FS KKR Capital Corp. (FSK)

Executive Summary

FS KKR Capital is the externally-managed business development company resulting from the 2020 merger of FS Investment Corporation with KKR Financial. The franchise is co-advised by FS Investments and KKR Credit Advisors and operates one of the larger middle-market direct lending portfolios in the BDC universe — approximately $13 billion of investments at fair value. The stock at $10.78 has fallen 49.7 percent over the past twelve months and now trades at 0.57x net asset value of $18.83 per share — a 43 percent discount to stated book.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers