FS KKR Capital
Provides customized private credit to U.S. middle-market companies through an externally managed BDC.
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Profile
Provides senior-secured debt, subordinated debt, and asset-based financing to private U.S. middle-market companies. The NYSE-listed BDC is externally managed by FS/KKR Advisor, a partnership of Future Standard and KKR Credit.
Customized credit solutions for private U.S. middle-market companies are the core business. Investments emphasize senior-secured debt, with smaller allocations to subordinated debt and asset-based-financing loans. The portfolio is concentrated in the United States and is invested across multiple industries. A joint-venture investment vehicle also holds exposures not included in certain separately reported portfolio figures.
FS/KKR Advisor manages the portfolio through an investment committee with KKR Credit and Future Standard appointees. The BDC structure and regulated investment company treatment shape its investment and distribution practices, while statutory asset-coverage rules constrain leverage.
Company facts
Categories
Key statistics
Year to date −17.8% · Average volume (30d) 2.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | RBC Capital | Reiterate | Sector Perform | $11 | $13 | |
| Aug 7, 2026 | Truist Financial | Target | $12 | |||
| Aug 7, 2026 | Capital One Financial | Target | $12 | |||
| May 12, 2026 | RBC Capital | Target | $18 | $11 | ||
| Oct 6, 2025 | Wells Fargo | Upgrade | Underweight | Equal Weight | $21 | $15 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.42 | $0.43 | +3.0% | $286.8M | $290.0M | +1.1% | +7.61% |
| May 11, 2026Q1 FY26 | $0.44 | $0.41 | −6.8% | $316.8M | $304.0M | −4.0% | +0.19% |
| Feb 25, 2026Q4 FY25 | $0.55 | $0.52 | −5.5% | $361.8M | $348.0M | −3.8% | −15.24% |
| Nov 5, 2025Q3 FY25 | $0.57 | $0.57 | 0.0% | $361.6M | $344.0M | −4.9% | +2.84% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $242.0M | −$59.0M | $344.0M | $209.0M | $105.0M | $290.0M | |
| Gross profit | $134.0M | −$184.0M | $228.0M | $128.0M | $29.0M | $189.0M | |
| Operating income | $120.0M | −$198.0M | $218.0M | $2.0M | −$345.0M | $122.0M | |
| Net income | $120.0M | −$209.0M | $214.0M | −$114.0M | −$441.0M | −$34.0M | |
| Diluted EPS | $0.43 | −$0.75 | $0.76 | −$0.41 | −$1.57 | −$0.13 | |
| Gross margin | 55.4% | — | 66.3% | 61.2% | 27.6% | 65.2% | |
| Operating margin | 49.6% | — | 63.4% | 1.0% | -328.6% | 42.1% |
Fiscal years (4-quarter sums)FY21 $1.77B · FY22 $463.0M · FY23 $1.23B · FY24 $1.11B · FY25 $736.0M
Balance sheet, Jun 30, 2026Cash & short-term investments $107.0M · Total debt $6.47B · Total assets $11.99B · Shareholders' equity $5.27B
Dividends
Last cut to $0.42 from $0.68 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 17, 2026 | Jun 17 | Jul 2 | $0.42 | cut from $0.68 |
| Mar 18, 2026 | Mar 18 | Apr 2 | $0.48 | special dividend |
| Dec 3, 2025 | Dec 3 | Dec 17 | $0.70 | special dividend |
| Sep 17, 2025 | Sep 17 | Oct 2 | $0.70 | special dividend |
| Jun 18, 2025 | Jun 18 | Jul 2 | $0.70 | special dividend |
| Mar 19, 2025 | Mar 19 | Apr 2 | $0.70 | special dividend |
| Dec 4, 2024 | Dec 4 | Dec 18 | $0.70 | special dividend |
| Sep 11, 2024 | Sep 11 | Oct 2 | $0.70 | special dividend |
Ownership
Shares outstanding 280.07M · Float 264.57M · 94.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| KKR Alternative Assets L.P. | 22.58M | 7.80% | 13D | Jun 23, 2026 |
| Oak Hill Advisors LP | 11.37M | 4.06% | 13F | Aug 14, 2026 |
| UBS Group AG | 5.76M | 2.06% | 13F | Aug 13, 2026 |
| Van Eck Associates Corp | 5.38M | 1.92% | 13F | Aug 14, 2026 |
| Victory Capital Management Inc | 5.03M | 1.80% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | James H. Kropp | director | +1,100 | $12.08 |
| Feb 27, 2026 | James H. Kropp | director | +1,666 | $11.16 |
| Feb 27, 2026 | Daniel Pietrzak | director, officer: President and CIO | +5,000 | $11.25 |
| Dec 5, 2025 | Jerel A. Hopkins | director | +450 | $15.50 |
| Nov 11, 2025 | Michael C. Forman | director, officer: Chief Executive Officer | +10,000 | $15.50 |
Peers
- Ares Capital
Large-scale direct lender to U.S. private middle-market companies
- Blue Owl Capital
Direct-lending BDC for U.S. middle-market companies
- Blackstone Secured Lending Fund
First-lien private-credit BDC for U.S. companies
- Sixth Street Specialty Lending
Direct-originating BDC focused on U.S. middle-market lending
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Median | 19.7 | 9.9 | 5.3 | +6.4% |