Fs Kkr Capital Corp. · NYSE:FSK
Fs Kkr Capital — Q1 2025 Earnings Presentation
16 slides from Fs Kkr Capital's earnings presentation, May 8, 2025
Slide 1: FS KKR Capital Corp. Financial Information
FS KKR Capital Corp. Financial Information Quarter Ended March 31, 2025 All information is as of March 31, 2025 unless otherwise noted
Slide 2: Summary of Quarterly Results
Summary of Quarterly Results • Net investment income (NII) for the quarter ended March 31, 2025 was $187 million, or $0.67 per share, as compared to $171 million, or $0.61 per share, for the quarter ended December 31, 2024. • Adjusted net investment income (Adjusted NII) for the quarter ended March
Slide 3: Financial Results
Financial Results (Dollar amounts in millions, except per share data) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 NII per share $0.76 $0.77 $0.77 $0.61 $0.67 Adjusted NII per share(1) $0.73 $0.75 $0.74 $0.66 $0.65 Net realized and unrealized gains (losses) per share ($0.14) ($0.39) ($0.20) ($0.09) ($0.
Slide 4: Portfolio Highlights
Portfolio Highlights As of and for Three Months Ended (Dollar amounts in millions) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Investment at Fair Value: First Lien Senior Secured Loans 57.0% 58.1% 59.9% 57.8% 58.1% Second Lien Senior Secured Loans 7.1% 6.6% 6.2% 5.1% 4.8% Other Senior Secured Debt 1.1%
Slide 5: FSK Investment Portfolio Overview
FSK Investment Portfolio Overview Investment Portfolio Summary Security Exposure (by fair value) $14.1bn Portfolio Fair Value 5.8% 2.0% Senior Secured Loans—First Lien Senior Secured Loans—Second Lien 11.8% Other Senior Secured Debt 224 Portfolio Companies Subordinated Debt 15.4% Asset Based Finance
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity Asset Mix of New Purchases(1) $1,998 $1,444 $1,260 63% $1,136 69% $891 81% 1% (2) 84% 63% 0% 3% 19% 3% 0% 2% 1% 36% 15% 24% 1% 1% 0% 16% 16% 2% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Portfolio Roll ($ in millions) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Investment Pur
Slide 7: Net Asset Value Bridge
Net Asset Value Bridge $0.65 $0.02 ($0.64) ($0.24) ($0.06) $23.64 $23.64 $24.31 $23.67 $23.43 $23.43 $23.37 $23.37 12/31/2024 Adjusted Net Investment Merger Accretion Base Net Realized Operating NAV Supplemental 3/31/2025 NAV Income Distribution & Unrealized Losses Distribution Ending NAV Note: Per
Slide 8: Capital Structure: Overview
Capital Structure: Overview Key Highlights Capital Structure Overview • 1.14x Net Debt-to-Equity as of March 31, 2025, compared to 1.04x as of December 31, Funding Source Committed Outstanding Undrawn Maturity Wtd. Avg. Rate 2024(1) Senior Secured Revolver due 2028 4,595 1,997 2,569(3) 10/31/2028 S+
Slide 9: Credit Opportunities Partners JV, LLC Overview
Credit Opportunities Partners JV, LLC Overview FSK’s joint venture with South Carolina Retirement 7.3% Senior Secured Loans—First Lien Systems Group Trust (SCRS) Senior Secured Loans—Second Lien 2.4% 15.1% Primarily senior secured assets Security Exposure 1.5% Other Senior Secured Debt (by fair valu
Slide 10: Direct Origination Investments EBITDA and Credit Statistics
Direct Origination Investments EBITDA and Credit Statistics Direct Origination Portfolio Company EBITDA Direct Origination Portfolio Company Coverage Ratios $255 7.0x $236 $237 $239 6.1x 6.1x 6.1x $225 6.0x 6.0x 6.0x 6.0x 6.0x 6.0x $218 5.9x 5.9x 5.9x $212 6.0x 5.7x $207 $204 $203 $202 $182 $178 5.0
Slide 11: Appendix
APPENDIX FSK | FS KKR Capital Corp.
Slide 12: Operating Results
Operating Results For The Three Months Ended (Dollar amounts in millions, except per share data) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Total investment income $434 $439 $441 $407 $400 Net expenses (222) (224) (226) (213) (213) Net investment income before taxes $212 $215 $215 $194 $187 Excise tax
Slide 13: Operating Results Detail
Operating Results Detail For The Three Months Ended (Dollar amounts in millions, except per share data) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Investment income: Interest income $315 $310 $290 $257 $240 Payment-in-kind interest income 35 43 66 67 62 Fee income 17 18 21 7 17 Total dividend and othe
Slide 14: Balance Sheet
Balance Sheet As of (Dollar amounts in millions, except per share data) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Assets Total investments, at fair value $14,221 $14,087 $13,943 $13,490 $14,122 Cash 234 408 366 278 289 Foreign currency, at fair value 8 25 5 18 183 Receivable for investments sold and
Slide 15: Quarterly Gain/Loss Information
Quarterly Gain/Loss Information For The Three Months Ended (Dollar amounts in millions, except per share data) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Realized gain/loss Net realized gain (loss) on investments: Non-controlled/unaffiliated investments ($225) ($65) ($24) ($134) ($40) Non-controlled/a
Slide 16: Important Disclosure Notice
Important Disclosure Notice Forward-Looking Statements Statements included herein may constitute “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, i