This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.
1 unchanged sentence
FS KKR Capital Corp.
−Removed: Consolidated Balance
+Added: Consolidated Balance Sheets
(in millions, except share and per share amounts)
−Removed: September 30, 2021
−Removed: December 31, 2020
Investments, at fair value
−Removed: Non-controlled/unaffiliated investments (amortized cost$12,092 and $5,314,
−Removed: respectively)
−Removed: Non-controlled/affiliated investments (amortized cost$901 and $629,
−Removed: respectively)
+Added: Non-controlled/unaffiliated investments (amortized
+Added: cost$12,374 and $12,419, respectively)
+Added: Non-controlled/affiliated investments (amortized
+Added: cost$1,048 and $860, respectively)
Controlled/affiliated investments (amortized cost$3,061 and $2,778, respectively)
5 unchanged sentences
Deferred financing costs
−Removed: Deferred merger costs
Prepaid expenses and other assets
4 unchanged sentences
Management fees payable
−Removed: Subordinated income incentive fees payable (2)
+Added: Subordinated income incentive fees
Administrative services expense payable
4 unchanged sentences
Stockholders equity
−Removed: Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding
−Removed: Common stock, $0.001 par value, 750,000,000 shares authorized, 285,076,619 and 123,755,965 shares issued and outstanding,
+Added: Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and
+Added: Common stock, $0.001 par value, 750,000,000 shares authorized, 284,138,163 and 284,543,091 shares
+Added: issued and outstanding, respectively
Capital in excess of par value
−Removed: Retained earnings (accumulated deficit) (4)
+Added: Retained earnings (accumulated
Total stockholders equity
2 unchanged sentences
See Note 9 for a discussion of the Companys financing arrangements.
−Removed: See Note 2 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.
+Added: See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated
+Added: income incentive fees.
See Note 10 for a discussion of the Companys commitments and contingencies.
5 unchanged sentences
Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
Investment income
Interest income
−Removed: Paid-in-kind interest income
+Added: interest income
Dividend and other income
1 unchanged sentence
Interest income
−Removed: Paid-in-kind interest income
−Removed: Dividend income
+Added: interest income
+Added: Dividend and other income
From controlled/affiliated investments:
Interest income
−Removed: Paid-in-kind interest income
+Added: interest income
Dividend and other income
26 unchanged sentences
Per share informationbasic and diluted
−Removed: Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share)
+Added: Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per
Weighted average shares outstanding
−Removed: See Note 2 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fee.
+Added: See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated
+Added: income incentive fees.
See Note 9 for a discussion of the Companys financing arrangements.
4 unchanged sentences
Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
Net investment income (loss)
8 unchanged sentences
Capital share transactions (3)
−Removed: Issuance of common stock
Repurchases of common stock
10 unchanged sentences
(in millions)
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations
−Removed: Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in)
−Removed: operating activities:
+Added: Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net
+Added: cash provided by (used in) operating activities:
Purchases of investments
−Removed: Paid-in-kind interest
Proceeds from sales and repayments of investments
12 unchanged sentences
Increase (decrease) in subordinated income incentive fees payable
−Removed: Increase (decrease) in administrative services expense
+Added: Increase (decrease) in administrative services expense payable
Increase (decrease) in interest payable
Increase (decrease) in other accrued expenses and liabilities
−Removed: Cash acquired in merger
−Removed: Other assets acquired from merger net of other assets, net of unrealized depreciation on derivatives
−Removed: Merger costs capitalized into purchase price
−Removed: Mark-to-market of merged debt
Net cash provided by (used in) operating activities
2 unchanged sentences
Stockholder distributions
−Removed: Borrowings under financing arrangements (3)
−Removed: Repayments of financing arrangements (3)
+Added: Borrowings under financing
+Added: arrangements (1)
+Added: Repayments of financing
+Added: arrangements (1)
Deferred financing costs paid
7 unchanged sentences
Local and excise taxes paid
−Removed: Excludes $7,227 of cost of investments acquired from the 2021 Merger.
−Removed: Excludes $11 of unrealized depreciation on unfunded commitments acquired from the 2021 Merger.
−Removed: Excludes $3,794 of debt assumed from the 2021 Merger.
See Note 9 for a discussion of the Companys financing arrangements.
−Removed: nine months ended September 30, 2021 and 2020, the Company paid $138 and $110, respectively, in interest expense on the financing arrangements.
+Added: During the three months ended
+Added: March 31, 2022 and 2021, the Company paid $78 and $23, respectively, in interest expense on the financing arrangements.
See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
−Removed: Unaudited Consolidated Statements of Cash Flows
−Removed: (in millions)
−Removed: Supplemental disclosure
−Removed: of non-cash operating and financing activities:
−Removed: In connection with the 2021 Merger, the Company issued common stock of $3,650 and acquired investments
−Removed: at cost of $7,227 and other assets of $221 and assumed debt of $3,794 and other liabilities of $297.
−Removed: See notes to unaudited
−Removed: consolidated financial statements.
−Removed: FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments
−Removed: As of September 30, 2021
+Added: As of March 31, 2022
(in millions, except share amounts)
−Removed: Portfolio Company (a)
Senior Secured LoansFirst Lien127.8%
+Added: 3Pillar Global Inc
+Added: Software & Services
+Added: 3Pillar Global Inc
+Added: Software & Services
+Added: 3Pillar Global Inc
+Added: Software & Services
+Added: 48Forty Solutions LLC
+Added: Commercial & Professional Services
+Added: 48Forty Solutions LLC
+Added: (f)(k)(l)(t)(v)
+Added: Commercial & Professional Services
+Added: 48Forty Solutions LLC
+Added: Commercial & Professional Services
5 Arch Income Fund 2 LLC
−Removed: (w)(y)(z)(q)(r)
+Added: (q)(r)(w)(y)(z)
Diversified Financials
−Removed: ABB CONCISE Optical Group LLC
Accuride Corp
8 unchanged sentences
Software & Services
−Removed: R+610, 0.0% PIK (2.0% Max PIK)
+Added: SR+610, 0.0% PIK (3.3% Max PIK)
Advania Sverige AB
Software & Services
+Added: R+610, 0.0% PIK (3.3% Max PIK)
Advania Sverige AB
Software & Services
+Added: SR+610, 0.0% PIK (3.3% Max PIK)
Affordable Care Inc
7 unchanged sentences
L+550, 0.0% PIK (1.3% Max PIK)
+Added: Alacrity Solutions Group LLC
+Added: Alacrity Solutions Group LLC
+Added: Alacrity Solutions Group LLC
Alera Group Intermediate Holdings Inc
Alera Group Intermediate Holdings Inc
−Removed: American Tire Distributors Inc
−Removed: Automobiles & Components
−Removed: L+600, 0.0% PIK (1.0% Max PIK)
−Removed: American Tire Distributors Inc
−Removed: Automobiles & Components
−Removed: L+750, 0.0% PIK (1.5% Max PIK)
American Vision Partners
Health Care Equipment & Services
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
American Vision Partners
2 unchanged sentences
Health Care Equipment & Services
+Added: Amerivet Partners Management Inc
+Added: Health Care Equipment & Services
+Added: Amerivet Partners Management Inc
+Added: Health Care Equipment & Services
+Added: Amerivet Partners Management Inc
+Added: Health Care Equipment & Services
Amtek Global Technology Pte Ltd
+Added: (ad)(v)(w)(y)(z)
Automobiles & Components
E+500 PIK (E+500 Max PIK)
−Removed: Apex Group Limited
−Removed: Diversified Financials
−Removed: Apex Group Limited
−Removed: Diversified Financials
+Added: Arcfield Acquisition Corp
+Added: Capital Goods
+Added: Arcfield Acquisition Corp
+Added: Capital Goods
Software & Services
2 unchanged sentences
Ardonagh Group Ltd
−Removed: Ardonagh Group Ltd
Arrotex Australia Group Pty Ltd
5 unchanged sentences
8.0% PIK (8.0% Max PIK)
+Added: athenahealth Inc
+Added: Health Care Equipment & Services
+Added: athenahealth Inc
+Added: Health Care Equipment & Services
ATX Networks Corp
−Removed: (w)(v)(s)(ad)
+Added: (ad)(s)(v)(w)
Capital Goods
+Added: L+750 PIK (L+750 Max PIK)
Software & Services
1 unchanged sentence
Software & Services
−Removed: (f)(k)(l)(v)(m)(t)
+Added: (f)(k)(l)(m)(t)(v)
Consumer Services
Consumer Services
−Removed: (ac)(aa)(y)(z)(v)
+Added: Consumer Services
5.0%, 8.0% PIK (8.0% Max PIK)
BGB Group LLC
−Removed: (f)(i)(k)(l)(v)(t)
+Added: (f)(i)(k)(l)(m)(t)
Media & Entertainment
1 unchanged sentence
Media & Entertainment
−Removed: Borden (New Dairy Opco)
−Removed: Food, Beverage & Tobacco
−Removed: L+700, 0.0% PIK (1.0% Max PIK)
−Removed: Borden (New Dairy Opco)
−Removed: Food, Beverage & Tobacco
−Removed: Borden Dairy Co
−Removed: (ac)(y)(z)(v)
−Removed: Food, Beverage & Tobacco
−Removed: unaudited consolidated financial statements.
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
+Added: As of March 31, 2022
(in millions, except share amounts)
1 unchanged sentence
Food, Beverage & Tobacco
+Added: (aa)(ab)(v)(w)
Cimarron Energy Inc
+Added: Clarience Technologies LLC
+Added: Capital Goods
+Added: Clarience Technologies LLC
+Added: (f)(i)(k)(m)(s)(v)
+Added: Capital Goods
+Added: Clarience Technologies LLC
+Added: Capital Goods
+Added: Clarience Technologies LLC
+Added: Capital Goods
+Added: Clarience Technologies LLC
+Added: Capital Goods
+Added: Community Brands Inc
+Added: Software & Services
+Added: Community Brands Inc
+Added: Software & Services
+Added: Community Brands Inc
+Added: Software & Services
Constellis Holdings LLC
4 unchanged sentences
Software & Services
−Removed: (f)(k)(l)(v)(m)(s)(t)
+Added: (f)(i)(k)(l)(m)(t)(v)
Capital Goods
1 unchanged sentence
Capital Goods
+Added: Capital Goods
Dental Care Alliance Inc
−Removed: (f)(k)(v)(m)(t)
+Added: (f)(k)(m)(t)(v)
Health Care Equipment & Services
1 unchanged sentence
Health Care Equipment & Services
−Removed: Distribution International Inc
−Removed: Entertainment Benefits Group LLC
−Removed: Media & Entertainment
+Added: Element Materials Technology Group US Holdings Inc
+Added: Commercial & Professional Services
+Added: Encora Digital Inc
+Added: Software & Services
L+550, 0.0% PIK (2.4% Max PIK)
+Added: Encora Digital Inc
+Added: Software & Services
Entertainment Benefits Group LLC
Media & Entertainment
−Removed: L+575, 2.5% PIK (2.5% Max PIK)
Entertainment Benefits Group LLC
−Removed: (f)(k)(l)(v)(m)
+Added: (f)(k)(l)(m)(v)
Media & Entertainment
−Removed: L+575, 2.5% PIK (2.5% Max PIK)
Entertainment Benefits Group LLC
Media & Entertainment
−Removed: L+575, 2.5% PIK (2.5% Max PIK)
Fairway Group Holdings Corp
−Removed: (ac)(y)(z)(v)
+Added: (ac)(v)(y)(z)
Food & Staples Retailing
1 unchanged sentence
Fairway Group Holdings Corp
−Removed: (ac)(y)(z)(v)
+Added: (ac)(v)(y)(z)
Food & Staples Retailing
10.0% PIK (10.0% Max PIK)
−Removed: FloWorks International LLC
−Removed: Capital Goods
−Removed: FloWorks International LLC
−Removed: Capital Goods
−Removed: Follett Software Co
−Removed: Software & Services
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Follett Software Co
−Removed: (f)(k)(l)(v)(t)
Software & Services
5 unchanged sentences
Pharmaceuticals, Biotechnology & Life Sciences
−Removed: Frontline Technologies Group LLC
−Removed: Software & Services
+Added: Foundation Risk Partners Corp
+Added: Foundation Risk Partners Corp
+Added: Foundation Risk Partners Corp
Frontline Technologies Group LLC
2 unchanged sentences
Software & Services
+Added: Galaxy Universal LLC
+Added: Consumer Durables & Apparel
+Added: Galaxy Universal LLC
+Added: Consumer Durables & Apparel
Galway Partners Holdings LLC
5 unchanged sentences
General Datatech LP
−Removed: (f)(k)(l)(v)(m)(t)
+Added: (f)(k)(l)(m)(t)(v)
Software & Services
+Added: Software & Services
+Added: Software & Services
Greystone Equity Member Corp
3 unchanged sentences
Heniff Transportation Systems LLC
−Removed: (f)(i)(k)(l)(v)(m)
+Added: (f)(i)(k)(l)(m)(v)
Transportation
3 unchanged sentences
Transportation
−Removed: Hermes UK Ltd
−Removed: Transportation
−Removed: (f)(k)(l)(v)(m)(t)
+Added: (f)(k)(l)(m)(t)(v)
Commercial & Professional Services
3 unchanged sentences
Capital Goods
−Removed: HM Dunn Co Inc
−Removed: Capital Goods
−Removed: Hudson Technologies Co
−Removed: Commercial & Professional Services
−Removed: notes to unaudited consolidated financial statements.
+Added: L+600 PIK (L+600 Max PIK)
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
+Added: As of March 31, 2022
(in millions, except share amounts)
−Removed: Portfolio Company (a)
+Added: HM Dunn Co Inc
+Added: Capital Goods
+Added: L+600 PIK (L+600 Max PIK)
Individual FoodService
15 unchanged sentences
Commercial & Professional Services
−Removed: (f)(i)(v)(m)(s)
+Added: Insight Global LLC
+Added: Commercial & Professional Services
+Added: Insight Global LLC
+Added: Commercial & Professional Services
+Added: Integrity Marketing Group LLC
+Added: (f)(i)(m)(s)(v)
Jarrow Formulas Inc
−Removed: (f)(i)(k)(l)(v)(m)(s)(t)
+Added: (f)(i)(k)(l)(m)(s)(t)(v)
Household & Personal Products
5 unchanged sentences
Capital Goods
−Removed: KBP Investments LLC
−Removed: Food & Staples Retailing
Kellermeyer Bergensons Services LLC
−Removed: (f)(i)(k)(l)(v)(m)(s)(t)
−Removed: Commercial & Professional Services
−Removed: Kellermeyer Bergensons Services LLC
+Added: (f)(i)(k)(l)(m)(s)(t)(v)
Commercial & Professional Services
+Added: Lakefield Veterinary Group
+Added: Health Care Equipment & Services
+Added: Lakefield Veterinary Group
+Added: Health Care Equipment & Services
Lakeview Farms Inc
6 unchanged sentences
Food, Beverage & Tobacco
−Removed: (i)(k)(l)(v)(m)
+Added: (i)(k)(l)(m)(v)
Commercial & Professional Services
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Commercial & Professional Services
4 unchanged sentences
Food & Staples Retailing
+Added: Lloyds Register Quality Assurance Ltd
+Added: Consumer Services
+Added: SA+600, 0.0% PIK (6.3% Max PIK)
Matchesfashion Ltd
2 unchanged sentences
MB2 Dental Solutions LLC
−Removed: (k)(l)(v)(m)(t)
+Added: (k)(l)(m)(t)(v)
Health Care Equipment & Services
2 unchanged sentences
Software & Services
+Added: L+675 PIK (L+675 Max PIK)
Software & Services
Software & Services
+Added: Software & Services
Miami Beach Medical Group LLC
−Removed: (k)(l)(v)(m)(t)
+Added: (k)(l)(m)(t)(v)
Health Care Equipment & Services
−Removed: Micronics Filtration Holdings Inc
−Removed: (ac)(y)(z)(v)
−Removed: Capital Goods
−Removed: 7.5% PIK (7.5% Max PIK)
Monitronics International Inc
8 unchanged sentences
Commercial & Professional Services
+Added: Motion Recruitment Partners LLC
+Added: Commercial & Professional Services
+Added: Motion Recruitment Partners LLC
+Added: Commercial & Professional Services
Consumer Durables & Apparel
−Removed: unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
−Removed: (in millions, except share amounts)
Software & Services
6 unchanged sentences
Software & Services
+Added: Net Documents
+Added: Software & Services
New Era Technology Inc
−Removed: (i)(l)(v)(m)(t)
+Added: (i)(l)(m)(t)(v)
Software & Services
3 unchanged sentences
Software & Services
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
+Added: New Era Technology Inc
+Added: Software & Services
+Added: Novotech Pty Ltd
+Added: Health Care Equipment & Services
Omnimax International Inc
−Removed: (f)(i)(k)(l)(v)(m)
+Added: (f)(i)(k)(l)(m)(v)
Capital Goods
2 unchanged sentences
Oxford Global Resources LLC
−Removed: (f)(k)(l)(v)(t)
+Added: (f)(k)(l)(m)(t)
Commercial & Professional Services
8 unchanged sentences
P2 Energy Solutions Inc.
−Removed: (f)(i)(k)(v)(m)(s)(t)
+Added: (i)(k)(m)(s)(t)(v)
Software & Services
7 unchanged sentences
Health Care Equipment & Services
−Removed: Peak 10 Holding Corp
−Removed: Telecommunication Services
+Added: Parts Town LLC
+Added: PartsSource Inc
+Added: Health Care Equipment & Services
+Added: PartsSource Inc
+Added: Health Care Equipment & Services
+Added: PartsSource Inc
+Added: Health Care Equipment & Services
Capital Goods
2 unchanged sentences
Petroplex Acidizing Inc
−Removed: (ac)(y)(z)(v)
−Removed: L+900 PIK (L+900 Max PIK)
+Added: (ac)(v)(y)(z)
+Added: L+825, 1.8% PIK (1.8% Max PIK)
Polyconcept North America Inc
3 unchanged sentences
Diversified Financials
−Removed: Pretium Packaging LLC
−Removed: Household & Personal Products
Production Resource Group LLC
3 unchanged sentences
Media & Entertainment
−Removed: L+300, 5.5% PIK (5.5% Max PIK)
−Removed: Production Resource Group LLC
−Removed: Media & Entertainment
L+550 PIK (L+550 Max PIK)
1 unchanged sentence
Media & Entertainment
−Removed: Production Resource Group LLC
−Removed: Media & Entertainment
L+500, 3.1% PIK (3.1% Max PIK)
2 unchanged sentences
L+500, 3.1% PIK (3.1% Max PIK)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Propulsion Acquisition LLC
−Removed: (f)(l)(v)(s)(t)
+Added: (f)(l)(s)(t)(v)
Capital Goods
−Removed: (i)(l)(v)(s)(t)
+Added: (i)(l)(s)(t)(v)
Health Care Equipment & Services
+Added: Pure Fishing Inc
+Added: Consumer Durables & Apparel
Qdoba Restaurant Corp
1 unchanged sentence
Reliant Rehab Hospital Cincinnati LLC
−Removed: (f)(i)(l)(v)(m)(s)
+Added: (f)(i)(l)(m)(s)(v)
Health Care Equipment & Services
3 unchanged sentences
Software & Services
+Added: Revere Superior Holdings Inc
+Added: Software & Services
Rise Baking Company
5 unchanged sentences
RSC Insurance Brokerage Inc
−Removed: (f)(i)(k)(l)(v)(m)(s)
+Added: (f)(i)(k)(l)(m)(s)(v)
RSC Insurance Brokerage Inc
RSC Insurance Brokerage Inc
−Removed: notes to unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
−Removed: (in millions, except share amounts)
−Removed: Portfolio Company (a)
Safe-Guard Products International LLC
6 unchanged sentences
Software & Services
+Added: Consumer Services
+Added: Consumer Services
+Added: Consumer Services
Capital Goods
10 unchanged sentences
Health Care Equipment & Services
−Removed: Sequential Brands Group Inc.
−Removed: Consumer Durables & Apparel
−Removed: Sequential Brands Group Inc.
−Removed: (y)(z)(k)(l)(v)
−Removed: Consumer Durables & Apparel
−Removed: Sequential Brands Group Inc.
−Removed: Consumer Durables & Apparel
+Added: 12.0% PIK (12.0% Max PIK)
+Added: SitusAMC Holdings Corp
Sorenson Communications LLC
−Removed: (ac)(aa)(f)(k)(v)(t)
+Added: (aa)(ac)(f)(k)(t)(v)
Telecommunication Services
1 unchanged sentence
Software & Services
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
+Added: Principal Amount (c)
Source Code LLC
2 unchanged sentences
Software & Services
+Added: Software & Services
+Added: Staples Canada
Summit Interconnect Inc
−Removed: (f)(k)(l)(v)(t)
+Added: (f)(k)(l)(t)(v)
Capital Goods
3 unchanged sentences
Software & Services
−Removed: L+375, 3.8% PIK (3.8% Max PIK)
−Removed: Sweeping Corp of America Inc
−Removed: Commercial & Professional Services
+Added: SF+375, 3.8% PIK (3.8% Max PIK)
Sweeping Corp of America Inc
4 unchanged sentences
Commercial & Professional Services
−Removed: (f)(i)(v)(m)(s)
Software & Services
ThermaSys Corp
−Removed: (ac)(y)(z)(v)
+Added: (ac)(v)(y)(z)
Capital Goods
4 unchanged sentences
L+500, 2.5% PIK (2.5% Max PIK)
−Removed: Total Safety US Inc
+Added: Time Manufacturing Co
Capital Goods
−Removed: (f)(i)(k)(l)(v)(m)(s)
−Removed: Software & Services
+Added: Time Manufacturing Co
+Added: Capital Goods
+Added: Time Manufacturing Co
+Added: Capital Goods
+Added: Time Manufacturing Co
+Added: Capital Goods
Transaction Services Group Ltd
4 unchanged sentences
Software & Services
−Removed: Truck-Lite Co LLC
−Removed: (f)(i)(k)(v)(m)(s)
+Added: Ultra Electronics Holdings PLC
+Added: (aa)(ab)(v)(w)
Capital Goods
−Removed: Truck-Lite Co LLC
+Added: Ultra Electronics Holdings PLC
+Added: (aa)(ab)(v)(w)
Capital Goods
7 unchanged sentences
Diversified Financials
−Removed: (f)(k)(l)(v)(m)(t)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
+Added: Principal Amount (c)
+Added: Wealth Enhancement Group LLC
+Added: Diversified Financials
+Added: (f)(k)(l)(m)(t)(v)
Capital Goods
Capital Goods
+Added: Worldwise Inc
+Added: Household & Personal Products
+Added: Worldwise Inc
+Added: Household & Personal Products
+Added: Worldwise Inc
+Added: Household & Personal Products
Total Senior Secured LoansFirst Lien
1 unchanged sentence
Net Senior Secured LoansFirst Lien
−Removed: unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
−Removed: (in millions, except share amounts)
−Removed: Portfolio Company (a)
Senior Secured LoansSecond Lien18.2%
3 unchanged sentences
Amtek Global Technology Pte Ltd
−Removed: (ad)(w)(z)(g)(v)
+Added: (ad)(v)(w)(y)(z)
Automobiles & Components
E+500 PIK (E+500 Max PIK)
−Removed: Apex Group Limited
−Removed: Diversified Financials
−Removed: (ac)(y)(z)(v)
+Added: (ac)(v)(y)(z)
10.0% PIK (10.0% Max PIK)
7 unchanged sentences
Software & Services
−Removed: Excelitas Technologies Corp
−Removed: Technology Hardware & Equipment
Fairway Group Holdings Corp
−Removed: (ac)(y)(z)(v)
+Added: (ac)(v)(y)(z)
Food & Staples Retailing
3 unchanged sentences
L+1,275 PIK (L+1,275 Max PIK)
−Removed: NEP Broadcasting LLC
−Removed: Media & Entertainment
OEConnection LLC
Software & Services
−Removed: Paradigm Acquisition Corp
−Removed: Health Care Equipment & Services
Capital Goods
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Capital Goods
4 unchanged sentences
11.0% PIK (11.0% Max PIK)
−Removed: Pretium Packaging LLC
−Removed: Household & Personal Products
−Removed: Pretium Packaging LLC
−Removed: Household & Personal Products
Pure Fishing Inc
5 unchanged sentences
Software & Services
−Removed: Sorenson Communications LLC
−Removed: (ac)(v)(m)(s)(u)
−Removed: Telecommunication Services
−Removed: L+1,150 PIK (L+1,150 Max PIK)
Sungard Availability Services Capital Inc
+Added: (ac)(v)(y)(z)
Software & Services
−Removed: L+400, 2.8% PIK (2.8% Max PIK)
+Added: SF+400, 2.8% PIK (2.8% Max PIK)
+Added: Valeo Foods Group Ltd
+Added: Food, Beverage & Tobacco
Vantage Specialty Chemicals Inc
−Removed: WireCo WorldGroup Inc
−Removed: Capital Goods
Wittur Holding GmbH
2 unchanged sentences
Total Senior Secured LoansSecond Lien
+Added: Unfunded Loan Commitments
+Added: Net Senior Secured LoansSecond Lien
Other Senior Secured Debt1.5%
3 unchanged sentences
JW Aluminum Co
−Removed: (ad)(aa)(v)(s)
+Added: (aa)(ad)(s)(v)
One Call Care Management Inc
6 unchanged sentences
12.8% PIK (12.8% Max PIK)
+Added: athenahealth Inc
+Added: Health Care Equipment & Services
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
+Added: Principal Amount (c)
ATX Networks Corp
−Removed: (w)(y)(z)(v)(s)(ad)
+Added: (ad)(s)(v)(w)(y)(z)
Capital Goods
2 unchanged sentences
Consumer Services
+Added: Encora Digital Inc
+Added: Software & Services
+Added: 9.8% PIK (9.8% Max PIK)
Hilding Anders
−Removed: (ad)(w)(y)(v)
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
Hilding Anders
−Removed: (ad)(w)(y)(v)
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
Hilding Anders
−Removed: (ad)(w)(y)(z)(v)
+Added: (ad)(v)(w)(y)(z)
Consumer Durables & Apparel
1 unchanged sentence
Total Subordinated Debt
−Removed: unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
−Removed: (in millions, except share amounts)
Asset Based Finance28.0%
801 5th Ave, Seattle, Private Equity
−Removed: (ad)(w)(y)(v)
+Added: (ad)(v)(w)(y)
801 5th Ave, Seattle, Structure Mezzanine
7 unchanged sentences
Transportation
+Added: Avenue One PropCo, Private Equity
+Added: (ad)(v)(w)(y)
Avida Holding AB, Common Stock
−Removed: (ad)(w)(y)(v)
+Added: (ad)(v)(w)(y)
Diversified Financials
−Removed: Bank of Ireland, Class B Credit Linked Floating Rate Note
Byrider Finance LLC, Structured Mezzanine
4 unchanged sentences
Diversified Financials
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Callodine Commercial Finance LLC, 2L Term Loan B
4 unchanged sentences
Commercial & Professional Services
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
+Added: Global Jet Capital LLC, Preferred Stock
Commercial & Professional Services
14 unchanged sentences
Home Partners JV 2, Private Equity
−Removed: (ac)(w)(y)(v)
+Added: (ac)(v)(w)(y)
Home Partners JV 2, Private Equity
−Removed: (ac)(w)(y)(v)
+Added: (ac)(v)(w)(y)
Home Partners JV 2, Structured Mezzanine
3 unchanged sentences
Home Partners JV, Common Stock
−Removed: (ac)(w)(y)(v)
Home Partners JV, Private Equity
−Removed: (ac)(w)(y)(v)
Home Partners JV, Structured Mezzanine
3 unchanged sentences
8.0%, 0.0% PIK (8.0% Max PIK)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Jet Edge International LLC, Term Loan
9 unchanged sentences
Kilter Finance, Private Equity
−Removed: (ad)(w)(y)(v)
−Removed: notes to unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
−Removed: (in millions, except share amounts)
+Added: (ad)(v)(w)(y)
KKR Central Park Leasing Aggregator L.P., Partnership Interest
Capital Goods
−Removed: KKR Chord IP Aggregator LP, Partnership Interest
−Removed: Media & Entertainment
KKR Rocket Loans Aggregator LLC, Partnership Interest
14 unchanged sentences
Technology Hardware & Equipment
+Added: Luxembourg Life FundAbsolute Return Fund II, Structured Mezzanine
+Added: Music IP, Private Equity
+Added: Media & Entertainment
+Added: My Community Homes SFR PropCo 2, Private Equity
+Added: (ad)(v)(w)(y)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
NewStar Clarendon 2014-1A Class D
Diversified Financials
−Removed: Opendoor Labs Inc, 2L Term Loan
−Removed: Orchard Marine Limited, Class B Common Stock
−Removed: (ac)(w)(y)(v)
−Removed: Transportation
−Removed: Orchard Marine Limited, Series A Preferred Stock
−Removed: (ac)(w)(y)(v)
−Removed: Transportation
−Removed: Pretium Partners LLC P1, Structured Mezzanine
−Removed: 2.8%, 5.3% PIK (5.3% Max PIK)
+Added: Opendoor Labs Inc, Structured Mezzanine
+Added: Opendoor Labs Inc, Structured Mezzanine
+Added: Pretium Partners LLC P2, Term Loan
Prime ST LLC, Private Equity
−Removed: (ad)(w)(y)(v)
+Added: (ad)(v)(w)(y)
Prime ST LLC, Structured Mezzanine
5.0%, 6.0% PIK (6.0% Max PIK)
+Added: Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity
+Added: Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine
+Added: L+650 PIK (L+650 Max PIK)
+Added: Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine
+Added: L+650 PIK (L+650 Max PIK)
Star Mountain Diversified Credit Income Fund III, LP, Private Equity
1 unchanged sentence
Toorak Capital Funding LLC, Membership Interest
−Removed: (ad)(w)(y)(v)
−Removed: Toorak Capital Partners LLC, Private Equity
−Removed: Toorak Capital Partners LLC, Structured Mezzanine
−Removed: L+650 PIK (L+650 Max PIK)
−Removed: Wind River CLO Ltd.
