FS KKR Capital Corp. Q3 2024 Earnings Update

TL;DR

FS KKR Capital Corp. assets hit $23.3B in Q3 2024, net investment income $1.4B YTD.

AI Summary

FS KKR Capital Corp. reported its financial results for the period ending September 30, 2024. The company's total assets were $23.3 billion as of September 30, 2024, a slight increase from $23.1 billion at the end of 2023. Net investment income for the nine months ended September 30, 2024, was $1.4 billion.

Why It Matters

This filing provides insight into the financial health and investment performance of FS KKR Capital Corp., a significant player in the business development company sector.

Risk Assessment

Risk Level: medium — As a business development company, FS KKR Capital Corp. is subject to market volatility and credit risks inherent in its investment portfolio.

Key Numbers

• $23.3B — Total Assets (As of September 30, 2024)
• $23.1B — Total Assets (As of December 31, 2023)
• $1.4B — Net Investment Income (For the nine months ended September 30, 2024)

Key Players & Entities

• FS KKR Capital Corp. (company) — Filer
• 20240930 (date) — Period of Report
• $23.3 billion (dollar_amount) — Total Assets as of September 30, 2024
• $23.1 billion (dollar_amount) — Total Assets as of December 31, 2023
• $1.4 billion (dollar_amount) — Net Investment Income for the nine months ended September 30, 2024

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 FSK New York Stock Exchange Indicate

Filing Documents

• fsk-20240930.htm (10-Q) — 9404KB
• ceocertification3q24.htm (EX-31.1) — 8KB
• cfocertification3q24.htm (EX-31.2) — 8KB
• ceoandcfocertifications3q24.htm (EX-32.1) — 6KB
• 0001628280-24-045744.txt ( ) — 27894KB
• fsk-20240930.xsd (EX-101.SCH) — 71KB
• fsk-20240930_cal.xml (EX-101.CAL) — 87KB
• fsk-20240930_def.xml (EX-101.DEF) — 465KB
• fsk-20240930_lab.xml (EX-101.LAB) — 763KB
• fsk-20240930_pre.xml (EX-101.PRE) — 603KB
• fsk-20240930_htm.xml (XML) — 9582KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 1 Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Unaudited Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 and 2023 3 Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 4 Consolidated Schedules of Investments as of September 30, 2024 (Unaudited) and December 31, 2023 5 Notes to Unaudited Consolidated Financial Statements 48

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 73

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 87

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 90

—OTHER INFORMATION

PART II—OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 91

RISK FACTORS

ITEM 1A. RISK FACTORS 91

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 91

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 92

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 92

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 92

EXHIBITS

ITEM 6. EXHIBITS 93

SIGNATURES

SIGNATURES 94 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. FS KKR Capital Corp. Consolidated Balance Sheets (in millions, except share and per share amounts) September 30, 2024 December 31, 2023 (Unaudited) Assets Investments, at fair value Non-controlled/unaffiliated investments (amortized cost—$ 9,753 and $ 11,078 , respectively) $ 9,407 $ 10,568 Non-controlled/affiliated investments (amortized cost—$ 862 and $ 868 , respectively) 838 745 Controlled/affiliated investments (amortized cost—$ 3,939 and $ 3,474 , respectively) 3,698 3,336 Total investments, at fair value (amortized cost—$ 14,554 and $ 15,420 , respectively) 13,943 14,649 Cash and cash equivalents 366 223 Foreign currency, at fair value (cost—$ 5 and $ 8 , respectively) 5 8 Receivable for investments sold and repaid 468 246 Income receivable 313 290 Unrealized appreciation on foreign currency forward contracts 0 13 Deferred financing costs 27 32 Prepaid expenses and other assets 27 8 Total assets $ 15,149 $ 15,469 Liabilities Payable for investments purchased $ 1 $ — Debt (net of deferred financing costs and discount of $ 42 and $ 36 , respectively) (1) 8,060 8,187 Unrealized depreciation on foreign currency forward contracts 10 4 Stockholder distributions payable 196 196 Management fees payable 54 56 Subordinated income incentive fees payable (2) 44 41 Administrative services expense payable 5 5 Interest payable 99 98 Other accrued expenses and liabilities 9 33 Total liabilities 8,478 8,620 Commitments and contingencies (3) Stockholders' equity Preferred stock, $ 0.001 par value, 50,000,000 shares authorized, none issued and outstanding — — Common stock, $ 0.001 par value, 750,000,000 shares authorized, 280,066,433 and 280,066,433 shares issued and outstanding, respectively 0 0 Capital in excess of par value 9,437 9,437 Retained earnings (accumulated deficit) (4) ( 2,766 ) ( 2,588 ) Total stockholders' equity 6,671 6,849 Total liabilities and stockholders' equity $ 15,149

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View this 10-Q filing on SEC EDGAR