Private Credit Portfolio Analysis | FS KKR Capital Corp. Reports Q3 2024 Results with Stable NAV
- Editor
- Nov 12, 2024
- 2 min read
What's New:
FS KKR Capital Corp. reported its Q3 2024 financial results, showing a relatively stable net asset value (NAV) per share of $23.82 as of September 30, 2024, compared to $24.46 at the end of 2023. The fund's investment portfolio value decreased slightly to $13.94 billion from $14.65 billion at the end of 2023, while maintaining a diversified approach across various debt and equity investments.
Portfolio Dynamics:
The fund's total assets decreased to $15.15 billion as of September 30, 2024, from $15.47 billion at the end of 2023.
Net investment income for Q3 2024 was $160 million, down from $265 million in Q3 2023.
Unrealized gains on investments were $22 million for Q3 2024, compared to $79 million in Q3 2023.
Investment Activity :
The fund made new investments totaling $3.84 billion in the first nine months of 2024.
Proceeds from investment dispositions amounted to $4.51 billion during the same period.
The fund recorded net realized losses of $350 million on investments for the first nine months of 2024.
Capital Structure:
Long-term debt decreased to $8.06 billion as of September 30, 2024, from $8.19 billion at the end of 2023.
The fund issued $3.43 billion in new long-term debt and repaid $3.58 billion during the first nine months of 2024.
Stockholders' equity decreased to $6.67 billion from $6.85 billion at the end of 2023.
Performance Profile:
Net investment income for the first nine months of 2024 was $438 million, down from $606 million in the same period of 2023.
The fund reported net unrealized gains of $160 million on investments for the first nine months of 2024.
Dividend payments to shareholders totaled $616 million for the first nine months of 2024.
Risk & Quality:
The fund's investment portfolio remained diversified across senior secured loans, subordinated debt, and equity investments.
Cash and cash equivalents increased to $371 million as of September 30, 2024, from $231 million at the end of 2023.
The fund maintained a stable dividend distribution payable of $196 million throughout the period.
The Wrap: FS KKR Capital Corp. navigated Q3 2024 with a slight decrease in total assets and net investment income compared to the previous year. The fund continued its active investment strategy, deploying significant capital while also realizing proceeds from dispositions. Despite challenges, the fund maintained a relatively stable NAV and a strong cash position, indicating a cautious approach in a dynamic market environment.
תגובות