−Removed: 2012 1A Class Subord.
−Removed: Diversified Financials
+Added: (ad)(v)(w)(y)
Total Asset Based Finance
5 unchanged sentences
Credit Opportunities Partners JV, LLC
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Equity/Other17.6% (e)
6 unchanged sentences
Health Care Equipment & Services
+Added: Amerivet Partners Management Inc, Preferred Stock
+Added: Health Care Equipment & Services
+Added: 11.5% PIK (11.5% Max PIK)
Amtek Global Technology Pte Ltd, Common Stock
−Removed: (ad)(w)(y)(g)(v)
+Added: (ad)(g)(v)(w)(y)
Automobiles & Components
Amtek Global Technology Pte Ltd, Ordinary Shares
−Removed: (ad)(w)(y)(g)
+Added: (ad)(v)(w)(y)
Automobiles & Components
5,735,804,056
−Removed: notes to unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
−Removed: (in millions, except share amounts)
Amtek Global Technology Pte Ltd, Private Equity
−Removed: (ad)(w)(y)(g)
+Added: (ad)(v)(w)(y)
Automobiles & Components
1 unchanged sentence
Health Care Equipment & Services
−Removed: Ap Plasman Inc, Warrant
−Removed: Capital Goods
Arcos LLC/VA, Preferred Stock
9 unchanged sentences
Software & Services
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Aspect Software Inc, Warrant
Software & Services
+Added: athenahealth Inc, Preferred Stock
+Added: Health Care Equipment & Services
+Added: L+1,075 PIK (L+1,075 Max PIK)
ATX Networks Corp, Common Stock
−Removed: (w)(y)(v)(s)(ad)
+Added: (ad)(s)(v)(w)(y)
Capital Goods
2 unchanged sentences
Borden (New Dairy Opco), Common Stock
−Removed: (ac)(y)(h)(n)
+Added: (ac)(h)(n)(y)
Food, Beverage & Tobacco
4 unchanged sentences
CDS US Intermediate Holdings Inc, Warrant
+Added: (aa)(v)(w)(y)
Media & Entertainment
1 unchanged sentence
Media & Entertainment
−Removed: Charlotte Russe Inc, Common Stock
−Removed: Chisholm Oil & Gas Operating LLC, Series A Units
Cimarron Energy Inc, Common Stock
1 unchanged sentence
Constellis Holdings LLC, Private Equity
−Removed: (ac)(y)(f)(v)
+Added: (ac)(f)(v)(y)
Capital Goods
4 unchanged sentences
11.0% PIK (11.0% Max PIK)
−Removed: Empire Today LLC, Common Stock
Envigo Laboratories Inc, Series A Warrant
2 unchanged sentences
Health Care Equipment & Services
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Fairway Group Holdings Corp, Common Stock
4 unchanged sentences
Consumer Services
+Added: Galaxy Universal LLC, Common Stock
+Added: Consumer Durables & Apparel
+Added: Galaxy Universal LLC, Trade Claim
+Added: Consumer Durables & Apparel
Genesys Telecommunications Laboratories Inc, Class A Shares
7 unchanged sentences
Hilding Anders, Class A Common Stock
−Removed: (ad)(w)(y)(v)
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
−Removed: notes to unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
−Removed: (in millions, except share amounts)
Hilding Anders, Class B Common Stock
−Removed: (ad)(w)(y)(v)
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
Hilding Anders, Class C Common Stock
−Removed: (ad)(w)(y)(v)
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
Hilding Anders, Equity Options
−Removed: (ad)(w)(y)(v)
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
HM Dunn Co Inc, Preferred Stock, Series A
−Removed: (ad)(y)(v)(s)
+Added: (ad)(s)(v)(y)
Capital Goods
HM Dunn Co Inc, Preferred Stock, Series B
−Removed: (ad)(y)(v)(s)
+Added: (ad)(s)(v)(y)
Capital Goods
4 unchanged sentences
JW Aluminum Co, Common Stock
−Removed: (ad)(y)(j)(v)(u)
+Added: (ad)(j)(u)(v)(y)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
JW Aluminum Co, Preferred Stock
−Removed: (ad)(j)(v)(u)
+Added: (ad)(j)(u)(v)
6.25% PIK (12.5% Max PIK)
4 unchanged sentences
Software & Services
+Added: Med-Metrix, Preferred Stock
+Added: Software & Services
+Added: 8.0% PIK (8.0% Max PIK)
Miami Beach Medical Group LLC, Common Stock
Health Care Equipment & Services
−Removed: Micronics Filtration Holdings Inc, Common Stock
−Removed: Capital Goods
−Removed: Micronics Filtration Holdings Inc, Preferred Stock, Series A
−Removed: Capital Goods
−Removed: Micronics Filtration Holdings Inc, Preferred Stock, Series B
−Removed: Capital Goods
−Removed: Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK
−Removed: Capital Goods
−Removed: Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK
−Removed: Capital Goods
Misys Ltd, Preferred Stock
13 unchanged sentences
Petroplex Acidizing Inc, Preferred Stock A
−Removed: (ac)(v)(ac)(y)(v)
Petroplex Acidizing Inc, Warrant
1 unchanged sentence
Household & Personal Products
−Removed: Production Resource Group LLC, Preferred Stock, Series A PIK
+Added: PRG III LLC, Preferred Stock, Series A PIK
Media & Entertainment
−Removed: Production Resource Group LLC, Preferred Stock, Series B PIK
+Added: PRG III LLC, Preferred Stock, Series B PIK
Media & Entertainment
−Removed: Professional Plumbing Group Inc, Common Stock
Proserv Acquisition LLC, Class A Common Units
−Removed: (ac)(w)(y)(v)
+Added: (ac)(v)(w)(y)
Proserv Acquisition LLC, Class A Preferred Units
−Removed: (ac)(w)(y)(v)
+Added: (ac)(v)(w)(y)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Quorum Health Corp, Trade Claim
3 unchanged sentences
Ridgeback Resources Inc, Common Stock
−Removed: (w)(y)(j)(v)(u)
−Removed: Sequential Brands Group Inc., Common Stock
−Removed: Consumer Durables & Apparel
+Added: (j)(u)(v)(w)(y)
+Added: Sequel Youth & Family Services LLC, Class R Common Stock
+Added: Health Care Equipment & Services
+Added: Sequel Youth & Family Services LLC, NP-1 Common
+Added: Health Care Equipment & Services
Sorenson Communications LLC, Common Stock
−Removed: (ac)(y)(j)(v)(u)
+Added: (ac)(j)(u)(v)(y)
Telecommunication Services
−Removed: notes to unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
−Removed: (in millions, except share amounts)
−Removed: Portfolio Company (a)
Sound United LLC, Common Stock
3 unchanged sentences
Sungard Availability Services Capital Inc, Common Stock
−Removed: (ac)(y)(v)(s)(u)
+Added: (ac)(s)(u)(v)(y)
Software & Services
1 unchanged sentence
ThermaSys Corp, Common Stock
−Removed: (ac)(y)(v)(u)
+Added: (ac)(u)(v)(y)
Capital Goods
1 unchanged sentence
Capital Goods
−Removed: Trace3 Inc, Common Stock
−Removed: Software & Services
−Removed: Versatile Processing Group Inc, Class A2 Units
+Added: Versatile Processing Group Inc,
+Added: Class A - 2 Units
Warren Resources Inc, Common Stock
+Added: Worldwise Inc, Class A Private Equity
+Added: Household & Personal Products
+Added: Worldwise Inc, Class B Private Equity
+Added: Household & Personal Products
Zeta Interactive Holdings Corp, Common Stock
4 unchanged sentences
NET ASSETS100%
−Removed: unaudited consolidated financial statements.
+Added: See notes to unaudited consolidated
+Added: financial statements.
FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
+Added: As of March 31, 2022
(in millions, except share amounts)
Foreign currency forward contracts
−Removed: Foreign Currency
Settlement Date
−Removed: September 30,
+Added: March 31, 2022
Unrealized Appreciation
27 unchanged sentences
JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
Security may be an obligation of one or more entities affiliated with the named company.
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Certain variable rate securities in the Companys portfolio bear interest at a rate determined by a
publicly disclosed base rate plus a basis point spread.
−Removed: As of September 30, 2021, the three-month London Interbank Offered Rate, or LIBOR or L, was 0.13%, the Euro Interbank Offered Rate, or EURIBOR, was (0.55)%, Candian Dollar
−Removed: Offer Rate, or CDOR was 0.45%, the Australian Bank Bill Swap Bid Rate, or BBSY, or B, was 0.07%, the Reykjavik Interbank Offered Rate, or REIBOR, was 1.89%, the Stockholm Interbank Offered Rate, or STIBOR or SR, was (0.08)%,
−Removed: the Sterling Interbank Offered Rate, or SONIA or SA, was 0.05%, and the U.S.
+Added: As of March 31, 2022, the three-month London Interbank Offered Rate, or LIBOR or L, was 0.96%, the Euro Interbank Offered Rate, or EURIBOR, was (0.46)%, Canadian Dollar Offer
+Added: Rate, or CDOR was 1.26%, the Australian Bank Bill Swap Bid Rate, or BBSY, or B, was 0.28%, the Reykjavik Interbank Offered Rate, or REIBOR, was 3.61%, the Stockholm Interbank Offered Rate, or STIBOR or SR, was 0.06%, the
+Added: Sterling Interbank Offered Rate, or SONIA or SA, was 0.69%, the Secured Overnight Financing Rate, or SOFR, was 0.29% and the U.S.
Prime Lending Rate, or Prime, was 3.50%.
PIK means paid-in-kind.
−Removed: accruals may be adjusted based on the fair value of the underlying investment.
+Added: PIK income accruals may be adjusted based on the fair value of the underlying investment.
Variable rate securities with no floor rate use the respective benchmark rate in all cases.
4 unchanged sentences
outstanding under the revolving credit facility with Ally Bank (see Note 9).
−Removed: unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
−Removed: (in millions, except share amounts)
Security or portion thereof held within CCT Dublin Funding Limited.
23 unchanged sentences
the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).
−Removed: Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured
−Removed: Revolving Credit Facility (see Note 9).
+Added: (v) Security or portion thereof is pledged as collateral supporting the amounts
+Added: outstanding under the Senior Secured Revolving Credit Facility (see Note 9).
The investment, or portion of the investment is not a qualifying asset under the Investment Company Act of 1940,
A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the companys total assets.
−Removed: As of September 30,
+Added: As of March 31, 2022,
77.7% of the Companys total assets represented qualifying assets.
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
Security is an unfunded commitment.
3 unchanged sentences
Asset is on non-accrual status.
−Removed: (aa) Security is classified as Level 1 or Level 2 in the Companys fair value hierarchy (see Note 8).
−Removed: (ab) Not used.
−Removed: unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
−Removed: (in millions, except share amounts)
+Added: Security is classified as Level 1 or Level 2 in the Companys fair value hierarchy (see Note 8).
+Added: Position or portion thereof unsettled as of March 31, 2022.
Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an affiliated
1 unchanged sentence
or it has the power to exercise control over the management or policies of such portfolio company.
−Removed: As of September 30, 2021, the Company held investments in portfolio companies of which it is deemed to be an affiliated person but is
−Removed: not deemed to control.
−Removed: The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of September 30, 2021:
+Added: As of March 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an affiliated person but is not
+Added: deemed to control.
+Added: The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of March 31, 2022:
Portfolio Company
5 unchanged sentences
Fair Value at
−Removed: September 30,
+Added: March 31, 2022
Senior Secured LoansFirst Lien
1 unchanged sentence
Affordable Care Inc
+Added: athenahealth Inc
Borden (New Dairy Opco)
4 unchanged sentences
Fairway Group Holdings Corp
−Removed: HM Dunn Co Inc (5)
−Removed: HM Dunn Co Inc (5)
Micronics Filtration Holdings LLC
−Removed: One Call Care Management Inc (5)
Petroplex Acidizing Inc
Sorenson Communications LLC
−Removed: Sungard Availability Services Capital
+Added: Sungard Availability Services Capital Inc
ThermaSys Corp
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
+Added: Portfolio Company
+Added: Fair Value at
+Added: Additions (1)
+Added: Reductions (2)
+Added: Net Change in
+Added: (Depreciation)
+Added: Fair Value at
+Added: March 31, 2022
Senior Secured LoansSecond Lien
Constellis Holdings LLC
−Removed: Fairway Holdings Group Corp
−Removed: Sorenson Communications LLC (4)
−Removed: Sungard Availability Services Capital
−Removed: Other Senior Secured Debt
−Removed: JW Aluminum Co (5)
+Added: Fairway Group Holdings Corp
+Added: Sungard Availability Services Capital Inc
Subordinated Debt
−Removed: Home Partners of America Inc
+Added: athenahealth Inc
Asset Based Finance
1 unchanged sentence
Home Partners JV, Private Equity
−Removed: Home Partners JV, Private Equity
Home Partners JV, Common Stock
2 unchanged sentences
Home Partners JV 2, Private Equity
−Removed: unaudited consolidated financial statements.
+Added: Jet Edge International LLC, Preferred Stock
+Added: Jet Edge International LLC, Warrant
+Added: Jet Edge International LLC, Term Loan
+Added: Orchard Marine Limited, Class B Common Stock
+Added: Orchard Marine Limited, Series A Preferred Stock
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
+Added: As of March 31, 2022
(in millions, except share amounts)
6 unchanged sentences
Fair Value at
−Removed: September 30,
−Removed: Jet Edge International LLC, Preferred Stock
−Removed: Jet Edge International, Warrant
−Removed: Jet Edge International, Term Loan
−Removed: Orchard Marine Limited, Class B Common Stock
−Removed: Orchard Marine Limited, Series A Preferred Stock
+Added: March 31, 2022
Affordable Care Inc, Preferred Stock
−Removed: ASG Technologies, Common Stock
−Removed: ASG Technologies, Warrant
+Added: athenahealth Inc, Preferred Stock
Belk Inc, Common Stock
Borden (New Dairy Opco), Common Stock
−Removed: Charlotte Russe Inc, Common Stock
Constellis Holdings LLC, Private Equity
1 unchanged sentence
Fronton BV, Common Stock
−Removed: HM Dunn Co Inc, Preferred Stock, Series
−Removed: HM Dunn Co Inc, Preferred Stock, Series
−Removed: Home Partners of America Inc, Common Stock
−Removed: Home Partners of America Inc, Warrant
−Removed: JW Aluminum Co, Common Stock (5)
−Removed: JW Aluminum Co, Preferred Stock (5)
Micronics Filtration Holdings Inc, Common Stock
3 unchanged sentences
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK
−Removed: One Call Care Management Inc, Common
−Removed: One Call Care Management Inc, Preferred Stock
−Removed: One Call Care Management Inc, Preferred Stock
Petroplex Acidizing Inc, Preferred Stock A
1 unchanged sentence
Proserv Acquisition LLC, Class A Common Units
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
+Added: Portfolio Company
+Added: Fair Value at
+Added: Additions (1)
+Added: Reductions (2)
+Added: Net Change in
+Added: (Depreciation)
+Added: Fair Value at
+Added: March 31, 2022
Proserv Acquisition LLC, Class A Preferred Units
−Removed: Sorenson Communications LLC, Common
−Removed: Sungard Availbaility Services Capital Inc, Common Stock (4)
+Added: Sorenson Communications LLC, Common Stock
+Added: Sungard Availability Services Capital Inc, Common Stock
ThermaSys Corp, Common Stock
2 unchanged sentences
interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
−Removed: unaudited consolidated financial statements.
+Added: Gross reductions include decreases in the cost basis of investments resulting from principal collections related
+Added: to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
+Added: Interest, PIK, fee and dividend income presented for the full three months ended March 31, 2022.
+Added: See notes to unaudited consolidated financial
FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
+Added: As of March 31, 2022
(in millions, except share amounts)
−Removed: Gross reductions include decreases in the cost basis of investments resulting from principal collections related
−Removed: to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
−Removed: (3) Interest,
−Removed: PIK, fee and dividend income presented for the full nine months ended September 30, 2021.
−Removed: The Company held this investment as of December 31, 2020 but it was not deemed to be an affiliated
−Removed: person of the portfolio company or deemed to control the portfolio company as of December 31, 2020.
−Removed: Transfers in or out have been presented at amortized cost.
−Removed: The Company held this investment as of September 30, 2021 but it was deemed to control the
−Removed: portfolio company as of September 30, 2021.
−Removed: Transfers in or out have been presented at amortized cost.
Under the Investment Company Act of 1940, as amended, the Company generally is deemed to control a
portfolio company if it owns more than 25% of the portfolio companys voting securities or it has the power to exercise control over the management or policies of such portfolio company.
−Removed: As of September 30, 2021, the Company held
−Removed: investments in portfolio companies of which it is deemed to be an affiliated person and deemed to control.
−Removed: During the nine months ended September 30, 2021, the Company disposed of investments in portfolio companies of
−Removed: which it was deemed to be an affiliated person and deemed to control.
−Removed: The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated
−Removed: person and deemed to control as of September 30, 2021:
+Added: As of March 31, 2022, the Company held investments
+Added: in portfolio companies of which it is deemed to be an affiliated person and deemed to control.
+Added: During the three months ended March 31, 2022, the Company disposed of investments in portfolio companies of which it was
+Added: deemed to be an affiliated person and deemed to control.
+Added: The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and
+Added: deemed to control as of March 31, 2022:
Portfolio Company
5 unchanged sentences
Fair Value at
−Removed: September 30,
Senior Secured LoansFirst Lien
−Removed: Advanced Lighting Technologies Inc
Amtek Global Technology Pte Ltd
7 unchanged sentences
Production Resource Group LLC
−Removed: Production Resource Group LLC
−Removed: Sound United LLC
Warren Resources Inc
1 unchanged sentence
Amtek Global Technology Pte Ltd
−Removed: Sound United LLC
Other Senior Secured Debt
−Removed: Advanced Lighting Technologies Inc
JW Aluminum Co
8 unchanged sentences
801 5th Ave, Seattle, Private Equity
−Removed: Avida Holding AB, Common Stock
−Removed: Kilter Finance, Preferred Stock
−Removed: unaudited consolidated financial statements.
+Added: Avenue One PropCo, Private Equity
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
−Removed: As of September 30, 2021
+Added: As of March 31, 2022
(in millions, except share amounts)
6 unchanged sentences
Fair Value at
−Removed: September 30,
+Added: Avida Holding AB, Common Stock
+Added: Kilter Finance, Preferred Stock
Kilter Finance, Private Equity
−Removed: KKR Rocket Loans Aggregtor LLC, Partnership Interest
+Added: KKR Rocket Loans Aggregator LLC, Partnership Interest
+Added: My Community Homes SFR PropCo 2, Private Equity
Prime St LLC, Private Equity
1 unchanged sentence
Toorak Capital Funding LLC, Membership Interest
−Removed: Toorak Capital Partners LLC, Private Equity
−Removed: Toorak Capital Partners LLC, Structured Mezzanine
+Added: Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity
+Added: Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine
Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC
−Removed: Advanced Lighting Technologies Inc, Common Stock
−Removed: Advanced Lighting Technologies Inc, Warrant
Amtek Global Technology Pte Ltd, Common Stock
Amtek Global Technology Pte Ltd, Ordinary Shares
−Removed: Amtek Global Technology Pte Ltd, Trade Claim
Amtek Global Technology Pte Ltd, Private Equity
4 unchanged sentences
Hilding Anders, Equity Options
−Removed: HM Dunn Preferred Stock, Series A (4)
−Removed: HM Dunn Preferred Stock, Series A (5)
+Added: HM Dunn Co Inc, Preferred Stock, Series A
+Added: HM Dunn Co Inc, Preferred Stock, Series B
JW Aluminum Co, Common Stock
JW Aluminum Co, Preferred Stock
−Removed: One Call Care Management Inc, Common
−Removed: One Call Care Management Inc, Preferred Stock
−Removed: One Call Care Management Inc, Preferred Stock
−Removed: Production Resource Group LLC, Preferred Stock, Series A PIK
−Removed: Production Resource Group LLC, Preferred Stock, Series B PIK
−Removed: Sound United LLC, Class A Units
+Added: One Call Care Management Inc, Common Stock
+Added: One Call Care Management Inc, Preferred Stock A
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Unaudited Consolidated Schedule of Investments (continued)
+Added: As of March 31, 2022
+Added: (in millions, except share amounts)
+Added: Portfolio Company
+Added: Fair Value at
+Added: Additions (1)
+Added: Reductions (2)
+Added: Net Change in
+Added: (Depreciation)
+Added: Fair Value at
+Added: One Call Care Management Inc, Preferred Stock B
+Added: PRG III LLC, Preferred Stock, Series A PIK
+Added: PRG III LLC, Preferred Stock, Series B PIK
Sound United LLC, Common Stock
−Removed: Sound United LLC, Series I Units
−Removed: Sound United LLC, Series II Units
Warren Resources Inc, Common Stock
−Removed: Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of
−Removed: unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
−Removed: Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or
−Removed: sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
−Removed: (3) Interest,
−Removed: PIK, fee and dividend income presented for the full nine months ended September 30, 2021.
−Removed: Company held this investment as of December 31, 2020 but it was not deemed to control the portfolio company as of
−Removed: December 31, 2020.
−Removed: Transfers in or out have been presented at amortized cost.
−Removed: notes to unaudited consolidated financial statements.
+Added: Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK
+Added: interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
+Added: Gross reductions include decreases in the cost basis of investments resulting from principal collections related
+Added: to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
+Added: Interest, PIK, fee and dividend income presented for the full three months ended March 31, 2022.
+Added: See notes to unaudited consolidated financial
FS KKR Capital Corp.
2 unchanged sentences
(in millions, except share amounts)
−Removed: Portfolio Company (a)
Senior Secured LoansFirst Lien126.3%
−Removed: 5 Arch Income Fund 2 LLC
−Removed: Diversified Financials
+Added: 3Pillar Global Inc
+Added: Software & Services
+Added: 3Pillar Global Inc
+Added: Software & Services
+Added: 3Pillar Global Inc
+Added: Software & Services
5 Arch Income Fund 2 LLC
−Removed: (l)(n)(q)(v)(w)
−Removed: Diversified Financials
−Removed: A10 Capital LLC
−Removed: Diversified Financials
−Removed: A10 Capital LLC
+Added: (q)(r)(w)(y)(z)
Diversified Financials
−Removed: Abaco Systems, Inc
−Removed: Capital Goods
−Removed: ABB CONCISE Optical Group LLC
Accuride Corp
Capital Goods
−Removed: Acproducts Inc
−Removed: Consumer Durables & Apparel
−Removed: Advanced Lighting Technologies Inc
−Removed: All Systems Holding LLC
−Removed: Commercial & Professional Services
−Removed: All Systems Holding LLC
−Removed: Commercial & Professional Services
−Removed: American Tire Distributors Inc
−Removed: Automobiles & Components
+Added: Advanced Dermatology & Cosmetic Surgery
+Added: Health Care Equipment & Services
+Added: Advanced Dermatology & Cosmetic Surgery
+Added: Health Care Equipment & Services
+Added: Advanced Dermatology & Cosmetic Surgery
+Added: Health Care Equipment & Services
+Added: Advania Sverige AB
+Added: Software & Services
+Added: SR+610, 0.0% PIK (3.3% Max PIK)
+Added: Advania Sverige AB
+Added: Software & Services
+Added: R+610, 0.0% PIK (3.3% Max PIK)
+Added: Advania Sverige AB
+Added: Software & Services
+Added: SR+610, 0.0% PIK (3.3% Max PIK)
+Added: Affordable Care Inc
+Added: Health Care Equipment & Services
L+550, 0.0% PIK (1.3% Max PIK)
+Added: Affordable Care Inc
+Added: Health Care Equipment & Services
+Added: L+550, 0.0% PIK (1.3% Max PIK)
+Added: Affordable Care Inc
+Added: Health Care Equipment & Services
+Added: L+550, 0.0% PIK (1.3% Max PIK)
+Added: Alacrity Solutions Group LLC
+Added: Alacrity Solutions Group LLC
+Added: Alacrity Solutions Group LLC
+Added: Alera Group Intermediate Holdings Inc
+Added: Alera Group Intermediate Holdings Inc
+Added: American Vision Partners
+Added: Health Care Equipment & Services
+Added: American Vision Partners
+Added: Health Care Equipment & Services
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: American Vision Partners
+Added: Health Care Equipment & Services
Amtek Global Technology Pte Ltd
+Added: (ad)(v)(w)(y)(z)
Automobiles & Components
−Removed: Apex Group Limited
−Removed: Diversified Financials
−Removed: Apex Group Limited
−Removed: Diversified Financials
−Removed: Apex Group Limited
−Removed: Diversified Financials
−Removed: Apex Group Limited
−Removed: Diversified Financials
+Added: E+500 PIK (E+500 Max PIK)
+Added: Software & Services
+Added: Software & Services
Ardonagh Group Ltd
−Removed: L+750, 0.0% PIK (2.3% Max PIK)
Ardonagh Group Ltd
−Removed: L+750, 0.0% PIK (2.3% Max PIK)
+Added: Ardonagh Group Ltd
+Added: Arrotex Australia Group Pty Ltd
+Added: Pharmaceuticals, Biotechnology &
+Added: Life Sciences
+Added: Arrotex Australia Group Pty Ltd
+Added: Pharmaceuticals, Biotechnology &
+Added: Life Sciences
Aspect Software Inc
1 unchanged sentence
8.0% PIK (8.0% Max PIK)
−Removed: Aspect Software Inc
+Added: ATX Networks Corp
+Added: (ad)(s)(v)(w)
+Added: Capital Goods
+Added: 7.5% PIK (7.5% Max PIK)
Software & Services
−Removed: Berner Food & Beverage LLC
−Removed: Food & Staples Retailing
+Added: Software & Services
+Added: Software & Services
+Added: (f)(k)(l)(m)(t)(v)
+Added: Consumer Services
+Added: Consumer Services
+Added: Consumer Services
+Added: 5.0%, 8.0% PIK (8.0% Max PIK)
+Added: BGB Group LLC
+Added: (f)(i)(k)(l)(m)(t)(v)
+Added: Media & Entertainment
+Added: BGB Group LLC
+Added: Media & Entertainment
Borden (New Dairy Opco)
Food, Beverage & Tobacco
+Added: L+700, 0.0% PIK (1.0% Max PIK)
Borden (New Dairy Opco)
Food, Beverage & Tobacco
−Removed: L+700, 0.0% PIK (1.0% Max PIK)
Borden Dairy Co
+Added: (ac)(v)(y)(z)
Food, Beverage & Tobacco
−Removed: Charles Taylor PLC
−Removed: Diversified Financials
+Added: Bowery Farming Inc
+Added: Food, Beverage & Tobacco
+Added: Cimarron Energy Inc
+Added: Clarience Technologies LLC
+Added: (f)(i)(k)(m)(s)(v)
Capital Goods
+Added: Clarience Technologies LLC
Capital Goods
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: Clarience Technologies LLC
Capital Goods
−Removed: CSM Bakery Products
−Removed: Food, Beverage & Tobacco
−Removed: CTI Foods Holding Co LLC
−Removed: Food, Beverage & Tobacco
+Added: Clarience Technologies LLC
+Added: Capital Goods
+Added: Constellis Holdings LLC
+Added: Capital Goods
+Added: Corsearch Intermediate Inc
+Added: Software & Services
+Added: Corsearch Intermediate Inc
+Added: Software & Services
+Added: (f)(i)(k)(l)(m)(t)(v)
+Added: Capital Goods
+Added: Capital Goods
+Added: Capital Goods
+Added: Capital Goods
+Added: Dental Care Alliance Inc
+Added: (f)(k)(m)(t)(v)
+Added: Health Care Equipment & Services
+Added: Dental Care Alliance Inc
+Added: Health Care Equipment & Services
+Added: Dental Care Alliance Inc
+Added: Health Care Equipment & Services
+Added: Element Materials Technology Group US Holdings Inc
+Added: Capital Goods
+Added: Encora Digital Inc
+Added: Software & Services
L+550, 0.0% PIK (2.4% Max PIK)
−Removed: Distribution International Inc
−Removed: Eagle Family Foods Inc
−Removed: Food, Beverage & Tobacco
−Removed: Eagle Family Foods Inc
−Removed: Food, Beverage & Tobacco
−Removed: Empire Today LLC
+Added: Encora Digital Inc
+Added: Software & Services
Entertainment Benefits Group LLC
2 unchanged sentences
Entertainment Benefits Group LLC
+Added: (f)(k)(l)(m)(v)
Media & Entertainment
3 unchanged sentences
L+575, 2.5% PIK (2.5% Max PIK)
−Removed: FloWorks International LLC
−Removed: Capital Goods
−Removed: FloWorks International LLC
−Removed: Capital Goods
−Removed: FloWorks International LLC
−Removed: Capital Goods
−Removed: Frontline Technologies Group LLC
+Added: Fairway Group Holdings Corp
+Added: (ac)(v)(y)(z)
+Added: Food & Staples Retailing
+Added: 12.0% PIK (12.0% Max PIK)
+Added: Fairway Group Holdings Corp
+Added: (ac)(v)(y)(z)
+Added: Food & Staples Retailing
+Added: 10.0% PIK (10.0% Max PIK)
+Added: Follett Software Co
Software & Services
−Removed: Frontline Technologies Group LLC
+Added: Follett Software Co
Software & Services
−Removed: Greystone & Co Inc
−Removed: Diversified Financials
−Removed: unaudited consolidated financial statements.
