FS KKR Capital Corp
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 2. Results of operations(2)
| Net investment income (loss) | 1.86 | 2.29 |
|---|---|---|
| Net realized gain (loss) and unrealized appreciation (depreciation) | (1.41) | (0.73) |
| Net increase (decrease) in net assets resulting from operations | 0.45 | 1.56 |
| Stockholder distributions(3) | ||
| Distributions from net investment income | (2.10) | (2.20) |
| Distributions from net realized gain on investments | — | — |
| Net decrease in net assets resulting from stockholder distributions | (2.10) | (2.20) |
| Capital share transactions | ||
| Repurchases of common stock(4) | — | — |
| Net increase (decrease) in net assets resulting from capital share transactions | — | — |
| Net asset value, end of period | $21.99 | $23.82 |
| Per share market value, end of period | $14.93 | $19.73 |
| Shares outstanding, end of period | 280,066,433 | 280,066,433 |
| Total return based on net asset value(5) | 1.89% | 6.38% |
| Total return based on market value(6) | (23.25)% | 10.19% |
| Ratio/Supplemental Data: | ||
| Net assets, end of period | $6,159 | $6,671 |
| Ratio of net investment income to average net assets(7) | 10.69% | 12.48% |
| Ratio of total operating expenses to average net assets(7) | 13.43% | 13.06% |
| Ratio of net operating expenses to average net assets(7) | 13.43% | 13.06% |
| Portfolio turnover(8) | 32.88% | 26.86% |
| Total amount of senior securities outstanding, exclusive of treasury securities | $7,369 | $8,084 |
| Asset coverage per unit(9) | 1.84 | 1.83 |
(1)Per share data may be rounded in order to recompute the ending net asset value per share.
(2)The per share data was derived by using the weighted average shares outstanding during the applicable period.
(3)The per share data for distributions reflect the actual amount of distributions declared per share during the applicable period.
(4)Represents the incremental impact of the Company’s respective stock repurchase programs by buying shares in the open market at a price lower than net asset value per share.
(5)The total return based on net asset value for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the distributions per share that were declared during the period and dividing the total by the net asset value per share at the beginning of the period. Total return based on net asset value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on net asset value in the table should not be considered a representation of the Company’s future total return based on net asset value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to stockholders.
(6)The total return based on market value for each period presented was calculated based on the change in market price during the applicable period, including the impact of distributions reinvested in accordance with the Company’s DRP. Total return based on market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s
Note 11. Financial Highlights (continued)
common stock. The historical calculation of total return based on market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.
(7)Weighted average net assets during the applicable period are used for this calculation. Ratios for the nine months ended September 30, 2025 and 2024 are annualized. Annualized ratios for the nine months ended September 30, 2025 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2025. The following is a schedule of supplemental ratios for the nine months ended September 30, 2025 and 2024:
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Ratio of subordinated income incentive fees to average net assets | 2.22% | 2.57% |
| Ratio of interest expense to average net assets | 7.29% | 6.78% |
| Ratio of excise taxes to average net assets | 0.08% | — |
(8)Portfolio turnover for the nine months ended September 30, 2025 and 2024 are not annualized.
(9)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.
Note 12. Segment Reporting
The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, long-term capital appreciation. The Chief Operating Decision Maker, or CODM, is comprised of the Company’s chief executive officer and chief investment officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations, or net income. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheets as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations.
Note 13. Subsequent Events
Distribution
On October 8, 2025, the Company’s board of directors declared a regular quarterly distribution of $0.70 per share consisting of a $0.64 base distribution and a $0.06 supplemental distribution, which will be paid on or about December 17, 2025 to stockholders of record as of the close of business on December 3, 2025. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of directors.
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