Fs Kkr Capital Corp. · NYSE:FSK
Fs Kkr Capital — Q1 2026 Earnings Presentation
17 slides from Fs Kkr Capital's earnings presentation, May 11, 2026
Slide 1: FS KKR Capital Corp. Financial Information, Quarter Ended March 31, 2026
FS KKR Capital Corp. Financial Information Quarter Ended March 31, 2026 All information is as of March 31, 2026 unless otherwise noted
Slide 2: Summary
Summary • Net investment income (NII) for the quarter ended March 31, 2026 was $117 million, or $0.42 per share, as compared to $135 million, or $0.48 per share, for the quarter ended December 31, 2025. • Adjusted net investment income (Adjusted NII) for the quarter ended March 31, 2026 was $116 mil
Slide 3: Strategic Value Enhancement Actions
Strategic Value Enhancement Actions • A subsidiary of KKR has agreed to invest $150 million in cumulative convertible perpetual preferred stock (the “Preferred Stock”). • This investment will close as soon as practicable following the consummation of the tender offer (described below), subject to re
Slide 4: Financial Results
Financial Results (Dollar amounts in millions, except per share data) 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 NII per share $0.67 $0.62 $0.57 $0.48 $0.42 Adjusted NII per share(1) $0.65 $0.60 $0.57 $0.52 $0.41 Net realized and unrealized gains (losses) per share ($0.24) ($1.36) $0.19 ($0.89) ($2.00
Slide 5: Portfolio Highlights
Portfolio Highlights As of and for Three Months Ended (Dollar amounts in millions) 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Investment at Fair Value: First Lien Senior Secured Loans 58.1% 59.0% 58.0% 57.8% 59.6% Second Lien Senior Secured Loans 4.8% 4.9% 4.8% 4.2% 3.8% Other Senior Secured Debt 0.4%
Slide 6: FSK Investment Portfolio Overview
FSK Investment Portfolio Overview Investment Portfolio Summary Security Exposure (by fair value) $12.3bn Portfolio Fair Value (FV) 2.0% Senior Secured Loans—First Lien 6.1% Senior Secured Loans—Second Lien 13.9% Other Senior Secured Debt 236 Portfolio Companies Subordinated Debt 13.5% Asset Based Fi
Slide 7: Quarterly Investment Activity
Quarterly Investment Activity Asset Mix of New Purchases(1) $1,998 $1,400 63% $1,142 $1,098 1% 83% 65% (2) 65% 0% $499 19% 0% 7% 15% 69% 6% 5% 15% 15% 0% 0% 0% 12% 12% 18% 24% 2% 1% 2% 1% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Portfolio Roll ($ in millions) 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26(
Slide 8: Net Asset Value Bridge
Net Asset Value Bridge $0.41 $0.01 ($0.48) ($2.00) $20.89 $20.89 $21.31 $20.83 $18.83 $18.83 12/31/2025 Adjusted Net Investment Income Merger Accretion Distribution Net Realized 3/31/2026 NAV & Unrealized Losses Ending NAV Note: Per share data derived using the weighted average shares outstanding du
Slide 9: Capital Structure: Overview
Capital Structure: Overview Key Highlights Capital Structure Overview as of March 31, 2026 • 1.31x Net Debt-to-Equity as of March 31, 2026, compared to 1.22x as of December 31, 2025(1) Funding Source Committed Outstanding Undrawn Maturity Wtd. Avg. Rate Senior Secured Revolver due 2030 4,700 2,154 2
Slide 10: Credit Opportunities Partners JV, LLC Overview
Credit Opportunities Partners JV, LLC Overview FSK’s joint venture with South Carolina Retirement Systems Group Trust (SCRS) 5.9% Senior Secured Loans—First Lien Senior Secured Loans—Second Lien 19.3% Primarily senior secured assets Security Exposure Other Senior Secured Debt Key Portfolio Benefits
Slide 11: Direct Origination Investments EBITDA and Credit Statistics
Direct Origination Investments EBITDA and Credit Statistics Direct Origination Portfolio Company EBITDA Direct Origination Portfolio Company Coverage Ratios $255 $252 7.0x $236 $237 $239 $240 $239 $236 $225 6.0x 6.0x 6.0x 6.0x 6.1x 5.9x 6.0x 5.9x 5.9x $218 5.8x 5.8x 5.8x $212 6.0x 5.7x $203 $202 5.0
Slide 12: Appendix
APPENDIX FSK | FS KKR Capital Corp.
Slide 13: Operating Results
Operating Results For The Three Months Ended (Dollar amounts in millions, except per share data) 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Total investment income $400 $398 $373 $348 $304 Net expenses (213) (225) (210) (195) (187) Net investment income before taxes $187 $173 $163 $153 $117 Excise tax
Slide 14: Operating Results Detail
Operating Results Detail For The Three Months Ended (Dollar amounts in millions, except per share data) 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Investment income: Interest income $240 $245 $231 $201 $186 Payment-in-kind interest income 62 53 54 55 38 Fee income 17 9 4 6 2 Total dividend and other i
Slide 15: Balance Sheet
Balance Sheet As of (Dollar amounts in millions, except per share data) 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Assets Total investments, at fair value $14,122 $13,648 $13,415 $13,009 $12,269 Cash and cash equivalents 289 244 119 181 128 Foreign currency, at fair value 183 68 36 27 5 Receivable for
Slide 16: Quarterly Gain/Loss Information
Quarterly Gain/Loss Information For The Three Months Ended (Dollar amounts in millions, except per share data) 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Realized gain/loss Net realized gain (loss) on investments: Non-controlled/unaffiliated investments ($40) ($66) ($25) ($132) ($41) Non-controlled/af
Slide 17: Important Disclosure Notice
Important Disclosure Notice Forward-Looking Statements This presentation contains certain forward-looking statements that are not historical facts, including, without limitation, statements with regard to future events or our future performance or financial condition, and statements regarding share