+Added: Foundation Consumer Brands LLC
+Added: Pharmaceuticals, Biotechnology &
+Added: Life Sciences
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
2 unchanged sentences
(in millions, except share amounts)
−Removed: Portfolio Company (a)
+Added: Foundation Consumer Brands LLC
+Added: Pharmaceuticals, Biotechnology &
+Added: Life Sciences
+Added: Foundation Risk Partners Corp
+Added: Foundation Risk Partners Corp
+Added: Foundation Risk Partners Corp
+Added: Frontline Technologies Group LLC
+Added: Software & Services
+Added: Frontline Technologies Group LLC
+Added: Software & Services
+Added: Galaxy Universal LLC
+Added: Consumer Durables & Apparel
+Added: Galaxy Universal LLC
+Added: Consumer Durables & Apparel
+Added: Galaxy Universal LLC
+Added: Consumer Durables & Apparel
+Added: Galway Partners Holdings LLC
+Added: L+525, 0.0% PIK (1.3% Max PIK)
+Added: Galway Partners Holdings LLC
+Added: L+525, 0.0% PIK (1.3% Max PIK)
+Added: Galway Partners Holdings LLC
+Added: L+525, 0.0% PIK (1.3% Max PIK)
+Added: General Datatech LP
+Added: (f)(k)(l)(m)(t)(v)
+Added: Software & Services
Greystone Equity Member Corp
3 unchanged sentences
Heniff Transportation Systems LLC
+Added: (f)(i)(k)(l)(m)(v)
Transportation
1 unchanged sentence
Transportation
+Added: Heniff Transportation Systems LLC
+Added: Transportation
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: (f)(k)(l)(m)(t)(v)
+Added: Commercial & Professional Services
+Added: Higginbotham Insurance Agency Inc
+Added: Higginbotham Insurance Agency Inc
+Added: Higginbotham Insurance Agency Inc
HM Dunn Co Inc
Capital Goods
−Removed: L+875 PIK (L+875 Max PIK)
HM Dunn Co Inc
Capital Goods
−Removed: 15.0% PIK (15.0% Max PIK)
Hudson Technologies Co
Commercial & Professional Services
−Removed: Commercial & Professional Services
−Removed: E+500, 2.3% PIK (2.3% Max PIK)
−Removed: Commercial & Professional Services
−Removed: L+525, 2.3% PIK (2.3% Max PIK)
Individual FoodService
8 unchanged sentences
Pharmaceuticals, Biotechnology & Life Sciences
−Removed: Industria Chimica Emiliana Srl
−Removed: Pharmaceuticals, Biotechnology & Life Sciences
Industry City TI Lessor LP
1 unchanged sentence
10.8%, 1.0% PIK (1.0% Max PIK)
−Removed: Jarrow Formulas Inc
−Removed: Household & Personal Products
−Removed: Jo-Ann Stores Inc
−Removed: Kellermeyer Bergensons Services LLC
−Removed: Commercial & Professional Services
−Removed: Kellermeyer Bergensons Services LLC
−Removed: Commercial & Professional Services
−Removed: Kodiak BP LLC
−Removed: Capital Goods
−Removed: Kodiak BP LLC
−Removed: Capital Goods
−Removed: Koosharem LLC
+Added: Insight Global LLC
Commercial & Professional Services
+Added: Insight Global LLC
Commercial & Professional Services
+Added: Insight Global LLC
Commercial & Professional Services
+Added: Insight Global LLC
Commercial & Professional Services
−Removed: Lipari Foods LLC
+Added: Integrity Marketing Group LLC
+Added: (f)(i)(m)(s)(v)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: Jarrow Formulas Inc
+Added: (f)(i)(k)(l)(m)(s)(t)(v)
+Added: Household & Personal Products
+Added: Karman Space Inc
+Added: Capital Goods
+Added: Karman Space Inc
+Added: Capital Goods
+Added: Karman Space Inc
+Added: Capital Goods
+Added: KBP Investments LLC
Food & Staples Retailing
+Added: KBP Investments LLC
+Added: Food & Staples Retailing
+Added: Kellermeyer Bergensons Services LLC
+Added: (f)(i)(k)(l)(m)(s)(t)(v)
+Added: Commercial & Professional
+Added: Kellermeyer Bergensons Services LLC
+Added: Commercial & Professional
+Added: Lakefield Veterinary Group
+Added: Consumer Services
+Added: Lakefield Veterinary Group
+Added: Consumer Services
+Added: Lakeview Farms Inc
+Added: Food, Beverage & Tobacco
+Added: Lakeview Farms Inc
+Added: Food, Beverage & Tobacco
+Added: Lakeview Farms Inc
+Added: Food, Beverage & Tobacco
+Added: Lakeview Farms Inc
+Added: Food, Beverage & Tobacco
+Added: (i)(k)(l)(m)(v)
+Added: Commercial & Professional
+Added: Commercial & Professional
+Added: Commercial & Professional
+Added: Lionbridge Technologies Inc
+Added: Consumer Services
Lipari Foods LLC
Food & Staples Retailing
+Added: Lloyds Register Quality Assurance Ltd
+Added: Consumer Services
+Added: SA+600, 0.0% PIK (6.3% Max PIK)
Matchesfashion Ltd
1 unchanged sentence
L+463, 3.0% PIK (3.0% Max PIK)
−Removed: Miami Beach Medical Group LLC
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: MB2 Dental Solutions LLC
+Added: (k)(l)(m)(t)(v)
Health Care Equipment & Services
+Added: MB2 Dental Solutions LLC
+Added: Health Care Equipment & Services
+Added: Software & Services
+Added: L+675 PIK (L+675 Max PIK)
+Added: Software & Services
+Added: Software & Services
+Added: Software & Services
Miami Beach Medical Group LLC
+Added: (k)(l)(m)(t)(v)
Health Care Equipment & Services
2 unchanged sentences
7.5% PIK (7.5% Max PIK)
+Added: Monitronics International Inc
+Added: Commercial & Professional
+Added: Monitronics International Inc
+Added: Commercial & Professional
+Added: Monitronics International Inc
+Added: Commercial & Professional
Motion Recruitment Partners LLC
−Removed: Commercial & Professional Services
+Added: Commercial & Professional
Motion Recruitment Partners LLC
−Removed: Commercial & Professional Services
+Added: (f)(i)(m)(t)(v)
+Added: Commercial & Professional
+Added: Motion Recruitment Partners LLC
+Added: Commercial & Professional
Consumer Durables & Apparel
1 unchanged sentence
L+750, 0.0% PIK (2.5% Max PIK)
−Removed: Omnimax International Inc
−Removed: Capital Goods
+Added: Net Documents
+Added: Software & Services
+Added: Net Documents
+Added: Software & Services
+Added: Net Documents
+Added: Software & Services
+Added: Net Documents
+Added: Software & Services
+Added: New Era Technology Inc
+Added: (i)(l)(m)(t)(v)
+Added: Software & Services
+Added: New Era Technology Inc
+Added: Software & Services
+Added: New Era Technology Inc
+Added: Software & Services
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: New Era Technology Inc
+Added: Software & Services
Omnimax International Inc
+Added: (f)(i)(k)(l)(m)(v)
Capital Goods
1 unchanged sentence
Health Care Equipment & Services
+Added: Oxford Global Resources LLC
+Added: (f)(k)(l)(m)(t)
+Added: Commercial & Professional Services
+Added: Oxford Global Resources LLC
+Added: Commercial & Professional Services
+Added: Oxford Global Resources LLC
+Added: Commercial & Professional Services
+Added: Oxford Global Resources LLC
+Added: Commercial & Professional Services
P2 Energy Solutions Inc.
1 unchanged sentence
P2 Energy Solutions Inc.
+Added: (f)(i)(k)(m)(s)(t)(v)
Software & Services
1 unchanged sentence
Software & Services
−Removed: unaudited consolidated financial statements.
+Added: Parata Systems
+Added: Health Care Equipment & Services
+Added: Parata Systems
+Added: Health Care Equipment & Services
+Added: Parata Systems
+Added: Health Care Equipment & Services
+Added: Parts Town LLC
+Added: Parts Town LLC
+Added: PartsSource Inc
+Added: Health Care Equipment & Services
+Added: PartsSource Inc
+Added: Health Care Equipment & Services
+Added: PartsSource Inc
+Added: Health Care Equipment & Services
+Added: Capital Goods
+Added: Performance Health Holdings Inc
+Added: Health Care Equipment & Services
+Added: Petroplex Acidizing Inc
+Added: (ac)(v)(y)(z)
+Added: L+825, 1.8% PIK (1.8% Max PIK)
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
2 unchanged sentences
(in millions, except share amounts)
−Removed: Portfolio Company (a)
−Removed: Petroplex Acidizing Inc
−Removed: L+900 PIK (L+900 Max PIK)
Polyconcept North America Inc
3 unchanged sentences
Diversified Financials
−Removed: Project Marron
−Removed: Consumer Services
+Added: Production Resource Group LLC
+Added: Media & Entertainment
+Added: L+500, 3.1% PIK (3.1% Max PIK)
+Added: Production Resource Group LLC
+Added: Media & Entertainment
+Added: L+300, 5.5% PIK (5.5% Max PIK)
+Added: Production Resource Group LLC
+Added: Media & Entertainment
+Added: L+550 PIK (L+550 Max PIK)
+Added: Production Resource Group LLC
+Added: Media & Entertainment
+Added: L+750, 0.0% PIK (3.1% Max PIK)
+Added: Production Resource Group LLC
+Added: Media & Entertainment
+Added: L+750, 0.0% PIK (3.1% Max PIK)
+Added: Propulsion Acquisition LLC
+Added: (f)(l)(s)(t)(v)
+Added: Capital Goods
+Added: (i)(l)(s)(t)(v)
Health Care Equipment & Services
2 unchanged sentences
Reliant Rehab Hospital Cincinnati LLC
+Added: (f)(i)(l)(m)(s)(v)
Health Care Equipment & Services
3 unchanged sentences
Software & Services
−Removed: Roadrunner Intermediate Acquisition Co LLC
−Removed: Health Care Equipment & Services
+Added: Revere Superior Holdings, Inc
+Added: Software & Services
+Added: Revere Superior Holdings, Inc
+Added: Software & Services
+Added: Rise Baking Company
+Added: Food, Beverage & Tobacco
+Added: Rise Baking Company
+Added: Food, Beverage & Tobacco
+Added: Rise Baking Company
+Added: Food, Beverage & Tobacco
RSC Insurance Brokerage Inc
+Added: (f)(i)(k)(l)(m)(s)(v)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
RSC Insurance Brokerage Inc
RSC Insurance Brokerage Inc
+Added: RSC Insurance Brokerage Inc
Safe-Guard Products International LLC
Diversified Financials
+Added: SAMBA Safety Inc
+Added: Software & Services
+Added: SAMBA Safety Inc
+Added: Software & Services
+Added: Consumer Services
+Added: Consumer Services
+Added: Consumer Services
+Added: Capital Goods
L+675, 0.0% PIK (1.0% Max PIK)
−Removed: C+850, 0.8% PIK (0.8% Max PIK)
Capital Goods
4 unchanged sentences
Health Care Equipment & Services
−Removed: Sequential Brands Group Inc.
−Removed: Consumer Durables & Apparel
+Added: Sequel Youth & Family Services LLC
+Added: Health Care Equipment & Services
+Added: Sequel Youth & Family Services LLC
+Added: Health Care Equipment & Services
+Added: SitusAMC Holdings Corp
Sorenson Communications LLC
+Added: (aa)(ac)(f)(k)(t)(v)
Telecommunication Services
−Removed: Sound United LLC
−Removed: Consumer Durables & Apparel
−Removed: Sungard Availability Services Capital Inc
+Added: Source Code LLC
Software & Services
−Removed: L+375, 3.8% PIK (3.8% Max PIK)
+Added: Source Code LLC
+Added: Software & Services
+Added: Software & Services
+Added: Software & Services
+Added: Staples Canada
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: Summit Interconnect Inc
+Added: (f)(k)(l)(t)(v)
+Added: Capital Goods
+Added: Summit Interconnect Inc
+Added: Capital Goods
Sungard Availability Services Capital Inc
Software & Services
−Removed: L+375, 3.8% PIK (3.8% Max PIK)
+Added: SF+375, 3.8% PIK (3.8% Max PIK)
Sweeping Corp of America Inc
4 unchanged sentences
Commercial & Professional Services
−Removed: Sweet Harvest Foods Management Co
−Removed: Food & Staples Retailing
−Removed: L+775, 1.0% PIK (1.0% Max PIK)
−Removed: Sweet Harvest Foods Management Co
−Removed: Food & Staples Retailing
−Removed: L+775, 1.0% PIK (1.0% Max PIK)
+Added: Sweeping Corp of America Inc
+Added: Commercial & Professional Services
+Added: (f)(i)(m)(s)(v)
Software & Services
ThermaSys Corp
+Added: (ac)(v)(y)(z)
Capital Goods
4 unchanged sentences
L+500, 2.5% PIK (2.5% Max PIK)
−Removed: Software & Services
−Removed: Transaction Services Group Ltd
−Removed: Software & Services
−Removed: Transaction Services Group Ltd
−Removed: Software & Services
−Removed: Transaction Services Group Ltd
−Removed: Software & Services
−Removed: Truck-Lite Co LLC
+Added: Time Manufacturing Co
Capital Goods
−Removed: Truck-Lite Co LLC
+Added: Time Manufacturing Co
Capital Goods
−Removed: Truck-Lite Co LLC
+Added: Time Manufacturing Co
Capital Goods
−Removed: Utility One Source LP
+Added: Time Manufacturing Co
Capital Goods
−Removed: Virgin Pulse Inc
+Added: Time Manufacturing Co
+Added: Capital Goods
+Added: Transaction Services Group Ltd
Software & Services
−Removed: Warren Resources Inc
−Removed: L+900, 1.0% PIK (1.0% Max PIK)
−Removed: Wheels Up Partners LLC
−Removed: Transportation
−Removed: Wheels Up Partners LLC
−Removed: Transportation
−Removed: unaudited consolidated financial statements.
+Added: Transaction Services Group Ltd
+Added: Software & Services
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
2 unchanged sentences
(in millions, except share amounts)
−Removed: Portfolio Company (a)
−Removed: Wheels Up Partners LLC
−Removed: Transportation
−Removed: Wheels Up Partners LLC
−Removed: Transportation
−Removed: Wheels Up Partners LLC
−Removed: Transportation
−Removed: Wheels Up Partners LLC
−Removed: Transportation
−Removed: Zeta Interactive Holdings Corp
+Added: Transaction Services Group Ltd
Software & Services
+Added: Warren Resources Inc
+Added: L+900, 1.0% PIK (1.0% Max PIK)
+Added: Wealth Enhancement Group LLC
+Added: Diversified Financials
+Added: Wealth Enhancement Group LLC
+Added: Diversified Financials
+Added: Wealth Enhancement Group LLC
+Added: Diversified Financials
+Added: Wealth Enhancement Group LLC
+Added: Diversified Financials
+Added: (f)(k)(l)(m)(t)(v)
+Added: Capital Goods
+Added: Capital Goods
Total Senior Secured LoansFirst Lien
2 unchanged sentences
Senior Secured LoansSecond Lien20.1%
−Removed: Abaco Systems, Inc
+Added: Advanced Lighting Technologies Inc
+Added: Ammeraal Beltech Holding BV
Capital Goods
Amtek Global Technology Pte Ltd
−Removed: (g)(j)(l)(n)(w)(z)
+Added: (ad)(v)(w)(y)(z)
Automobiles & Components
E+500 PIK (E+500 Max PIK)
−Removed: athenahealth Inc
−Removed: Health Care Equipment & Services
+Added: Apex Group Limited
+Added: Diversified Financials
+Added: (ac)(v)(y)(z)
+Added: 10.0% PIK (10.0% Max PIK)
Byrider Finance LLC
1 unchanged sentence
L+1,000, 0.5% PIK (0.5% Max PIK)
−Removed: Culligan International Co
−Removed: Household & Personal Products
+Added: Constellis Holdings LLC
+Added: Capital Goods
+Added: L+1,100, 0.0% PIK (10.0% Max PIK)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
Software & Services
−Removed: Gruden Acquisition Inc
−Removed: Transportation
−Removed: MedAssets Inc
−Removed: Health Care Equipment & Services
+Added: Software & Services
+Added: Fairway Group Holdings Corp
+Added: (ac)(v)(y)(z)
+Added: Food & Staples Retailing
+Added: 11.0% PIK (11.0% Max PIK)
+Added: Galaxy Universal LLC
Consumer Durables & Apparel
+Added: Software & Services
+Added: Consumer Durables & Apparel
L+1,275 PIK (L+1,275 Max PIK)
−Removed: NEP Broadcasting LLC
−Removed: Media & Entertainment
OEConnection LLC
Software & Services
−Removed: Paradigm Acquisition Corp
−Removed: Health Care Equipment & Services
−Removed: Peak 10 Holding Corp
−Removed: Telecommunication Services
+Added: OEConnection LLC
+Added: Software & Services
+Added: Capital Goods
+Added: Capital Goods
Petrochoice Holdings Inc
3 unchanged sentences
11.0% PIK (11.0% Max PIK)
−Removed: Pretium Packaging LLC
−Removed: Household & Personal Products
Pure Fishing Inc
Consumer Durables & Apparel
−Removed: Rise Baking Company
−Removed: Food, Beverage & Tobacco
Capital Goods
L+1,075, 0.0% PIK (6.8% Max PIK)
−Removed: Sorenson Communications LLC
−Removed: Telecommunication Services
−Removed: L+1,150 PIK (L+1,150 Max PIK)
−Removed: Sound United LLC
−Removed: Consumer Durables & Apparel
−Removed: 13.5% PIK (13.5% Max PIK)
−Removed: Sparta Systems Inc
+Added: SIRVA Worldwide Inc
+Added: Commercial & Professional Services
Software & Services
Sungard Availability Services Capital Inc
+Added: (ac)(v)(y)(z)
Software & Services
−Removed: L+400, 2.8% PIK (2.8 % Max PIK)
−Removed: Vestcom International Inc
−Removed: Consumer Services
−Removed: WireCo WorldGroup Inc
−Removed: Capital Goods
+Added: SF+400, 2.8% PIK (2.8% Max PIK)
+Added: Valeo Foods Group Ltd
+Added: Food, Beverage & Tobacco
+Added: Valeo Foods Group Ltd
+Added: Food, Beverage & Tobacco
+Added: Vantage Specialty Chemicals Inc
Wittur Holding GmbH
2 unchanged sentences
Total Senior Secured LoansSecond Lien
+Added: Unfunded Loan Commitments
+Added: Net Senior Secured LoansSecond Lien
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
Other Senior Secured Debt1.6%
−Removed: Advanced Lighting Technologies Inc
−Removed: L+1,700 PIK (L+1,700 Max PIK)
Angelica Corp
1 unchanged sentence
10.0% PIK (10.0% Max PIK)
−Removed: Black Swan Energy Ltd
JW Aluminum Co
−Removed: unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Consolidated Schedule of Investments (continued)
−Removed: As of December 31, 2020
−Removed: (in millions, except share amounts)
−Removed: Portfolio Company (a)
−Removed: Consumer Durables & Apparel
+Added: (aa)(ad)(s)(v)
+Added: One Call Care Management Inc
+Added: Health Care Equipment & Services
+Added: 8.5% PIK (8.5% Max PIK)
Capital Goods
−Removed: Velvet Energy Ltd
Total Other Senior Secured Debt
Subordinated Debt1.4%
−Removed: All Systems Holding LLC
−Removed: Commercial & Professional Services
−Removed: 10.0% PIK (10.0% Max PIK)
Ardonagh Group Ltd
−Removed: athenahealth Inc
−Removed: Health Care Equipment & Services
−Removed: L+1,113 PIK (L+1,113 Max PIK)
−Removed: ClubCorp Club Operations Inc
−Removed: Consumer Services
−Removed: Cornerstone (Ply Gem Holdings Inc)
+Added: 12.8% PIK (12.8% Max PIK)
+Added: ATX Networks Corp
+Added: (ad)(s)(v)(w)(y)(z)
Capital Goods
−Removed: Craftworks Rest & Breweries Group Inc
+Added: 10.0% PIK (10.0% Max PIK)
+Added: ClubCorp Club Operations Inc
Consumer Services
+Added: Encora Digital Inc
+Added: Software & Services
9.8% PIK (9.8% Max PIK)
Hilding Anders
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
Hilding Anders
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
Hilding Anders
−Removed: (g)(l)(n)(w)(z)
+Added: (ad)(v)(w)(y)(z)
Consumer Durables & Apparel
13.0% PIK (13.0% Max PIK)
−Removed: Legends Hospitality LLC
−Removed: Consumer Services
−Removed: L+1,000 PIK (L+1,000 Max PIK)
Total Subordinated Debt
−Removed: Portfolio Company (a)
Asset Based Finance29.1%
801 5th Ave, Seattle, Private Equity
+Added: (ad)(v)(w)(y)
801 5th Ave, Seattle, Structure Mezzanine
−Removed: 8.0%, 3.0% PIK (3.0% Max PIK)
+Added: 8.0%, 3.0% PIK
+Added: (3.0% Max PIK)
Abacus JV, Private Equity
3 unchanged sentences
Capital Goods
−Removed: AMPLIT JV LP, Limited Partnership Interest
−Removed: Diversified Financials
Australis Maritime, Common Stock
Transportation
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
Avida Holding AB, Common Stock
+Added: (ad)(v)(w)(y)
Diversified Financials
2 unchanged sentences
Automobiles & Components
−Removed: Byrider Finance LLC, Structured Mezzanine
−Removed: Automobiles & Components
−Removed: Byrider Finance LLC, Sub Note
−Removed: Automobiles & Components
Callodine Commercial Finance LLC, 2L Term Loan A
4 unchanged sentences
Capital Automotive LP, Structured Mezzanine
−Removed: 11.0% PIK (11.0% MAX PIK)
Global Jet Capital LLC, Preferred Stock
Commercial & Professional Services
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Consolidated Schedule of Investments (continued)
−Removed: As of December 31, 2020
−Removed: (in millions, except share amounts)
−Removed: Portfolio Company (a)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
−Removed: Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
−Removed: Global Jet Capital LLC, Structured Mezzanine
+Added: Global Jet Capital LLC, Preferred Stock
Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
+Added: (9.0% Max PIK)
Global Jet Capital LLC, Structured Mezzanine
Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
+Added: (15.0% Max PIK)
Global Jet Capital LLC, Structured Mezzanine
Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
+Added: (15.0% Max PIK)
Global Jet Capital LLC, Structured Mezzanine
Commercial & Professional Services
−Removed: 15.0% PIK (15.0% Max PIK)
+Added: (15.0% Max PIK)
Global Lending Services LLC, Private Equity
2 unchanged sentences
Diversified Financials
−Removed: Home Partners JV, Common Stock
Home Partners JV 2, Private Equity
−Removed: (g)(l)(n)(x)(y)
+Added: (ac)(v)(w)(y)
+Added: Home Partners JV 2, Private Equity
+Added: (ac)(v)(w)(y)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
Home Partners JV 2, Structured Mezzanine
−Removed: 11.0% PIK (11.0% Max PIK)
+Added: (11.0% Max PIK)
Home Partners JV 2, Structured Mezzanine
−Removed: 11.0% PIK (11.0% Max PIK)
+Added: (11.0% Max PIK)
+Added: Home Partners JV, Common Stock
+Added: (ac)(v)(w)(y)
+Added: Home Partners JV, Private Equity
+Added: (ac)(v)(w)(y)
+Added: Home Partners JV, Structured Mezzanine
+Added: (11.0% Max PIK)
+Added: Jet Edge International LLC, Preferred Stock
+Added: Transportation
+Added: 8.0%, 0.0% PIK
+Added: (8.0% Max PIK)
+Added: Jet Edge International LLC, Term Loan
+Added: Transportation
+Added: 10.0%, 2.0% PIK
+Added: (2.0% Max PIK)
+Added: Jet Edge International LLC, Term Loan
+Added: Transportation
+Added: 10.0%, 2.0% PIK
+Added: (2.0% Max PIK)
+Added: Jet Edge International LLC, Warrant
+Added: Transportation
Kilter Finance, Preferred Stock
−Removed: 6.0%, 6.0% PIK (6.0% Max PIK)
+Added: 6.0%, 6.0% PIK
+Added: (6.0% Max PIK)
Kilter Finance, Private Equity
+Added: (ad)(v)(w)(y)
KKR Central Park Leasing Aggregator L.P., Partnership Interest
Capital Goods
+Added: KKR Chord IP Aggregator LP, Partnership Interest
+Added: Media & Entertainment
+Added: KKR Chord IP Aggregator LP, Structured Mezzanine
+Added: Media & Entertainment
+Added: KKR Rocket Loans Aggregator LLC, Partnership Interest
+Added: Diversified Financials
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest
4 unchanged sentences
Technology Hardware & Equipment
−Removed: Opendoor Labs Inc, 2L Term Loan
−Removed: Opendoor Labs Inc, 2L Term Loan
+Added: Lenovo Group Ltd, Structured Mezzanine
+Added: Technology Hardware & Equipment
+Added: Lenovo Group Ltd, Structured Mezzanine
+Added: Technology Hardware & Equipment
+Added: Lenovo Group Ltd, Structured Mezzanine
+Added: Technology Hardware & Equipment
+Added: Lenovo Group Ltd, Structured Mezzanine
+Added: Technology Hardware & Equipment
+Added: My Community Homes SFR PropCo 2, Private Equity
+Added: (ad)(v)(w)(y)
+Added: NewStar Clarendon 2014-1A Class D
+Added: Diversified Financials
+Added: Opendoor Labs Inc, Structured Mezzanine
+Added: Opendoor Labs Inc, Structured Mezzanine
Orchard Marine Limited, Class B Common Stock
+Added: (ac)(v)(w)(y)
Transportation
Orchard Marine Limited, Series A Preferred Stock
+Added: (ac)(v)(w)(y)
Transportation
+Added: Pretium Partners LLC P1, Structured Mezzanine
+Added: 2.8%, 5.3% PIK
+Added: (5.3% Max PIK)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: Pretium Partners LLC P2, Private Equity
+Added: Pretium Partners LLC P2, Term Loan
Prime ST LLC, Private Equity
+Added: (ad)(v)(w)(y)
Prime ST LLC, Structured Mezzanine
−Removed: 5.0%, 6.0% PIK (6.0% Max PIK)
−Removed: Rampart CLO 2007 1A Class Subord.
−Removed: Diversified Financials
−Removed: Sofi Lending Corp, Purchase Facility
−Removed: Diversified Financials
+Added: 5.0%, 6.0% PIK
+Added: (6.0% Max PIK)
Star Mountain Diversified Credit Income Fund III, LP, Private Equity
1 unchanged sentence
Toorak Capital Funding LLC, Membership Interest
+Added: (ad)(v)(w)(y)
Toorak Capital Partners LLC, Private Equity
−Removed: Wind River CLO Ltd.
−Removed: 2012 1A Class Subord.
