FS KKR Capital (FSK)
Market Price (11/10/2026): $11.85 | Market Cap: $3.2 BilSector: Financials | Industry: Asset Management & Custody Banks
FS KKR Capital (FSK)
Market Price (11/10/2026): $11.85Market Cap: $3.2 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 20%, FCF Yield is 50% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit. | Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -75% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is -459 Mil Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 183% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -227%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -95%, Rev Chg QQuarterly Revenue Change % is -67% Key risksFSK key risks include [1] an unsustainable dividend, Show more. |
| Attractive yieldDividend Yield is 20%, FCF Yield is 50% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -75% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is -459 Mil |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 183% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -227%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -95%, Rev Chg QQuarterly Revenue Change % is -67% |
| Key risksFSK key risks include [1] an unsustainable dividend, Show more. |
Qualitative Assessment
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FS KKR Capital (FSK) stock has gained about 15% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance. The company reported net investment income (NII) of $0.46 per share for fiscal Q3 2026 (ended September 30, 2026), exceeding analyst consensus estimates of $0.40 per share by 15%. This represented an increase from $0.44 per share in the prior fiscal quarter. Furthermore, earnings per share (EPS) for fiscal Q3 2026 improved to $0.26, reversing a loss of $0.13 per share in fiscal Q2 2026. The weighted average annual yield on accruing debt investments also saw an increase, reaching 10.0% as of September 30, 2026, up from 9.8% at June 30, 2026.
2. Enhanced Shareholder Distributions. FS KKR Capital demonstrated a robust commitment to shareholder returns through increased distributions. On August 5, 2026, the company declared a third-quarter 2026 distribution of $0.44 per share, marking a 4.76% increase from the previous quarter's $0.42 per share. Subsequently, on October 7, 2026, the board declared a fourth-quarter 2026 regular distribution of $0.44 per share and an additional special distribution of $0.20 per share, both payable in December 2026. The special distribution was attributed to a portion of the company's estimated undistributed taxable income.
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FS KKR Capital (FSK) stock has gained about 15% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance. The company reported net investment income (NII) of $0.46 per share for fiscal Q3 2026 (ended September 30, 2026), exceeding analyst consensus estimates of $0.40 per share by 15%. This represented an increase from $0.44 per share in the prior fiscal quarter. Furthermore, earnings per share (EPS) for fiscal Q3 2026 improved to $0.26, reversing a loss of $0.13 per share in fiscal Q2 2026. The weighted average annual yield on accruing debt investments also saw an increase, reaching 10.0% as of September 30, 2026, up from 9.8% at June 30, 2026.
2. Enhanced Shareholder Distributions. FS KKR Capital demonstrated a robust commitment to shareholder returns through increased distributions. On August 5, 2026, the company declared a third-quarter 2026 distribution of $0.44 per share, marking a 4.76% increase from the previous quarter's $0.42 per share. Subsequently, on October 7, 2026, the board declared a fourth-quarter 2026 regular distribution of $0.44 per share and an additional special distribution of $0.20 per share, both payable in December 2026. The special distribution was attributed to a portion of the company's estimated undistributed taxable income.
3. Significant Share Repurchase Program. The company actively engaged in its board-authorized share repurchase program, buying back approximately 6.2 million shares for $69 million during fiscal Q3 2026 at a weighted average price of $11.24 per share. These repurchases were accretive to Net Asset Value (NAV) by $0.16 per share. The repurchase activity continued into fiscal Q4 2026, with an additional 1.5 million shares bought for $17 million between October 1 and October 30, 2026, at an average price of $10.88 per share.
4. Improved Portfolio Credit Quality and Fee Waiver. The credit quality of FS KKR Capital's investment portfolio showed improvement, with non-accrual investments decreasing to 3.4% of the total investment portfolio at fair value as of September 30, 2026, down from 3.8% at June 30, 2026. Additionally, KKR's waiver of its portion of the subordinated incentive fee on income for fiscal Q3 2026 had a positive impact of $12 million on the company's net investment income.
