FS KKR Capital Corp. (FSK) Earnings Call Transcripts

FS KKR Capital Corp.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, FS KKR Capital Corp. (FSK) reported a net asset value (NAV) decline of 9.9% per share and net investment income of $0.42 per share. The company is taking significant strategic actions, including a $150 million fixed price tender offer at $11 per share and a $300 million share repurchase program, aimed at stabilizing its financial profile amidst challenging market conditions. Revenue from total investment income decreased to $304 million, reflecting a decline in interest income and fee income, which management attributes to lower base rates and nonaccrual investments.

Reported metrics

Guidance from management

Management expects net investment income to be in the range of 8% to 9% of NAV on an annualized basis, contingent on various macroeconomic factors. They also indicated a focus on reducing leverage levels and maintaining sufficient liquidity for existing portfolio companies.

What management said

Thank you, Steven. While we believe that FSK is not alone in dealing with specific issues affecting individual portfolio companies, We recognize that our recent NAV volatility has been meaningful. With that in mind, the actions being announced today are focused on achieving long-term stability for the fund. And we believe the course of action we are pursuing represents a beneficial path for shareholders. As always, w...

Ken, thanks for the question. I think on the tender, we tried to be pretty detailed in the prepared remarks and in the press release due to securities law points to the way the sort of tenders work. We can't comment much over that. But I think you can note the price versus either closing levels or kind of recent activity over a 30- or 60-day period. But I just refer back to the press release and the prepared remarks ...

What analysts pressed on

Analysts expressed concerns over the significant NAV decline and the potential for further deterioration in portfolio valuations, particularly in light of macroeconomic uncertainties. There were also questions regarding the effectiveness of the strategic actions announced and how they would impact future performance.

Main topics on the call

• NAV Decline — FSK experienced a significant NAV decline of 9.9% per share, attributed to 'company-specific credit events' and 'mark-to-market moves across certain segments of our portfolio.' Management indicated that this decline is m...
• Strategic Actions — Management announced a series of strategic actions, including a $150 million tender offer and a $300 million share repurchase program, aimed at addressing the disconnect between the trading price and intrinsic value of F...
• Dividend Consistency — The Board declared a second quarter distribution of $0.42 per share, maintaining its policy of paying 100% of GAAP net investment income. Management noted that 'quarterly distribution levels will fluctuate as our net inv...
• Portfolio Risk Assessment — Management conducted an AI risk assessment across the portfolio, revealing that 'approximately 86% of our portfolio reflects low AI risk.' They emphasized a focus on diversifying investments to mitigate potential future ...

Read the full FS KKR Capital Corp. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 28 FS KKR Capital Corp. earnings call transcripts on record, spanning February 28, 2020 to August 6, 2026. Based on this history, FS KKR Capital Corp. reports quarterly. The most recent call on file is dated August 6, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

FSK

Exchange

NYSE

Country

US

Sector

Financials

Industry

Capital Markets

Calls on record

28

First call

February 28, 2020

Most recent

August 6, 2026

Reporting cadence

quarterly