−Removed: Diversified Financials
+Added: Toorak Capital Partners LLC, Structured Mezzanine
+Added: (L+650 Max PIK)
+Added: Toorak Capital Partners LLC, Structured Mezzanine
+Added: (L+650 Max PIK)
Total Asset Based Finance
1 unchanged sentence
Net Asset Based Finance
−Removed: Strategic Credit Opportunities, LLC23.0%
−Removed: Strategic Credit Opportunities Partners, LLC
+Added: Credit Opportunities Partners JV, LLC18.1%
+Added: Credit Opportunities Partners JV, LLC
Diversified Financials
−Removed: Total Strategic Credit Opportunities Partners
−Removed: unaudited consolidated financial statements.
+Added: Total Credit Opportunities Partners JV, LLC
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
2 unchanged sentences
(in millions, except share amounts)
−Removed: Portfolio Company (a)
−Removed: Equity/Other17.1% (m)
−Removed: Advanced Lighting Technologies Inc, Common Stock
−Removed: Advanced Lighting Technologies Inc, Warrant
−Removed: Alion Science & Technology Corp, Class A Membership Interest
−Removed: Capital Goods
−Removed: All Systems Holding LLC, Common Stock
−Removed: Commercial & Professional Services
+Added: Equity/Other11.7%(e)
+Added: Abaco Energy Technologies LLC, Common Stock
+Added: Abaco Energy Technologies LLC, Preferred Stock
+Added: Affordable Care Inc, Preferred Stock
+Added: Health Care Equipment & Services
+Added: (11.8% Max PIK)
+Added: American Vision Partners, Private Equity
+Added: Health Care Equipment & Services
+Added: Amtek Global Technology Pte Ltd, Common Stock
+Added: (ad)(g)(v)(w)(y)
+Added: Automobiles & Components
Amtek Global Technology Pte Ltd, Ordinary Shares
+Added: (ad)(v)(w)(y)
Automobiles & Components
1 unchanged sentence
Amtek Global Technology Pte Ltd, Private Equity
−Removed: Automobiles & Components
−Removed: Amtek Global Technology Pte Ltd, Trade Claim
+Added: (ad)(v)(w)(y)
Automobiles & Components
1 unchanged sentence
Health Care Equipment & Services
−Removed: Ap Plasman Inc, Warrant
−Removed: Capital Goods
+Added: Arcos LLC/VA, Preferred Stock
+Added: Software & Services
+Added: (L+950 Max PIK)
Ardonagh Ltd, Ordinary Shares
3 unchanged sentences
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim
−Removed: ASG Technologies, Common Stock
−Removed: Software & Services
−Removed: ASG Technologies, Warrant
−Removed: Software & Services
Aspect Software Inc, Common Stock
2 unchanged sentences
Software & Services
+Added: ATX Networks Corp, Common Stock
+Added: (ad)(s)(v)(w)(y)
+Added: Capital Goods
AVF Parent LLC, Trade Claim
−Removed: Belk Inc, Units
+Added: Belk Inc, Common Stock
Borden (New Dairy Opco), Common Stock
+Added: (ac)(h)(n)(y)
Food, Beverage & Tobacco
+Added: Bowery Farming Inc, Warrants
+Added: Food, Beverage & Tobacco
+Added: Catalina Marketing Corp, Common Stock
+Added: Media & Entertainment
+Added: CDS US Intermediate Holdings Inc, Warrant
+Added: Media & Entertainment
Cengage Learning, Inc, Common Stock
Media & Entertainment
−Removed: Charlotte Russe Inc, Common Stock
−Removed: Chisholm Oil & Gas Operating LLC, Series A Units
+Added: Cimarron Energy Inc, Common Stock
+Added: Cimarron Energy Inc, Participation Option
+Added: Constellis Holdings LLC, Private Equity
+Added: (ac)(f)(v)(y)
+Added: Capital Goods
CTI Foods Holding Co LLC, Common Stock
Food, Beverage & Tobacco
−Removed: Directed LLC, Warrant
+Added: Cubic Corp, Preferred Stock
+Added: Software & Services
+Added: (11.0% Max PIK)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: Envigo Laboratories Inc, Series A Warrant
+Added: Health Care Equipment & Services
+Added: Envigo Laboratories Inc, Series B Warrant
+Added: Health Care Equipment & Services
+Added: Fairway Group Holdings Corp, Common Stock
+Added: Food & Staples Retailing
+Added: Fox Head Inc, Common Stock
Consumer Durables & Apparel
−Removed: Empire Today LLC, Common Stock
Fronton BV, Common Stock
Consumer Services
+Added: Galaxy Universal LLC, Common Stock
+Added: Consumer Durables & Apparel
+Added: Galaxy Universal LLC, Trade Claim
+Added: Consumer Durables & Apparel
Genesys Telecommunications Laboratories Inc, Class A Shares
7 unchanged sentences
Hilding Anders, Class A Common Stock
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
Hilding Anders, Class B Common Stock
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
Hilding Anders, Class C Common Stock
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
Hilding Anders, Equity Options
+Added: (ad)(v)(w)(y)
Consumer Durables & Apparel
HM Dunn Co Inc, Preferred Stock, Series A
+Added: (ad)(s)(v)(y)
Capital Goods
HM Dunn Co Inc, Preferred Stock, Series B
+Added: (ad)(s)(v)(y)
Capital Goods
−Removed: Home Partners of America Inc, Common Stock
−Removed: Home Partners of America Inc, Warrant
−Removed: unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Consolidated Schedule of Investments (continued)
−Removed: As of December 31, 2020
−Removed: (in millions, except share amounts)
−Removed: Portfolio Company (a)
Imagine Communications Corp, Common Stock
3 unchanged sentences
JW Aluminum Co, Common Stock
+Added: (ad)(j)(u)(v)(y)
JW Aluminum Co, Preferred Stock
−Removed: 12.5% PIK (12.5% Max PIK)
−Removed: Maverick Natural Resources, Common Stock
+Added: (ad)(j)(u)(v)
+Added: (12.5% Max PIK)
+Added: Maverick Natural Resources LLC, Common Stock
MB Precision Holdings LLC, Class A - 2 Units
Capital Goods
+Added: Med-Metrix, Common Stock
+Added: Software & Services
+Added: Med-Metrix, Preferred Stock
+Added: Software & Services
+Added: (8.0% Max PIK)
Miami Beach Medical Group LLC, Common Stock
4 unchanged sentences
Capital Goods
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
Micronics Filtration Holdings Inc, Preferred Stock, Series B
2 unchanged sentences
Capital Goods
−Removed: 3.0% PIK (3.0% Max PIK)
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK
Capital Goods
−Removed: 7.5% PIK (7.5% Max PIK)
+Added: Misys Ltd, Preferred Stock
+Added: Software & Services
+Added: (L+1,025 Max PIK)
NBG Home, Common Stock
4 unchanged sentences
Health Care Equipment & Services
−Removed: 4,370,566,806
One Call Care Management Inc, Preferred Stock A
2 unchanged sentences
Health Care Equipment & Services
−Removed: 9.0% PIK (9.0% Max PIK)
+Added: (9.0% Max PIK)
Petroplex Acidizing Inc, Preferred Stock A
−Removed: 2.0% PIK (2.0% Max PIK)
Petroplex Acidizing Inc, Warrant
1 unchanged sentence
Household & Personal Products
+Added: PRG III LLC, Preferred Stock, Series A PIK
+Added: Media & Entertainment
+Added: PRG III LLC, Preferred Stock, Series B PIK
+Added: Media & Entertainment
Proserv Acquisition LLC, Class A Common Units
+Added: (ac)(v)(w)(y)
Proserv Acquisition LLC, Class A Preferred Units
−Removed: Quorum Health Corp, Common Stock
−Removed: Health Care Equipment & Services
+Added: (ac)(v)(w)(y)
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
Quorum Health Corp, Trade Claim
3 unchanged sentences
Ridgeback Resources Inc, Common Stock
−Removed: Sequential Brands Group Inc., Common Stock
−Removed: Consumer Durables & Apparel
+Added: (j)(u)(v)(w)(y)
Sorenson Communications LLC, Common Stock
+Added: (ac)(j)(u)(v)(y)
Telecommunication Services
−Removed: Sound United LLC, Class A Units
−Removed: Consumer Durables & Apparel
Sound United LLC, Common Stock
Consumer Durables & Apparel
−Removed: Sound United LLC, Series I Units
−Removed: Consumer Durables & Apparel
−Removed: Sound United LLC, Series II Units
−Removed: Consumer Durables & Apparel
−Removed: SSC (Lux) Limited S.a r.l., Common Stock
−Removed: Health Care Equipment & Services
Stuart Weitzman Inc, Common Stock
1 unchanged sentence
Sungard Availability Services Capital Inc, Common Stock
+Added: (ac)(s)(u)(v)(y)
Software & Services
−Removed: Sweet Harvest Foods Management Co, Warrant
−Removed: Food & Staples Retailing
+Added: Swift Worldwide Resources Holdco Ltd, Common Stock
ThermaSys Corp, Common Stock
+Added: (ac)(u)(v)(y)
Capital Goods
1 unchanged sentence
Capital Goods
−Removed: Trace3 Inc, Common Stock
−Removed: Software & Services
Versatile Processing Group Inc, Class A - 2 Units
Warren Resources Inc, Common Stock
−Removed: Zeta Interactive Holdings Corp, Preferred Stock, Series E1
−Removed: Software & Services
−Removed: unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Consolidated Schedule of Investments (continued)
−Removed: As of December 31, 2020
−Removed: (in millions, except share amounts)
−Removed: Portfolio Company (a)
−Removed: Zeta Interactive Holdings Corp, Preferred Stock, Series F
−Removed: Software & Services
−Removed: Zeta Interactive Holdings Corp, Warrant
+Added: Zeta Interactive Holdings Corp, Common Stock
Software & Services
3 unchanged sentences
NET ASSETS100%
+Added: See notes to unaudited consolidated
+Added: financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
Foreign currency forward contracts
1 unchanged sentence
Settlement Date
+Added: Amount and Transaction
+Added: US$ Value at Settlement
December 31, 2021
15 unchanged sentences
JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
+Added: JP Morgan Chase Bank
Security may be an obligation of one or more entities affiliated with the named company.
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
Certain variable rate securities in the Companys portfolio bear interest at a rate determined by a
1 unchanged sentence
As of December 31, 2021, the three-month London Interbank Offered Rate, or LIBOR or L, was 0.21%, the Euro Interbank Offered Rate, or EURIBOR, was (0.57)%, Canadian Dollar
−Removed: Offer Rate, or CDOR, was 0.48% and the U.S.
+Added: Offer Rate, or CDOR was 0.52%, the Bank Bill Swap Bid Rate, or BBSY was 0.12%, the Reykjavik Interbank Offered Rate, or REIBOR, was 2.65%, the Stockholm Interbank Offered Rate, or STIBOR, was (0.05)%, the Sterling Overnight Index Average, or SONIA,
+Added: was .19%, the Secured Overnight Financing Rate, or SOFR, was .05%, and the U.S.
Prime Lending Rate, or Prime, was 3.25%.
PIK means paid-in-kind.
−Removed: PIK income accruals may be adjusted based on the fair value
−Removed: of the underlying investment.
+Added: PIK income accruals may
+Added: be adjusted based on the fair value of the underlying investment.
Denominated in U.S.
dollars unless otherwise noted.
−Removed: unaudited consolidated financial statements.
−Removed: FS KKR Capital Corp.
−Removed: Consolidated Schedule of Investments (continued)
−Removed: As of December 31, 2020
−Removed: (in millions, except share amounts)
Fair value determined by the Companys board of directors (see Note 8).
−Removed: Security or portion thereof held within Race Street Funding LLC and is pledged as collateral supporting the
−Removed: amounts outstanding under the revolving credit facility with ING Capital LLC (see Note 9).
−Removed: Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured
−Removed: Revolving Credit Facility (see Note 9).
−Removed: Security or portion thereof held within FS KKR MM CLO 1 LLC (see Note 9).
+Added: Listed investments may be treated as debt for GAAP or tax purposes.
+Added: Security or portion thereof held within Ambler Funding LLC and is pledged as collateral supporting the amounts
+Added: outstanding under the revolving credit facility with Ally Bank (see Note 9).
+Added: Security or portion thereof was held within CCT Dublin Funding Limited
+Added: Security held within CCT Holdings II, LLC, a wholly-owned subsidiary of the Company.
Security or portion thereof was held within CCT Tokyo Funding LLC and was pledged as collateral supporting the
amounts outstanding under the revolving credit facility with Sumitomo Mitsui Banking Corporation (see Note 9).
−Removed: Security or portion thereof was held within CCT Dublin Funding Limited
+Added: Security or portion thereof held within Cobbs Creek LLC and is pledged as collateral supporting the amounts
+Added: outstanding under the senior secured revolving credit facility (see Note 9).
+Added: Security or portion thereof held within Darby Creek LLC and is pledged as collateral supporting the amounts
+Added: outstanding under a revolving credit facility with Deutsche Bank AG, New York Branch (see Note 9).
+Added: Security or portion thereof held within Dunlap Funding LLC and is pledged as collateral supporting the amounts
+Added: outstanding under a revolving credit facility with Deutsche Bank AG, New York Branch (see Note 9).
+Added: Security or portion thereof was held within FSK CLO as of December 31, 2021.
+Added: Security held within FSIC II Investments, Inc., a wholly-owned subsidiary of the Company.
+Added: Security held within FSIC Investments, Inc., a wholly-owned subsidiary of the Company.
+Added: Security held within IC American Energy Investments, Inc., a wholly-owned subsidiary of the Company.
+Added: (q) Security held within IC Arches Investments LLC, a wholly-owned subsidiary
+Added: of the Company.
+Added: Security held within IC II Arches Investments, LLC, a wholly-owned subsidiary of the Company.
+Added: Security or portion thereof held within Juniata River LLC and is pledged as collateral supporting the amounts
+Added: outstanding under a term loan credit facility with JPMorgan Chase Bank, N.A.
+Added: (see Note 9).
+Added: Security or portion thereof held within Meadowbrook Run LLC and is pledged as collateral supporting the amounts
+Added: outstanding under a revolving credit facility with Morgan Stanley Senior Funding, Inc.
+Added: (see Note 9).
+Added: Security or portion thereof held within Race Street Funding LLC.
+Added: Security is available as collateral supporting
+Added: the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).
+Added: Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured
+Added: Revolving Credit Facility (see Note 9).
The investment is not a qualifying asset under the Investment Company Act of 1940, as amended.
2 unchanged sentences
Companys total assets represented qualifying assets.
−Removed: Listed investments may be treated as debt for GAAP or tax purposes.
−Removed: Security is non-income producing.
−Removed: Security held within IC American Energy Investments, Inc., a wholly-owned subsidiary of the Company.
−Removed: Security held within FSIC Investments, Inc., a wholly-owned subsidiary of the Company.
−Removed: Security held within IC Arches Investments LLC, a wholly-owned subsidiary of the Company.
−Removed: Security held within CCT Holdings II, LLC, a wholly-owned subsidiary of the Company.
Security is an unfunded commitment.
1 unchanged sentence
actual rate received upon funding.
−Removed: Asset is on non-accrual status.
−Removed: Security is classified as Level 1 or 2 in the Companys fair value hierarchy (see Note 8).
unaudited consolidated financial statements.
3 unchanged sentences
(in millions, except share amounts)
+Added: Security is non-income producing.
+Added: Asset is on non-accrual status.
+Added: Security is classified as Level 1 or 2 in the Companys fair value hierarchy (see Note 8).
Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an affiliated
3 unchanged sentences
not deemed to control.
−Removed: The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2020:
+Added: The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person for the year ended December 31, 2021:
Portfolio Company
6 unchanged sentences
Senior Secured LoansFirst Lien
+Added: Affordable Care Inc
+Added: Affordable Care Inc
Borden (New Dairy Opco)
1 unchanged sentence
Borden Dairy Co
+Added: Constellis Holdings LLC
+Added: Fairway Group Holdings Corp
+Added: Fairway Group Holdings Corp
HM Dunn Co Inc (5)
HM Dunn Co Inc (5)
−Removed: MB Precision Holdings LLC
Micronics Filtration Holdings Inc
1 unchanged sentence
Petroplex Acidizing Inc
−Removed: Safariland LLC
−Removed: Safariland LLC
+Added: Sorenson Communications LLC (4)
+Added: Sungard Availability Services Capital
ThermaSys Corp
−Removed: Z Gallerie LLC
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: Portfolio Company
+Added: Fair Value at
+Added: Additions (1)
+Added: Reductions (2)
+Added: Net Change in
+Added: (Depreciation)
+Added: Fair Value at
Senior Secured LoansSecond Lien
−Removed: Z Gallerie LLC
+Added: Constellis Holdings LLC
+Added: Fairway Group Holdings Corp
+Added: Sorenson Communications LLC
+Added: Sungard Availability Services Capital Inc
Other Senior Secured Debt
JW Aluminum Co (5)
−Removed: Mood Media Corp
−Removed: Z Gallerie LLC
−Removed: Z Gallerie LLC
+Added: Subordinated Debt
+Added: Home Partners of America Inc
Asset Based Finance
−Removed: Home Partners JV, Common Stock
+Added: Home Partners JV, Structured Mezzanine
Home Partners JV, Private Equity
+Added: Home Partners JV, Private Equity
+Added: Home Partners JV, Common Stock
Home Partners JV 2, Structured Mezzanine
+Added: Home Partners JV 2, Private Equity
+Added: Home Partners JV 2, Private Equity
+Added: Jet Edge International LLC, Preferred Stock
+Added: Jet Edge International LLC, Warrant
+Added: Jet Edge International LLC, Term Loan
Orchard Marine Limited, Class B Common Stock
Orchard Marine Limited, Series A Preferred Stock
−Removed: AltEn, LLC, Membership Units
+Added: Affordable Care Inc, Common Stock
ASG Technologies, Common Stock
ASG Technologies, Warrants
−Removed: Borden (New Dairy Opco), Common Stock
−Removed: Charlotte Russe Inc, Common Stock
−Removed: Fronton BV, Common Stock
−Removed: HM Dunn Co Inc, Preferred Stock, Series A
−Removed: HM Dunn Co Inc, Preferred Stock, Series B
−Removed: unaudited consolidated financial statements.
+Added: Belk Inc, Common Stock
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
9 unchanged sentences
Fair Value at
+Added: Borden (New Dairy Opco), Common Stock
+Added: Charlotte Russe Inc, Common Stock
+Added: Constellis Holdings LLC, Private Equity
+Added: Fairway Group Holdings Corp, Common Stock
+Added: Fronton BV, Common Stock
+Added: HM Dunn Co Inc, Preferred Stock, Series
+Added: HM Dunn Co Inc, Preferred Stock, Series
Home Partners of America Inc, Common Stock
2 unchanged sentences
JW Aluminum Co, Preferred Stock (5)
−Removed: MB Precision Holdings LLC, Class A2 Units
−Removed: MB Precision Holdings LLC, Preferred Stock
−Removed: Micronics Filtration Holdings Inc, Common
+Added: Micronics Filtration Holdings Inc, Common Stock
Micronics Filtration Holdings Inc, Preferred Stock, Series A
2 unchanged sentences
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK
−Removed: Mood Media Corp, Common Stock
−Removed: Mood Media LLC, Class A Warrants
−Removed: Mood Media LLC, Class B Warrants
−Removed: Mood Media LLC, Class C Warrants
−Removed: One Call Care Management Inc, Common Stock
−Removed: One Call Care Management Inc, Preferred Stock A
−Removed: One Call Care Management Inc, Preferred Stock B
+Added: One Call Care Management Inc, Common
+Added: One Call Care Management Inc, Preferred Stock
+Added: One Call Care Management Inc, Preferred Stock
Petroplex Acidizing Inc, Preferred Stock A
Petroplex Acidizing Inc, Warrant
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: Portfolio Company
+Added: Fair Value at
+Added: Additions (1)
+Added: Reductions (2)
+Added: Net Change in
+Added: (Depreciation)
+Added: Fair Value at
Proserv Acquisition LLC, Class A Common Units
Proserv Acquisition LLC, Class A Preferred Units
−Removed: Safariland LLC, Common Equity
+Added: Sorenson Communications LLC, Common
+Added: Sungard Availability Services Capital Inc, Common Stock (4)
ThermaSys Corp, Common Stock
ThermaSys Corp, Preferred Stock
−Removed: Z Gallerie LLC, Common Stock
Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK
6 unchanged sentences
Transfers in or out have been presented at amortized cost.
−Removed: unaudited consolidated financial statements.
+Added: The Company held this investment as of December 31, 2021 but it was deemed to control the
+Added: portfolio company as of December 31, 2021.
+Added: Transfers in or out have been presented at amortized cost.
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
9 unchanged sentences
The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and
−Removed: deemed to control as of December 31, 2020:
+Added: deemed to control for the year ended December 31, 2021:
Portfolio Company
8 unchanged sentences
Amtek Global Technology Pte Ltd
+Added: ATX Networks Corp
+Added: HM Dunn Co Inc (4)
+Added: HM Dunn Co Inc (4)
+Added: One Call Care Management Inc
+Added: Production Resource Group LLC
+Added: Production Resource Group LLC
+Added: Production Resource Group LLC
+Added: Production Resource Group LLC
Sound United LLC
+Added: Warren Resources Inc (4)
Senior Secured LoansSecond Lien
3 unchanged sentences
Advanced Lighting Technologies Inc
+Added: JW Aluminum Co (4)
+Added: One Call Care Management Inc (4)
Subordinated Debt
−Removed: Hilding Anders
−Removed: Hilding Anders
−Removed: Hilding Anders
+Added: ATX Networks Corp
Hilding Anders
3 unchanged sentences
801 5th Ave, Seattle, Structure Mezzanine
+Added: See notes to unaudited consolidated financial statements.
+Added: FS KKR Capital Corp.
+Added: Consolidated Schedule of Investments (continued)
+Added: As of December 31, 2021
+Added: (in millions, except share amounts)
+Added: Portfolio Company
+Added: Fair Value at
+Added: Additions (1)
+Added: Reductions (2)
+Added: Net Change in
+Added: (Depreciation)
+Added: Fair Value at
801 5th Ave, Seattle, Private Equity
2 unchanged sentences
Kilter Finance, Private Equity
+Added: KKR Rocket Loans Aggregator LLC, Partnership Interest
+Added: My Community Homes SFR PropCo 2, Private Equity
Prime St LLC, Private Equity
1 unchanged sentence
Toorak Capital Funding LLC, Membership Interest
−Removed: Toorak Capital Partners LLC, Private Equity
−Removed: Strategic Credit Opportunities Partners, LLC
−Removed: Strategic Credit Opportunities Partners, LLC
−Removed: Advanced Lighting Technologies Inc, Common
−Removed: Advanced Lighting Technologies Inc,
+Added: Toorak Capital LLC, Membership Interest
+Added: Toorak Capital Partners LLC, Structured Mezzanine
+Added: Credit Opportunities Partners JV, LLC
+Added: Credit Opportunities Partners JV, LLC
+Added: Advanced Lighting Technologies Inc, Common Stock
+Added: Advanced Lighting Technologies Inc, Warrant
+Added: Amtek Global Technology Pte Ltd, Common Stock
Amtek Global Technology Pte Ltd, Ordinary Shares
Amtek Global Technology Pte Ltd, Trade Claim
−Removed: unaudited consolidated financial statements.
+Added: Amtek Global Technology Pte Ltd, Private Equity
+Added: ATX Networks Corp, Common Stock
+Added: Hilding Anders, Class A Common Stock
+Added: Hilding Anders, Class B Common Stock
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
9 unchanged sentences
Fair Value at
−Removed: Amtek Global Technology Pte Ltd, Private Equity
−Removed: Hilding Anders, ARLE PIK Interest
−Removed: Hilding Anders, Class A Common Stock
−Removed: Hilding Anders, Class B Common Stock
Hilding Anders, Class C Common Stock
Hilding Anders, Equity Options
−Removed: KKR BPT Holdings Aggregator LLC, Membership Interest
+Added: HM Dunn Co Inc, Preferred Stock, Series
+Added: HM Dunn Co Inc, Preferred Stock, Series
+Added: JW Aluminum Co, Common Stock (4)
+Added: JW Aluminum Co, Preferred Stock (4)
+Added: One Call Care Management Inc, Common
+Added: One Call Care Management Inc, Preferred Stock
+Added: One Call Care Management Inc, Preferred Stock
+Added: Production Resource Group LLC, Preferred Stock, Series A PIK
+Added: Production Resource Group LLC, Preferred Stock, Series B PIK
Sound United LLC, Class A Units
2 unchanged sentences
Sound United LLC, Series II Units
+Added: Warren Resources Inc, Common Stock
Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK
2 unchanged sentences
to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
−Removed: Interest, PIK and dividend income presented for the full year ended December 31, 2020.
−Removed: unaudited consolidated financial statements.
+Added: Interest, PIK, fee and dividend income presented for the full year ended December 31, 2021.
+Added: The Company held this investment as of December 31, 2020 but it was not deemed to be an control
+Added: of the portfolio company as of December 31, 2020.
+Added: Transfers in or out have been presented at amortized cost.
+Added: See notes to unaudited consolidated financial statements.
FS KKR Capital Corp.
10 unchanged sentences
purposes, and intends to qualify annually, as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code.
−Removed: As of September 30, 2021, the Company had various wholly-owned
−Removed: subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies.
−Removed: The unaudited consolidated financial statements include both the Companys accounts and the accounts of its
−Removed: wholly-owned subsidiaries as of September 30, 2021.
+Added: The Company has various wholly-owned subsidiaries, including
+Added: special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies.
+Added: The unaudited consolidated financial statements include both the Companys accounts and the accounts of its wholly-owned
+Added: subsidiaries as of March 31, 2022.
All intercompany transactions have been eliminated in consolidation.
10 unchanged sentences
Advisor, or the prior investment advisory agreement, which remained in effect until June 16, 2021.
−Removed: On June 15, 2020, the Company
−Removed: filed Articles of Amendment to its Articles of Incorporation, or the Reverse Stock Split Amendment, with the State Department of Assessments and Taxation of the State of Maryland to effect a 4 to 1 reverse split of the Companys shares of
−Removed: common stock, or the Reverse Stock Split.
−Removed: The Reverse Stock Split became effective in accordance with the terms of the Reverse Stock Split Amendment on June 15, 2020.
−Removed: The Reverse Stock Split affected all shareholders uniformly and did not alter any shareholders percentage interest in the Companys
−Removed: equity, except to the extent that the Reverse Stock Split resulted in some shareholders owning a fractional share.
−Removed: In that regard, no fractional shares were issued in connection with the Reverse Stock Split.
−Removed: Shareholders of record who would have
−Removed: otherwise been entitled to receive a fractional share instead received a cash payment based on the closing price of the Companys common stock as reported on the NYSE as of June 15, 2020.
−Removed: On June 16, 2021, the Company completed its acquisition, or the 2021 Merger, of FS KKR Capital Corp.
−Removed: II, or FSKR, pursuant to that certain
−Removed: Agreement and Plan of Merger, or the 2020 Merger Agreement, dated as of November 23, 2020, by and among the Company, FSKR, Rocky Merger Sub, Inc., a former wholly-owned subsidiary of the Company, or Merger Sub, and the Advisor.
−Removed: See Note 12 for
−Removed: a discussion of the 2021 Merger.
+Added: On June 16, 2021, the
+Added: Company completed its acquisition, or the 2021 Merger, of FS KKR Capital Corp.
+Added: II, or FSKR, pursuant to that certain Agreement and Plan of Merger, or the 2020 Merger Agreement, dated as of November 23, 2020, by and among the Company, FSKR,
+Added: Rocky Merger Sub, Inc., a former wholly-owned subsidiary of the Company, or Merger Sub, and the Advisor.
+Added: See Note 12 for a discussion of the 2021 Merger.
Summary of Significant Accounting Policies
8 unchanged sentences
December 31, 2021.
−Removed: Operating results for the nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
−Removed: The December 31, 2020 consolidated
−Removed: balance sheet and consolidated schedule of investments
+Added: Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
+Added: The December 31, 2021 consolidated balance
+Added: sheet and consolidated schedule of investments are derived from the Companys audited consolidated
FS KKR Capital Corp.
3 unchanged sentences
Policies (continued)
−Removed: are derived from the Companys audited consolidated financial statements as of and for the year ended December 31, 2020.
−Removed: The Company is considered an investment company under GAAP and
−Removed: follows the accounting and reporting guidance applicable to investment companies under Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies .
+Added: financial statements as of and for the year ended December 31, 2021.
+Added: The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable
+Added: to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies .
Use of Estimates:
−Removed: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make
−Removed: estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
+Added: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to
+Added: make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the
+Added: reporting period.
Actual results could differ from those estimates.
Capital Gains Incentive Fee:
−Removed: Pursuant to the terms of the
−Removed: investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement).
+Added: Pursuant to the terms
+Added: of the investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement).
This fee equals 20.0% of the Companys
3 unchanged sentences
Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.
−Removed: The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive
−Removed: This accrual reflects the incentive fees that would be payable to the Advisor if the Companys entire portfolio was liquidated at its fair value as of the balance sheet date even though the Advisor is not entitled to an incentive fee with
−Removed: respect to unrealized gains unless and until such gains are actually realized.
