FS KKR Capital Corp

Listed Company

FSKCIK 0001422183NYSELarge AcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$11.00M

Total Assets

$13.73B

Equity

$5.85B

Shares Out

280.07M

Op. Cash Flow

$592.00M

Business

FS KKR Capital Corp is an externally managed, non-diversified, closed-end management investment company that operates as a business development company and invests in private credit and related securities. It offers debt and select equity investments, principally senior secured loans, second lien loans, subordinated debt, asset-based financing, senior secured bonds, structured products and derivatives, and may receive warrants or equity-related securities. Key operating relationships include its Adviser, sub-advisors and co-investment vehicles and joint ventures used for origination, structuring and portfolio management. The company focuses on investments in private U.S. middle-market companies and sources and exits investments through primary direct originations, OTC secondary market transactions, co-investments with sponsors and capital markets channels.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Paid-in-kind interest income	224	203	144	120	111
Total investment income	1,519	1,721	1,830	1,635	1,081
Management fees	206	216	226	245	173
Subordinated income incentive fees	136	167	181	159	77
Administrative services expenses	10	10	12	15	12
Accounting and administrative fees	4	4	4	5	3
Interest expense	464	465	467	—	—
Other general and administrative expenses	23	23	26	22	19
Total operating expenses	843	885	916	811	515
Net investment income before taxes	676	836	914	884	596
Excise taxes	22	23	22	19	12
Net investment income	654	813	892	865	584
Net realized gain (loss) on investments:	−339	−486	−343	149	171
Net realized gain (loss) on foreign currency forward contracts	−9	19	8	10	0
Net change in unrealized appreciation (depreciation) on investments:	−178	217	166	−981	717
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	−12	−7	−15	16	12
Net change in unrealized gain (loss) on foreign currency	−58	38	−21	15	30
Total net realized and unrealized gain (loss)	−624	−228	−193	−768	934
Provision for taxes on realized and unrealized gains on investments	−12	0	−3	−5	0
Realized loss on extinguishment of debt	−7	0	0	0	−3
Net increase (decrease) in net assets resulting from operations	11	585	696	92	1,515
Net increase (decrease) in net assets resulting from operations (Earnings per Share) - basic (in dollars per share)	0.04	2.09	2.48	0.32	7.16
Net increase (decrease) in net assets resulting from operations (Earnings per Share) - diluted (in dollars per share)	0.04	2.09	2.48	0.32	7.16
Weighted average shares outstanding - basic (in shares)	280	280	280	284	212
Weighted average shares outstanding - diluted (in shares)	280	280	280	284	212

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments, at fair value	13,009	13,490	14,649	15,377	16,101
Cash and cash equivalents	181	278	223	248	258
Foreign currency, at fair value (cost$27 and $17, respectively)	27	18	8	3	119
Receivable for investments sold and repaid	313	186	246	212	567
Income receivable	98	187	290	227	153
Unrealized appreciation on foreign currency forward contracts	0	3	13	25	9
Deferred financing costs	32	26	32	23	16
Prepaid expenses and other assets	69	31	8	9	5
Total assets	13,729	14,219	15,469	16,124	17,228
Payable for investments purchased	8	2	0	14	2
Debt	7,634	7,351	8,187	8,694	9,142
Unrealized depreciation on foreign currency forward contracts	10	1	4	1	1
Stockholder distributions payable	0	0	196	192	176
Management and investment adviser fees payable	50	53	56	59	60
Subordinated income incentive fees payable	28	35	41	27	19
Administrative services expense payable	1	3	5	6	5
Interest payable	77	108	98	90	70
Other accrued expenses and liabilities	72	44	33	29	23
Total liabilities	7,880	7,597	8,620	9,112	9,498
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding	0	0	0	0	0
Common stock, $0.001 par value, 750,000,000 shares authorized, 280,066,433 and 280,066,433 shares issued and outstanding, respectively	0	0	0	0	0
Capital in excess of par value	9,199	9,284	9,437	9,610	9,658
Retained earnings (accumulated deficit)	−3,350	−2,662	−2,588	−2,598	−1,928
Total stockholders equity	5,849	6,622	6,849	7,012	7,730
Total liabilities and stockholders equity	13,729	14,219	15,469	16,124	17,228
Net asset value per share of common stock at year end (in dollars per share)	20.89	23.64	24.46	24.89	27.17

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Purchases of investments	−5,107	−4,731	−1,817	−4,642	−6,599
Proceeds from sales and repayments of investments	5,343	5,974	2,570	4,741	5,575
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	12	7	15	−16	−10
Accretion of discount	−39	−61	−58	−87	−71
Amortization of deferred financing costs and discount	24	19	16	14	9
Net change in unrealized (appreciation) depreciation on foreign currency translation	98	−36	17	−30	−27
(Increase) decrease in receivable for investments sold and repaid	−127	60	−34	355	−394
(Increase) decrease in income receivable	80	14	−63	−74	−81
(Increase) decrease in prepaid expenses and other assets	6	−8	1	−4	−1
Increase (decrease) in payable for investments purchased	6	2	−14	12	2
Increase (decrease) in management fees payable	−3	−3	−3	−1	35
Increase (decrease) in subordinated income incentive fees payable	−7	−6	14	8	19
Increase (decrease) in administrative services expense payable	−2	−2	−1	1	3
Increase (decrease) in interest payable	−31	10	8	20	45
Increase (decrease) in other accrued expenses and liabilities	28	11	4	6	8
Net cash provided by (used in) operating activities	592	1,901	1,384	1,107	−639
Repurchases of common stock	0	0	−32	−56	−12
Stockholder distributions	−784	−1,008	−823	−738	−502
Borrowings under financing arrangements	8,208	4,957	2,169	3,243	5,006
Repayments of financing arrangements	−8,070	−5,759	−2,697	−3,661	−3,639
Deferred financing costs paid	−33	−26	−21	−21	−28
Net cash provided by (used in) financing activities	−679	−1,836	−1,404	−1,233	825
Effect of exchange rate changes on cash	−1	0	0	—	—
Total increase (decrease) in cash	−88	65	−20	−126	186
Federal income taxes paid during the year	14	3	1	0	—
Interest paid during the year	471	437	443	331	194

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