FS KKR Capital Corp. Announces Fourth Quarter and Full Year 2024 Results; Declares First Quarter 2025 Distribution of $0.70 per share
FS KKR Capital Corp. (FSK) has announced its Q4 and full-year 2024 results, along with declaring a Q1 2025 distribution of $0.70 per share. The Q4 results show net investment income of $0.61 per share, down from $0.77 in Q3 2024. The company's net asset value decreased to $23.64 per share from $23.82 in Q3 2024.
For the full year 2024, FSK reported net investment income of $2.90 per share compared to $3.18 in 2023. The investment portfolio totaled $13.5 billion, with 63.8% invested in senior secured securities. The weighted average annual yield on accruing debt investments was 11.3%, down from 11.9% in Q3 2024.
The company maintains a strong liquidity position with $4.8 billion available and a net debt to equity ratio of 104%. Non-accrual investments represented 2.2% of the portfolio at fair value, up from 1.7% in Q3 2024.
FS KKR Capital Corp. (FSK) ha annunciato i risultati del quarto trimestre e dell'intero anno 2024, insieme alla dichiarazione di una distribuzione di $0.70 per azione per il primo trimestre del 2025. I risultati del quarto trimestre mostrano un reddito netto da investimenti di $0.61 per azione, in calo rispetto a $0.77 nel terzo trimestre del 2024. Il valore netto degli attivi dell'azienda è diminuito a $23.64 per azione rispetto a $23.82 nel terzo trimestre del 2024.
Per l'intero anno 2024, FSK ha riportato un reddito netto da investimenti di $2.90 per azione rispetto a $3.18 nel 2023. Il portafoglio di investimenti ha totalizzato $13.5 miliardi, con il 63.8% investito in titoli garantiti senior. Il rendimento medio ponderato annuale sugli investimenti in debito in corso era dell'11.3%, in calo rispetto all'11.9% nel terzo trimestre del 2024.
L'azienda mantiene una posizione di liquidità solida con $4.8 miliardi disponibili e un rapporto debito netto su capitale proprio del 104%. Gli investimenti non in corso rappresentavano il 2.2% del portafoglio a valore equo, in aumento rispetto all'1.7% nel terzo trimestre del 2024.
FS KKR Capital Corp. (FSK) ha anunciado sus resultados del cuarto trimestre y del año completo 2024, junto con la declaración de una distribución de $0.70 por acción para el primer trimestre de 2025. Los resultados del cuarto trimestre muestran un ingreso neto de inversiones de $0.61 por acción, en comparación con $0.77 en el tercer trimestre de 2024. El valor neto de los activos de la compañía disminuyó a $23.64 por acción desde $23.82 en el tercer trimestre de 2024.
Para el año completo 2024, FSK reportó un ingreso neto de inversiones de $2.90 por acción en comparación con $3.18 en 2023. El portafolio de inversiones totalizó $13.5 mil millones, con un 63.8% invertido en valores garantizados senior. El rendimiento medio ponderado anual sobre las inversiones en deuda acumulada fue del 11.3%, en comparación con el 11.9% en el tercer trimestre de 2024.
La empresa mantiene una sólida posición de liquidez con $4.8 mil millones disponibles y una relación de deuda neta a capital del 104%. Las inversiones no acumuladas representaron el 2.2% del portafolio a valor razonable, en aumento desde el 1.7% en el tercer trimestre de 2024.
FS KKR Capital Corp. (FSK)는 2024년 4분기 및 연간 실적을 발표하며 2025년 1분기 주당 $0.70의 배당금을 선언했습니다. 4분기 실적은 주당 $0.61의 순투자 수익을 보여주며, 이는 2024년 3분기의 $0.77에서 감소한 수치입니다. 회사의 순자산 가치는 2024년 3분기의 $23.82에서 $23.64로 감소했습니다.
2024년 전체에 대해 FSK는 2023년의 $3.18과 비교하여 주당 $2.90의 순투자 수익을 보고했습니다. 투자 포트폴리오는 총 $135억 달러로, 63.8%가 선순위 담보 증권에 투자되었습니다. 누적 채무 투자에 대한 가중 평균 연간 수익률은 11.3%로, 2024년 3분기의 11.9%에서 감소했습니다.
