P/S
- 3.6
- Yield
- 18.53%
- Per share
- $2.30
- ▲Insiders net buying $13K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions reducing (13F)
FS KKR Capital Corp. (FSK) is a Financial Services company listed on NYSE. The stock is down 31% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4). Drillr has 1 published research article covering FSK.
FS KKR Capital Corp. (FSK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FSK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.42 | $0.43 | +3.0% | $290M | +1.1% |
| May 11, 2026 | $0.44 | $0.41 | -6.8% | $304M | -4.0% |
| Feb 26, 2026 | $0.55 | $0.52 | -5.5% | $348M | -3.8% |
| Nov 5, 2025 | $0.57 | $0.57 | +0.0% | $344M | -4.9% |
| Aug 6, 2025 | $0.63 | $-0.60 | -195.2% | $260M | -35.3% |
| Feb 26, 2025 | $0.67 | $0.66 | -1.5% | $295M | -29.8% |
| Feb 26, 2024 | $0.76 | $0.75 | -1.3% | $129M | -71.5% |
| May 5, 2023 | $0.74 | $0.78 | +5.4% | $401M | -9.6% |
| Feb 27, 2023 | $0.75 | $0.81 | +8.0% | $1.1B | +147.7% |
| Feb 28, 2022 | $0.62 | $0.65 | +4.8% | $364M | +5.2% |
| Mar 1, 2021 | $0.69 | $0.72 | +4.3% | $76M | — |
| May 6, 2020 | $0.84 | $0.76 | -9.5% | $179M | -8.4% |
FSK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 12, 2026 | KROPP JAMES Hdirector | Buy | 1,100 | $12.07 |
| Mar 2, 2026 | Pietrzak Danieldirector, officer: President and CIO | Buy | 5,000 | $11.25 |
| Dec 9, 2025 | Hopkins Jerel Adirector | Buy | 450 | $15.49 |
| Nov 12, 2025 | Forman Michael C.director, officer: Chief Executive Officer | Buy | 10,000 | $15.50 |
| Nov 10, 2025 | Pietrzak Danieldirector, officer: President and CIO | Buy | 10,000 | $15.15 |
| Sep 5, 2025 | Hopkins Jerel Adirector | Buy | 330 | $18.13 |
| Aug 20, 2025 | Adams Barbaradirector | Buy | 3,750 | $17.52 |
| Jun 2, 2025 | Hopkins Jerel Adirector | Buy | 700 | $21.23 |
| Jan 3, 2025 | Forman Michael C.director, officer: Chief Executive Officer | Sell | 10,088 | — |
| Dec 10, 2024 | Hopkins Jerel Adirector | Buy | 500 | $21.46 |
| Dec 6, 2024 | Pietrzak Danieldirector, officer: Co-President and CIO | Buy | 5,000 | $21.31 |
| Dec 5, 2024 | Sandler Elizabethdirector | Buy | 1,000 | $21.23 |
| Dec 4, 2024 | Gerson Brianofficer: Co-President | Buy | 5,000 | $22.08 |
| Nov 26, 2024 | IMASOGIE OSAGIE Odirector | Sell | 40,885 | $22.01 |
| Aug 19, 2024 | Forman Michael C.director, officer: Chief Executive Officer | Sell | 180,704 | $19.56 |
Source: FSK SEC Form 4 filings, latest Aug 12, 2026. For informational purposes only — not investment advice.
See the full FSK insider & 13F page →FS KKR Capital Corp. company profile
Overview
FS KKR Capital Corp. (NYSE:FSK) is a business development company that was established in 2014 through the combination of FS Investment Corporation and KKR Financial Holdings LLC. The company operates as a specialty finance firm focused on providing debt capital to middle-market companies across the United States. As a publicly traded business development company, FSK is required to distribute at least 90% of its taxable income to shareholders and benefits from pass-through tax treatment. The company manages a portfolio valued at approximately $14.1 billion across more than 200 portfolio companies, positioning it as one of the larger players in the business development company sector.
Business
FS KKR Capital operates in the private credit and direct lending industry, which serves as an alternative to traditional bank lending for middle-market companies. The company functions as a business development company (BDC), a specialized investment vehicle regulated under the Investment Company Act of 1940 that provides capital to small and medium-sized businesses. The company's core business involves originating and investing in debt securities, primarily targeting private middle-market U.S. companies with annual revenues between $10 million and $2.5 billion. FSK focuses particularly on upper middle-market companies with EBITDA (earnings before interest, taxes, depreciation, and amortization) of $50 million to $100 million at the time of investment. The median portfolio company has EBITDA of approximately $120 million. FSK's investment portfolio consists of several key components: 1. First Lien Senior Secured Loans (58% of portfolio): These are the highest priority debt instruments that have first claim on company assets in case of default, offering the lowest risk profile within the debt spectrum. 2. Second Lien and Subordinated Debt: Lower priority loans that typically offer higher yields to compensate for increased risk. 3. Asset-Based Finance (approximately 12-15% target allocation): Specialized lending secured by specific assets such as equipment, inventory, or receivables, often serving companies that traditional banks find difficult to underwrite. 4. Joint Venture Investments (11.8% of portfolio): Collaborative investments made alongside other institutional partners, allowing for larger deal participation and risk sharing. The company also occasionally receives equity interests such as warrants or options as additional consideration alongside debt investments, and may make minority equity investments in conjunction with debt financing or through co-investments with financial sponsors.