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Stock Movement Drivers
Fundamental Drivers
The 16.3% change in FSK stock from 7/31/2026 to 11/9/2026 was primarily driven by a 14.7% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.18 | 11.84 | 16.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -459 | -459 | 0.0% |
| P/S Multiple | -6.2 | -7.1 | 14.7% |
| Shares Outstanding (Mil) | 280 | 276 | 1.4% |
| Cumulative Contribution | 16.3% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| FSK | 16.3% | |
| Market (SPY) | 0.8% | 21.8% |
| Sector (XLF) | 1.8% | 34.2% |
Fundamental Drivers
The 13.7% change in FSK stock from 4/30/2026 to 11/9/2026 was primarily driven by a 1.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.42 | 11.84 | 13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 102 | -459 | -550.0% |
| P/S Multiple | 28.6 | -7.1 | -124.9% |
| Shares Outstanding (Mil) | 280 | 276 | 1.4% |
| Cumulative Contribution | 13.7% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| FSK | 13.7% | |
| Market (SPY) | 5.0% | 18.2% |
| Sector (XLF) | 11.6% | 29.7% |
Fundamental Drivers
The -7.0% change in FSK stock from 10/31/2025 to 11/9/2026 was primarily driven by a -251.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.73 | 11.84 | -7.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 304 | -459 | -251.0% |
| P/S Multiple | 11.7 | -7.1 | -160.8% |
| Shares Outstanding (Mil) | 280 | 276 | 1.4% |
| Cumulative Contribution | -7.0% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| FSK | -7.0% | |
| Market (SPY) | 11.3% | 25.3% |
| Sector (XLF) | 12.1% | 24.2% |
Fundamental Drivers
The -0.9% change in FSK stock from 10/31/2023 to 11/9/2026 was primarily driven by a -242.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.95 | 11.84 | -0.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 322 | -459 | -242.5% |
| P/S Multiple | 10.4 | -7.1 | -168.6% |
| Shares Outstanding (Mil) | 280 | 276 | 1.4% |
| Cumulative Contribution | -0.9% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| FSK | -0.9% | |
| Market (SPY) | 86.2% | 40.4% |
| Sector (XLF) | 87.1% | 41.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FSK Return | 42% | -5% | 33% | 26% | -20% | -9% | 62% |
| Peers Return | 30% | -12% | 31% | 25% | -1% | 1% | 88% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| FSK Win Rate | 67% | 50% | 75% | 75% | 58% | 55% | |
| Peers Win Rate | 82% | 42% | 70% | 73% | 48% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| FSK Max Drawdown | -11% | -23% | -11% | -11% | -34% | -32% | |
| Peers Max Drawdown | -8% | -25% | -10% | -11% | -19% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, OBDC, BXSL, MAIN, GBDC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | FSK | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -12.6% | -24.5% |
| % Gain to Breakeven | 14.4% | 32.4% |
| Time to Breakeven | 33 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.8% | -33.7% |
| % Gain to Breakeven | 148.6% | 50.9% |
| Time to Breakeven | 255 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 330 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.6% | -12.2% |
| % Gain to Breakeven | 27.6% | 13.9% |
| Time to Breakeven | 188 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -15.8% | -6.8% |
| % Gain to Breakeven | 18.8% | 7.3% |
| Time to Breakeven | 54 days | 15 days |
In The Past
FS KKR Capital's stock fell -7.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 7.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | FSK | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -59.8% | -33.7% |
| % Gain to Breakeven | 148.6% | 50.9% |
| Time to Breakeven | 255 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 330 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.6% | -12.2% |
| % Gain to Breakeven | 27.6% | 13.9% |
| Time to Breakeven | 188 days | 62 days |
In The Past
FS KKR Capital's stock fell -7.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 7.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About FS KKR Capital (FSK)
FS KKR Capital Corp. (FSK) is a business development company (BDC) that specializes in providing credit solutions to private middle-market U.S. companies. Its primary business involves investing in various forms of debt securities, predominantly senior secured debt, and to a lesser extent, subordinated debt. These investments are made either through secondary market purchases or directly from the target companies as primary market investments.
The company offers customized one-stop credit solutions, focusing on first lien senior secured loans, second lien secured loans, and subordinated or mezzanine loans. In connection with these debt investments, FSK often receives additional consideration in the form of equity interests like warrants or options. On an opportunistic basis, the fund may also invest in corporate bonds and similar debt securities.
