FS KKR Capital (FSK) Q4 2024 earnings summary

Executive summary

• Net investment income for Q4 2024 was $0.61 per share, down from $0.77 in Q3 2024; full year NII was $2.90 per share, down from $3.18 in 2023.

• Adjusted NII for Q4 2024 was $0.66 per share, compared to $0.74 in Q3 2024; full year adjusted NII was $2.88 per share, down from $3.11 in 2023.

• Net asset value per share at year-end was $23.64, down from $23.82 in Q3 and $24.46 at December 31, 2023.

• Portfolio fair value stood at $13.5 billion across 214 companies, with 63.8% in senior secured securities.

• Available liquidity at year-end was $4.8 billion, positioning for increased M&A activity.

Financial highlights

• Total investment income for Q4 2024 was $407 million, down from $441 million in Q3 2024.

• Net realized and unrealized losses per share were $0.09 in Q4 2024, improved from $0.20 in Q3 2024.

• Q4 net investment income was $0.61 per share; adjusted NII was $0.66 per share.

• Paid total shareholder distributions of $2.90 per share for the full year, including base, supplemental, and special distributions.

• Net asset value per share at year-end was $23.64.

Outlook and guidance

• 2025 distribution guidance is $2.80 per share, with $2.56 base and $0.24 supplemental.

• Q1 2025 distribution set at $0.70 per share, including a $0.06 supplemental component.

• Management expects to maintain strong balance sheet and investment-grade ratings, with proactive liability management.