회사는 $48억 달러의 가용 자금과 104%의 순부채 대비 자본 비율로 강력한 유동성 위치를 유지하고 있습니다. 비누적 투자는 공정 가치 기준으로 포트폴리오의 2.2%를 차지하며, 이는 2024년 3분기의 1.7%에서 증가한 수치입니다.
FS KKR Capital Corp. (FSK) a annoncé ses résultats du quatrième trimestre et de l'année entière 2024, tout en déclarant une distribution de $0.70 par action pour le premier trimestre 2025. Les résultats du quatrième trimestre montrent un revenu net d'investissement de $0.61 par action, en baisse par rapport à $0.77 au troisième trimestre 2024. La valeur nette des actifs de l'entreprise a diminué à $23.64 par action contre $23.82 au troisième trimestre 2024.
Pour l'année entière 2024, FSK a rapporté un revenu net d'investissement de $2.90 par action par rapport à $3.18 en 2023. Le portefeuille d'investissement totalisait $13.5 milliards, avec 63.8% investi dans des titres garantis senior. Le rendement moyen pondéré annuel sur les investissements en dette accumulée était de 11.3%, en baisse par rapport à 11.9% au troisième trimestre 2024.
L'entreprise maintient une position de liquidité solide avec $4.8 milliards disponibles et un ratio de dette nette sur capitaux propres de 104%. Les investissements non accumulés représentaient 2.2% du portefeuille à la juste valeur, en hausse par rapport à 1.7% au troisième trimestre 2024.
FS KKR Capital Corp. (FSK) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 bekannt gegeben und eine Ausschüttung von $0.70 pro Aktie für das erste Quartal 2025 erklärt. Die Ergebnisse des vierten Quartals zeigen ein Nettoinvestitionseinkommen von $0.61 pro Aktie, ein Rückgang von $0.77 im dritten Quartal 2024. Der Nettovermögenswert des Unternehmens sank auf $23.64 pro Aktie von $23.82 im dritten Quartal 2024.
Für das gesamte Jahr 2024 berichtete FSK ein Nettoinvestitionseinkommen von $2.90 pro Aktie im Vergleich zu $3.18 im Jahr 2023. Das Investitionsportfolio belief sich auf insgesamt $13.5 Milliarden, wobei 63.8% in besicherte Senior-Wertpapiere investiert waren. Die gewichtete durchschnittliche jährliche Rendite auf laufende Schuldinvestitionen betrug 11.3%, ein Rückgang von 11.9% im dritten Quartal 2024.
Das Unternehmen hält eine starke Liquiditätsposition mit $4.8 Milliarden verfügbar und einem Verhältnis von Nettoverschuldung zu Eigenkapital von 104%. Nicht akkumulierende Investitionen machten 2.2% des Portfolios zum fairen Wert aus, ein Anstieg von 1.7% im dritten Quartal 2024.
- Strong liquidity position with $4.8B available
- High weighted average yield of 11.3% on accruing debt investments
- 75% of debt is unsecured, providing financial flexibility
- Maintained steady quarterly distribution of $0.70 per share
- Net investment income declined from $0.77 to $0.61 per share QoQ
- NAV decreased from $23.82 to $23.64 per share QoQ
- Non-accrual investments increased to 2.2% from 1.7% QoQ
- Annual net investment income dropped from $3.18 to $2.90 per share YoY
Insights
FSK's Q4 2024 results reveal concerning performance trends that require careful investor attention. The $0.61 quarterly NII per share represents a substantial 21% sequential decline from Q3's $0.77, while full-year NII dropped 8.8% year-over-year to $2.90 from $3.18. This deterioration creates an unsustainable distribution coverage ratio of just 87% for Q4, with the $0.70 quarterly dividend now exceeding current earnings capacity.
NAV erosion continues to be problematic, with book value declining $0.18 sequentially and $0.82 (3.4%) annually to $23.64. This persistent NAV compression signals ongoing portfolio stress despite management's optimistic framing. The increase in non-accrual investments to 2.2% of fair value (up from 1.7% in Q3) further confirms credit quality deterioration, though still within manageable range compared to BDC peers.
Portfolio repositioning appears defensive, with sales and repayments ($1.46B) substantially exceeding new purchases ($891M), suggesting a cautious approach to capital deployment despite management highlighting their substantial liquidity. The 60 basis point yield compression on accruing investments (from 11.9% to 11.3%) likely reflects a combination of interest rate cuts and increased competition for quality assets.