FSK targets small and middle-market companies based in the United States, specifically those with annual revenues between $10 million and $2.5 billion. It focuses on upper middle-market companies with annual EBITDA of $50 million to $100 million at the time of investment, seeking stable businesses rather than start-ups, turnaround situations, or speculative ventures.
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Here are 1-3 brief analogies for FS KKR Capital (FSK):
- Blackstone for private middle-market debt.
- JPMorgan Chase for private middle-market company loans.
- Wells Fargo for private companies seeking structured financing.
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- Senior Secured Debt: Provides loans secured by a company's assets, including first lien and second lien positions.
- Subordinated Debt (Mezzanine Loans): Offers less senior loans that are repaid after secured debt, often with higher interest rates.
- Equity Investments: Acquires minority stakes in companies through common or preferred equity, often alongside debt investments or through warrants/options.
- Corporate Bonds & Similar Debt Securities: Opportunistically invests in publicly traded or privately placed corporate debt.
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FS KKR Capital Corp. (FSK) is a business development company (BDC) that specializes in providing debt and equity financing to other companies. Therefore, its "customers" are the businesses to which it extends loans and makes investments.
FSK primarily serves the following category of customers:
- Private Middle Market U.S. Companies: The firm invests primarily in the senior secured debt and, to a lesser extent, subordinated debt of private middle market U.S. companies. It focuses on providing customized credit solutions to private upper middle market companies with annual EBITDA of $50 million to $100 million and annual revenue between $10 million to $2.5 billion.
As FSK's business model involves providing capital to private companies, the specific names and symbols of its individual customer companies (borrowers/investees) are typically not publicly disclosed in the same manner as direct product or service sales, and they are generally private entities without public symbols.
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Michael C. Forman, Chairman and Chief Executive Officer
Michael C. Forman is the Chairman and Chief Executive Officer of FS KKR Capital Corp. He co-founded FS Investments in 2007, the sponsor of FSK and affiliated vehicles, and has led it since its founding. Prior to founding FS Investments, he established a private equity and real estate investment firm. Mr. Forman began his career as an attorney in the Corporate and Securities Department at Klehr Harrison Harvey Branzburg LLP. He is also an active entrepreneur who has founded several companies in the gaming, specialty finance, and asset management industries.
Steven C. Lilly, Chief Financial Officer
Steven C. Lilly is the Chief Financial Officer of FS KKR Capital Corp. He joined FS Investments as a Managing Director in October 2019 and assumed the CFO role in mid-November 2019. Prior to this, Mr. Lilly served for 13 years as Chief Financial Officer of Triangle Capital Corporation, a publicly traded business development company (BDC) that was sold to Benefit Street Partners and Barings, LLC in 2018. During his tenure at Triangle, he built the company's financial and operating infrastructure and oversaw listings on Nasdaq and the New York Stock Exchange. He also led all corporate M&A and strategic processes involving the BDC. Before Triangle, he was Senior Vice President of Finance & Treasurer at SpectraSite Communications, a publicly traded wireless tower company that was acquired by American Tower Corporation in 2005.
Daniel Pietrzak, President and Chief Investment Officer
Daniel Pietrzak is the President and Chief Investment Officer of FS KKR Capital Corp. He joined KKR in 2016 and is a Partner and the Global Head of Private Credit, also serving as a portfolio manager for KKR's private credit funds and portfolios. Mr. Pietrzak previously held the role of co-head of Deutsche Bank's structured finance business across the Americas and Europe as a managing director. His earlier career included various roles in the credit businesses of Societe Generale and CIBC World Markets, and he started at Price Waterhouse in New York.
Brian G. Gerson, Co-President
Brian G. Gerson serves as Co-President of FS KKR Capital Corp. and Head of Private Credit at FS Investments. He has over 25 years of experience in credit investing and corporate lending, with particular expertise in BDC lending. Before joining FS Investments, he was Group Head and Managing Director at LStar Capital, the credit affiliate of Lone Star Funds. Mr. Gerson was also a founding member and partner of Solar Capital Partners. Earlier in his career, he was a Managing Director at CIBC World Markets, which acquired his previous firm, the Argosy Group. He began his career in corporate finance at Merrill Lynch & Co. Note: Mr. Gerson has notified the company of his resignation as Co-President, effective June 28, 2025, to pursue other professional opportunities. He will continue to serve as a senior advisor to Franklin Square Holdings, L.P.
