Q2 2025 FS KKR Capital Corp Earnings Call Transcript
Key Points
- FS KKR Capital Corp (FSK) generated net investment income of $0.62 per share, aligning closely with its public guidance.
- The company originated $3.4 billion of investments in the first half of 2025, with $1.4 billion in the second quarter, indicating strong investment activity.
- FS KKR Capital Corp (FSK) maintains strong liquidity with $3.1 billion of availability across cash, unsettled trades, and undrawn credit facilities.
- The Credit Opportunities Partners Joint Venture continues to expand, providing a consistent stream of recurring dividend income.
- FS KKR Capital Corp (FSK) has a diversified portfolio with a focus on senior secured investments, representing 64% of the portfolio as of June 30, 2025.
- Net asset value per share declined by 6.2% from $23.37 to $21.93 during the quarter.
- The company experienced an increase in nonaccruals due to specific situations with four portfolio companies, impacting net asset value.
- Global M&A volume is down close to 10% year-over-year, affecting the investment environment.
- The weighted average yield on accruing debt investments decreased by 20 basis points to 10.6% as of June 30, 2025.
- FS KKR Capital Corp (FSK) anticipates a decrease in third quarter 2025 GAAP net investment income to approximately $0.58 per share.
Good morning, ladies and gentlemen. Welcome to the FS KKR Capital Corp.'s second quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
At this time, Anna Kleinhenn, Head of Investor Relations, will proceed with the introduction. Ms. Kleinhenn, you may begin.
Thank you. Good morning, and welcome to FS KKR Capital Corp.'s second quarter 2025 earnings conference call. Please note that FS KKR Capital Corp. may be referred to as FSK, the fund or the company throughout the call. Today's conference call is being recorded, and an audio replay of the call will be available for 30 days. Replay information is included in a press release that FSK issued yesterday.
In addition, FSK has posted on its website, a presentation containing supplemental financial information with respect to its portfolio and financial performance for the quarter ended June 30, 2025. A link to today's webcast and the presentation is available on the
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