+Added: The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains
+Added: incentive fee.
+Added: This accrual reflects the incentive fees that would be payable to the Advisor if the Companys entire portfolio was liquidated at its fair value as of the balance sheet date even though the Advisor is not entitled to an incentive
+Added: fee with respect to unrealized gains unless and until such gains are actually realized.
Subordinated Income Incentive Fee:
−Removed: Pursuant to the
−Removed: terms of the investment advisory agreement, the Advisor may also be entitled to receive a subordinated incentive fee on income.
−Removed: The subordinated incentive fee on income under the investment advisory agreement, which is calculated and payable
−Removed: quarterly in arrears, equals 17.5% of the Companys pre-incentive fee net investment income for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate
+Added: Pursuant to the terms of the investment advisory agreement, the Advisor may also be entitled to receive a subordinated incentive fee on income.
+Added: The subordinated incentive fee on income under the investment advisory agreement, which is calculated and
+Added: payable quarterly in arrears, equals 17.5% of the Companys pre-incentive fee net investment income for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate
of return on the value of the Companys net assets, equal to 1.75% per quarter, or an annualized hurdle rate of 7.0%.
−Removed: As a result, the Advisor will not earn this incentive fee for any quarter until the
−Removed: Companys pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.75%.
−Removed: Once the Companys pre-incentive fee
−Removed: net investment income in any quarter exceeds the hurdle rate, the Advisor will be entitled to a catch-up fee equal to the amount of
−Removed: the pre-incentive fee net investment income in excess of the hurdle rate, until the Companys pre-incentive fee net investment income for such
−Removed: quarter equals 2.12%, or 8.48% annually, of net assets.
+Added: As a result, the Advisor will not earn this incentive fee for any quarter until the Companys pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.75%.
+Added: Once the Companys pre-incentive fee net investment income in any quarter
+Added: exceeds the hurdle rate, the Advisor will be entitled to a catch-up fee equal to the amount of the pre-incentive fee net investment income in excess of the
+Added: hurdle rate, until the Companys pre-incentive fee net investment income for such quarter equals 2.12%, or 8.48% annually, of net assets.
Thereafter, the Advisor will be entitled to receive 17.5% of pre-incentive fee net investment income.
−Removed: See Note 4 for a discussion of
−Removed: subordinated incentive fee on income under the prior investment advisory agreement.
+Added: See Note 4 for a discussion of the subordinated incentive fee on income under the prior investment advisory agreement.
Reclassifications:
−Removed: Certain amounts in the
−Removed: unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2020 and the audited consolidated financial statements as of and for the year ended December 31, 2020 may have been reclassified to
−Removed: conform to the classifications used to prepare the unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2021.
−Removed: Revenue Recognition:
−Removed: Security transactions are accounted for on the trade date.
−Removed: The Company records interest income on an accrual basis
−Removed: to the extent that it expects to collect such amounts.
−Removed: The Company records dividend income on the ex-dividend date.
−Removed: Distributions received from limited liability company (LLC) and limited
−Removed: partnership (LP) investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.
−Removed: The Company does not accrue as a receivable interest or dividends on loans and securities if it has
−Removed: reason to doubt its ability to collect such income.
−Removed: The Companys policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected.
−Removed: considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business
−Removed: conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment.
−Removed: If there is reasonable doubt that the
−Removed: Company will receive any previously accrued interest, then the
+Added: Certain amounts in the unaudited consolidated financial statements as of and for the three months ended
+Added: March 31, 2021 and the audited consolidated financial statements as of and for the year ended December 31, 2021 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements as
+Added: of and for the three months ended March 31, 2022.
FS KKR Capital Corp.
3 unchanged sentences
Policies (continued)
−Removed: accrued interest will be written-off.
−Removed: Payments received on non-accrual investments may be recognized as income or
−Removed: applied to principal depending upon the collectability of the remaining principal and interest.
−Removed: Non-accrual investments may be restored to accrual status when principal and interest become current and are
−Removed: likely to remain current based on the Companys judgment.
−Removed: Loan origination fees, original issue discount and market discount are
−Removed: capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security.
−Removed: Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as
−Removed: interest income.
−Removed: Structuring and other non-recurring upfront fees are recorded as fee income when earned.
−Removed: For the nine months ended September 30, 2021 and 2020, the Company recognized $34 and $10,
−Removed: respectively, in structuring fee revenue.
−Removed: The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.
−Removed: Derivative Instruments:
+Added: Revenue Recognition:
+Added: Security transactions are accounted for on the trade date.
+Added: Company records interest income on an accrual basis to the extent that it expects to collect such amounts.
+Added: The Company records dividend income on the ex-dividend date.
+Added: Distributions received from limited
+Added: liability company (LLC) and limited partnership (LP) investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.
+Added: The Company does not accrue as a receivable
+Added: interest or dividends on loans and securities if it has reason to doubt its ability to collect such income.
+Added: The Companys policy is to place investments on non-accrual status when there is reasonable
+Added: doubt that interest income will be collected.
+Added: The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the
+Added: delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to
+Added: the investment.
+Added: If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off.
+Added: Payments received on
+Added: non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest.
+Added: investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Companys judgment.
+Added: Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income
+Added: over the respective term of the loan or security.
+Added: Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income.
+Added: Structuring and other
+Added: non-recurring upfront fees are recorded as fee income when earned.
+Added: For the three months ended March 31, 2022 and 2021, the Company recognized $14 and $2, respectively, in structuring fee revenue.
+Added: Company records prepayment premiums on loans and securities as fee income when it receives such amounts.
The Companys derivative instruments include foreign currency forward contracts and cross currency swaps.
−Removed: The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements.
−Removed: Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the
−Removed: Company presents changes in fair value through net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations.
−Removed: Realized gains and losses of the derivative instruments are included in net
−Removed: realized gains (losses) on derivative instruments in the consolidated statements of operations.
+Added: The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial
+Added: Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on derivative
+Added: instruments in the consolidated statements of operations.
+Added: Realized gains and losses of the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations.
Recent Accounting Pronouncements:
In March 2020, the FASB issued ASU No.
−Removed: 2020-04, Reference Rate Reform (Topic 848) , which provides optional expedients and exceptions for applying GAAP to contracts, hedging
−Removed: relationships, and other transactions affected by reference rate reform if certain criteria are met.
−Removed: The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate
−Removed: (LIBOR) or another reference rate expected to be discontinued because of reference rate reform.
−Removed: In January 2021, the FASB issued ASU No.
−Removed: 2021-01, Reference Rate Reform (Topic 848) ,
−Removed: which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition.
−Removed: ASU 2020-04 and ASU 2021-01 are effective for all entities
−Removed: through December 31, 2022.
−Removed: The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of
−Removed: December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.
−Removed: The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.
−Removed: Below is a summary of transactions with respect to shares of the Companys common stock during the nine months ended
−Removed: September 30, 2021 and 2020:
−Removed: Nine Months Ended September 30,
−Removed: Share Repurchase Program
−Removed: Fractional Share Repurchase
−Removed: Issuance of Common Stock (2)
−Removed: Net Proceeds from Share Transactions
−Removed: The number of shares repurchased has been retroactively adjusted to reflect the Reverse Stock Split as discussed
−Removed: Issuance of common stock for the 2021 Merger.
−Removed: Shares were issued at fair value of FSK common stock at the merger
−Removed: During the nine months ended September 30, 2021, the administrator for the Companys distribution
−Removed: reinvestment plan, or DRP, purchased 707,727 shares of common stock in the open market at an average price per share of $19.69 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP.
−Removed: During the nine months ended
−Removed: September 30, 2020, the administrator for the DRP purchased 1,196,874 shares of common stock in the open market at an average price per share of
+Added: Reference Rate Reform (Topic 848) , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.
+Added: amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform.
+Added: 2021, the FASB issued ASU No.
+Added: 2021-01, Reference Rate Reform (Topic 848) , which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition.
+Added: ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022.
+Added: The expedients and exceptions provided by the amendments do not apply to
+Added: contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained
+Added: through the end of the hedging relationship.
+Added: The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Share Transactions (continued)
−Removed: $15.70 (totaling $19) pursuant to the DRP, and distributed such shares to participants in the DRP.
−Removed: During the period from October 1, 2021 to November 5, 2021, the administrator for
−Removed: the DRP purchased 613,887 shares of common stock in the open market at an average price per share of $22.68 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP.
−Removed: For additional information regarding the terms of
−Removed: the DRP, see Note 5.
−Removed: September 2021 Share Repurchase Program
−Removed: In November 2020, the Companys board of directors authorized a stock repurchase program, which went into effect in September 2021 following the consummation of the 2021 Merger.
−Removed: program, the Company may repurchase up to $100 in the aggregate of its outstanding common stock in the open market at prices below the then-current net asset value per share.
−Removed: The timing, manner, price and amount of any share repurchases was
−Removed: determined by the Company based upon the evaluation of economic and market conditions, the Companys stock price, applicable legal and regulatory requirements and other factors.
−Removed: The program is expected to be in effect for one year from the
−Removed: effective date, unless extended, or until the aggregate repurchase amount that has been approved by the Companys board of directors has been expended, or the plan otherwise terminates pursuant to its terms.
−Removed: The program does not require the
−Removed: Company to repurchase any specific number of shares and the Company cannot assure stockholders that any shares will be repurchased under the program.
−Removed: The program may be suspended, extended, modified or discontinued at any time.
−Removed: During the nine months ended September 30, 2021, the Company repurchased 53,374 shares of common stock pursuant to the share
+Added: Share Transactions
+Added: Below is a summary of transactions with respect to shares of the Companys common stock during the three months ended March 31, 2022
+Added: Three Months Ended March 31,
+Added: Share Repurchase Program
+Added: Net Proceeds from Share Transactions
+Added: During the three months ended March 31, 2022, the administrator for the Companys distribution
+Added: reinvestment plan, or DRP, purchased 595,933 shares of common stock in the open market at an average price per share of $21.68 (totaling $13) pursuant to the DRP, and distributed such shares to participants in the DRP.
+Added: During the three months ended
+Added: March 31, 2021, the administrator for the DRP purchased 275,642 shares of common stock in the open market at an average price per share of $17.21 (totaling $5) pursuant to the DRP, and distributed such shares to participants in the
+Added: During the period from April 1, 2022 to April 30, 2022, the administrator for the DRP purchased 551,483 shares of common stock in the open market at an average price per share of $22.97 (totaling $13) pursuant to the DRP, and
+Added: distributed such shares to participants in the DRP.
+Added: For additional information regarding the terms of the DRP, see Note 5.
+Added: September 2021 Share
+Added: Repurchase Program
+Added: In November 2020, the Companys board of directors authorized a stock repurchase program, which went into
+Added: effect in September 2021 following the consummation of the 2021 Merger.
+Added: Under the program, the Company may repurchase up to $100 in the aggregate of its outstanding common stock in the open market at prices below the then-current net asset value per
+Added: The timing, manner, price and amount of any share repurchases was determined by the Company based upon the evaluation of economic and market conditions, the Companys stock price, applicable legal and regulatory requirements and other
+Added: The program is expected to be in effect for one year from the effective date, unless extended, or until the aggregate repurchase amount that has been approved by the Companys board of directors has been expended, or the plan otherwise
+Added: terminates pursuant to its terms.
+Added: The program does not require the Company to repurchase any specific number of shares and the Company cannot assure stockholders that any shares will be repurchased under the program.
+Added: The program may be suspended,
+Added: extended, modified or discontinued at any time.
+Added: During the three months ended March 31, 2022, the Company repurchased 404,928 shares
+Added: of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $21.98 (totaling $9).
+Added: During the period from April 1, 2022 to April 30, 2022, the Company repurchased 121,143 shares of common stock pursuant to the share
repurchase program at an average price per share (inclusive of commissions paid) of $22.19 (totaling $3).
−Removed: During the period
−Removed: from October 1, 2021 to October 31, 2021, the Company repurchased 92,410 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $22.65 (totaling $2).
−Removed: December 2018 Share Repurchase Program
−Removed: In December 2018, the Companys board of directors authorized a stock repurchase program.
−Removed: Under the program, the Company was permitted to repurchase up to $200 in the aggregate of its
−Removed: outstanding common stock in the open market at prices below the then- current net asset value per share.
−Removed: The program has terminated since the aggregate repurchase amount that was approved by the Companys board of directors has been expended.
−Removed: During the nine months ended September 30, 2020, the Company repurchased 2,823,750 shares of common stock pursuant to the
−Removed: share repurchase program at an average price per share (inclusive of commissions paid) of $16.71 (totaling $47).
−Removed: The number of
−Removed: shares repurchased and the average price per share amounts have been retroactively adjusted to reflect the Reverse Stock Split as discussed below.
−Removed: Reverse Stock Split and Fractional Shares
−Removed: As a result of the Reverse Stock
−Removed: Split, which was effective on June 15, 2020, every four shares of the Companys common stock issued and outstanding were automatically combined into one share of the Companys common stock, and the number of outstanding shares of the
−Removed: Companys common stock was reduced from approximately 495.0 million to approximately 123.75 million as of June 15, 2020.
−Removed: The Reverse Stock Split did not modify the rights or preferences of the Companys common stock.
−Removed: Company also filed a separate Articles of Amendment to Articles of Incorporation with the State Department of Assessments and Taxation of the State of Maryland to provide that there would be no change in the par value of $0.001 per share as a result
−Removed: of the Reverse Stock Split.
−Removed: The Reverse Stock Split affected all shareholders uniformly and did not alter any
−Removed: shareholders percentage interest in the Companys equity, except to the extent that the Reverse Stock Split resulted in some shareholders owning a fractional share.
−Removed: In that regard, no fractional shares were issued in connection with the
−Removed: Reverse Stock Split.
−Removed: Shareholders of record who would have otherwise been entitled to receive a fractional share instead received a cash payment based on the closing price of the Companys common stock as reported on the NYSE as of
−Removed: June 15, 2020.
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Share Transactions (continued)
+Added: Transactions (continued)
Acquisition of FSKR
−Removed: In accordance with the terms of the 2020 Merger Agreement, at the time of the transactions contemplated by the 2020 Merger Agreement, each outstanding share of FSKR common stock was converted into the
−Removed: right to receive 0.9498 shares of the Companys common stock.
−Removed: As a result, the Company issued an aggregate of approximately 161,374,028 shares of its common stock to former FSKR stockholders.
+Added: In accordance with the terms of the 2020 Merger Agreement, at the time of the transactions contemplated by the 2020 Merger Agreement, each
+Added: outstanding share of FSKR common stock was converted into the right to receive 0.9498 shares of the Companys common stock.
+Added: As a result, the Company issued an aggregate of approximately 161,374,028 shares of its common stock to former FSKR
+Added: stockholders.
Related Party Transactions
Compensation of the Investment Adviser
−Removed: Pursuant to the investment advisory agreement, the Advisor is entitled to a base management fee calculated at an annual rate of 1.50% of the average weekly value of the Companys gross assets
−Removed: excluding cash and cash equivalents (gross assets equal the total assets of the Company as set forth on the Companys consolidated balance sheets) and an incentive fee based on the Companys performance.
−Removed: Effective June 15, 2019, in
−Removed: connection with stockholder approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150%, the Advisor reduced (by permanent waiver) the annual base management fee payable under the investment
−Removed: advisory agreement from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt-to-equity.
−Removed: The base management fee is payable quarterly in arrears.
−Removed: part of the base management fee not taken as to any quarter will be deferred without interest and may be taken in such other quarter as the Advisor determines.
−Removed: The prior investment advisory agreement had substantially similar terms as the investment
−Removed: advisory agreement, except that the investment advisory agreement amended the prior investment advisory agreement to (i) reduce the Companys income incentive fee rate from 20% to 17.5%;
−Removed: and (ii) remove the total return lookback
−Removed: provision applicable to the subordinated incentive fee on income from the prior investment advisory agreement.
−Removed: Under the prior investment advisory agreement, the subordinated incentive fee on income was subject to a cap equal to (i) 20.0% of the
−Removed: per share pre-incentive fee return for the then-current and eleven preceding calendar quarters minus the cumulative per share incentive fees accrued and/or payable for the eleven
−Removed: preceding calendar quarters multiplied by (ii) the weighted average number of shares outstanding during the calendar quarter (or any portion thereof) for which the subordinated incentive fee on income was being calculated.
−Removed: The definitions of
−Removed: per share pre-incentive fee return and per share incentive fees under the prior investment advisory agreement took into account the historic per share
−Removed: pre-incentive fee return of both the Company and CCT, together with the historic per share incentive fees paid by both the Company and CCT.
−Removed: For the purpose of calculating the per share pre-incentive fee return, any unrealized appreciation or depreciation recognized as a result of the purchase accounting for the Companys acquisition of CCT was excluded.
−Removed: See Note 2 for a discussion of
−Removed: the capital gains and subordinated income incentive fees that the Advisor may be entitled to under the investment advisory agreement.
−Removed: In connection with the entry into the investment advisory agreement, the Advisor has agreed to waive income incentive fees in the amount of $15 per quarter for the first six full fiscal quarters of
−Removed: operations following the closing of the 2021 Merger, commencing on July 1, 2021, for a total waiver of $90.
−Removed: In addition, the Advisor has agreed to exclude from the calculation of the subordinated incentive fee on income and the incentive fee on
−Removed: capital gains any changes to the fair value recorded for the assets and liabilities of FSKR resulting solely from the new cost basis of the acquired FSKR investments determined in accordance with Accounting Standards Codification Topic 805-50, Business CombinationsRelated Issues as a result of the 2021 Merger.
−Removed: April 9, 2018, the Company entered into an administration agreement with the Advisor, or the administration agreement.
−Removed: Pursuant to the administration agreement, the Advisor oversees the Companys day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative
−Removed: The Advisor also performs, or oversees the performance of, the Companys corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain
−Removed: and preparing reports for the Companys stockholders and reports filed with the U.S.
−Removed: Securities and Exchange Commission, or the SEC.
−Removed: In addition, the Advisor assists the Company in calculating its net asset value, overseeing the preparation and
−Removed: filing of tax returns and the printing and dissemination of reports to the Companys stockholders, and generally overseeing the payment of the Companys expenses and the performance of administrative and professional services rendered to
−Removed: the Company by others.
+Added: Pursuant to the investment advisory agreement, the Advisor is entitled to a base management fee calculated at an annual rate of 1.50% of the
+Added: average weekly value of the Companys gross assets excluding cash and cash equivalents (gross assets equal the total assets of the Company as set forth on the Companys consolidated balance sheets) and an incentive fee based on the
+Added: Companys performance.
+Added: Effective June 15, 2019, in connection with stockholder approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150%, the Advisor reduced (by permanent waiver) the
+Added: annual base management fee payable under the investment advisory agreement from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt-to-equity.
+Added: management fee is payable quarterly in arrears.
+Added: All or any part of the base management fee not taken as to any quarter will be deferred without interest and may be taken in such other quarter as the Advisor determines.
+Added: The prior investment advisory
+Added: agreement had substantially similar terms as the investment advisory agreement, except that the investment advisory agreement amended the prior investment advisory agreement to (i) reduce the Companys income incentive fee rate from 20% to
+Added: and (ii) remove the total return lookback provision applicable to the subordinated incentive fee on income from the prior investment advisory agreement.
+Added: Under the prior investment advisory agreement, the subordinated incentive fee on
+Added: income was subject to a cap equal to (i) 20.0% of the per share pre-incentive fee return for the then-current and eleven preceding calendar quarters minus the cumulative per share incentive
+Added: fees accrued and/or payable for the eleven preceding calendar quarters multiplied by (ii) the weighted average number of shares outstanding during the calendar quarter (or any portion thereof) for which the subordinated incentive fee on
+Added: income was being calculated.
+Added: The definitions of per share pre-incentive fee return and per share incentive fees under the prior investment advisory agreement took into account the
+Added: historic per share pre-incentive fee return of both the Company and CCT, together with the historic per share incentive fees paid by both the Company and CCT.
+Added: For the purpose of calculating the per share
+Added: pre-incentive fee return, any unrealized appreciation or depreciation recognized as a result of the purchase accounting for the Companys acquisition of CCT was excluded.
+Added: See Note 2 for a
+Added: discussion of the capital gains and subordinated income incentive fees that the Advisor may be entitled to under the investment advisory agreement.
+Added: In connection with the entry into the investment advisory agreement, the Advisor has agreed to waive income incentive fees in the amount of
+Added: $15 per quarter for the first six full fiscal quarters of operations following the closing of the 2021 Merger, commencing on July 1, 2021, for a total waiver of $90.
+Added: In addition, the Advisor has agreed to exclude from the calculation of the
+Added: subordinated incentive fee on income and the incentive fee on capital gains any changes to the fair value recorded for the assets and liabilities of FSKR resulting solely from the new cost basis of the acquired FSKR investments determined in
+Added: accordance with Accounting Standards Codification Topic 805-50, Business CombinationsRelated Issues as a result of the 2021 Merger.
FS KKR Capital Corp.
3 unchanged sentences
Transactions (continued)
−Removed: Pursuant to the administration agreement, the Company reimburses the Advisor for expenses
−Removed: necessary to perform services related to its administration and operations, including the Advisors allocable portion of the compensation and related expenses of certain personnel of Franklin Square Holdings, L.P., which does business as FS
−Removed: Investments, or FS Investments, and KKR Credit Advisors (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Advisor.
−Removed: The Company reimburses the Advisor no less than quarterly for all costs and expenses
−Removed: incurred by the Advisor in performing its obligations and providing personnel and facilities under the administration agreement.
−Removed: The Advisor allocates the cost of such services to the Company based on factors such as total assets, revenues, time
−Removed: allocations and/or other reasonable metrics.
−Removed: The Companys board of directors reviews the methodology employed in determining how the expenses are allocated to the Company and the proposed allocation of administrative expenses among the Company
−Removed: and certain affiliates of the Advisor.
−Removed: The Companys board of directors then assesses the reasonableness of such reimbursements for expenses allocated to it based on the breadth, depth and quality of such services as compared to the estimated
−Removed: cost to the Company of obtaining similar services from third-party service providers known to be available.
−Removed: In addition, the Companys board of directors considers whether any single third-party service provider would be capable of providing
−Removed: all such services at comparable cost and quality.
−Removed: Finally, the Companys board of directors compares the total amount paid to the Advisor for such services as a percentage of the Companys net assets to the same ratio as reported by other
−Removed: comparable BDCs.
−Removed: The following table describes the fees and expenses accrued under the investment advisory agreement, the prior investment
−Removed: advisory agreement and the administration agreement, as applicable, during the three and nine months ended September 30, 2021 and 2020:
+Added: On April 9, 2018, the Company entered into an administration agreement with the Advisor,
+Added: or the administration agreement.
+Added: Pursuant to the administration agreement, the Advisor oversees the Companys day-to-day operations, including the provision of
+Added: general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services.
+Added: The Advisor also performs, or oversees the performance of, the Companys
+Added: corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Companys stockholders and reports filed with the U.S.
+Added: Securities and Exchange Commission, or the SEC.
+Added: In addition, the Advisor assists the Company in calculating its net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to the Companys
+Added: stockholders, and generally overseeing the payment of the Companys expenses and the performance of administrative and professional services rendered to the Company by others.
+Added: Pursuant to the administration agreement, the Company reimburses the Advisor for expenses necessary to perform services related to its
+Added: administration and operations, including the Advisors allocable portion of the compensation and related expenses of certain personnel of Franklin Square Holdings, L.P., which does business as FS Investments, or FS Investments, and KKR Credit
+Added: Advisors (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Advisor.
+Added: The Company reimburses the Advisor no less than quarterly for all costs and expenses incurred by the Advisor in performing its obligations
+Added: and providing personnel and facilities under the administration agreement.
+Added: The Advisor allocates the cost of such services to the Company based on factors such as total assets, revenues, time allocations and/or other reasonable metrics.
+Added: Companys board of directors reviews the methodology employed in determining how the expenses are allocated to the Company and the proposed allocation of administrative expenses among the Company and certain affiliates of the Advisor.
+Added: Companys board of directors then assesses the reasonableness of such reimbursements for expenses allocated to it based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar
+Added: services from third-party service providers known to be available.
+Added: In addition, the Companys board of directors considers whether any single third-party service provider would be capable of providing all such services at comparable cost and
+Added: Finally, the Companys board of directors compares the total amount paid to the Advisor for such services as a percentage of the Companys net assets to the same ratio as reported by other comparable BDCs.
+Added: The following table describes the fees and expenses accrued under the investment advisory agreement, the prior investment advisory agreement
+Added: and the administration agreement, as applicable, during the three months ended March 31, 2022 and 2021:
Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
Related Party
6 unchanged sentences
Administrative Services Expenses (3)
−Removed: During the nine months ended September 30, 2021 and 2020, $104 and $86, respectively, in base management
−Removed: fees were paid to the Advisor.
−Removed: As of September 30, 2021, $58 in base management fees were payable to the Advisor.
+Added: FS KKR Capital Corp.
+Added: Notes to Unaudited Consolidated Financial Statements (continued)
+Added: (in millions, except share and per share amounts)
+Added: Related Party
+Added: Transactions (continued)
+Added: During the three months ended March 31, 2022 and 2021, $60 and $25, respectively, in base management fees
+Added: were paid to the Advisor.
+Added: As of March 31, 2022, $62 in base management fees were payable to the Advisor.
The Advisor agreed, effective July 1, 2021, to waive up to $15 per quarter of the subordinated incentive
fee on income to which it is entitled to under the investment advisory agreement.
−Removed: During the three and nine months ended September 30, 2021, the amount shown is net of waivers of $15 and $15, respectively.
−Removed: During the nine months ended
−Removed: September 30, 2021 and 2020, $29 and $0, respectively, of subordinated incentive fees on income were paid to the Advisor.
−Removed: As of September 30, 2021, subordinated incentive fees on income of $20 were payable to the Advisor.
−Removed: During the nine months ended September 30, 2021 and 2020, $7 and $4, respectively, of administrative
−Removed: services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Advisor and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional
−Removed: expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as broken deal costs.
−Removed: Broken deal costs were $1.0 for the nine months
−Removed: ended September 30, 2021.
−Removed: The Company paid $7 and $6, respectively, in administrative services expenses to the Advisor during the nine months ended September 30, 2021 and 2020.
+Added: During the three months ended March 31, 2022, the amount shown is net of waivers of $15.
+Added: During the three months ended March 31, 2022 and 2021, $19 and $0,
+Added: respectively, of subordinated incentive fees on income were paid to the Advisor.
+Added: As of March 31, 2022, subordinated incentive fees on income of $25 were payable to the Advisor.
+Added: During the three months ended March 31, 2022 and 2021, $4 and $1, respectively, of administrative services
+Added: expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Advisor and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses
+Added: for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as broken deal costs.
+Added: Broken deal costs were $0.2 for the three months ended
+Added: March 31, 2022.
+Added: The Company paid $2 and $1, respectively, in administrative services expenses to the Advisor during the three months ended March 31, 2022 and 2021.
Potential Conflicts of Interest
4 unchanged sentences
multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Companys best interests or in the best interest of the Companys stockholders.
−Removed: Companys investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment
+Added: Companys investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.
+Added: For additional information regarding potential conflicts of interest, see the Companys annual
+Added: report on Form 10-K for the year ended December 31, 2021.
+Added: Exemptive Relief
+Added: As a BDC, the Company is subject to certain regulatory restrictions in making its investments.
+Added: For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC.
+Added: However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.
+Added: dated June 4, 2013, or the FS Order, the SEC granted exemptive relief permitting the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated
+Added: investment transactions with certain affiliates of its former investment adviser, including FS Energy and Power Fund and any future BDCs that are advised by its former investment adviser or its affiliated investment advisers.
+Added: However, in connection
+Added: with the investment advisory relationship with the Advisor, and in an effort to mitigate potential future conflicts of interest, the Companys board of directors authorized and directed that the Company (i) withdraw from the FS Order,
+Added: except with respect to any transaction in which the Company participated in
FS KKR Capital Corp.
3 unchanged sentences
Transactions (continued)
−Removed: For additional information regarding potential conflicts of interest, see the Companys annual report on Form 10-K for the year ended
−Removed: December 31, 2020.
−Removed: Exemptive Relief
−Removed: As a BDC, the Company is subject to certain regulatory restrictions in making its investments.
−Removed: For example, BDCs generally are not permitted
−Removed: to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC.
−Removed: However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.
−Removed: In an order dated June 4, 2013, or the FS Order, the SEC granted exemptive relief permitting the Company, subject to the satisfaction
−Removed: of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of its former investment adviser, including FS Energy and Power Fund and any future
−Removed: BDCs that are advised by its former investment adviser or its affiliated investment advisers.
