FS KKR Capital
FSKNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $11.97 Prior regular-session close from the quote source.
- $11.82–$12.00 Regular-session low and high so far today.
- 1.8M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Jan 20 projected Projected for 2027-01-20 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $9.72–$16.31 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FSK if FSK is a credit-quality and capital-recycling bet: FS/KKR sourcing can generate high cash investment income, but shareholder value depends on credit marks not consuming the spread.
FSK price history
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Investment thesis
What must happen next
Middle-market borrowers and sponsors continue choosing FSK’s private-credit capital for certainty, scale, and flexibility, allowing the portfolio to be redeployed into income-producing assets as loans repay.HoldingMateriality: High
GAAP annual gross investment income was still substantial at $1.519 billion in FY2025. If FSK cannot source attractive new loans, gross investment income falls even before credit losses show up.
Watch: Large private-credit competitors such as Ares, Blackstone Credit, and Blue Owl underprice comparable sponsor loans, compressing spreads before FSK can redeploy capital.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross investment income was still substantial at $1.519 billion in FY2025.
Open source ↗FSK’s underwriting and portfolio construction must keep borrower stress from turning high stated yields into permanent NAV erosion.WeakeningMateriality: High
GAAP stockholders' equity remained $5.849 billion at FY2025, indicating FSK still had a sizable capital base. For a credit BDC, a high income yield is valuable only if credit losses do not consume book value and future earning assets.
Watch: A wave of non-accruals among sponsor-backed middle-market borrowers would show underwriting stress before NAV fully reflects it.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP stockholders' equity remained $5.849 billion at FY2025, indicating FSK still had a sizable capital base.
Open source ↗Portfolio income must remain predominantly cash-pay rather than accounting or PIK income, because FSK’s dividend capacity and reinvestment flexibility depend on actual borrower cash collections.HoldingMateriality: Medium
GAAP annual operating cash flow was positive at $592 million in FY2025. If reported income stops converting to cash, the dividend and balance-sheet flexibility become vulnerable even if stated yields look attractive.
Watch: Borrowers increasingly negotiate PIK toggles, payment deferrals, or amend-and-extend terms that reduce cash interest collections.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive at $592 million in FY2025.
Open source ↗FSK must maintain leverage and liquidity through the credit cycle so it can fund commitments and avoid selling loans into weak markets.HoldingMateriality: Medium
GAAP liabilities declined from $9.112 billion at FY2022 to $7.880 billion at FY2025. Funding stress can turn a manageable credit cycle into permanent shareholder dilution or realized losses.
Watch: Credit facility lenders reduce advance rates or tighten covenants, limiting FSK’s ability to hold assets through stress.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP liabilities declined from $9.112 billion at FY2022 to $7.880 billion at FY2025.
Open source ↗
Full investment case & evidence
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Original research
Middle-market borrowers and sponsors continue choosing FSK’s private-credit capital for certainty, scale, and flexibility, allowing the portfolio to be redeployed into income-producing assets as loans repay. If FSK cannot source attractive new loans, gross investment income falls even before credit losses show up.
FSK’s underwriting and portfolio construction must keep borrower stress from turning high stated yields into permanent NAV erosion. For a credit BDC, a high income yield is valuable only if credit losses do not consume book value and future earning assets.
Portfolio income must remain predominantly cash-pay rather than accounting or PIK income, because FSK’s dividend capacity and reinvestment flexibility depend on actual borrower cash collections. If reported income stops converting to cash, the dividend and balance-sheet flexibility become vulnerable even if stated yields look attractive.
FSK must maintain leverage and liquidity through the credit cycle so it can fund commitments and avoid selling loans into weak markets. Funding stress can turn a manageable credit cycle into permanent shareholder dilution or realized losses.
All standing thesis claims
Original report summary
FSK is a credit-quality and capital-recycling bet: FS/KKR sourcing can generate high cash investment income, but shareholder value depends on credit marks not consuming the spread.
Bull case and bear case
Bull case and bear case for FS KKR Capital
Where the evidence on FS KKR Capital disagrees: Mixed on the latest evidence (Oct 15, 2026). Of its 4 thesis points, 3 holding and 1 weakening.
Bull case: what the evidence supports
Middle-market borrowers and sponsors continue choosing FSK’s private-credit capital for certainty, scale, and flexibility, allowing the portfolio to be redeployed into income-producing assets as loans repay.
Portfolio income must remain predominantly cash-pay rather than accounting or PIK income, because FSK’s dividend capacity and reinvestment flexibility depend on actual borrower cash collections.
FSK must maintain leverage and liquidity through the credit cycle so it can fund commitments and avoid selling loans into weak markets.
Bear case: what the evidence questions
FSK’s underwriting and portfolio construction must keep borrower stress from turning high stated yields into permanent NAV erosion.
Thesis-Break Engine
Thesis-break watch · FS KKR Capital
No break has crossed FS KKR Capital’s thesis. Its break conditions are checked against every new filing as it lands.
Early warning
The break condition read on the trailing twelve months through FS KKR Capital’s latest quarterly report, ahead of the annual figure it is written on.
- Net loss, trailing 12 months
Across all companies, this kind of early warning has happened 2,059 times before. Those stocks beat the market by a median of 1% over the next six months, and 35% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
FS KKR Capital filed an SEC 8-K on 2026-10-08: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
FS KKR Capital filed an SEC 8-K on 2026-08-13: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
FS KKR Capital filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large private-credit competitors such as Ares, Blackstone Credit, and Blue Owl underprice comparable sponsor loans, compressing spreads before FSK can redeploy capital.
- A wave of non-accruals among sponsor-backed middle-market borrowers would show underwriting stress before NAV fully reflects it.
- Borrowers increasingly negotiate PIK toggles, payment deferrals, or amend-and-extend terms that reduce cash interest collections.
- Credit facility lenders reduce advance rates or tighten covenants, limiting FSK’s ability to hold assets through stress.
FSK news
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Financial statements
FSK income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
FSK: quick answers
- When does FS KKR Capital (FSK) report earnings next?
- FS KKR Capital's next results are projected for January 20, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is FSK's short interest?
- As of October 30, 2026, 11.8M FSK shares were sold short, down 2.3% from the count before. At the stock's average daily volume that is 6.0 days to cover. FINRA publishes the count twice a month. FSK short interest history
- Have members of Congress traded FSK?
- 9 trades in FSK have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed FSK trade