FS KKR Capital Corp. reported its financial results for the first quarter of 2025, revealing a net investment income of $187 million, or $0.67 per share, compared to $212 million, or $0.76 per share, in the same period last year. The company's total investment income decreased to $400 million from $434 million year-over-year, primarily due to a decline in interest income, which fell from $288 million to $217 million. The decrease in interest income was attributed to lower base rates and spread compression on new investments. The company declared total dividends of $0.70 per share for the quarter, slightly down from $0.75 per share in the previous year.
Total assets as of March 31, 2025, stood at $14.915 billion, an increase from $14.219 billion at the end of 2024. The company's investments at fair value rose to $14.122 billion, up from $13.490 billion, with senior secured loans comprising the largest portion of the portfolio. The net asset value per share decreased to $23.37 from $23.64 at the end of the previous quarter. The company maintained 280,066,433 shares outstanding throughout the period.
In terms of operational developments, FS KKR Capital Corp. engaged in significant investment activity, with purchases totaling $1.998 billion during the quarter, while sales and repayments amounted to $1.407 billion. The company’s portfolio included a diverse range of investments, with a focus on senior secured loans and asset-based finance. The company also reported a total of $1.636 billion in unfunded debt investments, indicating a strong commitment to future capital deployment.
Looking ahead, FS KKR Capital Corp. expressed optimism regarding its investment strategy, emphasizing its focus on generating current income and long-term capital appreciation. The company plans to continue leveraging its expertise in sourcing and managing investments in private middle-market U.S. companies. The management remains vigilant about market conditions and is prepared to adjust its investment approach as necessary to optimize returns for shareholders. The company’s asset coverage ratio was reported at 182%, indicating a solid capital structure to support its investment activities.
About FS KKR Capital Corp
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