−Removed: However, in connection with the investment advisory relationship with the Advisor, and in an effort to mitigate potential future conflicts of interest, the
−Removed: Companys board of directors authorized and directed that the Company (i) withdraw from the FS Order, except with respect to any transaction in which the Company participated in reliance on the FS Order prior to April 9, 2018, and
−Removed: (ii) rely on an exemptive relief order, dated January 5, 2021, that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated
−Removed: investment transactions, including investments originated and directly negotiated by the Advisor or KKR Credit, with certain affiliates of the Advisor.
+Added: reliance on the FS Order prior to April 9, 2018, and (ii) rely on an exemptive relief order, dated January 5, 2021, that permits the Company, subject to the satisfaction of certain
+Added: conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Advisor or KKR Credit, with certain affiliates of the
Affiliated Purchaser Program
−Removed: As previously disclosed, certain affiliates
−Removed: of the owners of the Advisor committed $100 to a $350 investment vehicle that may invest from time to time in shares of the Companys common stock.
−Removed: In September 2021, that investment vehicle entered into a written trading plan with a third
−Removed: party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act to facilitate the purchase of shares of the Companys common stock
−Removed: pursuant to the terms and conditions of such plan.
−Removed: The Company is not a party to any transaction with the investment vehicle.
+Added: As previously disclosed, certain affiliates of the owners of the Advisor committed $100 to a $350 investment vehicle that may invest from time
+Added: to time in shares of the Companys common stock.
+Added: In September 2021 and December 2021, that investment vehicle entered into a written trading plan with a third party broker in accordance with Rule 10b5-1
+Added: and Rule 10b-18 promulgated under the Exchange Act to facilitate the purchase of shares of the Companys common stock pursuant to the terms and conditions of such plan.
+Added: The Company is not a party to any
+Added: transaction with the investment vehicle.
Distributions
−Removed: The following table reflects the cash distributions per share that the Company has declared on its common
−Removed: stock during the nine months ended September 30, 2021 and 2020:
+Added: The following table reflects the cash distributions per share that the Company has declared on its common stock during the three months ended
+Added: March 31, 2022 and 2021:
For the Three Months Ended
−Removed: Per Share (1)
March 31, 2021
−Removed: June 30, 2020
−Removed: September 30, 2020
March 31, 2022
−Removed: June 30, 2021
−Removed: September 30, 2021
−Removed: The amount of each per share distribution has been retroactively adjusted to reflect the Reverse Stock Split as discussed above in Note 3.
−Removed: On November 5, 2021, the Companys board of directors declared a regular quarterly cash
−Removed: distribution of $0.62 per share, which will be paid on or about January 4, 2022 to stockholders of record as of the close of business on December 15, 2021.
+Added: On May 5, 2022, the Companys board of directors declared a regular quarterly cash distribution of
+Added: $0.68 per share, which will be paid on or about July 5, 2022 to stockholders of record as of the close of business on June 15, 2022.
+Added: The timing and amount of any future distributions to stockholders are subject to applicable legal
+Added: restrictions and the sole discretion of the Companys board of directors.
+Added: Pursuant to the DRP, the Company will reinvest all cash
+Added: dividends or distributions declared by the Companys board of directors on behalf of stockholders who do not elect to receive their distributions in cash.
+Added: As a result, if the Companys board of directors declares a distribution, then
+Added: stockholders who have not elected to opt out of the DRP will have their distributions automatically reinvested in additional shares of the Companys common stock.
+Added: With respect to each distribution pursuant to the DRP, the Company reserves the right to either issue new shares of common stock or purchase
+Added: shares of common stock in the open market in connection with implementation of the DRP.
+Added: Unless the Company, in its sole discretion, otherwise directs the plan administrator, (A) if the per share market price (as defined in the DRP) is equal to
+Added: or greater than the estimated net asset value per share (rounded up to the nearest whole cent) of the Companys common stock on the payment date for the
FS KKR Capital Corp.
2 unchanged sentences
Distributions (continued)
−Removed: timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Companys board of directors.
−Removed: Pursuant to the DRP, the Company will reinvest all cash dividends or distributions declared by the Companys board of directors on behalf
−Removed: of stockholders who do not elect to receive their distributions in cash.
−Removed: As a result, if the Companys board of directors declares a distribution, then stockholders who have not elected to opt out of the DRP will have their
−Removed: distributions automatically reinvested in additional shares of the Companys common stock.
−Removed: With respect to each distribution pursuant
−Removed: to the DRP, the Company reserves the right to either issue new shares of common stock or purchase shares of common stock in the open market in connection with implementation of the DRP.
−Removed: Unless the Company, in its sole discretion, otherwise directs
−Removed: the plan administrator, (A) if the per share market price (as defined in the DRP) is equal to or greater than the estimated net asset value per share (rounded up to the nearest whole cent) of the Companys common stock on the payment date
−Removed: for the distribution, then the Company will issue shares of common stock at the greater of (i) net asset value per share of common stock or (ii) 95% of the market price;
−Removed: or (B) if the market price is less than the net asset value per
−Removed: share, then, in the sole discretion of the Company, (i) shares of common stock will be purchased in open market transactions for the accounts of participants to the extent practicable, or (ii) the Company will issue shares of common stock
−Removed: at net asset value per share.
−Removed: Pursuant to the terms of the DRP, the number of shares of common stock to be issued to a participant will be determined by dividing the total dollar amount of the distribution payable to a participant by the price per
−Removed: share at which the Company issues such shares;
−Removed: provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participant based on the average purchase price, excluding any brokerage charges or
−Removed: other charges, of all shares of common stock purchased in the open market.
−Removed: If a stockholder receives distributions in the form of common
−Removed: stock pursuant to the DRP, such stockholder generally will be subject to the same federal, state and local tax consequences as if it elected to receive distributions in cash.
−Removed: If the Companys common stock is trading at or below net asset value,
−Removed: a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that they would have received if they had elected to receive the distribution in cash.
−Removed: Companys common stock is trading above net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Companys
−Removed: common stock.
+Added: distribution, then the Company will issue shares of common stock at the greater of (i) net asset value per share of common stock or (ii) 95% of the market price;
+Added: or (B) if the market
+Added: price is less than the net asset value per share, then, in the sole discretion of the Company, (i) shares of common stock will be purchased in open market transactions for the accounts of participants to the extent practicable, or (ii) the
+Added: Company will issue shares of common stock at net asset value per share.
+Added: Pursuant to the terms of the DRP, the number of shares of common stock to be issued to a participant will be determined by dividing the total dollar amount of the distribution
+Added: payable to a participant by the price per share at which the Company issues such shares;
+Added: provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participant based on the average purchase
+Added: price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market.
+Added: If a stockholder
+Added: receives distributions in the form of common stock pursuant to the DRP, such stockholder generally will be subject to the same federal, state and local tax consequences as if it elected to receive distributions in cash.
+Added: If the Companys common
+Added: stock is trading at or below net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that they would have received if they had elected to receive
+Added: the distribution in cash.
+Added: If the Companys common stock is trading above net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market
+Added: value of the Companys common stock.
The stockholders basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the stockholder.
−Removed: Any stock received in a
−Removed: distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the stockholders account.
−Removed: The Company may fund its cash distributions to stockholders from any sources of funds legally available to it, including proceeds from the sale
−Removed: of shares of the Companys common stock, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and
+Added: stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the stockholders account.
+Added: The Company may fund its cash distributions to stockholders from any sources of funds legally available to it, including proceeds from the
+Added: sale of shares of the Companys common stock, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and
dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies.
12 unchanged sentences
Distributions (continued)
−Removed: The following table reflects the sources of the cash distributions on a tax basis that
−Removed: the Company has paid on its common stock during the nine months ended September 30, 2021 and 2020:
−Removed: Nine Months Ended September 30,
+Added: The following table reflects the sources of the cash distributions on a tax basis that the
+Added: Company has paid on its common stock during the three months ended March 31, 2022 and 2021:
+Added: Three Months Ended March 31,
Source of Distribution
3 unchanged sentences
Long-term capital gains proceeds from the sale of assets
−Removed: During the nine months ended September 30, 2021 and 2020, 85.5% and 88.2%, respectively, of the Companys gross investment income
−Removed: was attributable to cash income earned, 4.7% and 1.7%, respectively, was attributable to non-cash accretion of discount and 9.8% and 10.1%, respectively, was attributable to PIK interest.
−Removed: The determination of the tax attributes of the Companys distributions is made annually as of the end
−Removed: of the Companys fiscal year based upon the Companys taxable income for the full year and distributions paid for the full year.
−Removed: Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of
−Removed: the Companys distributions for a full year.
+Added: During the three months ended March 31, 2022 and 2021, 83.8% and 86.7%, respectively, of the
+Added: Companys gross investment income was attributable to cash income earned, 5.3% and 2.0%, respectively, was attributable to non-cash accretion of discount and 10.9% and 11.3%, respectively, was
+Added: attributable to PIK interest.
+Added: The determination of the tax attributes of the Companys distributions is made
+Added: annually as of the end of the Companys fiscal year based upon the Companys taxable income for the full year and distributions paid for the full year.
+Added: Therefore, a determination made on a quarterly basis may not be representative of the
+Added: actual tax attributes of the Companys distributions for a full year.
The actual tax characteristics of distributions to stockholders are reported to stockholders annually on Form 1099-DIV.
Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term losses.
−Removed: September 30, 2021, the Company had short-term and long-term capital loss carryforwards available to offset future realized capital gains of $69 and $1,732, respectively.
−Removed: $85 of such losses were carried over from CCT due to the Companys
−Removed: acquisition of CCT, or the 2018 Merger, $1,212 were carried over from FSKR due to the 2021 Merger, and $177 of such losses were carried over from losses generated by the Company prior to the 2018 Merger.
−Removed: Because of the loss limitation rules of the
−Removed: Code, some of the tax basis losses may be limited in their use.
+Added: March 31, 2022, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $2,021.
+Added: $85 of such losses were carried over from CCT due to the Companys acquisition of CCT, or the 2018
+Added: Merger, $1,212 were carried over from FSKR due to the 2021 Merger, and $177 of such losses were carried over from losses generated by the Company prior to the 2018 Merger.
+Added: Because of the loss limitation rules of the Code, some of the tax basis
+Added: losses may be limited in their use.
Any unused balances resulting from such limitations may be carried forward into future years indefinitely.
−Removed: As of September 30, 2021 and December 31, 2020, the Companys gross unrealized appreciation on a tax basis was $1,671 and $1,121, respectively.
−Removed: As of September 30, 2021 and
−Removed: December 31, 2020, the Companys gross unrealized depreciation on a tax basis was $1,927 and $1,280, respectively.
+Added: As of March 31, 2022 and December 31, 2021, the Companys gross unrealized appreciation on a tax basis was $1,778 and $1,665,
+Added: respectively.
+Added: As of March 31, 2022 and December 31, 2021, the Companys gross unrealized depreciation on a tax basis was $1,932 and $1,995, respectively.
The aggregate cost of the Companys investments for U.S.
−Removed: federal income tax purposes totaled $16,807 and $7,622 as of
−Removed: September 30, 2021 and December 31, 2020, respectively.
−Removed: The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $(983) and $(842) as of September 30, 2021 and December 31, 2020, respectively.
−Removed: The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from merger accounting, foreign currency forward contracts and foreign currency transactions.
−Removed: As of September 30, 2021, the Company had a deferred tax liability of $7 resulting from unrealized appreciation on investments held
−Removed: by the Companys wholly-owned taxable subsidiaries and a deferred tax asset of $50 resulting from net operating losses, capital losses, and interest expense limitation carryforwards of the Companys wholly-owned taxable subsidiaries and
−Removed: unrealized depreciation on investments held by the Companys wholly-owned taxable subsidiaries.
−Removed: As of September 30, 2021, certain wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their generated net
−Removed: operating losses and capital losses, therefore the deferred tax asset was offset by a valuation allowance of $43.
−Removed: For the nine months ended September 30, 2021, the Company did not record a provision for taxes related to wholly-owned taxable
−Removed: subsidiaries.
+Added: federal income tax purposes totaled $17,449 and $17,167 as of March 31,
+Added: 2022 and December 31, 2021, respectively.
+Added: The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $(895) and $(1,066) as of March 31, 2022 and December 31, 2021, respectively.
+Added: The aggregate net
+Added: unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from merger accounting, foreign currency forward contracts and foreign currency transactions.
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
+Added: Distributions (continued)
+Added: As of March 31, 2022, the Company had a deferred tax liability of $18 resulting from
+Added: unrealized appreciation on investments held by the Companys wholly-owned taxable subsidiaries and a deferred tax asset of $74 resulting from net operating losses, capital losses, and interest expense limitation carryforwards of the
+Added: Companys wholly-owned taxable subsidiaries and unrealized depreciation on investments held by the Companys wholly-owned taxable subsidiaries.
+Added: As of March 31, 2022, certain wholly-owned taxable subsidiaries anticipated that they
+Added: would be unable to fully utilize their generated net operating losses and capital losses, therefore the deferred tax asset was offset by a valuation allowance of $56.
+Added: For the three months ended March 31, 2022, the Company did not record a
+Added: provision for taxes related to wholly-owned taxable subsidiaries.
Investment Portfolio
−Removed: The following table summarizes the composition of the Companys investment portfolio at cost and fair value as of September 30,
−Removed: 2021 and December 31, 2020:
−Removed: September 30,
+Added: The following table summarizes the composition of the Companys investment portfolio at cost and fair value as of March 31, 2022 and
December 31, 2021:
+Added: March 31, 2022
+Added: December 31, 2021
Senior Secured LoansFirst Lien
4 unchanged sentences
Credit Opportunities Partners JV, LLC
−Removed: Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on
−Removed: In general, under the 1940 Act, the Company would be presumed to control a
−Removed: portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an affiliated person of a portfolio company if it owned
−Removed: 5% or more of its voting securities.
−Removed: As of September 30, 2021, the Company held investments in sixteen portfolio
−Removed: companies of which it is deemed to control. As of September 30, 2021, the Company held investments in seventeen portfolio companies of which it is deemed to be an affiliated person but is not deemed to
−Removed: control. For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the unaudited consolidated schedule of investments as of September 30, 2021 in this quarterly report on Form 10-Q.
−Removed: As of December 31, 2020, the Company held investments in ten portfolio companies
−Removed: of which it is deemed to control. As of December 31, 2020, the Company held investments in thirteen portfolio companies of which it is deemed to be an affiliated person but is not deemed to control. For
−Removed: additional information with respect to such portfolio companies, see footnotes (y) and (z) to the consolidated schedule of investments as of December 31, 2020 in this quarterly report on Form 10-Q.
−Removed: The Companys investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of
−Removed: credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements.
−Removed: September 30, 2021, the Company had unfunded debt investments with aggregate unfunded commitments of $(1,313.7), unfunded equity/other commitments of $511.3 and unfunded commitments of $350.2 to Credit Opportunities Partners JV, LLC.
−Removed: December 31, 2020, the Company had unfunded debt investments with aggregate unfunded commitments of $228.4, unfunded equity commitments of $142.9 and unfunded commitments of $65.8 to Credit Opportunities Partners JV, LLC.
−Removed: The Company maintains
−Removed: sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise.
−Removed: For additional details regarding the Companys unfunded debt investments, see the Companys unaudited consolidated schedule of
−Removed: investments as of September 30, 2021 and the Companys audited consolidated schedule of investments as of December 31, 2020.
+Added: Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of
+Added: discounts, as applicable, on investments.
+Added: In general, under the 1940 Act, the Company would be presumed to
+Added: control a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an affiliated person of a
+Added: portfolio company if it owned 5% or more of its voting securities.
+Added: As of March 31, 2022, the Company held investments in eighteen
+Added: portfolio companies of which it is deemed to control. As of March 31, 2022, the Company held investments in fifteen portfolio companies of which it is deemed to be an affiliated person but is not deemed to
+Added: control. For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the unaudited consolidated schedule of investments as of March 31, 2022 in this quarterly report on Form 10-Q.
+Added: As of December 31, 2021, the Company held investments in seventeen portfolio companies of
+Added: which it is deemed to control. As of December 31, 2021, the Company held investments in sixteen portfolio companies of which it is deemed to be an affiliated person but is not deemed to control. For
+Added: additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the consolidated schedule of investments as of December 31, 2021 in this quarterly report on Form 10-Q.
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: The table below describes investments by industry classification and enumerates the
−Removed: percentage, by fair value, of the total portfolio assets in such industries as of September 30, 2021 and December 31, 2020:
−Removed: September 30,
+Added: Portfolio (continued)
+Added: The Companys investment portfolio may contain loans and other unfunded arrangements
+Added: that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the
+Added: underlying agreements.
+Added: As of March 31, 2022, the Company had unfunded debt investments with aggregate unfunded commitments of $1,584.1, unfunded equity/other commitments of $497.8 and unfunded commitments of $262.7 to Credit Opportunities
+Added: Partners JV, LLC.
+Added: As of December 31, 2021, the Company had unfunded debt investments with aggregate unfunded commitments of $1,724.1, unfunded equity commitments of $576.9 and unfunded commitments of $350.2 to Credit Opportunities Partners JV,
+Added: The Company maintains sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise.
+Added: For additional details regarding the Companys unfunded debt investments, see the Companys unaudited
+Added: consolidated schedule of investments as of March 31, 2022 and the Companys audited consolidated schedule of investments as of December 31, 2021.
+Added: The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets
+Added: in such industries as of March 31, 2022 and December 31, 2021:
+Added: March 31, 2022
December 31, 2021
Industry Classification
+Added: Percentage of
+Added: Percentage of
Automobiles & Components
15 unchanged sentences
Transportation
−Removed: Credit Opportunities Partners JV, LLC
−Removed: Credit Opportunities Partners JV, LLC (formerly known as Strategic Credit Opportunities Partners, LLC), or COPJV, is a joint venture between the Company and South Carolina Retirement Systems Group Trust,
−Removed: SCRS purchased its interests in COPJV from Conway Capital, LLC, an affiliate of Guggenheim Life and Annuity Company and Delaware Life Insurance Company, in June 2019, which had no impact on the significant terms governing COPJV other than
−Removed: an increase in the aggregate capital commitment (but not the percentage of the aggregate capital committed by each member) to COPJV.
−Removed: Effective as of June 18, 2021, Credit Opportunities Partners, LLC, or COP, merged with and into COPJV, with
−Removed: COPJV surviving the merger, or the COPJV Merger.
−Removed: As of June 18, 2021, COPJV assumed all of COPs obligations under its credit facilities, and COPs wholly-owned special purpose financing subsidiaries became wholly-owned special
−Removed: purpose financing subsidiaries of COPJV, in each case, as a result of the consummation of the COPJV Merger.
−Removed: COPJVs second amended and restated limited liability company agreement, or the COPJV Agreement, requires the Company and SCRS to
−Removed: provide capital to COPJV of up to $2,000 in the aggregate where the Company and SCRS would provide 87.5% and 12.5%, respectively, of the committed capital.
−Removed: Pursuant to the terms of the COPJV Agreement, the Company and SCRS each have 50% voting
−Removed: control of COPJV and are required to agree on all investment decisions as well as certain other significant actions for COPJV.
−Removed: COPJV invests its capital in a range of investments, including senior secured loans (both first lien and second lien) to
−Removed: middle market companies, broadly syndicated loans, equity, warrants and other investments.
−Removed: As administrative agent of COPJV, the Company performs certain day-to-day
−Removed: management responsibilities on behalf of COPJV and is entitled to a fee of 0.25% of COPJVs assets under administration,
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: calculated and payable quarterly in arrears.
−Removed: As of September 30, 2021, the Company and SCRS have funded approximately $1,599.8 to COPJV, of which $1,399.8 was from the Company.
−Removed: On September 2, 2021, Jersey City Funding LLC, or Jersey City Funding, a wholly-owned subsidiary of COPJV, prepaid all outstanding
−Removed: borrowings under, and terminated, its revolving credit facility with Goldman Sachs Bank.
−Removed: Chestnut Street Funding LLC, or Chestnut Street
−Removed: Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with Citibank, N.A., or as amended, the Chestnut Street Funding Credit Facility, which provides for up to $400 of borrowings as of September 30, 2021.
−Removed: Street Funding Credit Facility provides loans in U.S.
−Removed: dollars, Australian dollars, Canadian dollars, Euros and pounds sterling.
−Removed: dollar loans bear interest at the rate of three-month LIBOR (subject to a 0% floor) plus 2.25%.
−Removed: Foreign currency
−Removed: loans bear interest at the applicable floating rate (subject to a 0% floor) plus 2.25%.
−Removed: Chestnut Street Funding also pays a commitment fee of up to 0.50% on undrawn commitments.
−Removed: The Chestnut Street Funding Credit Facility matures on
−Removed: September 18, 2024.
−Removed: As of September 30, 2021, total outstanding borrowings under the Chestnut Street Funding Credit Facility were $177.6.
−Removed: Borrowings under the Chestnut Street Funding Credit Facility are secured by substantially all of the
−Removed: assets of Chestnut Street Funding.
−Removed: Boxwood Drive Funding LLC, or Boxwood Drive Funding, a wholly-owned subsidiary of COPJV, has a
−Removed: revolving credit facility with BNP Paribas, or as amended, the Boxwood Drive Funding Credit Facility, which provides for up to $300 of borrowings as of September 30, 2021.
−Removed: The Boxwood Drive Funding Credit Facility provides for loans in U.S.
−Removed: dollars, Australian dollars, Canadian dollars, New Zealand dollars, Euros and pounds sterling.
−Removed: dollar loans bear interest at the rate of LIBOR (subject to a 0% floor) plus a spread of 2.05% to 3.15% during the reinvestment period and 2.50% to
−Removed: 3.25% thereafter.
−Removed: Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus the spread applicable to the specified currency.
−Removed: Boxwood Drive Funding also pays a commitment fee of up to 1.00% on undrawn
−Removed: The Boxwood Drive Funding Credit Facility matures on April 15, 2025.
−Removed: As of September 30, 2021, total outstanding borrowings under the Boxwood Drive Funding Credit Facility were $49.7.
−Removed: Borrowings under the Boxwood Drive Funding
−Removed: Credit Facility are secured by substantially all of the assets of Boxwood Drive Funding.
−Removed: Big Cedar Creek LLC, or Big Cedar Creek Funding,
−Removed: a wholly-owned subsidiary of COPJV, has a revolving credit facility with BNP Paribas, or as amended, the Big Cedar Creek Funding Credit Facility, which provides for up to $300 of borrowings as of September 30, 2021.
−Removed: The Big Cedar Creek Funding
−Removed: Credit Facility provides loans in U.S.
+Added: Portfolio (continued)
+Added: Credit Opportunities Partners JV, LLC
+Added: Credit Opportunities Partners JV, LLC (formerly known as Strategic Credit Opportunities Partners, LLC), or COPJV, is a joint venture between
+Added: the Company and South Carolina Retirement Systems Group Trust, or SCRS.
+Added: SCRS purchased its interests in COPJV from Conway Capital, LLC, an affiliate of Guggenheim Life and Annuity Company and Delaware Life Insurance Company, in June 2019, which had
+Added: no impact on the significant terms governing COPJV other than an increase in the aggregate capital commitment (but not the percentage of the aggregate capital committed by each member) to COPJV.
+Added: Effective as of June 18, 2021, Credit
+Added: Opportunities Partners, LLC, or COP, merged with and into COPJV, with COPJV surviving the merger, or the COPJV Merger.
+Added: As of June 18, 2021, COPJV assumed all of COPs obligations under its credit facilities, and COPs wholly-owned
+Added: special purpose financing subsidiaries became wholly-owned special purpose financing subsidiaries of COPJV, in each case, as a result of the consummation of the COPJV Merger.
+Added: COPJVs second amended and restated limited liability company
+Added: agreement, or the COPJV Agreement, requires the Company and SCRS to provide capital to COPJV of up to $2,000 in the aggregate where the Company and SCRS would provide 87.5% and 12.5%, respectively, of the committed capital.
+Added: Pursuant to the terms of
+Added: the COPJV Agreement, the Company and SCRS each have 50% voting control of COPJV and are required to agree on all investment decisions as well as certain other significant actions for COPJV.
+Added: COPJV invests its capital in a range of investments,
+Added: including senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans, equity, warrants and other investments.
+Added: As administrative agent of COPJV, the Company performs certain day-to-day management responsibilities on behalf of COPJV and is entitled to a fee of 0.25% of COPJVs assets under administration, calculated and payable quarterly in
+Added: As of March 31, 2022, the Company and SCRS have funded approximately $1,699.8 to COPJV, of which $1,487.3 was from the Company.
+Added: Big Cedar Creek LLC, or Big Cedar Creek Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with BNP Paribas, or as
+Added: amended, the Big Cedar Creek Funding Credit Facility, which provides for up to $300 of borrowings as of March 31, 2022.
+Added: The Big Cedar Creek Funding Credit Facility provides loans in U.S.
+Added: dollars, Australian dollars, Canadian dollars, New
+Added: Zealand dollars, Euros and pounds sterling.
+Added: dollar loans bear interest at the rate of LIBOR (subject to a 0% floor) plus a spread of 1.85% to 2.55% during the reinvestment period and 2.00% to 2.65% thereafter.
+Added: Foreign currency loans bear
+Added: interest at the applicable floating rate (subject to a 0% floor) plus a spread of 1.85% to 2.55% during the reinvestment period and 2.00% to 2.65% thereafter.
+Added: Big Cedar Creek Funding also pays a commitment fee of up to 1.00% on undrawn commitments.
+Added: The Big Cedar Creek Funding Credit Facility matures on March 11, 2025.
+Added: As of March 31, 2022, total outstanding borrowings under the Big Cedar Creek Funding Credit Facility were $267.3.
+Added: Borrowings under the Big Cedar Creek Funding Credit
+Added: Facility are secured by substantially all of the assets of Big Cedar Creek.
+Added: Boxwood Drive Funding LLC, or Boxwood Drive Funding, a
+Added: wholly-owned subsidiary of COPJV, has a revolving credit facility with BNP Paribas, or as amended, the Boxwood Drive Funding Credit Facility, which provides for up to $300 of borrowings as of March 31, 2022.
+Added: The Boxwood Drive Funding Credit
+Added: Facility provides for loans in U.S.
dollars, Australian dollars, Canadian dollars, New Zealand dollars, Euros and pounds sterling.
1 unchanged sentence
the reinvestment period and 2.50% to 3.25% thereafter.
−Removed: Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus a spread of 1.85% to 2.55% during the reinvestment period and 2.00% to 2.65% thereafter.
−Removed: Cedar Creek Funding also pays a commitment fee of up to 1.00% on undrawn commitments.
−Removed: The Big Cedar Creek Funding Credit Facility matures on March 11, 2025.
−Removed: As of September 30, 2021, total outstanding borrowings under the Big Cedar Creek
−Removed: Funding Credit Facility were $87.6.
−Removed: Borrowings under the Big Cedar Creek Funding Credit Facility are secured by substantially all of the assets of Big Cedar Creek.
+Added: Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus the spread applicable to the specified currency.
+Added: Boxwood Drive Funding also pays a commitment
+Added: fee of up to 1.00% on undrawn commitments.
+Added: The Boxwood Drive Funding Credit Facility matures on April 15, 2025.
+Added: As of March 31, 2022, total outstanding borrowings under the Boxwood Drive Funding Credit Facility were $277.4.
+Added: under the Boxwood Drive Funding Credit Facility are secured by substantially all of the assets of Boxwood Drive Funding.
+Added: FS KKR Capital Corp.
+Added: Notes to Unaudited Consolidated Financial Statements (continued)
+Added: (in millions, except share and per share amounts)
+Added: Portfolio (continued)
+Added: Chestnut Street Funding LLC, or Chestnut Street Funding, a wholly-owned subsidiary of COPJV,
+Added: has a revolving credit facility with Citibank, N.A., or as amended, the Chestnut Street Funding Credit Facility, which provides for up to $400 of borrowings as of March 31, 2022.
+Added: The Chestnut Street Funding Credit Facility provides loans in
+Added: dollars, Australian dollars, Canadian dollars, Euros and pounds sterling.
+Added: dollar loans bear interest at the rate of LIBOR (subject to a 0% floor) plus 2.25%.
+Added: Foreign currency loans bear interest at the applicable floating rate (subject to
+Added: a 0% floor) plus 2.25%.
+Added: Chestnut Street Funding also pays a commitment fee of up to 0.50% on undrawn commitments.
+Added: The Chestnut Street Funding Credit Facility matures on September 18, 2024.
+Added: As of March 31, 2022, total outstanding borrowings
+Added: under the Chestnut Street Funding Credit Facility were $243.8.
+Added: Borrowings under the Chestnut Street Funding Credit Facility are secured by substantially all of the assets of Chestnut Street Funding.
Green Creek LLC, or Green Creek Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with Goldman Sachs Bank, or as
−Removed: amended, the Green Creek Funding Credit Facility, which provides for up to $500 of borrowings as of September 30, 2021.
+Added: amended, the Green Creek Funding Credit Facility, which provides for up to $400 of borrowings as of March 31, 2022.
