**FS KKR Capital Corp Reports Fiscal Year 2025 Results**
FS KKR Capital Corp (NYSE: FSK) reported its financial results for the fiscal year ended December 31, 2025. The company, an externally managed business development company (BDC), reported total assets of $13.7 billion as of the end of the year. The company's investment income totaled $1.52 billion, comprised of $917 million in interest income, $224 million in paid-in-kind interest income, $36 million in fee income, and $342 million in dividend income. This compares to $1.72 billion in investment income for the prior fiscal year.
Operating expenses for the year totaled $843 million, which included $206 million in management fees and $136 million in subordinated income incentive fees paid to the Adviser, FS/KKR Advisor, LLC. Interest expense amounted to $464 million. The company also incurred $22 million in excise taxes, bringing total net expenses to $865 million. Net investment income for the year was $654 million, or $2.34 per share, a decrease from $813 million, or $2.90 per share, in the prior year.
The company experienced a net realized loss on investments of $395 million, a net realized loss on foreign currency forward contracts of $9 million, and a net realized loss on foreign currency of $28 million. The net change in unrealized appreciation (depreciation) on investments was $(190) million, while the net change in unrealized gain (loss) on foreign currency was $(58) million. The company also recorded a provision for taxes on realized and unrealized gains of $(12) million and a realized loss from extinguishment of debt of $(7) million. The net increase in net assets resulting from operations was $11 million, or $0.04 per share, compared to $585 million, or $2.09 per share, in the previous fiscal year.
As of December 31, 2025, the company's investment portfolio at fair value totaled $13.01 billion, consisting primarily of senior secured loans (57.8%), asset-based finance investments (13.0%), and investments in Credit Opportunities Partners JV, LLC (15.1%). The weighted average annual yield on accruing debt investments was 10.1%, while the weighted average annual yield on all debt investments was 9.3%. The company's asset coverage ratio was 177%. The company declared total dividends of $2.80 per share for the year. The company has unfunded debt investments with aggregate unfunded commitments of $1,447.4, unfunded equity/other commitments of $87.5 and unfunded commitments of $245.0 of COPJV.
About FS KKR Capital Corp
FSK Capital Corp. is a non-diversified, closed-end management investment company regulated as a business development company (BDC). It primarily invests in senior secured and second lien loans of private U.S. middle-market companies, focusing on generating current income and long-term capital appreciation. Managed by FS/KKR Advisor, it leverages extensive industry relationships, disciplined credit analysis, and tailored debt and equity investments to serve institutional and private investors.
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