Revenue model
FS KKR Capital generates revenue primarily through interest income from its debt investments, with a weighted average yield of approximately 10.8% on accruing debt investments as of Q1 2025. The company's paying customers are middle-market companies seeking flexible debt financing solutions that traditional banks may not provide due to size, complexity, or risk profile considerations. The business model operates on several revenue streams: 1. Interest Income: The primary revenue source, generated from floating-rate loans that typically carry spreads of 475-500 basis points over base rates, providing some protection against interest rate fluctuations. 2. Fee Income: Upfront origination fees, amendment fees, and other transaction-related charges that supplement interest income. 3. Equity Appreciation: Potential gains from warrant positions and equity co-investments, though this represents a smaller portion of total returns. Several factors significantly impact FSK's margins and profitability. Interest rate environment plays a crucial role, as rising rates generally benefit the company's floating-rate loan portfolio, while falling rates compress yields. The company has experienced yield compression from 12.2% in 2023 to 10.8% in Q1 2025 as interest rates declined. Credit spreads and market competition also affect pricing power, with increased competition from other direct lenders and traditional banks potentially compressing spreads on new originations. Credit quality and default rates directly impact returns, with the company maintaining non-accrual investments at 3.5% of cost basis as of Q1 2025. Deal flow and market activity influence deployment opportunities, with M&A activity driving demand for financing. The company benefits from its relationship with KKR, one of the world's largest private equity firms, which provides proprietary deal flow and co-investment opportunities. Funding costs represent a significant expense, with the company utilizing various debt facilities and securitization vehicles to finance its investments at favorable rates.
Risks & safety
FSK demonstrates moderate financial safety with adequate liquidity but meaningful leverage exposure typical of the BDC sector. • Liquidity Position: Strong with $472 million in cash and $4.7 billion total available liquidity, providing substantial flexibility for new investments and operations • Leverage: Debt-to-equity ratio of 1.22x, within the company's target range of 1.0-1.25x but representing meaningful financial leverage • Solvency Risk: Low near-term risk given strong liquidity position and asset coverage ratios, though subject to credit cycle risks • Valuation Metrics: Trading at 0.90x book value, P/E of 12.2x, suggesting reasonable valuation relative to earnings • Asset Quality: Non-accruals at 3.5% of cost basis (2.1% fair value basis) indicate manageable credit issues • Interest Coverage: Portfolio companies maintain 1.7x average interest coverage, providing some cushion but requiring monitoring in economic stress • Regulatory Capital: Maintains required asset coverage ratios as a BDC with some buffer above minimums
Recent development
Over the past few years, FSK has executed several strategic initiatives to strengthen its market position and improve portfolio quality. The company has significantly improved credit quality, reducing non-accrual investments by 58% from 2023 to 2024 through proactive portfolio management, restructurings, and selective asset sales. This effort included rotating out of legacy investments and focusing on higher-quality, larger borrowers with stronger defensive characteristics. FSK has expanded its asset-based finance platform, targeting 10-15% portfolio allocation in this specialized lending segment that offers attractive risk-adjusted returns and diversification benefits. This initiative capitalizes on regional bank pullbacks from certain lending markets and the company's specialized underwriting capabilities. The company has strengthened its funding profile through several capital markets transactions, including closing a second middle market CLO that raised $380 million and amending its Morgan Stanley funding facility with improved terms (spread reduction from 2.7% to 1.95% and extended maturity to November 2028). These improvements lower funding costs and extend maturity profiles. Distribution strategy evolution has been another key development, with the company maintaining a $0.64 quarterly base distribution while utilizing substantial spillover income (equivalent to 2.3 quarters of distributions as of Q4 2024) to provide flexibility during potential earnings volatility. The company has consistently delivered total annual distributions of $2.80-$2.95 per share, representing yields of 11-12% on net asset value. FSK has also enhanced its origination capabilities beyond the KKR relationship, developing diversified sourcing channels including non-sponsor transactions and direct company relationships, reducing dependence on any single source of deal flow while maintaining the strategic advantages of the KKR partnership.
FSK company profile · for informational purposes only — not investment advice.
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