William C. Goebel, Chief Accounting Officer
William C. Goebel is the Chief Accounting Officer of FS KKR Capital Corp., a position he has held since October 2019. He previously served as FSK's Chief Financial Officer from March 2011 to October 2019 and as Treasurer from April 2018 to June 2020. Mr. Goebel is also a Managing Director at FS Investments. Before joining FS Investments, he was a senior manager in the asset management practice at Ernst & Young LLP from 2003 to 2011, where his responsibilities included auditing regulated investment companies, private investment partnerships, investment advisers, and broker-dealers. He began his career in public accounting at Tait, Weller and Baker LLP in 1997.
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Key Risks to FS KKR Capital (FSK)
- Deteriorating Asset Quality and Rising Non-Accruals: FS KKR Capital faces significant risk from a deterioration in the credit quality of its loan portfolio, evidenced by rising non-accrual percentages. This means a greater portion of its investments are not generating income, directly impacting profitability and asset value.
- Pressure on Net Investment Income (NII) from Interest Rate Fluctuations: As a business development company with a high percentage of variable-rate loans (88.1% as of Q4 2025), FSK's net investment income is highly sensitive to changes in base interest rates. Expectations of lower base rates and tighter lending spreads are putting persistent pressure on its revenue and NII, challenging dividend coverage and overall profitability.
- Exposure to Market Volatility and Economic Downturns: FSK primarily invests in the debt of private middle-market U.S. companies. These companies are more susceptible to economic recessions or downturns, which can impair their ability to meet debt obligations, leading to increased defaults and potential losses for FSK. The illiquid nature of many of these private investments further exacerbates this risk during periods of market stress.
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The addressable markets for FS KKR Capital's (FSK) main products and services are primarily within the U.S. private credit and middle-market lending sectors. The U.S. private credit market has seen significant growth in recent years.
Currently, the U.S. private credit market is estimated to be approximately $1.3 trillion and is expected to continue expanding in 2026. Other estimates place the U.S. private credit market between $1.5 trillion and $2.1 trillion, representing about three-quarters of the global private credit market. As of September 30, 2024, private corporate loans, a key component of private credit, reached $1.7 trillion. Projections for middle-market sponsor lending indicate it could potentially reach $2 trillion in 2026.
More specifically focusing on middle-market direct lending, the market for U.S. middle-market direct loans was estimated at $1.0 trillion as of March 31, 2022. Some analyses also suggest a broader "potential addressable market" for private credit in the United States could exceed $30 trillion, indicating substantial growth potential.
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For FS KKR Capital (symbol: FSK), several factors are expected to drive future revenue growth over the next 2-3 years, despite recent market challenges:
- Growth in Investment Originations and Portfolio Size: FS KKR Capital's primary business is investing in debt securities of private middle-market U.S. companies. The company aims to grow its investment portfolio through new originations, including direct investments and secondary market transactions. While facing portfolio valuation headwinds, FSK achieved its goal for total originations in 2025 and continues to pursue growth through its Credit Opportunities joint venture, which should support Net Asset Value (NAV) growth.
- Improvement in Portfolio Credit Quality and Reduction in Non-Accruals: A significant driver of revenue growth will be an improvement in the credit quality of its portfolio companies and a subsequent reduction in non-accruing investments. As non-accruing loans begin to generate interest income again, FSK's overall interest income, a key component of its revenue, will increase.
- Optimization of Capital Structure and Investment Strategy: FSK has strategic initiatives in place to optimize its capital structure and diversify its investment portfolio. This includes focusing on first lien and asset-based finance investments. These efforts are designed to enhance capital deployment efficiency and improve risk-adjusted returns, which can contribute to future revenue growth.
- Leveraging the KKR Platform and Strategic Partnerships for Deal Sourcing: The affiliation with KKR & Co. provides FS KKR Capital with significant advantages in sourcing and managing investments. KKR's extensive resources, intellectual capital, and strategic partnerships, such as with KKR Credit, offer FSK a competitive edge in accessing a broad spectrum of investment opportunities and expertise, potentially leading to increased deal flow and revenue.