The company's liquidity position of $4.8 billion is presented as a strategic advantage, but may actually indicate difficulty finding attractive investment opportunities that meet risk-return requirements in the current market. This substantial dry powder could pressure future earnings if not deployed efficiently, particularly as FSK already faces NII compression.
While the reduced leverage ratio (104% vs. 109% in Q3) strengthens FSK's balance sheet, investors should closely monitor whether the company can reverse the negative trends in earnings power and asset quality in coming quarters to support the current distribution level.
Financial and Operating Highlights for the Quarter Ended December 31, 2024(1)
- Net investment income of
$0.61 $0.77 - Adjusted net investment income(2) of
$0.66 $0.74
- Adjusted net investment income(2) of
- Net asset value of
$23.64 $23.82 $24.46 - Total net realized and unrealized loss of
$0.09 $0.20 - Adjusted net realized and unrealized loss(2) of
$0.07 $0.17
- Adjusted net realized and unrealized loss(2) of
- Earnings per Share of
$0.52 $0.57 - Total purchases of
$891 million $1,462 million - Net debt to equity ratio(3) as of December 31, 2024 was
104% , compared to109% as of September 30, 2024 - Paid cash distributions to stockholders totaling
$0.70
Financial and Operating Highlights for the Year Ended December 31, 2024(1)
- Net investment income of
$2.90 $3.18 - Adjusted net investment income(2) of
$2.88 $3.11
- Adjusted net investment income(2) of
- Total net realized and unrealized loss of
$0.81 $0.70 - Adjusted net realized and unrealized loss(2) of
$0.72 $0.56
- Adjusted net realized and unrealized loss(2) of
- Paid cash distributions to stockholders totaling
$2.90
"As we conclude the fourth quarter of 2024, we are pleased with our continued strong performance, highlighted by disciplined capital deployment, portfolio stability, and a well-laddered, diversified capital structure," said Michael C. Forman, Chief Executive Officer & Chairman. "Looking ahead, our
Declaration of Distribution for First Quarter 2025
On February 25, 2025, FSK's board of directors declared a distribution for the first quarter of
Portfolio Highlights as of December 31, 2024
- Total fair value of investments was
$13.5 billion 63.8% was invested in senior secured securities. - Weighted average annual yield on accruing debt investments(5) was
11.3% , compared to11.9% as of September 30, 2024. Excluding the impact of merger accounting, weighted average annual yield on accruing debt investments was11.0% , compared to11.5% as of September 30, 2024. - Weighted average annual yield on all debt investments(5) was
10.7% , compared to11.2% as of September 30, 2024. Excluding the impact of merger accounting, weighted average annual yield on all debt investments was10.4% , compared to10.8% as of September 30, 2024. - Exposure to the top ten largest portfolio companies by fair value was
21% , compared to20% as of September 30, 2024. - As of December 31, 2024, investments on non-accrual status represented
2.2% and3.7% of the total investment portfolio at fair value and amortized cost, respectively, compared to1.7% and3.8% as of September 30, 2024.
Portfolio Data | As of December 31, 2024 | As of September 30, 2024 |
Total fair value of investments | ||
Asset Class (based on fair value) | ||
Senior Secured Loans — First Lien | 57.8 % | 59.9 % |
Senior Secured Loans — Second Lien | 5.1 % | 6.2 % |
Other Senior Secured Debt | 0.9 % | 0.9 % |
Subordinated Debt | 1.7 % | 1.6 % |
Asset Based Finance | 15.6 % | 14.3 % |
Credit Opportunities Partners JV, LLC | 10.1 % | 9.9 % |
Equity/Other | 8.8 % | 7.2 % |
Interest Rate Type (based on fair value) | ||
% Variable Rate Debt Investments | 65.8 % | 68.6 % |
% Fixed Rate Debt Investments | 9.5 % | 8.2 % |
% Other Income Producing Investments | 16.4 % | 15.8 % |
% Non-Income Producing Investments(7) | 6.1 % | 5.7 % |
% of Investments on Non-Accrual(6) | 2.2 % | 1.7 % |
Leverage and Liquidity as of December 31, 2024
- Net debt to equity ratio(3) of
104% , based on$7.4 billion $296 million $184 million $6.6 billion 5.45% . - Cash, cash equivalents and foreign currency of
$296 million $4.4 billion - As of December 31, 2024,
75% of the Company's$7.4 billion 25% in secured debt.
