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The microstructure response of laser-powder bed fusion (L-PBF)-processed ferritic stainless steel (AISI 441) during post-heat treatments is studied in detail. Focus is on the precipitation kinetics of the Nb-rich phases: Laves (Fe2Nb) and the cubic carbo-nitride (NbC), as well as the grain structure evolution. The evolution of the precipitates is characterized using scanning and transmission electron microscopy (SEM and TEM) and the experimental results are used to calibrate precipitation kinetics simulations using the precipitation module (TC-PRISMA) within the Thermo-Calc Software package. The calculations reproduce the main trend for both the mean radii for the Laves phase and the NbC, and the amount of Laves phase, as a function of temperature. The calibrated model can be used to optimize the post-heat treatment of additively manufactured ferritic stainless steel components and offer a creator tool for process and structure linkages in an integrated computational materials engineering (ICME) framework for alloy and process development of additively manufactured ferritic steels.