- Favorable Shifts in Interest Rates and Credit Spreads: Given that a substantial portion of FSK's debt investments are floating-rate, favorable movements in base interest rates and credit spreads could positively impact its interest income. While recent trends have shown lower loan yields and tighter spreads, a reversal in these conditions would directly boost revenue.
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Share Repurchases
- On June 16, 2021, FS KKR Capital Corp. announced a $100 million share repurchase program.
- This program allows FSK to repurchase its outstanding common stock in the open market at prices below the current net asset value per share.
Share Issuance
- In September 2025, FS KKR Capital Corp. completed a public offering of $400 million in 6.125% Unsecured Notes Due 2031.
- As part of the merger with FS KKR Capital Corp. II on June 16, 2021, FSKR shareholders received 0.9498 FSK shares for each FSKR share held.
- In the fourth quarter of 2025, FSK closed KKR FSK CLO 3, issuing $363 million of notes to third parties.
Inbound Investments
- The merger of FS KKR Capital Corp. II into FS KKR Capital Corp. on June 16, 2021, resulted in the combined company operating as FS KKR Capital Corp., increasing its market reach and balance sheet strength.
Outbound Investments
- FS KKR Capital Corp. originated $1.1 billion in new investments during Q3 2025.
- For Q4 2025, the company reported $5.6 billion in originations of first lien and asset-based finance investments.
- As of December 31, 2025, the fair value of FS KKR Capital Corp.'s investment portfolio totaled $13.0 billion, with 62.4% invested in senior secured securities.
Peer Outperformance in Asset Management & Custody Banks
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 29.9% | 70.2% | 119.9% | SPNT 174% · RGA 166% · RNR 132% |
| Diversified Banks | 12 | 31.7% | 143.1% | 92.9% | CM 147% · JPM 131% · RY 130% |
| Investment Banking & Brokerage | 13 | -3.5% | 93.4% | 90.2% | IBKR 337% · SNEX 169% · GS 152% |
| Multi-Sector Holdings | 4 | 32.0% | 62.9% | 88.0% | BRK-B 101% · VOYA 75% · JEF 42% |
| Life & Health Insurance | 20 | 10.4% | 58.7% | 85.1% | JXN 527% · UNM 261% · FG 240% |
| Property & Casualty Insurance | 42 | 15.6% | 69.9% | 69.1% | TRV 176% · ACGL 171% · PGR 166% |
| Multi-line Insurance | 9 | 8.4% | 71.7% | 58.9% | AIZ 115% · GNW 106% · L 94% |
| Regional Banks | 264 | 31.6% | 93.8% | 48.6% | CBC 279% · FCNCA 179% · NIC 141% |
| Insurance Brokers | 15 | 1.6% | 9.0% | 28.6% | LIFE 317% · ARX 89% · WTW 50% |
| Financial Exchanges & Data | 15 | 18.4% | 30.2% | 15.1% | CBOE 187% · VIRT 148% · CME 69% |
| Asset Management & Custody Banks ← | 85 | -5.8% | 18.3% | 6.3% | VCTR 254% · WT 235% · AAMI 221% |
| Diversified Financial Services | 4 | -2.6% | 23.3% | 5.8% | FRHC 148% · EQH 82% |
| Commercial & Residential Mortgage Finance | 14 | -41.7% | 28.1% | 4.5% | FNMA 350% · FMCC 313% · ACT 161% |
| Consumer Finance | 30 | 1.8% | 77.8% | -2.1% | ENVA 319% · FCFS 133% · AXP 92% |
| Specialized Finance | 3 | 26.9% | 30.4% | -18.7% | CACC -19% · HASI -21% |
| Transaction & Payment Processing Services | 17 | 23.2% | 12.5% | -23.3% | V 105% · MA 96% · CPAY 88% |
| Mortgage REITs | 34 | -18.9% | -10.5% | -38.1% | RITM 37% · DX 18% · AGNC 13% |
| Diversified Capital Markets | 20 | -48.7% | -14.1% | -69.3% | LPLA 90% · TW 37% · RIOT -56% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.00 |
| Mkt Cap | 5.4 |