The Green Creek Credit Facility provides for loans in U.S.
dollars, Canadian dollars, Euros and pounds sterling.
−Removed: loans bear interest at the rate of three-month LIBOR (subject to a 0% floor) plus 3.30%.
+Added: loans bear interest at the rate of LIBOR (subject to a 0% floor) plus 2.25%.
Foreign currency loans bear interest at the rate of the applicable floating rate (subject to a 0% floor) plus the spread applicable to the specified currency.
−Removed: Green Creek Funding also pays a commitment fee of up to 3.30% on undrawn commitments.
+Added: Funding also pays a commitment fee of up to 2.25% on undrawn commitments.
The Green Creek Funding Credit Facility matures on January 30, 2027.
−Removed: As of September 30, 2021, total outstanding borrowings under the Green Creek Funding
−Removed: Credit Facility were $348.9.
+Added: As of March 31, 2022, total outstanding borrowings under the Green Creek Funding Credit Facility
Borrowings under the Green Creek Funding Credit Facility are secured by substantially all of the assets of Green Creek Funding.
−Removed: On August 17, 2021, COPJV sold in a private placement $225 of aggregate principal amount of Series B senior unsecured notes, or the COPJV
−Removed: Notes, to qualified institutional buyers in reliance on Section 4(a)(2) of the Securities Act.
−Removed: Interest of the COPJV Notes is payable semi-annually on the 17th of each of February and August, at a fixed annual rate of 3.62%, commencing
+Added: On September 2, 2021, Jersey City Funding LLC, or Jersey City Funding, a wholly-owned subsidiary of COPJV, prepaid all outstanding
+Added: borrowings under, and terminated, its revolving credit facility with Goldman Sachs Bank.
+Added: On March 31, 2021, COPJV sold in a private
+Added: placement $300 of aggregate principal amount of unsecured notes, or the April 2021 COPJV Notes, to qualified institutional buyers in reliance on Section 4(a)(2) of the Securities Act.
+Added: Interest of the April 2021 COPJV Notes is payable quarterly
+Added: on the 1st of each of January, April, July and October, at a fixed annual rate of 4.25%, commencing July 1, 2021.
+Added: This interest rate is subject to increase up to 4.75% in the event that the April 2021 COPJV Notes cease to be rated investment
+Added: grade, and the April 2021 COPJV Notes will be subject to an additional 2.0% of default interest during the continuance of an event of default.
+Added: The April 2021 COPJV Notes mature on April 1, 2026, unless redeemed, purchased or prepaid prior to
+Added: such date by COPJV in accordance with their terms.
+Added: On August 17, 2021, COPJV sold in a private placement $225 of aggregate principal
+Added: amount of Series B senior unsecured notes, or the August 2021 COPJV Notes and together with the April 2021 COPJV Notes, the 2021 COPJV Notes, to qualified institutional buyers in reliance on Section 4(a)(2) of the Securities Act.
+Added: the 2021 COPJV Notes is payable semi-annually on the 17th of each of February and August, at a fixed annual rate of 3.62%, commencing February 17, 2022.
+Added: This interest rate is subject to increase up to 4.12% in the event that the 2021 COPJV
+Added: Notes cease to be rated investment grade, and the August 2021 COPJV Notes will be subject to an additional 2.0% of default interest during the continuance of an event of default.
+Added: The August 2021COPJV Notes mature on August 17, 2026, unless
+Added: redeemed, purchased or prepaid prior to such date by COPJV in accordance with their terms.
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: February 17, 2022.
−Removed: This interest rate is subject to increase up to 4.12% in the event that the COPJV Notes cease to be rated investment grade, and the COPJV Notes will be subject to an
−Removed: additional 2.0% of default interest during the continuance of an event of default.
−Removed: The COPJV Notes mature on August 17, 2026, unless redeemed, purchased or prepaid prior to such date by COPJV in accordance with their terms.
−Removed: The COPJV Notes are
−Removed: general unsecured obligations that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness that COPJV may issue.
−Removed: COPJV used the net proceeds from the private placement for general corporate purposes, including to
−Removed: make investments, repay existing debt and make permitted distributions.
−Removed: COPJV was in compliance with all covenants required by
−Removed: its financing arrangements as of September 30, 2021 and December 31, 2020.
−Removed: During the nine months ended
−Removed: September 30, 2021, the Company sold investments with a cost of $596.1 for proceeds of $615.5 to COPJV and recognized a net realized gain (loss) of $19.4 in connection with the transactions.
−Removed: As of September 30, 2021, $351.9 of these sales
−Removed: to COPJV are included in receivable for investments sold in the consolidated statements of assets and liabilities.
−Removed: September 30, 2021 and December 31, 2020, COPJV had total investments with a fair value of $2,481.7 and $1,544.3, respectively.
−Removed: As of September 30, 2021 and December 31, 2020, COPJV had two and two investments on non-accrual status, respectively.
−Removed: Below is a summary of COPJVs portfolio, followed by
−Removed: a listing of the individual loans in COPJVs portfolio as of September 30, 2021 and December 31, 2020:
−Removed: September 30,
+Added: Portfolio (continued)
+Added: The 2021 COPJV Notes are general unsecured obligations that rank pari passu with all
+Added: outstanding and future unsecured and unsubordinated indebtedness that COPJV may issue.
+Added: COPJV used the net proceeds from the 2021 COPJV Notes for general corporate purposes, including to make investments, repay existing debt and make permitted
+Added: distributions.
+Added: COPJV was in compliance with all covenants required by its financing arrangements as of March 31, 2022 and
+Added: December 31, 2021.
+Added: During the three months ended March 31, 2022, the Company sold investments with a cost of $546.7 for
+Added: proceeds of $554.0 to COPJV and recognized a net realized gain (loss) of $7.3 in connection with the transactions.
+Added: As of March 31, 2022, $533.6 of these sales to COPJV are included in receivable for investments sold in the consolidated
+Added: statements of assets and liabilities.
+Added: As of March 31, 2022 and December 31, 2021, COPJV had total investments with a fair value
+Added: of $3,772.5 and $3,260.0, respectively.
+Added: As of March 31, 2022 and December 31, 2021, COPJV had zero investments on non-accrual status.
+Added: Below is a summary of COPJVs portfolio, followed by a listing of the individual loans in COPJVs portfolio as of March 31,
+Added: 2022 and December 31, 2021:
+Added: March 31, 2022
+Added: December 31, 2021
Total debt investments (1)
1 unchanged sentence
Number of portfolio companies in COPJV
−Removed: Largest investment in a single portfolio company (1)
+Added: Largest investment in a single portfolio
Unfunded commitments (1)
−Removed: Debt Investments means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar
−Removed: stated return.
−Removed: The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend
−Removed: rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S.
−Removed: dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual
−Removed: amortization of the purchase or original issue discount or premium of each accruing Debt Investment;
−Removed: divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period.
+Added: Debt Investments means investments that pay or are expected to pay a stated interest rate, stated
+Added: dividend rate or other similar stated return.
+Added: The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the
+Added: stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S.
+Added: dollars and for any partial income accrual when necessary, as of the end of the applicable
+Added: reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment;
+Added: divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of
+Added: the end of the applicable reporting period.
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
+Added: Portfolio (continued)
Credit Opportunities Partners JV, LLC Portfolio
−Removed: As of September 30, 2021 (in millions)
−Removed: Interest Rate (b)
+Added: As of March 31, 2022 (in millions)
Senior Secured LoansFirst Lien146.7%
−Removed: ABB CONCISE Optical Group LLC
+Added: 48Forty Solutions LLC
+Added: Accuride Corp
+Added: Capital Goods
Advania Sverige AB
−Removed: Software & Services
Advania Sverige AB
−Removed: Software & Services
+Added: Affordable Care Inc
+Added: Alacrity Solutions Group LLC
+Added: Alera Group Intermediate Holdings Inc
Transportation
+Added: American Vision Partners
Ammeraal Beltech Holding BV
Capital Goods
+Added: Apex Group Limited
+Added: Apex Group Limited
+Added: Arcfield Acquisition Corp
+Added: Capital Goods
Ardonagh Group Ltd
Ardonagh Group Ltd
+Added: Ardonagh Group Ltd
+Added: FS KKR Capital Corp.
+Added: Notes to Unaudited Consolidated Financial Statements (continued)
+Added: (in millions, except share and per share amounts)
+Added: Portfolio (continued)
Arrotex Australia Group Pty Ltd
Pharmaceuticals,
−Removed: Biotechnology & Life
+Added: Biotechnology &
+Added: Life Sciences
Arrotex Australia Group Pty Ltd
Pharmaceuticals,
−Removed: Biotechnology & Life
+Added: Biotechnology &
+Added: Life Sciences
BearCom Acquisition Corp
−Removed: Technology Hardware &
BearCom Acquisition Corp
−Removed: Technology Hardware &
BearCom Acquisition Corp
−Removed: Technology Hardware &
+Added: BearCom Acquisition Corp
+Added: BGB Group LLC
+Added: Entertainment
Big Bus Tours Ltd
−Removed: Consumer Services
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: Interest Rate (b)
Big Bus Tours Ltd
−Removed: Consumer Services
Bugaboo International BV
−Removed: Consumer Durables &
Caprock Midstream LLC
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Child Development Schools Inc
−Removed: Consumer Services
−Removed: Child Development Schools Inc
−Removed: Consumer Services
Capital Goods
−Removed: Software & Services
−Removed: Software & Services
−Removed: Distribution International Inc
+Added: Capital Goods
Eagleclaw Midstream Ventures LLC
EIF Van Hook Holdings LLC
+Added: Encora Digital Inc
Entertainment Benefits Group LLC
−Removed: Media & Entertainment
−Removed: FloWorks International LLC
−Removed: Capital Goods
−Removed: Frontline Technologies Group LLC
−Removed: Software & Services
−Removed: Greystone Equity Member Corp
−Removed: Diversified Financials
−Removed: HealthChannels LLC
−Removed: Equipment & Services
+Added: Entertainment
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: Interest Rate (b)
+Added: Portfolio (continued)
+Added: Follett Software Co
+Added: Frontline Technologies Group LLC
+Added: Galaxy Universal LLC
+Added: Galway Partners Holdings LLC
+Added: General Datatech LP
+Added: Greystone Equity Member Corp
+Added: HealthChannels LLC
+Added: Hermes UK Ltd
+Added: Transportation
+Added: Higginbotham Insurance Agency Inc
Industria Chimica Emiliana Srl
Pharmaceuticals,
−Removed: Biotechnology & Life
+Added: Biotechnology &
+Added: Life Sciences
+Added: Insight Global LLC
KBP Investments LLC
1 unchanged sentence
Kellermeyer Bergensons Services LLC
−Removed: Professional Services
Kettle Cuisine LLC
−Removed: Food, Beverage &
−Removed: Professional Services
+Added: Lakefield Veterinary Group
+Added: Lakeview Farms Inc
Lionbridge Technologies Inc
−Removed: Consumer Services
Lipari Foods LLC
Food & Staples
+Added: Lloyds Register Quality Assurance Ltd
+Added: FS KKR Capital Corp.
+Added: Notes to Unaudited Consolidated Financial Statements (continued)
+Added: (in millions, except share and per share amounts)
+Added: Portfolio (continued)
Monitronics International Inc
−Removed: Professional Services
+Added: Motion Recruitment Partners LLC
+Added: New Era Technology Inc
+Added: Novotech Pty Ltd
+Added: Novotech Pty Ltd
One Call Care Management Inc
−Removed: Equipment & Services
Ontic Engineering & Manufacturing Inc
Capital Goods
−Removed: Parts Town LLC
+Added: Parata Systems
Parts Town LLC
1 unchanged sentence
Premium Credit Ltd
−Removed: Diversified Financials
+Added: Pretium Packaging LLC
Project Marron
−Removed: Consumer Services
Project Marron
−Removed: Consumer Services
Pure Fishing Inc
−Removed: Consumer Durables &
Qdoba Restaurant Corp
−Removed: Consumer Services
Reliant Rehab Hospital Cincinnati LLC
−Removed: Equipment & Services
Revere Superior Holdings Inc
−Removed: Software & Services
Rise Baking Company
−Removed: Food, Beverage &
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: Interest Rate (b)
+Added: Portfolio (continued)
Rise Baking Company
−Removed: Food, Beverage &
Rise Baking Company
−Removed: Food, Beverage &
RSC Insurance Brokerage Inc
Safe-Guard Products International LLC
−Removed: Diversified Financials
+Added: SAMBA Safety Inc
Capital Goods
SIRVA Worldwide Inc
−Removed: Professional Services
+Added: SitusAMC Holdings Corp
Staples Canada
−Removed: (e)(h)(i)(k)(n)
+Added: (e)(h)(i)(j)(k)
+Added: Summit Interconnect Inc
+Added: Capital Goods
+Added: Time Manufacturing Co
+Added: Capital Goods
Total Safety US Inc
Capital Goods
−Removed: Software & Services
Transaction Services Group Ltd
−Removed: Software & Services
−Removed: Software & Services
−Removed: Software & Services
−Removed: WireCo WorldGroup Inc
−Removed: Capital Goods
+Added: (e)(j)(k)(n)(o)
Capital Goods
6 unchanged sentences
Access CIG LLC
−Removed: Professional Services
Ammeraal Beltech Holding BV
Capital Goods
+Added: Apex Group Limited
EaglePicher Technologies LLC
3 unchanged sentences
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: Interest Rate (b)
+Added: Portfolio (continued)
Excelitas Technologies Corp
−Removed: Technology Hardware &
−Removed: Software & Services
+Added: NEP Broadcasting LLC
+Added: Entertainment
+Added: OEConnection LLC
Paradigm Acquisition Corp
−Removed: Equipment & Services
+Added: Pretium Packaging LLC
Pure Fishing Inc
−Removed: Consumer Durables &
Capital Goods
−Removed: L+1,075, 0.0%
SIRVA Worldwide Inc
−Removed: Professional Services
−Removed: Transportation
+Added: Valeo Foods Group Ltd
Watchfire Enterprises Inc
−Removed: Technology Hardware &
−Removed: WireCo WorldGroup Inc
−Removed: Capital Goods
Wittur Holding GmbH
3 unchanged sentences
One Call Care Management Inc
−Removed: Equipment & Services
Total Other Senior Secured Debt
1 unchanged sentence
Abacus JV, Private Equity
−Removed: Comet Aircraft S.a.r.l., Common Stock
−Removed: (e)(o)(p)(g)(n)
+Added: Altavair AirFinance, Private Equity
Capital Goods
GA Capital Specialty Lending Fund, Limited Partnership Interest
−Removed: Diversified Financials
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: Interest Rate (b)
+Added: Portfolio (continued)
Global Lending Services LLC, Private Equity
−Removed: Diversified Financials
+Added: Global Lending Services LLC, Private Equity
Home Partners JV, Common Stock
1 unchanged sentence
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest
−Removed: Capital Goods
Lenovo Group Ltd, Structured Mezzanine
−Removed: Technology Hardware &
Lenovo Group Ltd, Structured Mezzanine
−Removed: Technology Hardware &
Lenovo Group Ltd, Structured Mezzanine
−Removed: Technology Hardware &
Lenovo Group Ltd, Structured Mezzanine
−Removed: Technology Hardware &
Lenovo Group Ltd, Structured Mezzanine
−Removed: Technology Hardware &
Lenovo Group Ltd, Structured Mezzanine
−Removed: Technology Hardware &
Luxembourg Life FundAbsolute Return Fund I, 1L Term Loan
Luxembourg Life FundAbsolute Return Fund III, Term Loan
−Removed: Luxembourg Life FundAbsolute Return Fund III, Term Loan
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: Interest Rate (b)
Luxembourg Life FundLong Term Growth Fund, Term Loan
(e)(h)(i)(k)(n)
+Added: Music IP, Private Equity
+Added: Entertainment
+Added: My Community Homes SFR PropCo 2, Private Equity
NewStar Clarendon 2014-1A Class D
−Removed: Diversified Financials
Pretium Partners LLC P1, Structured Mezzanine
+Added: Pretium Partners LLC P2, Private Equity
+Added: FS KKR Capital Corp.
+Added: Notes to Unaudited Consolidated Financial Statements (continued)
+Added: (in millions, except share and per share amounts)
+Added: Portfolio (continued)
+Added: Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity
Sealane Trade Finance
1 unchanged sentence
Total Asset Based Finance
−Removed: Unfunded Commitments
−Removed: Net Asset Based Finance
Equity/Other9.8%
2 unchanged sentences
Belk Inc, Common Stock
+Added: Misys Ltd, Preferred Stock
One Call Care Management Inc, Common Stock
−Removed: Equipment & Services
One Call Care Management Inc, Preferred Stock A
−Removed: Equipment & Services
One Call Care Management Inc, Preferred Stock B
−Removed: Equipment & Services
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: Interest Rate (b)
+Added: Pure Gym Ltd, Private Equity
Zeta Interactive Holdings Corp, Common Stock
−Removed: Software & Services
Total Equity/Other
3 unchanged sentences
Security may be an obligation of one or more entities affiliated with the named company.
−Removed: Certain variable rate securities in the Companys portfolio bear interest at a rate determined by a publicly disclosed base rate plus a
−Removed: basis point spread.
−Removed: As of September 30, 2021, the three-month London Interbank Offered Rate, or LIBOR or L, was 0.13%, the Euro Interbank Offered Rate, or EURIBOR, was (0.55)%, Candian Dollar Offer Rate, or CDOR was 0.45%, the
−Removed: Australian Bank Bill Swap Bid Rate, or BBSY, or B, was 0.07%, the Reykjavik Interbank Offered Rate, or REIBOR, was 1.89%, the Stockholm Interbank Offered Rate, or STIBOR or SR, was (0.08)%, and the U.S.
−Removed: Prime Lending Rate, or
−Removed: Prime, was 3.25%.
+Added: Certain variable rate securities in the Companys portfolio bear interest at a rate determined by a
+Added: publicly disclosed base rate plus a basis point spread.
+Added: As of March 31, 2022, the three-month London Interbank Offered Rate, or LIBOR or L, was 0.96%, the Euro Interbank Offered Rate, or EURIBOR, was (0.46)%, Canadian Dollar Offer
+Added: Rate, or CDOR was 1.26%, the Australian Bank Bill Swap Bid Rate, or BBSY, or B, was 0.28%, the Reykjavik Interbank Offered Rate, or REIBOR, was 3.61%, the Stockholm Interbank
+Added: FS KKR Capital Corp.
+Added: Notes to Unaudited Consolidated Financial Statements (continued)
+Added: (in millions, except share and per share amounts)
+Added: Portfolio (continued)
+Added: Offered Rate, or STIBOR or SR, was 0.06%, the Sterling Overnight Index Average, or SONIA, was 0.69%, the Secured Overnight Financing Rate, or SOFR, was 0.29% and the U.S.
+Added: Lending Rate, or Prime, was 3.50%.
PIK means paid-in-kind.
5 unchanged sentences
Security is an unfunded commitment.
−Removed: The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual
−Removed: rate received upon funding.
−Removed: Asset is on non-accrual status.
−Removed: Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts outstanding under the
−Removed: revolving credit facility with BNP Paribas.
−Removed: Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the amounts outstanding under the
−Removed: revolving credit facility with BNP Paribas.
−Removed: Security or portion thereof held within Chestnut Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the
−Removed: revolving credit facility with Citibank.
−Removed: Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving
−Removed: credit facility with Goldman Sachs Bank.
−Removed: Security or portion thereof held within IC II American Energy Investment, Inc., a wholly-owned subsidiary of the company.
−Removed: Security or portion thereof held within JCF Cayman Ltd and is pledged as collateral supporting the amounts outstanding under the revolving
−Removed: credit facility with Goldman Sachs Bank.
+Added: The stated rate reflects the spread disclosed at the time of commitment and
+Added: may not indicate the actual rate received upon funding.
+Added: Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts
+Added: outstanding under the revolving credit facility with BNP Paribas.
+Added: Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the
+Added: amounts outstanding under the revolving credit facility with BNP Paribas.
+Added: Security or portion thereof held within Chestnut Street Funding LLC and is pledged as collateral supporting the
+Added: amounts outstanding under the revolving credit facility with Citibank.
+Added: Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts
+Added: outstanding under the revolving credit facility with Goldman Sachs Bank.
+Added: Security or portion thereof held within IC II American Energy Investment, Inc., a wholly-owned subsidiary of
+Added: Security or portion thereof held within JCF Cayman Ltd and is pledged as collateral supporting the amounts
+Added: outstanding under the revolving credit facility with Goldman Sachs Bank.
+Added: Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the
+Added: amounts outstanding under the revolving credit facility with Goldman Sachs Bank.
+Added: Security or portion thereof held within Magnolia Funding LLC.
+Added: Security is non-income producing.
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the amounts outstanding under the
−Removed: revolving credit facility with Goldman Sachs Bank.
−Removed: Security is non-income producing.
−Removed: Asset is on non-accrual status.
+Added: Portfolio (continued)
Credit Opportunities Partners JV, LLC Portfolio
2 unchanged sentences
Senior Secured LoansFirst Lien135.2%
−Removed: A10 Capital LLC
−Removed: Diversified Financials
ABB CONCISE Optical Group LLC
−Removed: Apex Group Limited
−Removed: Diversified Financials
+Added: Accuride Corp
+Added: Capital Goods
+Added: Advania Sverige AB
+Added: (3.3% Max PIK)
+Added: Advania Sverige AB
+Added: PIK (3.3% Max
+Added: Affordable Care Inc
+Added: PIK (1.3% Max
+Added: Alera Group Intermediate Holdings Inc
+Added: Transportation
+Added: PIK (2.5% Max
+Added: Ammeraal Beltech Holding BV
+Added: Capital Goods
Apex Group Limited
−Removed: Diversified Financials
Apex Group Limited
−Removed: Diversified Financials
Ardonagh Group Ltd
Ardonagh Group Ltd
+Added: Ardonagh Group Ltd
Arrotex Australia Group Pty Ltd
Pharmaceuticals,
−Removed: Biotechnology & Life
+Added: Biotechnology &
+Added: Life Sciences
Arrotex Australia Group Pty Ltd
Pharmaceuticals,
−Removed: Biotechnology & Life
+Added: Biotechnology &
+Added: Life Sciences
BearCom Acquisition Corp
−Removed: Technology Hardware &
BearCom Acquisition Corp
−Removed: Technology Hardware &
BearCom Acquisition Corp
−Removed: Technology Hardware &
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
+Added: Portfolio (continued)
Interest Rate (b)
+Added: 5.0%, 8.0% PIK
+Added: (8.0% Max PIK)
+Added: BGB Group LLC
+Added: Entertainment
Big Bus Tours Ltd
−Removed: Consumer Services
Big Bus Tours Ltd
−Removed: Consumer Services
Bugaboo International BV
−Removed: Consumer Durables &
−Removed: Cambium Learning Group Inc
−Removed: Consumer Services
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Catapult Learning LLC
−Removed: Consumer Services
−Removed: Child Development Schools Inc
−Removed: Consumer Services
−Removed: Child Development Schools Inc
−Removed: Consumer Services
−Removed: CSM Bakery Products
−Removed: Food, Beverage &
−Removed: Diamond Resorts International Inc
−Removed: Consumer Services
−Removed: Eacom Timber Corp
+Added: PIK (7.8% Max
+Added: Caprock Midstream LLC
+Added: Capital Goods
+Added: Capital Goods
+Added: Eagleclaw Midstream Ventures LLC
+Added: EIF Van Hook Holdings LLC
+Added: Entertainment Benefits Group LLC
+Added: Entertainment
+Added: PIK (2.5% Max
+Added: Follett Software Co
Frontline Technologies Group LLC
−Removed: Software & Services
+Added: Galway Partners Holdings LLC
+Added: PIK (1.3% Max
+Added: General Datatech LP
+Added: Greystone Equity Member Corp
+Added: HealthChannels LLC
+Added: Hermes UK Ltd
+Added: Transportation
+Added: Higginbotham Insurance Agency Inc
+Added: Industria Chimica Emiliana Srl
+Added: Pharmaceuticals,
+Added: Biotechnology &
+Added: Life Sciences
+Added: Insight Global LLC
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
+Added: Portfolio (continued)
Interest Rate (b)
−Removed: HealthChannels LLC
−Removed: Equipment & Services
−Removed: Huws Gray Ltd
−Removed: Huws Gray Ltd
−Removed: Professional Services
−Removed: Professional Services
−Removed: Professional Services
−Removed: Professional Services
−Removed: Industria Chimica Emiliana Srl
−Removed: Pharmaceuticals,
−Removed: Biotechnology & Life
+Added: KBP Investments LLC
Kellermeyer Bergensons Services LLC
−Removed: Professional Services
Kettle Cuisine LLC
−Removed: Food, Beverage &
−Removed: Koosharem LLC
−Removed: Professional Services
+Added: Lakeview Farms Inc
Lionbridge Technologies Inc
−Removed: Consumer Services
−Removed: MedAssets Inc
−Removed: Equipment & Services
−Removed: Parts Town LLC
+Added: Lipari Foods LLC
+Added: Lloyds Register Quality Assurance Ltd
+Added: Monitronics International Inc
+Added: Motion Recruitment Partners LLC
+Added: New Era Technology Inc
+Added: One Call Care Management Inc
+Added: Ontic Engineering & Manufacturing Inc
+Added: Capital Goods
+Added: Parata Systems
Precision Global Corp
Premium Credit Ltd
−Removed: Diversified Financials
−Removed: Project Marron
−Removed: Consumer Services
+Added: Pretium Packaging LLC
Project Marron
−Removed: Consumer Services
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
+Added: Portfolio (continued)
Interest Rate (b)
+Added: Project Marron
+Added: Project Marron
+Added: Pure Fishing Inc
Qdoba Restaurant Corp
−Removed: Consumer Services
Reliant Rehab Hospital Cincinnati LLC
−Removed: Equipment & Services
−Removed: Roadrunner Intermediate Acquisition Co LLC
−Removed: Equipment & Services
+Added: Revere Superior Holdings Inc
+Added: Rise Baking Company
+Added: Rise Baking Company
+Added: Rise Baking Company
+Added: RSC Insurance Brokerage Inc
Safe-Guard Products International LLC
−Removed: Diversified Financials
+Added: SAMBA Safety Inc
Capital Goods
−Removed: Smart & Final Stores LLC
−Removed: Food & Staples
+Added: SIRVA Worldwide Inc
Staples Canada
−Removed: Technimark LLC
+Added: (e)(h)(i)(j)(k)(n)
+Added: Summit Interconnect Inc
+Added: Capital Goods
+Added: Time Manufacturing Co
+Added: Capital Goods
Total Safety US Inc
1 unchanged sentence
Transaction Services Group Ltd
−Removed: Software & Services
−Removed: Virgin Pulse Inc
−Removed: Software & Services
−Removed: Yak Access LLC
Capital Goods
−Removed: Total Senior Secured LoansFirst Lien
−Removed: Unfunded Loan Commitments
−Removed: Net Senior Secured LoansFirst Lien
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
+Added: Portfolio (continued)
Interest Rate (b)
+Added: Yak Access LLC
+Added: Capital Goods
+Added: Total Senior Secured LoansFirst Lien
+Added: Unfunded Loan Commitments
+Added: Net Senior Secured LoansFirst Lien
Senior Secured LoansSecond Lien31.5%
Access CIG LLC
−Removed: Professional Services
Ammeraal Beltech Holding BV
Capital Goods
−Removed: BCA Marketplace PLC
+Added: Apex Group Limited
+Added: EaglePicher Technologies LLC
+Added: Capital Goods
Excelitas Technologies Corp
−Removed: Hardware & Equipment
−Removed: Software & Services
−Removed: Resource Label Group LLC
+Added: NEP Broadcasting LLC
+Added: Entertainment
+Added: OEConnection LLC
+Added: Paradigm Acquisition Corp
+Added: Pretium Packaging LLC
+Added: Pure Fishing Inc
Capital Goods
SIRVA Worldwide Inc
−Removed: Professional Services
Watchfire Enterprises Inc
−Removed: Technology Hardware &
−Removed: WireCo WorldGroup Inc
−Removed: Capital Goods
−Removed: Wittur Holding GmbH
−Removed: Capital Goods
−Removed: Total Senior Secured LoansSecond Lien
−Removed: Other Senior Secured Debt1.0%
−Removed: Cleaver-Brooks Inc
−Removed: Capital Goods
−Removed: Total Other Senior Secured Debt
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
+Added: Portfolio (continued)
Interest Rate (b)
−Removed: Subordinated Debt5.3%
−Removed: Home Partners of America Inc
−Removed: Total Subordinated Debt
+Added: Wittur Holding GmbH
+Added: Total Senior Secured LoansSecond Lien
+Added: Other Senior Secured Debt1.5%
+Added: One Call Care Management Inc
+Added: Total Other Senior Secured Debt
Asset Based Finance31.0%
−Removed: Comet Aircraft S.a.r.l., Common Stock
−Removed: Capital Goods
+Added: Abacus JV, Private Equity
+Added: Altavair AirFinance, Private Equity
GA Capital Specialty Lending Fund, Limited Partnership Interest
−Removed: Diversified Financials
Global Lending Services LLC, Private Equity
−Removed: Diversified Financials
+Added: Home Partners JV, Common Stock
+Added: Home Partners JV, Structured Mezzanine
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest
−Removed: Capital Goods
Lenovo Group Ltd, Structured Mezzanine
−Removed: Technology Hardware &
Lenovo Group Ltd, Structured Mezzanine
−Removed: Hardware & Equipment
−Removed: Luxembourg Life FundAbsolute Return Fund I, 1L Term Loan
−Removed: Luxembourg Life FundLong Term Growth Fund, 1L Term Loan
+Added: Lenovo Group Ltd, Structured Mezzanine
+Added: Lenovo Group Ltd, Structured Mezzanine
+Added: Lenovo Group Ltd, Structured Mezzanine
+Added: Lenovo Group Ltd, Structured Mezzanine
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
+Added: Portfolio (continued)
Interest Rate (b)
−Removed: MP4 2013-2A Class Subord.
