What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-08-08 compared with 2022-05-09 · 2688 added, 3189 removed, 811 unchanged (88% of the section changed)

This section is long enough that the comparison stopped early. What follows is partial, and the remainder is not necessarily unchanged.

3 unchanged sentences

(in millions, except share and per share amounts)

June 30, 2022 December 31, 2021

Investments, at fair value

Non-controlled/unaffiliated investments (amortized

cost$12,374 and $12,419, respectively)

Non-controlled/affiliated investments (amortized

cost$1,048 and $860, respectively)

Non-controlled/unaffiliated investments (amortized cost—$12,620 and $12,419, respectively) $ 12,468 $ 12,558

Non-controlled/affiliated investments (amortized cost—$879 and $860, respectively) 837 859

Controlled/affiliated investments (amortized cost—$3,114 and $2,778, respectively) 2,873 2,684

6 unchanged sentences

Prepaid expenses and other assets 6 5

Total assets $ 17,189 $ 17,228

Payable for investments purchased $ 27 $ 2

3 unchanged sentences

Management fees payable 63 60

Subordinated income incentive fees

Subordinated income incentive fees payable (2)

Administrative services expense payable 5 5

4 unchanged sentences

Stockholders' equity

Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and

Common stock, $0.001 par value, 750,000,000 shares authorized, 284,138,163 and 284,543,091 shares

issued and outstanding, respectively

Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding — —

Common stock, $0.001 par value, 750,000,000 shares authorized, 283,470,828 and 284,543,091 shares issued and outstanding, respectively 0 0

Capital in excess of par value 9,635 9,658

Retained earnings (accumulated

Retained earnings (accumulated deficit) (4)

(2,148) (1,928)

Total stockholders' equity 7,487 7,730

1 unchanged sentence

Net asset value per share of common stock at period end $ 26.41 $ 27.17

_______________

(1) See Note 9 for a discussion of the Company’s financing arrangements.

See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated

income incentive fees.

(2) See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.

(3) See Note 10 for a discussion of the Company’s commitments and contingencies.

4 unchanged sentences

(in millions, except share and per share amounts)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2022 2021 2022 2021

Investment income

Interest income

From non-controlled/unaffiliated investments:

Interest income $ 229 $ 108 $ 470 $ 195

Paid-in-kind interest income 15 9 33 19

Fee income 13 22 40 33

Dividend and other income 17 8 25 12

1 unchanged sentence

Interest income 7 1 17 4

interest income

Paid-in-kind interest income 14 2 25 8

Fee income 0 — 2 —

Dividend and other income 2 0 7 0

1 unchanged sentence

Interest income 11 2 21 4

interest income

Paid-in-kind interest income 11 7 25 8

Fee income 0 1 0 1

Dividend and other income 60 46 110 73

9 unchanged sentences

Incentive fee waiver (1)

(15) — (30) —

Net expenses 176 90 352 163

Net investment income 203 116 423 194

11 unchanged sentences

Net change in unrealized appreciation (depreciation) on foreign currency forward contracts 15 2 16 3

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Statements of Operations (continued)

(in millions, except share and per share amounts)

Three Months Ended Six Months Ended

June 30, June 30,

2022 2021 2022 2021

Net change in unrealized gain (loss) on foreign currency $ 27 $ 12 $ 30 $ 18

Total net realized and unrealized gain (loss) (273) 749 (268) 870

Provision for taxes on realized gains on investments (3) — (3) —

Net increase (decrease) in net assets resulting from operations $ (73) $ 865 $ 152 $ 1,064

Per share information—basic and diluted

Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per

Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) $ (0.26) $ 5.75 $ 0.53 $ 7.76

Weighted average shares outstanding 283,876,365 150,356,079 284,098,718 137,129,503

See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated

income incentive fees.

_______________

(1) See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.

(2) See Note 9 for a discussion of the Company's financing arrangements.

3 unchanged sentences

(in millions)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2022 2021 2022 2021

Net investment income (loss) $ 203 $ 116 $ 423 $ 194

Net realized gain (loss) on investments, foreign currency forward contracts and foreign

Net change in unrealized appreciation (depreciation) on investments and foreign currency forward

contracts (1)

Net realized gain (loss) on investments, foreign currency forward contracts, foreign currency and provision for taxes on realized gains on investments 188 51 162 (77)

Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts (1)

(491) 686 (463) 929

Net change in unrealized gain (loss) on foreign currency 27 12 30 18

4 unchanged sentences

Capital share transactions (3)

Issuance of common stock — 3,642 — 3,642

Repurchases of common stock (14) — (23) —

3 unchanged sentences

Net assets at end of period $ 7,487 $ 7,653 $ 7,487 $ 7,653

_______________

(1) See Note 7 for a discussion of these financial instruments.

5 unchanged sentences

(in millions)

Three Months Ended

Six Months Ended

Cash flows from operating activities

Net increase (decrease) in net assets resulting from operations $ 152 $ 1,064

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net

cash provided by (used in) operating activities:

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

Purchases of investments (1)

(2,872) (1,747)

Paid-in-kind interest (62) (34)

Proceeds from sales and repayments of investments 2,579 1,914

15 unchanged sentences

Increase (decrease) in other accrued expenses and liabilities (14) 12

Cash acquired in merger — 293

Other assets acquired from merger net of other assets — 17

Merger costs capitalized into purchase price — (8)

Mark-to-market of merged debt — 26

Net cash provided by (used in) operating activities 85 544

2 unchanged sentences

Stockholder distributions (355) (148)

Borrowings under financing

arrangements (1)

Repayments of financing

arrangements (1)

Borrowings under financing arrangements (3)

Repayments of financing arrangements (3)

(1,977) (1,125)

Deferred financing costs paid (19) (5)

7 unchanged sentences

Local and excise taxes paid $ 11 $ 9

______________

(1) For the six months ended June 30, 2021, amount excludes $7,227 of cost of investments acquired from the 2021 Merger.

(2) For the six months ended June 30, 2021, amount excludes $11 of unrealized depreciation on unfunded commitments acquired from the 2021 Merger.

(3) For the six months ended June 30, 2021, amount excludes $3,794 of debt assumed from the 2021 Merger.

See Note 9 for a discussion of the Company’s financing arrangements.

During the three months ended

March 31, 2022 and 2021, the Company paid $78 and $23, respectively, in interest expense on the financing arrangements.

During the six months ended June 30, 2022 and 2021, the Company paid $146 and $60, respectively, in interest expense on the financing arrangements.

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments

As of March 31, 2022

(in millions, except share amounts)

Senior Secured LoansFirst Lien127.8%

3Pillar Global Inc

Software & Services

3Pillar Global Inc

Software & Services

3Pillar Global Inc

Software & Services

48Forty Solutions LLC

Commercial & Professional Services

48Forty Solutions LLC

(f)(k)(l)(t)(v)

Commercial & Professional Services

48Forty Solutions LLC

Commercial & Professional Services

5 Arch Income Fund 2 LLC

(q)(r)(w)(y)(z)

Diversified Financials

Accuride Corp

Capital Goods

Advanced Dermatology & Cosmetic Surgery

Health Care Equipment & Services

Advanced Dermatology & Cosmetic Surgery

Health Care Equipment & Services

Advanced Dermatology & Cosmetic Surgery

Health Care Equipment & Services

Advania Sverige AB

Software & Services

SR+610, 0.0% PIK (3.3% Max PIK)

Advania Sverige AB

Software & Services

R+610, 0.0% PIK (3.3% Max PIK)

Advania Sverige AB

Software & Services

SR+610, 0.0% PIK (3.3% Max PIK)

Affordable Care Inc

Health Care Equipment & Services

L+550, 0.0% PIK (1.3% Max PIK)

Affordable Care Inc

Health Care Equipment & Services

L+550, 0.0% PIK (1.3% Max PIK)

Affordable Care Inc

Health Care Equipment & Services

L+550, 0.0% PIK (1.3% Max PIK)

Alacrity Solutions Group LLC

Alera Group Intermediate Holdings Inc

American Vision Partners

Health Care Equipment & Services

Unaudited Consolidated Statements of Cash Flows

(in millions)

Supplemental disclosure of non-cash operating and financing activities:

In connection with the 2021 Merger, the Company issued common stock of $3,650 and acquired investments at cost of $7,227 and other assets of $221 and assumed debt of $3,794 and other liabilities of $297.

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

Unaudited Consolidated Schedule of Investments

As of June 30, 2022

(in millions, except share amounts)

American Vision Partners

Health Care Equipment & Services

American Vision Partners

Health Care Equipment & Services

Amerivet Partners Management Inc

Health Care Equipment & Services

Amerivet Partners Management Inc

Health Care Equipment & Services

Amerivet Partners Management Inc

Health Care Equipment & Services

Amtek Global Technology Pte Ltd

(ad)(v)(w)(y)(z)

Automobiles & Components

E+500 PIK (E+500 Max PIK)

Arcfield Acquisition Corp

Capital Goods

Arcfield Acquisition Corp

Capital Goods

Software & Services

Ardonagh Group Ltd

Arrotex Australia Group Pty Ltd

Pharmaceuticals, Biotechnology & Life Sciences

Arrotex Australia Group Pty Ltd

Pharmaceuticals, Biotechnology & Life Sciences

Aspect Software Inc

Software & Services

8.0% PIK (8.0% Max PIK)

athenahealth Inc

Health Care Equipment & Services

athenahealth Inc

Health Care Equipment & Services

ATX Networks Corp

(ad)(s)(v)(w)

Capital Goods

L+750 PIK (L+750 Max PIK)

Software & Services

(f)(k)(l)(m)(t)(v)

Consumer Services

5.0%, 8.0% PIK (8.0% Max PIK)

BGB Group LLC

(f)(i)(k)(l)(m)(t)

Media & Entertainment

BGB Group LLC

Media & Entertainment

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Senior Secured Loans—First Lien—133.9%

3Pillar Global Inc (i)(k)(l) Software & Services L+575 0.8% 11/23/27 $ 95.8 $ 94.9 $ 93.0

3Pillar Global Inc (x) Software & Services L+600 0.8% 11/23/26 9.2 9.2 8.9

3Pillar Global Inc (x) Software & Services L+600 0.8% 11/23/27 30.6 30.6 29.7

48Forty Solutions LLC (f)(k)(l)(t)(v) Commercial & Professional Services SF+600 1.0% 11/30/26 183.6 181.9 182.3

48Forty Solutions LLC (x) Commercial & Professional Services SF+600 1.0% 11/30/26 10.6 10.6 10.5

5 Arch Income Fund 2 LLC (q)(r)(w)(y)(z) Diversified Financials 9.0% 11/18/23 108.1 79.2 76.4

Accuride Corp (aa)(l) Capital Goods L+525 1.0% 11/17/23 8.9 8.3 7.9

Advanced Dermatology & Cosmetic Surgery (m)(t)(v) Health Care Equipment & Services L+625 1.0% 5/7/27 38.7 36.9 38.4

Advanced Dermatology & Cosmetic Surgery (v) Health Care Equipment & Services L+625 1.0% 5/7/27 7.9 7.9 7.9

Advanced Dermatology & Cosmetic Surgery (x) Health Care Equipment & Services L+625 1.0% 5/7/26 3.6 3.6 3.5

Advanced Dermatology & Cosmetic Surgery (x) Health Care Equipment & Services L+625 1.0% 5/7/27 2.2 2.2 2.2

Advania Sverige AB (v)(w) Software & Services SR+610, 0.0% PIK (3.3% Max PIK) 0.0% 4/28/28 SEK 933.6 105.8 89.3

Advania Sverige AB (v)(w) Software & Services R+610, 0.0% PIK (3.3% Max PIK) 0.0% 4/28/28 ISK 1,345.8 10.0 10.0

Affordable Care Inc (ac)(m)(v) Health Care Equipment & Services L+550, 0.0% PIK (1.3% Max PIK) 0.8% 8/2/28 $ 44.0 43.6 43.5

Affordable Care Inc (ac)(x) Health Care Equipment & Services L+550, 0.0% PIK (1.3% Max PIK) 0.8% 8/2/27 12.8 12.8 12.7

Affordable Care Inc (ac)(x) Health Care Equipment & Services L+550, 0.0% PIK (1.3% Max PIK) 0.8% 8/2/28 38.3 38.3 37.9

Alacrity Solutions Group LLC (v) Insurance L+525 0.8% 12/22/27 1.5 1.3 1.4

Alacrity Solutions Group LLC (v) Insurance L+525 0.8% 12/22/28 48.5 47.8 47.5

Alacrity Solutions Group LLC (x) Insurance L+525 0.8% 12/22/27 9.3 9.3 9.1

Alera Group Intermediate Holdings Inc (v) Insurance L+550 0.8% 10/2/28 8.9 8.9 8.7

Alera Group Intermediate Holdings Inc (v) Insurance L+550 0.8% 10/2/28 6.2 6.2 6.1

Alera Group Intermediate Holdings Inc (x) Insurance L+550 0.8% 10/2/28 0.3 0.3 0.3

Alera Group Intermediate Holdings Inc (x) Insurance L+550 0.8% 10/2/28 16.4 16.4 16.1

American Vision Partners (i)(v) Health Care Equipment & Services L+575 0.8% 9/30/27 80.5 79.9 79.2

American Vision Partners (x) Health Care Equipment & Services L+575 0.8% 9/30/26 7.8 7.8 7.7

American Vision Partners (x) Health Care Equipment & Services L+575 0.8% 9/30/27 33.0 33.0 32.4

Amerivet Partners Management Inc (v) Health Care Equipment & Services SF+550 0.8% 2/25/28 95.9 95.0 93.9

Amerivet Partners Management Inc (x) Health Care Equipment & Services SF+550 0.8% 2/25/28 8.4 8.4 8.2

Amerivet Partners Management Inc (x) Health Care Equipment & Services SF+550 0.8% 2/25/28 67.3 67.3 66.0

Amtek Global Technology Pte Ltd (ad)(v)(w)(y)(z) Automobiles & Components E+500 PIK (E+500 Max PIK) 0.0% 4/4/24 € 58.6 68.7 28.6

Apex Group Limited (aa)(v)(w) Diversified Financials E+400 0.0% 7/27/28 2.0 2.3 2.0

Apex Group Limited (aa)(v)(w) Diversified Financials L+375 0.5% 7/27/28 $ 2.5 2.5 2.4

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Bowery Farming Inc

Food, Beverage & Tobacco

(aa)(ab)(v)(w)

Cimarron Energy Inc

Clarience Technologies LLC

Capital Goods

Clarience Technologies LLC

(f)(i)(k)(m)(s)(v)

Capital Goods

Clarience Technologies LLC

Capital Goods

Clarience Technologies LLC

Capital Goods

Clarience Technologies LLC

Capital Goods

Community Brands Inc

Software & Services

Community Brands Inc

Software & Services

Community Brands Inc

Software & Services

Constellis Holdings LLC

Capital Goods

Corsearch Intermediate Inc

Software & Services

Corsearch Intermediate Inc

Software & Services

(f)(i)(k)(l)(m)(t)(v)

Capital Goods

Dental Care Alliance Inc

(f)(k)(m)(t)(v)

Health Care Equipment & Services

Dental Care Alliance Inc

Health Care Equipment & Services

Element Materials Technology Group US Holdings Inc

Commercial & Professional Services

Encora Digital Inc

Software & Services

L+550, 0.0% PIK (2.4% Max PIK)

Encora Digital Inc

Software & Services

Entertainment Benefits Group LLC

Media & Entertainment

Entertainment Benefits Group LLC

(f)(k)(l)(m)(v)

Media & Entertainment

Entertainment Benefits Group LLC

Media & Entertainment

Fairway Group Holdings Corp

(ac)(v)(y)(z)

Food & Staples Retailing

12.0% PIK (12.0% Max PIK)

Fairway Group Holdings Corp

(ac)(v)(y)(z)

Food & Staples Retailing

10.0% PIK (10.0% Max PIK)

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Arcfield Acquisition Corp (i)(v) Capital Goods L+575 0.8% 3/10/28 $ 40.5 $ 40.1 $ 39.7

Arcfield Acquisition Corp (x) Capital Goods L+575 0.8% 3/10/27 7.1 7.1 6.9

Arcos LLC/VA (m) Software & Services L+575 1.0% 3/31/28 12.4 12.2 12.1

Arcos LLC/VA (x) Software & Services L+575 1.0% 4/20/27 4.50 4.5 4.4

Ardonagh Group Ltd (v)(w) Insurance SA+700 0.8% 7/14/26 £ 0.8 1.0 1.0

Ardonagh Group Ltd (w)(x) Insurance L+575 1.0% 7/14/26 16.7 22.8 22.0

Arrotex Australia Group Pty Ltd (v)(w) Pharmaceuticals, Biotechnology & Life Sciences B+525 1.0% 7/10/24 A$ 42.60 30.8 29.4

Arrotex Australia Group Pty Ltd (v)(w) Pharmaceuticals, Biotechnology & Life Sciences B+525 1.0% 7/10/24 3.1 2.2 2.2

Aspect Software Inc (v) Software & Services 8.0% PIK (8.0% Max PIK) 7/14/23 $ 0.3 0.2 0.3

athenahealth Inc (aa)(ac)(v) Health Care Equipment & Services SF+350 0.5% 2/15/29 6.9 6.8 6.3

athenahealth Inc (aa)(ac)(x) Health Care Equipment & Services SF+350 0.5% 2/15/29 1.2 1.2 1.1

ATX Networks Corp (ad)(s)(v)(w) Capital Goods L+750 1.0% 9/1/26 41.6 41.6 41.6

AxiomSL Ltd (f)(m)(t)(v) Software & Services L+600 1.0% 12/3/27 34.9 34.3 34.4

AxiomSL Ltd (x) Software & Services L+600 1.0% 12/3/25 2.5 2.4 2.4

AxiomSL Ltd (x) Software & Services L+600 1.0% 12/3/27 2.3 2.3 2.2

Barbri Inc (f)(k)(l)(m)(t) Consumer Services L+575 0.8% 4/28/28 61.8 57.8 61.8

Barbri Inc (v) Consumer Services L+575 0.8% 4/28/28 30.1 30.1 30.1

Barbri Inc (k)(l) Consumer Services L+575 0.8% 4/30/28 34.9 34.6 34.9

Barbri Inc (x) Consumer Services L+575 0.8% 4/30/28 14.8 14.8 14.7

Belk Inc (aa)(ac)(v) Retailing L+750 1.0% 7/31/25 21.9 21.8 20.1

Belk Inc (aa)(ac)(v) Retailing 5.0%, 8.0% PIK (8.0% Max PIK) 7/31/25 68.8 43.3 29.1

BGB Group LLC (f)(i)(k)(l)(m)(t) Media & Entertainment L+575 1.0% 8/16/27 111.7 110.7 110.5

BGB Group LLC (x) Media & Entertainment L+575 1.0% 8/16/27 19.9 19.9 19.7

Bowery Farming Inc (v) Food, Beverage & Tobacco L+1,000 1.0% 4/30/26 75.0 74.4 69.5

Caldic BV (aa)(v)(w) Retailing E+400 0.0% 2/4/29 € 0.8 0.9 0.8

Caldic BV (aa)(v)(w) Retailing SF+400 0.5% 2/26/29 $ 1.4 1.4 1.4

CFC Underwriting Ltd (v)(w) Insurance SF+550, 0.0% PIK (3.0% Max PIK) 0.5% 5/16/29 39.5 38.5 38.4

CFC Underwriting Ltd (w)(x) Insurance SF+550, 0.0% PIK (3.0% Max PIK) 0.5% 5/16/29 5.9 5.8 5.8

Cimarron Energy Inc (v)(y)(z) Energy L+900 1.0% 12/31/24 7.5 5.2 5.5

Clarience Technologies LLC (f)(i)(k)(m)(s)(v) Capital Goods SF+625 1.0% 12/14/26 277.5 267.4 277.5

Clarience Technologies LLC (v) Capital Goods L+625 1.0% 12/31/26 18.0 17.8 18.0

Clarience Technologies LLC (x) Capital Goods L+625 1.0% 12/13/24 25.4 25.3 25.4

ClubCorp Club Operations Inc (aa)(ab)(v) Consumer Services L+275 0.0% 9/18/24 23.2 21.4 21.5

Community Brands Inc (v) Software & Services SF+575 0.8% 2/24/28 32.9 32.3 32.2

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Follett Software Co

Software & Services

Follett Software Co

Software & Services

Foundation Consumer Brands LLC

Pharmaceuticals, Biotechnology & Life Sciences

Foundation Consumer Brands LLC

Pharmaceuticals, Biotechnology & Life Sciences

Foundation Risk Partners Corp

Frontline Technologies Group LLC

Software & Services

Frontline Technologies Group LLC

Software & Services

Galaxy Universal LLC

Consumer Durables & Apparel

Galaxy Universal LLC

Consumer Durables & Apparel

Galway Partners Holdings LLC

L+525, 0.0% PIK (1.3% Max PIK)

Galway Partners Holdings LLC

L+525, 0.0% PIK (1.3% Max PIK)

Galway Partners Holdings LLC

L+525, 0.0% PIK (1.3% Max PIK)

General Datatech LP

(f)(k)(l)(m)(t)(v)

Software & Services

Greystone Equity Member Corp

Diversified Financials

Heniff Transportation Systems LLC

Transportation

Heniff Transportation Systems LLC

(f)(i)(k)(l)(m)(v)

Transportation

Heniff Transportation Systems LLC

Transportation

Heniff Transportation Systems LLC

Transportation

(f)(k)(l)(m)(t)(v)

Commercial & Professional Services

Higginbotham Insurance Agency Inc

HM Dunn Co Inc

Capital Goods

L+600 PIK (L+600 Max PIK)

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Community Brands Inc (x) Software & Services SF+575 0.8% 2/24/28 $ 3.9 $ 3.8 $ 3.8

Community Brands Inc (x) Software & Services SF+575 0.8% 2/24/28 1.9 1.9 1.9

Constellis Holdings LLC (ac)(v) Capital Goods L+750 1.0% 3/27/24 15.0 14.2 15.0

Corsearch Intermediate Inc (m)(v) Software & Services L+550 1.0% 4/19/28 27.1 25.5 27.2

Corsearch Intermediate Inc (v) Software & Services L+550 1.0% 4/19/28 2.9 2.9 3.0

Corsearch Intermediate Inc (x) Software & Services L+550 1.0% 4/19/28 4.4 4.4 4.4

CSafe Global (f)(i)(k)(l)(m)(t)(v) Capital Goods L+625 0.8% 12/23/27 187.8 182.0 187.8

CSafe Global (v) Capital Goods L+625 0.8% 12/23/27 £ 27.3 36.1 33.2

CSafe Global (v) Capital Goods L+625 0.8% 8/13/28 $ 11.9 11.9 11.9

CSafe Global (x) Capital Goods L+625 0.8% 12/23/26 34.9 34.9 34.7

Dental Care Alliance Inc (f)(k)(m)(t)(v) Health Care Equipment & Services SF+600 0.8% 4/3/28 126.7 122.6 125.6

Dental Care Alliance Inc (x) Health Care Equipment & Services SF+600 0.8% 4/3/28 11.1 11.1 11.0

Element Materials Technology Group US Holdings Inc (aa)(v)(w) Commercial & Professional Services L+350 1.0% 6/28/24 1.9 1.9 1.9

Element Materials Technology Group US Holdings Inc (aa)(ab)(v)(w) Commercial & Professional Services SF+425 0.5% 4/12/29 1.0 1.0 0.9

Element Materials Technology Group US Holdings Inc (aa)(ab)(v)(w) Commercial & Professional Services E+425 0.0% 4/12/29 € 0.3 0.4 0.3

Element Materials Technology Group US Holdings Inc (aa)(w)(x) Commercial & Professional Services SF+425 0.5% 4/12/29 $ 0.4 0.4 0.4

Encora Digital Inc (v) Software & Services L+550, 0.0% PIK (2.4% Max PIK) 0.7% 12/13/28 65.1 63.9 62.9

Encora Digital Inc (x) Software & Services L+550 0.7% 12/13/28 19.6 19.4 18.9

Fairway Group Holdings Corp (ac)(v)(y)(z) Food & Staples Retailing 12.0% PIK (12.0% Max PIK) 11/27/23 11.7 1.0 —

Fairway Group Holdings Corp (ac)(v)(y)(z) Food & Staples Retailing 10.0% PIK (10.0% Max PIK) 11/28/23 7.6 — —

Follett Software Co (f)(k)(l)(t) Software & Services L+575 0.8% 8/31/28 74.1 73.4 73.3

Follett Software Co (x) Software & Services L+575 0.8% 8/31/27 9.9 9.9 9.8

Foundation Consumer Brands LLC (m)(v) Pharmaceuticals, Biotechnology & Life Sciences L+550 1.0% 2/12/27 92.3 88.6 93.2

Foundation Consumer Brands LLC (x) Pharmaceuticals, Biotechnology & Life Sciences L+550 1.0% 2/12/27 6.6 6.6 6.6

Foundation Risk Partners Corp (v) Insurance L+575 0.8% 10/29/28 65.9 65.0 64.4

Foundation Risk Partners Corp (v) Insurance L+550 0.8% 10/29/28 14.3 14.2 14.0

Foundation Risk Partners Corp (x) Insurance L+575 0.8% 10/29/27 7.0 6.9 6.8

Frontline Technologies Group LLC (i)(m)(s)(v) Software & Services L+525 1.0% 9/18/23 60.5 58.8 60.5

Galaxy Universal LLC (v) Consumer Durables & Apparel SF+575 0.0% 6/24/23 7.5 7.5 7.5

Galaxy Universal LLC (v) Consumer Durables & Apparel SF+575 1.0% 11/12/26 88.5 88.5 88.5

Galaxy Universal LLC (v) Consumer Durables & Apparel L+500 1.0% 11/12/26 24.4 24.2 24.3

Galway Partners Holdings LLC (k)(l)(t)(v) Insurance L+525, 0.0% PIK (1.3% Max PIK) 0.8% 9/29/28 99.6 97.9 97.0

Galway Partners Holdings LLC (x) Insurance L+525, 0.0% PIK (1.3% Max PIK) 0.8% 9/30/27 12.0 11.7 11.6

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

HM Dunn Co Inc

Capital Goods

L+600 PIK (L+600 Max PIK)

Individual FoodService

Capital Goods

Individual FoodService

Capital Goods

Individual FoodService

Capital Goods

Individual FoodService

Capital Goods

Industria Chimica Emiliana Srl

Pharmaceuticals, Biotechnology & Life Sciences

Industry City TI Lessor LP

Consumer Services

10.8%, 1.0% PIK (1.0% Max PIK)

Insight Global LLC

Commercial & Professional Services

Insight Global LLC

Commercial & Professional Services

Insight Global LLC

Commercial & Professional Services

Insight Global LLC

Commercial & Professional Services

Integrity Marketing Group LLC

(f)(i)(m)(s)(v)

Jarrow Formulas Inc

(f)(i)(k)(l)(m)(s)(t)(v)

Household & Personal Products

Karman Space Inc

Capital Goods

Karman Space Inc

Capital Goods

Karman Space Inc

Capital Goods

Kellermeyer Bergensons Services LLC

(f)(i)(k)(l)(m)(s)(t)(v)

Commercial & Professional Services

Lakefield Veterinary Group

Health Care Equipment & Services

Lakefield Veterinary Group

Health Care Equipment & Services

Lakeview Farms Inc

Food, Beverage & Tobacco

Lakeview Farms Inc

Food, Beverage & Tobacco

Lakeview Farms Inc

Food, Beverage & Tobacco

Lakeview Farms Inc

Food, Beverage & Tobacco

(i)(k)(l)(m)(v)

Commercial & Professional Services

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Galway Partners Holdings LLC (x) Insurance L+525, 0.0% PIK (1.3% Max PIK) 0.8% 9/29/28 $ 13.4 $ 13.3 $ 13.0

General Datatech LP (f)(k)(l)(m)(t)(v) Software & Services L+625 1.0% 6/18/27 166.9 165.5 161.6

Gigamon Inc (v) Software & Services SF+575 0.8% 3/12/29 171.3 169.6 166.3

Gigamon Inc (x) Software & Services SF+575 0.8% 3/13/28 9.3 9.3 9.1

Greystone Equity Member Corp (v)(w) Diversified Financials L+725 3.8% 4/1/26 194.8 183.8 188.7

Heniff Transportation Systems LLC (v) Transportation L+575 1.0% 12/3/24 7.1 6.9 6.8

Heniff Transportation Systems LLC (f)(i)(k)(l)(m)(v) Transportation L+575 1.0% 12/3/26 137.0 130.4 130.9

Heniff Transportation Systems LLC (v) Transportation L+625 1.0% 12/3/26 19.3 18.5 18.8

Heniff Transportation Systems LLC (x) Transportation L+575 1.0% 12/3/24 10.7 10.7 10.2

Hibu Inc (f)(k)(l)(m)(t)(v) Commercial & Professional Services SF+625 1.0% 5/4/27 100.3 95.7 101.8

Higginbotham Insurance Agency Inc (v) Insurance L+550 0.8% 11/25/26 1.4 1.4 1.5

Higginbotham Insurance Agency Inc (v) Insurance L+550 0.8% 11/25/26 7.0 6.6 7.0

Higginbotham Insurance Agency Inc (x) Insurance L+550 0.8% 11/25/26 8.9 8.9 9.0

HM Dunn Co Inc (ad)(v) Capital Goods L+600 PIK (L+600 Max PIK) 1.0% 6/30/26 34.8 34.8 34.8

HM Dunn Co Inc (ad)(x) Capital Goods L+600 PIK (L+600 Max PIK) 1.0% 6/30/26 2.0 2.0 2.0

Individual FoodService (m)(s)(v) Capital Goods L+625 1.0% 11/22/25 100.9 97.0 101.0

Individual FoodService (x) Capital Goods L+625 1.0% 11/22/24 4.8 4.7 4.8

Individual FoodService (x) Capital Goods L+625 1.0% 11/22/25 4.9 4.9 4.9

Industria Chimica Emiliana Srl (v)(w) Pharmaceuticals, Biotechnology & Life Sciences E+725 0.0% 9/27/26 € 88.8 101.7 91.7

Industry City TI Lessor LP (s)(v) Consumer Services 10.8%, 1.0% PIK (1.0% Max PIK) 6/30/26 $ 27.8 27.9 29.3

Insight Global LLC (v) Commercial & Professional Services L+600 0.8% 9/22/27 5.8 5.8 5.7

Insight Global LLC (i)(v) Commercial & Professional Services L+600 0.8% 9/22/28 204.3 202.4 200.2

Insight Global LLC (x) Commercial & Professional Services L+600 0.8% 9/22/27 15.3 15.3 15.0

Insight Global LLC (x) Commercial & Professional Services L+600 0.8% 9/22/28 26.8 26.8 26.3

Integrity Marketing Group LLC (v) Insurance L+550 0.8% 8/27/25 114.2 114.2 112.4

Integrity Marketing Group LLC (x) Insurance L+550 0.8% 8/27/25 10.8 10.8 10.6

J S Held LLC (f)(i)(m)(s)(v) Insurance L+550 1.0% 7/1/25 125.8 123.5 125.8

J S Held LLC (v) Insurance L+550 1.0% 7/1/25 1.2 1.0 1.2

J S Held LLC (f)(v) Insurance SF+550 1.0% 7/1/25 21.7 21.7 21.7

J S Held LLC (x) Insurance L+550 1.0% 7/1/25 12.9 12.9 12.9

J S Held LLC (x) Insurance SF+550 1.0% 7/1/25 22.4 22.4 22.4

Jarrow Formulas Inc (f)(i)(k)(l)(m)(s)(t)(v) Household & Personal Products L+625 1.0% 11/30/26 184.2 175.6 187.9

Karman Space Inc (m)(v) Capital Goods L+700 1.0% 12/21/25 52.8 50.3 53.1

Karman Space Inc (v) Capital Goods L+700 1.0% 12/21/25 3.3 3.1 3.3

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Commercial & Professional Services

Lionbridge Technologies Inc

Consumer Services

Lipari Foods LLC

Food & Staples Retailing

Lloyds Register Quality Assurance Ltd

Consumer Services

SA+600, 0.0% PIK (6.3% Max PIK)

Matchesfashion Ltd

Consumer Durables & Apparel

L+463, 3.0% PIK (3.0% Max PIK)

MB2 Dental Solutions LLC

(k)(l)(m)(t)(v)

Health Care Equipment & Services

MB2 Dental Solutions LLC

Health Care Equipment & Services

Software & Services

L+675 PIK (L+675 Max PIK)

Software & Services

Miami Beach Medical Group LLC

(k)(l)(m)(t)(v)

Health Care Equipment & Services

Monitronics International Inc

Commercial & Professional Services

Monitronics International Inc

Commercial & Professional Services

Monitronics International Inc

Commercial & Professional Services

Motion Recruitment Partners LLC

Commercial & Professional Services

Motion Recruitment Partners LLC

Commercial & Professional Services

Motion Recruitment Partners LLC

Commercial & Professional Services

Motion Recruitment Partners LLC

Commercial & Professional Services

Consumer Durables & Apparel

Software & Services

L+750, 0.0% PIK (2.5% Max PIK)

Net Documents

Software & Services

Net Documents

Software & Services

Net Documents

Software & Services

Net Documents

Software & Services

New Era Technology Inc

(i)(l)(m)(t)(v)

Software & Services

New Era Technology Inc

Software & Services

New Era Technology Inc

Software & Services

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Karman Space Inc (v) Capital Goods L+700 1.0% 12/21/25 $ 38.3 $ 37.7 $ 38.6

Karman Space Inc (x) Capital Goods L+700 1.0% 12/21/25 2.2 2.2 2.2

Kellermeyer Bergensons Services LLC (f)(i)(k)(l)(m)(s)(v) Commercial & Professional Services L+600 1.0% 11/7/26 216.2 207.7 210.5

Kellermeyer Bergensons Services LLC (v) Commercial & Professional Services L+600 1.0% 11/7/26 85.1 84.4 82.8

Kellermeyer Bergensons Services LLC (t)(v) Commercial & Professional Services L+600 1.0% 11/7/26 54.0 52.3 52.6

Kellermeyer Bergensons Services LLC (v) Commercial & Professional Services L+600 1.0% 11/7/26 15.5 15.4 15.1

Lakefield Veterinary Group (f)(i)(v) Health Care Equipment & Services L+550 0.8% 11/23/28 102.3 101.5 100.2

Lakefield Veterinary Group (x) Health Care Equipment & Services L+550 0.8% 11/23/28 41.8 41.8 40.9

Lakeview Farms Inc (l)(m)(v) Food, Beverage & Tobacco L+625 1.0% 6/10/27 76.8 75.0 73.2

Lakeview Farms Inc (v) Food, Beverage & Tobacco L+625 1.0% 6/10/27 5.0 5.0 4.8

Lakeview Farms Inc (x) Food, Beverage & Tobacco L+625 1.0% 6/10/27 10.8 10.8 10.3

Lakeview Farms Inc (x) Food, Beverage & Tobacco L+625 1.0% 6/10/27 1.8 1.8 1.7

Lexitas Inc (i)(k)(l)(m)(v) Commercial & Professional Services SF+625 1.0% 5/18/29 121.5 118.4 120.3

Lexitas Inc (x) Commercial & Professional Services SF+625 1.0% 5/18/29 8.4 8.4 8.3

Lexitas Inc (x) Commercial & Professional Services SF+625 1.0% 5/18/29 12.3 12.3 12.2

Lionbridge Technologies Inc (f)(k)(m)(s)(t)(v) Consumer Services SF+700 1.0% 12/29/25 126.0 121.7 127.5

Lipari Foods LLC (f)(m)(s)(v) Food & Staples Retailing SF+575 1.0% 1/6/25 270.3 261.0 270.3

Lloyd's Register Quality Assurance Ltd (v)(w) Consumer Services SA+600, 0.0% PIK (6.3% Max PIK) 0.0% 12/2/28 £ 5.7 7.4 6.7

Lloyd's Register Quality Assurance Ltd (w)(x) Consumer Services SA+600, 0.0% PIK (6.3% Max PIK) 0.0% 12/2/28 9.3 12.6 12.3

Matchesfashion Ltd (v)(w)(y)(z) Consumer Durables & Apparel L+463, 3.0% PIK (3.0% Max PIK) 0.0% 10/11/24 $ 13.1 12.7 6.9

MB2 Dental Solutions LLC (v) Health Care Equipment & Services L+600 1.0% 1/29/27 116.8 116.0 115.6

MB2 Dental Solutions LLC (k)(l)(m)(t)(v) Health Care Equipment & Services L+600 1.0% 1/29/27 157.7 148.7 156.1

MB2 Dental Solutions LLC (x) Health Care Equipment & Services L+600 1.0% 1/29/27 11.9 11.9 11.8

Medallia Inc (v) Software & Services L+675 PIK (L+675 Max PIK) 0.8% 10/29/28 171.8 170.2 170.0

Med-Metrix (v) Software & Services L+600 1.0% 9/15/27 50.1 49.7 50.2

Med-Metrix (v) Software & Services L+600 1.0% 9/15/27 6.2 6.2 6.2

Med-Metrix (x) Software & Services L+600 1.0% 9/15/27 25.0 25.0 25.0

Med-Metrix (x) Software & Services L+600 1.0% 9/15/27 7.8 7.8 7.8

Miami Beach Medical Group LLC (k)(l)(m)(t)(v) Health Care Equipment & Services L+650 1.0% 12/14/26 179.7 171.2 166.0

Monitronics International Inc (aa)(f)(v) Commercial & Professional Services L+750 1.3% 3/29/24 18.7 17.4 12.4

Monitronics International Inc (v) Commercial & Professional Services L+600 1.5% 7/3/24 59.6 57.5 55.8

Monitronics International Inc (x) Commercial & Professional Services L+600 1.5% 7/3/24 10.4 10.4 9.7

Motion Recruitment Partners LLC (v) Commercial & Professional Services SF+650 1.0% 12/19/25 4.8 4.5 4.8

Motion Recruitment Partners LLC (m)(t)(v) Commercial & Professional Services L+650 1.0% 12/22/25 54.9 51.1 54.9

Motion Recruitment Partners LLC (f)(i)(v) Commercial & Professional Services SF+650 1.0% 12/22/25 64.3 64.3 64.3

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

New Era Technology Inc

Software & Services

Novotech Pty Ltd

Health Care Equipment & Services

Omnimax International Inc

(f)(i)(k)(l)(m)(v)

Capital Goods

One Call Care Management Inc

Health Care Equipment & Services

Oxford Global Resources LLC

(f)(k)(l)(m)(t)

Commercial & Professional Services

Oxford Global Resources LLC

Commercial & Professional Services

Oxford Global Resources LLC

Commercial & Professional Services

Oxford Global Resources LLC

Commercial & Professional Services

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Motion Recruitment Partners LLC (x) Commercial & Professional Services SF+650 1.0% 12/19/25 $ 59.6 $ 59.6 $ 59.6

NBG Home (v) Consumer Durables & Apparel L+550 1.0% 4/26/24 76.9 73.5 48.5

NCI Inc (v) Software & Services L+750, 0.0% PIK (2.5% Max PIK) 1.0% 8/15/24 77.8 76.9 72.4

Net Documents (v) Software & Services L+625 1.0% 6/30/27 24.6 24.4 24.2

Net Documents (v) Software & Services L+625 1.0% 6/30/27 1.6 1.6 1.6

Net Documents (x) Software & Services L+625 1.0% 6/30/27 7.4 7.3 7.3

Net Documents (x) Software & Services L+625 1.0% 6/30/27 1.4 1.4 1.4

New Era Technology Inc (i)(l)(m)(t)(v) Software & Services L+625 1.0% 10/31/26 75.9 74.0 74.9

New Era Technology Inc (v) Software & Services L+625 1.0% 10/31/26 2.1 2.1 2.1

New Era Technology Inc (x) Software & Services L+625 1.0% 10/31/26 2.6 2.6 2.5

Novotech Pty Ltd (w)(x) Health Care Equipment & Services SF+575 0.5% 1/13/28 5.7 5.6 5.6

Omnimax International Inc (i)(k)(l)(m)(v) Capital Goods SF+800 1.0% 10/8/26 129.8 123.5 127.7

Omnimax International Inc (f)(v) Capital Goods SF+800 1.0% 10/8/26 65.4 63.6 64.3

One Call Care Management Inc (aa)(ad)(v) Health Care Equipment & Services L+550 0.8% 4/22/27 5.0 4.7 4.0

Oxford Global Resources LLC (f)(k)(l)(m)(t) Commercial & Professional Services SF+600 1.0% 8/17/27 88.0 87.2 88.0

Oxford Global Resources LLC (v) Commercial & Professional Services SF+600 1.0% 8/17/27 5.0 5.0 5.0

Oxford Global Resources LLC (x) Commercial & Professional Services SF+600 1.0% 8/17/27 15.3 15.3 15.3

Oxford Global Resources LLC (x) Commercial & Professional Services SF+600 1.0% 8/17/27 2.7 2.7 2.7

P2 Energy Solutions Inc.

Software & Services

(v) Software & Services L+675 1.0% 1/31/25 3.7 3.5 3.5

P2 Energy Solutions Inc.

(i)(k)(m)(s)(t)(v)

Software & Services

(i)(k)(m)(s)(t)(v) Software & Services L+675 1.0% 2/2/26 247.8 233.0 230.9

P2 Energy Solutions Inc.

