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Dec 31, 2025
FS KKR Q4 2025 Earnings Report
FS KKR Capital Corp. reported its fourth quarter 2025 financial results, showing a net loss per share and a decrease in net asset value.
Key Takeaways
FS KKR faced a challenging fourth quarter in 2025, reporting a net loss of $0.41 per share and a decline in Net Asset Value to $20.89. The results were primarily impacted by realized and unrealized losses on specific investments, although the company maintained a steady distribution and a significant liquidity position.
Net asset value per share decreased to $20.89 from $21.99 in the previous quarter.
The company reported a net loss of $0.41 per share for Q4, compared to earnings of $0.76 in Q3 2025.
Investments on non-accrual status increased to 3.4% of the total portfolio at fair value.
Total purchases for the quarter were $1.098 billion, offset by $1.334 billion in sales and repayments.
Revenue by Segment
Forward Guidance
Management is focused on stabilizing underperforming investments and pivoting toward high-quality first lien senior secured originations in 2026.
Positive Outlook
- Declared Q1 2026 distribution of $0.48 per share
- Focus on high quality new originations
- Emphasis on first lien senior secured structures
- Continued diversification of the investment portfolio
- Strong liquidity position of $3.3 billion
Challenges Ahead
- Acknowledged challenges with specific investments
- Recent impact on results during Q2 and Q4 2025
- Decline in Net Asset Value over the fiscal year
- Increase in non-accrual status investments
- Net realized and unrealized losses impacting EPS
Historical Earnings Impact
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Avg. Return Before/After Earnings
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