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Sep 30, 2024
FS KKR Q3 2024 Earnings Report
FS KKR reported third quarter results, outperforming public guidance with adjusted net investment income of $0.74 per share and originating approximately $1.1 billion of new investments.
Key Takeaways
FS KKR Capital Corp. announced its financial results for the third quarter ended September 30, 2024. The company reported Earnings per Share of $0.57 and adjusted net investment income of $0.74 per share. The board of directors declared a fourth quarter distribution of $0.70 per share.
Net investment income was $0.77 per share.
Adjusted net investment income was $0.74 per share.
Earnings per Share was $0.57.
Net debt to equity ratio was 109%.
FS KKR
FS KKR
Forward Guidance
Management anticipates a measurable increase in M&A activity due to the economy’s strong underpinnings, as they begin focusing on 2025.
Positive Outlook
- FSK outperformed its public guidance by earning $0.74 per share of Adjusted Net Investment Income.
- Originated approximately $1.1 billion of new investments
- Further reduced non-accrual investments.
- FSK's board of directors declared a distribution for the fourth quarter of $0.70 per share
- 67% of investments was invested in senior secured securities.
Challenges Ahead
- Total net realized and unrealized loss of $0.20 per share
- Net asset value decreased from $23.95 to $23.82 per share
- Weighted average annual yield on accruing debt investments decreased from 12.3% to 11.9%.
- Weighted average annual yield on all debt investments decreased from 11.5% to 11.2%.
- Investments on non-accrual status represented 1.7% of the total investment portfolio at fair value.