Software & Services

Parata Systems

Health Care Equipment & Services

Parata Systems

Health Care Equipment & Services

Parata Systems

Health Care Equipment & Services

Parts Town LLC

PartsSource Inc

Health Care Equipment & Services

PartsSource Inc

Health Care Equipment & Services

PartsSource Inc

Health Care Equipment & Services

Capital Goods

Performance Health Holdings Inc

Health Care Equipment & Services

Petroplex Acidizing Inc

(ac)(v)(y)(z)

L+825, 1.8% PIK (1.8% Max PIK)

Polyconcept North America Inc

Household & Personal Products

L+450 PIK (L+450 Max PIK)

Premium Credit Ltd

Diversified Financials

Production Resource Group LLC

Media & Entertainment

L+300, 5.5% PIK (5.5% Max PIK)

Production Resource Group LLC

Media & Entertainment

L+550 PIK (L+550 Max PIK)

Production Resource Group LLC

Media & Entertainment

L+500, 3.1% PIK (3.1% Max PIK)

Production Resource Group LLC

Media & Entertainment

L+500, 3.1% PIK (3.1% Max PIK)

(x) Software & Services L+675 1.0% 1/31/25 11.4 11.4 10.7

Parata Systems (f)(m)(v) Health Care Equipment & Services L+575 1.0% 6/30/27 73.5 73.0 74.2

Parata Systems (v) Health Care Equipment & Services L+575 1.0% 6/30/27 3.7 3.7 3.7

Parata Systems (x) Health Care Equipment & Services L+575 1.0% 6/30/27 18.3 18.3 18.5

Parata Systems (x) Health Care Equipment & Services L+575 1.0% 6/30/27 5.5 5.5 5.5

Parts Town LLC (v) Retailing L+550 0.8% 11/1/28 100.9 99.9 97.8

PartsSource Inc (v) Health Care Equipment & Services L+575 0.8% 8/23/28 65.4 64.7 64.5

PartsSource Inc (x) Health Care Equipment & Services L+575 0.8% 8/21/26 4.3 4.2 4.2

PartsSource Inc (x) Health Care Equipment & Services L+575 0.8% 8/23/28 22.9 22.6 22.5

Peraton Corp (aa)(v) Capital Goods L+375 0.8% 2/1/28 8.8 8.5 8.3

Performance Health Holdings Inc (f)(i)(m)(v) Health Care Equipment & Services L+600 1.0% 7/12/27 108.3 107.3 108.3

Petroplex Acidizing Inc (ac)(v)(y)(z) Energy L+825, 1.8% PIK (1.8% Max PIK) 1.0% 6/30/23 27.7 21.4 13.2

Premium Credit Ltd (v)(w) Diversified Financials SA+650 0.0% 1/16/26 £ 55.9 73.0 68.0

Production Resource Group LLC (ad)(v) Media & Entertainment L+500, 3.1% PIK (3.1% Max PIK) 1.0% 8/21/24 $ 91.6 88.1 93.8

Production Resource Group LLC (ad)(v) Media & Entertainment L+300, 5.5% PIK (5.5% Max PIK) 0.3% 8/21/24 140.1 133.1 142.9

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Propulsion Acquisition LLC

(f)(l)(s)(t)(v)

Capital Goods

(i)(l)(s)(t)(v)

Health Care Equipment & Services

Pure Fishing Inc

Consumer Durables & Apparel

Qdoba Restaurant Corp

Consumer Services

Reliant Rehab Hospital Cincinnati LLC

(f)(i)(l)(m)(s)(v)

Health Care Equipment & Services

Revere Superior Holdings Inc

Software & Services

Revere Superior Holdings Inc

Software & Services

Revere Superior Holdings Inc

Software & Services

Rise Baking Company

Food, Beverage & Tobacco

Rise Baking Company

Food, Beverage & Tobacco

Rise Baking Company

Food, Beverage & Tobacco

RSC Insurance Brokerage Inc

(f)(i)(k)(l)(m)(s)(v)

RSC Insurance Brokerage Inc

Safe-Guard Products International LLC

Diversified Financials

SAMBA Safety Inc

Software & Services

SAMBA Safety Inc

Software & Services

SAMBA Safety Inc

Software & Services

Consumer Services

Capital Goods

L+675, 0.0% PIK (1.0% Max PIK)

Capital Goods

L+900, 0.0% PIK (9.5% Max PIK)

Sequel Youth & Family Services LLC

Health Care Equipment & Services

Sequel Youth & Family Services LLC

Health Care Equipment & Services

Sequel Youth & Family Services LLC

Health Care Equipment & Services

Sequel Youth & Family Services LLC

Health Care Equipment & Services

12.0% PIK (12.0% Max PIK)

SitusAMC Holdings Corp

Sorenson Communications LLC

(aa)(ac)(f)(k)(t)(v)

Telecommunication Services

Source Code LLC

Software & Services

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Production Resource Group LLC (ad)(v) Media & Entertainment L+550 PIK (L+550 Max PIK) 1.0% 8/21/24 $ 0.1 $ 0.1 $ 0.1

Production Resource Group LLC (ad)(x) Media & Entertainment L+500, 3.1% PIK (3.1% Max PIK) 1.0% 8/21/24 4.0 4.0 4.1

Propulsion Acquisition LLC (f)(l)(s)(t)(v) Capital Goods L+700 1.0% 7/13/24 60.2 57.1 60.8

PSKW LLC (i)(l)(s)(t)(v) Health Care Equipment & Services L+625 1.0% 3/9/26 293.3 283.2 293.3

Pure Fishing Inc (aa)(v) Consumer Durables & Apparel L+450 0.0% 12/22/25 33.9 33.3 29.1

Qdoba Restaurant Corp (aa)(m)(v) Consumer Services L+700 1.0% 3/21/25 10.9 10.8 9.6

Reliant Rehab Hospital Cincinnati LLC (f)(i)(l)(m)(s)(v) Health Care Equipment & Services L+625 0.0% 2/28/26 107.4 101.8 99.3

Revere Superior Holdings Inc (m)(v) Software & Services L+575 1.0% 9/30/26 29.9 29.2 29.9

Revere Superior Holdings Inc (x) Software & Services L+575 1.0% 9/30/26 3.8 3.8 3.8

Revere Superior Holdings Inc (x) Software & Services L+575 1.0% 9/30/26 3.2 3.2 3.2

Rise Baking Company (v) Food, Beverage & Tobacco L+625 1.0% 8/13/27 3.2 3.0 2.9

Rise Baking Company (l)(m) Food, Beverage & Tobacco L+650 1.0% 8/13/27 28.7 28.1 26.7

Rise Baking Company (x) Food, Beverage & Tobacco L+625 1.0% 8/13/27 2.1 2.1 2.0

RSC Insurance Brokerage Inc (i)(k)(l)(m)(s)(v) Insurance SF+550 0.8% 10/30/26 176.0 170.6 176.0

RSC Insurance Brokerage Inc (v) Insurance L+550 0.8% 10/30/26 39.7 39.1 39.7

RSC Insurance Brokerage Inc (v) Insurance SF+550 0.8% 10/30/26 18.5 18.3 18.5

RSC Insurance Brokerage Inc (x) Insurance L+550 0.8% 10/30/26 7.7 7.6 7.7

RSC Insurance Brokerage Inc (x) Insurance L+550 0.8% 10/30/26 7.1 7.0 7.1

Safe-Guard Products International LLC (f) Diversified Financials L+500 0.5% 1/27/27 0.1 0.1 0.1

SAMBA Safety Inc (v) Software & Services L+525 1.0% 9/1/27 0.6 0.6 0.6

SAMBA Safety Inc (x) Software & Services L+525 1.0% 9/1/27 1.8 1.8 1.8

SAMBA Safety Inc (x) Software & Services L+575 1.0% 9/1/27 6.1 6.1 6.0

SavATree LLC (v) Consumer Services L+550 0.8% 10/12/28 1.9 1.9 1.9

SavATree LLC (x) Consumer Services L+550 0.8% 10/12/28 7.6 7.6 7.5

SavATree LLC (x) Consumer Services L+550 0.8% 10/12/28 6.3 6.3 6.3

Sequa Corp (aa)(m)(v) Capital Goods L+675, 0.0% PIK (1.0% Max PIK) 1.0% 11/28/23 8.3 8.0 8.2

Sequel Youth & Family Services LLC (v)(y)(z) Health Care Equipment & Services 3.0% 2/28/25 50.0 50.0 50.0

Sequel Youth & Family Services LLC (v)(y)(z) Health Care Equipment & Services 3.0% 2/28/25 70.0 10.5 18.0

Sequel Youth & Family Services LLC (v) Health Care Equipment & Services SF+550 1.0% 2/28/27 26.0 25.9 25.3

Sequel Youth & Family Services LLC (v) Health Care Equipment & Services 12.0% PIK (12.0% Max PIK) 2/28/27 21.6 21.4 20.3

SitusAMC Holdings Corp (k)(l)(v) Real Estate L+575 0.8% 12/22/27 76.4 75.7 74.5

Sorenson Communications LLC (aa)(f)(k)(t)(v) Telecommunication Services L+550 0.8% 3/17/26 56.9 54.3 55.8

Source Code LLC (k)(l)(t) Software & Services SF+650 1.0% 6/30/27 53.0 52.1 51.0

Source Code LLC (x) Software & Services SF+650 1.0% 6/30/27 15.3 15.0 14.7

Spins LLC (m)(s)(t)(v) Software & Services L+550 1.0% 1/20/27 68.6 65.4 68.7

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Principal Amount (c)

Source Code LLC

Software & Services

Staples Canada

Summit Interconnect Inc

(f)(k)(l)(t)(v)

Capital Goods

Summit Interconnect Inc

Capital Goods

Sungard Availability Services Capital Inc

Software & Services

SF+375, 3.8% PIK (3.8% Max PIK)

Sweeping Corp of America Inc

Commercial & Professional Services

Sweeping Corp of America Inc

Commercial & Professional Services

Sweeping Corp of America Inc

Commercial & Professional Services

Software & Services

ThermaSys Corp

(ac)(v)(y)(z)

Capital Goods

L+1,100 PIK (L+1,100 Max PIK)

ThreeSixty Group

L+500, 2.5% PIK (2.5% Max PIK)

ThreeSixty Group

L+500, 2.5% PIK (2.5% Max PIK)

Time Manufacturing Co

Capital Goods

Time Manufacturing Co

Capital Goods

Time Manufacturing Co

Capital Goods

Time Manufacturing Co

Capital Goods

Transaction Services Group Ltd

Software & Services

Transaction Services Group Ltd

Software & Services

Transaction Services Group Ltd

Software & Services

Ultra Electronics Holdings PLC

(aa)(ab)(v)(w)

Capital Goods

Ultra Electronics Holdings PLC

(aa)(ab)(v)(w)

Capital Goods

Warren Resources Inc

L+900, 1.0% PIK (1.0% Max PIK)

Wealth Enhancement Group LLC

Diversified Financials

Wealth Enhancement Group LLC

Diversified Financials

Wealth Enhancement Group LLC

Diversified Financials

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Spins LLC (x) Software & Services L+550 1.0% 1/20/27 $ 16.5 $ 16.5 $ 16.5

Spins LLC (x) Software & Services L+550 1.0% 1/20/27 7.9 7.9 7.9

Staples Canada (v)(w) Retailing C+700 1.0% 9/12/24 C$ 33.1 25.9 26.5

Summit Interconnect Inc (f)(k)(l)(t)(v) Capital Goods L+600 1.0% 9/22/28 $ 137.0 136.2 130.5

Summit Interconnect Inc (x) Capital Goods L+600 1.0% 9/22/28 9.4 9.4 8.9

Sungard Availability Services Capital Inc (ac)(v) Software & Services L+100, 8.5% PIK (8.5% Max PIK) 0.0% 8/9/22 3.0 3.0 3.0

Sungard Availability Services Capital Inc (ac)(v)(y)(z) Software & Services SF+375, 3.8% PIK (3.8% Max PIK) 1.0% 7/1/24 5.9 5.8 4.5

Sungard Availability Services Capital Inc (ac)(x) Software & Services L+100, 8.5% PIK (8.5% Max PIK) 0.0% 8/9/22 4.0 4.0 4.0

Sweeping Corp of America Inc (m)(v) Commercial & Professional Services L+575 1.0% 11/30/26 72.3 70.1 73.1

Sweeping Corp of America Inc (v) Commercial & Professional Services L+575 1.0% 11/30/26 1.9 1.9 1.9

Sweeping Corp of America Inc (x) Commercial & Professional Services L+575 1.0% 11/30/26 0.3 0.3 0.3

Sweeping Corp of America Inc (x) Commercial & Professional Services L+575 1.0% 11/30/26 3.8 3.8 3.8

Tangoe LLC (m)(s)(v) Software & Services L+650 1.0% 11/28/25 179.5 163.5 140.0

Tangoe LLC (m)(s)(v) Software & Services 12.5% PIK (12.5% Max PIK) 11/28/25 1.0 1.0 0.7

ThermaSys Corp (ac)(v)(y)(z) Capital Goods L+1,100 PIK (L+1,100 Max PIK) 1.0% 1/1/24 9.0 8.3 3.6

ThreeSixty Group (m)(v) Retailing L+500, 2.5% PIK (2.5% Max PIK) 1.5% 3/1/23 46.4 46.3 45.7

ThreeSixty Group (m)(v) Retailing L+500, 2.5% PIK (2.5% Max PIK) 1.5% 3/1/23 46.1 46.0 45.5

Time Manufacturing Co (v) Capital Goods L+650 0.8% 12/1/27 45.6 44.6 43.0

Time Manufacturing Co (v) Capital Goods L+650 0.8% 12/1/27 4.5 4.5 4.2

Time Manufacturing Co (v) Capital Goods E+650 0.8% 12/1/27 € 13.8 14.5 13.6

Time Manufacturing Co (x) Capital Goods L+650 0.8% 12/1/27 $ 17.7 17.7 16.7

Transaction Services Group Ltd (v)(w) Software & Services B+650 0.0% 10/15/26 A$ 48.3 33.9 33.4

Transaction Services Group Ltd (v)(w) Software & Services L+650 0.0% 10/15/26 $ 126.2 122.6 126.6

Ultra Electronics Holdings PLC (aa)(ab)(v)(w) Capital Goods L+375 0.5% 11/17/28 1.8 1.8 1.7

Ultra Electronics Holdings PLC (aa)(ab)(v)(w) Capital Goods E+375 0.0% 11/17/28 € 1.4 1.6 1.3

Warren Resources Inc (ad)(v) Energy L+900, 1.0% PIK (1.0% Max PIK) 1.0% 5/22/24 $ 18.5 17.5 18.5

Wealth Enhancement Group LLC (v)(w) Diversified Financials SF+600 1.0% 10/4/27 23.6 23.5 23.6

Wealth Enhancement Group LLC (v)(w) Diversified Financials SF+600 1.0% 10/29/27 0.7 0.7 0.7

Wealth Enhancement Group LLC (w)(x) Diversified Financials SF+600 1.0% 10/4/27 4.7 4.7 4.7

Wealth Enhancement Group LLC (w)(x) Diversified Financials SF+600 1.0% 10/29/27 6.2 6.2 6.2

Wealth Enhancement Group LLC (w)(x) Diversified Financials SF+600 1.0% 10/29/27 1.4 1.4 1.4

Woolpert Inc (f)(k)(l)(m)(t) Capital Goods L+600 1.0% 4/5/28 91.5 85.2 90.9

Woolpert Inc (v) Capital Goods L+600 1.0% 4/5/28 68.9 68.9 68.4

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Principal Amount (c)

Wealth Enhancement Group LLC

Diversified Financials

(f)(k)(l)(m)(t)(v)

Capital Goods

Worldwise Inc

Household & Personal Products

Worldwise Inc

Household & Personal Products

Worldwise Inc

Household & Personal Products

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Woolpert Inc (x) Capital Goods L+600 1.0% 4/5/28 $ 3.7 $ 3.7 $ 3.6

Worldwise Inc (v) Household & Personal Products SF+625 1.0% 3/29/28 112.0 111.1 109.7

Worldwise Inc (x) Household & Personal Products SF+625 1.0% 3/29/28 15.5 15.5 15.2

Worldwise Inc (x) Household & Personal Products SF+625 1.0% 3/29/28 14.2 14.2 13.9

Total Senior Secured Loans—First Lien 11,188.6 11,104.4

2 unchanged sentences

Senior Secured Loans—Second Lien—17.3%

Advanced Lighting Technologies Inc

Ammeraal Beltech Holding BV

Capital Goods

Amtek Global Technology Pte Ltd

(ad)(v)(w)(y)(z)

Automobiles & Components

E+500 PIK (E+500 Max PIK)

(ac)(v)(y)(z)

10.0% PIK (10.0% Max PIK)

Byrider Finance LLC

Automobiles & Components

L+1,000, 0.5% PIK (0.5% Max PIK)

Constellis Holdings LLC

Capital Goods

L+1,100, 0.0% PIK (5.0% Max PIK)

Software & Services

Fairway Group Holdings Corp

(ac)(v)(y)(z)

Food & Staples Retailing

11.0% PIK (11.0% Max PIK)

Software & Services

Consumer Durables & Apparel

L+1,275 PIK (L+1,275 Max PIK)

OEConnection LLC

Software & Services

Capital Goods

Advanced Lighting Technologies Inc (v)(y)(z) Materials L+600, 0.0% PIK (16.0% Max PIK) 1.0% 3/16/27 12.3 10.5 3.8

Ammeraal Beltech Holding BV (f)(s)(v)(w) Capital Goods L+775 0.0% 9/12/26 31.9 29.2 31.1

Belk Inc (ac)(v)(y)(z) Retailing 10.0% PIK (10.0% Max PIK) 7/31/25 26.8 4.2 4.5

Byrider Finance LLC (u)(v) Automobiles & Components SF+1,000, 0.5% PIK (0.5% Max PIK) 1.3% 7/7/23 54.4 54.4 54.7

Caldic BV (v)(w) Retailing SF+725 0.5% 12/30/29 40.0 38.9 38.2

Constellis Holdings LLC (ac)(v) Capital Goods L+1,100, 0.0% PIK (5.0% Max PIK) 1.0% 3/27/25 13.5 12.6 11.9

Cubic Corp (v) Software & Services L+763 0.8% 5/25/29 54.8 51.9 53.9

Ellucian Inc (v) Software & Services L+800 1.0% 10/9/28 179.2 170.6 178.3

Fairway Group Holdings Corp (ac)(v)(y)(z) Food & Staples Retailing 11.0% PIK (11.0% Max PIK) 2/24/24 6.9 — —

Misys Ltd (aa)(v)(w) Software & Services L+725 1.0% 6/13/25 16.3 15.5 14.2

NBG Home (v)(y)(z) Consumer Durables & Apparel L+1,275 PIK (L+1,275 Max PIK) 1.0% 9/30/24 33.5 28.2 0.7

OEConnection LLC (f)(v) Software & Services L+700 0.5% 9/25/27 76.1 75.7 74.1

Peraton Corp (s)(v) Capital Goods L+800 1.0% 2/1/29 175.0 165.8 175.7

Peraton Corp (v) Capital Goods L+775 0.8% 2/1/29 151.9 145.7 150.7

Pure Fishing Inc (m)(v) Consumer Durables & Apparel L+838 1.0% 12/21/26 100.0 94.9 89.0

Solera LLC (aa)(v) Software & Services L+800 1.0% 6/4/29 312.4 296.5 311.4

Sungard Availability Services Capital Inc (ac)(v)(y)(z) Software & Services SF+400, 2.8% PIK (2.8% Max PIK) 1.0% 8/1/24 14.8 13.5 —

Valeo Foods Group Ltd (v)(w) Food, Beverage & Tobacco E+750 0.0% 10/1/29 € 3.8 4.0 3.8

Valeo Foods Group Ltd (w)(x) Food, Beverage & Tobacco E+750 0.0% 10/1/29 2.3 3.1 3.0

Vantage Specialty Chemicals Inc (aa)(v) Materials L+825 1.0% 10/27/25 $ 0.8 0.7 0.7

Wittur Holding GmbH (v)(w) Capital Goods E+850, 0.5% PIK (0.5% Max PIK) 0.0% 9/23/27 € 113.1 121.7 99.3

Total Senior Secured Loans—Second Lien 1,337.6 1,299.0

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Capital Goods

Petrochoice Holdings Inc

Capital Goods

Polyconcept North America Inc

Household & Personal Products

11.0% PIK (11.0% Max PIK)

Pure Fishing Inc

Consumer Durables & Apparel

Capital Goods

L+1,075, 0.0% PIK (6.8% Max PIK)

SIRVA Worldwide Inc

Commercial & Professional Services

Software & Services

Sungard Availability Services Capital Inc

(ac)(v)(y)(z)

Software & Services

SF+400, 2.8% PIK (2.8% Max PIK)

Valeo Foods Group Ltd

Food, Beverage & Tobacco

Vantage Specialty Chemicals Inc

Wittur Holding GmbH

Capital Goods

E+850, 0.5% PIK (0.5% Max PIK)

Total Senior Secured LoansSecond Lien

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Unfunded Loan Commitments $ (3.1) $ (3.1)

1 unchanged sentence

Other Senior Secured Debt—1.5%

Angelica Corp

Health Care Equipment & Services

10.0% PIK (10.0% Max PIK)

JW Aluminum Co

(aa)(ad)(s)(v)

One Call Care Management Inc

Health Care Equipment & Services

8.5% PIK (8.5% Max PIK)

Capital Goods

Angelica Corp (h)(y)(z) Health Care Equipment & Services 10.0% PIK (10.0% Max PIK) 12/30/22 $ 56.1 42.3 0.9

JW Aluminum Co (aa)(ad)(s)(v) Materials 10.3% 6/1/26 76.5 75.6 78.7

One Call Care Management Inc (ad)(v) Health Care Equipment & Services 8.5% PIK (8.5% Max PIK) 11/1/28 24.5 22.7 21.4

TruckPro LLC (aa)(v) Capital Goods 11.0% 10/15/24 9.2 9.2 9.0

Total Other Senior Secured Debt 149.8 110.0

Subordinated Debt—1.1%

Ardonagh Group Ltd

12.8% PIK (12.8% Max PIK)

athenahealth Inc

Health Care Equipment & Services

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

(in millions, except share amounts)

Principal Amount (c)

ATX Networks Corp

(ad)(s)(v)(w)(y)(z)

Capital Goods

10.0% PIK (10.0% Max PIK)

ClubCorp Club Operations Inc

Consumer Services

Encora Digital Inc

Software & Services

9.8% PIK (9.8% Max PIK)

Hilding Anders

(ad)(v)(w)(y)

Consumer Durables & Apparel

Hilding Anders

(ad)(v)(w)(y)

Consumer Durables & Apparel

Hilding Anders

(ad)(v)(w)(y)(z)

Consumer Durables & Apparel

13.0% PIK (13.0% Max PIK)

Ardonagh Group Ltd (aa)(v)(w) Insurance 12.8% PIK (12.8% Max PIK) 1/15/27 0.9 0.9 1.0

ATX Networks Corp (ab)(ad)(s)(v)(w) Capital Goods 10.0% PIK (10.0% Max PIK) 9/1/28 20.8 5.9 15.5

Encora Digital Inc (v) Software & Services 9.8% PIK (9.8% Max PIK) 12/13/29 22.6 22.0 21.8

Hilding Anders (ad)(v)(w)(y) Consumer Durables & Apparel € 135.2 26.9 —

Hilding Anders (ad)(v)(w)(y)(z) Consumer Durables & Apparel 13.0% PIK (13.0% Max PIK) 11/30/25 143.2 99.4 —

Sorenson Communications LLC (j)(u)(v)(y) Telecommunication Services $ 9.5 8.9 9.2

Sorenson Communications LLC (j)(u)(v)(y) Telecommunication Services 38.7 32.0 32.6

Total Subordinated Debt 196.0 80.1

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Amount (c) / Shares

Asset Based Finance—28.2%

801 5th Ave, Seattle, Private Equity

(ad)(v)(w)(y)

801 5th Ave, Seattle, Structure Mezzanine

8.0%, 3.0% PIK (3.0% Max PIK)

Abacus JV, Private Equity

Accelerator Investments Aggregator LP, Private Equity

Diversified Financials

Altavair AirFinance, Private Equity

Capital Goods

Australis Maritime, Common Stock

Transportation

Avenue One PropCo, Private Equity

(ad)(v)(w)(y)

Avida Holding AB, Common Stock

(ad)(v)(w)(y)

Diversified Financials

Byrider Finance LLC, Structured Mezzanine

Automobiles & Components

Byrider Finance LLC, Structured Mezzanine

Automobiles & Components

Callodine Commercial Finance LLC, 2L Term Loan A

Diversified Financials

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

(in millions, except share amounts)

Callodine Commercial Finance LLC, 2L Term Loan B

Diversified Financials

Capital Automotive LP, Private Equity

Capital Automotive LP, Structured Mezzanine

Global Jet Capital LLC, Preferred Stock

Commercial & Professional Services

Global Jet Capital LLC, Preferred Stock

Commercial & Professional Services

4.5% PIK (9.0% Max PIK)

Global Jet Capital LLC, Structured Mezzanine

Commercial & Professional Services

15.0% PIK (15.0% Max PIK)

Global Jet Capital LLC, Structured Mezzanine

Commercial & Professional Services

15.0% PIK (15.0% Max PIK)

Global Jet Capital LLC, Structured Mezzanine

Commercial & Professional Services

15.0% PIK (15.0% Max PIK)

Global Lending Services LLC, Private Equity

Diversified Financials

Global Lending Services LLC, Private Equity

Diversified Financials

Home Partners JV 2, Private Equity

(ac)(v)(w)(y)

Home Partners JV 2, Private Equity

(ac)(v)(w)(y)

Home Partners JV 2, Structured Mezzanine

11.0% PIK (11.0% Max PIK)

Home Partners JV 2, Structured Mezzanine

11.0% PIK (11.0% Max PIK)

Home Partners JV, Common Stock

Home Partners JV, Private Equity

Home Partners JV, Structured Mezzanine

11.0% PIK (11.0% Max PIK)

Jet Edge International LLC, Preferred Stock

Transportation

8.0%, 0.0% PIK (8.0% Max PIK)

801 5th Ave, Seattle, Private Equity (ad)(v)(w)(y) Real Estate 8,554,983 $ 14.1 $ 21.3

801 5th Ave, Seattle, Structure Mezzanine (ad)(v)(w) Real Estate 8.0%, 3.0% PIK (3.0% Max PIK) 12/19/29 $ 57.2 55.2 57.2

Abacus JV, Private Equity (v)(w) Insurance 49,223,047 48.2 50.9

Accelerator Investments Aggregator LP, Private Equity (v)(w)(y) Diversified Financials 5,397,365 6.3 4.9

Altavair AirFinance, Private Equity (v)(w) Capital Goods 118,783,852 119.7 141.3

Australis Maritime, Common Stock (v)(w) Transportation 50,769,725 49.1 51.7

Avenue One PropCo, Private Equity (ad)(v)(w)(y) Real Estate 41,348,722 41.3 41.3

Avida Holding AB, Common Stock (ad)(v)(w)(y) Diversified Financials 405,023,756 44.6 42.8

Byrider Finance LLC, Structured Mezzanine (x) Automobiles & Components L+1,050 0.3% 6/3/28 $ 23.0 23.0 23.0

Callodine Commercial Finance LLC, 2L Term Loan A (v) Diversified Financials L+900 1.0% 11/3/25 $ 125.0 118.6 124.6

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Jet Edge International LLC, Term Loan

Transportation

10.0%, 2.0% PIK (2.0% Max PIK)

Jet Edge International LLC, Term Loan

Transportation

10.0%, 2.0% PIK (2.0% Max PIK)

Jet Edge International LLC, Warrant

Transportation

Kilter Finance, Preferred Stock

6.0%, 6.0% PIK (6.0% Max PIK)

Kilter Finance, Private Equity

(ad)(v)(w)(y)

KKR Central Park Leasing Aggregator L.P., Partnership Interest

Capital Goods

KKR Rocket Loans Aggregator LLC, Partnership Interest

Diversified Financials

KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest

Capital Goods

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Luxembourg Life FundAbsolute Return Fund II, Structured Mezzanine

Music IP, Private Equity

Media & Entertainment

My Community Homes SFR PropCo 2, Private Equity

(ad)(v)(w)(y)

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Amount (c) / Shares

Callodine Commercial Finance LLC, 2L Term Loan B (v) Diversified Financials L+900 1.0% 11/3/25 $ 12.0 $ 12.0 $ 12.0

Callodine Commercial Finance LLC, 2L Term Loan B (x) Diversified Financials L+900 1.0% 11/3/25 $ 36.1 36.1 35.9

Capital Automotive LP, Private Equity (v)(w) Real Estate 21,640,936 23.7 28.9

Capital Automotive LP, Structured Mezzanine (v)(w) Real Estate 11.0% 12/22/28 $ 42.7 41.9 42.7

Global Jet Capital LLC, Preferred Stock (j)(u)(v)(y) Commercial & Professional Services 149,494,590 69.4 —

Global Jet Capital LLC, Preferred Stock (j)(u)(v)(y)(z) Commercial & Professional Services 9.0% PIK (9.0% Max PIK) 10/1/28 $ 433.0 309.4 235.4

Global Jet Capital LLC, Structured Mezzanine (j)(u)(v)(w) Commercial & Professional Services 15.0% PIK (15.0% Max PIK) 12/4/25 $ 26.0 19.2 26.0

Global Jet Capital LLC, Structured Mezzanine (j)(u)(v)(w) Commercial & Professional Services 15.0% PIK (15.0% Max PIK) 12/9/25 $ 19.0 13.6 19.0

Global Jet Capital LLC, Structured Mezzanine (j)(u)(v)(w) Commercial & Professional Services 15.0% PIK (15.0% Max PIK) 1/29/26 $ 2.2 1.6 2.2

Global Lending Services LLC, Private Equity (v)(w) Diversified Financials 10,152,325 11.8 10.3

Global Lending Services LLC, Private Equity (v)(w) Diversified Financials 12,255,274 12.3 14.0

Home Partners JV 2, Private Equity (ac)(v)(w)(y) Real Estate 2,967,456 2.9 3.6

Home Partners JV 2, Private Equity (ac)(v)(w)(y) Real Estate 111,962 0.1 0.1

Home Partners JV 2, Structured Mezzanine (ac)(v)(w) Real Estate 11.0% PIK (11.0% Max PIK) 3/20/30 $ 6.6 6.5 6.6

Home Partners JV 2, Structured Mezzanine (ac)(w)(x) Real Estate 11.0% PIK (11.0% Max PIK) 3/20/30 $ 10.7 10.7 10.7

Home Partners JV, Common Stock (ac)(v)(w) Real Estate 30,500,647 45.5 100.3

Home Partners JV, Private Equity (ac)(v)(w) Real Estate 3,793,000 5.0 11.9

Home Partners JV, Structured Mezzanine (ac)(v)(w) Real Estate 11.0% PIK (11.0% Max PIK) 3/25/29 $ 92.9 88.1 92.9

Jet Edge International LLC, Term Loan (ac)(v) Transportation 10.0%, 2.0% PIK (2.0% Max PIK) 4/2/26 $ 139.9 139.3 144.1

Jet Edge International LLC, Term Loan (ac)(x) Transportation 10.0%, 2.0% PIK (2.0% Max PIK) 4/2/26 $ 0.7 0.7 0.7

Kilter Finance, Preferred Stock (ad)(v)(w) Insurance 6.0%, 6.0% PIK (6.0% Max PIK) $ 79.3 77.8 79.3

Kilter Finance, Private Equity (ad)(v)(w)(y) Insurance 536,709 0.5 0.5

KKR Central Park Leasing Aggregator L.P., Partnership Interest (v)(w)(y)(z) Capital Goods 14.3% 5/31/23 $ 39.1 39.1 17.4

KKR Rocket Loans Aggregator LLC, Partnership Interest (ad)(v)(w) Diversified Financials 2,273,508 2.3 2.3

KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest (v)(w)(y) Capital Goods 23,664,954 23.0 19.9

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 7.8% 9/22/24 € 7.8 9.2 8.2

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 7.8% 9/22/24 $ 12.1 12.1 12.1

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 11.8% 9/22/24 € 5.9 6.9 6.1

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 11.8% 9/22/24 £ 1.6 2.2 1.9

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 7.8% 9/22/24 £ 2.1 2.9 2.6

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

NewStar Clarendon 2014-1A Class D

Diversified Financials

Opendoor Labs Inc, Structured Mezzanine

Pretium Partners LLC P2, Term Loan

Prime ST LLC, Private Equity

(ad)(v)(w)(y)

Prime ST LLC, Structured Mezzanine

5.0%, 6.0% PIK (6.0% Max PIK)

Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity

Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine

L+650 PIK (L+650 Max PIK)

Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine

L+650 PIK (L+650 Max PIK)

Star Mountain Diversified Credit Income Fund III, LP, Private Equity

Diversified Financials

Toorak Capital Funding LLC, Membership Interest

(ad)(v)(w)(y)

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Principal

Amount (c) / Shares

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 11.8% 9/22/24 $ 9.1 $ 9.1 $ 9.0

Luxembourg Life Fund - Absolute Return Fund II, Structured Mezzanine (v)(w) Insurance SF+750 0.5% 2/10/27 $ 26.5 26.5 26.2

Music IP, Private Equity (v)(w) Media & Entertainment 62,294,586 62.3 70.0

My Community Homes PropCo 2, Private Equity (ad)(v)(w)(y) Real Estate 85,000,000 85.0 85.0

NewStar Clarendon 2014-1A Class D (v)(w) Diversified Financials 20.4% 1/25/27 $ 8.3 2.5 3.6

Opendoor Labs Inc, Structured Mezzanine (v)(w) Real Estate 10.0% 4/1/26 $ 106.6 106.6 101.3

Opendoor Labs Inc, Structured Mezzanine (w)(x) Real Estate 10.0% 4/1/26 $ 53.4 53.4 50.7

Pretium Partners LLC P2, Term Loan (v)(w) Real Estate 11.0% 12/16/29 $ 33.5 32.9 32.9

Prime ST LLC, Private Equity (ad)(v)(w)(y) Real Estate 5,983,135 7.7 6.5

Prime ST LLC, Structured Mezzanine (ad)(v)(w) Real Estate 5.0%, 6.0% PIK (6.0% Max PIK) 3/12/30 $ 52.4 50.3 52.4

Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity (ad)(v) Real Estate 218,855,974 234.1 265.5

Star Mountain Diversified Credit Income Fund III, LP, Private Equity (o)(w) Diversified Financials 23,500,000 23.5 25.5

Toorak Capital Funding LLC, Membership Interest (ad)(v)(w)(y) Real Estate 1,723,140 1.9 1.7

Total Asset Based Finance 2,241.7 2,236.9

2 unchanged sentences

Credit Opportunities Partners JV, LLC —20.2%

Credit Opportunities Partners JV, LLC

Diversified Financials

Credit Opportunities Partners JV, LLC (ad)(v)(w) Diversified Financials $ 1,637.3 1,571.7 1,512.3

Credit Opportunities Partners JV, LLC 1,571.7 1,512.3

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

(in millions, except share amounts)

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Number of

Shares Amortized

Equity/Other—13.9% (e)

Abaco Energy Technologies LLC, Common Stock

Abaco Energy Technologies LLC, Preferred Stock

Affordable Care Inc, Preferred Stock

Health Care Equipment & Services

11.8% PIK (11.8% Max PIK)

American Vision Partners, Private Equity

Health Care Equipment & Services

Amerivet Partners Management Inc, Preferred Stock

Health Care Equipment & Services

11.5% PIK (11.5% Max PIK)

Amtek Global Technology Pte Ltd, Common Stock

(ad)(g)(v)(w)(y)

Automobiles & Components

Amtek Global Technology Pte Ltd, Ordinary Shares

(ad)(v)(w)(y)

Automobiles & Components

5,735,804,056

Amtek Global Technology Pte Ltd, Private Equity

(ad)(v)(w)(y)

Automobiles & Components

Angelica Corp, Limited Partnership Interest

Health Care Equipment & Services

Arcos LLC/VA, Preferred Stock

Software & Services

L+950 PIK (L+950 Max PIK)

Ardonagh Ltd, Ordinary Shares

Ardonagh Ltd, Preferred Stock

Arena Energy LP, Warrants

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim

Aspect Software Inc, Common Stock

Software & Services

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

(in millions, except share amounts)

Aspect Software Inc, Warrant

Software & Services

athenahealth Inc, Preferred Stock

Health Care Equipment & Services

L+1,075 PIK (L+1,075 Max PIK)

ATX Networks Corp, Common Stock

(ad)(s)(v)(w)(y)

Capital Goods

AVF Parent LLC, Trade Claim

Belk Inc, Common Stock

Borden (New Dairy Opco), Common Stock

(ac)(h)(n)(y)

Food, Beverage & Tobacco

Bowery Farming Inc, Warrants

Food, Beverage & Tobacco

Catalina Marketing Corp, Common Stock

Media & Entertainment

CDS US Intermediate Holdings Inc, Warrant

(aa)(v)(w)(y)

Media & Entertainment

Cengage Learning, Inc, Common Stock

Media & Entertainment

Cimarron Energy Inc, Common Stock

Cimarron Energy Inc, Participation Option

Constellis Holdings LLC, Private Equity

(ac)(f)(v)(y)

Capital Goods

CTI Foods Holding Co LLC, Common Stock

Food, Beverage & Tobacco

Cubic Corp, Preferred Stock

Software & Services

11.0% PIK (11.0% Max PIK)

Envigo Laboratories Inc, Series A Warrant

Health Care Equipment & Services

Envigo Laboratories Inc, Series B Warrant

Health Care Equipment & Services

Abaco Energy Technologies LLC, Common Stock (v)(y) Energy 3,055,556 $ 0.2 $ 0.4

Abaco Energy Technologies LLC, Preferred Stock (v)(y) Energy 12,734,481 1.5 2.5

Affordable Care Inc, Preferred Stock (ac)(v) Health Care Equipment & Services 11.8% PIK (11.8% Max PIK) 49,073,000 48.1 50.0

American Vision Partners, Private Equity (v)(y) Health Care Equipment & Services 2,450,230 2.5 1.9

Amerivet Partners Management Inc, Preferred Stock (v) Health Care Equipment & Services 11.5% PIK (11.5% Max PIK) 12,702,290 12.3 12.3

Amtek Global Technology Pte Ltd, Common Stock (ad)(g)(v)(w)(y) Automobiles & Components 7,046,126 — —

Amtek Global Technology Pte Ltd, Ordinary Shares (ad)(v)(w)(y) Automobiles & Components 5,735,804,056 30.7 —

Amtek Global Technology Pte Ltd, Private Equity (ad)(v)(w)(y) Automobiles & Components 4,097 — —

Angelica Corp, Limited Partnership Interest (h)(y) Health Care Equipment & Services 877,044 47.6 —

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Fairway Group Holdings Corp, Common Stock

Food & Staples Retailing

Fox Head Inc, Common Stock

Consumer Durables & Apparel

Fronton BV, Common Stock

Consumer Services

Galaxy Universal LLC, Common Stock

Consumer Durables & Apparel

Galaxy Universal LLC, Trade Claim

Consumer Durables & Apparel

Genesys Telecommunications Laboratories Inc, Class A Shares

Technology Hardware & Equipment

Genesys Telecommunications Laboratories Inc, Ordinary Shares

Technology Hardware & Equipment

Genesys Telecommunications Laboratories Inc, Preferred Stock

Technology Hardware & Equipment

Harvey Industries Inc, Common Stock

Capital Goods

Hilding Anders, Class A Common Stock

(ad)(v)(w)(y)

Consumer Durables & Apparel

Hilding Anders, Class B Common Stock

(ad)(v)(w)(y)

Consumer Durables & Apparel

Hilding Anders, Class C Common Stock

(ad)(v)(w)(y)

Consumer Durables & Apparel

Hilding Anders, Equity Options

(ad)(v)(w)(y)

Consumer Durables & Apparel

HM Dunn Co Inc, Preferred Stock, Series A

(ad)(s)(v)(y)

Capital Goods

HM Dunn Co Inc, Preferred Stock, Series B

(ad)(s)(v)(y)

Capital Goods

Imagine Communications Corp, Common Stock

Media & Entertainment

Jones Apparel Holdings, Inc., Common Stock

Consumer Durables & Apparel

JW Aluminum Co, Common Stock

(ad)(j)(u)(v)(y)

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Number of

Shares Amortized

Arcos LLC/VA, Preferred Stock (v) Software & Services L+950 PIK (L+950 Max PIK) 1.0% 4/30/31 15,000,000 $ 14.0 $ 14.0

Arena Energy LP, Warrants (v)(y) Energy 2/1/25 68,186,525 0.4 0.9

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock (p)(y) Energy 10,193 9.7 3.6

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim (p)(y) Energy 86,607,143 19.4 30.9

Aspect Software Inc, Common Stock (l)(s)(v)(y) Software & Services 1,309,955 2.3 1.6

Aspect Software Inc, Warrant (l)(s)(v)(y) Software & Services 1/15/24 181,730 0.3 —

athenahealth Inc, Preferred Stock (ac)(v) Health Care Equipment & Services 10.8% PIK (10.8% Max PIK) 267,493,473 262.2 254.6

ATX Networks Corp, Common Stock (ad)(s)(v)(w)(y) Capital Goods 3,773 — —

AVF Parent LLC, Trade Claim (v)(y) Retailing 44,507 — —

Belk Inc, Common Stock (ac)(v)(y) Retailing 94,950 — —

Borden (New Dairy Opco), Common Stock (ac)(h)(n)(y) Food, Beverage & Tobacco 11,167,000 9.1 7.4

Bowery Farming Inc, Warrants (v)(y) Food, Beverage & Tobacco 4/30/26 161,828 — 3.6