Conference Call Information
FSK will host its fourth quarter and full year 2024 results conference call via live webcast on Thursday, February 27, 2025 at 9:00 a.m. (Eastern Time). All interested parties are welcome to participate and can access the live webcast from the Investor Relations section of FSK's website at www.fskkradvisor.com under Events or through the following URL: https://edge.media-server.com/mmc/p/y6c8i927.
Research analysts who wish to participate in the conference call are requested to register a day in advance or at a minimum 15 minutes before the start of the call using the following URL: https://register.vevent.com/register/BI285768b6c23c42fbb6b961100d310f8e. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN number that can be used to access the call.
An investor presentation of financial information will be available by visiting the Investor Relations section of FSK's website, under Presentations after the market close on Wednesday, February 26, 2025.
A replay of the call will be available beginning shortly after the end of the call by visiting the Investor Relations section of FSK's website, under Events.
Supplemental Information
An investor presentation of financial information will be available by visiting the Investor Relations section of FSK's website at www.fskkradvisor.com, under Presentations, after the market close on Wednesday, February 26, 2025.
About FS KKR Capital Corp.
FSK is a leading publicly traded business development company (BDC) focused on providing customized credit solutions to private middle market
About FS/KKR Advisor, LLC
FS/KKR Advisor, LLC (FS/KKR) is a partnership between FS Investments and KKR Credit that serves as the investment adviser to FSK and other business development companies.
FS Investments is a global alternative asset manager dedicated to delivering superior performance and innovative investment and capital solutions. The firm manages over
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.
Forward-Looking Statements and Important Disclosure Notice
This announcement may contain certain forward-looking statements, including statements with regard to future events or future performance or operations of FSK. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially include changes in the economy, risks associated with possible disruption in FSK's operations or the economy generally due to terrorism, geo-political risks, natural disasters or pandemics such as COVID-19, future changes in laws or regulations and conditions in FSK's operating area and the price at which shares of FSK's common stock trade on the New York Stock Exchange. Some of these factors are enumerated in the filings FSK makes with the SEC. FSK undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The press release above contains summaries of certain financial and statistical information about FSK. The information contained in this press release is summary information that is intended to be considered in the context of FSK's SEC filings and other public announcements that FSK may make, by press release or otherwise, from time to time. FSK undertakes no duty or obligation to update or revise the information contained in this press release. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. Investors should not view the past performance of FSK, or information about the market, as indicative of FSK's future results.
Other Information
The information in this press release is summary information only and should be read in conjunction with FSK's annual report on Form 10-K for the year ended December 31, 2024, which FSK filed with the
Certain Information About Distributions
The determination of the tax attributes of FSK's distributions is made annually as of the end of its fiscal year based upon its taxable income and distributions paid, in each case, for the full year. Therefore, a determination as to the tax attributes of the distributions made on a quarterly basis may not be representative of the actual tax attributes for a full year. FSK intends to update stockholders quarterly with an estimated percentage of its distributions that resulted from taxable ordinary income. The actual tax characteristics of distributions to stockholders will be reported to stockholders annually on Form 1099-DIV.
The timing and amount of any future distributions on FSK's shares of common stock are subject to applicable legal restrictions and the sole discretion of its board of directors. There can be no assurance as to the amount or timing of any such future distributions.
FSK may fund its cash distributions to stockholders from any sources of funds legally available to it, including net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies, proceeds from the sale of shares of FSK's common stock and borrowings. FSK has not established limits on the amount of funds it may use from available sources to make distributions. There can be no assurance that FSK will be able to pay distributions at a specific rate or at all.
