FS KKR Capital Corp. FSK
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Full analysis: 6 Aug 2026
Latest news check: 7 Aug 2026
General analysis — not personal advice.
HOLD
6/10
Confidence
A cautious stance is appropriate until the Q2 report clarifies non-accrual trends.
Large credit write-downs, dividend cut and ongoing litigation support the neutral signal.
Market sentiment
3/10
↓
Trend: Declining
The market showed a positive short-term reaction to the report but analysts remain cautious amid concerns over NAV erosion and long-term dividend coverage.
Price context
The stock closed at 11.04 USD, representing a deep discount to NAV of 18.30 USD and a level near the 52-week low. The deep discount to NAV combined with the high dividend yield creates a potential value setup if portfolio rotations stabilize the asset base.
Risk assessment
7/10
Dilution:
Medium
Recent convertible issuance but common equity raise unlikely
Jurisdiction:
Low
Operations primarily in the United States
Execution:
High
Repeated write-downs and dividend reductions
Recent changes
- Report shows revenue beat and portfolio actions that cut leverage, providing clarity on non-accruals following prior write-downs.
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Show all changes (2) — follow the company freeAbout the company
FS KKR Capital Corp. is an externally managed Business Development Company providing senior secured and subordinated loans to middle-market private US companies. The portfolio is managed by FS/KKR Advisor and generates interest income primarily distributed as dividends.
Sector:
Private credit
Type:
Finance
Next report
5 Nov 2026
Q3
Horizon:
Bull case
The stock trades at a large discount to NAV and KKR has shown support through capital contributions and fee waivers.
Bear case
High non-accruals and large write-downs threaten both NAV and dividend sustainability.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Share of non-accruals in the portfolio | Rising non-accruals → further NAV erosion and dividend cut. | Stabilized non-accrual share → NAV recovery and restored confidence. |
| Continued KKR support via fee waivers and capital | Reduced support → higher costs and weaker balance sheet. | Extended support → improved profitability and lower dilution risk. |
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Signal rationale (informational)
Large credit write-downs, dividend cut and ongoing litigation support the neutral signal.
Recent news
- Q2 report was released on 6 August 2026 with revenue of 290 MUSD and NII of 0.44 USD per share, both beating expectations. The company executed large portfolio sales, reduced leverage to 122 % and repurchased shares. The dividend was set at 0.44 USD with ex-date 16 September.
Key figures
Revenue
Q2 2026
USD 290M
Net income
TTM
USD -550M
Cash
Q1 2026
USD 133M
Total debt
Q1 2026
USD 7,335M
Shares outstanding
Q2 2026
280M
EPS
TTM
USD -1.96
Price & valuation
Last close
USD 12.19
Market Cap
USD 3.4B
1 week
+10.4 %
3 months
+13.7 %
12 months
-31.2 %
From 52w high
-33.2 %
From 52w low
+23.0 %
Exchange
NYSE
Type
Finance
Sector
Private credit
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.