Catalina Marketing Corp, Common Stock (v)(y) Media & Entertainment 6,522 — —

CDS US Intermediate Holdings Inc, Warrant (aa)(v)(w)(y) Media & Entertainment 11/24/25 2,023,714 0.0 5.6

Cengage Learning, Inc, Common Stock (v)(y) Media & Entertainment 227,802 7.5 3.7

Cimarron Energy Inc, Common Stock (v)(y) Energy 4,302,293 — —

Cimarron Energy Inc, Participation Option (v)(y) Energy 25,000,000 — —

Constellis Holdings LLC, Private Equity (ac)(f)(v)(y) Capital Goods 849,702 10.3 —

CTI Foods Holding Co LLC, Common Stock (v)(y) Food, Beverage & Tobacco 5,892 0.7 —

Cubic Corp, Preferred Stock (v) Software & Services 11.0% PIK (11.0% Max PIK) 42,141,600 39.7 39.5

Envigo Laboratories Inc, Series A Warrant (s)(y) Health Care Equipment & Services 4/29/24 10,924 — —

Envigo Laboratories Inc, Series B Warrant (s)(y) Health Care Equipment & Services 4/29/24 17,515 — —

Fairway Group Holdings Corp, Common Stock (ac)(v)(y) Food & Staples Retailing 103,091 — 0.0

Fox Head Inc, Common Stock (j)(v) Consumer Durables & Apparel 10,000,000 8.0 8.9

Fronton BV, Common Stock (ac)(o)(y) Consumer Services 14,943 — 1.2

Galaxy Universal LLC, Common Stock (n)(y) Consumer Durables & Apparel 228,806 35.5 28.2

Galaxy Universal LLC, Trade Claim (v)(y) Consumer Durables & Apparel 6,607,174 4.0 1.6

Genesys Telecommunications Laboratories Inc, Class A Shares (v)(y) Technology Hardware & Equipment 40,529 — —

Genesys Telecommunications Laboratories Inc, Ordinary Shares (v)(y) Technology Hardware & Equipment 41,339 — —

Genesys Telecommunications Laboratories Inc, Preferred Stock (v)(y) Technology Hardware & Equipment 1,050,465 — —

Harvey Industries Inc, Common Stock (v) Capital Goods 5,000,000 2.2 3.2

Hilding Anders, Class A Common Stock (ad)(v)(w)(y) Consumer Durables & Apparel 4,503,411 0.1 —

Hilding Anders, Class B Common Stock (ad)(v)(w)(y) Consumer Durables & Apparel 574,791 — —

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

JW Aluminum Co, Preferred Stock

(ad)(j)(u)(v)

6.25% PIK (12.5% Max PIK)

Maverick Natural Resources LLC, Common Stock

MB Precision Holdings LLC, Class A - 2 Units

Capital Goods

Med-Metrix, Common Stock

Software & Services

Med-Metrix, Preferred Stock

Software & Services

8.0% PIK (8.0% Max PIK)

Miami Beach Medical Group LLC, Common Stock

Health Care Equipment & Services

Misys Ltd, Preferred Stock

Software & Services

L+1,025 PIK (L+1,025 Max PIK)

NBG Home, Common Stock

Consumer Durables & Apparel

Nine West Holdings Inc, Common Stock

Consumer Durables & Apparel

One Call Care Management Inc, Common Stock

Health Care Equipment & Services

One Call Care Management Inc, Preferred Stock A

Health Care Equipment & Services

One Call Care Management Inc, Preferred Stock B

Health Care Equipment & Services

9.0% PIK (9.0% Max PIK)

Petroplex Acidizing Inc, Preferred Stock A

Petroplex Acidizing Inc, Warrant

Polyconcept North America Inc, Class A - 1 Units

Household & Personal Products

PRG III LLC, Preferred Stock, Series A PIK

Media & Entertainment

PRG III LLC, Preferred Stock, Series B PIK

Media & Entertainment

Proserv Acquisition LLC, Class A Common Units

(ac)(v)(w)(y)

Proserv Acquisition LLC, Class A Preferred Units

(ac)(v)(w)(y)

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Number of

Shares Amortized

Hilding Anders, Class C Common Stock (ad)(v)(w)(y) Consumer Durables & Apparel 213,201 $ — $ —

Hilding Anders, Equity Options (ad)(v)(w)(y) Consumer Durables & Apparel 11/30/25 236,160,807 15.0 —

HM Dunn Co Inc, Preferred Stock, Series A (ad)(s)(v)(y) Capital Goods 85,385 7.1 9.0

HM Dunn Co Inc, Preferred Stock, Series B (ad)(s)(v)(y) Capital Goods 15,000 — —

Imagine Communications Corp, Common Stock (v)(y) Media & Entertainment 33,034 3.8 2.4

Jones Apparel Holdings, Inc., Common Stock (v)(y) Consumer Durables & Apparel 5,451 0.9 —

JW Aluminum Co, Common Stock (ad)(j)(u)(v)(y) Materials 2,105 — 2.6

JW Aluminum Co, Preferred Stock (ad)(j)(u)(v) Materials 12.5% PIK (12.5% Max PIK) 2/15/28 15,279 191.2 123.3

Maverick Natural Resources LLC, Common Stock (n)(o)(y) Energy 259,211 84.5 211.6

MB Precision Holdings LLC, Class A - 2 Units (n)(o)(y) Capital Goods 8,081,288 0.5 —

Med-Metrix, Common Stock (h)(y) Software & Services 29,403 1.5 2.2

Med-Metrix, Preferred Stock (h) Software & Services 8.0% PIK (8.0% Max PIK) 29,403 1.5 1.5

Miami Beach Medical Group LLC, Common Stock (v)(y) Health Care Equipment & Services 5,000,000 4.8 1.3

Misys Ltd, Preferred Stock (v)(w) Software & Services L+1,025 PIK (L+1,025 Max PIK) 60,942,677 56.9 59.7

NBG Home, Common Stock (v)(y) Consumer Durables & Apparel 1,903 2.4 —

Nine West Holdings Inc, Common Stock (v)(y) Consumer Durables & Apparel 5,451 6.4 —

One Call Care Management Inc, Common Stock (ad)(v)(y) Health Care Equipment & Services 34,872 2.1 2.2

One Call Care Management Inc, Preferred Stock A (ad)(v)(y) Health Care Equipment & Services 371,992 22.8 23.6

One Call Care Management Inc, Preferred Stock B (ad)(v) Health Care Equipment & Services 9.0% PIK (9.0% Max PIK) 10/25/29 7,672,347 8.0 7.7

Petroplex Acidizing Inc, Preferred Stock A (ac)(v)(y) Energy 25,389,954 4.9 —

Petroplex Acidizing Inc, Warrant (ac)(v)(y) Energy 12/15/26 8 — —

Polyconcept North America Inc, Class A - 1 Units (v) Household & Personal Products 30,000 3.0 7.2

PRG III LLC, Preferred Stock, Series A PIK (ad)(v)(y) Media & Entertainment 8/21/24 434,250 18.1 26.9

PRG III LLC, Preferred Stock, Series B PIK (ad)(v)(y) Media & Entertainment 8/21/24 140 — —

Proserv Acquisition LLC, Class A Common Units (ac)(v)(w)(y) Energy 2,635,005 33.5 1.1

Proserv Acquisition LLC, Class A Preferred Units (ac)(v)(w)(y) Energy 837,780 5.4 9.5

Quorum Health Corp, Trade Claim (v)(y) Health Care Equipment & Services 8,301,000 0.7 0.8

Quorum Health Corp, Trust Initial Funding Units (v)(y) Health Care Equipment & Services 143,400 0.2 0.2

Ridgeback Resources Inc, Common Stock (j)(u)(v)(w) Energy 1,969,418 9.1 10.6

Sequel Youth & Family Services LLC, Class R Common Stock (n)(y) Health Care Equipment & Services 900,000 — —

Sequel Youth & Family Services LLC, NP-1 Common Stock (n)(y) Health Care Equipment & Services 1,000,000 4.0 —

Sorenson Communications LLC, Common Stock (j)(u)(v)(y) Telecommunication Services 42,731 7.1 7.1

Sorenson Communications LLC, Trade Claim (j)(u)(v)(y) Telecommunication Services 2,000,000 2.0 2.0

Sound United LLC, Common Stock (v) Consumer Durables & Apparel 532,768 0.7 7.0

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Quorum Health Corp, Trade Claim

Health Care Equipment & Services

Quorum Health Corp, Trust Initial Funding Units

Health Care Equipment & Services

Ridgeback Resources Inc, Common Stock

(j)(u)(v)(w)(y)

Sequel Youth & Family Services LLC, Class R Common Stock

Health Care Equipment & Services

Sequel Youth & Family Services LLC, NP-1 Common

Health Care Equipment & Services

Sorenson Communications LLC, Common Stock

(ac)(j)(u)(v)(y)

Telecommunication Services

Sound United LLC, Common Stock

Consumer Durables & Apparel

Stuart Weitzman Inc, Common Stock

Consumer Durables & Apparel

Sungard Availability Services Capital Inc, Common Stock

(ac)(s)(u)(v)(y)

Software & Services

Swift Worldwide Resources Holdco Ltd, Common Stock

ThermaSys Corp, Common Stock

(ac)(u)(v)(y)

Capital Goods

ThermaSys Corp, Preferred Stock

Capital Goods

Versatile Processing Group Inc,

Class A - 2 Units

Warren Resources Inc, Common Stock

Worldwise Inc, Class A Private Equity

Household & Personal Products

Worldwise Inc, Class B Private Equity

Household & Personal Products

Zeta Interactive Holdings Corp, Common Stock

Software & Services

Portfolio Company (a)

Footnotes Industry Rate (b)

Maturity Number of

Shares Amortized

Stuart Weitzman Inc, Common Stock (v)(y) Consumer Durables & Apparel 5,451 $ — $ —

Sungard Availability Services Capital Inc, Common Stock (ac)(s)(u)(v)(y) Software & Services 262,516 6.9 —

Swift Worldwide Resources Holdco Ltd, Common Stock (v)(y) Energy 1,250,000 1.2 0.7

ThermaSys Corp, Common Stock (ac)(u)(v)(y) Capital Goods 17,383,026 10.2 —

ThermaSys Corp, Preferred Stock (ac)(v)(y) Capital Goods 1,529 1.7 —

Versatile Processing Group Inc, Class A - 2 Units (u)(y) Materials 3,637,500 3.6 —

Warren Resources Inc, Common Stock (ad)(v)(y) Energy 3,483,788 12.8 29.8

Worldwise Inc, Class A Private Equity (v)(y) Household & Personal Products 32,109 1.6 1.6

Worldwise Inc, Class B Private Equity (v)(y) Household & Personal Products 32,109 1.6 1.5

Zeta Interactive Holdings Corp, Common Stock (aa)(v)(y) Software & Services 3,610,212 30.8 16.3

Total Equity/Other 1,136.8 1,045.0

2 unchanged sentences

NET ASSETS—100% $ 7,487.0

See notes to unaudited consolidated

financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

(in millions, except share amounts)

Foreign currency forward contracts

Settlement Date

March 31, 2022

Unrealized Appreciation

(Depreciation)

JP Morgan Chase Bank

Security may be an obligation of one or more entities affiliated with the named company.

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(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.

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

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

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.

Foreign currency forward contracts

Foreign Currency Settlement Date Counterparty Amount and Transaction US$ Value at Settlement Date US$ Value at

June 30, 2022

Unrealized Appreciation (Depreciation)

AUD 10/17/2022 JP Morgan Chase Bank A$ 3.0 Sold $ 2.1 $ 2.1 $ 0.0

AUD 2/14/2023 JP Morgan Chase Bank A$ 2.2 Sold 1.6 1.5 0.1

CAD 11/10/2022 JP Morgan Chase Bank C$ 1.5 Sold 1.2 1.1 0.1

CAD 1/11/2023 JP Morgan Chase Bank C$ 1.5 Sold 1.2 1.2 0.0

CAD 7/5/2023 JP Morgan Chase Bank C$ 1.9 Sold 1.5 1.5 0.0

CAD 7/5/2023 JP Morgan Chase Bank C$ 1.4 Sold 1.1 1.1 0.0

CAD 11/15/2024 JP Morgan Chase Bank C$ 4.0 Sold 3.2 3.1 0.1

EUR 9/12/2022 JP Morgan Chase Bank € 10.0 Sold 11.7 10.5 1.2

EUR 10/17/2022 JP Morgan Chase Bank € 11.6 Sold 12.3 12.2 0.1

EUR 7/17/2023 JP Morgan Chase Bank € 1.3 Sold 1.7 1.4 0.3

EUR 2/23/2024 JP Morgan Chase Bank € 42.3 Sold 49.1 46.0 3.1

EUR 8/8/2025 JP Morgan Chase Bank € 4.8 Sold 5.7 5.3 0.4

EUR 8/8/2025 JP Morgan Chase Bank € 1.9 Sold 2.3 2.1 0.2

GBP 1/11/2023 JP Morgan Chase Bank £ 1.9 Sold 2.9 2.4 0.5

GBP 1/11/2023 JP Morgan Chase Bank £ 1.7 Sold 2.6 2.1 0.5

GBP 1/11/2023 JP Morgan Chase Bank £ 3.4 Sold 4.8 4.2 0.6

GBP 1/11/2023 JP Morgan Chase Bank £ 5.0 Sold 6.6 6.1 0.5

GBP 1/11/2023 JP Morgan Chase Bank £ 1.4 Sold 1.9 1.7 0.2

GBP 10/13/2023 JP Morgan Chase Bank £ 6.2 Sold 8.5 7.6 0.9

NOK 8/8/2025 JP Morgan Chase Bank NOK 45.0 Sold 4.8 4.6 0.2

SEK 5/10/2024 JP Morgan Chase Bank SEK 503.0 Sold 60.2 50.0 10.2

SEK 5/10/2024 JP Morgan Chase Bank SEK 34.5 Sold 4.1 3.4 0.7

SEK 5/10/2024 JP Morgan Chase Bank SEK 68.0 Sold 8.1 6.8 1.3

SEK 5/10/2024 JP Morgan Chase Bank SEK 250.0 Sold 26.3 24.8 1.5

SEK 8/8/2025 JP Morgan Chase Bank SEK 119.3 Sold 13.3 11.9 1.4

SEK 8/8/2025 JP Morgan Chase Bank SEK 27.8 Sold 3.1 2.8 0.3

Total $ 241.9 $ 217.5 $ 24.4

_______________

(a) Security may be an obligation of one or more entities affiliated with the named company.

(b) Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread.

As of June 30, 2022, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 2.29%, the Euro Interbank Offered Rate, or EURIBOR, was (0.20)%, Canadian Dollar Offer Rate, or CDOR was 2.76%, the Australian Bank Bill Swap Bid Rate, or BBSY, or “B”, was 1.86%, the Reykjavik Interbank Offered Rate, or REIBOR, was 5.49%, the Stockholm Interbank Offered Rate, or STIBOR or "SR", was 0.80%, the Sterling Interbank Offered Rate, or SONIA or "SA", was 1.19%, the Secured Overnight Financing Rate, or SOFR, was 2.12% and the U.S.

Prime Lending Rate, or Prime, was 4.75%.

2 unchanged sentences

Variable rate securities with no floor rate use the respective benchmark rate in all cases.

Denominated in U.S dollars unless otherwise noted.

Fair value determined by the Companys board of directors (see Note 8).

Listed investments may be treated as debt for GAAP or tax purposes.

Security or portion thereof held within Ambler Funding LLC and is pledged as collateral supporting the amounts

outstanding under the revolving credit facility with Ally Bank (see Note 9).

Security or portion thereof held within CCT Dublin Funding Limited.

Security held within CCT Holdings II, LLC, a wholly-owned subsidiary of the Company.

Security or portion thereof held within CCT Tokyo Funding LLC and pledged as collateral supporting the amounts

outstanding under the revolving credit facility with Sumitomo Mitsui Banking Corporation (see Note 9).

Security or portion thereof held within Cobbs Creek LLC and is pledged as collateral supporting the amounts

outstanding under the senior secured revolving credit facility (see Note 9).

Security or portion thereof held within Darby Creek LLC and is pledged as collateral supporting the amounts

outstanding under a revolving credit facility with Deutsche Bank AG, New York Branch (see Note 9).

Security or portion thereof held within Dunlap Funding LLC and is pledged as collateral supporting the amounts

outstanding under a revolving credit facility with Deutsche Bank AG, New York Branch (see Note 9).

Security or portion thereof held within FS KKR MM CLO 1 LLC (see Note 9).

Security held within FSIC II Investments, Inc., a wholly-owned subsidiary of the Company.

Security held within FSIC Investments, Inc., a wholly-owned subsidiary of the Company.

Security held within IC American Energy Investments, Inc., a wholly-owned subsidiary of the Company.

Security held within IC Arches Investments, LLC, a wholly-owned subsidiary of the Company.

Security held within IC II Arches Investments, LLC, a wholly-owned subsidiary of the Company.

Security or portion thereof held within Juniata River LLC and is pledged as collateral supporting the amounts

outstanding under a term loan credit facility with JPMorgan Chase Bank, N.A.

(see Note 9).

Security or portion thereof held within Meadowbrook Run LLC and is pledged as collateral supporting the amounts

outstanding under a revolving credit facility with Morgan Stanley Senior Funding, Inc.

(see Note 9).

Security or portion thereof held within Race Street Funding LLC.

Security is available as collateral to support

the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

(v) Security or portion thereof is pledged as collateral supporting the amounts

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.

As of March 31, 2022,

77.7% of the Companys total assets represented qualifying assets.

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Security is an unfunded commitment.

Reflects the stated spread at the time of commitment, but may not be the

actual rate received upon funding.

Security is non-income producing.

Asset is on non-accrual status.

Security is classified as Level 1 or Level 2 in the Companys fair value hierarchy (see Note 8).

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

person of a portfolio company if it owns 5% or more of the portfolio companys voting securities and 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.

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

deemed to control.

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

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

March 31, 2022

(d) Fair value determined by the Company’s board of directors (see Note 8).

(e) Listed investments may be treated as debt for GAAP or tax purposes.

(f) Security or portion thereof held within Ambler Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Ally Bank (see Note 9).

(g) Security or portion thereof held within CCT Dublin Funding Limited.

(h) Security held within CCT Holdings II, LLC, a wholly-owned subsidiary of the Company.

(i) Security or portion thereof held within CCT Tokyo Funding LLC and pledged as collateral supporting the amounts outstanding under the revolving credit facility with Sumitomo Mitsui Banking Corporation (see Note 9).

(j) Security or portion thereof held within Cobbs Creek LLC and is pledged as collateral supporting the amounts outstanding under the senior secured revolving credit facility (see Note 9).

(k) Security or portion thereof held within Darby Creek LLC and is pledged as collateral supporting the amounts outstanding under a revolving credit facility with Deutsche Bank AG, New York Branch (see Note 9).

(l) Security or portion thereof held within Dunlap Funding LLC and is pledged as collateral supporting the amounts outstanding under a revolving credit facility with Deutsche Bank AG, New York Branch (see Note 9).

(m) Security or portion thereof held within FS KKR MM CLO 1 LLC (see Note 9).

(n) Security held within FSIC II Investments, Inc., a wholly-owned subsidiary of the Company.

(o) Security held within FSIC Investments, Inc., a wholly-owned subsidiary of the Company.

(p) Security held within IC American Energy Investments, Inc., a wholly-owned subsidiary of the Company.

(q) Security held within IC Arches Investments, LLC, a wholly-owned subsidiary of the Company.

(r) Security held within IC II Arches Investments, LLC, a wholly-owned subsidiary of the Company.

(s) Security or portion thereof held within Juniata River LLC and is pledged as collateral supporting the amounts outstanding under a term loan credit facility with JPMorgan Chase Bank, N.A.

(see Note 9).

(t) Security or portion thereof held within Meadowbrook Run LLC and is pledged as collateral supporting the amounts outstanding under a revolving credit facility with Morgan Stanley Senior Funding, Inc.

(see Note 9).

(u) Security or portion thereof held within Race Street Funding LLC.

Security is available as collateral to support the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

(v) Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

(w) The investment, or portion of the investment is not a qualifying asset under the Investment Company Act of 1940, as amended.

As of June 30, 2022, 76.5% of the Company’s total assets represented qualifying assets.

(x) Security is an unfunded commitment.

Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.

(y) Security is non-income producing.

(z) Asset is on non-accrual status.

(aa) Security is classified as Level 1 or Level 2 in the Company's fair value hierarchy (see Note 8).

(ab) Position or portion thereof unsettled as of June 30, 2022.

(ac) Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company.

As of June 30, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”.

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 June 30, 2022:

Portfolio Company Fair Value at December 31, 2021

Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2022

Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend and Other Income (3)

Senior Secured Loans—First Lien

2 unchanged sentences

athenahealth Inc — 6.8 — — (0.6) 6.2 0.1 — 0.2 —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2022

(in millions, except share amounts)

Portfolio Company Fair Value at December 31, 2021

Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2022

Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend and Other Income (3)

Belk Inc $ 49.2 $ 3.9 $ (0.6) $ (0.2) $ (23.2) $ 29.1 $ 3.9 $ 2.7 $ — $ —

Belk Inc 21.9 0.1 — — (1.9) 20.1 1.0 — — —

Borden (New Dairy Opco) 9.0 — (9.0) 0.6 (0.6) — 0.1 — 0.3 —

7 unchanged sentences

Sorenson Communications LLC (4)

60.1 — (56.9) — (3.2) — — — — —

Sungard Availability Services Capital Inc 6.0 0.1 — — (1.6) 4.5 — — — —

Sungard Availability Services Capital Inc — 3.0 — — — 3.0 0.1 0.1 0.2 —

ThermaSys Corp 3.5 — — — 0.1 3.6 — — — —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

(in millions, except share amounts)

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

March 31, 2022

Senior Secured Loans—Second Lien

Belk Inc 6.7 — — — (2.2) 4.5 — — — —

Constellis Holdings LLC 12.0 0.1 — — (0.2) 11.9 0.9 — — —

15 unchanged sentences

Orchard Marine Limited, Series A Preferred Stock 64.6 — (65.4) 3.4 (2.6) — — — — —

Affordable Care Inc, Preferred Stock 52.1 — — — (2.1) 50.0 — 2.8 — —

athenahealth Inc, Preferred Stock — 311.3 (47.5) (1.6) (7.6) 254.6 — 12.9 — —

Belk Inc, Common Stock — — — — — — — — — —

See notes to unaudited consolidated financial statements.

1 unchanged sentence

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

March 31, 2022

Affordable Care Inc, Preferred Stock

athenahealth Inc, Preferred Stock

Belk Inc, Common Stock

Portfolio Company Fair Value at December 31, 2021

Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2022

Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend and Other Income (3)

Borden (New Dairy Opco), Common Stock $ 7.7 $ — $ — $ — $ (0.3) $ 7.4 $ — $ — $ — $ —

10 unchanged sentences

Proserv Acquisition LLC, Class A Common Units 0.1 0.1 — — 0.9 1.1 — — — —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

(in millions, except share amounts)

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

March 31, 2022

Proserv Acquisition LLC, Class A Preferred Units 9.3 — — — 0.2 9.5 — — — —

Sorenson Communications LLC, Common Stock (4)

67.5 — (65.4) 22.9 (25.0) — — — — —

Sungard Availability Services Capital Inc, Common Stock — — — — — — — — — —

1 unchanged sentence

ThermaSys Corp, Preferred Stock — — — — — — — — — —

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK

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.

Gross reductions include decreases in the cost basis of investments resulting from principal collections related

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.

Interest, PIK, fee and dividend income presented for the full three months ended March 31, 2022.

See notes to unaudited consolidated financial

Total $ 859.0 $ 427.2 $ (446.6) $ 39.1 $ (41.3) $ 837.4 $ 17.2 $ 25.2 $ 2.3 $ 6.5

______________

(1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK 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.

(2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related 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.

(3) Interest, PIK, fee and dividend income presented for the full six months ended June 30, 2022.

(4) The Company held this investment as of June 30, 2022 but it was not deemed to be an “affiliated person” of the portfolio company as of June 30, 2022.

Transfers in or out have been presented at amortized cost.

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

As of June 30, 2022

(in millions, except share amounts)

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.

As of March 31, 2022, the Company held investments

in portfolio companies of which it is deemed to be an affiliated person and deemed to control.

During the three months ended March 31, 2022, the Company disposed of investments in portfolio companies of which it was

deemed to be an affiliated person and deemed to control.

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

deemed to control as of March 31, 2022:

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

(ad) 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 company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company.

As of June 30, 2022, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" and deemed to "control".

During the six months ended June 30, 2022, the Company disposed of investments in portfolio companies of which it was deemed to be an "affiliated person" and deemed to "control".

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 deemed to control as of June 30, 2022:

Portfolio Company Fair Value at December 31, 2021

Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2022

Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend and Other Income (3)

Senior Secured Loans—First Lien

23 unchanged sentences

Avenue One PropCo, Private Equity — 41.3 — — — 41.3 — — — —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

(in millions, except share amounts)

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

Avida Holding AB, Common Stock 52.3 — — — (9.5) 42.8 — — — —

2 unchanged sentences

KKR Rocket Loans Aggregator LLC, Partnership Interest 1.4 0.9 — — — 2.3 — — — 0.5

My Community Homes SFR PropCo 2, Private Equity

My Community Homes PropCo 2, Private Equity 33.0 157.0 (105.0) — — 85.0 — — — —

Prime St LLC, Private Equity 9.1 — — — (2.6) 6.5 — — — —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2022

(in millions, except share amounts)

Portfolio Company Fair Value at December 31, 2021

Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2022

Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend and Other Income (3)

Prime St LLC, Structured Mezzanine $ 52.4 $ — $ (0.1) $ — $ 0.1 $ 52.4 $ 1.4 $ 1.6 $ — $ —

18 unchanged sentences

One Call Care Management Inc, Preferred Stock A 26.1 — — — (2.5) 23.6 — — — —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2022

(in millions, except share amounts)

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

One Call Care Management Inc, Preferred Stock B 9.2 — — — (1.5) 7.7 — 0.3 — —

2 unchanged sentences

Sound United LLC, Common Stock (4)

77.5 — (17.3) — (60.2) — — — — —

Warren Resources Inc, Common Stock 20.4 — — — 9.4 29.8 — — — —

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK

Gross reductions include decreases in the cost basis of investments resulting from principal collections related

Interest, PIK, fee and dividend income presented for the full three months ended March 31, 2022.

See notes to unaudited consolidated financial

Total $ 2,684.1 $ 579.4 $ (204.6) $ (39.1) $ (146.6) $ 2,873.2 $ 21.0 $ 24.8 $ 0.3 $ 110.3

______________

(3) Interest, PIK, fee and dividend income presented for the full six months ended June 30, 2022.

(4) The Company held this investment as of June 30, 2022 but it was not deemed to be an “control” of the portfolio company as of June 30, 2022.

Transfers in or out have been presented at amortized cost.

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

2 unchanged sentences

(in millions, except share amounts)

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Principal

Senior Secured Loans—First Lien—126.3%

3Pillar Global Inc

Software & Services

3Pillar Global Inc

Software & Services

3Pillar Global Inc

Software & Services

5 Arch Income Fund 2 LLC

(q)(r)(w)(y)(z)

Diversified Financials

Accuride Corp

Capital Goods

Advanced Dermatology & Cosmetic Surgery

Health Care Equipment & Services

Advanced Dermatology & Cosmetic Surgery

Health Care Equipment & Services

Advanced Dermatology & Cosmetic Surgery

Health Care Equipment & Services

Advania Sverige AB

Software & Services

SR+610, 0.0% PIK (3.3% Max PIK)

Advania Sverige AB

Software & Services

R+610, 0.0% PIK (3.3% Max PIK)

Advania Sverige AB

Software & Services

SR+610, 0.0% PIK (3.3% Max PIK)

Affordable Care Inc

Health Care Equipment & Services

L+550, 0.0% PIK (1.3% Max PIK)

Affordable Care Inc

Health Care Equipment & Services

L+550, 0.0% PIK (1.3% Max PIK)

Affordable Care Inc

Health Care Equipment & Services

L+550, 0.0% PIK (1.3% Max PIK)

Alacrity Solutions Group LLC

Alera Group Intermediate Holdings Inc

American Vision Partners

Health Care Equipment & Services

American Vision Partners

Health Care Equipment & Services

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

American Vision Partners

Health Care Equipment & Services

Amtek Global Technology Pte Ltd

(ad)(v)(w)(y)(z)

Automobiles & Components

E+500 PIK (E+500 Max PIK)

Software & Services

Ardonagh Group Ltd

Arrotex Australia Group Pty Ltd

Pharmaceuticals, Biotechnology &

Life Sciences

Arrotex Australia Group Pty Ltd

Pharmaceuticals, Biotechnology &

Life Sciences

Aspect Software Inc

Software & Services

8.0% PIK (8.0% Max PIK)

ATX Networks Corp

(ad)(s)(v)(w)

Capital Goods

7.5% PIK (7.5% Max PIK)

Software & Services

(f)(k)(l)(m)(t)(v)

Consumer Services

5.0%, 8.0% PIK (8.0% Max PIK)

BGB Group LLC

(f)(i)(k)(l)(m)(t)(v)

Media & Entertainment

BGB Group LLC

Media & Entertainment

Borden (New Dairy Opco)

Food, Beverage & Tobacco

L+700, 0.0% PIK (1.0% Max PIK)

Borden (New Dairy Opco)

Food, Beverage & Tobacco

Borden Dairy Co

(ac)(v)(y)(z)

Food, Beverage & Tobacco

Bowery Farming Inc

Food, Beverage & Tobacco

Cimarron Energy Inc

Clarience Technologies LLC

(f)(i)(k)(m)(s)(v)

Capital Goods

Clarience Technologies LLC

Capital Goods

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Clarience Technologies LLC

Capital Goods

Clarience Technologies LLC

Capital Goods

Constellis Holdings LLC

Capital Goods

Corsearch Intermediate Inc

Software & Services

Corsearch Intermediate Inc

Software & Services

(f)(i)(k)(l)(m)(t)(v)

Capital Goods

Dental Care Alliance Inc

(f)(k)(m)(t)(v)

Health Care Equipment & Services

Dental Care Alliance Inc

Health Care Equipment & Services

Dental Care Alliance Inc

Health Care Equipment & Services

Element Materials Technology Group US Holdings Inc

Capital Goods

Encora Digital Inc

Software & Services

L+550, 0.0% PIK (2.4% Max PIK)

Encora Digital Inc

Software & Services

Entertainment Benefits Group LLC

Media & Entertainment

L+575, 2.5% PIK (2.5% Max PIK)

Entertainment Benefits Group LLC

(f)(k)(l)(m)(v)

Media & Entertainment

L+575, 2.5% PIK (2.5% Max PIK)

Entertainment Benefits Group LLC

Media & Entertainment

L+575, 2.5% PIK (2.5% Max PIK)

Fairway Group Holdings Corp

(ac)(v)(y)(z)

Food & Staples Retailing

12.0% PIK (12.0% Max PIK)

Fairway Group Holdings Corp

(ac)(v)(y)(z)

Food & Staples Retailing

10.0% PIK (10.0% Max PIK)

Follett Software Co

Software & Services

Follett Software Co

Software & Services

Foundation Consumer Brands LLC

Pharmaceuticals, Biotechnology &

Life Sciences

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Foundation Consumer Brands LLC

Pharmaceuticals, Biotechnology &

Life Sciences

Foundation Risk Partners Corp

Frontline Technologies Group LLC

Software & Services

Frontline Technologies Group LLC

Software & Services

Galaxy Universal LLC

Consumer Durables & Apparel

Galaxy Universal LLC

Consumer Durables & Apparel

Galaxy Universal LLC

Consumer Durables & Apparel

Galway Partners Holdings LLC

L+525, 0.0% PIK (1.3% Max PIK)

Galway Partners Holdings LLC

L+525, 0.0% PIK (1.3% Max PIK)

Galway Partners Holdings LLC

L+525, 0.0% PIK (1.3% Max PIK)

General Datatech LP

(f)(k)(l)(m)(t)(v)

Software & Services

Greystone Equity Member Corp

Diversified Financials

Heniff Transportation Systems LLC

Transportation

Heniff Transportation Systems LLC

(f)(i)(k)(l)(m)(v)

Transportation

Heniff Transportation Systems LLC

Transportation

Heniff Transportation Systems LLC

Transportation

3Pillar Global Inc (i)(k)(l) Software & Services L+600 0.8% 11/23/27 $ 96.3 $ 95.3 $ 95.3

3Pillar Global Inc (x) Software & Services L+600 0.8% 11/23/26 9.2 9.2 9.1

3Pillar Global Inc (x) Software & Services L+600 0.8% 11/23/27 30.6 30.6 30.2

5 Arch Income Fund 2 LLC (q)(r)(w)(y)(z) Diversified Financials 9.0% 11/18/23 111.1 81.3 78.3

Accuride Corp (aa)(l) Capital Goods L+525 1.0% 11/17/23 9.0 8.1 8.7

Advanced Dermatology & Cosmetic Surgery (m)(t)(v) Health Care Equipment & Services L+625 1.0% 5/7/27 44.8 42.9 45.0

Advanced Dermatology & Cosmetic Surgery (x) Health Care Equipment & Services L+625 1.0% 5/7/26 3.6 3.6 3.6

Advanced Dermatology & Cosmetic Surgery (x) Health Care Equipment & Services L+625 1.0% 5/7/27 4.2 4.2 4.2

Advania Sverige AB (v)(w) Software & Services SR+610, 0.0% PIK (3.3% Max PIK) 0.0% 4/28/28 SEK 629.4 67.9 68.9

Advania Sverige AB (v)(w) Software & Services R+610, 0.0% PIK (3.3% Max PIK) 0.0% 4/28/28 ISK 1,345.8 10.0 10.3

Advania Sverige AB (w)(x) Software & Services SR+610, 0.0% PIK (3.3% Max PIK) 0.0% 4/28/28 SEK 304.1 37.5 37.2

Affordable Care Inc (ac)(v) Health Care Equipment & Services L+550, 0.0% PIK (1.3% Max PIK) 0.8% 8/2/28 $ 60.4 59.9 60.1

Affordable Care Inc (ac)(x) Health Care Equipment & Services L+550, 0.0% PIK (1.3% Max PIK) 0.8% 8/2/27 12.8 12.8 12.8

Affordable Care Inc (ac)(x) Health Care Equipment & Services L+550, 0.0% PIK (1.3% Max PIK) 0.8% 8/2/28 43.1 43.1 42.9

Alacrity Solutions Group LLC (v) Insurance L+525 0.8% 12/22/27 1.1 0.9 1.1

Alacrity Solutions Group LLC (v) Insurance L+525 0.8% 12/22/28 69.2 68.2 68.2

Alacrity Solutions Group LLC (x) Insurance L+525 0.8% 12/22/27 9.7 9.7 9.5

Alera Group Intermediate Holdings Inc (v) Insurance L+550 0.8% 10/2/28 21.4 21.2 21.2

Alera Group Intermediate Holdings Inc (x) Insurance L+550 0.8% 10/2/28 22.9 22.9 22.7

American Vision Partners (i)(v) Health Care Equipment & Services L+575 0.8% 9/30/27 94.7 93.8 94.3

American Vision Partners (x) Health Care Equipment & Services L+575 0.8% 9/30/26 7.8 7.8 7.7

American Vision Partners (x) Health Care Equipment & Services L+575 0.8% 9/30/27 38.9 38.9 38.7

Amtek Global Technology Pte Ltd (ad)(v)(w)(y)(z) Automobiles & Components E+500 PIK (E+500 Max PIK) 0.0% 4/4/24 € 57.2 68.7 34.8

Arcos LLC/VA (m) Software & Services L+575 1.0% 3/31/28 $ 12.5 12.3 12.4

Arcos LLC/VA (x) Software & Services L+575 1.0% 4/20/27 4.5 4.5 4.5

Ardonagh Group Ltd (v)(w) Insurance SA+675 0.8% 7/14/26 £ 0.8 1.0 1.1

Ardonagh Group Ltd (v)(w) Insurance L+550 0.8% 7/14/26 $ 14.1 13.8 13.9

Ardonagh Group Ltd (w)(x) Insurance L+550 1.0% 7/14/26 £ 16.7 22.8 22.1

Arrotex Australia Group Pty Ltd (v)(w) Pharmaceuticals, Biotechnology & Life Sciences B+525 1.0% 7/10/24 A$ 42.6 30.4 30.9

Arrotex Australia Group Pty Ltd (v)(w) Pharmaceuticals, Biotechnology & Life Sciences B+525 1.0% 7/10/24 3.1 2.2 2.3

Aspect Software Inc (v) Software & Services 8.0% PIK (8.0% Max PIK) 7/14/22 $ 0.3 0.2 0.3

ATX Networks Corp (ad)(s)(v)(w) Capital Goods 7.5% PIK (7.5% Max PIK) 1.0% 8/9/26 46.8 46.8 46.8

AxiomSL Ltd (f)(m)(t)(v) Software & Services L+600 1.0% 12/3/27 35.1 34.4 34.4

AxiomSL Ltd (x) Software & Services L+600 1.0% 12/3/25 2.5 2.4 2.4

AxiomSL Ltd (x) Software & Services L+600 1.0% 12/3/27 2.3 2.3 2.2

Barbri Inc (f)(k)(l)(m)(t)(v) Consumer Services L+575 0.8% 4/28/28 92.4 88.1 92.4

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

(f)(k)(l)(m)(t)(v)

Commercial & Professional Services

Higginbotham Insurance Agency Inc

HM Dunn Co Inc

Capital Goods

HM Dunn Co Inc

Capital Goods

Hudson Technologies Co

Commercial & Professional Services

Individual FoodService

Capital Goods

Individual FoodService

Capital Goods

Individual FoodService

Capital Goods

Individual FoodService

Capital Goods

Industria Chimica Emiliana Srl

Pharmaceuticals, Biotechnology & Life Sciences

Industry City TI Lessor LP

Consumer Services

10.8%, 1.0% PIK (1.0% Max PIK)

Insight Global LLC

Commercial & Professional Services

Insight Global LLC

Commercial & Professional Services

Insight Global LLC

Commercial & Professional Services

Insight Global LLC

Commercial & Professional Services

Integrity Marketing Group LLC

(f)(i)(m)(s)(v)

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Principal

Barbri Inc (k)(l) Consumer Services L+575 0.8% 4/30/28 $ 35.1 $ 34.8 $ 34.8

Barbri Inc (x) Consumer Services L+575 0.8% 4/30/28 14.8 14.8 14.6

Belk Inc (aa)(ac)(v) Retailing L+750 1.0% 7/31/25 21.9 21.7 21.9

Belk Inc (aa)(ac)(v) Retailing 5.0%, 8.0% PIK (8.0% Max PIK) 7/31/25 66.7 40.2 49.2

BGB Group LLC (f)(i)(k)(l)(m)(t)(v) Media & Entertainment L+575 1.0% 8/16/27 118.6 117.5 118.0

BGB Group LLC (x) Media & Entertainment L+575 1.0% 8/16/27 19.9 19.9 19.8

Borden (New Dairy Opco) (ac)(v) Food, Beverage & Tobacco L+700, 0.0% PIK (1.0% Max PIK) 1.0% 7/20/25 42.0 40.2 42.0

Borden (New Dairy Opco) (ac)(v) Food, Beverage & Tobacco L+250 1.0% 7/20/25 9.0 8.4 9.0

Borden Dairy Co (ac)(v)(y)(z) Food, Beverage & Tobacco L+825 1.0% 7/6/23 65.0 25.4 —

Bowery Farming Inc (v) Food, Beverage & Tobacco L+1,000 1.0% 4/30/26 75.0 74.3 69.3

Cimarron Energy Inc (v)(y)(z) Energy L+900 1.0% 12/31/24 7.5 5.5 3.6

Clarience Technologies LLC (f)(i)(k)(m)(s)(v) Capital Goods L+625 1.0% 12/14/26 268.0 257.2 270.7

Clarience Technologies LLC (v) Capital Goods L+625 1.0% 12/31/26 18.1 17.6 18.4

Clarience Technologies LLC (x) Capital Goods L+625 1.0% 12/13/24 25.4 25.2 25.4

Clarience Technologies LLC (x) Capital Goods L+625 1.0% 12/31/26 10.8 10.8 11.1

Constellis Holdings LLC (ac)(v) Capital Goods L+750 1.0% 3/27/24 15.0 14.0 15.0

Corsearch Intermediate Inc (m)(v) Software & Services L+550 1.0% 4/19/28 30.1 28.3 30.1

Corsearch Intermediate Inc (x) Software & Services L+550 1.0% 4/19/28 4.4 4.4 4.4

CSafe Global (f)(i)(k)(l)(m)(t)(v) Capital Goods L+625 0.8% 12/23/27 188.7 182.5 188.7

CSafe Global (v) Capital Goods L+625 0.8% 12/23/27 £ 27.4 36.3 37.1

CSafe Global (v) Capital Goods L+625 0.8% 8/13/28 $ 11.9 11.9 11.9

CSafe Global (x) Capital Goods L+625 0.8% 12/23/26 34.9 34.9 34.6

Dental Care Alliance Inc (f)(k)(m)(t)(v) Health Care Equipment & Services L+625 0.8% 3/12/27 90.3 86.1 90.4

Dental Care Alliance Inc (v) Health Care Equipment & Services L+625 0.8% 3/12/27 8.7 8.7 8.7

Dental Care Alliance Inc (x) Health Care Equipment & Services L+625 0.8% 3/12/27 13.6 13.6 13.7

Element Materials Technology Group US Holdings Inc (aa)(v)(w) Capital Goods L+350 1.0% 6/28/24 1.9 1.9 1.9