Contact Information:
Investor Relations Contact
Anna Kleinhenn
Anna.Kleinhenn@fsinvestments.com
FS Investments Media Team
Melanie Hemmert
Melanie.Hemmert@fsinvestments.com
Consolidated Statements of Operations (in millions, except share and per share amounts) | ||||||
Year Ended December 31, | ||||||
2024 | 2023 | 2022 | ||||
Investment income | ||||||
From non-controlled/unaffiliated investments: | ||||||
Interest income | $ 1,059 | $ 1,183 | $ 1,020 | |||
Paid-in-kind interest income | 67 | 108 | 72 | |||
Fee income | 53 | 30 | 74 | |||
Dividend and other income | 26 | 14 | 50 | |||
From non-controlled/affiliated investments: | ||||||
Interest income | 42 | 25 | 28 | |||
Paid-in-kind interest income | 50 | 39 | 48 | |||
Fee income | 1 | 1 | 6 | |||
Dividend and other income | 16 | 28 | 7 | |||
From controlled/affiliated investments: | ||||||
Interest income | 71 | 87 | 58 | |||
Paid-in-kind interest income | 94 | 45 | 43 | |||
Fee income | 9 | 4 | — | |||
Dividend and other income | 233 | 266 | 229 | |||
Total investment income | 1,721 | 1,830 | 1,635 | |||
Operating expenses | ||||||
Management fees | 216 | 226 | 245 | |||
Subordinated income incentive fees | 167 | 181 | 159 | |||
Administrative services expenses | 10 | 12 | 15 | |||
Accounting and administrative fees | 4 | 4 | 5 | |||
Interest expense | 465 | 467 | 365 | |||
Other general and administrative expenses | 23 | 26 | 22 | |||
Total operating expenses | 885 | 916 | 811 | |||
Incentive fee waiver | — | — | (60) | |||
Net expenses | 885 | 916 | 751 | |||
Net investment income before taxes | 836 | 914 | 884 | |||
Excise taxes | 23 | 22 | 19 | |||
Net investment income | 813 | 892 | 865 | |||
Realized and unrealized gain/loss | ||||||
Net realized gain (loss) on investments: | ||||||
Non-controlled/unaffiliated investments | (448) | (147) | 136 | |||
Non-controlled/affiliated investments | (61) | (21) | 84 | |||
Controlled/affiliated investments | 23 | (175) | (71) | |||
Net realized gain (loss) on foreign currency forward contracts | 19 | 8 | 10 | |||
Net realized gain (loss) on foreign currency | (9) | 12 | 23 | |||
Net change in unrealized appreciation (depreciation) on investments: | ||||||
Non-controlled/unaffiliated investments | 255 | 30 | (679) | |||
Non-controlled/affiliated investments | 134 | 9 | (131) | |||
Controlled/affiliated investments | (172) | 127 | (171) | |||
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (7) | (15) | 16 | |||
Net change in unrealized gain (loss) on foreign currency | 38 | (21) | 15 | |||
Total net realized and unrealized gain (loss) | (228) | (193) | (768) | |||
Provision for taxes on realized and unrealized gains on investments | — | (3) | (5) | |||
Net increase (decrease) in net assets resulting from operations | $ 585 | $ 696 | $ 92 | |||
Per share information—basic and diluted | ||||||
Net increase (decrease) in net assets resulting from operations (Earnings per Share) | $ 2.09 | $ 2.48 | $ 0.32 | |||
Weighted average shares outstanding | 280,066,433 | 280,276,768 | 283,508,494 | |||
Consolidated Balance Sheets (in millions, except share and per share amounts) | ||||
December 31, | ||||
2024 | 2023 | |||
Assets | ||||
Investments, at fair value | ||||
Non-controlled/unaffiliated investments (amortized cost— | $ 8,573 | $ 10,568 | ||
Non-controlled/affiliated investments (amortized cost— | 1,140 | 745 | ||
Controlled/affiliated investments (amortized cost— | 3,777 | 3,336 | ||
Total investments, at fair value (amortized cost— | 13,490 | 14,649 | ||
Cash | 278 | 223 | ||
Foreign currency, at fair value (cost— | 18 | 8 | ||
Receivable for investments sold and repaid | 186 | 246 | ||
Income receivable | 187 | 290 | ||
Unrealized appreciation on foreign currency forward contracts | 3 | 13 | ||
Deferred financing costs | 26 | 32 | ||
Prepaid expenses and other assets | 31 | 8 | ||
Total assets | $ 14,219 | $ 15,469 | ||
Liabilities | ||||
Payable for investments purchased | $ 2 | $ — | ||
Debt (net of deferred financing costs and discount of | 7,351 | 8,187 | ||
Unrealized depreciation on foreign currency forward contracts | 1 | 4 | ||
Stockholder distributions payable | — | 196 | ||
Management and investment adviser fees payable | 53 | 56 | ||
Subordinated income incentive fees payable | 35 | 41 | ||
Administrative services expense payable | 3 | 5 | ||
Interest payable | 108 | 98 | ||
Other accrued expenses and liabilities | 44 | 33 | ||
Total liabilities | 7,597 | 8,620 | ||
Commitments and contingencies | ||||
Stockholders' equity | ||||
Preferred stock, | — | — | ||
Common stock, | 0 | 0 | ||
Capital in excess of par value | 9,284 | 9,437 | ||
Retained earnings (accumulated deficit) | (2,662) | (2,588) | ||
Total stockholders' equity | 6,622 | 6,849 | ||
Total liabilities and stockholders' equity | $ 14,219 | $ 15,469 | ||
Net asset value per share of common stock at year end | $ 23.64 | $ 24.46 | ||
Non-GAAP Financial Measures
This press release contains certain financial measures that have not been prepared in accordance with generally accepted accounting principles in
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures, and should be read only in conjunction with FSK's consolidated financial statements prepared in accordance with GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures has been provided in this press release, and investors are encouraged to review the reconciliation.
