What is the authorization amount and how much has FSK repurchased so far?

FSK's board authorized a $300 million share repurchase program that commenced on June 29, 2026. As of August 5, 2026, the company had repurchased 3.7 million shares for approximately $40 million at a weighted average price of $10.73 per share, leaving approximately $260 million remaining under the authorization.

At what prices did FSK repurchase shares?

During the period from July 1–August 5, 2026, FSK repurchased shares at an average price of $10.75 per share (inclusive of commissions). In late June, the company repurchased additional shares at $10.57 per share. All repurchases were executed below the company's net asset value of $18.30 per share as of June 30, 2026.

Is this FSK's first share repurchase program?

The filing does not explicitly state whether this is the company's first repurchase program. However, the program is part of a broader strategic initiative announced in May 2026 that also included a $150 million KKR tender offer for FSK shares and a $150 million convertible preferred issuance.

What impact does the buyback have on shareholder value?

The filing notes that there is no assurance that share repurchases will enhance stockholder value over the long term, and that FSK's board-authorized program does not require any specific repurchase volumes or price targets. The company emphasizes that past performance and buyback activity are not indicative of future results.

FSK 8-K Filed 2026-08-06 New authorization

FS KKR Capital Corp authorizes $300M share repurchase program

BDC launches buyback after $150M KKR tender offer; 3.7M shares repurchased in early August

Authorization$300M

Remaining$264M

MechanismRule 10b5-1 and Rule 10b-18 op

What the filing says

FS KKR Capital Corp (NYSE: FSK) announced a board-authorized $300 million share repurchase program as part of strategic actions disclosed in May 2026. The program commenced on June 29, 2026, and by August 5, 2026, FSK had repurchased a total of 3.7 million shares at a weighted average price of $10.73 per share, including commissions.

According to the filing, from July 1 through August 5, 2026, the company repurchased 3,348,353 shares at an average price of $10.75 per share (totaling $36 million). During the second quarter, from June 29 through June 30, 2026, FSK repurchased an additional 377,800 shares at an average price of $10.57 per share (totaling $4 million). All repurchases were executed on the open market below net asset value per share through a third-party agent in transactions intended to qualify for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act of 1934.

The repurchase program represents part of a broader capital allocation strategy that also included a $150 million tender offer for FSK shares conducted by a KKR subsidiary (which was successfully completed in the second quarter) and a $150 million issuance of convertible preferred stock to a KKR subsidiary.

authorization

FSK's $300 million share repurchase program commenced, and the 50% subordinated income incentive fee waiver helped to support our Net Investment Income and third quarter distribution. — FS KKR Capital Corp 8-K filing · View on SEC EDGAR →

What this means

FSK's $300 million buyback authorization, combined with the concurrent KKR tender offer and preferred issuance, signals management's confidence in the company's long-term value despite near-term portfolio pressures. The BDC has already deployed approximately $40 million (13% of the authorization) in the opening weeks of the program, purchasing shares at $10.73–$10.75, representing a discount to the June 30 NAV of $18.30 per share. The buyback does not represent share count accretion but rather capital management; FSK's weighted average shares outstanding remain stable at roughly 280 million. The program operates under Rule 10b-18 safe harbors, giving management flexibility to execute opportunistically below NAV.

Frequently asked questions

What is the authorization amount and how much has FSK repurchased so far?: FSK's board authorized a $300 million share repurchase program that commenced on June 29, 2026. As of August 5, 2026, the company had repurchased 3.7 million shares for approximately $40 million at a weighted average price of $10.73 per share, leaving approximately $260 million remaining under the authorization.
At what prices did FSK repurchase shares?: During the period from July 1–August 5, 2026, FSK repurchased shares at an average price of $10.75 per share (inclusive of commissions). In late June, the company repurchased additional shares at $10.57 per share. All repurchases were executed below the company's net asset value of $18.30 per share as of June 30, 2026.
How does FSK execute its repurchases?: FSK executes all repurchases on the open market through a third-party agent in transactions intended to qualify for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act. This approach provides transparency and protects the company from potential market manipulation liability.
Is this FSK's first share repurchase program?: The filing does not explicitly state whether this is the company's first repurchase program. However, the program is part of a broader strategic initiative announced in May 2026 that also included a $150 million KKR tender offer for FSK shares and a $150 million convertible preferred issuance.
Why is FSK repurchasing shares despite portfolio headwinds?: FSK management stated that the repurchase program, combined with a 50% subordinated income incentive fee waiver, was designed to support net investment income and third-quarter distributions. The company views the repurchases as a long-term value opportunity, given that shares were trading below net asset value per share.
What impact does the buyback have on shareholder value?: The filing notes that there is no assurance that share repurchases will enhance stockholder value over the long term, and that FSK's board-authorized program does not require any specific repurchase volumes or price targets. The company emphasizes that past performance and buyback activity are not indicative of future results.

authorization bdc open-market-purchase rule-10b-18 execution mega-cap-alternative

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.