Encora Digital Inc (v) Software & Services L+550, 0.0% PIK (2.4% Max PIK) 0.5% 12/13/28 81.3 79.7 79.7

Encora Digital Inc (x) Software & Services L+550 0.5% 12/13/28 19.6 19.4 19.2

Entertainment Benefits Group LLC (v) Media & Entertainment L+575, 2.5% PIK (2.5% Max PIK) 1.0% 9/30/24 0.4 0.4 0.4

Entertainment Benefits Group LLC (f)(k)(l)(m)(v) Media & Entertainment L+575, 2.5% PIK (2.5% Max PIK) 1.0% 9/30/25 64.0 59.1 61.7

Entertainment Benefits Group LLC (x) Media & Entertainment L+575, 2.5% PIK (2.5% Max PIK) 1.0% 9/30/24 10.2 9.6 9.9

Fairway Group Holdings Corp (ac)(v)(y)(z) Food & Staples Retailing 12.0% PIK (12.0% Max PIK) 11/27/23 11.7 1.0 0.7

Fairway Group Holdings Corp (ac)(v)(y)(z) Food & Staples Retailing 10.0% PIK (10.0% Max PIK) 11/28/23 7.6 — —

Follett Software Co (f)(k)(l)(t) Software & Services L+575 0.8% 8/31/28 74.4 73.7 74.1

Follett Software Co (x) Software & Services L+575 0.8% 8/31/27 9.9 9.9 9.8

Foundation Consumer Brands LLC (m)(v) Pharmaceuticals, Biotechnology & Life Sciences L+638 1.0% 2/12/27 97.1 93.0 98.0

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Jarrow Formulas Inc

(f)(i)(k)(l)(m)(s)(t)(v)

Household & Personal Products

Karman Space Inc

Capital Goods

Karman Space Inc

Capital Goods

Karman Space Inc

Capital Goods

KBP Investments LLC

Food & Staples Retailing

KBP Investments LLC

Food & Staples Retailing

Kellermeyer Bergensons Services LLC

(f)(i)(k)(l)(m)(s)(t)(v)

Commercial & Professional

Kellermeyer Bergensons Services LLC

Commercial & Professional

Lakefield Veterinary Group

Consumer Services

Lakefield Veterinary Group

Consumer Services

Lakeview Farms Inc

Food, Beverage & Tobacco

Lakeview Farms Inc

Food, Beverage & Tobacco

Lakeview Farms Inc

Food, Beverage & Tobacco

Lakeview Farms Inc

Food, Beverage & Tobacco

(i)(k)(l)(m)(v)

Commercial & Professional

Lionbridge Technologies Inc

Consumer Services

Lipari Foods LLC

Food & Staples Retailing

Lloyds Register Quality Assurance Ltd

Consumer Services

SA+600, 0.0% PIK (6.3% Max PIK)

Matchesfashion Ltd

Consumer Durables & Apparel

L+463, 3.0% PIK (3.0% Max PIK)

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Principal

Foundation Consumer Brands LLC (x) Pharmaceuticals, Biotechnology & Life Sciences L+638 1.0% 2/12/27 $ 6.6 $ 6.6 $ 6.6

Foundation Risk Partners Corp (v) Insurance L+575 0.8% 10/29/28 74.3 73.2 73.3

Foundation Risk Partners Corp (x) Insurance L+575 0.8% 10/29/27 7.0 6.9 6.9

Foundation Risk Partners Corp (x) Insurance L+575 0.8% 10/29/28 6.2 6.2 6.1

Frontline Technologies Group LLC (i)(m)(v) Software & Services L+525 1.0% 9/18/23 78.7 78.1 78.7

Frontline Technologies Group LLC (s)(v) Software & Services L+525 1.0% 9/18/23 75.6 71.7 76.2

Galaxy Universal LLC (v) Consumer Durables & Apparel L+575 1.0% 11/1/26 88.9 88.9 88.9

Galaxy Universal LLC (v) Consumer Durables & Apparel 5.0% 2/4/22 0.9 0.9 0.9

Galaxy Universal LLC (x) Consumer Durables & Apparel 5.0% 2/4/22 7.7 7.7 7.7

Galway Partners Holdings LLC (k)(l)(t)(v) Insurance L+525, 0.0% PIK (1.3% Max PIK) 0.8% 9/29/28 128.1 125.5 126.0

Galway Partners Holdings LLC (x) Insurance L+525, 0.0% PIK (1.3% Max PIK) 0.8% 9/30/27 12.0 11.7 11.8

Galway Partners Holdings LLC (x) Insurance L+525, 0.0% PIK (1.3% Max PIK) 0.8% 9/29/28 22.4 22.4 22.0

General Datatech LP (f)(k)(l)(m)(t)(v) Software & Services L+625 1.0% 6/18/27 169.1 167.5 166.5

Greystone Equity Member Corp (v)(w) Diversified Financials L+725 3.8% 4/1/26 194.8 182.7 192.6

Heniff Transportation Systems LLC (v) Transportation L+575 1.0% 12/3/24 5.9 5.6 5.6

Heniff Transportation Systems LLC (f)(i)(k)(l)(m)(v) Transportation L+575 1.0% 12/3/26 137.7 130.5 128.7

Heniff Transportation Systems LLC (v) Transportation L+625 1.0% 12/3/26 19.4 18.6 18.5

Heniff Transportation Systems LLC (x) Transportation L+575 1.0% 12/3/24 11.9 11.9 11.1

hibu Inc (f)(k)(l)(m)(t)(v) Commercial & Professional Services L+625 1.0% 5/4/27 101.6 96.6 104.6

Higginbotham Insurance Agency Inc (v) Insurance L+550 0.8% 11/25/26 25.3 24.6 25.8

Higginbotham Insurance Agency Inc (v) Insurance L+525 0.8% 11/25/26 4.5 4.3 4.6

Higginbotham Insurance Agency Inc (x) Insurance L+525 0.8% 11/25/26 32.6 32.6 33.3

HM Dunn Co Inc (ad)(v) Capital Goods L+600 1.0% 6/30/26 33.6 33.6 33.6

HM Dunn Co Inc (ad)(v) Capital Goods L+600 1.0% 6/30/26 2.0 2.0 2.0

Hudson Technologies Co (v)(w) Commercial & Professional Services L+1,025 1.0% 10/10/23 79.9 72.3 82.1

Individual FoodService (v) Capital Goods L+625 1.0% 11/22/24 0.2 0.2 0.2

Individual FoodService (m)(s)(v) Capital Goods L+625 1.0% 11/22/25 90.8 86.5 91.7

Individual FoodService (x) Capital Goods L+625 1.0% 11/22/24 4.5 4.5 4.5

Individual FoodService (x) Capital Goods L+625 0.0% 11/22/25 5.6 5.6 5.7

Industria Chimica Emiliana Srl (v)(w) Pharmaceuticals, Biotechnology & Life Sciences E+725 0.0% 9/27/26 € 88.8 101.3 103.9

Industry City TI Lessor LP (s)(v) Consumer Services 10.8%, 1.0% PIK (1.0% Max PIK) 6/30/26 $ 29.9 30.0 32.5

Insight Global LLC (v) Commercial & Professional Services L+600 0.8% 9/22/27 10.5 10.5 10.4

Insight Global LLC (i)(v) Commercial & Professional Services L+600 0.8% 9/22/28 230.0 227.8 227.2

Insight Global LLC (x) Commercial & Professional Services L+600 0.8% 9/22/27 10.5 10.5 10.4

Insight Global LLC (x) Commercial & Professional Services L+600 0.8% 11/15/28 20.0 20.0 19.8

Integrity Marketing Group LLC (x) Insurance L+550 0.8% 8/27/25 145.3 145.3 143.2

J S Held LLC (f)(i)(m)(s)(v) Insurance L+550 1.0% 7/1/25 165.4 159.8 167.1

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

MB2 Dental Solutions LLC

(k)(l)(m)(t)(v)

Health Care Equipment & Services

MB2 Dental Solutions LLC

Health Care Equipment & Services

Software & Services

L+675 PIK (L+675 Max PIK)

Software & Services

Miami Beach Medical Group LLC

(k)(l)(m)(t)(v)

Health Care Equipment & Services

Micronics Filtration Holdings Inc

Capital Goods

7.5% PIK (7.5% Max PIK)

Monitronics International Inc

Commercial & Professional

Monitronics International Inc

Commercial & Professional

Monitronics International Inc

Commercial & Professional

Motion Recruitment Partners LLC

Commercial & Professional

Motion Recruitment Partners LLC

(f)(i)(m)(t)(v)

Commercial & Professional

Motion Recruitment Partners LLC

Commercial & Professional

Consumer Durables & Apparel

Software & Services

L+750, 0.0% PIK (2.5% Max PIK)

Net Documents

Software & Services

Net Documents

Software & Services

Net Documents

Software & Services

Net Documents

Software & Services

New Era Technology Inc

(i)(l)(m)(t)(v)

Software & Services

New Era Technology Inc

Software & Services

New Era Technology Inc

Software & Services

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Principal

J S Held LLC (v) Insurance L+550 1.0% 7/1/25 $ 2.8 $ 2.6 $ 2.8

J S Held LLC (x) Insurance L+550 1.0% 7/1/25 16.7 16.7 16.9

J S Held LLC (x) Insurance L+550 1.0% 7/1/25 11.3 11.3 11.3

Jarrow Formulas Inc (f)(i)(k)(l)(m)(s)(t)(v) Household & Personal Products L+625 1.0% 11/30/26 186.6 177.1 190.3

Karman Space Inc (m)(v) Capital Goods L+675 1.0% 12/21/25 92.4 88.8 94.2

Karman Space Inc (v) Capital Goods L+675 1.0% 12/21/25 4.4 4.2 4.4

Karman Space Inc (x) Capital Goods L+675 1.0% 12/21/25 1.1 1.1 1.1

KBP Investments LLC (v) Food & Staples Retailing L+500 0.8% 5/26/27 23.6 22.9 23.3

KBP Investments LLC (x) Food & Staples Retailing L+500 0.8% 5/26/27 3.9 3.9 3.8

Kellermeyer Bergensons Services LLC (f)(i)(k)(l)(m)(s)(t)(v) Commercial & Professional Services L+575 1.0% 11/7/26 341.7 329.6 342.8

Kellermeyer Bergensons Services LLC (x) Commercial & Professional Services L+575 1.0% 11/7/26 31.0 31.0 31.1

Lakefield Veterinary Group (f)(i)(v) Consumer Services L+550 0.8% 11/23/28 115.6 114.5 114.6

Lakefield Veterinary Group (x) Consumer Services L+550 0.8% 11/23/28 56.3 56.3 55.7

Lakeview Farms Inc (l)(m)(v) Food, Beverage & Tobacco L+625 1.0% 6/10/27 77.0 75.1 76.5

Lakeview Farms Inc (v) Food, Beverage & Tobacco L+625 1.0% 6/10/27 3.4 3.4 3.4

Lakeview Farms Inc (x) Food, Beverage & Tobacco L+625 1.0% 6/10/27 10.8 10.8 10.8

Lakeview Farms Inc (x) Food, Beverage & Tobacco L+625 1.0% 6/10/27 3.4 3.4 3.4

Lexitas Inc (i)(k)(l)(m)(v) Commercial & Professional Services L+600 1.0% 11/14/25 106.8 103.3 107.8

Lexitas Inc (x) Commercial & Professional Services L+600 1.0% 11/14/25 10.3 10.3 10.4

Lexitas Inc (x) Commercial & Professional Services L+600 1.0% 11/14/25 5.4 5.4 5.4

Lionbridge Technologies Inc (f)(k)(s)(t) Consumer Services L+700 1.0% 12/29/25 68.9 64.0 70.3

Lipari Foods LLC (f)(m)(s)(v) Food & Staples Retailing L+575 1.0% 1/6/25 272.0 261.2 272.0

Lloyd's Register Quality Assurance Ltd (w)(x) Consumer Services SA+600, 0.0% PIK (6.3% Max PIK) 0.0% 12/2/28 £ 15.0 20.0 19.7

Matchesfashion Ltd (v)(w) Consumer Durables & Apparel L+463, 3.0% PIK (3.0% Max PIK) 0.0% 10/11/24 $ 12.9 12.4 8.2

MB2 Dental Solutions LLC (k)(l)(m)(t)(v) Health Care Equipment & Services L+600 1.0% 1/29/27 231.0 220.3 231.7

MB2 Dental Solutions LLC (x) Health Care Equipment & Services L+600 1.0% 1/29/27 56.7 56.7 56.9

Medallia Inc (v) Software & Services L+675 PIK (L+675 Max PIK) 0.8% 10/29/28 147.9 146.5 146.5

Med-Metrix (v) Software & Services L+600 1.0% 9/15/27 62.4 61.8 61.9

Med-Metrix (x) Software & Services L+600 1.0% 9/15/27 31.3 31.3 31.0

Med-Metrix (x) Software & Services L+600 1.0% 9/15/27 7.8 7.8 7.8

Miami Beach Medical Group LLC (k)(l)(m)(t)(v) Health Care Equipment & Services L+650 1.0% 12/14/26 180.6 171.4 178.6

Micronics Filtration Holdings Inc (ac)(v) Capital Goods 7.5% PIK (7.5% Max PIK) 3/29/24 51.4 46.0 51.0

Monitronics International Inc (aa)(f)(v) Commercial & Professional Services L+650 1.3% 3/29/24 18.8 17.2 17.7

Monitronics International Inc (v) Commercial & Professional Services L+500 1.5% 7/3/24 47.3 44.8 45.1

Monitronics International Inc (x) Commercial & Professional Services L+500 1.5% 7/3/24 22.7 22.7 21.6

Motion Recruitment Partners LLC (v) Commercial & Professional Services L+650 1.0% 12/19/25 4.8 4.5 4.7

Motion Recruitment Partners LLC (f)(i)(m)(t)(v) Commercial & Professional Services L+650 1.0% 12/22/25 119.9 115.5 118.4

Motion Recruitment Partners LLC (x) Commercial & Professional Services L+650 1.0% 12/19/25 59.6 59.6 58.9

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

New Era Technology Inc

Software & Services

Omnimax International Inc

(f)(i)(k)(l)(m)(v)

Capital Goods

One Call Care Management Inc

Health Care Equipment & Services

Oxford Global Resources LLC

(f)(k)(l)(m)(t)

Commercial & Professional Services

Oxford Global Resources LLC

Commercial & Professional Services

Oxford Global Resources LLC

Commercial & Professional Services

Oxford Global Resources LLC

Commercial & Professional Services

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Principal

NBG Home (v) Consumer Durables & Apparel L+550 1.0% 4/26/24 $ 67.7 $ 67.6 $ 53.3

NCI Inc (v) Software & Services L+750, 0.0% PIK (2.5% Max PIK) 1.0% 8/15/24 78.8 77.7 72.0

Net Documents (v) Software & Services L+650 1.0% 6/30/27 24.6 24.4 24.3

Net Documents (v) Software & Services L+675 1.0% 6/30/27 0.9 0.9 0.9

Net Documents (x) Software & Services L+675 1.0% 6/30/27 2.1 2.1 2.0

Net Documents (x) Software & Services L+675 1.0% 6/30/27 7.4 7.3 7.3

New Era Technology Inc (i)(l)(m)(t)(v) Software & Services L+625 1.0% 10/31/26 82.5 78.6 82.1

New Era Technology Inc (v) Software & Services L+625 1.0% 10/31/26 1.6 1.5 1.6

New Era Technology Inc (x) Software & Services L+625 1.0% 10/31/26 13.8 13.8 13.7

New Era Technology Inc (x) Software & Services L+625 1.0% 10/31/26 3.1 3.1 3.1

Omnimax International Inc (f)(i)(k)(l)(m)(v) Capital Goods L+725 1.0% 10/8/26 218.5 209.2 217.0

One Call Care Management Inc (aa)(ad)(v) Health Care Equipment & Services L+550 0.8% 4/22/27 5.0 4.7 5.0

Oxford Global Resources LLC (f)(k)(l)(m)(t) Commercial & Professional Services L+600 1.0% 8/17/27 88.4 87.6 88.2

Oxford Global Resources LLC (v) Commercial & Professional Services L+600 1.0% 8/17/27 4.0 4.0 4.0

Oxford Global Resources LLC (x) Commercial & Professional Services L+600 1.0% 8/17/27 15.3 15.3 15.3

Oxford Global Resources LLC (x) Commercial & Professional Services L+600 1.0% 8/17/27 3.7 3.7 3.7

P2 Energy Solutions Inc.

Software & Services

(v) Software & Services L+675 1.0% 1/31/25 4.6 4.3 4.2

P2 Energy Solutions Inc.

(f)(i)(k)(m)(s)(t)(v)

Software & Services

(f)(i)(k)(m)(s)(t)(v) Software & Services L+675 1.0% 2/2/26 249.1 232.7 232.0

P2 Energy Solutions Inc.

Software & Services

Parata Systems

Health Care Equipment & Services

Parata Systems

Health Care Equipment & Services

Parata Systems

Health Care Equipment & Services

Parts Town LLC

PartsSource Inc

Health Care Equipment & Services

PartsSource Inc

Health Care Equipment & Services

PartsSource Inc

Health Care Equipment & Services

Capital Goods

Performance Health Holdings Inc

Health Care Equipment & Services

Petroplex Acidizing Inc

(ac)(v)(y)(z)

L+825, 1.8% PIK (1.8% Max PIK)

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Polyconcept North America Inc

Household & Personal Products

L+450 PIK (L+450 Max PIK)

Premium Credit Ltd

Diversified Financials

Production Resource Group LLC

Media & Entertainment

L+500, 3.1% PIK (3.1% Max PIK)

Production Resource Group LLC

Media & Entertainment

L+300, 5.5% PIK (5.5% Max PIK)

Production Resource Group LLC

Media & Entertainment

L+550 PIK (L+550 Max PIK)

Production Resource Group LLC

Media & Entertainment

L+750, 0.0% PIK (3.1% Max PIK)

Production Resource Group LLC

Media & Entertainment

L+750, 0.0% PIK (3.1% Max PIK)

Propulsion Acquisition LLC

(f)(l)(s)(t)(v)

Capital Goods

(i)(l)(s)(t)(v)

Health Care Equipment & Services

Qdoba Restaurant Corp

Consumer Services

Reliant Rehab Hospital Cincinnati LLC

(f)(i)(l)(m)(s)(v)

Health Care Equipment & Services

Revere Superior Holdings Inc

Software & Services

Revere Superior Holdings Inc

Software & Services

Revere Superior Holdings, Inc

Software & Services

Revere Superior Holdings, Inc

Software & Services

Rise Baking Company

Food, Beverage & Tobacco

Rise Baking Company

Food, Beverage & Tobacco

Rise Baking Company

Food, Beverage & Tobacco

RSC Insurance Brokerage Inc

(f)(i)(k)(l)(m)(s)(v)

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

RSC Insurance Brokerage Inc

Safe-Guard Products International LLC

Diversified Financials

SAMBA Safety Inc

Software & Services

SAMBA Safety Inc

Software & Services

Consumer Services

Capital Goods

L+675, 0.0% PIK (1.0% Max PIK)

Capital Goods

L+900, 0.0% PIK (9.5% Max PIK)

Sequel Youth & Family Services LLC

Health Care Equipment & Services

Sequel Youth & Family Services LLC

Health Care Equipment & Services

Sequel Youth & Family Services LLC

Health Care Equipment & Services

Sequel Youth & Family Services LLC

Health Care Equipment & Services

SitusAMC Holdings Corp

Sorenson Communications LLC

(aa)(ac)(f)(k)(t)(v)

Telecommunication Services

Source Code LLC

Software & Services

Source Code LLC

Software & Services

Staples Canada

(x) Software & Services L+675 1.0% 1/31/25 10.6 10.6 9.9

Parata Systems (f)(m)(v) Health Care Equipment & Services L+575 1.0% 6/30/27 73.9 73.4 74.1

Parata Systems (x) Health Care Equipment & Services L+575 1.0% 6/30/27 22.0 22.0 22.1

Parata Systems (x) Health Care Equipment & Services L+575 1.0% 6/30/27 5.5 5.5 5.5

Parts Town LLC (v) Retailing L+550 0.8% 11/1/28 87.4 86.6 86.6

Parts Town LLC (x) Retailing L+550 0.8% 11/1/28 63.9 63.9 63.3

PartsSource Inc (v) Health Care Equipment & Services L+575 0.8% 8/23/28 65.8 65.0 64.7

PartsSource Inc (x) Health Care Equipment & Services L+575 0.8% 8/24/26 4.3 4.2 4.2

PartsSource Inc (x) Health Care Equipment & Services L+575 0.8% 8/23/28 22.9 22.6 22.5

Peraton Corp (aa)(v) Capital Goods L+375 0.8% 2/1/28 9.0 8.7 9.0

Performance Health Holdings Inc (f)(i)(v) Health Care Equipment & Services L+600 1.0% 7/12/27 120.7 119.5 120.2

Petroplex Acidizing Inc (ac)(v)(y)(z) Energy L+825, 1.8% PIK (1.8% Max PIK) 1.0% 6/30/23 27.0 22.0 9.7

Polyconcept North America Inc (aa)(v) Household & Personal Products L+450 PIK (L+450 Max PIK) 1.0% 8/16/23 22.8 22.6 22.7

Premium Credit Ltd (v)(w) Diversified Financials L+650 0.0% 1/16/26 £ 55.9 72.6 75.7

Production Resource Group LLC (ad)(v) Media & Entertainment L+500, 3.1% PIK (3.1% Max PIK) 1.0% 8/21/24 $ 64.4 60.2 64.4

Production Resource Group LLC (ad)(v) Media & Entertainment L+300, 5.5% PIK (5.5% Max PIK) 0.3% 8/21/24 133.3 124.9 133.3

Production Resource Group LLC (ad)(v) Media & Entertainment L+550 PIK (L+550 Max PIK) 1.0% 8/21/24 0.1 0.1 0.1

Production Resource Group LLC (ad)(v) Media & Entertainment L+750, 0.0% PIK (3.1% Max PIK) 1.0% 8/21/24 20.2 20.1 20.2

Production Resource Group LLC (ad)(x) Media & Entertainment L+750, 0.0% PIK (3.1% Max PIK) 1.0% 8/21/24 10.1 10.1 10.1

Propulsion Acquisition LLC (f)(l)(s)(t)(v) Capital Goods L+700 1.0% 7/13/24 60.5 56.8 61.1

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Summit Interconnect Inc

(f)(k)(l)(t)(v)

Capital Goods

Summit Interconnect Inc

Capital Goods

Sungard Availability Services Capital Inc

Software & Services

SF+375, 3.8% PIK (3.8% Max PIK)

Sweeping Corp of America Inc

Commercial & Professional Services

Sweeping Corp of America Inc

Commercial & Professional Services

Sweeping Corp of America Inc

Commercial & Professional Services

Sweeping Corp of America Inc

Commercial & Professional Services

(f)(i)(m)(s)(v)

Software & Services

ThermaSys Corp

(ac)(v)(y)(z)

Capital Goods

L+1,100 PIK (L+1,100 Max PIK)

ThreeSixty Group

L+500, 2.5% PIK (2.5% Max PIK)

ThreeSixty Group

L+500, 2.5% PIK (2.5% Max PIK)

Time Manufacturing Co

Capital Goods

Time Manufacturing Co

Capital Goods

Time Manufacturing Co

Capital Goods

Time Manufacturing Co

Capital Goods

Time Manufacturing Co

Capital Goods

Transaction Services Group Ltd

Software & Services

Transaction Services Group Ltd

Software & Services

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Principal

PSKW LLC (i)(l)(s)(t)(v) Health Care Equipment & Services L+625 1.0% 3/9/26 $ 294.7 $ 283.5 $ 294.7

Qdoba Restaurant Corp (aa)(m)(v) Consumer Services L+700 1.0% 3/21/25 10.9 10.8 10.8

Reliant Rehab Hospital Cincinnati LLC (f)(i)(l)(m)(s)(v) Health Care Equipment & Services L+625 0.0% 2/28/26 126.8 120.7 124.1

Revere Superior Holdings Inc (m)(v) Software & Services L+575 1.0% 9/30/26 23.0 22.4 23.3

Revere Superior Holdings Inc (x) Software & Services L+575 1.0% 9/30/26 3.2 3.2 3.2

Revere Superior Holdings, Inc (v) Software & Services L+575 1.0% 9/30/26 3.3 3.3 3.4

Revere Superior Holdings, Inc (x) Software & Services L+575 1.0% 9/30/26 7.4 7.4 7.5

Rise Baking Company (v) Food, Beverage & Tobacco L+625 1.0% 8/13/27 2.8 2.6 2.7

Rise Baking Company (l)(m) Food, Beverage & Tobacco L+625 1.0% 8/13/27 28.8 28.1 28.2

Rise Baking Company (x) Food, Beverage & Tobacco L+625 1.0% 8/13/27 2.5 2.5 2.5

RSC Insurance Brokerage Inc (f)(i)(k)(l)(m)(s)(v) Insurance L+550 0.8% 10/30/26 277.8 268.1 280.6

RSC Insurance Brokerage Inc (v) Insurance L+550 0.8% 10/30/26 4.1 4.0 4.1

RSC Insurance Brokerage Inc (x) Insurance L+550 0.8% 10/30/26 16.1 16.1 16.3

RSC Insurance Brokerage Inc (x) Insurance L+550 0.8% 10/30/26 3.6 3.6 3.6

Safe-Guard Products International LLC (f)(m)(t) Diversified Financials L+500 0.5% 1/27/27 45.1 42.5 45.1

SAMBA Safety Inc (x) Software & Services L+575 1.0% 9/1/27 2.4 2.4 2.4

SAMBA Safety Inc (x) Software & Services L+575 1.0% 9/1/27 6.1 6.1 6.0

SavATree LLC (v) Consumer Services L+550 0.8% 10/12/28 1.9 1.8 1.9

SavATree LLC (x) Consumer Services L+550 0.8% 10/12/28 7.6 7.6 7.6

SavATree LLC (x) Consumer Services L+550 0.8% 10/12/28 6.3 6.3 6.3

Sequa Corp (aa)(m)(v) Capital Goods L+675, 0.0% PIK (1.0% Max PIK) 1.0% 11/28/23 16.0 15.4 16.2

Sequa Corp (v) Capital Goods L+900, 0.0% PIK (9.5% Max PIK) 1.0% 7/31/25 16.4 16.0 17.2

Sequel Youth & Family Services LLC (v)(y)(z) Health Care Equipment & Services L+800 1.0% 9/1/23 170.0 106.4 51.6

Sequel Youth & Family Services LLC (v)(y)(z) Health Care Equipment & Services L+700 1.0% 9/1/23 29.2 19.3 8.9

Sequel Youth & Family Services LLC (v) Health Care Equipment & Services L+700 1.0% 9/1/23 36.0 36.0 36.0

Sequel Youth & Family Services LLC (x) Health Care Equipment & Services L+700 1.0% 9/1/23 6.0 6.0 6.0

SitusAMC Holdings Corp (k)(l)(v) Real Estate L+575 0.8% 12/22/27 95.4 94.5 94.4

Sorenson Communications LLC (aa)(ac)(f)(k)(t)(v) Telecommunication Services L+550 0.8% 3/17/26 59.9 56.9 60.1

Source Code LLC (k)(l)(t) Software & Services L+650 1.0% 6/30/27 53.3 52.3 52.2

Source Code LLC (x) Software & Services L+650 1.0% 6/30/27 15.3 15.0 15.0

Spins LLC (m)(s)(t)(v) Software & Services L+550 1.0% 1/20/27 60.7 57.3 61.3

Spins LLC (x) Software & Services L+550 1.0% 1/20/27 7.9 7.9 7.9

Staples Canada (v)(w) Retailing C+700 1.0% 9/12/24 C$ 35.8 28.0 29.1

Summit Interconnect Inc (f)(k)(l)(t)(v) Capital Goods L+600 1.0% 9/22/28 $ 107.9 106.8 106.9

Summit Interconnect Inc (x) Capital Goods L+600 1.0% 9/22/28 48.7 48.7 48.2

Sungard Availability Services Capital Inc (ac)(v) Software & Services SF+375, 3.8% PIK (3.8% Max PIK) 1.0% 7/1/24 5.8 5.7 6.0

Sweeping Corp of America Inc (m)(v) Commercial & Professional Services L+575 1.0% 11/30/26 55.8 53.3 56.3

Sweeping Corp of America Inc (v) Commercial & Professional Services L+575 1.0% 11/30/26 1.8 1.8 1.8

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Transaction Services Group Ltd

Software & Services

Warren Resources Inc

L+900, 1.0% PIK (1.0% Max PIK)

Wealth Enhancement Group LLC

Diversified Financials

Wealth Enhancement Group LLC

Diversified Financials

Wealth Enhancement Group LLC

Diversified Financials

Wealth Enhancement Group LLC

Diversified Financials

(f)(k)(l)(m)(t)(v)

Capital Goods

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Principal

Sweeping Corp of America Inc (x) Commercial & Professional Services L+575 1.0% 11/30/26 $ 17.2 $ 17.2 $ 17.3

Sweeping Corp of America Inc (x) Commercial & Professional Services L+575 1.0% 11/30/26 3.9 3.9 3.9

Tangoe LLC (f)(i)(m)(s)(v) Software & Services L+650 1.0% 11/28/25 190.2 171.5 147.2

ThermaSys Corp (ac)(v)(y)(z) Capital Goods L+1,100 PIK (L+1,100 Max PIK) 1.0% 1/1/24 8.5 8.3 3.5

ThreeSixty Group (m)(v) Retailing L+500, 2.5% PIK (2.5% Max PIK) 1.5% 3/1/23 48.5 48.4 47.7

ThreeSixty Group (m)(v) Retailing L+500, 2.5% PIK (2.5% Max PIK) 1.5% 3/1/23 48.3 48.1 47.4

Time Manufacturing Co (v) Capital Goods L+650 0.8% 12/1/27 45.8 44.8 44.8

Time Manufacturing Co (v) Capital Goods L+650 0.8% 12/1/27 5.3 5.3 5.3

Time Manufacturing Co (x) Capital Goods L+650 0.8% 12/1/27 13.7 13.7 13.6

Time Manufacturing Co (x) Capital Goods L+650 0.8% 12/1/27 4.5 4.5 4.5

Time Manufacturing Co (x) Capital Goods E+650 0.8% 12/1/27 € 15.0 17.0 17.2

Transaction Services Group Ltd (v)(w) Software & Services L+650 0.0% 10/15/26 £ 13.9 17.7 18.3

Transaction Services Group Ltd (v)(w) Software & Services B+650 0.0% 10/15/26 A$ 80.3 55.7 57.0

Transaction Services Group Ltd (v)(w) Software & Services L+650 0.0% 10/15/26 $ 126.2 122.2 123.1

Warren Resources Inc (ad)(v) Energy L+900, 1.0% PIK (1.0% Max PIK) 1.0% 5/22/24 18.7 17.4 18.7

Wealth Enhancement Group LLC (v)(w) Diversified Financials L+625 1.0% 10/4/27 15.1 15.0 15.1

Wealth Enhancement Group LLC (v)(w) Diversified Financials L+625 1.0% 10/4/27 0.7 0.7 0.7

Wealth Enhancement Group LLC (w)(x) Diversified Financials L+625 1.0% 10/4/27 13.2 13.2 13.2

Wealth Enhancement Group LLC (w)(x) Diversified Financials L+625 1.0% 10/4/27 1.0 1.0 1.0

Woolpert Inc (f)(k)(l)(m)(t)(v) Capital Goods L+600 1.0% 4/5/28 139.2 132.5 141.2

Woolpert Inc (x) Capital Goods L+600 1.0% 4/5/28 25.6 25.6 25.9

Total Senior Secured Loans—First Lien 11,165.5 11,236.1

2 unchanged sentences

Senior Secured Loans—Second Lien—20.1%

Advanced Lighting Technologies Inc

Ammeraal Beltech Holding BV

Capital Goods

Amtek Global Technology Pte Ltd

(ad)(v)(w)(y)(z)

Automobiles & Components

E+500 PIK (E+500 Max PIK)

Apex Group Limited

Diversified Financials

(ac)(v)(y)(z)

10.0% PIK (10.0% Max PIK)

Byrider Finance LLC

Automobiles & Components

L+1,000, 0.5% PIK (0.5% Max PIK)

Constellis Holdings LLC

Capital Goods

L+1,100, 0.0% PIK (10.0% Max PIK)

Advanced Lighting Technologies Inc (v)(y)(z) Materials L+600 1.0% 3/16/27 11.3 10.5 6.4

Ammeraal Beltech Holding BV (f)(s)(v)(w) Capital Goods L+775 0.0% 9/12/26 44.9 40.8 44.3

Amtek Global Technology Pte Ltd (ad)(v)(w)(y)(z) Automobiles & Components E+500 PIK (E+500 Max PIK) 0.0% 4/4/24 € 34.7 39.1 —

Apex Group Limited (v)(w) Diversified Financials L+675 0.5% 7/27/29 $ 8.0 7.9 8.0

Belk Inc (ac)(v)(y)(z) Retailing 10.0% PIK (10.0% Max PIK) 7/31/25 25.5 4.2 6.7

Byrider Finance LLC (u)(v) Automobiles & Components L+1,000, 0.5% PIK (0.5% Max PIK) 1.3% 6/7/22 54.3 52.8 54.4

Constellis Holdings LLC (ac)(f)(v) Capital Goods L+1,100, 0.0% PIK (10.0% Max PIK) 1.0% 3/27/25 13.5 12.5 12.0

Cubic Corp (v) Software & Services L+763 0.8% 5/25/29 54.8 51.8 55.6

Datatel Inc (v) Software & Services L+800 1.0% 10/9/28 179.2 170.1 184.6

Fairway Group Holdings Corp (ac)(v)(y)(z) Food & Staples Retailing 11.0% PIK (11.0% Max PIK) 2/24/24 6.9 — —

Galaxy Universal LLC (v) Consumer Durables & Apparel L+500 1.0% 11/1/26 36.2 35.8 35.8

Misys Ltd (aa)(v)(w) Software & Services L+725 1.0% 6/13/25 21.8 20.5 21.8

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Software & Services

Fairway Group Holdings Corp

(ac)(v)(y)(z)

Food & Staples Retailing

11.0% PIK (11.0% Max PIK)

Galaxy Universal LLC

Consumer Durables & Apparel

Software & Services

Consumer Durables & Apparel

L+1,275 PIK (L+1,275 Max PIK)

OEConnection LLC

Software & Services

OEConnection LLC

Software & Services

Capital Goods

Petrochoice Holdings Inc

Capital Goods

Polyconcept North America Inc

Household & Personal Products

11.0% PIK (11.0% Max PIK)

Pure Fishing Inc

Consumer Durables & Apparel

Capital Goods

L+1,075, 0.0% PIK (6.8% Max PIK)

SIRVA Worldwide Inc

Commercial & Professional Services

Software & Services

Sungard Availability Services Capital Inc

(ac)(v)(y)(z)

Software & Services

SF+400, 2.8% PIK (2.8% Max PIK)

Valeo Foods Group Ltd

Food, Beverage & Tobacco

Valeo Foods Group Ltd

Food, Beverage & Tobacco

Vantage Specialty Chemicals Inc

Wittur Holding GmbH

Capital Goods

E+850, 0.5% PIK (0.5% Max PIK)

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Principal

NBG Home (v)(y)(z) Consumer Durables & Apparel L+1,275 PIK (L+1,275 Max PIK) 1.0% 9/30/24 $ 31.4 $ 28.2 $ 8.5

OEConnection LLC (f)(v) Software & Services L+825 0.0% 9/25/27 27.0 26.6 26.5

OEConnection LLC (v) Software & Services L+700 0.5% 9/25/27 49.0 49.0 48.1

Peraton Corp (s)(v) Capital Goods L+800 1.0% 2/1/29 175.0 165.3 178.5

Peraton Corp (v) Capital Goods L+775 0.8% 2/1/29 156.4 149.9 158.7

Petrochoice Holdings Inc (v) Capital Goods L+875 1.0% 8/21/23 65.0 64.4 57.6

Polyconcept North America Inc (v) Household & Personal Products 11.0% PIK (11.0% Max PIK) 2/16/24 10.0 9.9 10.0

Pure Fishing Inc (f)(m)(v) Consumer Durables & Apparel L+838 1.0% 12/21/26 177.0 170.6 168.1

Sequa Corp (aa)(m)(v) Capital Goods L+1,075, 0.0% PIK (6.8% Max PIK) 1.0% 4/28/24 5.9 5.7 5.9

SIRVA Worldwide Inc (aa)(v) Commercial & Professional Services L+950 0.0% 8/3/26 6.5 5.4 5.7

Solera LLC (aa)(v) Software & Services L+800 1.0% 6/4/29 312.4 295.8 317.6

Sungard Availability Services Capital Inc (ac)(v)(y)(z) Software & Services SF+400, 2.8% PIK (2.8% Max PIK) 1.0% 8/1/24 14.6 13.7 8.3

Valeo Foods Group Ltd (v)(w) Food, Beverage & Tobacco SA+800 0.0% 10/1/29 £ 9.3 12.3 12.2

Valeo Foods Group Ltd (w)(x) Food, Beverage & Tobacco E+750 0.0% 10/1/29 € 6.2 7.2 6.8

Vantage Specialty Chemicals Inc (aa)(v) Materials L+825 1.0% 10/27/25 $ 0.8 0.7 0.7

Wittur Holding GmbH (v)(w) Capital Goods E+850, 0.5% PIK (0.5% Max PIK) 0.0% 9/23/27 € 112.8 120.9 120.9

Total Senior Secured Loans—Second Lien 1,571.6 1,563.7

1 unchanged sentence

Net Senior Secured Loans—Second Lien 1,564.4 1,556.5

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Other Senior Secured Debt—1.6%

Angelica Corp

Health Care Equipment & Services

10.0% PIK (10.0% Max PIK)

JW Aluminum Co

(aa)(ad)(s)(v)

One Call Care Management Inc

Health Care Equipment & Services

8.5% PIK (8.5% Max PIK)

Capital Goods

Angelica Corp (h)(y)(z) Health Care Equipment & Services 10.0% PIK (10.0% Max PIK) 12/30/22 53.4 42.3 5.2

JW Aluminum Co (aa)(ad)(s)(v) Materials 10.3% 6/1/26 76.5 75.5 81.0

One Call Care Management Inc (ad)(v) Health Care Equipment & Services 8.5% PIK (8.5% Max PIK) 11/1/28 23.5 21.6 23.5

TruckPro LLC (aa)(v) Capital Goods 11.0% 10/15/24 9.2 9.2 10.0

Total Other Senior Secured Debt 148.6 119.7

Subordinated Debt—1.4%

Ardonagh Group Ltd

12.8% PIK (12.8% Max PIK)

ATX Networks Corp

(ad)(s)(v)(w)(y)(z)

Capital Goods

10.0% PIK (10.0% Max PIK)

ClubCorp Club Operations Inc

Consumer Services

Encora Digital Inc

Software & Services

9.8% PIK (9.8% Max PIK)

Hilding Anders

(ad)(v)(w)(y)

Consumer Durables & Apparel

Hilding Anders

(ad)(v)(w)(y)

Consumer Durables & Apparel

Hilding Anders

(ad)(v)(w)(y)(z)

Consumer Durables & Apparel

13.0% PIK (13.0% Max PIK)

Ardonagh Group Ltd (aa)(v)(w) Insurance 12.8% PIK (12.8% Max PIK) 1/15/27 0.9 0.9 1.0

ATX Networks Corp (ad)(s)(v)(w)(y)(z) Capital Goods 10.0% PIK (10.0% Max PIK) 8/9/28 18.3 4.8 7.1

ClubCorp Club Operations Inc (aa)(v) Consumer Services 8.5% 9/15/25 37.3 35.4 35.7

Encora Digital Inc (v) Software & Services 9.8% PIK (9.8% Max PIK) 12/13/29 21.6 20.9 20.9

Hilding Anders (ad)(v)(w)(y) Consumer Durables & Apparel € 24.8 26.9 —

Hilding Anders (ad)(v)(w)(y) Consumer Durables & Apparel 110.5 — —

Hilding Anders (ad)(v)(w)(y)(z) Consumer Durables & Apparel 13.0% PIK (13.0% Max PIK) 11/30/25 134.4 99.4 46.6

Total Subordinated Debt 188.3 111.3

Asset Based Finance29.1%

801 5th Ave, Seattle, Private Equity

(ad)(v)(w)(y)

801 5th Ave, Seattle, Structure Mezzanine

8.0%, 3.0% PIK

(3.0% Max PIK)

Abacus JV, Private Equity

Accelerator Investments Aggregator LP, Private Equity

Diversified Financials

Altavair AirFinance, Private Equity

Capital Goods

Australis Maritime, Common Stock

Transportation

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Avida Holding AB, Common Stock

(ad)(v)(w)(y)

Diversified Financials

Bank of Ireland, Class B Credit Linked Floating Rate Note

Byrider Finance LLC, Structured Mezzanine

Automobiles & Components

Callodine Commercial Finance LLC, 2L Term Loan A

Diversified Financials

Callodine Commercial Finance LLC, 2L Term Loan B

Diversified Financials

Capital Automotive LP, Private Equity

Capital Automotive LP, Structured Mezzanine

Global Jet Capital LLC, Preferred Stock

Commercial & Professional Services

Global Jet Capital LLC, Preferred Stock

Commercial & Professional Services

(9.0% Max PIK)

Global Jet Capital LLC, Structured Mezzanine

Commercial & Professional Services

(15.0% Max PIK)

Global Jet Capital LLC, Structured Mezzanine

Commercial & Professional Services

(15.0% Max PIK)

