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FS KKR Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net investment income for Q3 2025 was $159 million ($0.57 per share), down from $173 million ($0.62 per share) in Q2 2025, but in line with guidance; net asset value per share increased to $21.99 from $21.93 sequentially.
A fourth quarter distribution of $0.70 per share was declared, with a base of $0.64 and a supplemental of $0.06 per share; a new 2026 distribution strategy targets a base of $0.45 per share plus variable supplemental amounts, aiming for a 10% yield on NAV.
New investment fundings totaled approximately $1.1 billion, with net investment activity of $109 million, including $450 million in sales to a joint venture.
M&A activity and deal evaluations increased 30% year-over-year, with a robust investment pipeline.
Financial highlights
Total investment income for Q3 was $373 million, down from $398 million in Q2 and $441 million year-over-year.
Adjusted net investment income was $159 million ($0.57 per share), compared to $168 million ($0.60 per share) in Q2 2025.
Net expenses decreased to $210 million from $225 million sequentially, mainly due to lower interest expense.
Net increase in net assets from operations was $214 million ($0.76 per share), rebounding from a loss of $209 million in Q2 2025.
Outlook and guidance
For Q1 2026, total distribution is expected to be about $0.55 per share, with a base of $0.45 and a variable supplemental amount, targeting an annualized yield of about 10% on NAV.
Q4 2025 GAAP net investment income is expected to be $0.51 per share, with adjusted NII at $0.56 per share.
The company aims to pay out 100% of GAAP net investment income annually, with possible one-time distributions if spillover income remains.
The amendment to the Callowhill Street Funding LLC agreement supports ongoing credit facility management and operational flexibility.
How will 2026 distribution yield be funded?
Drivers of portfolio yield decline?
Strategy for net investment sales, including JV.
Spillover income's impact on 2026 payout?
Nonaccrual trend post-PRG restructuring
Why aren't spreads widening with M&A uptick?
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Next FS KKR Capital earnings date
Q4 202526 Feb, 2026
FS KKR Capital
Next FS KKR Capital earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
FS KKR Capital Corp is a business development company that provides customized credit solutions to middle-market companies across various industries. The company focuses on direct lending, offering senior secured loans, subordinated debt, and other credit instruments to support business growth, acquisitions, and recapitalizations. It is externally managed by FS/KKR Advisor, a partnership between FS Investments and KKR, which specializes in alternative asset management. The company is headquartered in Philadelphia, Pennsylvania, and its shares are listed on the NYSE.
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