| Rev LTM | 376 |
| Op Inc LTM | - |
| FCF LTM | 1,102 |
| FCF 3Y Avg | 170 |
| CFO LTM | 1,102 |
| CFO 3Y Avg | 170 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -45.4% |
| Rev Chg 3Y Avg | -7.9% |
| Rev Chg Q | -15.5% |
| QoQ Delta Rev Chg LTM | -6.3% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 324.9% |
| CFO/Rev 3Y Avg | 2.2% |
| FCF/Rev LTM | 324.9% |
| FCF/Rev 3Y Avg | 2.2% |
Price Behavior
| Market Price | $11.84 | |
| Market Cap ($ Bil) | 3.3 | |
| First Trading Date | 04/16/2014 | |
| Distance from 52W High | -14.8% | |
| 50 Days | 200 Days | |
| DMA Price | $11.14 | $10.61 |
| DMA Trend | down | down |
| Distance from DMA | 6.3% | 11.6% |
| 3M | 1YR | |
| Volatility | 27.6% | 33.2% |
| Downside Capture | 35.04 | 100.54 |
| Upside Capture | 39.59 | 78.48 |
| Correlation (S&P 500) | 11.1% | 26.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.09 | 0.52 | 1.10 | 0.56 | 0.73 | 0.70 |
| Up Beta | -2.52 | 0.64 | 1.74 | 0.20 | 0.41 | 0.73 |
| Down Beta | 0.48 | -0.06 | 0.30 | 0.26 | 0.34 | 0.67 |
| Up Capture | 12% | 42% | 136% | 73% | 78% | 28% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 16 | 28 | 57 | 113 | 377 |
| Down Capture | 5% | 100% | 94% | 82% | 111% | 93% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 25 | 32 | 62 | 127 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FSK | |
|---|---|---|---|---|
| FSK | -7.8% | 33.2% | -0.21 | - |
| Sector ETF (XLF) | 12.0% | 15.3% | 0.53 | 24.8% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | 26.1% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | -0.5% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | -19.8% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 25.9% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 13.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FSK | |
|---|---|---|---|---|
| FSK | 2.8% | 25.1% | 0.08 | - |
| Sector ETF (XLF) | 9.4% | 18.4% | 0.37 | 49.4% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 49.3% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | 3.2% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 11.0% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 44.2% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 23.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FSK | |
|---|---|---|---|---|
| FSK | 3.5% | 28.5% | 0.17 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 57.0% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 54.4% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | 4.7% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 22.5% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 54.0% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 1.7% | ||
| 8/6/2026 | 7.6% | 10.2% | 11.7% |
| 5/11/2026 | -0.7% | 1.3% | 0.3% |
| 2/25/2026 | -15.2% | -17.3% | -19.8% |
| 11/5/2025 | 2.8% | 5.8% | 9.9% |
| 8/6/2025 | -8.2% | -11.6% | -10.4% |
| 5/7/2025 | 3.0% | 7.3% | 9.5% |
| 2/26/2025 | -0.6% | -1.1% | -4.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 15 |
| # Negative | 9 | 8 | 9 |
| Median Positive | 2.5% | 3.7% | 8.0% |
| Median Negative | -1.3% | -2.0% | -4.8% |
| Max Positive | 8.1% | 10.2% | 17.4% |
| Max Negative | -15.2% | -17.3% | -19.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 1.7% | ||
| 8/6/2026 | 7.6% | 10.2% | 11.7% |
| 5/11/2026 | -0.7% | 1.3% | 0.3% |
| 2/25/2026 | -15.2% | -17.3% | -19.8% |
| 11/5/2025 | 2.8% | 5.8% | 9.9% |
| 8/6/2025 | -8.2% | -11.6% | -10.4% |