Global Jet Capital LLC, Structured Mezzanine

Commercial & Professional Services

(15.0% Max PIK)

Global Lending Services LLC, Private Equity

Diversified Financials

Global Lending Services LLC, Private Equity

Diversified Financials

Home Partners JV 2, Private Equity

(ac)(v)(w)(y)

Home Partners JV 2, Private Equity

(ac)(v)(w)(y)

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Home Partners JV 2, Structured Mezzanine

(11.0% Max PIK)

Home Partners JV 2, Structured Mezzanine

(11.0% Max PIK)

Home Partners JV, Common Stock

(ac)(v)(w)(y)

Home Partners JV, Private Equity

(ac)(v)(w)(y)

Home Partners JV, Structured Mezzanine

(11.0% Max PIK)

Jet Edge International LLC, Preferred Stock

Transportation

8.0%, 0.0% PIK

(8.0% Max PIK)

Jet Edge International LLC, Term Loan

Transportation

10.0%, 2.0% PIK

(2.0% Max PIK)

Jet Edge International LLC, Term Loan

Transportation

10.0%, 2.0% PIK

(2.0% Max PIK)

Jet Edge International LLC, Warrant

Transportation

Kilter Finance, Preferred Stock

6.0%, 6.0% PIK

(6.0% Max PIK)

Kilter Finance, Private Equity

(ad)(v)(w)(y)

KKR Central Park Leasing Aggregator L.P., Partnership Interest

Capital Goods

KKR Chord IP Aggregator LP, Partnership Interest

Media & Entertainment

KKR Chord IP Aggregator LP, Structured Mezzanine

Media & Entertainment

KKR Rocket Loans Aggregator LLC, Partnership Interest

Diversified Financials

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest

Capital Goods

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

Lenovo Group Ltd, Structured Mezzanine

Technology Hardware & Equipment

My Community Homes SFR PropCo 2, Private Equity

(ad)(v)(w)(y)

NewStar Clarendon 2014-1A Class D

Diversified Financials

Opendoor Labs Inc, Structured Mezzanine

Orchard Marine Limited, Class B Common Stock

(ac)(v)(w)(y)

Transportation

Orchard Marine Limited, Series A Preferred Stock

(ac)(v)(w)(y)

Transportation

Pretium Partners LLC P1, Structured Mezzanine

2.8%, 5.3% PIK

(5.3% Max PIK)

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Principal

Amount (c) / Shares

Asset Based Finance—29.1%

801 5th Ave, Seattle, Private Equity (ad)(v)(w)(y) Real Estate 8,554,983 $ 14.1 $ 23.1

801 5th Ave, Seattle, Structure Mezzanine (ad)(v)(w) Real Estate 8.0%, 3.0% PIK (3.0% Max PIK) 12/19/29 $ 57.2 55.1 57.2

Abacus JV, Private Equity (v)(w) Insurance 44,833,382 43.8 48.1

Accelerator Investments Aggregator LP, Private Equity (v)(w)(y) Diversified Financials 5,397,365 6.3 4.7

Altavair AirFinance, Private Equity (v)(w) Capital Goods 94,679,609 95.6 114.3

Australis Maritime, Common Stock (v)(w) Transportation 46,781,830 45.1 46.7

Avida Holding AB, Common Stock (ad)(v)(w)(y) Diversified Financials 405,023,756 44.6 52.3

Bank of Ireland, Class B Credit Linked Floating Rate Note (g)(w) Banks L+1,185 12/4/27 $ 14.7 14.7 14.7

Byrider Finance LLC, Structured Mezzanine (x) Automobiles & Components L+1,050 0.3% 6/3/28 $ 23.0 23.0 23.0

Callodine Commercial Finance LLC, 2L Term Loan A (v) Diversified Financials L+900 1.0% 11/3/25 $ 125.0 118.0 125.6

Callodine Commercial Finance LLC, 2L Term Loan B (x) Diversified Financials L+900 1.0% 11/3/25 $ 40.3 40.3 40.5

Capital Automotive LP, Private Equity (v)(w) Real Estate 21,640,936 23.7 28.1

Capital Automotive LP, Structured Mezzanine (v)(w) Real Estate 11.0% 12/22/28 $ 42.7 41.9 42.7

Global Jet Capital LLC, Preferred Stock (j)(u)(v)(y) Commercial & Professional Services 149,494,590 69.4 —

Global Jet Capital LLC, Preferred Stock (j)(u)(v) Commercial & Professional Services 9.0% PIK (9.0% Max PIK) 10/1/28 $ 414.0 304.8 302.2

Global Jet Capital LLC, Structured Mezzanine (j)(u)(v)(w) Commercial & Professional Services 15.0% PIK (15.0% Max PIK) 12/4/25 $ 53.6 36.9 53.6

Global Jet Capital LLC, Structured Mezzanine (j)(u)(v)(w) Commercial & Professional Services 15.0% PIK (15.0% Max PIK) 12/9/25 $ 39.2 26.9 39.2

Global Jet Capital LLC, Structured Mezzanine (j)(u)(v)(w) Commercial & Professional Services 15.0% PIK (15.0% Max PIK) 1/29/26 $ 4.6 3.1 4.6

Global Lending Services LLC, Private Equity (v)(w) Diversified Financials 12,222,437 14.2 15.5

Global Lending Services LLC, Private Equity (v)(w) Diversified Financials 22,352,639 24.2 28.5

Home Partners JV 2, Private Equity (ac)(v)(w)(y) Real Estate 1,585,353 1.5 1.6

Home Partners JV 2, Private Equity (ac)(v)(w)(y) Real Estate 59,815 0.1 0.1

Home Partners JV 2, Structured Mezzanine (ac)(v)(w) Real Estate 11.0% PIK (11.0% Max PIK) 3/20/30 $ 3.5 3.4 3.5

Home Partners JV 2, Structured Mezzanine (ac)(w)(x) Real Estate 11.0% PIK (11.0% Max PIK) 3/20/30 $ 13.6 13.6 13.6

Home Partners JV, Common Stock (ac)(v)(w)(y) Real Estate 32,659,547 47.6 80.6

Home Partners JV, Private Equity (ac)(v)(w)(y) Real Estate 4,127,355 5.4 9.4

Home Partners JV, Structured Mezzanine (ac)(v)(w) Real Estate 11.0% PIK (11.0% Max PIK) 3/25/29 $ 90.4 85.6 90.4

Jet Edge International LLC, Preferred Stock (ac)(p) Transportation 8.0%, 0.0% PIK (8.0% Max PIK) $ 20,878,236.0 20.9 16.8

Jet Edge International LLC, Term Loan (ac)(v) Transportation 10.0%, 2.0% PIK (2.0% Max PIK) 4/2/26 $ 76.6 75.9 76.1

Jet Edge International LLC, Term Loan (ac)(x) Transportation 10.0%, 2.0% PIK (2.0% Max PIK) 4/2/26 $ 75.0 75.0 74.5

Jet Edge International LLC, Warrant (ac)(h)(y) Transportation 3,963 — 4.5

Kilter Finance, Preferred Stock (ad)(v)(w) Insurance 6.0%, 6.0% PIK (6.0% Max PIK) 36,108,611 34.6 36.1

Kilter Finance, Private Equity (ad)(v)(w)(y) Insurance 536,709 0.5 0.5

KKR Central Park Leasing Aggregator L.P., Partnership Interest (v)(w)(y)(z) Capital Goods 14.3% 5/31/23 $ 39.1 39.1 25.8

KKR Chord IP Aggregator LP, Partnership Interest (v)(w) Media & Entertainment 114,193,861 112.6 131.5

KKR Chord IP Aggregator LP, Structured Mezzanine (v)(w) Media & Entertainment 9.0% 10/14/23 $ 167.3 164.9 167.3

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Pretium Partners LLC P2, Private Equity

Pretium Partners LLC P2, Term Loan

Prime ST LLC, Private Equity

(ad)(v)(w)(y)

Prime ST LLC, Structured Mezzanine

5.0%, 6.0% PIK

(6.0% Max PIK)

Star Mountain Diversified Credit Income Fund III, LP, Private Equity

Diversified Financials

Toorak Capital Funding LLC, Membership Interest

(ad)(v)(w)(y)

Toorak Capital Partners LLC, Private Equity

Toorak Capital Partners LLC, Structured Mezzanine

(L+650 Max PIK)

Toorak Capital Partners LLC, Structured Mezzanine

(L+650 Max PIK)

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Principal

Amount (c) / Shares

KKR Rocket Loans Aggregator LLC, Partnership Interest (ad)(v)(w) Diversified Financials 1,387,913 $ 1.4 $ 1.4

KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest (v)(w)(y) Capital Goods 23,664,954 23.0 19.1

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 7.8% 9/22/24 € 7.8 9.2 8.9

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 7.8% 9/22/24 $ 12.1 12.1 12.1

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 11.8% 9/22/24 € 5.9 6.9 6.7

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 11.8% 9/22/24 £ 1.6 2.2 2.1

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 7.8% 9/22/24 £ 2.1 2.9 2.9

Lenovo Group Ltd, Structured Mezzanine (v)(w) Technology Hardware & Equipment 11.8% 9/22/24 $ 9.1 9.1 9.1

My Community Homes SFR PropCo 2, Private Equity (ad)(v)(w)(y) Real Estate 33,000,000 33.0 33.0

NewStar Clarendon 2014-1A Class D (v)(w) Diversified Financials 19.5% 1/25/27 $ 8.3 2.5 4.2

Opendoor Labs Inc, Structured Mezzanine (v)(w) Real Estate 10.0% 4/1/26 $ 71.1 71.1 71.1

Opendoor Labs Inc, Structured Mezzanine (w)(x) Real Estate 10.0% 4/1/26 $ 88.9 88.9 88.9

Orchard Marine Limited, Class B Common Stock (ac)(v)(w)(y) Transportation 1,964 3.1 —

Orchard Marine Limited, Series A Preferred Stock (ac)(v)(w)(y) Transportation 62,976 62.0 64.6

Pretium Partners LLC P1, Structured Mezzanine (v)(w) Real Estate 2.8%, 5.3% PIK (5.3% Max PIK) 10/22/26 $ 6.7 6.2 6.8

Pretium Partners LLC P2, Private Equity (v)(w)(y) Real Estate 16,772,368 16.4 16.4

Pretium Partners LLC P2, Term Loan (v)(w) Real Estate 11.0% 12/16/29 $ 33.5 32.9 32.9

Prime ST LLC, Private Equity (ad)(v)(w)(y) Real Estate 5,983,135 7.7 9.1

Prime ST LLC, Structured Mezzanine (ad)(v)(w) Real Estate 5.0%, 6.0% PIK (6.0% Max PIK) 3/12/30 $ 52.4 50.4 52.4

Star Mountain Diversified Credit Income Fund III, LP, Private Equity (o)(w) Diversified Financials 23,500,000 23.5 24.3

Toorak Capital Funding LLC, Membership Interest (ad)(v)(w)(y) Real Estate 1,723,140 1.9 1.7

Toorak Capital Partners LLC, Private Equity (ad)(v) Real Estate 158,139,270 158.1 199.3

Toorak Capital Partners LLC, Structured Mezzanine (ad)(v) Real Estate L+650 PIK (L+650 Max PIK) 5/11/22 $ 22.0 22.0 22.0

Toorak Capital Partners LLC, Structured Mezzanine (ad)(x) Real Estate L+650 PIK (L+650 Max PIK) 5/11/22 $ 8.0 8.0 8.0

Total Asset Based Finance 2,380.9 2,493.9

2 unchanged sentences

Credit Opportunities Partners JV, LLC—18.1%

Credit Opportunities Partners JV, LLC

Diversified Financials

Credit Opportunities Partners JV, LLC (ad)(v)(w) Diversified Financials 1,462.3 1,396.7 1,396.2

Total Credit Opportunities Partners JV, LLC 1,396.7 1,396.2

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Number of

Shares Amortized

Equity/Other—11.7%(e)

Abaco Energy Technologies LLC, Common Stock

Abaco Energy Technologies LLC, Preferred Stock

Affordable Care Inc, Preferred Stock

Health Care Equipment & Services

(11.8% Max PIK)

American Vision Partners, Private Equity

Health Care Equipment & Services

Amtek Global Technology Pte Ltd, Common Stock

(ad)(g)(v)(w)(y)

Automobiles & Components

Amtek Global Technology Pte Ltd, Ordinary Shares

(ad)(v)(w)(y)

Automobiles & Components

5,735,804,056

Amtek Global Technology Pte Ltd, Private Equity

(ad)(v)(w)(y)

Automobiles & Components

Angelica Corp, Limited Partnership Interest

Health Care Equipment & Services

Arcos LLC/VA, Preferred Stock

Software & Services

(L+950 Max PIK)

Ardonagh Ltd, Ordinary Shares

Ardonagh Ltd, Preferred Stock

Arena Energy LP, Warrants

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim

Aspect Software Inc, Common Stock

Software & Services

Aspect Software Inc, Warrant

Software & Services

ATX Networks Corp, Common Stock

(ad)(s)(v)(w)(y)

Capital Goods

AVF Parent LLC, Trade Claim

Belk Inc, Common Stock

Borden (New Dairy Opco), Common Stock

(ac)(h)(n)(y)

Food, Beverage & Tobacco

Bowery Farming Inc, Warrants

Food, Beverage & Tobacco

Catalina Marketing Corp, Common Stock

Media & Entertainment

CDS US Intermediate Holdings Inc, Warrant

Media & Entertainment

Cengage Learning, Inc, Common Stock

Media & Entertainment

Cimarron Energy Inc, Common Stock

Cimarron Energy Inc, Participation Option

Constellis Holdings LLC, Private Equity

(ac)(f)(v)(y)

Capital Goods

CTI Foods Holding Co LLC, Common Stock

Food, Beverage & Tobacco

Cubic Corp, Preferred Stock

Software & Services

(11.0% Max PIK)

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Envigo Laboratories Inc, Series A Warrant

Health Care Equipment & Services

Envigo Laboratories Inc, Series B Warrant

Health Care Equipment & Services

Fairway Group Holdings Corp, Common Stock

Food & Staples Retailing

Fox Head Inc, Common Stock

Consumer Durables & Apparel

Fronton BV, Common Stock

Consumer Services

Galaxy Universal LLC, Common Stock

Consumer Durables & Apparel

Galaxy Universal LLC, Trade Claim

Consumer Durables & Apparel

Genesys Telecommunications Laboratories Inc, Class A Shares

Technology Hardware & Equipment

Genesys Telecommunications Laboratories Inc, Ordinary Shares

Technology Hardware & Equipment

Genesys Telecommunications Laboratories Inc, Preferred Stock

Technology Hardware & Equipment

Harvey Industries Inc, Common Stock

Capital Goods

Hilding Anders, Class A Common Stock

(ad)(v)(w)(y)

Consumer Durables & Apparel

Hilding Anders, Class B Common Stock

(ad)(v)(w)(y)

Consumer Durables & Apparel

Abaco Energy Technologies LLC, Common Stock (v)(y) Energy 3,055,556 0.2 0.3

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Hilding Anders, Class C Common Stock

(ad)(v)(w)(y)

Consumer Durables & Apparel

Hilding Anders, Equity Options

(ad)(v)(w)(y)

Consumer Durables & Apparel

HM Dunn Co Inc, Preferred Stock, Series A

(ad)(s)(v)(y)

Capital Goods

HM Dunn Co Inc, Preferred Stock, Series B

(ad)(s)(v)(y)

Capital Goods

Imagine Communications Corp, Common Stock

Media & Entertainment

Jones Apparel Holdings, Inc., Common Stock

Consumer Durables & Apparel

JW Aluminum Co, Common Stock

(ad)(j)(u)(v)(y)

JW Aluminum Co, Preferred Stock

(ad)(j)(u)(v)

(12.5% Max PIK)

Maverick Natural Resources LLC, Common Stock

MB Precision Holdings LLC, Class A - 2 Units

Capital Goods

Med-Metrix, Common Stock

Software & Services

Med-Metrix, Preferred Stock

Software & Services

(8.0% Max PIK)

Miami Beach Medical Group LLC, Common Stock

Health Care Equipment & Services

Micronics Filtration Holdings Inc, Common Stock

Capital Goods

Micronics Filtration Holdings Inc, Preferred Stock, Series A

Capital Goods

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Number of

Shares Amortized

Abaco Energy Technologies LLC, Preferred Stock (v)(y) Energy 12,734,481 $ 1.5 $ 1.7

Affordable Care Inc, Preferred Stock (ac)(v) Health Care Equipment & Services 11.8% PIK (11.8% Max PIK) 49,073,000 48.1 52.1

American Vision Partners, Private Equity (v)(y) Health Care Equipment & Services 2,450,230 2.5 2.4

Amtek Global Technology Pte Ltd, Common Stock (ad)(g)(v)(w)(y) Automobiles & Components 7,046,126 — —

Amtek Global Technology Pte Ltd, Ordinary Shares (ad)(v)(w)(y) Automobiles & Components 5,735,804,056 30.7 —

Amtek Global Technology Pte Ltd, Private Equity (ad)(v)(w)(y) Automobiles & Components 4,097 — —

Angelica Corp, Limited Partnership Interest (h)(y) Health Care Equipment & Services 877,044 47.6 —

Arcos LLC/VA, Preferred Stock (v) Software & Services L+950 PIK (L+950 Max PIK) 1.0% 4/30/31 15,000,000 14.0 15.5

Ardonagh Ltd, Ordinary Shares (v)(w)(y) Insurance 16,450 — 2.8

Ardonagh Ltd, Ordinary Shares (v)(w)(y) Insurance 116,814 0.2 0.5

Ardonagh Ltd, Preferred Stock (v)(w)(y) Insurance 6,113,719 9.1 22.0

Arena Energy LP, Warrants (v)(y) Energy 68,186,525 0.4 0.6

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock (p)(y) Energy 10,193 9.7 2.3

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim (p)(y) Energy 86,607,143 19.4 19.8

Aspect Software Inc, Common Stock (l)(s)(v)(y) Software & Services 1,309,955 2.3 2.7

Aspect Software Inc, Warrant (l)(s)(v)(y) Software & Services 1/15/24 181,730 0.3 0.3

ATX Networks Corp, Common Stock (ad)(s)(v)(w)(y) Capital Goods 3,483 — —

AVF Parent LLC, Trade Claim (v)(y) Retailing 44,507 — —

Belk Inc, Common Stock (ac)(v)(y) Retailing 94,950 — —

Borden (New Dairy Opco), Common Stock (ac)(h)(n)(y) Food, Beverage & Tobacco 11,167,000 9.1 7.7

Bowery Farming Inc, Warrants (v)(y) Food, Beverage & Tobacco 4/30/26 161,828 0.0 5.2

Catalina Marketing Corp, Common Stock (v)(y) Media & Entertainment 6,522 — —

CDS US Intermediate Holdings Inc, Warrant (v)(w)(y) Media & Entertainment 2,023,714 — —

Cengage Learning, Inc, Common Stock (v)(y) Media & Entertainment 227,802 7.5 4.2

Cimarron Energy Inc, Common Stock (v)(y) Energy 4,302,293 — —

Cimarron Energy Inc, Participation Option (v)(y) Energy 25,000,000 — —

Constellis Holdings LLC, Private Equity (ac)(f)(v)(y) Capital Goods 849,702 10.3 0.2

CTI Foods Holding Co LLC, Common Stock (v)(y) Food, Beverage & Tobacco 5,892 0.7 —

Cubic Corp, Preferred Stock (v) Software & Services 11.0% PIK (11.0% Max PIK) 42,141,600 39.6 42.3

Envigo Laboratories Inc, Series A Warrant (s)(y) Health Care Equipment & Services 4/29/24 10,924 — —

Envigo Laboratories Inc, Series B Warrant (s)(y) Health Care Equipment & Services 4/29/24 17,515 — —

Fairway Group Holdings Corp, Common Stock (ac)(v)(y) Food & Staples Retailing 103,091 — —

Fox Head Inc, Common Stock (j)(v)(y) Consumer Durables & Apparel 10,000,000 8.0 10.9

Fronton BV, Common Stock (ac)(o)(y) Consumer Services 14,943 — 1.4

Galaxy Universal LLC, Common Stock (v)(y) Consumer Durables & Apparel 228,806 35.5 35.5

Galaxy Universal LLC, Trade Claim (v)(y) Consumer Durables & Apparel 27,256,114 16.4 16.4

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Micronics Filtration Holdings Inc, Preferred Stock, Series B

Capital Goods

Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK

Capital Goods

Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK

Capital Goods

Misys Ltd, Preferred Stock

Software & Services

(L+1,025 Max PIK)

NBG Home, Common Stock

Consumer Durables & Apparel

Nine West Holdings Inc, Common Stock

Consumer Durables & Apparel

One Call Care Management Inc, Common Stock

Health Care Equipment & Services

One Call Care Management Inc, Preferred Stock A

Health Care Equipment & Services

One Call Care Management Inc, Preferred Stock B

Health Care Equipment & Services

(9.0% Max PIK)

Petroplex Acidizing Inc, Preferred Stock A

Petroplex Acidizing Inc, Warrant

Polyconcept North America Inc, Class A - 1 Units

Household & Personal Products

PRG III LLC, Preferred Stock, Series A PIK

Media & Entertainment

PRG III LLC, Preferred Stock, Series B PIK

Media & Entertainment

Proserv Acquisition LLC, Class A Common Units

(ac)(v)(w)(y)

Proserv Acquisition LLC, Class A Preferred Units

(ac)(v)(w)(y)

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Number of

Shares Amortized

Genesys Telecommunications Laboratories Inc, Class A Shares (v)(y) Technology Hardware & Equipment 40,529 $ — $ —

Genesys Telecommunications Laboratories Inc, Ordinary Shares (v)(y) Technology Hardware & Equipment 41,339 — —

Genesys Telecommunications Laboratories Inc, Preferred Stock (v)(y) Technology Hardware & Equipment 1,050,465 — —

Harvey Industries Inc, Common Stock (v) Capital Goods 5,000,000 2.2 3.3

Hilding Anders, Class A Common Stock (ad)(v)(w)(y) Consumer Durables & Apparel 4,503,411 0.1 —

Hilding Anders, Class B Common Stock (ad)(v)(w)(y) Consumer Durables & Apparel 574,791 0.0 —

Hilding Anders, Class C Common Stock (ad)(v)(w)(y) Consumer Durables & Apparel 213,201 — —

Hilding Anders, Equity Options (ad)(v)(w)(y) Consumer Durables & Apparel 11/30/25 236,160,807 15.0 —

HM Dunn Co Inc, Preferred Stock, Series A (ad)(s)(v)(y) Capital Goods 85,385 7.1 7.1

HM Dunn Co Inc, Preferred Stock, Series B (ad)(s)(v)(y) Capital Goods 15,000 — —

Imagine Communications Corp, Common Stock (v)(y) Media & Entertainment 33,034 3.8 2.5

Jones Apparel Holdings, Inc., Common Stock (v)(y) Consumer Durables & Apparel 5,451 0.9 —

JW Aluminum Co, Common Stock (ad)(j)(u)(v)(y) Materials 2,105 0.0 —

JW Aluminum Co, Preferred Stock (ad)(j)(u)(v) Materials 12.5% PIK (12.5% Max PIK) 2/15/28 15,279 177.9 122.6

Maverick Natural Resources LLC, Common Stock (n)(o)(y) Energy 259,211 84.5 143.6

MB Precision Holdings LLC, Class A - 2 Units (n)(o)(y) Capital Goods 8,081,288 0.5 —

Med-Metrix, Common Stock (h)(y) Software & Services 29,403 1.5 1.6

Med-Metrix, Preferred Stock (h) Software & Services 8.0% PIK (8.0% Max PIK) 29,403 1.5 1.5

Miami Beach Medical Group LLC, Common Stock (v)(y) Health Care Equipment & Services 5,000,000 4.8 3.9

Micronics Filtration Holdings Inc, Common Stock (ac)(v)(y) Capital Goods 53,073 0.6 —

Micronics Filtration Holdings Inc, Preferred Stock, Series A (ac)(v)(y) Capital Goods 55 0.6 0.1

Micronics Filtration Holdings Inc, Preferred Stock, Series B (ac)(v)(y) Capital Goods 23 0.2 0.4

Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK (ac)(v)(y) Capital Goods 112,780 — 11.9

Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK (ac)(v)(y) Capital Goods 54,000 — 6.2

Misys Ltd, Preferred Stock (v)(w) Software & Services L+1,025 PIK (L+1,025 Max PIK) 79,782,377 73.5 78.9

NBG Home, Common Stock (v)(y) Consumer Durables & Apparel 1,903 2.6 —

Nine West Holdings Inc, Common Stock (v)(y) Consumer Durables & Apparel 5,451 6.5 —

One Call Care Management Inc, Common Stock (ad)(v)(y) Health Care Equipment & Services 34,872 2.1 2.4

One Call Care Management Inc, Preferred Stock A (ad)(v)(y) Health Care Equipment & Services 371,992 22.8 26.1

One Call Care Management Inc, Preferred Stock B (ad)(v) Health Care Equipment & Services 9.0% PIK (9.0% Max PIK) 10/25/29 7,672,347 8.0 9.2

Petroplex Acidizing Inc, Preferred Stock A (ac)(v)(y) Energy 25,138,631 4.9 —

Petroplex Acidizing Inc, Warrant (ac)(v)(y) Energy 12/15/26 8 — —

Polyconcept North America Inc, Class A - 1 Units (v)(y) Household & Personal Products 30,000 3.0 4.3

PRG III LLC, Preferred Stock, Series A PIK (ad)(v)(y) Media & Entertainment 8/21/24 434,250 18.1 17.4

PRG III LLC, Preferred Stock, Series B PIK (ad)(v)(y) Media & Entertainment 8/21/24 140 — —

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Quorum Health Corp, Trade Claim

Health Care Equipment & Services

Quorum Health Corp, Trust Initial Funding Units

Health Care Equipment & Services

Ridgeback Resources Inc, Common Stock

(j)(u)(v)(w)(y)

Sorenson Communications LLC, Common Stock

(ac)(j)(u)(v)(y)

Telecommunication Services

Sound United LLC, Common Stock

Consumer Durables & Apparel

Stuart Weitzman Inc, Common Stock

Consumer Durables & Apparel

Sungard Availability Services Capital Inc, Common Stock

(ac)(s)(u)(v)(y)

Software & Services

Swift Worldwide Resources Holdco Ltd, Common Stock

ThermaSys Corp, Common Stock

(ac)(u)(v)(y)

Capital Goods

ThermaSys Corp, Preferred Stock

Capital Goods

Versatile Processing Group Inc, Class A - 2 Units

Warren Resources Inc, Common Stock

Zeta Interactive Holdings Corp, Common Stock

Software & Services

Portfolio Company (a)

Footnotes Industry Rate (b)

Floor Maturity Number of

Shares Amortized

Proserv Acquisition LLC, Class A Common Units (ac)(v)(w)(y) Energy 2,635,005 $ 33.4 $ 0.1

Proserv Acquisition LLC, Class A Preferred Units (ac)(v)(w)(y) Energy 837,780 5.4 9.3

Quorum Health Corp, Trade Claim (v)(y) Health Care Equipment & Services 8,301,000 0.7 0.9

Quorum Health Corp, Trust Initial Funding Units (v)(y) Health Care Equipment & Services 143,400 0.2 0.2

Ridgeback Resources Inc, Common Stock (j)(u)(v)(w)(y) Energy 1,969,418 9.1 9.9

Sorenson Communications LLC, Common Stock (ac)(j)(u)(v)(y) Telecommunication Services 89,959 42.5 67.5

Sound United LLC, Common Stock (ad)(v) Consumer Durables & Apparel 12,857,143 17.3 77.5

Stuart Weitzman Inc, Common Stock (v)(y) Consumer Durables & Apparel 5,451 — —

Sungard Availability Services Capital Inc, Common Stock (ac)(s)(u)(v)(y) Software & Services 262,516 6.9 —

Swift Worldwide Resources Holdco Ltd, Common Stock (v)(y) Energy 1,250,000 1.2 1.1

ThermaSys Corp, Common Stock (ac)(u)(v)(y) Capital Goods 17,383,026 10.2 —

ThermaSys Corp, Preferred Stock (ac)(v)(y) Capital Goods 1,529 1.7 —

Versatile Processing Group Inc, Class A - 2 Units (u)(y) Materials 3,637,500 3.6 —

Warren Resources Inc, Common Stock (ad)(v)(y) Energy 3,483,788 12.8 20.4

Zeta Interactive Holdings Corp, Common Stock (aa)(v)(y) Software & Services 3,610,212 30.8 30.4

Total Equity/Other 931.6 907.1

2 unchanged sentences

NET ASSETS—100% $ 7,730.0

See notes to unaudited consolidated

financial statements.

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

3 unchanged sentences

Foreign currency forward contracts

Foreign Currency

Settlement Date

Amount and Transaction

US$ Value at Settlement

December 31, 2021

Unrealized Appreciation

(Depreciation)

JP Morgan Chase Bank

Security may be an obligation of one or more entities affiliated with the named company.

Foreign Currency Settlement Date Counterparty Amount and Transaction US$ Value at Settlement Date US$ Value at December 31, 2021

Unrealized Appreciation (Depreciation)

AUD 10/17/2022 JP Morgan Chase Bank A$ 3 Sold $ 2.1 $ 2.2 $ (0.1)

AUD 2/14/2023 JP Morgan Chase Bank A$ 2.2 Sold 1.6 1.6 —

CAD 6/7/2022 JP Morgan Chase Bank $ 1.4 Sold 1.1 1.1 —

CAD 6/7/2022 JP Morgan Chase Bank $ 1.9 Sold 1.5 1.5 —

CAD 11/10/2022 JP Morgan Chase Bank $ 1.5 Sold 1.2 1.1 0.1

CAD 11/15/2024 JP Morgan Chase Bank $ 4.0 Sold 3.2 3.1 0.1

EUR 5/6/2022 JP Morgan Chase Bank € 6.1 Sold 7.5 7.0 0.5

EUR 5/6/2022 JP Morgan Chase Bank € 1.6 Sold 2.0 1.8 0.2

EUR 5/6/2022 JP Morgan Chase Bank € 0.7 Sold 0.9 0.8 0.1

EUR 5/6/2022 JP Morgan Chase Bank € 2.2 Sold 2.7 2.5 0.2

EUR 5/6/2022 JP Morgan Chase Bank € 0.9 Sold 1.2 1.1 0.1

EUR 9/12/2022 JP Morgan Chase Bank € 10.0 Sold 11.7 11.5 0.2

EUR 7/17/2023 JP Morgan Chase Bank € 1.3 Sold 1.7 1.5 0.2

EUR 2/23/2024 JP Morgan Chase Bank € 42.3 Sold 49.1 49.4 (0.3)

EUR 8/8/2025 JP Morgan Chase Bank € 4.8 Sold 5.7 5.7 —

EUR 8/8/2025 JP Morgan Chase Bank € 1.9 Sold 2.3 2.3 —

GBP 1/11/2023 JP Morgan Chase Bank £ 1.9 Sold 2.9 2.6 0.3

GBP 1/11/2023 JP Morgan Chase Bank £ 1.7 Sold 2.6 2.3 0.3

GBP 1/11/2023 JP Morgan Chase Bank £ 3.4 Sold 4.8 4.6 0.2

GBP 1/11/2023 JP Morgan Chase Bank £ 5.0 Sold 6.5 6.6 (0.1)

GBP 1/11/2023 JP Morgan Chase Bank £ 1.4 Sold 1.9 1.9 —

GBP 10/13/2023 JP Morgan Chase Bank £ 6.2 Sold 8.5 8.4 0.1

NOK 8/8/2025 JP Morgan Chase Bank NOK 49.1 Sold 5.2 5.5 (0.3)

NOK 8/8/2025 JP Morgan Chase Bank NOK 11.4 Sold 1.2 1.3 (0.1)

SEK 3/15/2024 JP Morgan Chase Bank SEK 72.8 Sold 8.5 8.2 0.3

SEK 5/10/2024 JP Morgan Chase Bank SEK 430.3 Sold 51.4 48.4 3.0

SEK 5/10/2024 JP Morgan Chase Bank SEK 503.0 Sold 60.1 56.6 3.5

SEK 5/10/2024 JP Morgan Chase Bank SEK 34.5 Sold 4.1 3.9 0.2

SEK 8/8/2025 JP Morgan Chase Bank SEK 119.3 Sold 13.3 13.5 (0.2)

SEK 8/8/2025 JP Morgan Chase Bank SEK 27.8 Sold 3.1 3.2 (0.1)

Total $ 269.6 $ 261.2 $ 8.4

_______________

(a) Security may be an obligation of one or more entities affiliated with the named company.

(b) Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread.

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 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, 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.

PIK income accruals may be adjusted based on the fair value of the underlying investment.

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(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.

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

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,

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.

PIK income accruals may

be adjusted based on the fair value of the underlying investment.

Denominated in U.S.

dollars unless otherwise noted.

Fair value determined by the Companys board of directors (see Note 8).

Listed investments may be treated as debt for GAAP or tax purposes.

Security or portion thereof held within Ambler Funding LLC and is pledged as collateral supporting the amounts

outstanding under the revolving credit facility with Ally Bank (see Note 9).

Security or portion thereof was held within CCT Dublin Funding Limited

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).

Security or portion thereof held within Cobbs Creek LLC and is pledged as collateral supporting the amounts

outstanding under the senior secured revolving credit facility (see Note 9).

Security or portion thereof held within Darby Creek LLC and is pledged as collateral supporting the amounts

outstanding under a revolving credit facility with Deutsche Bank AG, New York Branch (see Note 9).

Security or portion thereof held within Dunlap Funding LLC and is pledged as collateral supporting the amounts

outstanding under a revolving credit facility with Deutsche Bank AG, New York Branch (see Note 9).

Security or portion thereof was held within FSK CLO as of December 31, 2021.

Security held within FSIC II Investments, Inc., a wholly-owned subsidiary of the Company.

Security held within FSIC Investments, Inc., a wholly-owned subsidiary of the Company.

Security held within IC American Energy Investments, Inc., a wholly-owned subsidiary of the Company.

(q) Security held within IC Arches Investments LLC, a wholly-owned subsidiary

of the Company.

Security held within IC II Arches Investments, LLC, a wholly-owned subsidiary of the Company.

Security or portion thereof held within Juniata River LLC and is pledged as collateral supporting the amounts

outstanding under a term loan credit facility with JPMorgan Chase Bank, N.A.

(d) Fair value determined by the Company’s board of directors (see Note 8).

(e) Listed investments may be treated as debt for GAAP or tax purposes.

(f) Security or portion thereof held within Ambler Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Ally Bank (see Note 9).

(g) Security or portion thereof was held within CCT Dublin Funding Limited

(h) Security held within CCT Holdings II, LLC, a wholly-owned subsidiary of the Company.

(i) 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).

(j) Security or portion thereof held within Cobbs Creek LLC and is pledged as collateral supporting the amounts outstanding under the senior secured revolving credit facility (see Note 9).

(m) Security or portion thereof was held within FSK CLO as of December 31, 2021.

(n) Security held within FSIC II Investments, Inc., a wholly-owned subsidiary of the Company.

(o) Security held within FSIC Investments, Inc., a wholly-owned subsidiary of the Company.

(p) Security held within IC American Energy Investments, Inc., a wholly-owned subsidiary of the Company.

(q) Security held within IC Arches Investments LLC, a wholly-owned subsidiary of the Company.

(r) Security held within IC II Arches Investments, LLC, a wholly-owned subsidiary of the Company.

(s) Security or portion thereof held within Juniata River LLC and is pledged as collateral supporting the amounts outstanding under a term loan credit facility with JPMorgan Chase Bank, N.A.

(see Note 9).

Security or portion thereof held within Meadowbrook Run LLC and is pledged as collateral supporting the amounts

outstanding under a revolving credit facility with Morgan Stanley Senior Funding, Inc.

(see Note 9).

Security or portion thereof held within Race Street Funding LLC.

Security is available as collateral supporting

the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured

Revolving Credit Facility (see Note 9).

The investment is not a qualifying asset under the Investment Company Act of 1940, as amended.

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.

As of December 31, 2021, 75.1% of the

Companys total assets represented qualifying assets.

Security is an unfunded commitment.

Reflects the stated spread at the time of commitment, but may not be the

actual rate received upon funding.

unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Security is non-income producing.

Asset is on non-accrual status.

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

or it has the power to exercise control over the management or policies of such portfolio company.

As of December 31, 2021, the Company held investments in portfolio companies of which it is deemed to be an affiliated person but is

not deemed to control.

(u) Security or portion thereof held within Race Street Funding LLC.

Security is available as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

(v) Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

(w) The investment is not a qualifying asset under the Investment Company Act of 1940, as amended.

As of December 31, 2021, 75.1% of the Company’s total assets represented qualifying assets.

(x) Security is an unfunded commitment.

Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.

(y) Security is non-income producing.

(z) Asset is on non-accrual status.

(aa) Security is classified as Level 1 or 2 in the Company's fair value hierarchy (see Note 8).

(ab) Not used.

As of December 31, 2021, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”.

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

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

Portfolio Company Fair Value at December 31, 2020 Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2021 Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend Income (3)

Senior Secured Loans—First Lien

1 unchanged sentence

Affordable Care Inc — 115.5 (55.9) 0.3 — 59.9 2.7 — 1.6 —

Belk Inc — 42.6 (2.4) — 9.0 49.2 3.1 0.9 — —

Belk Inc — 21.7 — — 0.2 21.9 1.6 — — —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Portfolio Company Fair Value at December 31, 2020 Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2021 Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend Income (3)

Borden (New Dairy Opco) $ 7.6 $ 10.6 $ (10.0) $ 0.2 $ 0.6 $ 9.0 $ 0.5 $ — $ — $ —

5 unchanged sentences

HM Dunn Co Inc (5)

0.3 — (0.6) — 0.3 — — — — —

HM Dunn Co Inc (5)

0.2 — (0.3) — 0.1 — — — — —

Micronics Filtration Holdings Inc 35.5 1.0 — — 14.5 51.0 — 1.0 — —

One Call Care Management Inc (5)

4.7 0.6 (4.9) — (0.4) — 0.2 — — —

Petroplex Acidizing Inc 4.5 — (0.2) — 5.4 9.7 — — — —

Sorenson Communications LLC (4)

Sungard Availability Services Capital

— 61.8 (5.1) 0.2 3.2 60.1 2.8 — — —

Sungard Availability Services Capital Inc (4)

— 5.7 — — 0.3 6.0 0.2 0.1 — —

ThermaSys Corp 3.9 0.4 — — (0.8) 3.5 — 0.5 — —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

Senior Secured Loans—Second Lien

Belk Inc — 4.2 — — 2.5 6.7 — — — —

Constellis Holdings LLC — 12.5 — — (0.5) 12.0 0.6 0.4 — —

4 unchanged sentences

JW Aluminum Co (5)

41.8 — (39.4) — (2.4) — — — — —

Subordinated Debt

13 unchanged sentences

Orchard Marine Limited, Series A Preferred Stock 24.6 — — — 40.0 64.6 — — — —

Affordable Care Inc, Common Stock

ASG Technologies, Common Stock

ASG Technologies, Warrants

Belk Inc, Common Stock

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

Portfolio Company Fair Value at December 31, 2020 Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2021 Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend Income (3)

Affordable Care Inc, Common Stock $ — $ 48.1 $ — $ — $ 4.0 $ 52.1 $ — $ 2.3 $ — $ —

ASG Technologies, Common Stock 42.7 — (79.4) 56.0 (19.3) — — — — —

ASG Technologies, Warrants 3.5 — (10.2) 3.7 3.0 — — — — —

Belk Inc, Common Stock — — — — — — — 0 — —

Borden (New Dairy Opco), Common Stock 3.2 5.2 — — (0.7) 7.7 — — — —

3 unchanged sentences

Fronton BV, Common Stock 1.2 — — — 0.2 1.4 — — — —

HM Dunn Co Inc, Preferred Stock, Series

HM Dunn Co Inc, Preferred Stock, Series A (5)

— — — — — — — — — —

HM Dunn Co Inc, Preferred Stock, Series B (5)

— — — — — — — — — —

Home Partners of America Inc, Common Stock 130.5 — (214.3) 130.7 (46.9) — — — — —

1 unchanged sentence

JW Aluminum Co, Common Stock (5)

— — — — — — — — — —

JW Aluminum Co, Preferred Stock (5)

93.7 — (107.3) — 13.6 — — 4.2 — —

Micronics Filtration Holdings Inc, Common Stock — — — — — — — — — —

3 unchanged sentences

Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK — — — — 6.2 6.2 — — — —

One Call Care Management Inc, Common

One Call Care Management Inc, Preferred Stock

One Call Care Management Inc, Common Stock (5)

2.4 — (3.0) — 0.6 — — — — —

One Call Care Management Inc, Preferred Stock A (5)

25.5 — (32.3) — 6.8 — — — — —

One Call Care Management Inc, Preferred Stock B (5)

10.6 — (9.8) — (0.8) — — — — —

Petroplex Acidizing Inc, Preferred Stock A — 0.4 — — (0.4) — — — — 0.4

Petroplex Acidizing Inc, Warrant — — — — — — — — — —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

Proserv Acquisition LLC, Class A Common Units 9.0 — (0.1) — (8.8) 0.1 — — — —

Proserv Acquisition LLC, Class A Preferred Units 9.5 — — — (0.2) 9.3 — — — —

Sorenson Communications LLC, Common

Sorenson Communications LLC, Common Stock (4)

— 42.5 — — 25.0 67.5 — — — —

Sungard Availability Services Capital Inc, Common Stock(4) — 6.9 — — (6.9) — — — — —

1 unchanged sentence

ThermaSys Corp, Preferred Stock — — — — — — — — — —

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK

Gross reductions include decreases in the cost basis of investments resulting from principal collections related

Interest, PIK, fee and dividend income presented for the full year ended December 31, 2021.

