FSKHIGH SIGNALFINANCIAL10-K

FSK experienced a dramatic 95% collapse in net income from $214M to $11M, accompanied by a severe 69% decline in operating cash flow.

This represents a fundamental deterioration in FSK's financial performance, with earnings nearly eliminated and cash generation severely impaired. The combination of collapsing profitability and operating cash flow suggests significant operational stress or asset quality issues that warrant immediate investigation.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

FSK's financial performance collapsed across all key metrics, with net income plummeting 95% from $214M to just $11M and operating cash flow declining 69% from $1.9B to $592M. Stockholders' equity also declined 12% from $6.6B to $5.8B, indicating erosion of shareholder value. This comprehensive financial deterioration signals severe operational challenges or asset quality problems that have dramatically impaired the company's earnings capacity and cash generation ability.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-94.9%
$214.0M→$11.0M

Net income declined 94.9% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
-68.9%
$1.9B→$592.0M

Operating cash flow fell 68.9% — earnings quality concerns; investigate working capital changes and non-cash items.

Stockholders Equity
Balance Sheet
-11.7%
$6.6B→$5.8B

Equity decreased 11.7% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
NPD Group) | Consumer Services 1 2025-12-31 0001422183 Circana Group (f.k.a.
NPD Group) | Consumer Services 1 2024-12-31 0001422183 Circana Group (f.k.a.
NPD Group) | Consumer Services 2 2024-12-31 0001422183 Circana Group (f.k.a.
(fka Swift Worldwide Resources Holdco Ltd) | Commercial Professional Services 2024-12-31 0001422183 srt:MaximumMember Leia Acquisition Ltd.
There were 280,066,433 shares of the registrant s common stock outstanding as of February 20, 2026.
As of December 31, 2025, we had total assets of approximately $13.7 billion.
Our portfolio is comprised primarily of investments in senior secured debt, which includes first and second lien secured loans and senior secured bonds, of private middle market U.S.
As a BDC, the Company is subject to certain regulatory restrictions in making its investments.
About the Adviser We are externally managed by the Adviser, FS/KKR Advisor, LLC, a registered investment adviser under the Investment Advisers Act of 1940, as amended or the Advisers Act, that is jointly operated by KKR Credit and by FSJV Holdco, LLC, an affiliate of Franklin Square Holdings L.P.
(which does business as Future Standard, formerly FS Investments), or Future Standard.
REMOVED
NPD Group), Consumer Services 1 2024-12-31 0001422183 Circana Group (f.k.a.
NPD Group), Consumer Services 2 2024-12-31 0001422183 Circana Group (f.k.a.
NPD Group), Consumer Services 1 2023-12-31 0001422183 Circana Group (f.k.a.
NPD Group), Consumer Services 2 2023-12-31 0001422183 Circana Group (f.k.a.
NPD Group), Consumer Services 2 srt:MaximumMember 2023-12-31 0001422183 Circana Group (f.k.a.
There were 280,066,433 shares of the registrant s common stock outstanding as of January 31, 2025.
As of December 31, 2024, we had total assets of approximately $14.2 billion.
Our portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle market U.S.
About the Adviser The Adviser is a Delaware limited liability company, located at 201 Rouse Boulevard, Philadelphia, PA 19112, registered as an investment adviser with the SEC under the Advisers Act.
The Adviser is a partnership between an affiliate of Franklin Square Holdings, L.P.
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