8-K ·Filed May 12, 2026

FSK

FS KKR Capital Corp
NEUTRAL
Impact 4/10
Horizonweeks Processed4mo ago SEC0001104659-26-059471
8-K context-dependent: Items 3.02
Actionable Insight • Neutral

The $150M preferred issuance is directly paired with a $150M common stock tender offer by the same counterparty — this is a capital structure arbitrage, not a standalone capital raise. Monitor the tender offer expiration and HSR clearance timeline. The net effect is a substitution of common equity with preferred equity, which may modestly reduce common share count but adds a fixed dividend obligation.

DirectionNeutral
Confidencehigh
Horizonweeks
Final — all horizons settled through T+60d
FSK ▲ +16.04% at T+60d
NEUTRAL call ✓ call won +16.04% · α vs SPY +11.61% · entry $10.72 → $12.44
Entry anchored
May 12, 03:59 PM ET
via exchange tick
T+1d
0.00%
call 0.00% · α +0.00%
$10.72
settled 5mo ago
T+5d
-1.21%
call -1.21% · α -0.05%
$10.59
settled 5mo ago
T+20d
+0.93%
call +0.93% · α +1.55%
$10.82
settled 4mo ago
T+60d
+16.04%
call +16.04% · α +11.61%
$12.44
settled 8w ago

Price Chart

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Executive Summary

FS KKR Capital Corp (FSK) disclosed the entry into a purchase agreement with KKR Alternative Assets L.P. for the sale of $150 million in newly issued cumulative convertible perpetual preferred stock. The closing is conditioned on the expiration of a concurrent $150 million third-party tender offer for FSK common stock by the same purchaser, creating a paired capital structure transaction that is neutral in nature.

Key Financial Metrics

Offering Size
$150.0M

Key Facts

  • KKR Alternative Assets L.P. agreed to purchase $150,000,000 in newly issued cumulative convertible perpetual preferred stock
  • The purchase is subject to the expiration of a concurrent third-party tender offer for up to $150,000,000 of FSK common stock by the same purchaser
  • Closing expected on the 11th business day following expiration of the tender offer
  • Shares were issued in reliance on Section 4(a)(2) exemption from registration
  • Transaction is paired — preferred issuance funds common stock buyback via tender offer

Financial Impact

$150 million preferred stock issuance paired with $150 million common stock tender offer — net capital structure shift from common to preferred equity

equitycapital structuredilution

Risk Factors

  • Tender offer or HSR waiting period may not clear, causing the preferred issuance to fail
  • Convertible preferred stock could dilute common shareholders upon conversion if terms are favorable to the holder
  • Fixed dividend on preferred stock adds to fixed charges

Market Snapshot

Exchange
NYSE
Analyst Consensus
27% bullish (15 analysts)

Documents Analyzed

This report is based on 4 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001104659-26-059471
Document: 0001104659-26-059471-index-headers.html0001104659-26-059471
Document: 0001104659-26-059471-index.html0001104659-26-059471
Document: 0001104659-26-059471.txt0001104659-26-059471
18 reports for FSK
Performance horizon
100% Hit rate 3 of 3 directional calls best @ T+20▲ +5.31%Feb 25, 2026
Filters
Rows
Reports for FSK — sortable, filterable
TypeNow
Jun 29, 2026
13w ago
8-K
MIXED ★ 6/10
$10.50 $11.17▲ +6.38%▲ +3.56%$11.11 (+5.81%)
Jun 23, 2026
14w ago
DEFA14A
NEUTRAL ★ 2/10
$10.04 $11.74▲ +16.93%▲ +14.09%$11.11 (+10.66%)
Jun 8, 2026
16w ago
8-K
NEUTRAL ★ 4/10
$10.87 $12.25▲ +12.70%▲ +8.88%$11.11 (+2.21%)
Jun 2, 2026
17w ago
8-K
BEARISH ★ 6/10
$10.80 $12.23▼ −13.24%▼ −10.74%$11.11 (−2.87%)
Jun 2, 2026
17w ago
8-K
NEUTRAL ★ 5/10
$10.90 $12.16▲ +11.56%▲ +10.44%$11.11 (+1.93%)
May 18, 2026
19w ago
8-K
NEUTRAL ★ 2/10
$10.59 $12.64▲ +19.36%▲ +13.07%$11.11 (+4.91%)
May 12, 2026
20w ago
8-K
NEUTRAL ★ 4/10
$10.72 $12.44▲ +16.04%▲ +11.61%$11.11 (+3.64%)
May 11, 2026
20w ago
8-K
BEARISH ★ 8/10
$10.76 $11.04▼ −2.60%▲ +1.79%$11.11 (−3.25%)
May 5, 2026
21w ago
DEFA14A
NEUTRAL ★ 3/10
$11.50 $10.56▼ −8.17%▼ −10.91%$11.11 (−3.39%)
Apr 30, 2026
22w ago
DEFA14A
NEUTRAL ★ 2/10
$11.55 $10.99▼ −4.85%▼ −7.92%$11.11 (−3.81%)
Showing 10 of 18

US Market Status

Market Closed — Opens Mon (36h 33m)

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