| 5/7/2025 | 3.0% | 7.3% | 9.5% |
| 2/26/2025 | -0.6% | -1.1% | -4.8% |
| 11/6/2024 | 0.6% | 1.6% | 6.9% |
| 8/6/2024 | -0.6% | 0.5% | 5.3% |
| 5/8/2024 | 2.4% | 3.4% | 6.6% |
| 2/26/2024 | -5.9% | -4.1% | -2.4% |
| 11/6/2023 | 0.5% | -0.1% | 1.5% |
| 8/7/2023 | -0.2% | -0.8% | -0.2% |
| 5/5/2023 | 8.1% | 7.1% | 12.1% |
| 2/27/2023 | 0.6% | 1.8% | -2.7% |
| 11/7/2022 | -4.0% | -2.9% | -6.3% |
| 8/8/2022 | -1.3% | 0.2% | -5.4% |
| 5/9/2022 | 8.1% | 9.2% | 8.0% |
| 2/28/2022 | 2.7% | 4.0% | 8.6% |
| 11/8/2021 | 0.4% | -0.4% | -0.5% |
| 8/9/2021 | 5.9% | 7.2% | 7.6% |
| 5/10/2021 | 0.5% | 1.5% | 10.1% |
| 3/1/2021 | 1.7% | 2.5% | 5.1% |
| 11/9/2020 | 4.1% | 4.9% | 17.4% |
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 15 |
| # Negative | 9 | 8 | 9 |
| Median Positive | 2.5% | 3.7% | 8.0% |
| Median Negative | -1.3% | -2.0% | -4.8% |
| Max Positive | 8.1% | 10.2% | 17.4% |
| Max Negative | -15.2% | -17.3% | -19.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
Recent Forward Guidance
Updated 11/6/2026Latest: Q3 2026 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Distribution per share | Reported | 0.44 | 0.0% | Same New | Guidance: 0.44 for Q3 2026 | |||
| Q4 2026 Special distribution per share | Reported | 0.2 | ||||||
| Q4 2026 Convertible preferred stock dividend per share | Reported | 0.31 | -1.1% | Lower New | Guidance: 0.32 for Q3 2026 | |||
Prior: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Common Stock Distribution | Reported | 0.44 | 4.8% | 2.0% | Higher New | Actual: 0.42 for Q2 2026 | ||
| Q3 2026 Convertible Preferred Stock Dividend | Reported | 0.32 | ||||||
Q1 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Distribution per share | Reported | 0.42 | -12.5% | Lower New | Actual: 0.48 for Q1 2026 | |||
| 2027 Share Repurchase Program | Reported | 300.00 Mil | ||||||
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Dividends | Reported | 0.48 | -31.4% | Lower New | Actual: 0.7 for Q4 2025 | |||
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hopkins, Jerel A | IRA | Buy | 9022026 | 12.44 | 800 | 9,948 | 154,007 | Form | |
| 2 | Kropp, James H | IRA | Buy | 8122026 | 12.07 | 1,100 | 13,282 | 339,311 | Form | |
| 3 | Kropp, James H | IRA | Buy | 3032026 | 11.16 | 1,666 | 18,593 | 301,323 | Form | |
| 4 | Pietrzak, Daniel | President and CIO | Direct | Buy | 3022026 | 11.25 | 5,000 | 56,250 | 729,000 | Form |
| 5 | Hopkins, Jerel A | IRA | Buy | 12092025 | 15.49 | 450 | 6,973 | 157,257 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hopkins, Jerel A | IRA | Buy | 9022026 | 12.44 | 800 | 9,948 | 154,007 | Form | |
| 2 | Kropp, James H | IRA | Buy | 8122026 | 12.07 | 1,100 | 13,282 | 339,311 | Form | |
| 3 | Kropp, James H | IRA | Buy | 3032026 | 11.16 | 1,666 | 18,593 | 301,323 | Form | |
| 4 | Pietrzak, Daniel | President and CIO | Direct | Buy | 3022026 | 11.25 | 5,000 | 56,250 | 729,000 | Form |
| 5 | Hopkins, Jerel A | IRA | Buy | 12092025 | 15.49 | 450 | 6,973 | 157,257 | Form | |
| 6 | Forman, Michael C | Chief Executive Officer | IRA | Buy | 11122025 | 15.50 | 10,000 | 155,000 | 375,410 | Form |
| 7 | Pietrzak, Daniel | President and CIO | Direct | Buy | 11102025 | 15.15 | 10,000 | 151,500 | 905,970 | Form |
| 8 | Hopkins, Jerel A | IRA | Buy | 9052025 | 18.12 | 330 | 5,981 | 175,632 | Form |
Investor Activity (13F)
Updated Nov 10, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
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