Reconciliation of Non-GAAP Financial Measures(1) | |||
Three Months Ended | |||
December 31, 2024 | September 30, 2024 | ||
GAAP net investment income per share | |||
Accretion resulting from merger accounting | |||
Excise taxes | - | ||
Adjusted net investment income per share(2) | |||
GAAP Net realized and unrealized gain (loss) per share | |||
Unrealized appreciation from merger accounting | |||
Adjusted net realized and unrealized gain(2) | |||
Year Ended | |||
December 31, 2024 | December 31, 2023 | ||
GAAP net investment income per share | 2.90 | ||
Accretion resulting from merger accounting | (0.09) | ( | |
Excise taxes | |||
Adjusted net investment income per share(2) | 2.88 | ||
GAAP Net realized and unrealized gain (loss) per share | (0.81) | ( | |
Unrealized appreciation from merger accounting | 0.09 | ||
Adjusted net realized and unrealized gain(2) | (0.72) | ( | |
1) | Per share data was derived by using the weighted average shares of FSK's common stock outstanding during the applicable period. Per share numbers may not sum due to rounding. |
2) | Adjusted net investment income is a non-GAAP financial measure. Adjusted net investment income is presented for all periods as GAAP net investment income excluding (i) the accrual for the capital gains incentive fee for realized and unrealized gains; (ii) excise taxes (iii) the impact of accretion resulting from merger accounting; and (iv) certain non-recurring operating expenses that are one-time in nature and are not representative of ongoing operating expenses incurred during FSK's normal course of business. FSK uses this non-GAAP financial measure internally in analyzing financial results and believes that the use of this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends and in comparing its financial results with other business development companies. Adjusted net realized and unrealized gain is a non-GAAP financial measure. Adjusted net realized and unrealized gain is presented for all periods as GAAP realized and unrealized gains to exclude the impact of the merger accounting. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. A reconciliation of GAAP net investment income to adjusted net investment income and GAAP net realized and unrealized gain to adjusted net realized and unrealized gain can be found above. |
3) | Net debt to equity ratio is debt outstanding, net of cash and foreign currency and net payable/receivable for investments purchased/sold and repaid, divided by net assets. |
4) | The per share data for distributions reflects the amount of distributions paid per share of our common stock to stockholders of record during each applicable period. |
5) | See FSK's annual report on Form 10-K for the year ended December 31, 2024 for important information, including information related to the calculation and definition of weighted average annual yield on accruing debt investments, weighted average annual yield on all debt investments, variable rate debt investments, fixed rate debt investments, other income producing investments and non-income producing investments. |
6) | Interest income is recorded on an accrual basis. See FSK's annual report on Form 10-K for the year ended December 31, 2024 for a description of FSK's revenue recognition policy. |
7) | Does not include investments on non-accrual status. |
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SOURCE FS Investments
FAQ
What is FSK's Q1 2025 dividend distribution and when will it be paid?
How did FSK's net investment income per share change in Q4 2024?
What percentage of FSK's investment portfolio is in senior secured securities as of Q4 2024?
How much liquidity does FSK have available as of December 31, 2024?
What is FSK's current non-accrual rate at fair value?