The Company held this investment as of December 31, 2020 but it was not deemed to be an affiliated

person of the portfolio company as of December 31, 2020.

Transfers in or out have been presented at amortized cost.

The Company held this investment as of December 31, 2021 but it was deemed to control the

portfolio company as of December 31, 2021.

Transfers in or out have been presented at amortized cost.

Total $ 533.8 $ 706.2 $ (667.2) $ 191.9 $ 94.3 $ 859.0 $ 20.8 $ 18.5 $ 1.9 $ 0.4

______________

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

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.

As of December 31, 2021, the Company held

investments in one portfolio company of which it is deemed to be an affiliated person and deemed to control.

During the year ended December 31, 2021, the Company disposed of investments in one portfolio of which it was

deemed to be an affiliated person and deemed to control.

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

deemed to control for the year ended December 31, 2021:

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

(3) Interest, PIK, fee and dividend income presented for the full year ended December 31, 2021.

(4) The Company held this investment as of December 31, 2020 but it was not deemed to be an “affiliated person” of the portfolio company as of December 31, 2020.

Transfers in or out have been presented at amortized cost.

(5) The Company held this investment as of December 31, 2021 but it was deemed to "control" the portfolio company as of December 31, 2021.

Transfers in or out have been presented at amortized cost.

As of December 31, 2021, the Company held investments in one portfolio company of which it is deemed to be an “affiliated person” and deemed to “control”.

During the year ended December 31, 2021, the Company disposed of investments in one portfolio of which it was deemed to be an "affiliated person" and deemed to "control".

Portfolio Company Fair Value at December 31, 2020 Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2021 Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend Income (3)

Senior Secured Loans—First Lien

3 unchanged sentences

HM Dunn Co Inc (4)

— 49.2 (7.1) (8.5) — 33.6 0.5 — — —

HM Dunn Co Inc (4)

— 14.0 (19.0) 7.0 — 2.0 0.4 0.8 — —

One Call Care Management Inc — 9.7 (5.1) 0.1 0.3 5.0 0.3 — 0.1 —

5 unchanged sentences

Warren Resources Inc (4)

— 19.3 (2.0) 0.1 1.3 18.7 1.3 0.1 — —

Senior Secured Loans—Second Lien

4 unchanged sentences

JW Aluminum Co (4)

— 75.5 — — 5.5 81.0 6.2 — — —

One Call Care Management Inc (4)

— 43.5 (21.9) — 1.9 23.5 0.4 1.6 — —

Subordinated Debt

4 unchanged sentences

Asset Based Finance

801 5th Ave, Seattle, Structure Mezzanine

See notes to unaudited consolidated financial statements.

3 unchanged sentences

(in millions, except share amounts)

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

Portfolio Company Fair Value at December 31, 2020 Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2021 Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend Income (3)

801 5th Ave, Seattle, Structure Mezzanine $ 29.4 $ 25.7 $ — $ — $ 2.1 $ 57.2 $ 3.6 $ 1.3 $ — $ —

801 5th Ave, Seattle, Private Equity 10.3 9.6 — — 3.2 23.1 — — — —

20 unchanged sentences

Hilding Anders, Class B Common Stock — — — — — — — — — —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Portfolio Company

Fair Value at

Additions (1)

Reductions (2)

Net Change in

(Depreciation)

Fair Value at

Hilding Anders, Class C Common Stock — — — — — — — — — —

Hilding Anders, Equity Options — — — — — — — — — —

HM Dunn Co Inc, Preferred Stock, Series

HM Dunn Co Inc, Preferred Stock, Series A (4)

— 7.1 — — — 7.1 — — — —

HM Dunn Co Inc, Preferred Stock, Series B (4)

— — — — — — — — — —

JW Aluminum Co, Common Stock (4)

— — — — — — — — — —

JW Aluminum Co, Preferred Stock (4)

One Call Care Management Inc, Common

One Call Care Management Inc, Preferred Stock

— 177.9 — — (55.3) 122.6 0.4 20.9 — —

One Call Care Management Inc, Common Stock (4)

— 4.5 (2.2) (0.2) 0.3 2.4 — — — —

One Call Care Management Inc, Preferred Stock A (4)

— 48.6 (23.7) (2.1) 3.3 26.1 — — — —

One Call Care Management Inc, Preferred Stock B (4)

— 15.7 (8.8) 1.1 1.2 9.2 — 0.8 — —

Production Resource Group LLC, Preferred Stock, Series A PIK — 18.1 — — (0.7) 17.4 — — — —

1 unchanged sentence

Sound United LLC, Class A Units — — — (1.1) 1.1 — — — — —

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp.

Consolidated Schedule of Investments (continued)

As of December 31, 2021

(in millions, except share amounts)

Portfolio Company Fair Value at December 31, 2020 Gross Additions (1)

Gross Reductions (2)

Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2021 Interest Income (3)

PIK Income (3)

Fee Income (3)

Dividend Income (3)

Sound United LLC, Common Stock $ 29.3 $ — $ — $ — $ 48.2 $ 77.5 $ — $ — $ — $ 20.0

2 unchanged sentences

Warren Resources Inc, Common Stock — 12.8 — — 7.6 20.4 — — — —

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK

Gross reductions include decreases in the cost basis of investments resulting from principal collections related

Total $ 1,259.7 $ 1,568.4 $ (252.0) $ (48.5) $ 156.5 $ 2,684.1 $ 25.0 $ 35.9 $ 0.6 $ 165.7

______________

(3) Interest, PIK, fee and dividend income presented for the full year ended December 31, 2021.

The Company held this investment as of December 31, 2020 but it was not deemed to be an control

of the portfolio company as of December 31, 2020.

(4) The Company held this investment as of December 31, 2020 but it was not deemed to be an “control” of the portfolio company as of December 31, 2020.

Transfers in or out have been presented at amortized cost.

5 unchanged sentences

FS KKR Capital Corp.

FSK), or the Company, was incorporated under the general corporation laws of the State of Maryland on

December 21, 2007 and formally commenced investment operations on January 2, 2009.

The Company is an externally managed, non-diversified, closed-end management

investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act.

FSK), or the Company, was incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and formally commenced investment operations on January 2, 2009.

The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act.

In addition, the Company has elected to be treated for U.S.

federal income tax

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.

The Company has various wholly-owned subsidiaries, including

special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies.

The unaudited consolidated financial statements include both the Companys accounts and the accounts of its wholly-owned

subsidiaries as of March 31, 2022.

federal income tax 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.

The Company has various wholly-owned subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies.

The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of June 30, 2022.

All intercompany transactions have been eliminated in consolidation.

2 unchanged sentences

The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation.

Companys portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle-market U.S.

companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of

In addition, a portion of the Companys portfolio may be comprised of equity and equity-related securities, corporate bonds, structured products, other debt securities and derivatives, including total return swaps and

credit default swaps.

The Company is externally managed by FS/KKR Advisor, LLC, or the Advisor, pursuant to an investment advisory

agreement, dated as of June 16, 2021, or the investment advisory agreement.

Prior to entering into the investment advisory agreement, the Company was a party to an investment advisory agreement, dated as of December 20, 2018, with the

Advisor, or the prior investment advisory agreement, which remained in effect until June 16, 2021.

On June 16, 2021, the

Company completed its acquisition, or the 2021 Merger, of FS KKR Capital Corp.

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,

Rocky Merger Sub, Inc., a former wholly-owned subsidiary of the Company, or Merger Sub, and the Advisor.

The Company's portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle-market U.S.

companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S.

In addition, a portion of the Company’s portfolio may be comprised of equity and equity-related securities, corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps.

The Company is externally managed by FS/KKR Advisor, LLC, or the Advisor, pursuant to an investment advisory agreement, dated as of June 16, 2021, or the investment advisory agreement.

Prior to entering into the investment advisory agreement, the Company was a party to an investment advisory agreement, dated as of December 20, 2018, with the Advisor, or the prior investment advisory agreement, which remained in effect until June 16, 2021.

On June 16, 2021, the Company completed its acquisition, or the 2021 Merger, of FS KKR Capital Corp.

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, Rocky Merger Sub, Inc., a former wholly-owned subsidiary of the Company, or Merger Sub, and the Advisor.

See Note 12 for a discussion of the 2021 Merger.

1 unchanged sentence

Basis of Presentation:

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with

accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X.

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X.

Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

In the opinion of management, all adjustments (consisting of normal recurring accruals)

considered necessary for a fair presentation have been included.

For a more complete discussion of significant accounting policies and certain other information, the Companys interim unaudited consolidated financial statements should be read

in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2021 included in the Companys annual report on Form 10-K for the year ended

December 31, 2021.

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.

The December 31, 2021 consolidated balance

sheet and consolidated schedule of investments are derived from the Companys audited consolidated

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Summary of Significant Accounting

Policies (continued)

financial statements as of and for the year ended December 31, 2021.

The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable

to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies .

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K for the year ended December 31, 2021.

Operating results for the six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

The December 31, 2021 consolidated balance sheet and consolidated schedule of investments are derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2021.

The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies .

Use of Estimates:

The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to

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

reporting period.

The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to 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 reporting period.

Actual results could differ from those estimates.

Capital Gains Incentive Fee:

Pursuant to the terms

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

incentive fee capital gains, which shall equal the realized capital gains of Corporate Capital Trust, Inc., or CCT, (as predecessor-by-merger to the Company), FSKR (as predecessor-by-merger to the Company) and the Company (without duplication) on a cumulative basis from inception, calculated as of the end of each calendar year, computed net

of all realized capital losses and unrealized capital depreciation (without duplication) on a cumulative basis, less the aggregate amount of any capital gain incentive fees previously paid by CCT, FSKR and the Company.

On a quarterly basis, the

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.

The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains

incentive fee.

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 respect to unrealized gains unless and until such gains are actually realized.

Pursuant to the terms 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 Company’s incentive fee capital gains, which shall equal the realized capital gains of Corporate Capital Trust, Inc., or CCT, (as predecessor-by-merger to the Company), FSKR (as predecessor-by-merger to the Company) and the Company (without duplication) on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation (without duplication) on a cumulative basis, less the aggregate amount of any capital gain incentive fees previously paid by CCT, FSKR and the Company.

On a quarterly basis, the 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.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Summary of Significant Accounting Policies (continued)

The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee.

This accrual reflects the incentive fees that would be payable to the Advisor if the Company’s 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 respect to unrealized gains unless and until such gains are actually realized.

Subordinated Income Incentive Fee:

Pursuant to the terms of the investment advisory agreement, the Advisor may also be entitled to receive a subordinated incentive fee on income.

The subordinated incentive fee on income under the investment advisory agreement, which is calculated and

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%.

The subordinated incentive fee on income under the investment advisory agreement, which is calculated and payable quarterly in arrears, equals 17.5% of the Company’s “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 Company’s net assets, equal to 1.75% per quarter, or an annualized hurdle rate of 7.0%.

As a result, the Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.75%.

Once the Companys pre-incentive fee 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 the pre-incentive fee net investment income in excess of the

hurdle rate, until the Companys pre-incentive fee net investment income for such quarter equals 2.12%, or 8.48% annually, of net assets.

Once the Company’s pre-incentive fee 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 the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s 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.

1 unchanged sentence

Reclassifications:

Certain amounts in the unaudited consolidated financial statements as of and for the three months ended

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

of and for the three months ended March 31, 2022.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Summary of Significant Accounting

Policies (continued)

Certain amounts in the unaudited consolidated financial statements as of and for the three and six months ended June 30, 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 of and for the three and six months ended June 30, 2022.

Revenue Recognition:

Security transactions are accounted for on the trade date.

Company records interest income on an accrual basis to the extent that it expects to collect such amounts.

The Company records interest income on an accrual basis to the extent that it expects to collect such amounts.

The Company records dividend income on the ex-dividend date.

Distributions received from limited

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.

The Company does not accrue as a receivable

interest or dividends on loans and securities if it has reason to doubt its ability to collect such income.

The Companys policy is to place investments on non-accrual status when there is reasonable

doubt that interest income will be collected.

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

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

the investment.

Distributions received from limited 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.

The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income.

The Company's policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected.

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 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 the investment.

If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off.

Payments received on

non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest.

investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Companys judgment.

Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income

over the respective term of the loan or security.

Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest.

Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company's judgment.

Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security.

Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income.

Structuring and other

non-recurring upfront fees are recorded as fee income when earned.

For the three months ended March 31, 2022 and 2021, the Company recognized $14 and $2, respectively, in structuring fee revenue.

Company records prepayment premiums on loans and securities as fee income when it receives such amounts.

Structuring and other non-recurring upfront fees are recorded as fee income when earned.

For the six months ended June 30, 2022 and 2021, the Company recognized $16 and $15, respectively, in structuring fee revenue.

The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.

Derivative Instruments:

The Company's derivative instruments include foreign currency forward contracts and cross currency swaps.

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial

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

instruments in the consolidated statements of operations.

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements.

Realized gains and losses of the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations.

2 unchanged sentences

2020-04, “ 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.

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.

2021, the FASB issued ASU No.

The 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.

In January 2021, the FASB issued ASU No.

2021-01, Reference Rate Reform (Topic 848) , which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition.

ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022.

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 December 31, 2022, that an entity has elected certain optional expedients for and that are retained

through the end of the hedging relationship.

The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial

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 December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Summary of Significant Accounting Policies (continued)

the hedging relationship.

The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.

Share Transactions

Below is a summary of transactions with respect to shares of the Companys common stock during the three months ended March 31, 2022

Three Months Ended March 31,

Below is a summary of transactions with respect to shares of the Company’s common stock during the six months ended June 30, 2022 and 2021:

Six Months Ended June 30,

Shares Amount Shares Amount

Share Repurchase Program (1,072,263) $ (23) — $ —

Issuance of Common Stock (1)

— — 161,374,028 3,642

Net Proceeds from Share Transactions (1,072,263) $ (23) 161,374,028 $ 3,642

During the three months ended March 31, 2022, the administrator for the Companys distribution

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.

During the three months ended

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

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

distributed such shares to participants in the DRP.

_____________

(1) Issuance of common stock for the 2021 Merger.

Shares were issued at fair value of FSK common stock at the merger date.

During the six months ended June 30, 2022, the administrator for the Company's distribution reinvestment plan, or DRP, purchased 1,147,416 shares of common stock in the open market at an average price per share of $22.30 (totaling $26) pursuant to the DRP, and distributed such shares to participants in the DRP.

During the six months ended June 30, 2021, the administrator for the DRP purchased 496,660 shares of common stock in the open market at an average price per share of $18.88 (totaling $9) pursuant to the DRP, and distributed such shares to participants in the DRP.

During the period from July 1, 2022 to July 31, 2022, the administrator for the DRP purchased 668,764 shares of common stock in the open market at an average price per share of $20.60 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP.

For additional information regarding the terms of the DRP, see Note 5.

September 2021 Share

Repurchase Program

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.

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

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

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

terminates pursuant to its terms.

September 2021 Share Repurchase Program

In November 2020, the Company's board of directors authorized a stock repurchase program, which went into effect in September 2021 following the consummation of the 2021 Merger.

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 share.

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 Company’s stock price, applicable legal and regulatory requirements and other factors.

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 Company’s board of directors has been expended, or the plan otherwise terminates pursuant to its terms.

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.

The program may be suspended,

extended, modified or discontinued at any time.

During the three months ended March 31, 2022, the Company repurchased 404,928 shares

of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $21.98 (totaling $9).

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).

The program may be suspended, extended, modified or discontinued at any time.

During the six months ended June 30, 2022, the Company repurchased 1,072,263 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $21.14 (totaling $23).

During the period from July 1, 2022 to July 31, 2022, the Company repurchased 241,847 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $20.61 (totaling $5).

Acquisition of FSKR

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 right to receive 0.9498 shares of the Company's common stock.

As a result, the Company issued an aggregate of approximately 161,374,028 shares of its common stock to former FSKR stockholders.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Transactions (continued)

Acquisition of FSKR

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 right to receive 0.9498 shares of the Companys common stock.

As a result, the Company issued an aggregate of approximately 161,374,028 shares of its common stock to former FSKR

stockholders.

(in thousands, except share and per share amounts)

Related Party Transactions

Compensation of the Investment Adviser

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 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.

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.

management fee is payable quarterly in arrears.

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 Company’s gross assets excluding cash and cash equivalents (gross assets equal the total assets of the Company as set forth on the Company's consolidated balance sheets) and an incentive fee based on the Company’s performance.

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 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.

The base management fee is payable quarterly in arrears.

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.

The prior investment advisory

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

The prior investment advisory 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 Company’s income incentive fee rate from 20% to 17.5%;

and (ii) remove the total return lookback provision applicable to the subordinated incentive fee on income from the prior investment advisory agreement.

Under the prior investment advisory agreement, the subordinated incentive fee on

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

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

income was being calculated.

The definitions of per share pre-incentive fee return and per share incentive fees under the prior investment advisory agreement took into account the

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.

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.

See Note 2 for a

discussion of the capital gains and subordinated income incentive fees that the Advisor may be entitled to under the investment advisory agreement.

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 operations following the closing of the 2021 Merger, commencing on July 1, 2021, for a total waiver of $90.

In addition, the Advisor has agreed to exclude from the calculation of the

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

accordance with Accounting Standards Codification Topic 805-50, Business CombinationsRelated Issues as a result of the 2021 Merger.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Related Party

Transactions (continued)

On April 9, 2018, the Company entered into an administration agreement with the Advisor,

or the administration agreement.

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 services.

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 and preparing reports for the Companys stockholders and reports filed with the U.S.

Under the prior investment advisory agreement, the subordinated incentive fee on 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 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 income was being calculated.

The definitions of “per share pre-incentive fee return” and “per share incentive fees” under the prior investment advisory agreement took into account the 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.

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 Company’s acquisition of CCT was excluded.

See Note 2 for a discussion of the capital gains and subordinated income incentive fees that the Advisor may be entitled to under the investment advisory agreement.

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 operations following the closing of the 2021 Merger, commencing on July 1, 2021, for a total waiver of $90.

In addition, the Advisor has agreed to exclude from the calculation of the 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 accordance with Accounting Standards Codification Topic 805-50, Business Combinations—Related Issues as a result of the 2021 Merger.

On April 9, 2018, the Company entered into an administration agreement with the Advisor, or the administration agreement.

Pursuant to the administration agreement, the Advisor oversees the Company’s 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 services.

The Advisor also performs, or oversees the performance of, the Company’s 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 Company’s stockholders and reports filed with the U.S.

Securities and Exchange Commission, or the SEC.

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

stockholders, and generally overseeing the payment of the Companys expenses and the performance of administrative and professional services rendered to the Company by others.

Pursuant to the administration agreement, the Company reimburses the Advisor for expenses 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 Investments, or FS Investments, and KKR Credit

Advisors (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Advisor.

The Company reimburses the Advisor no less than quarterly for all costs and expenses incurred by the Advisor in performing its obligations

and providing personnel and facilities under the administration agreement.

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 Company’s stockholders, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others.

Pursuant to the administration agreement, the Company reimburses the Advisor for expenses necessary to perform services related to its administration and operations, including the Advisor’s 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 Advisors (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Advisor.

The Company reimburses the Advisor no less than quarterly for all costs and expenses incurred by the Advisor in performing its obligations and providing personnel and facilities under the administration agreement.

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.

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.

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

services from third-party service providers known to be available.

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

The Company’s 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.

The Company’s 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 services from third-party service providers known to be available.

In addition, the Company’s board of directors considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality.

Finally, the Company’s board of directors compares the total amount paid to the Advisor for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs.

The following table describes the fees and expenses accrued under the investment advisory agreement, the prior investment advisory agreement

and the administration agreement, as applicable, during the three months ended March 31, 2022 and 2021:

Three Months Ended

Related Party

Source Agreement

Investment advisory agreement and prior investment advisory agreement

Base Management Fee (1)

Investment advisory agreement and prior investment advisory agreement

Subordinated Incentive Fee on Income (2)

Administration agreement

Administrative Services Expenses (3)

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Related Party

Transactions (continued)

During the three months ended March 31, 2022 and 2021, $60 and $25, respectively, in base management fees

were paid to the Advisor.

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.

During the three months ended March 31, 2022, the amount shown is net of waivers of $15.

During the three months ended March 31, 2022 and 2021, $19 and $0,

respectively, of subordinated incentive fees on income were paid to the Advisor.

As of March 31, 2022, subordinated incentive fees on income of $25 were payable to the Advisor.

During the three months ended March 31, 2022 and 2021, $4 and $1, respectively, of administrative 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 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.

Broken deal costs were $0.2 for the three months ended

March 31, 2022.

The Company paid $2 and $1, respectively, in administrative services expenses to the Advisor during the three months ended March 31, 2022 and 2021.

Related Party Transactions (continued)

The following table describes the fees and expenses accrued under the investment advisory agreement, the prior investment advisory agreement and the administration agreement, as applicable, during the three and six months ended June 30, 2022 and 2021:

Three Months Ended Six Months Ended

Related Party June 30, June 30,

Source Agreement Description 2022 2021 2022 2021

The Advisor Investment advisory agreement and prior investment advisory agreement Base Management Fee (1)

$ 63 $ 30 $ 125 $ 55

The Advisor Investment advisory agreement and prior investment advisory agreement Subordinated Incentive Fee on Income (2)

$ 22 $ 8 $ 47 $ 8

The Advisor Administration agreement Administrative Services Expenses (3)

$ 4 $ 2 $ 8 $ 4

________________

(1) During the six months ended June 30, 2022 and 2021, $122 and $50, respectively, in base management fees were paid to the Advisor.

As of June 30, 2022, $63 in base management fees were payable to the Advisor.

(2) 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.

During the six months ended June 30, 2022, the amount shown is net of waivers of $30.

During the six months ended June 30, 2022 and 2021, $44 and $0, respectively, of subordinated incentive fees on income were paid to the Advisor.

As of June 30, 2022, subordinated incentive fees on income of $22 were payable to the Advisor.

(3) During the six months ended June 30, 2022 and 2021, $7 and $3, respectively, of administrative 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 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.

Broken deal costs were $0.3 for the six months ended June 30, 2022.

The Company paid $8 and $3, respectively, in administrative services expenses to the Advisor during the six months ended June 30, 2022 and 2021.

Potential Conflicts of Interest

members of the senior management and investment teams of the Advisor serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by

the same personnel.

The members of the senior management and investment teams of the Advisor serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel.

The officers, managers and other personnel of the Advisor may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments or KKR Credit.

In serving in these

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.

Companys investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.

For additional information regarding potential conflicts of interest, see the Companys annual

report on Form 10-K for the year ended December 31, 2021.

In serving in these 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 Company’s best interests or in the best interest of the Company’s stockholders.

The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.

For additional information regarding potential conflicts of interest, see the Company’s annual report on Form 10-K for the year ended December 31, 2021.

Exemptive Relief

2 unchanged sentences

However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.

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

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.

However, in connection

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,

except with respect to any transaction in which the Company participated in

In an order 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 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.

However, in connection with the investment advisory relationship with the Advisor, and in an effort to mitigate potential future conflicts of interest, the Company's 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 (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 investment transactions, including investments originated and directly negotiated by the Advisor or KKR Credit, with certain affiliates of the Advisor.

Affiliated Purchaser Program

As previously disclosed, certain affiliates of the owners of the Advisor committed $100 to a $350 investment vehicle that may invest from time to time in shares of the Company's common stock.

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 and Rule 10b-18 promulgated under the

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Related Party

Transactions (continued)

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

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

As previously disclosed, certain affiliates 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.

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

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.

The Company is not a party to any

transaction with the investment vehicle.

Related Party Transactions (continued)

Exchange Act to facilitate the purchase of shares of the Company’s common stock pursuant to the terms and conditions of such plan.

The Company is not a party to any transaction with the investment vehicle.

Distributions

The following table reflects the cash distributions per share that the Company has declared on its common stock during the three months ended

March 31, 2022 and 2021:

For the Three Months Ended

The following table reflects the cash distributions per share that the Company has declared on its common stock during the six months ended June 30, 2022 and 2021:

For the Three Months Ended Per Share Amount

March 31, 2021 $ 0.60 $ 74

June 30, 2021 0.60 75

Total $ 1.20 $ 149

March 31, 2022 $ 0.63 $ 179

On May 5, 2022, the Companys board of directors declared a regular quarterly cash distribution of

$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.

The 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.

Pursuant to the DRP, the Company will reinvest all cash

dividends or distributions declared by the Companys board of directors on behalf of stockholders who do not elect to receive their distributions in cash.

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 distributions automatically reinvested in additional shares of the Companys common stock.

With respect to each distribution pursuant 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.

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

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

June 30, 2022 0.68 193

Total $ 1.31 $ 372

On August 8, 2022, the Company’s board of directors declared a regular quarterly cash distribution of $0.67 per share, which will be paid on or about October 4, 2022 to stockholders of record as of the close of business on September 14, 2022.

The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of directors.

Pursuant to the DRP, the Company will reinvest all cash dividends or distributions declared by the Company’s board of directors on behalf of stockholders who do not elect to receive their distributions in cash.

As a result, if the Company’s board of directors declares a distribution, then stockholders who have not elected to “opt out” of the DRP will have their distributions automatically reinvested in additional shares of the Company’s common stock.

With respect to each distribution pursuant 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.

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 or greater than the estimated net asset value per share (rounded up to the nearest whole cent) of the Company’s common stock on the payment date 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;

or (B) if the market 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 Company will issue shares of common stock at net asset value per share.

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 share at which the Company issues such shares;

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 other charges, of all shares of common stock purchased in the open market.

If a stockholder 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.

If the Company’s common 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 the distribution in cash.

If the Company’s 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 Company’s common stock.

The stockholder’s 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.

Any 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 stockholder’s account.

The Company may fund its cash distributions to stockholders from any sources of funds legally available to it, including proceeds from the sale of shares of the Company’s 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

FS KKR Capital Corp.

2 unchanged sentences

Distributions (continued)

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;

or (B) if the market

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

Company will issue shares of common stock at net asset value per share.

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 share at which the Company issues such shares;

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 other charges, of all shares of common stock purchased in the open market.

If a stockholder

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.

If the Companys common

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

the distribution in cash.

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

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.

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.

The Company may fund its cash distributions to stockholders from any sources of funds legally available to it, including proceeds from the

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.

Company on account of preferred and common equity investments in portfolio companies.

The Company has not established limits on the amount of funds it may use from available sources to make distributions.

1 unchanged sentence

As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital.

A return of capital generally is a return of a

stockholders investment rather than a return of earnings or gains derived from the Companys investment activities.

Each year a statement on Form 1099-DIV identifying the sources of the

distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Companys stockholders.

There can be no assurance that

the Company will be able to pay distributions at a specific rate or at all.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Distributions (continued)

The following table reflects the sources of the cash distributions on a tax basis that the

Company has paid on its common stock during the three months ended March 31, 2022 and 2021:

Three Months Ended March 31,

Source of Distribution

A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities.

Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s stockholders.

There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.

The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the six months ended June 30, 2022 and 2021:

Six Months Ended June 30,

Source of Distribution Distribution

Amount Percentage Distribution

Amount Percentage

Return of capital $ — — $ — —

Net investment income (1)

372 100 % 149 100 %

Short-term capital gains proceeds from the sale of assets — — — —

Long-term capital gains proceeds from the sale of assets — — — —

During the three months ended March 31, 2022 and 2021, 83.8% and 86.7%, respectively, of the

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

attributable to PIK interest.

The determination of the tax attributes of the Companys distributions is made

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.

Therefore, a determination made on a quarterly basis may not be representative of the

actual tax attributes of the Companys distributions for a full year.

Total $ 372 100 % $ 149 100 %

________________

(1) During the six months ended June 30, 2022 and 2021, 84.1% and 87.4%, respectively, of the Company’s gross investment income was attributable to cash income earned, 5.2% and 2.8%, respectively, was attributable to non-cash accretion of discount and 10.7% and 9.8%, respectively, was attributable to PIK interest.

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year.

Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company’s 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.

March 31, 2022, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $2,021.

$85 of such losses were carried over from CCT due to the Companys 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.

Because of the loss limitation rules of the Code, some of the tax basis

losses may be limited in their use.

As of June 30, 2022, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $1,865.

$85 of such losses were carried over from CCT due to the Company's 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.

Because of the loss limitation rules of the Code, some of the tax basis losses may be limited in their use.

Any unused balances resulting from such limitations may be carried forward into future years indefinitely.

As of March 31, 2022 and December 31, 2021, the Companys gross unrealized appreciation on a tax basis was $1,778 and $1,665,

respectively.

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.

As of June 30, 2022 and December 31, 2021, the Company's gross unrealized appreciation on a tax basis was $1,495 and $1,665, respectively.

As of June 30, 2022 and December 31, 2021, the Company's gross unrealized depreciation on a tax basis was $2,104 and $1,995, respectively.

The aggregate cost of the Company’s investments for U.S.

federal income tax purposes totaled $17,449 and $17,167 as of March 31,

2022 and December 31, 2021, respectively.

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.

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.

federal income tax purposes totaled $17,569 and $17,167 as of June 30, 2022 and December 31, 2021, respectively.

The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $(1,391) and $(1,066) as of June 30, 2022 and December 31, 2021, respectively.

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.

As of June 30, 2022, the Company had a deferred tax liability of $20 resulting from unrealized appreciation on investments held by the Company’s wholly-owned taxable subsidiaries and a deferred tax asset of $66 resulting from net operating losses, capital losses, and interest expense limitation carryforwards of the Company’s wholly-owned taxable subsidiaries and unrealized depreciation on investments held by the Company’s wholly-owned taxable subsidiaries.

As of June 30, 2022, certain wholly-owned taxable subsidiaries anticipated that they 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 $48.

For the six months ended June 30, 2022, the Company recorded a

FS KKR Capital Corp.

2 unchanged sentences

Distributions (continued)

As of March 31, 2022, the Company had a deferred tax liability of $18 resulting from

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

Companys wholly-owned taxable subsidiaries and unrealized depreciation on investments held by the Companys wholly-owned taxable subsidiaries.

As of March 31, 2022, certain wholly-owned taxable subsidiaries anticipated that they

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.

For the three months ended March 31, 2022, the Company did not record a

provision for taxes related to wholly-owned taxable subsidiaries.

provision for taxes related to wholly-owned taxable subsidiaries of $2 related to the deferred tax liability and $1 related to current taxes.

Each were as a result of the sale of investments, during the second quarter, held in wholly-owned taxable subsidiaries.

Investment Portfolio

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:

March 31, 2022

December 31, 2021

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2022 and December 31, 2021:

June 30, 2022

(Unaudited) December 31, 2021

Fair Value Percentage

of Portfolio Amortized

Fair Value Percentage

Senior Secured Loans—First Lien $ 10,106 $ 10,022 61.9 % $ 9,695 $ 9,765 60.7 %

4 unchanged sentences

Credit Opportunities Partners JV, LLC 1,572 1,512 9.3 % 1,397 1,396 8.7 %

Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of

discounts, as applicable, on investments.

In general, under the 1940 Act, the Company would be presumed to

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

portfolio company if it owned 5% or more of its voting securities.

As of March 31, 2022, the Company held investments in eighteen

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

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.

As of December 31, 2021, the Company held investments in seventeen portfolio companies of

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

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.

Equity/Other 1,137 1,045 6.5 % 932 907 5.6 %

Total $ 16,613 $ 16,178 100.0 % $ 16,057 $ 16,101 100.0 %

________________

(1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the Company would be presumed to “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 portfolio company if it owned 5% or more of its voting securities.

As of June 30, 2022, the Company held investments in seventeen portfolio companies of which it is deemed to “control.” As of June 30, 2022, the Company held investments in fourteen portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to "control." For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the unaudited consolidated schedule of investments as of June 30, 2022 in this quarterly report on Form 10-Q.

As of December 31, 2021, the Company held investments in seventeen portfolio companies of 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 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.

The Company’s investment portfolio may contain loans and other unfunded arrangements 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 underlying agreements.

As of June 30, 2022, the Company had unfunded debt investments with aggregate unfunded commitments of $1,207.2, unfunded equity/other commitments of $322.6 and unfunded commitments of $560.2 to Credit Opportunities Partners JV, LLC.

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, LLC.

The Company maintains sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise.

For additional details regarding the Company’s unfunded debt investments, see the Company’s unaudited consolidated schedule of investments as of June 30, 2022 and the Company’s audited consolidated schedule of investments as of December 31, 2021.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2022 and December 31, 2021:

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

The Companys investment portfolio may contain loans and other unfunded arrangements

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

underlying agreements.

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

Partners JV, LLC.

The Company maintains sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise.

For additional details regarding the Companys unfunded debt investments, see the Companys unaudited

consolidated schedule of investments as of March 31, 2022 and the Companys audited consolidated schedule of investments as of December 31, 2021.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets

in such industries as of March 31, 2022 and December 31, 2021:

March 31, 2022

December 31, 2021

Industry Classification

Percentage of

Investment Portfolio (continued)

June 30, 2022

(Unaudited) December 31, 2021

Industry Classification Fair

Value Percentage of

Portfolio Fair

Value Percentage of

Automobiles & Components $ 83 0.5 % $ 89 0.5 %

Banks — — 15 0.1 %

Capital Goods 2,172 13.4 % 2,281 14.2 %

4 unchanged sentences

Diversified Financials 602 3.7 % 672 4.2 %

Energy 339 2.1 % 241 1.5 %

Food & Staples Retailing 270 1.7 % 296 1.8 %

2 unchanged sentences

Household & Personal Products 307 1.9 % 227 1.4 %

Insurance 938 5.8 % 898 5.6 %

Materials 209 1.3 % 211 1.3 %

Media & Entertainment 456 2.8 % 720 4.5 %

Pharmaceuticals, Biotechnology & Life Sciences 216 1.3 % 235 1.5 %

Real Estate 1,024 6.3 % 876 5.4 %

Retailing 310 1.9 % 288 1.8 %

Software & Services 2,705 16.7 % 2,698 16.8 %

2 unchanged sentences

Transportation 352 2.2 % 360 2.2 %

Total $ 16,178 100.0 % $ 16,101 100.0 %

Credit Opportunities Partners JV, LLC

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, or SCRS.

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 an increase in the aggregate capital commitment (but not the percentage of the aggregate capital committed by each member) to COPJV.

Effective as of June 18, 2021, Credit Opportunities Partners, LLC, or COP, merged with and into COPJV, with COPJV surviving the merger, or the COPJV Merger.

As of June 18, 2021, COPJV assumed all of COP's obligations under its credit facilities, and COP's wholly-owned 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.

COPJV’s second amended and restated limited liability company agreement, or the COPJV Agreement, requires the Company and SCRS to provide capital to COPJV of up to $2,440 in the aggregate where the Company and SCRS would provide 87.5% and 12.5%, respectively, of the committed capital.

Pursuant to the terms of 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.

COPJV invests its capital in a range of investments, including senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans, equity, warrants and other investments.

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 COPJV's assets under administration, calculated and payable quarterly in arrears.

As of June 28, 2022, the Company and SCRS increased their commitment by $440, of which $385 was committed by the Company.

As of June 30, 2022, the Company and SCRS have funded approximately $1,799.8 to COPJV, of which $1,574.8 was from the Company.

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 amended, the Big Cedar Creek Funding Credit Facility, which provides for up to $300 of borrowings as of June 30,

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

Credit Opportunities Partners JV, LLC

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, or SCRS.

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 an increase in the aggregate capital commitment (but not the percentage of the aggregate capital committed by each member) to COPJV.

Effective as of June 18, 2021, Credit

Opportunities Partners, LLC, or COP, merged with and into COPJV, with COPJV surviving the merger, or the COPJV Merger.

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 purpose financing subsidiaries of COPJV, in each case, as a result of the consummation of the COPJV Merger.

COPJVs second amended and restated limited liability company

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.

Pursuant to the terms of

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.

COPJV invests its capital in a range of investments,

including senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans, equity, warrants and other investments.

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

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.

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

amended, the Big Cedar Creek Funding Credit Facility, which provides for up to $300 of borrowings as of March 31, 2022.

Investment Portfolio (continued)

The Big Cedar Creek Funding Credit Facility provides loans in U.S.

dollars, Australian dollars, Canadian dollars, New

Zealand dollars, Euros and pounds sterling.

dollars, Australian dollars, Canadian dollars, New Zealand dollars, Euros and pounds sterling.

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.

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.

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.

Big Cedar Creek Funding also pays a commitment fee of up to 1.00% on undrawn commitments.

The Big Cedar Creek Funding Credit Facility matures on March 11, 2025.

As of March 31, 2022, total outstanding borrowings under the Big Cedar Creek Funding Credit Facility were $267.3.

Borrowings under the Big Cedar Creek Funding Credit

Facility are secured by substantially all of the assets of Big Cedar Creek.

Boxwood Drive Funding LLC, or Boxwood Drive Funding, a

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.

The Boxwood Drive Funding Credit

Facility provides for loans in U.S.

As of June 30, 2022, total outstanding borrowings under the Big Cedar Creek Funding Credit Facility were $263.5.

Borrowings under the Big Cedar Creek Funding Credit Facility are secured by substantially all of the assets of Big Cedar Creek.

Boxwood Drive Funding LLC, or Boxwood Drive Funding, a 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 June 30, 2022.

The Boxwood Drive Funding Credit Facility provides for loans in U.S.

dollars, Australian dollars, Canadian dollars, New Zealand dollars, Euros and pounds sterling.

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 3.25% thereafter.

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 3.25% thereafter.

Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus the spread applicable to the specified currency.

Boxwood Drive Funding also pays a commitment

fee of up to 1.00% on undrawn commitments.

Boxwood Drive Funding also pays a commitment fee of up to 1.00% on undrawn commitments.

The Boxwood Drive Funding Credit Facility matures on April 15, 2025.

As of March 31, 2022, total outstanding borrowings under the Boxwood Drive Funding Credit Facility were $277.4.

under the Boxwood Drive Funding Credit Facility are secured by substantially all of the assets of Boxwood Drive Funding.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Portfolio (continued)

Chestnut Street Funding LLC, or Chestnut Street 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 March 31, 2022.

The Chestnut Street Funding Credit Facility provides loans in

As of June 30, 2022, total outstanding borrowings under the Boxwood Drive Funding Credit Facility were $283.2.

Borrowings under the Boxwood Drive Funding Credit Facility are secured by substantially all of the assets of Boxwood Drive Funding.

Chestnut Street Funding LLC, or Chestnut Street 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 June 30, 2022.

The Chestnut Street Funding Credit Facility provides for loans in U.S.

dollars, Australian dollars, Canadian dollars, Euros and pounds sterling.

dollar loans bear interest at the rate of LIBOR (subject to a 0% floor) plus 2.25%.

Foreign currency loans bear interest at the applicable floating rate (subject to

a 0% floor) plus 2.25%.

Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus 2.25%.

Chestnut Street Funding also pays a commitment fee of up to 0.50% on undrawn commitments.

The Chestnut Street Funding Credit Facility matures on September 18, 2024.

As of March 31, 2022, total outstanding borrowings

under the Chestnut Street Funding Credit Facility were $243.8.

As of June 30, 2022, total outstanding borrowings under the Chestnut Street Funding Credit Facility were $220.0.

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

amended, the Green Creek Funding Credit Facility, which provides for up to $400 of borrowings as of March 31, 2022.

Green Creek LLC, or Green Creek Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with Goldman Sachs Bank, or as amended, the Green Creek Funding Credit Facility, which provides for up to $400 of borrowings as of June 30, 2022.

The Green Creek Credit Facility provides for loans in U.S.

dollars, Canadian dollars, Euros and pounds sterling.

loans bear interest at the rate of LIBOR (subject to a 0% floor) plus 2.25%.

dollar 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.

Funding also pays a commitment fee of up to 2.25% on undrawn commitments.

Green Creek 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.

As of March 31, 2022, total outstanding borrowings under the Green Creek Funding Credit Facility

As of June 30, 2022, total outstanding borrowings under the Green Creek Funding Credit Facility were $326.3.

Borrowings under the Green Creek Funding Credit Facility are secured by substantially all of the assets of Green Creek Funding.

On September 2, 2021, Jersey City Funding LLC, or Jersey City Funding, a wholly-owned subsidiary of COPJV, prepaid all outstanding

borrowings under, and terminated, its revolving credit facility with Goldman Sachs Bank.

On March 31, 2021, COPJV sold in a private

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.

Interest of the April 2021 COPJV Notes is payable quarterly

on the 1st of each of January, April, July and October, at a fixed annual rate of 4.25%, commencing July 1, 2021.

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

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.

The April 2021 COPJV Notes mature on April 1, 2026, unless redeemed, purchased or prepaid prior to

such date by COPJV in accordance with their terms.

On August 17, 2021, COPJV sold in a private placement $225 of aggregate principal

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.

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.

This interest rate is subject to increase up to 4.12% in the event that the 2021 COPJV

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.

The August 2021COPJV Notes mature on August 17, 2026, unless

redeemed, purchased or prepaid prior to such date by COPJV in accordance with their terms.

On September 2, 2021, Jersey City Funding LLC, or Jersey City Funding, a wholly-owned subsidiary of COPJV, prepaid all outstanding borrowings under, and terminated, its revolving credit facility with Goldman Sachs Bank.

On March 31, 2021, COPJV sold in a private 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.

Interest of the April 2021 COPJV Notes is payable quarterly on the 1st of each of January, April, July and October, at a fixed annual rate of 4.25%, commencing July 1, 2021.

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 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.

