Fs Kkr Capital Corp. · NYSE:FSK
Fs Kkr Capital — Q4 2025 Earnings Presentation
16 slides from Fs Kkr Capital's earnings presentation, Feb 26, 2026
Slide 1: FS KKR Capital Corp. Financial Information
FS KKR Capital Corp. Financial Information Quarter and Year Ended December 31, 2025 All information is as of December 31, 2025 unless otherwise noted
Slide 2: Summary
Summary • Net investment income (NII) for the quarter ended December 31, 2025 was $135 million, or $0.48 per share, as compared to $159 million, or $0.57 per share, for the quarter ended September 30, 2025. • Adjusted net investment income (Adjusted NII) for the quarter ended December 31, 2025 was $
Slide 3: Financial Results
Financial Results (Dollar amounts in millions, except per share data) 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 NII per share $0.61 $0.67 $0.62 $0.57 $0.48 Adjusted NII per share(1) $0.66 $0.65 $0.60 $0.57 $0.52 Net realized and unrealized gains (losses) per share ($0.09) ($0.24) ($1.36) $0.19 ($0.8
Slide 4: Portfolio Highlights
Portfolio Highlights As of and for Three Months Ended (Dollar amounts in millions) 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Investment at Fair Value: First Lien Senior Secured Loans 57.8% 58.1% 59.0% 58.0% 57.8% Second Lien Senior Secured Loans 5.1% 4.8% 4.9% 4.8% 4.2% Other Senior Secured Debt 0.9
Slide 5: FSK Investment Portfolio Overview
FSK Investment Portfolio Overview Investment Portfolio Summary Security Exposure (by fair value) $13.0bn Portfolio Fair Value 2.4% Senior Secured Loans—First Lien 6.1% Senior Secured Loans—Second Lien 15.1% Other Senior Secured Debt 232 Portfolio Companies Subordinated Debt Asset Based Finance 13.0%
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity Asset Mix of New Purchases(1) $1,998 $1,400 63% $1,142 $1,098 $891 1% 83% 65% (2) 65% 63% 0% 19% 0% 0% 7% 5% 15% 15% 36% 15% 0% 0% 1% 12% 12% 18% 2% 1% 2% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Portfolio Roll ($ in millions) 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 In
Slide 7: Net Asset Value Bridge
Net Asset Value Bridge $0.52 ($0.05) $0.01 ($0.64) ($0.89) ($0.06) $21.99 $21.99 $22.46 $22.47 $21.83 $20.95 $20.95 $20.95 $20.89 9/30/2025 Adjusted Net Excise Tax Merger Accretion Base Net Realized Operating NAV Supplemental 12/31/2025 NAV Investment Income Distribution & Unrealized Losses Distribu
Slide 8: Capital Structure: Overview
Capital Structure: Overview Key Highlights Capital Structure Overview • 1.22x Net Debt-to-Equity as of December 31, 2025, compared to 1.16x as of September 30, 2025(1) Funding Source Committed Outstanding Undrawn Maturity Wtd. Avg. Rate Senior Secured Revolver due 2030 4,700 1,533 3,117(3) 7/16/2030
Slide 9: Credit Opportunities Partners JV, LLC Overview
Credit Opportunities Partners JV, LLC Overview FSK’s joint venture with South Carolina Retirement Systems Group Trust (SCRS) 6.0% Senior Secured Loans—First Lien Primarily senior secured assets Senior Secured Loans—Second Lien 19.1% Key portfolio benefits Security Exposure Other Senior Secured Debt
Slide 10: 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 $236 6.1x 6.1x $225 6.0x 6.0x 6.0x 6.0x 5.9x 6.0x 5.9x $218 5.9x 5.8x $212 6.0x 5.7x 5.8x $204 $203 $202 5.0
Slide 11: Appendix
APPENDIX FSK | FS KKR Capital Corp.
Slide 12: Operating Results
Operating Results For The Three Months Ended (Dollar amounts in millions, except per share data) 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Total investment income $407 $400 $398 $373 $348 Net expenses (213) (213) (225) (210) (195) Net investment income before taxes $194 $187 $173 $163 $153 Excise ta
Slide 13: Operating Results Detail
Operating Results Detail For The Three Months Ended (Dollar amounts in millions, except per share data) 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Investment income: Interest income $257 $240 $245 $231 $201 Payment-in-kind interest income 67 62 53 54 55 Fee income 7 17 9 4 6 Total dividend and other
Slide 14: Balance Sheet
Balance Sheet As of (Dollar amounts in millions, except per share data) 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Assets Total investments, at fair value $13,490 $14,122 $13,648 $13,415 $13,009 Cash and cash equivalents 278 289 244 119 181 Foreign currency, at fair value 18 183 68 36 27 Receivable f
Slide 15: Quarterly Gain/Loss Information
Quarterly Gain/Loss Information For The Three Months Ended (Dollar amounts in millions, except per share data) 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Realized gain/loss Net realized gain (loss) on investments: Non-controlled/unaffiliated investments ($134) ($40) ($66) ($25) ($132) Non-controlled/
Slide 16: Important Disclosure Notice
Important Disclosure Notice Forward-Looking Statements Statements included herein may constitute “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, i