Fs Kkr Capital Corp. · NYSE:FSK
Fs Kkr Capital — Q1 2024 Earnings Presentation
16 slides from Fs Kkr Capital's earnings presentation, May 9, 2024
Slide 1: FS KKR Capital Corp. Financial Information, Quarter Ended March 31, 2024
F S KKR Cap i t al Co rp . Financial Information Quarter Ended March 31, 2024 All information is as of March 31, 2024 unless otherwise noted
Slide 2: Summary of Quarterly Results
Summary of Quarterly Results • Net investment income (NII) for the quarter ended March 31, 2024 was $212 million, or $0.76 per share, as compared to $200 million, or $0.71 per share, for the quarter ended December 31, 2023. • 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) 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 NII per share $0.81 $0.82 $0.84 $0.71 $0.76 Adjusted NII per share(1) $0.78 $0.78 $0.80 $0.75 $0.73 Net realized and unrealized gains (losses) per share ($0.11) ($0.31) $0.11 ($0.39) ($0.14
Slide 4: Portfolio Highlights
Portfolio Highlights As of and for Three Months Ended (Dollar amounts in millions) 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 Investment at Fair Value: First Lien Senior Secured Loans 61.0% 59.5% 59.8% 58.2% 57.0% Second Lien Senior Secured Loans 7.7% 7.9% 7.5% 7.5% 7.1% Other Senior Secured Debt 0.7%
Slide 5: FSK Investment Portfolio Overview
FSK Investment Portfolio Overview Investment Portfolio Summary Security Exposure (by fair value) $14.2bn Portfolio Fair Value 6.5% 1.6% Senior Secured Loans—First Lien 9.8% Senior Secured Loans—Second Lien Other Senior Secured Debt 205 Portfolio Companies Subordinated Debt 14.6% 57.0% Asset Based Fi
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity Asset Mix of New Purchases(1) $1,444 69% $680 $504 (2) 59% 3% $363 $270 3% 92% 1% 3% 1% 3% 83% 5% 24% 82% 6% 37% 11% 10% 2% 1% 4% 1% 0% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Portfolio Roll ($ in millions) 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 Investment Purchases $
Slide 7: Net Asset Value Bridge
Net Asset Value Bridge $0.76 ($0.70) ($0.05) ($0.14) $24.46 $24.46 $24.52 $24.47 $24.32 $24.32 12/31/2023 Net Investment Regular & Supplemental Special Distribution Net Realized 3/31/2024 NAV Income Distribution & Unrealized Losses NAV Note: Per share data derived using the weighted average shares o
Slide 8: Capital Structure: Overview
Capital Structure: Overview Key Highlights Capital Structure Overview • 1.09x Net Debt-to-Equity as of March 31, 2024, compared to 1.13x as of December Funding Source Committed Outstanding Undrawn Maturity Wtd. Avg. Rate Senior Secured Revolver due 2028 4,597 1,164 3,415(3) 10/31/2028 S+1.75% - 1.88
Slide 9: Credit Opportunities Partners JV, LLC Overview
Credit Opportunities Partners JV, LLC Overview FSK’s joint venture with South Carolina Retirement 5.7% Senior Secured Loans—First Lien Systems Group Trust (SCRS) 0.1% 12.6% Senior Secured Loans—Second Lien 2.3% Primarily senior secured assets Security Exposure 5.0% Other Senior Secured Debt (by fair
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 $236.4 7.0x $217.7 $212.4 6.1x 6.1x $207.4 6.0x 6.0x 6.0x 6.0x 6.0x $203.8 $202.9 $202.1 5.9x 5.9x 5.9x 6.0x 5.6x 5.6x $182.2 5.3x $178.4 $164.
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) 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 Total investment income $456 $462 $465 $447 $434 Net expenses (227) (233) (231) (225) (222) Net investment income before taxes $229 $229 $234 $222 $212 Excise tax
Slide 13: Operating Results Detail
Operating Results Detail For The Three Months Ended (Dollar amounts in millions, except per share data) 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 Investment income: Interest income $327 $320 $316 $332 $315 Payment-in-kind interest income 42 56 58 36 35 Fee income 5 6 12 12 17 Total dividend and other
Slide 14: Balance Sheet
Balance Sheet As of (Dollar amounts in millions, except per share data) 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 Assets Total investments, at fair value $15,277 $14,764 $14,666 $14,649 $14,221 Cash 245 225 171 223 234 Foreign currency, at fair value 5 49 5 8 8 Receivable for investments sold and rep
Slide 15: Quarterly Gain/Loss Information
Quarterly Gain/Loss Information For The Three Months Ended (Dollar amounts in millions, except per share data) 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 Realized gain/loss Net realized gain (loss) on investments: Non-controlled/unaffiliated investments ($58) ($39) ($50) - ($225) Non-controlled/affili
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