The April 2021 COPJV Notes mature on April 1, 2026, unless redeemed, purchased or prepaid prior to such date by COPJV in accordance with their terms.

On August 17, 2021, COPJV sold in a private placement $225 of aggregate principal 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.

Interest of 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.

This interest rate is subject to increase up to 4.12% in the event that the 2021 COPJV 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.

The August 2021COPJV Notes mature on August 17, 2026, unless 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)

Portfolio (continued)

The 2021 COPJV Notes are general unsecured obligations that rank pari passu with all

outstanding and future unsecured and unsubordinated indebtedness that COPJV may issue.

COPJV used the net proceeds from the 2021 COPJV Notes for general corporate purposes, including to make investments, repay existing debt and make permitted

distributions.

COPJV was in compliance with all covenants required by its financing arrangements as of March 31, 2022 and

December 31, 2021.

During the three months ended March 31, 2022, the Company sold investments with a cost of $546.7 for

proceeds of $554.0 to COPJV and recognized a net realized gain (loss) of $7.3 in connection with the transactions.

As of March 31, 2022, $533.6 of these sales to COPJV are included in receivable for investments sold in the consolidated

statements of assets and liabilities.

As of March 31, 2022 and December 31, 2021, COPJV had total investments with a fair value

of $3,772.5 and $3,260.0, respectively.

As of March 31, 2022 and December 31, 2021, COPJV had zero investments on non-accrual status.

Below is a summary of COPJVs portfolio, followed by a listing of the individual loans in COPJVs portfolio as of March 31,

2022 and December 31, 2021:

March 31, 2022

Investment Portfolio (continued)

The 2021 COPJV Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness that COPJV may issue.

COPJV used the net proceeds from the 2021 COPJV Notes for general corporate purposes, including to make investments, repay existing debt and make permitted distributions.

COPJV was in compliance with all covenants required by its financing arrangements as of June 30, 2022 and December 31, 2021.

On July 14, 2022, Magnolia Funding LLC, or Magnolia Funding, a wholly-owned subsidiary of COPJV, entered into a revolving credit facility with Morgan Stanley Senior Funding, Inc., or the Magnolia Funding Credit Facility, which provides for up to $300 of borrowings.

The Magnolia Funding Credit Facility provides for loans in U.S.

dollars, Australian dollars, Canadian dollars, Swedish Krona, Euros and pounds sterling.

dollar loans bear interest at the rate of SOFR (subject to a 0% floor) plus a spread of 2.20%, which increases to 2.60% after the end of the revolving period (July 14, 2025).

Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus the spread applicable to the specified currency.

Magnolia Funding also pays a commitment fee of 0.35% on undrawn commitments, which after January 14, 2023 is charged on undrawn commitments over a required minimum utilization amount of $195.

The Magnolia Funding Credit Facility matures on July 14, 2027.

Borrowings under the Magnolia Funding Credit Facility are secured by substantially all of the assets of Magnolia Funding.

During the six months ended June 30, 2022, the Company sold investments with a cost of $636.3 for proceeds of $640.7 to COPJV and recognized a net realized gain (loss) of $4.4 in connection with the transactions.

As of June 30, 2022, $448.9 of these sales to COPJV are included in receivable for investments sold in the consolidated statements of assets and liabilities.

As of June 30, 2022 and December 31, 2021, COPJV had total investments with a fair value of $3,604.0 and $3,260.0, respectively.

As of June 30, 2022 and December 31, 2021, COPJV had zero investments on non-accrual status.

Below is a summary of COPJV’s portfolio, followed by a listing of the individual loans in COPJV’s portfolio as of June 30, 2022 and December 31, 2021:

June 30, 2022 (Unaudited)

December 31, 2021

Total debt investments (1)

$ 3,272.4 $ 2,954.2

Weighted average annual yield on accruing debt investments (2)

Number of portfolio companies in COPJV 109 95

Largest investment in a single portfolio

Largest investment in a single portfolio company (1)

$ 131.8 $ 131.5

Unfunded commitments (1)

Debt Investments means investments that pay or are expected to pay a stated interest rate, stated

dividend rate or other similar stated return.

The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the

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.

dollars and for any partial income accrual when necessary, as of the end of the applicable

reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment;

divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of

the end of the applicable reporting period.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Portfolio (continued)

(1) "Debt Investments" means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar stated return.

(2) The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the 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.

dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment;

divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period.

Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of June 30, 2022, and (b) the stated base rate floor.

The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of June 30, 2022.

Credit Opportunities Partners JV, LLC Portfolio

As of March 31, 2022 (in millions)

As of June 30, 2022 (in millions)

Footnotes Industry Interest Rate (b)

Base Rate Floor Maturity Date No.

Shares/Principal Amount (c)

Cost Fair Value (d)

Senior Secured Loans—First Lien—137.1%

48Forty Solutions LLC

Accuride Corp

Capital Goods

Advania Sverige AB

Affordable Care Inc

Alacrity Solutions Group LLC

Alera Group Intermediate Holdings Inc

Transportation

American Vision Partners

Ammeraal Beltech Holding BV

Capital Goods

Apex Group Limited

Arcfield Acquisition Corp

Capital Goods

Ardonagh Group Ltd

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Portfolio (continued)

Arrotex Australia Group Pty Ltd

Pharmaceuticals,

Biotechnology &

Life Sciences

Arrotex Australia Group Pty Ltd

Pharmaceuticals,

Biotechnology &

Life Sciences

BearCom Acquisition Corp

BGB Group LLC

Entertainment

Big Bus Tours Ltd

Bugaboo International BV

Caprock Midstream LLC

Capital Goods

Eagleclaw Midstream Ventures LLC

EIF Van Hook Holdings LLC

Encora Digital Inc

Entertainment Benefits Group LLC

Entertainment

48Forty Solutions LLC (e)(o) Commercial & Professional Services SF+600 1.0% 11/30/2026 $ 19.5 $ 19.3 $ 19.3

Accuride Corp (i)(j) Capital Goods L+525 1.0% 11/17/2023 20.9 20.3 18.5

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

Follett Software Co

Frontline Technologies Group LLC

Galaxy Universal LLC

Galway Partners Holdings LLC

General Datatech LP

Greystone Equity Member Corp

HealthChannels LLC

Hermes UK Ltd

Transportation

Higginbotham Insurance Agency Inc

Industria Chimica Emiliana Srl

Pharmaceuticals,

Biotechnology &

Life Sciences

Insight Global LLC

KBP Investments LLC

Food & Staples

Kellermeyer Bergensons Services LLC

Kettle Cuisine LLC

Lakefield Veterinary Group

Lakeview Farms Inc

Lionbridge Technologies Inc

Lipari Foods LLC

Food & Staples

Lloyds Register Quality Assurance Ltd

Investment Portfolio (continued)

Footnotes Industry Interest Rate (b)

Base Rate Floor Maturity Date No.

Shares/Principal Amount (c)

Cost Fair Value (d)

Advania Sverige AB (e)(o) Software & Services SR+610, 0.0% PIK (3.3% Max PIK) 0.0% 4/28/2028 SEK 588.0 $ 66.6 $ 56.3

Advania Sverige AB (e)(o) Software & Services R+610, 0.0% PIK (3.3% Max PIK) 0.0% 4/28/2028 ISK 1,644.9 12.8 12.2

Affordable Care Inc (e)(h)(i)(o) Health Care Equipment & Services L+550, 0.0% PIK (1.3% Max PIK) 0.8% 8/2/2028 $ 76.5 76.1 75.7

Alacrity Solutions Group LLC (e)(o) Insurance L+525 0.8% 12/22/2028 20.8 20.4 20.3

Alera Group Intermediate Holdings Inc (e)(k)(o) Insurance L+550 0.8% 10/2/2028 32.4 32.0 31.8

Alstom SA (k) Transportation L+550, 2.5% PIK (2.5% Max PIK) 1.0% 8/29/2023 6.2 5.5 3.9

American Vision Partners (e)(o) Health Care Equipment & Services L+575 0.8% 9/30/2027 19.6 19.4 19.3

Ammeraal Beltech Holding BV (h)(k) Capital Goods E+350 0.0% 7/30/2025 € 4.8 4.8 4.5

Apex Group Limited (h) Diversified Financials L+375 0.5% 7/27/2028 $ 4.2 4.2 4.0

Apex Group Limited (h) Diversified Financials E+400 0.0% 7/27/2028 € 1.6 1.9 1.6

Arcfield Acquisition Corp (e)(o) Capital Goods L+575 0.8% 3/10/2028 $ 8.1 8.0 7.9

Arcos LLC/VA (e)(h)(j) Software & Services L+575 1.0% 3/31/2028 22.3 22.1 21.9

Ardonagh Group Ltd (e)(i) Insurance SA+700 0.8% 7/14/2026 £ 3.8 4.7 4.6

Ardonagh Group Ltd (e)(i) Insurance E+700 1.0% 7/14/2026 € 0.5 0.5 0.5

Ardonagh Group Ltd (e)(j)(k)(o) Insurance L+575 0.8% 7/14/2026 $ 54.8 54.2 53.3

Arrotex Australia Group Pty Ltd (e)(j)(k)(o) Pharmaceuticals, Biotechnology & Life Sciences B+525 1.0% 7/10/2024 A$ 109.4 73.8 75.5

Arrotex Australia Group Pty Ltd (e)(j)(k)(o) Pharmaceuticals, Biotechnology & Life Sciences B+525 1.0% 7/10/2024 8.0 5.7 5.5

Barbri Inc (e)(h)(i) Consumer Services L+575 0.8% 4/28/2028 $ 47.5 47.5 47.5

BearCom Acquisition Corp (e)(j) Technology Hardware & Equipment L+650 1.0% 7/5/2024 2.2 2.2 2.1

BearCom Acquisition Corp (e)(j) Technology Hardware & Equipment C+550 1.0% 7/5/2024 C$ 14.4 10.6 10.4

BearCom Acquisition Corp (e)(f) Technology Hardware & Equipment C+550 1.0% 1/5/2024 1.3 1.0 1.0

Belk Inc Retailing L+750 1.0% 7/31/2025 $ 0.6 0.6 0.6

Belk Inc Retailing 5.0%, 8.0% PIK (8.0% Max PIK) 7/31/2025 3.0 1.7 1.3

BGB Group LLC (e)(h)(i)(o) Media & Entertainment L+575 1.0% 8/16/2027 54.6 54.3 54.0

Big Bus Tours Ltd (e)(j) Consumer Services L+850 PIK (L+850 Max PIK) 1.0% 3/15/2024 17.1 17.1 12.8

Big Bus Tours Ltd (e)(j) Consumer Services E+850 PIK (E+850 Max PIK) 1.0% 3/15/2024 € 12.1 13.5 9.4

Bugaboo International BV (e)(h)(i) Consumer Durables & Apparel E+700, 0.0% PIK (7.8% Max PIK) 0.0% 3/20/2025 35.0 40.9 36.6

CSafe Global (e)(h)(i)(k) Capital Goods L+625 0.8% 12/23/2027 $ 59.7 59.6 59.7

CSafe Global (e)(h) Capital Goods L+625 0.8% 8/13/2028 17.4 17.4 17.4

Cubic Corp (i) Software & Services L+425 0.8% 5/25/2028 9.1 9.2 8.5

EIF Van Hook Holdings LLC (i)(k) Energy L+525 0.0% 9/5/2024 7.9 7.6 7.6

Encora Digital Inc (e)(o) Software & Services L+550, 0.0% PIK (2.4% Max PIK) 0.7% 12/13/2028 16.3 15.9 15.7

Follett Software Co (e)(h)(i) Software & Services L+575 0.8% 8/31/2028 37.7 37.4 37.3

Frontline Technologies Group LLC (e)(i)(o) Software & Services L+525 1.0% 9/18/2023 35.8 35.8 35.8

Galaxy Universal LLC (e)(h) Consumer Durables & Apparel L+500 1.0% 11/12/2026 9.6 9.6 9.5

Galway Partners Holdings LLC (e)(k)(o) Insurance L+525, 0.0% PIK (1.3% Max PIK) 0.8% 9/29/2028 37.1 36.3 36.0

General Datatech LP (e)(j) Software & Services L+625 1.0% 6/18/2027 10.0 9.9 9.7

Greystone Equity Member Corp (e) Diversified Financials L+725 3.8% 4/1/2026 30.2 30.0 29.3

HealthChannels LLC (j) Health Care Equipment & Services L+450 0.0% 4/3/2025 15.5 15.4 13.3

Hermes UK Ltd (e)(k) Transportation SA+650 0.0% 11/30/2027 £ 14.7 19.5 16.8

Higginbotham Insurance Agency Inc (e)(h)(i) Insurance L+550 0.8% 11/25/2026 $ 37.8 38.2 38.0

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

Monitronics International Inc

Motion Recruitment Partners LLC

New Era Technology Inc

Novotech Pty Ltd

One Call Care Management Inc

Ontic Engineering & Manufacturing Inc

Capital Goods

Parata Systems

Parts Town LLC

Precision Global Corp

Premium Credit Ltd

Pretium Packaging LLC

Project Marron

Pure Fishing Inc

Qdoba Restaurant Corp

Reliant Rehab Hospital Cincinnati LLC

Revere Superior Holdings Inc

Rise Baking Company

Investment Portfolio (continued)

Footnotes Industry Interest Rate (b)

Base Rate Floor Maturity Date No.

Shares/Principal Amount (c)

Cost Fair Value (d)

Industria Chimica Emiliana Srl (e)(j)(k)(o) Pharmaceuticals, Biotechnology & Life Sciences E+725 0.0% 9/27/2026 € 113.9 $ 125.2 $ 117.7

Insight Global LLC (e)(h)(i)(o) Commercial & Professional Services L+600 0.8% 9/22/2028 $ 64.0 63.2 62.8

KBP Investments LLC (e)(h)(i) Food & Staples Retailing L+525 0.8% 5/26/2027 23.7 23.5 22.4

Kellermeyer Bergensons Services LLC (e)(i)(j) Commercial & Professional Services L+600 1.0% 11/7/2026 29.3 28.1 28.5

Kettle Cuisine LLC (j) Food, Beverage & Tobacco L+375 1.0% 8/25/2025 16.4 16.3 15.3

Lakefield Veterinary Group (e)(o) Health Care Equipment & Services L+550 0.8% 11/23/2028 27.2 26.8 26.6

Lakeview Farms Inc (e)(j) Food, Beverage & Tobacco L+625 1.0% 6/10/2027 15.6 15.6 14.9

Lexitas Inc (e)(h) Commercial & Professional Services SF+625 1.0% 5/18/2029 18.6 18.5 18.4

Lionbridge Technologies Inc (e)(i)(j) Consumer Services SF+700 1.0% 12/29/2025 27.5 27.0 27.9

Lipari Foods LLC (e)(k) Food & Staples Retailing SF+575 1.0% 1/6/2025 64.9 64.8 64.9

Lloyd's Register Quality Assurance Ltd (e)(i)(o) Consumer Services E+600, 0.0% PIK (6.3% Max PIK) 0.0% 12/2/2028 € 44.3 48.7 45.2

Med-Metrix (e)(o) Software & Services L+600 1.0% 9/15/2027 $ 11.9 11.9 11.9

Monitronics International Inc (h)(i)(k) Commercial & Professional Services L+600 1.5% 7/3/2024 35.5 33.3 35.1

Motion Recruitment Partners LLC (e)(h)(j) Commercial & Professional Services L+650 1.0% 12/22/2025 24.9 24.6 24.9

New Era Technology Inc (e)(j) Software & Services L+625 1.0% 10/31/2026 10.0 9.9 9.8

Novotech Pty Ltd (e)(k)(o) Health Care Equipment & Services SF+575 0.5% 1/13/2028 24.4 23.9 24.2

Novotech Pty Ltd (e)(k)(o) Health Care Equipment & Services B+575 0.5% 1/13/2028 A$ 33.7 24.8 22.9

One Call Care Management Inc (h) Health Care Equipment & Services L+550 0.8% 4/22/2027 $ 5.0 5.0 4.0

Ontic Engineering & Manufacturing Inc (h) Capital Goods L+400 0.0% 10/30/2026 2.1 1.9 2.1

Parata Systems (e)(h)(i) Health Care Equipment & Services L+575 1.0% 6/30/2027 57.6 57.4 58.1

Parts Town LLC (e)(h)(k)(o) Retailing L+550 0.8% 11/1/2028 49.7 48.5 48.2

Precision Global Corp (e)(j) Materials L+475 1.0% 8/3/2024 9.0 8.7 8.8

Premium Credit Ltd (e)(h)(i)(k) Diversified Financials SA+650 0.0% 1/16/2026 £ 49.4 64.1 60.1

Pretium Packaging LLC (j) Household & Personal Products L+400 0.5% 10/2/2028 $ 1.6 1.6 1.5

Project Marron (e)(h)(j)(k) Consumer Services B+625 0.5% 7/2/2025 A$ 81.8 56.2 53.9

Project Marron (e)(i)(j) Consumer Services C+625 0.5% 7/2/2025 C$ 52.5 40.0 38.9

Pure Fishing Inc (i) Consumer Durables & Apparel L+450 0.0% 12/22/2025 $ 9.9 9.8 8.5

Qdoba Restaurant Corp (h)(k) Consumer Services L+700 1.0% 3/21/2025 3.5 3.3 3.1

Reliant Rehab Hospital Cincinnati LLC (e)(j)(o) Health Care Equipment & Services L+625 0.0% 2/28/2026 34.0 33.0 31.4

Revere Superior Holdings Inc (e)(k) Software & Services L+575 1.0% 9/30/2026 19.7 19.7 19.7

Rise Baking Company (e)(k) Food, Beverage & Tobacco L+625 1.0% 8/13/2027 1.2 1.1 1.1

Rise Baking Company (e)(j)(k) Food, Beverage & Tobacco L+650 1.0% 8/13/2027 30.6 29.9 28.4

Rise Baking Company (e)(f) Food, Beverage & Tobacco L+625 1.0% 8/13/2027 0.8 0.8 0.7

RSC Insurance Brokerage Inc (e)(k) Insurance SF+550 0.8% 10/30/2026 18.9 18.9 18.9

Safe-Guard Products International LLC (e)(i)(j)(k) Diversified Financials L+500 0.5% 1/27/2027 73.9 74.3 73.9

SAMBA Safety Inc (e)(h)(j) Software & Services L+525 1.0% 9/1/2027 27.2 27.0 27.0

SavATree LLC (e)(j)(k) Consumer Services L+550 0.8% 10/12/2028 39.8 39.5 39.4

Sequa Corp (h)(j)(k) Capital Goods L+675, 0.0% PIK (1.0% Max PIK) 1.0% 11/28/2023 23.4 22.8 23.3

SIRVA Worldwide Inc (i) Commercial & Professional Services L+550 0.0% 8/4/2025 7.0 6.7 6.3

SitusAMC Holdings Corp (e)(o) Real Estate L+575 0.8% 12/22/2027 18.7 18.5 18.2

Staples Canada (e)(h)(i)(j)(k) Retailing C+700 1.0% 9/12/2024 C$ 80.6 62.0 64.5

Summit Interconnect Inc (e)(o) Capital Goods L+600 1.0% 9/22/2028 $ 19.6 19.4 18.7

Time Manufacturing Co (e)(h)(i) Capital Goods E+650 0.8% 12/1/2027 € 29.4 32.5 29.0

Total Safety US Inc (h)(i) Capital Goods L+600 1.0% 8/18/2025 $ 11.5 10.2 11.1

Transaction Services Group Ltd (e)(j)(k)(n)(o) Software & Services B+650 0.0% 10/15/2026 A$ 124.1 85.2 85.7

West Corp (i) Software & Services L+400 1.0% 10/10/2024 $ 12.1 11.9 10.4

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

Rise Baking Company

RSC Insurance Brokerage Inc

Safe-Guard Products International LLC

SAMBA Safety Inc

Capital Goods

SIRVA Worldwide Inc

SitusAMC Holdings Corp

Staples Canada

(e)(h)(i)(j)(k)

Summit Interconnect Inc

Capital Goods

Time Manufacturing Co

Capital Goods

Total Safety US Inc

Capital Goods

Transaction Services Group Ltd

(e)(j)(k)(n)(o)

Capital Goods

Yak Access LLC

Capital Goods

Investment Portfolio (continued)

Footnotes Industry Interest Rate (b)

Base Rate Floor Maturity Date No.

Shares/Principal Amount (c)

Cost Fair Value (d)

West Corp (i) Software & Services L+350 1.0% 10/10/2024 $ 2.5 $ 2.5 $ 2.2

Woolpert Inc (e)(h)(i)(j) Capital Goods L+600 1.0% 4/5/2028 53.3 52.8 52.9

Yak Access LLC (n) Capital Goods L+500 0.0% 7/11/2025 0.8 0.6 0.5

Total Senior Secured Loans—First Lien 2,435.4 2,370.8

2 unchanged sentences

Senior Secured Loans—Second Lien—23.9%

Access CIG LLC

Ammeraal Beltech Holding BV

Capital Goods

Apex Group Limited

EaglePicher Technologies LLC

Capital Goods

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Portfolio (continued)

Excelitas Technologies Corp

NEP Broadcasting LLC

Entertainment

OEConnection LLC

Paradigm Acquisition Corp

Pretium Packaging LLC

Pure Fishing Inc

Capital Goods

SIRVA Worldwide Inc

Valeo Foods Group Ltd

Watchfire Enterprises Inc

Wittur Holding GmbH

Capital Goods

Access CIG LLC (h)(i) Commercial & Professional Services L+775 0.0% 2/27/2026 2.5 2.3 2.4

Ammeraal Beltech Holding BV (e)(h)(k)(o) Capital Goods L+775 0.0% 9/12/2026 57.8 56.7 56.4

Apex Group Limited (e)(h)(i)(o) Diversified Financials L+675 0.5% 7/27/2029 40.0 39.7 39.2

EaglePicher Technologies LLC (h) Capital Goods L+725 0.0% 3/8/2026 0.4 0.4 0.4

Excelitas Technologies Corp (h)(i)(j) Technology Hardware & Equipment L+750 1.0% 12/1/2025 22.6 20.0 21.8

Misys Ltd (h)(i)(k)(o) Software & Services L+725 1.0% 6/13/2025 46.6 44.5 40.4

NEP Broadcasting LLC (i) Media & Entertainment L+700 0.0% 10/19/2026 6.8 6.7 6.3

OEConnection LLC (e)(h)(i)(j) Software & Services L+700 0.5% 9/25/2027 50.0 50.0 48.7

Paradigm Acquisition Corp (h)(k) Health Care Equipment & Services L+750 0.0% 10/26/2026 2.5 2.5 2.5

Pretium Packaging LLC (e)(h)(i)(j) Household & Personal Products L+675 0.5% 10/1/2029 39.9 39.7 36.8

Pure Fishing Inc (e)(h) Consumer Durables & Apparel L+838 1.0% 12/21/2026 26.5 24.0 23.6

SIRVA Worldwide Inc (i)(j) Commercial & Professional Services L+950 0.0% 8/3/2026 10.3 8.6 8.7

Valeo Foods Group Ltd (e)(h) Food, Beverage & Tobacco SA+800 0.0% 10/1/2029 £ 9.3 11.8 10.8

Watchfire Enterprises Inc (e)(j) Technology Hardware & Equipment L+800 1.0% 10/2/2024 $ 9.3 7.3 9.3

Wittur Holding GmbH (e)(j)(k)(n) Capital Goods E+850, 0.5% PIK (0.5% Max PIK) 0.0% 9/23/2027 € 120.8 131.8 106.2

Total Senior Secured Loans—Second Lien 446.0 413.5

Other Senior Secured Debt—1.2%

One Call Care Management Inc

One Call Care Management Inc (e) Health Care Equipment & Services 8.5% PIK (8.5% Max PIK) 11/1/2028 $ 24.5 23.9 21.4

Total Other Senior Secured Debt 23.9 21.4

Subordinated Debt—0.3%

athenahealth Inc Health Care Equipment & Services 6.5% 2/15/2030 5.5 4.7 4.6

Total Subordinated Debt 4.7 4.6

Asset Based Finance—34.7%

Abacus JV, Private Equity

Altavair AirFinance, Private Equity

Capital Goods

GA Capital Specialty Lending Fund, Limited Partnership Interest

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Portfolio (continued)

Global Lending Services LLC, Private Equity

Home Partners JV, Common Stock

Home Partners JV, Structured Mezzanine

KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest

Lenovo Group Ltd, Structured Mezzanine

Luxembourg Life FundAbsolute Return Fund I, 1L Term Loan

Luxembourg Life FundAbsolute Return Fund III, Term Loan

Luxembourg Life FundLong Term Growth Fund, Term Loan

(e)(h)(i)(k)(n)

Music IP, Private Equity

Entertainment

My Community Homes SFR PropCo 2, Private Equity

NewStar Clarendon 2014-1A Class D

Pretium Partners LLC P1, Structured Mezzanine

Pretium Partners LLC P2, Private Equity

Abacus JV, Private Equity (e) Insurance 31,400,804 32.2 32.5

Altavair AirFinance, Private Equity (e) Capital Goods 36,500,000 43.0 43.4

GA Capital Specialty Lending Fund, Limited Partnership Interest (e)(n) Diversified Financials $ 1.0 — 5.4

Global Lending Services LLC, Private Equity (e)(n) Diversified Financials 3,034,410 3.0 3.1

Global Lending Services LLC, Private Equity (e) Diversified Financials 20,650,000 27.1 23.6

Home Partners JV, Common Stock (e) Real Estate 14,241,634 21.4 46.8

Home Partners JV, Structured Mezzanine (e) Real Estate 11.0% PIK (11.0% Max PIK) 3/25/2029 $ 39.4 39.4 39.4

KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest (e)(n)(p) Capital Goods 19,642,734 24.4 16.5

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity

Sealane Trade Finance

Investment Portfolio (continued)

Footnotes Industry Interest Rate (b)

Base Rate Floor Maturity Date No.

Shares/Principal Amount (c)

Cost Fair Value (d)

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 7.8% 9/22/2024 € 6.9 $ 8.1 $ 7.2

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 7.8% 9/22/2024 $ 10.7 10.7 10.7

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 11.8% 9/22/2024 € 4.8 5.6 5.0

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 11.8% 9/22/2024 £ 1.3 1.8 1.6

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 7.8% 9/22/2024 £ 1.9 2.6 2.3

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 11.8% 9/22/2024 $ 7.4 7.4 7.4

Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan (e)(h)(n) Insurance L+750 1.5% 2/27/2025 $ 21.7 21.8 21.6

Luxembourg Life Fund - Absolute Return Fund III, Term Loan (e)(h)(k)(n) Insurance L+925 0.0% 5/27/2026 $ 57.0 56.6 57.9

Luxembourg Life Fund - Long Term Growth Fund, Term Loan (e)(h)(i)(k)(n) Insurance L+925 0.0% 4/1/2023 $ 94.6 94.3 95.5

Music IP, Private Equity (e) Media & Entertainment 19,625,000 22.9 22.0

My Community Homes PropCo 2, Private Equity (e)(p) Real Estate 35,000,000 35.0 35.0

NewStar Clarendon 2014-1A Class D (e)(k)(n) Diversified Financials 18.9% 1/25/2027 $ 30.0 9.3 12.8

Pretium Partners LLC P1, Structured Mezzanine (e)(h)(i) Real Estate 2.8%, 5.3% PIK (5.3% Max PIK) 10/22/2026 $ 26.3 25.9 26.3

Pretium Partners LLC P2, Private Equity (e) Real Estate 16,772,368 16.2 14.3

Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity (e) Real Estate 40,000,000 50.2 48.5

Sealane Trade Finance (e)(m) Banks L+963 0.0% 5/8/2023 $ 1.4 1.3 1.3

Star Mountain Strategic Credit Income Fund IV LP, Private Equity (e)(p) Diversified Financials $ 20,000,000.0 20.0 20.0

Total Asset Based Finance 580.2 600.1

Equity/Other—11.3%

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim

Belk Inc, Common Stock

Misys Ltd, Preferred Stock

One Call Care Management Inc, Common Stock

One Call Care Management Inc, Preferred Stock A

One Call Care Management Inc, Preferred Stock B

Pure Gym Ltd, Private Equity

Zeta Interactive Holdings Corp, Common Stock

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock (e)(l)(p) Energy 13,556 3.6 4.8

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim (e)(l)(p) Energy 115,178,571 30.5 41.1

athenahealth Inc, Preferred Stock (e) Health Care Equipment & Services 10.8% PIK (10.8% Max PIK) 50,000,000 47.5 47.6

Belk Inc, Common Stock (e)(p) Retailing 381 — —

Misys Ltd, Preferred Stock (e) Software & Services L+1,025 PIK (L+1,025 Max PIK) 23,714,438 23.2 22.4

One Call Care Management Inc, Common Stock (e)(p) Health Care Equipment & Services 34,873 2.2 2.2

One Call Care Management Inc, Preferred Stock A (e)(p) Health Care Equipment & Services 371,993 23.7 23.6

One Call Care Management Inc, Preferred Stock B (e) Health Care Equipment & Services 9.0% PIK (9.0% Max PIK) 10/25/2029 7,672,346 8.8 7.7

Pure Gym Ltd, Private Equity (e)(p) Consumer Services 30,218,000 39.4 38.0

Zeta Interactive Holdings Corp, Common Stock (k)(p) Software & Services 1,766,696 15.1 8.0

Total Equity/Other 194.0 195.4

1 unchanged sentence

Derivative Instruments—2.0%

Foreign currency forward contracts

Security may be an obligation of one or more entities affiliated with the named company.

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.

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

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

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

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.

Lending Rate, or Prime, was 3.50%.

Investment Portfolio (continued)

Footnotes Industry Interest Rate (b)

Base Rate Floor Maturity Date No.

Shares/Principal Amount (c)

Cost Fair Value (d)

Foreign currency forward contracts $ 34.1

(a) Security may be an obligation of one or more entities affiliated with the named company.

(b) Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread.

As of June 30, 2022, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 2.29%, the Euro Interbank Offered Rate, or EURIBOR, was (0.20)%, Canadian Dollar Offer Rate, or CDOR was 2.76%, the Australian Bank Bill Swap Bid Rate, or BBSY, or “B”, was 1.86%, the Reykjavik Interbank Offered Rate, or REIBOR, was 5.49%, the Stockholm Interbank Offered Rate, or STIBOR or "SR", was 0.80%, the Sterling Overnight Index Average, or SONIA, was 1.19%, the Secured Overnight Financing Rate, or SOFR, was 2.12% and the U.S.

Prime Lending Rate, or Prime, was 4.75%.

PIK means paid-in-kind.

PIK income accruals may be adjusted based on the fair value of the underlying investment.

Denominated in U.S.

dollars unless otherwise noted.

Fair value determined by the Companys board of directors.

Investments classified as Level 3.

Security is an unfunded commitment.

The stated rate reflects the spread disclosed at the time of commitment and

may not indicate the actual rate received upon funding.

Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts

outstanding under the revolving credit facility with BNP Paribas.

Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the

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.

Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts

outstanding under the revolving credit facility with Goldman Sachs Bank.

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 Bank.

Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the

amounts outstanding under the revolving credit facility with Goldman Sachs Bank.

Security or portion thereof held within Magnolia Funding LLC.

Security is non-income producing.

(d) Fair value determined by the Company's board of directors.

(e) Investments classified as Level 3.

(f) Security is an unfunded commitment.

The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(g) Not used.

(h) Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.

(i) Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.

(j) 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.

(k) Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.

(l) Security or portion thereof held within IC II American Energy Investment, Inc., a wholly-owned subsidiary of the company.

(m) 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 Bank.

(n) Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.

(o) Security or portion thereof held within Magnolia Funding LLC.

(p) Security is non-income producing.

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

Investment Portfolio (continued)

Credit Opportunities Partners JV, LLC Portfolio

As of December 31, 2021 (in millions)

Interest Rate (b)

Footnotes Industry Interest Rate (b)

Base Rate Floor Maturity Date No.

Shares/Principal Amount (c)

Cost Fair Value (d)

Senior Secured Loans—First Lien—135.2%

ABB CONCISE Optical Group LLC

Accuride Corp

Capital Goods

Advania Sverige AB

(3.3% Max PIK)

Advania Sverige AB

PIK (3.3% Max

Affordable Care Inc

PIK (1.3% Max

Alera Group Intermediate Holdings Inc

Transportation

PIK (2.5% Max

Ammeraal Beltech Holding BV

Capital Goods

Apex Group Limited

Ardonagh Group Ltd

Arrotex Australia Group Pty Ltd

Pharmaceuticals,

Biotechnology &

Life Sciences

Arrotex Australia Group Pty Ltd

Pharmaceuticals,

Biotechnology &

Life Sciences

BearCom Acquisition Corp

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Portfolio (continued)

Interest Rate (b)

5.0%, 8.0% PIK

(8.0% Max PIK)

BGB Group LLC

Entertainment

Big Bus Tours Ltd

Bugaboo International BV

PIK (7.8% Max

Caprock Midstream LLC

Capital Goods

Eagleclaw Midstream Ventures LLC

EIF Van Hook Holdings LLC

Entertainment Benefits Group LLC

Entertainment

PIK (2.5% Max

Follett Software Co

Frontline Technologies Group LLC

Galway Partners Holdings LLC

PIK (1.3% Max

General Datatech LP

Greystone Equity Member Corp

HealthChannels LLC

Hermes UK Ltd

Transportation

Higginbotham Insurance Agency Inc

Industria Chimica Emiliana Srl

Pharmaceuticals,

Biotechnology &

Life Sciences

Insight Global LLC

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Portfolio (continued)

Interest Rate (b)

KBP Investments LLC

Kellermeyer Bergensons Services LLC

Kettle Cuisine LLC

Lakeview Farms Inc

Lionbridge Technologies Inc

Lipari Foods LLC

Lloyds Register Quality Assurance Ltd

Monitronics International Inc

Motion Recruitment Partners LLC

New Era Technology Inc

One Call Care Management Inc

Ontic Engineering & Manufacturing Inc

Capital Goods

Parata Systems

Precision Global Corp

Premium Credit Ltd

Pretium Packaging LLC

Project Marron

ABB CONCISE Optical Group LLC (j)(k) Retailing L+500 1.0% 6/15/23 $ 16.2 $ 14.5 $ 15.7

Accuride Corp (i)(j) Capital Goods L+525 1.0% 11/17/23 21.0 20.3 20.3

Advania Sverige AB (e) Software & Services SR+610, 0.0% PIK (3.3% Max PIK) 0.0% 4/28/28 SEK 588.0 66.4 64.3

Advania Sverige AB (e) Software & Services R+610, 0.0% PIK (3.3% Max PIK) 0.0% 4/28/28 ISK 1,644.9 12.8 12.5

Affordable Care Inc (e)(h)(i) Health Care Equipment & Services L+550, 0.0% PIK (1.3% Max PIK) 0.8% 8/2/28 $ 55.9 55.6 55.6

Alera Group Intermediate Holdings Inc (e)(k) Insurance L+550 0.8% 10/2/28 20.2 20.0 20.0

Alstom SA (k) Transportation L+550, 2.5% PIK (2.5% Max PIK) 1.0% 8/29/23 6.1 5.3 5.0

Ammeraal Beltech Holding BV (h)(k) Capital Goods E+350 0.0% 7/30/25 € 4.8 4.7 5.4

Apex Group Limited (h) Diversified Financials L+375 0.5% 7/27/28 $ 4.2 4.2 4.2

Apex Group Limited (h) Diversified Financials E+400 0.0% 7/27/28 € 1.6 1.9 1.8

Arcos LLC/VA (e)(h)(j) Software & Services L+575 1.0% 3/31/28 $ 22.4 22.2 22.3

Ardonagh Group Ltd (e)(i) Insurance L+675 0.8% 7/14/26 £ 3.8 4.7 5.2

Ardonagh Group Ltd (e)(i) Insurance E+675 1.0% 7/14/26 € 0.5 0.5 0.6

Ardonagh Group Ltd (e)(j)(k) Insurance L+550 0.8% 7/14/26 $ 40.7 40.3 40.3

Arrotex Australia Group Pty Ltd (e)(j)(k)(n) Pharmaceuticals, Biotechnology & Life Sciences B+525 1.0% 7/10/24 A$ 109.4 73.6 79.7

Arrotex Australia Group Pty Ltd (e)(j)(k)(n) Pharmaceuticals, Biotechnology & Life Sciences B+525 1.0% 7/10/24 8.0 5.7 5.8

Barbri Inc (e)(h)(i) Consumer Services L+575 0.8% 4/28/28 $ 47.7 47.7 47.7

BearCom Acquisition Corp (e)(j) Technology Hardware & Equipment L+600 1.0% 7/5/24 2.2 2.2 2.1

BearCom Acquisition Corp (e)(j) Technology Hardware & Equipment C+550 1.0% 7/5/24 C$ 14.4 10.5 11.0

BearCom Acquisition Corp (e)(f) Technology Hardware & Equipment C+550 1.0% 1/5/24 1.3 1.0 1.0

Belk Inc Retailing L+750 1.0% 7/31/25 $ 0.6 0.6 0.6

Belk Inc Retailing 5.0%, 8.0% PIK (8.0% Max PIK) 7/31/25 2.9 1.5 2.1

BGB Group LLC (e)(h)(i) Media & Entertainment L+575 1.0% 8/16/27 48.5 48.2 48.3

Big Bus Tours Ltd (e)(j) Consumer Services L+850 PIK (L+850 Max PIK) 1.0% 3/15/24 16.4 16.4 10.3

Big Bus Tours Ltd (e)(j) Consumer Services E+850 PIK (E+850 Max PIK) 1.0% 3/15/24 € 11.5 12.9 8.3

Bugaboo International BV (e)(h)(i)(n) Consumer Durables & Apparel E+700, 0.0% PIK (7.8% Max PIK) 0.0% 3/20/25 35.0 40.8 39.8

Caprock Midstream LLC (i) Energy L+475 0.0% 11/3/25 $ 13.3 13.0 13.2

CSafe Global (e)(h)(i)(k) Capital Goods L+625 0.8% 12/23/27 60.0 59.9 60.0

CSafe Global (e)(h) Capital Goods L+625 0.8% 8/13/28 17.5 17.5 17.5

Cubic Corp (i) Software & Services L+425 0.8% 5/25/28 9.2 9.2 9.2

Eagleclaw Midstream Ventures LLC (k) Energy L+425 1.0% 6/24/24 11.1 10.6 11.1

EIF Van Hook Holdings LLC (i)(k) Energy L+525 0.0% 9/5/24 8.1 7.8 7.8

Entertainment Benefits Group LLC (e)(k) Media & Entertainment L+575, 2.5% PIK (2.5% Max PIK) 1.0% 9/30/25 2.6 2.6 2.5

Follett Software Co (e)(h)(i) Software & Services L+575 0.8% 8/31/28 37.9 37.5 37.7

Frontline Technologies Group LLC (e)(i) Software & Services L+525 1.0% 9/18/23 19.7 19.8 19.7

Galway Partners Holdings LLC (e)(k) Insurance L+525, 0.0% PIK (1.3% Max PIK) 0.8% 9/29/28 20.3 20.0 20.0

General Datatech LP (e)(j) Software & Services L+625 1.0% 6/18/27 10.2 10.0 10.0

Greystone Equity Member Corp (e) Diversified Financials L+725 3.8% 4/1/26 30.2 30.0 29.9

HealthChannels LLC (j) Health Care Equipment & Services L+450 0.0% 4/3/25 15.6 15.5 14.3

Hermes UK Ltd (e) Transportation SA+650 0.0% 11/30/27 £ 14.7 19.5 19.3

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

Interest Rate (b)

Project Marron

Pure Fishing Inc

Qdoba Restaurant Corp

Reliant Rehab Hospital Cincinnati LLC

Revere Superior Holdings Inc

Rise Baking Company

RSC Insurance Brokerage Inc

Safe-Guard Products International LLC

SAMBA Safety Inc

Capital Goods

SIRVA Worldwide Inc

Staples Canada

(e)(h)(i)(j)(k)(n)

Summit Interconnect Inc

Capital Goods

Time Manufacturing Co

Capital Goods

Total Safety US Inc

Capital Goods

Transaction Services Group Ltd

Capital Goods

Investment Portfolio (continued)

Footnotes Industry Interest Rate (b)

Base Rate Floor Maturity Date No.