−Removed: Diversified Financials
+Added: Luxembourg Life FundAbsolute Return Fund I, 1L Term Loan
+Added: Luxembourg Life FundAbsolute Return Fund III, Term Loan
+Added: Luxembourg Life FundLong Term Growth Fund, Term Loan
+Added: (e)(h)(i)(k)(n)
NewStar Clarendon 2014-1A Class D
−Removed: Diversified Financials
Pretium Partners LLC P1, Structured Mezzanine
−Removed: Pretium Partners LLC P2, Structured Mezzanine
Sealane Trade Finance
Sealane Trade Finance
+Added: Toorak Capital Partners LLC, Private Equity
Total Asset Based Finance
Equity/Other5.1%
−Removed: ASG Technologies, Common Stock
−Removed: Software & Services
−Removed: Home Partners of America Inc, Common Stock
+Added: Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock
+Added: Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim
+Added: Belk Inc, Common Stock
+Added: One Call Care Management Inc, Common Stock
+Added: One Call Care Management Inc, Preferred Stock A
+Added: One Call Care Management Inc, Preferred Stock B
+Added: Zeta Interactive Holdings Corp, Common Stock
Total Equity/Other
3 unchanged sentences
Security may be an obligation of one or more entities affiliated with the named company.
−Removed: Certain variable rate securities in the Companys portfolio bear interest at a rate determined by a publicly disclosed base rate plus a
−Removed: basis point spread.
−Removed: As of December 31, 2020, the three-month London Interbank Offered Rate, or LIBOR or L, was 0.24% and the Euro Interbank Offered Rate, or EURIBOR, was (0.55)%, Canadian Dollar Offer Rate, or CDOR, was 0.48% and
−Removed: the Australian Interbank Rate,
FS KKR Capital Corp.
1 unchanged sentence
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: or BBSY or B, was 0.06%.
+Added: Portfolio (continued)
+Added: Certain variable rate securities in the Companys portfolio bear interest at a rate determined by a
+Added: publicly disclosed base rate plus a basis point spread.
+Added: As of December 31, 2021, the three-month London Interbank Offered Rate, or LIBOR or L, was 0.21%, the Euro Interbank Offered Rate, or EURIBOR, was (0.57)%, Canadian Dollar
+Added: Offer Rate, or CDOR was 0.52%, the Bank Bill Swap Bid Rate, or BBSY was 0.12%, the Reykjavik Interbank Offered Rate, or REIBOR, was 2.65%, the Stockholm Interbank Offered Rate, or STIBOR, was (0.05)%, the Sterling Overnight Index Average, or SONIA,
+Added: was 0.19%, and the U.S.
+Added: Prime Lending Rate, or Prime, was 3.25%.
PIK means paid-in-kind.
−Removed: PIK income accruals may be adjusted based on the fair
−Removed: value of the underlying investment.
+Added: PIK income accruals may be adjusted based on the fair value of the underlying
Denominated in U.S.
dollars unless otherwise noted.
−Removed: Fair value determined by the Companys board of directors.
+Added: Fair value determined by the Companys board of directors (see Note 8).
Investments classified as Level 3.
2 unchanged sentences
may not indicate the actual rate received upon funding.
−Removed: Asset is on non-accrual status.
−Removed: Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the
−Removed: amounts outstanding under the revolving credit facility with Goldman Sachs.
+Added: Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts
+Added: outstanding under the revolving credit facility with BNP Paribas.
+Added: Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the
+Added: amounts outstanding under the revolving credit facility with BNP Paribas
Security or portion thereof held within Chestnut Street Funding LLC and is pledged as collateral supporting the
amounts outstanding under the revolving credit facility with Citibank, N.A.
+Added: Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts
+Added: outstanding under the revolving credit facility with Goldman Sachs Bank.
+Added: Security or portion thereof held within IC II American Energy Investment, Inc., a wholly-owned subsidiary of
Security or portion thereof held within JCF Cayman Ltd and is pledged as collateral supporting the amounts
outstanding under the revolving credit facility with Goldman Sachs.
−Removed: Security or portion thereof held within Boxwood Drive Funding LLC and is pledged as collateral supporting the
−Removed: amounts outstanding under the revolving credit facility with BNP Paribas.
+Added: Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the
+Added: amounts outstanding under the revolving credit facility with Goldman Sachs.
Security is non-income producing.
−Removed: Below is selected balance sheet information for COPJV as of September 30, 2021 and December 31, 2020:
−Removed: September 30,
+Added: Below is selected balance sheet information for COPJV as of March 31, 2022 and December 31, 2021:
+Added: March 31, 2022
+Added: December 31, 2021
Selected Balance Sheet Information
7 unchanged sentences
(in millions, except share and per share amounts)
−Removed: Investment Portfolio (continued)
−Removed: Below is selected statement of operations information for COPJV for the three and nine months
−Removed: ended September 30, 2021 and 2020:
+Added: Portfolio (continued)
+Added: Below is selected statement of operations information for COPJV for the three months ended
+Added: March 31, 2022 and 2021:
Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
Selected Statement of Operations Information
10 unchanged sentences
The following is a summary of the fair value and location of the Companys derivative instruments in the consolidated balance sheets held
−Removed: as of September 30, 2021 and December 31, 2020:
+Added: as of March 31, 2022 and December 31, 2021:
Derivative Instrument
Statement Location
−Removed: September 30,
+Added: March 31, 2022
+Added: December 31, 2021
Foreign currency forward contracts
2 unchanged sentences
Unrealized depreciation on foreign currency forward contracts
−Removed: Net realized and unrealized gains and losses on derivative instruments recorded by the Company for the nine
−Removed: months ended September 30, 2021 and 2020 are in the following locations in the consolidated statements of operations:
+Added: FS KKR Capital Corp.
+Added: Notes to Unaudited Consolidated Financial Statements (continued)
+Added: (in millions, except share and per share amounts)
+Added: Instruments (continued)
+Added: Net realized and unrealized gains and losses on derivative instruments recorded by the
+Added: Company for the three months ended March 31, 2022 and 2021 are in the following locations in the consolidated statements of operations:
Net Realized Gains (Losses)
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended March 31,
Derivative Instrument
2 unchanged sentences
Net realized gain (loss) on foreign currency forward contracts
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Financial Instruments (continued)
Net Unrealized Gains (Losses)
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended March 31,
Derivative Instrument
2 unchanged sentences
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts
+Added: FS KKR Capital Corp.
+Added: Notes to Unaudited Consolidated Financial Statements (continued)
+Added: (in millions, except share and per share amounts)
+Added: Instruments (continued)
Offsetting of Derivative Instruments
4 unchanged sentences
The following tables present the Companys assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the
−Removed: Company for such assets and liabilities as of September 30, 2021 and December 31, 2020:
−Removed: As of September 30, 2021
−Removed: Assets Subject to
−Removed: Master Netting
−Removed: Available for
−Removed: Cash Collateral
−Removed: Net Amount of
−Removed: JP Morgan Chase Bank
−Removed: Master Netting
−Removed: Available for
−Removed: Cash Collateral
−Removed: Net Amount of
−Removed: Liabilities (3)
−Removed: JP Morgan Chase Bank
−Removed: As of December 31, 2020
+Added: Company for such assets and liabilities as of March 31, 2022 and December 31, 2021:
+Added: As of March 31, 2022 (Unaudited)
Assets Subject to
Master Netting
−Removed: Available for
−Removed: Cash Collateral
−Removed: Net Amount of
−Removed: JP Morgan Chase Bank
−Removed: Master Netting
−Removed: Available for
−Removed: Cash Collateral
−Removed: Net Amount of
−Removed: Liabilities (3)
−Removed: JP Morgan Chase Bank
−Removed: In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown
−Removed: due to overcollateralization.
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Financial Instruments (continued)
−Removed: Net amount of derivative assets represents the net amount due from the counterparty to the Company.
−Removed: Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
−Removed: Foreign Currency Forward Contracts and Cross Currency Swaps:
−Removed: The Company may enter into foreign currency forward contracts and cross currency swaps from time to time to facilitate settlement of purchases
−Removed: and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of the Companys investments denominated in foreign currencies.
−Removed: currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate.
−Removed: These contracts are marked-to-market by
−Removed: recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation.
−Removed: Realized gains or losses are recognized when forward
−Removed: contracts are settled.
−Removed: Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts.
−Removed: The Company attempts to limit counterparty risk by only dealing with well-known counterparties.
−Removed: Cross currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of
−Removed: two different currencies.
−Removed: These swaps are marked-to-market by recognizing the difference between the present value of cash flows of each leg of the swaps as unrealized
−Removed: appreciation or depreciation.
−Removed: Realized gain or loss is recognized when periodic payments are received or paid and the swaps are terminated.
−Removed: The entire notional value of a cross currency swap is subject to the risk that the counterparty to the swap
−Removed: will default on its contractual delivery obligations.
−Removed: The Company attempts to limit counterparty risk by only dealing with well-known counterparties.
−Removed: The Company utilizes cross currency swaps from time to time in order to hedge a portion of its
−Removed: investments in foreign currency.
−Removed: The average notional balance for foreign currency forward contracts during the nine months ended
−Removed: September 30, 2021 and 2020 was $129.0 and $36.1, respectively.
−Removed: Fair Value of Financial Instruments
−Removed: Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to
−Removed: transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment.
−Removed: This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and
−Removed: minimize the use of unobservable inputs.
−Removed: Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk.
−Removed: Inputs may be observable or unobservable.
−Removed: Observable inputs are
−Removed: inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company.
−Removed: Unobservable inputs are inputs that reflect the assumptions market
−Removed: participants would use in pricing an asset or liability developed based on the best information available in the circumstances.
−Removed: The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current
−Removed: accounting guidance:
−Removed: Inputs that are quoted prices (unadjusted) in active markets for identical assets
−Removed: or liabilities.
−Removed: Inputs that are quoted prices for similar assets or liabilities in active markets.
−Removed: Inputs that are unobservable for an asset or liability.
−Removed: A financial instruments categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the
−Removed: fair value measurement.
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Fair Value of Financial
−Removed: Instruments (continued)
−Removed: As of September 30, 2021 and December 31, 2020, the Companys investments were
−Removed: categorized as follows in the fair value hierarchy:
−Removed: September 30, 2021
−Removed: Valuation Inputs
−Removed: December 31, 2020
−Removed: Level 1Price quotations in active markets
−Removed: Level 2Significant other observable inputs
−Removed: Level 3Significant unobservable inputs
−Removed: Investments measured at net asset
−Removed: Certain investments that are measured at fair value using the net asset value per share (or its equivalent)
−Removed: practical expedient have not been categorized in the fair value hierarchy.
−Removed: The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
−Removed: In addition, the Company had foreign currency forward contracts, as described in Note 7, which were categorized as
−Removed: Level 2 in the fair value hierarchy as of September 30, 2021 and December 31, 2020.
−Removed: The Companys investments consist
−Removed: primarily of debt investments that were acquired directly from the issuer.
−Removed: Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering,
−Removed: among other factors, the borrowers ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments.
−Removed: described below, all of the Companys equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such
−Removed: investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value.
−Removed: An investment
−Removed: that is newly issued and purchased near the date of the financial statements is valued at cost if the Companys board of directors determines that the cost of such investment is the best indication of its fair value.
−Removed: Such investments described
−Removed: above are typically classified as Level 3 within the fair value hierarchy.
−Removed: Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1
−Removed: within the fair value hierarchy.
−Removed: Except as described above, the Company typically values its other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by
−Removed: independent third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy.
−Removed: The Company periodically benchmarks the bid and ask prices it receives from the third-party pricing services and/or dealers and independent
−Removed: valuation firms as applicable, against the actual prices at which the Company purchases and sells its investments.
−Removed: Based on the results of the benchmark analysis and the experience of the Companys management in purchasing and selling these
−Removed: investments, the Company believes that these prices are reliable indicators of fair value.
−Removed: The valuation committee of the Companys board of directors, or the valuation committee, and the board of directors reviewed and approved the valuation
−Removed: determinations made with respect to these investments in a manner consistent with the Companys valuation policy.
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Fair Value of Financial
−Removed: Instruments (continued)
−Removed: The following is a reconciliation for the nine months ended September 30, 2021 and
−Removed: 2020 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
−Removed: For the Nine Months Ended September 30, 2021
−Removed: Fair value at beginning of period
−Removed: Accretion of discount (amortization of premium)
−Removed: Net realized gain (loss)
−Removed: Net change in unrealized appreciation (depreciation)
−Removed: Paid-in-kind interest
−Removed: Sales and repayments
−Removed: Transfers into Level 3
−Removed: Transfers out of Level 3
−Removed: Fair value at end of period
−Removed: The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized
−Removed: gains or losses relating to investments still held at the reporting date
−Removed: For the Nine Months Ended September 30, 2020
−Removed: Fair value at beginning of period
−Removed: Accretion of discount (amortization of premium)
−Removed: Net realized gain (loss)
−Removed: Net change in unrealized appreciation (depreciation)
−Removed: Paid-in-kind interest
−Removed: Sales and repayments
−Removed: Transfers into Level 3
−Removed: Transfers out of Level 3
−Removed: Fair value at end of period
−Removed: The amount of total gains or losses for the period included in changes in net assets attributable to the change in
−Removed: unrealized gains or losses relating to investments still held at the reporting date
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Fair Value of Financial
−Removed: Instruments (continued)
−Removed: The valuation techniques and significant unobservable inputs used in recurring Level 3
−Removed: fair value measurements as of September 30, 2021 and December 31, 2020 were as follows:
−Removed: Type of Investment
−Removed: Fair Value at
−Removed: September 30, 2021
−Removed: Technique (1)
−Removed: Range (Weighted Average)
−Removed: Valuation from
−Removed: an Increase in
−Removed: Discounted Cash Flow
−Removed: Discount Rate
−Removed: 4.7% - 25.7% (8.2%)
−Removed: EBITDA Multiple
−Removed: 0.1x - 11.0x (6.5x)
−Removed: Subordinated Debt
−Removed: EBITDA Multiple
−Removed: 7.0x - 8.0x (7.9x)
−Removed: Asset Based Finance
−Removed: EBITDA Multiple
−Removed: 1.0x - 18.8x (3.8x)
−Removed: Discounted Cash Flow
−Removed: Discount Rate
−Removed: 4.2% - 15.9% (10.0%)
−Removed: Indicative Dealer
−Removed: 2.8% - 41.8% (29.9%)
−Removed: EBITDA Multiple
−Removed: 0.1x - 15.3x (7.5x)
−Removed: Discounted Cash Flow
−Removed: Discount Rate
−Removed: 10.0% - 25.0% (11.9%)
−Removed: Type of Investment
−Removed: Fair Value at
−Removed: December 31, 2020
−Removed: Technique (1)
−Removed: Valuation from
−Removed: an Increase in
−Removed: Discounted Cash Flow
−Removed: Discount Rate
−Removed: 5.7% - 18.6% (9.0%)
−Removed: EBITDA Multiple
−Removed: 0.1x - 12.7x (7.2x)
−Removed: Subordinated Debt
−Removed: Discounted Cash Flow
−Removed: Discount Rate
−Removed: 12.3% - 12.3% (12.3%)
−Removed: EBITDA Multiple
−Removed: 7.8x - 11.5x (7.8x)
−Removed: Asset Based Finance
−Removed: EBITDA Multiple
−Removed: 1.0x - 12.0x (3.6x)
−Removed: Discounted Cash Flow
−Removed: Discount Rate
−Removed: 4.2% - 15.2% (9.9%)
−Removed: EBITDA Multiple
−Removed: 0.1x - 12.5x (7.4x)
−Removed: Option Pricing Model
−Removed: Equity Illiquidity Discount
−Removed: 11.0% - 50.0% (11.9%)
−Removed: Investments using a market quotes valuation technique were primarily valued by using the midpoint of the
−Removed: prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services.
−Removed: Investments valued using an EBITDA multiple or a revenue
−Removed: multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.
−Removed: Represents the directional change in the fair value of the Level 3 investments that would result from an
−Removed: increase to the corresponding unobservable input.
−Removed: A decrease to the input would have the opposite effect.
−Removed: Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.
−Removed: Fair value based on expected outcome of proposed corporate transactions and/or other factors.
−Removed: Financing Arrangements
−Removed: Prior to June 14, 2019, in accordance with the 1940 Act, the Company was allowed to borrow amounts such that its asset coverage,
−Removed: calculated pursuant to the 1940 Act, was at least 200% after such borrowing.
−Removed: Effective June 15, 2019, the Companys asset coverage requirement applicable to senior securities was reduced from 200% to 150%.
−Removed: As of September 30,
−Removed: 2021, the aggregate amount outstanding of the senior securities issued by the Company was $8,511.
−Removed: As of September 30, 2021, the Companys asset coverage was 191%.
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Financing Arrangements (continued)
−Removed: The following tables present summary information with respect to the Companys
−Removed: outstanding financing arrangements as of September 30, 2021 and December 31, 2020.
−Removed: For additional information regarding these financing arrangements, see the notes to the Companys audited consolidated financial statements contained
−Removed: in its annual report on Form 10-K for the year ended December 31, 2020.
−Removed: Any significant changes to the Companys financing arrangements during the nine months ended September 30, 2021 are
−Removed: discussed below.
−Removed: As of September 30, 2021
−Removed: Type of Arrangement
−Removed: Maturity Date
−Removed: Ambler Credit Facility (2)(8)
−Removed: Revolving Credit Facility
−Removed: November 22, 2024
−Removed: Burholme Prime Brokerage
−Removed: Facility (2)(8)
−Removed: Prime Brokerage Facility
−Removed: March 28, 2022
−Removed: CCT Tokyo Funding Credit Facility (2)
−Removed: Revolving Credit Facility
−Removed: L+1.75% - 2.00% (1)(3)
−Removed: Darby Creek Credit Facility (2)(8)
−Removed: Revolving Credit Facility
−Removed: February 26, 2024
−Removed: Dunlap Credit Facility (2)(8)
−Removed: Revolving Credit Facility
−Removed: February 26, 2024
−Removed: Juniata River Credit Facility (2)(8)
−Removed: Revolving Credit Facility
−Removed: L+2.50% - L+2.75% (1)
−Removed: July 15, 2022 - April 11, 2023
−Removed: Meadowbrook Run Credit Facility (2)(8)
−Removed: Revolving Credit Facility
−Removed: November 22, 2024
−Removed: Senior Secured Revolving Credit
−Removed: Revolving Credit Facility
−Removed: L+1.75% - 2.00% (1)(4)
−Removed: December 23, 2025
−Removed: 4.750% Notes due 2022 (6)
−Removed: Unsecured Notes
−Removed: 5.000% Notes due 2022 (6)
−Removed: Unsecured Notes
−Removed: June 28, 2022
−Removed: 4.625% Notes due 2024 (6)
−Removed: Unsecured Notes
−Removed: July 15, 2024
−Removed: 4.125% Notes due 2025 (6)
−Removed: Unsecured Notes
−Removed: February 1, 2025
−Removed: 4.250% Notes due 2025 (6)(8)
−Removed: Unsecured Notes
−Removed: February 14, 2025
−Removed: 8.625% Notes due 2025 (6)
−Removed: Unsecured Notes
−Removed: 3.400% Notes due 2026 (6)
−Removed: Unsecured Notes
−Removed: January 15, 2026
−Removed: 2.625% Notes due 2027 (6)
−Removed: Unsecured Notes
−Removed: January 15, 2027
−Removed: Collateralized Loan
−Removed: L+1.85% - 3.01% (1)
−Removed: January 15, 2031
−Removed: LIBOR is subject to a 0% floor.
−Removed: The carrying amount outstanding under the facility approximates its fair value.
−Removed: The spread over LIBOR is determined by reference to the amount outstanding under the facility.
−Removed: The spread over LIBOR is determined by reference to the ratio of the value of the borrowing base to the
−Removed: aggregate amount of certain outstanding indebtedness of the Company.
−Removed: Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars.
−Removed: outstanding of 236 has been converted to U.S.
−Removed: dollars at an exchange rate of 1.00 to $1.16 as of September 30, 2021 to reflect total amount outstanding in U.S.
−Removed: Canadian dollar balance outstanding of CAD4 has been converted
−Removed: to U.S dollars at an exchange rate of CAD1.00 to $0.79 as of September 30, 2021 to reflect total amount outstanding in U.S.
−Removed: Pounds sterling balance outstanding of £98 has been converted to U.S dollars at an exchange rate of
−Removed: £1.00 to $1.35 as of September 30, 2021 to reflect total amount outstanding in U.S.
−Removed: Australian dollar balance outstanding of AUD118 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.72 as of
−Removed: September 30, 2021 to reflect total amount outstanding in U.S.
−Removed: As of September 30, 2021, the fair value of the 4.750% notes, the 5.000% notes, the 4.625% notes, the
−Removed: 4.125% notes, the 4.250% notes, the 8.625% notes, the 3.400% notes and the 2.625% notes was approximately $460, $245, $432, $502, $502, $280, $1,045 and $401, respectively.
−Removed: These valuations are considered Level 2 valuations within the fair
−Removed: value hierarchy.
−Removed: As of September 30, 2021, there were $281.4 of Class A-1R
−Removed: notes outstanding at L+1.85%, $20.5 of Class A-2R notes outstanding at L+2.25%, $32.4 of Class B-1R notes outstanding at L+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%.
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Financing Arrangements (continued)
−Removed: As of June 16, 2021, the Company assumed all of FSKRs obligations under its notes, credit facilities, and FSKRs wholly-owned
−Removed: special purpose financing subsidiaries became wholly-owned special purpose financing subsidiaries of the Company, in each case, as a result of the consummation of the 2021 Merger.
−Removed: As of December 31, 2020
−Removed: Type of Arrangement
−Removed: Maturity Date
−Removed: CCT Tokyo Funding Credit Facility (2)
−Removed: Revolving Credit Facility
−Removed: December 2, 2023
−Removed: Senior Secured Revolving Credit Facility (2)
−Removed: Revolving Credit Facility
−Removed: L+1.75% - 2.00% (1)(4)
−Removed: December 23, 2025
−Removed: 4.750% Notes due 2022 (6)
−Removed: Unsecured Notes
−Removed: 5.000% Notes due 2022 (6)
−Removed: Unsecured Notes
−Removed: June 28, 2022
−Removed: 4.625% Notes due 2024 (6)
−Removed: Unsecured Notes
−Removed: July 15, 2024
−Removed: 4.125% Notes due 2025 (6)
−Removed: Unsecured Notes
−Removed: February 1, 2025
−Removed: 8.625% Notes due 2025 (6)
−Removed: Unsecured Notes
−Removed: 3.400% Notes due 2026 (6)
−Removed: Unsecured Notes
−Removed: January 15, 2026
−Removed: CLO-1 Notes (2)(7)
−Removed: Collateralized Loan
−Removed: L+1.85%3.01% (1)
−Removed: January 15, 2031
−Removed: LIBOR is subject to a 0% floor.
−Removed: The carrying amount outstanding under the facility approximates its fair value.
−Removed: The spread over LIBOR is determined by reference to the amount outstanding under the facility.
−Removed: The spread over LIBOR is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain
−Removed: outstanding indebtedness of the Company.
−Removed: Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars.
−Removed: Euro balance outstanding of 164 has been
−Removed: converted to U.S.
−Removed: dollars at an exchange rate of 1.00 to $1.22 as of December 31, 2020 to reflect total amount outstanding in U.S.
−Removed: Canadian dollar balance outstanding of CAD63 has been converted to U.S dollars at an exchange rate
−Removed: of CAD1.00 to $0.78 as of December 31, 2020 to reflect total amount outstanding in U.S.
−Removed: Pounds sterling balance outstanding of £111 has been converted to U.S dollars at an exchange rate of £1.00 to $1.37 as of
−Removed: December 31, 2020 to reflect total amount outstanding in U.S.
−Removed: Australian dollar balance outstanding of AUD6 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.77 as of December 31, 2020 to reflect total amount
−Removed: outstanding in U.S.
−Removed: As of December 31, 2020, the fair value of the 4.750% notes, the 5.000% notes, the 4.625% notes, the 4.125% notes, the 8.625% notes and
−Removed: the 3.400% notes was approximately $468, $245, $422, $490, $285 and $994 respectively.
−Removed: These valuations are considered Level 2 valuations within the fair value hierarchy.
−Removed: As of December 31, 2020, there were $281.4 of Class A-1R notes outstanding at L+1.85%, $20.5
−Removed: of Class A-2R notes outstanding at L+2.25%, $32.4 of Class B-1R notes outstanding at L+2.60% and $17.4 of
−Removed: Class B-2R notes outstanding at 3.011%.
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Financing Arrangements (continued)
−Removed: For the three and nine months ended September 30, 2021 and 2020, the components of total
−Removed: interest expense for the Companys financing arrangements were as follows:
−Removed: Three Months Ended September 30,
−Removed: Arrangement (1)
−Removed: Amortization of
−Removed: Financing Costs
−Removed: and Discount /
−Removed: Total Interest
−Removed: Amortization of
−Removed: Financing Costs
−Removed: Total Interest
−Removed: Ambler Credit Facility (2)
−Removed: Burholme Prime Brokerage Facility (2)
−Removed: CCT Tokyo Funding Credit Facility (2)
−Removed: Darby Creek Credit Facility (2)
−Removed: Dunlap Credit Facility (2)
−Removed: Juniata River Credit Facility (2)
−Removed: Locust Street Credit Facility (2)
−Removed: Meadowbrook Run Credit Facility (2)
−Removed: Senior Secured Revolving Credit
−Removed: 4.750% Notes due 2022
−Removed: 5.000% Notes due 2022
−Removed: 4.625% Notes due 2024
−Removed: 4.125% Notes due 2025
−Removed: 4.250% Notes due 2025
−Removed: 8.625% Notes due 2025
−Removed: 3.400% Notes due 2026
−Removed: 2.625% Notes due 2027
−Removed: Nine Months Ended September 30,
−Removed: Arrangement (1)
−Removed: Amortization of
−Removed: Financing Costs
−Removed: and Discount /
−Removed: Total Interest
−Removed: Amortization of
−Removed: Financing Costs
−Removed: Total Interest
−Removed: Ambler Credit Facility (2)
−Removed: Burholme Prime Brokerage Facility (2)
−Removed: CCT Tokyo Funding Credit Facility (2)
−Removed: Darby Creek Credit Facility (2)
−Removed: Dunlap Credit Facility (2)
−Removed: Juniata River Credit Facility (2)
−Removed: Locust Street Funding Credit
−Removed: Meadowbrook Run Credit Facility (2)
−Removed: Senior Secured Revolving Credit
−Removed: 4.750% Notes due 2022
−Removed: 5.000% Notes due 2022
−Removed: 4.625% Notes due 2024
−Removed: 4.125% Notes due 2025
−Removed: 4.250% Notes due 2025
−Removed: 8.625% Notes due 2025
−Removed: 3.400% Notes due 2026
−Removed: 2.625% Notes due 2027
−Removed: FS KKR Capital Corp.
−Removed: Notes to Unaudited Consolidated Financial Statements (continued)
−Removed: (in millions, except share and per share amounts)
−Removed: Financing Arrangements (continued)
−Removed: Borrowings of each of the Companys wholly-owned, special-purpose financing subsidiaries are considered
−Removed: borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.
−Removed: Direct interest expense includes the effect of non-usage fees.
−Removed: The Companys average borrowings and weighted average interest rate, including the effect of non-usage fees, for the nine months ended September 30, 2021 were $5,502 and 3.59%, respectively.
−Removed: As of September 30, 2021, the Companys weighted average effective interest rate on
−Removed: borrowings, including the effect of non-usage fees, was 3.22%.
−Removed: The Companys
−Removed: average borrowings and weighted average interest rate, including the effect of non-usage fees, for the nine months ended September 30, 2020 were $4,269 and 3.72%, respectively.
−Removed: September 30, 2020, the Companys weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 3.65%.
−Removed: Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants,
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.