Fs Kkr Capital Corp
1 位超级投资者持有 Fs Kkr Capital Corp（FSK）。
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
估值 · 地基层
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Fs Kkr Capital Corp (FSK): A conservative earnings-power estimate, $21–$30 / sh; today’s price sits below it (price $10 as of 2026-06-25).
Price is at or below the reproducible tangible asset base ($21 / sh) — a rarer, harder floor.
Model cautions
- ·Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.
Price as of 2026-06-25 · yahoo · DGS10 4.4% @ 2026-06-24.
Method & numbers
Owner-earnings DCF $20.70 – $29.96 · Greenwald zero-growth $25.88 · zero-growth base $25.88 · reproduction $20.88
Moat Commodity-like · terminal value 44% of present value · owner-earnings yield 20% vs 10Y 4.4%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 8–10% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: 2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$20.70 – $25.88 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 8–10% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 8–10% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Reproduction value = tangible net assets $5.85B = $20.88 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat / ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 8%–10% · normalized tax 21% (No effective-rate data available; fell back to the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 6.91%–10.00% (DGS10 +2.5% to a 10% strict end, as of 2026-06-24). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
持有该证券的超级投资者
持有概览
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Fs Kkr Capital Corp（FSK）被 Compounder 追踪的 1 位超级投资者持有，合计申报市值 $353,185。仓位最大的是 Ray Dalio，占其组合 0.0%。
最近一个季度，追踪范围内有 1 位新建 FSK 仓位，0 位加仓，0 位减仓，0 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-03-31 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
数据来源· SEC EDGAR 13F 截至 2026-05-15
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