Shares/Principal Amount (c)

Cost Fair Value (d)

Higginbotham Insurance Agency Inc (e)(h)(i) Insurance L+550 0.8% 11/25/26 $ 38.0 $ 38.4 $ 38.8

Industria Chimica Emiliana Srl (e)(j)(k)(n) Pharmaceuticals, Biotechnology & Life Sciences E+725 0.0% 9/27/26 € 113.9 125.0 133.3

Insight Global LLC (e)(h)(i) Commercial & Professional Services L+600 0.8% 9/22/28 $ 37.9 37.5 37.4

KBP Investments LLC (e)(h)(i) Food & Staples Retailing L+500 0.8% 5/26/27 23.7 23.6 23.5

Kellermeyer Bergensons Services LLC (e)(i)(j) Commercial & Professional Services L+575 1.0% 11/7/26 29.5 28.1 29.6

Kettle Cuisine LLC (j) Food, Beverage & Tobacco L+375 1.0% 8/25/25 16.4 16.4 15.6

Lakeview Farms Inc (e)(j) Food, Beverage & Tobacco L+625 1.0% 6/10/27 15.7 15.6 15.6

Lexitas Inc (e)(h) Commercial & Professional Services L+600 1.0% 11/14/25 8.0 7.9 8.1

Lexitas Inc (e)(h) Commercial & Professional Services L+600 1.0% 11/14/25 10.7 10.7 10.8

Lionbridge Technologies Inc (e)(i)(j) Consumer Services L+700 1.0% 12/29/25 28.3 27.7 28.9

Lipari Foods LLC (e)(k) Food & Staples Retailing L+575 1.0% 1/6/25 65.3 65.2 65.4

Lloyd's Register Quality Assurance Ltd (e)(i)(k) Consumer Services E+600, 0.0% PIK (6.3% Max PIK) 0.0% 12/2/28 € 44.3 48.6 48.9

Monitronics International Inc (h)(i)(k) Commercial & Professional Services L+500 1.5% 7/3/24 $ 35.5 32.9 35.6

Motion Recruitment Partners LLC (e)(h)(j) Commercial & Professional Services L+650 1.0% 12/22/25 25.0 24.7 24.7

New Era Technology Inc (e)(j) Software & Services L+625 1.0% 10/31/26 10.0 10.0 10.0

One Call Care Management Inc (h) Health Care Equipment & Services L+550 0.8% 4/22/27 5.0 5.0 5.0

Ontic Engineering & Manufacturing Inc (h) Capital Goods L+400 0.0% 10/30/26 2.1 1.9 2.1

Parata Systems (e)(h)(i) Health Care Equipment & Services L+575 1.0% 6/30/27 57.9 57.7 58.0

Precision Global Corp (e)(j) Materials L+475 1.0% 8/3/24 9.0 8.7 8.7

Premium Credit Ltd (e)(h)(i) Diversified Financials L+650 0.0% 1/16/26 £ 49.4 63.9 67.0

Pretium Packaging LLC (j) Household & Personal Products L+400 0.5% 10/2/28 $ 1.6 1.6 1.6

Project Marron (e)(h)(j) Consumer Services B+625 0.0% 7/2/25 A$ 63.6 43.9 43.6

Project Marron (e)(i)(j) Consumer Services C+625 0.0% 7/2/25 C$ 52.5 39.9 39.1

Project Marron (e)(h) Consumer Services B+575 0.0% 7/2/25 A$ 3.2 2.3 2.2

Pure Fishing Inc (i) Consumer Durables & Apparel L+450 0.0% 12/22/25 $ 9.9 9.8 9.6

Qdoba Restaurant Corp (h)(k) Consumer Services L+700 1.0% 3/21/25 3.5 3.3 3.4

Reliant Rehab Hospital Cincinnati LLC (e)(j) Health Care Equipment & Services L+625 0.0% 2/28/26 15.6 15.2 15.3

Revere Superior Holdings Inc (e)(k) Software & Services L+575 1.0% 9/30/26 19.8 19.8 19.9

Rise Baking Company (e)(k) Food, Beverage & Tobacco L+625 1.0% 8/13/27 1.0 1.0 1.0

Rise Baking Company (e)(j)(k) Food, Beverage & Tobacco L+625 1.0% 8/13/27 30.7 30.0 30.1

Rise Baking Company (e)(f) Food, Beverage & Tobacco L+625 1.0% 8/13/27 0.9 0.9 0.9

RSC Insurance Brokerage Inc (e)(k) Insurance L+550 0.8% 10/30/26 19.0 19.0 19.2

Safe-Guard Products International LLC (e)(i)(j)(k) Diversified Financials L+500 0.5% 1/27/27 75.5 76.0 75.5

SAMBA Safety Inc (e)(h)(j) Software & Services L+575 1.0% 9/1/27 27.4 27.1 27.2

SavATree LLC (e)(j)(k) Consumer Services L+550 0.8% 10/12/28 40.0 39.7 39.7

Sequa Corp (h)(j)(k) Capital Goods L+675, 0.0% PIK (1.0% Max PIK) 1.0% 11/28/23 45.4 43.9 45.8

SIRVA Worldwide Inc (i) Commercial & Professional Services L+550 0.0% 8/4/25 7.1 6.7 6.4

Staples Canada (e)(h)(i)(j)(k)(n) Retailing C+700 1.0% 9/12/24 C$ 87.0 67.1 70.8

Summit Interconnect Inc (e)(j) Capital Goods L+600 1.0% 9/22/28 $ 10.1 10.0 10.0

Time Manufacturing Co (e)(h)(i) Capital Goods E+650 0.8% 12/1/27 € 29.5 32.7 32.9

Total Safety US Inc (h)(i) Capital Goods L+600 1.0% 8/18/25 $ 11.8 10.4 11.7

Transaction Services Group Ltd (e)(j)(k)(n) Software & Services B+650 0.0% 10/15/26 A$ 162.0 110.9 115.2

West Corp (i) Software & Services L+400 1.0% 10/10/24 $ 12.4 12.2 11.8

West Corp (i) Software & Services L+350 1.0% 10/10/24 2.6 2.5 2.4

Woolpert Inc (e)(h)(i)(j) Capital Goods L+600 1.0% 4/5/28 53.5 53.0 54.3

Yak Access LLC (n) Capital Goods L+500 0.0% 7/11/25 0.8 0.6 0.7

Total Senior Secured Loans—First Lien 2,136.4 2,159.4

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

Interest Rate (b)

Yak Access LLC

Capital Goods

Total Senior Secured LoansFirst Lien

Investment Portfolio (continued)

Footnotes Industry Interest Rate (b)

Base Rate Floor Maturity Date No.

Shares/Principal Amount (c)

Cost Fair Value (d)

Unfunded Loan Commitments $ (1.9) $ (1.9)

1 unchanged sentence

Senior Secured Loans—Second Lien—31.5%

Access CIG LLC

Ammeraal Beltech Holding BV

Capital Goods

Apex Group Limited

EaglePicher Technologies LLC

Capital Goods

Excelitas Technologies Corp

NEP Broadcasting LLC

Entertainment

OEConnection LLC

Paradigm Acquisition Corp

Pretium Packaging LLC

Pure Fishing Inc

Capital Goods

SIRVA Worldwide Inc

Watchfire Enterprises Inc

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Portfolio (continued)

Interest Rate (b)

Wittur Holding GmbH

Access CIG LLC (h)(i) Commercial & Professional Services L+775 0.0% 2/27/26 2.5 2.2 2.5

Ammeraal Beltech Holding BV (e)(k)(n) Capital Goods L+775 0.0% 9/12/26 81.5 79.8 80.3

Apex Group Limited (e)(h)(i) Diversified Financials L+675 0.5% 7/27/29 32.0 31.7 32.0

EaglePicher Technologies LLC (h) Capital Goods L+725 0.0% 3/8/26 0.4 0.4 0.4

Excelitas Technologies Corp (h)(i)(j) Technology Hardware & Equipment L+750 1.0% 12/1/25 22.6 19.7 22.7

Misys Ltd (h)(i)(k) Software & Services L+725 1.0% 6/13/25 41.2 38.8 41.2

NEP Broadcasting LLC (i) Media & Entertainment L+700 0.0% 10/19/26 6.8 6.7 6.7

OEConnection LLC (e)(h)(i)(j) Software & Services L+825 0.0% 9/25/27 50.0 50.0 49.1

Paradigm Acquisition Corp (h)(k) Health Care Equipment & Services L+750 0.0% 10/26/26 2.5 2.5 2.5

Pretium Packaging LLC (e)(h)(i)(j) Household & Personal Products L+675 0.5% 10/1/29 39.9 39.7 39.5

Pure Fishing Inc (e)(k) Consumer Durables & Apparel L+838 1.0% 12/21/26 46.8 42.0 44.5

Sequa Corp (i)(k) Capital Goods L+1,075, 0.0% PIK (6.8% Max PIK) 1.0% 4/28/24 39.1 33.9 39.1

SIRVA Worldwide Inc (j) Commercial & Professional Services L+950 0.0% 8/3/26 3.8 3.1 3.3

Watchfire Enterprises Inc (e)(j) Technology Hardware & Equipment L+825 1.0% 10/2/24 9.3 9.3 9.3

Wittur Holding GmbH (e)(j)(k)(n) Capital Goods E+850, 0.5% PIK (0.5% Max PIK) 0.0% 9/23/27 € 120.5 131.5 129.3

Total Senior Secured Loans—Second Lien 491.3 502.4

Other Senior Secured Debt—1.5%

One Call Care Management Inc

One Call Care Management Inc (e) Health Care Equipment & Services 8.5% PIK (8.5% Max PIK) 11/1/28 $ 23.5 22.9 23.5

Total Other Senior Secured Debt 22.9 23.5

Asset Based Finance—31.0%

Abacus JV, Private Equity

Altavair AirFinance, Private Equity

GA Capital Specialty Lending Fund, Limited Partnership Interest

Global Lending Services LLC, Private Equity

Home Partners JV, Common Stock

Home Partners JV, Structured Mezzanine

KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest

Lenovo Group Ltd, Structured Mezzanine

Abacus JV, Private Equity (e) Insurance 31,916,927 32.7 34.2

Altavair AirFinance, Private Equity (e) Capital Goods 36,500,000 43.0 44.1

GA Capital Specialty Lending Fund, Limited Partnership Interest (e)(n) Diversified Financials 1 — 4.5

Global Lending Services LLC, Private Equity (e)(n) Diversified Financials 3,653,142 3.7 4.6

Home Partners JV, Common Stock (e)(o) Real Estate 15,249,687 22.9 37.6

Home Partners JV, Structured Mezzanine (e) Real Estate 11.0% PIK (11.0% Max PIK) 3/25/29 $ 38.4 38.4 38.4

KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest (e)(n)(o) Capital Goods 19,642,734 24.4 15.9

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 7.8% 9/22/24 € 6.9 8.1 7.9

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 7.8% 9/22/24 $ 10.7 10.7 10.7

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 11.8% 9/22/24 € 4.8 5.6 5.4

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 11.8% 9/22/24 £ 1.3 1.8 1.7

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 7.8% 9/22/24 £ 1.9 2.6 2.5

Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 11.8% 9/22/24 $ 7.4 7.4 7.4

Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan (e)(h)(n) Insurance L+750 1.5% 2/27/25 $ 26.8 26.9 27.1

Luxembourg Life Fund - Absolute Return Fund III, Term Loan (e)(h)(k)(n) Insurance L+925 0.0% 5/27/26 $ 57.5 57.0 57.0

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

Interest Rate (b)

Luxembourg Life FundAbsolute Return Fund I, 1L Term Loan

Luxembourg Life FundAbsolute Return Fund III, Term Loan

Luxembourg Life FundLong Term Growth Fund, Term Loan

(e)(h)(i)(k)(n)

NewStar Clarendon 2014-1A Class D

Pretium Partners LLC P1, Structured Mezzanine

Sealane Trade Finance

Toorak Capital Partners LLC, Private Equity

Investment Portfolio (continued)

Footnotes Industry Interest Rate (b)

Base Rate Floor Maturity Date No.

Shares/Principal Amount (c)

Cost Fair Value (d)

Luxembourg Life Fund - Long Term Growth Fund, Term Loan (e)(h)(i)(k)(n) Insurance L+925 0.0% 4/1/23 $ 94.6 $ 94.1 $ 94.5

NewStar Clarendon 2014-1A Class D (e)(k)(n) Diversified Financials 18.3% 1/25/27 $ 30.0 9.3 15.3

Pretium Partners LLC P1, Structured Mezzanine (e)(h)(i) Real Estate 2.8%, 5.3% PIK (5.3% Max PIK) 10/22/26 $ 18.9 18.6 19.1

Sealane Trade Finance (e)(m) Banks L+375 0.0% 5/8/23 $ 5.0 5.0 5.0

Sealane Trade Finance (e)(m) Banks L+963 0.0% 5/8/23 $ 11.2 11.2 11.2

Toorak Capital Partners LLC, Private Equity (e) Real Estate 40,000,000 50.2 50.4

Total Asset Based Finance 473.6 494.5

Equity/Other—5.1%

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim

Belk Inc, Common Stock

One Call Care Management Inc, Common Stock

One Call Care Management Inc, Preferred Stock A

One Call Care Management Inc, Preferred Stock B

Zeta Interactive Holdings Corp, Common Stock

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock (e)(l)(o) Energy 13,556 3.6 3.1

Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim (e)(l)(o) Energy 115,178,571 30.5 26.4

Belk Inc, Common Stock (e)(o) Retailing 381 — —

One Call Care Management Inc, Common Stock (e)(o) Health Care Equipment & Services 34,873 2.2 2.4

One Call Care Management Inc, Preferred Stock A (e)(o) Health Care Equipment & Services 371,993 23.7 26.1

One Call Care Management Inc, Preferred Stock B (e) Health Care Equipment & Services 9.0% PIK (9.0% Max PIK) 10/25/29 7,672,346 8.8 9.2

Zeta Interactive Holdings Corp, Common Stock (k)(o) Software & Services 1,766,696 15.1 14.9

Total Equity/Other 83.9 82.1

2 unchanged sentences

Foreign currency forward contracts $ (6.7)

Security may be an obligation of one or more entities affiliated with the named company.

(a) Security may be an obligation of one or more entities affiliated with the named company.

(b) Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread.

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Portfolio (continued)

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.

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

was 0.19%, and the U.S.

Investment Portfolio (continued)

Prime Lending Rate, or Prime, was 3.25%.

PIK means paid-in-kind.

PIK income accruals may be adjusted based on the fair value of the underlying

Denominated in U.S.

PIK income accruals may be adjusted based on the fair value of the underlying investment.

dollars unless otherwise noted.

Fair value determined by the Companys board of directors (see Note 8).

Investments classified as Level 3.

Security is an unfunded commitment.

The stated rate reflects the spread disclosed at the time of commitment and

may not indicate the actual rate received upon funding.

Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts

outstanding under the revolving credit facility with BNP Paribas.

Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the

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.

Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts

outstanding under the revolving credit facility with Goldman Sachs Bank.

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.

Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the

amounts outstanding under the revolving credit facility with Goldman Sachs.

Security is non-income producing.

Below is selected balance sheet information for COPJV as of March 31, 2022 and December 31, 2021:

March 31, 2022

(d) Fair value determined by the Company’s board of directors (see Note 8).

(e) Investments classified as Level 3.

(f) Security is an unfunded commitment.

The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(g) Not used.

(h) Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.

(i) Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas

(j) 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.

(k) Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.

(l) Security or portion thereof held within IC II American Energy Investment, Inc., a wholly-owned subsidiary of the company.

(m) 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.

(n) Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs.

(o) Security is non-income producing.

Below is selected balance sheet information for COPJV as of June 30, 2022 and December 31, 2021:

June 30, 2022

December 31, 2021

2 unchanged sentences

Cash and other assets 267.2 414.3

Total assets 3,871.2 3,674.3

Debt 1,613.5 1,442.0

Other liabilities 529.5 636.7

1 unchanged sentence

Member's equity $ 1,728.2 $ 1,595.6

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Portfolio (continued)

Below is selected statement of operations information for COPJV for the three months ended

March 31, 2022 and 2021:

Three Months Ended

Below is selected statement of operations information for COPJV for the three and six months ended June 30, 2022 and 2021:

Three Months Ended June 30, Six Months Ended June 30,

2022 2021 2022 2021

Selected Statement of Operations Information

4 unchanged sentences

Professional services 0.0 0.2 0.2 0.3

Other 0.0 0.0 0.1 0.1

Total expenses 14.0 9.4 30.7 16.7

2 unchanged sentences

Net increase in net assets resulting from operations $ (2.8) $ 74.8 $ 42.6 $ 122.2

Financial Instruments

The following is a summary of the fair value and location of the Companys derivative instruments in the consolidated balance sheets held

as of March 31, 2022 and December 31, 2021:

Derivative Instrument

Statement Location

March 31, 2022

December 31, 2021

Foreign currency forward contracts

Unrealized appreciation on foreign currency forward contracts

Foreign currency forward contracts

Unrealized depreciation on foreign currency forward contracts

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Instruments (continued)

Net realized and unrealized gains and losses on derivative instruments recorded by the

Company for the three months ended March 31, 2022 and 2021 are in the following locations in the consolidated statements of operations:

Financial Instruments

The following is a summary of the fair value and location of the Company’s derivative instruments in the consolidated balance sheets held as of June 30, 2022 and December 31, 2021:

Derivative Instrument Statement Location June 30, 2022 (Unaudited)

December 31, 2021

Foreign currency forward contracts Unrealized appreciation on foreign currency forward contracts $ 24 $ 9

Foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts 0 (1)

Total $ 24 $ 8

Net realized and unrealized gains and losses on derivative instruments recorded by the Company for the six months ended June 30, 2022 and 2021 are in the following locations in the consolidated statements of operations:

Net Realized Gains (Losses)

Three Months Ended March 31,

Derivative Instrument

Statement Location

Foreign currency forward contracts

Net realized gain (loss) on foreign currency forward contracts

Six Months Ended June 30,

Derivative Instrument Statement Location 2022 2021

Foreign currency forward contracts Net realized gain (loss) on foreign currency forward contracts $ 7 $ 0

Total $ 7 $ 0

Net Unrealized Gains (Losses)

Three Months Ended March 31,

Derivative Instrument

Statement Location

Foreign currency forward contracts

Net change in unrealized appreciation (depreciation) on foreign currency forward contracts

Six Months Ended June 30,

Derivative Instrument Statement Location 2022 2021

Foreign currency forward contracts Net change in unrealized appreciation (depreciation) on foreign currency forward contracts $ 16 $ 3

Total $ 16 $ 3

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements.

These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties.

The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets.

The following tables present the Company’s 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 Company for such assets and liabilities as of June 30, 2022 and December 31, 2021:

As of June 30, 2022 (Unaudited)

Counterparty Derivative Assets Subject to Master Netting Agreement Derivatives Available for Offset Non-cash Collateral Received (1)

Cash Collateral Received (1)

Net Amount of Derivative Assets (2)

JP Morgan Chase Bank $ 24 $ 0 $ — $ — $ 24

Total $ 24 $ 0 $ — $ — $ 24

Counterparty Derivative Liabilities Subject to Master Netting Agreement Derivatives Available for Offset Non-cash Collateral Pledged (1)

Cash Collateral Pledged (1)

Net Amount of Derivative Liabilities (3)

JP Morgan Chase Bank $ 0 $ 0 $ — $ — $ —

Total $ 0 $ 0 $ — $ — $ —

FS KKR Capital Corp.

1 unchanged sentence

(in millions, except share and per share amounts)

Instruments (continued)

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements.

These agreements include provisions to offset positions

with the same counterparty in the event of default by one of the parties.

The Companys unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance

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

Company for such assets and liabilities as of March 31, 2022 and December 31, 2021:

As of March 31, 2022 (Unaudited)

Assets Subject to

Master Netting

Financial Instruments (continued)

As of December 31, 2021

Counterparty Derivative Assets Subject to Master Netting Agreement Derivatives Available for Offset Non-cash Collateral Received (1)

Cash Collateral Received (1)

Net Amount of Derivative Assets (2)

JP Morgan Chase Bank $ 9 $ (1) $ — $ — $ 8

Total $ 9 $ (1) $ — $ — $ 8

Counterparty Derivative Liabilities Subject to Master Netting Agreement Derivatives Available for Offset Non-cash Collateral Pledged (1)

Cash Collateral Pledged (1)

Net Amount of Derivative Liabilities (3)

JP Morgan Chase Bank $ (1) $ 1 $ — $ — $ —

Total $ (1) $ 1 $ — $ — $ —

(1) In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2) Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(3) Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Foreign Currency Forward Contracts and Cross Currency Swaps:

The Company may enter into foreign currency forward contracts and cross currency swaps from time to time to facilitate settlement of purchases 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 Company’s investments denominated in foreign currencies.

A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate.

These contracts are marked-to-market by 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.

Realized gains or losses are recognized when forward contracts are settled.

Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts.

The Company attempts to limit counterparty risk by only dealing with well-known counterparties.

Cross currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies.

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 appreciation or depreciation.

Realized gain or loss is recognized when periodic payments are received or paid and the swaps are terminated.

The entire notional value of a cross currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

The Company attempts to limit counterparty risk by only dealing with well-known counterparties.

The Company utilizes cross currency swaps from time to time in order to hedge a portion of its investments in foreign currency.

The average notional balance for foreign currency forward contracts during the six months ended June 30, 2022 and 2021 was $242.4 and $98.4, respectively.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Fair Value of Financial Instruments

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment.

This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs.

Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk.

Inputs may be observable or unobservable.

Observable inputs are 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.

Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Inputs that are quoted prices for similar assets or liabilities in active markets.

Inputs that are unobservable for an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of June 30, 2022 and December 31, 2021, the Company’s investments were categorized as follows in the fair value hierarchy:

June 30, 2022

Valuation Inputs (Unaudited) December 31, 2021

Level 1—Price quotations in active markets $ 16 $ 30

Level 2—Significant other observable inputs 646 703

Level 3—Significant unobservable inputs 14,004 13,972

Investments measured at net asset value (1)

$ 16,178 $ 16,101

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

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.

In addition, the Company had foreign currency forward contracts, as described in Note 7, which were categorized as Level 2 in the fair value hierarchy as of June 30, 2022 and December 31, 2021.

The Company’s investments consist primarily of debt investments that were acquired directly from the issuer.

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, among other factors, the borrower’s 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.

Except as described below, all of the Company’s 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 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.

An investment that is newly issued and purchased near the date of the financial statements is valued at cost if the Company’s board of directors determines that the cost of such investment is the best indication of its fair value.

Such investments described above are typically classified as Level 3 within the fair value hierarchy.

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 within the fair value hierarchy.

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 independent third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy.

The Company periodically benchmarks the bid and ask prices it receives from the third-party pricing services and/or dealers and independent valuation firms as applicable, against the actual prices at which the Company purchases and sells its investments.

Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Fair Value of Financial Instruments (continued)

investments, the Company believes that these prices are reliable indicators of fair value.

The valuation committee of the Company’s board of directors, or the valuation committee, and the board of directors reviewed and approved the valuation determinations made with respect to these investments in a manner consistent with the Company’s valuation policy.

The following is a reconciliation for the six months ended June 30, 2022 and 2021 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

For the Six Months Ended June 30, 2022

Senior Secured

Loans — First

Senior Secured

Loans — Second

Debt Subordinated

Debt Asset Based Finance Equity/Other Total

Fair value at beginning of period $ 9,542 $ 1,205 $ 29 $ 74 $ 2,245 $ 877 $ 13,972

Accretion of discount (amortization of premium) 37 5 — — 4 1 47

Net realized gain (loss) (62) (42) — — 51 207 154

Net change in unrealized appreciation (depreciation) (111) (20) (8) (39) (118) (59) (355)

Purchases 1,920 8 — 42 711 340 3,021

Paid-in-kind interest 20 1 1 1 18 17 58

Sales and repayments (1,549) (186) — — (798) (360) (2,893)

Transfers into Level 3 — — — — — — —

Transfers out of Level 3 — — — — — — —

Fair value at end of period $ 9,797 $ 971 $ 22 $ 78 $ 2,113 $ 1,023 $ 14,004

The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date $ (175) $ (66) $ (8) $ (39) $ (107) $ 5 $ (390)

For the Six Months Ended June 30, 2021

Senior Secured

Loans — First

Senior Secured

Loans — Second

Debt Subordinated

Debt Asset Based Finance Equity/Other Total

Fair value at beginning of period $ 3,276 $ 862 $ 36 $ 152 $ 951 $ 530 $ 5,807

Accretion of discount (amortization of premium) 8 5 — — — 1 14

Net realized gain (loss) 10 (99) (23) (7) 3 41 (75)

Net change in unrealized appreciation (depreciation) 345 177 31 — 78 141 772

Purchases 5,346 1,138 52 4 1,082 380 8,002

Paid-in-kind interest 6 2 — — 15 11 34

Sales and repayments (1,085) (358) (1) (90) (224) (133) (1,891)

Transfers into Level 3 — — — — — 3 3

Transfers out of Level 3 — — — — — — —

Fair value at end of period $ 7,906 $ 1,727 $ 95 $ 59 $ 1,905 $ 974 $ 12,666

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Fair Value of Financial Instruments (continued)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2022 and December 31, 2021 were as follows:

Type of Investment Fair Value at

June 30, 2022

Technique (1)

Input Range (Weighted Average) Impact to Valuation from an Increase in Input (2)

Senior Debt $ 10,105 Discounted Cash Flow Discount Rate 5.9% - 40.8% (10.2%) Decrease

618 Waterfall EBITDA Multiple 1.0x - 10.8x (6.5x) Increase

Subordinated Debt 63 Discounted Cash Flow Discount Rate 10.5% - 14.4% (11.2%) Decrease

15 Waterfall EBITDA Multiple 6.4x - 6.4x (6.4x) Increase

Asset Based Finance 1,026 Discounted Cash Flow Discount Rate 4.4% - 19.6% (10.0%) Decrease

698 Waterfall EBITDA Multiple 1.0x - 22.0x (3.3x) Increase

305 Other (3)

4 Indicative Dealer Quotes 42.7% - 42.7% (42.7%) Increase

Equity/Other 632 Waterfall EBITDA Multiple 0.1x - 16.5x (8.6x) Increase

380 Discounted Cash Flow Discount Rate 8.2% - 17.4% (12.9%) Decrease

4 Option Pricing Model Equity Illiquidity Discount 65.0% - 65.0% (65.0%) Decrease

Total $ 14,004

Type of Investment Fair Value at

December 31, 2021 Valuation

Technique (1)

Input Range Impact to Valuation from an Increase in Input (2)

$ 8,746 Discounted Cash Flow Discount Rate 5.3% - 30.3% (8.5%) Decrease

737 Waterfall EBITDA Multiple 0.1x - 11.0x (7.0x) Increase

Subordinated Debt

53 Waterfall EBITDA Multiple 7.0x - 7.8x (7.8x) Increase

Asset Based Finance 1,021 Waterfall EBITDA Multiple 1.0x - 23.1x (4.1x) Increase

744 Discounted Cash Flow Discount Rate 4.2% - 16.2% (10.1%) Decrease

117 Other (3)

4 Indicative Dealer Quotes 50.8% - 50.8% (50.8%) Increase

Equity/Other 737 Waterfall EBITDA Multiple 0.1x - 16.0x (6.1x) Increase

111 Discounted Cash Flow Discount Rate 7.3% - 25.0% (9.8%) Decrease

5 Option Pricing Model Equity Illiquidity Discount 65.0% - 65.0% (65.0%) Decrease

Total $ 13,972

_______________

(1) Investments using a market quotes valuation technique were primarily valued by using the midpoint of the 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.

Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.

(2) Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input.

A decrease to the input would have the opposite effect.

Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(3) Fair value based on expected outcome of proposed corporate transactions and/or other factors.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Financing Arrangements

Prior to June 14, 2019, in accordance with the 1940 Act, the Company was allowed to borrow amounts such that its asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing.

Effective June 15, 2019, the Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150%.

As of June 30, 2022, the aggregate amount outstanding of the senior securities issued by the Company was $9,347.

As of June 30, 2022, the Company’s asset coverage was 180%.

The following tables present summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2022 and December 31, 2021.

For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2021.

Any significant changes to the Company's financing arrangements during the six months ended June 30, 2022 are discussed below.

As of June 30, 2022

Arrangement Type of Arrangement Rate Amount

Outstanding Amount

Available Maturity Date

Ambler Credit Facility (2)(9)

Revolving Credit Facility SOFR+2.15% (1)

$ 156 $ 44 November 22, 2025

Burholme Prime Brokerage Facility (2)(9)

Prime Brokerage Facility L+1.25% (1)

— — December 26, 2022

CCT Tokyo Funding Credit Facility (2)

Revolving Credit Facility L+1.75% - 2.00% (1)(3)

292 8 June 2, 2025

Darby Creek Credit Facility (2)(9)

Revolving Credit Facility L+1.85% (1)

247 3 February 26, 2025

Dunlap Credit Facility (2)(9)

Revolving Credit Facility L+1.85% (1)

484 16 February 26, 2025

Meadowbrook Run Credit Facility (2)(9)

Revolving Credit Facility SOFR+2.05% (1)

262 38 November 22, 2024

Senior Secured Revolving Credit Facility (2)

Revolving Credit Facility SOFR+1.75% - 1.875% (1)(4)

4.625% Notes due 2024 (7)

Unsecured Notes 4.63% 400 — July 15, 2024

1.650% Notes due 2024 (7)

Unsecured Notes 1.65% 500 — October 12, 2024

4.125% Notes due 2025 (7)

Unsecured Notes 4.13% 470 — February 1, 2025

4.250% Notes due 2025 (7)(9)

Unsecured Notes 4.25% 475 — February 14, 2025

8.625% Notes due 2025 (7)

Unsecured Notes 8.63% 250 — May 15, 2025

3.400% Notes due 2026 (7)

Unsecured Notes 3.40% 1,000 — January 15, 2026

2.625% Notes due 2027 (7)

Unsecured Notes 2.63% 400 — January 15, 2027

3.250% Notes due 2027 (7)

Unsecured Notes 3.25% 500 — July 15, 2027

3.125% Notes due 2028 (7)

Unsecured Notes 3.13% 750 — October 12, 2028

CLO-1 Notes (2)(8)

Collateralized Loan Obligation L+1.85% - 3.01% (1)

352 — January 15, 2031

Total $ 9,347 $ 1,943

(1) The benchmark rate is subject to a 0% floor.

(2) The carrying amount outstanding under the facility approximates its fair value.

(3) The spread over the benchmark rate is determined by reference to the amount outstanding under the facility.

(4) The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company.

In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S.

dollars and pounds sterling, respectively.

(5) Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars.

Euro balance outstanding of €201 has been converted to U.S.

dollars at an exchange rate of €1.00 to $1.05 as of June 30, 2022 to reflect total amount outstanding in U.S.

Canadian dollar balance outstanding of CAD36 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.78 as of June 30, 2022 to reflect total amount outstanding in U.S.

Pounds sterling balance outstanding of £86 has been converted to U.S dollars at an exchange rate of £1.00 to $1.22 as of June 30, 2022 to reflect total amount outstanding in U.S.

Australian dollar balance outstanding of AUD118 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.69 as of June 30, 2022 to reflect total amount outstanding in U.S.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Financing Arrangements (continued)

(6) The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility.

As of June 30, 2022, $12 of such letters of credit have been issued.

(7) As of June 30, 2022, the fair value of the 4.625% notes, the 1.650% notes, the 4.125% notes, the 4.250% notes, the 8.625% notes, the 3.400% notes, the 2.625% notes, the 3.250% notes and the 3.125% notes was approximately $393, $445, $446, $448, $260, $889, $337, $426 and $599, respectively.

These valuations are considered Level 2 valuations within the fair value hierarchy.

(8) As of June 30, 2022, there were $281.4 of Class A-1R 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%.

(9) As of June 16, 2021, the Company assumed all of FSKR's obligations under its notes, credit facilities, and FSKR's wholly-owned 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.

As of December 31, 2021

Arrangement Type of Arrangement Rate Amount

Outstanding Amount

Available Maturity Date

Ambler Credit Facility (2)(9)

Revolving Credit Facility SOFR+2.15% (1)

$ 150 $ 50 November 22, 2025

Burholme Prime Brokerage Facility (2)(9)

Prime Brokerage Facility L+1.25% (1)

— — June 28, 2022

CCT Tokyo Funding Credit Facility (2)

Revolving Credit Facility L+1.75% - 2.00% (1)(3)

300 — January 2, 2025

Darby Creek Credit Facility (2)(9)

Revolving Credit Facility L+1.85% (1)

250 — February 26, 2025

Dunlap Credit Facility (2)(9)

Revolving Credit Facility L+1.85% (1)

485 15 February 26, 2025

Meadowbrook Run Credit Facility (2)(9)

Revolving Credit Facility SOFR+2.05% (1)

300 — November 22, 2024

Senior Secured Revolving Credit Facility (2)

Revolving Credit Facility L+1.75% - 2.00% (1)(4)

SONIA + 0.0326% (1)(4)

December 23, 2025

4.750% Notes due 2022 (7)

Unsecured Notes 4.75% 450 — May 15, 2022

4.625% Notes due 2024 (7)

Unsecured Notes 4.63% 400 — July 15, 2024

1.650% Notes due 2024 (7)

Unsecured Notes 1.65% 500 — October 12, 2024

4.125% Notes due 2025 (7)

Unsecured Notes 4.13% 470 — February 1, 2025

4.250% Notes due 2025 (7)(9)

Unsecured Notes 4.25% 475 — February 14, 2025

8.625% Notes due 2025 (7)

Unsecured Notes 8.63% 250 — May 15, 2025

3.400% Notes due 2026 (7)

Unsecured Notes 3.40% 1,000 — January 15, 2026

2.625% Notes due 2027 (7)

Unsecured Notes 2.63% 400 — January 15, 2027

3.125% Notes due 2028 (7)

Unsecured Notes 3.13% 750 — October 12, 2028

CLO-1 Notes (2)(8)

Collateralized Loan Obligation L+1.85% - 3.01% (1)

352 — January 15, 2031

Total $ 9,179 $ 1,609

(1) The benchmark rate is subject to a 0% floor.

(2) The carrying amount outstanding under the facility approximates its fair value.

(3) The spread over the benchmark rate is determined by reference to the amount outstanding under the facility.

(4) The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company.

(5) Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars.

Euro balance outstanding of €260 has been converted to U.S.

dollars at an exchange rate of €1.00 to $1.14 as of December 31, 2021 to reflect total amount outstanding in U.S.

Canadian dollar balance outstanding of CAD40 has been converted to U.S dollars at an exchange rate of CAD$1.00 to $0.79 as of December 31, 2021 to reflect total amount outstanding in U.S.

Pounds sterling balance outstanding of £130 has been converted to U.S dollars at an exchange rate of £1.00 to $1.35 as of December 31, 2021 to reflect total amount outstanding in U.S.

Australian dollar balance outstanding of AUD116 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.73 as of December 31, 2021 to reflect total amount outstanding in U.S.

(6) The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility.

As of December 31, 2021, $9 of such letters of credit have been issued.

(7) As of December 31, 2021, the fair value of the 4.750% notes, the 4.625% notes, the 1.650% notes, the 4.125% notes, the 4.250% notes, the 8.625% notes, the 3.400% notes, the 2.625% notes and the 3.125% notes was approximately $455, $421, $491, $492, $497, $276, $1,016, $395 and $747, respectively.

These valuations are considered Level 2 valuations within the fair value hierarchy.

(8) As of December 31, 2021, there were $281.4 of Class A-1R 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%.

(9) As of June 16, 2021, the Company assumed all of FSKR’s obligations under its notes and credit facilities, and FSKR’s wholly-owned 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.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Financing Arrangements (continued)

For the six months ended June 30, 2022 and 2021, the components of total interest expense for the Company's financing arrangements were as follows:

Six Months Ended June 30,

Arrangement (1)

Direct Interest Expense Amortization of Deferred Financing Costs and Discount / Premium Total Interest Expense Direct Interest Expense Amortization of Deferred Financing Costs and Discount / Premium Total Interest Expense

Ambler Credit Facility (2)

$ 2 $ 0 $ 2 $ 0 $ — $ 0

Burholme Prime Brokerage Facility (2)

CCT Tokyo Funding Credit Facility (2)

Darby Creek Credit Facility (2)

Dunlap Credit Facility (2)

Juniata River Credit Facility (2)

Meadowbrook Run Credit Facility (2)

Senior Secured Revolving Credit Facility (2)

38 2 40 10 1 11

4.750% Notes due 2022 6 0 6 11 0 11

5.000% Notes due 2022 — — — 6 — 6

4.625% Notes due 2024 9 1 10 9 0 9

1.650% Notes due 2024 4 1 5 — — —

4.125% Notes due 2025 10 0 10 10 0 10

4.250% Notes due 2025 10 (3) 7 1 0 1

8.625% Notes due 2025 11 1 12 11 1 12

3.400% Notes due 2026 17 3 20 17 3 20

2.625% Notes due 2027 5 1 6 0 0 0

3.250% Notes due 2027 7 0 7 — — —

3.125% Notes due 2028 12 1 13 — — —

CLO-1 Notes 5 0 5 4 0 4

Total $ 153 $ 7 $ 160 $ 83 $ 5 $ 88

______________________

(1) Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2) Direct interest expense includes the effect of non-usage fees.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2022 were $9,617 and 3.18%, respectively.

As of June 30, 2022, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 3.51%.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2021 were $4,213 and 3.88%, respectively.

As of June 30, 2021, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 3.38%.

Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements.

The Company was in compliance with all covenants required by its financing arrangements as of June 30, 2022 and December 31, 2021.

Senior Secured Revolving Credit Facility

On May 17, 2022, the Company entered into Amendment No.

2 to the Second Amended and Restated Senior Secured Revolving Credit Agreement originally entered into on December 23, 2020, which was subsequently amended on September 27, 2021, or the

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Financing Arrangements (continued)

Credit Agreement, among the Company, as borrower, JPMorgan, as administrative agent, ING, as collateral agent, and the lenders party thereto.

The amendment provides for, among other things, (a) an upsize of the aggregate principal amount of the revolving credit commitments under the Credit Agreement from $4,025 to $4,640, (b) an upsize of the Company’s option to request, at one or more times, that existing and(a)/or new lenders, at their election, provide additional commitments from an amount of up to $2,013 of additional commitments to up to $2,320 of additional commitments, (c) an extension of the revolving period from December 23, 2024 to May 17, 2026, (d) an extension of the scheduled maturity date from December 23, 2025 to May 17, 2027, (e) a reduction of the applicable margin from 2.00% to 1.875% for term SOFR loans (or from 1.00% to 0.875% if the Company elects the base rate option), with a step down to 1.75% for term SOFR loans (or to 0.75% if the Company elects the base rate option) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, (f) a reduction of the commitment fee from up to 0.50% per annum (based on the immediately preceding quarter’s average usage) to 0.375% per annum, in each case, on the unused portion of its sublimit under the Credit Agreement during the revolving period, (g) the replacement of the LIBOR benchmark provisions with SOFR benchmark provisions, including applicable credit spread adjustments, (h) the availability of a swingline subfacility of up to $100, (i) the deletion of the requirement that the Company make mandatory prepayment of interest and principal upon certain events at certain times when the Company’s adjusted asset coverage ratio is less than 185%, and (j) a reset of the minimum shareholders’ equity that must be maintained, measured as of each fiscal quarter end.

On June 29, 2022, the Company entered into a commitment increase agreement with a new lender, pursuant to which the aggregate principal amount of the revolving credit commitments under the Credit Agreement increased from $4,640 to $4,655.

4.750% Notes due 2022

On March 15, 2022 the Company issued a notice of redemption providing for the redemption of its 4.750% senior notes due 2022, or the 4.750% Notes, in full on April 15, 2022 for 100% of the aggregate principal amount of the 4.750% Notes, plus the accrued and unpaid interest through, but excluding, April 15, 2022.

On April 15, 2022, all of the 4.750% Notes were redeemed.

3.250% Notes due 2027

On January 18, 2022, the Company and U.S.

Bank National Association, or the Trustee, entered into an Eleventh Supplemental Indenture, or the Eleventh Supplemental Indenture, to the Indenture, dated July 14, 2014, between the Company and the Trustee, or the Base Indenture, and together with the Eleventh Supplemental Indenture, the Indenture.

The Eleventh Supplemental Indenture relates to the Company’s issuance of $500 aggregate principal amount of its 3.250% notes due 2027, or the 3.250% Notes.

The 3.250% Notes will mature on July 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture.

The 3.250% Notes bear interest at a rate of 3.250% per year payable semi-annually on January 15th and July 15th of each year, commencing on July 15, 2022.

The 3.250% Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 3.250% Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act of 1940, as amended, whether or not it is subject to those requirements, and to provide financial information to the holders of the 3.250% Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended.

These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Company will generally be required to make an offer to purchase the outstanding 3.250% Notes at a price equal to 100% of the principal amount of such 3.250% Notes plus accrued and unpaid interest to the repurchase date.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Commitments and Contingencies

The Company enters into contracts that contain a variety of indemnification provisions.

The Company’s maximum exposure under these arrangements is unknown;

however, the Company has not had prior claims or losses pursuant to these contracts.

The Advisor has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.

The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company.

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies.

While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated balance sheets.

Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.

The Company has sufficient liquidity to fund these commitments.

As of June 30, 2022, the Company’s unfunded commitments consisted of the following:

Category / Company (1)

Commitment Amount

Senior Secured Loans—First Lien

3Pillar Global Inc $ 9.2

3Pillar Global Inc 30.6

48Forty Solutions LLC 10.6

Advanced Dermatology & Cosmetic Surgery 3.6

Advanced Dermatology & Cosmetic Surgery 2.2

Affordable Care Inc 12.8

Affordable Care Inc 38.3

Alacrity Solutions Group LLC 9.3

Alera Group Intermediate Holdings Inc 0.3

Alera Group Intermediate Holdings Inc 16.4

American Vision Partners 7.8

American Vision Partners 33.0

Amerivet Partners Management Inc 8.4

Amerivet Partners Management Inc 67.3

Arcfield Acquisition Corp 7.1

Arcos LLC/VA 4.5

Ardonagh Group Ltd 22.8

athenahealth Inc 1.2

AxiomSL Ltd 2.4

AxiomSL Ltd 2.3

Barbri Inc 14.8

BGB Group LLC 19.9

CFC Underwriting Ltd 5.8

Clarience Technologies LLC 25.3

Community Brands Inc 3.8

Community Brands Inc 1.9

Corsearch Intermediate Inc 4.4

CSafe Global 34.9

Dental Care Alliance Inc 11.1

Element Materials Technology Group US Holdings Inc 0.4

Encora Digital Inc 19.4

Follett Software Co 9.9

Foundation Consumer Brands LLC 6.6

Foundation Risk Partners Corp 6.9

Galway Partners Holdings LLC 11.7

Galway Partners Holdings LLC 13.3

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Commitments and Contingencies (continued)

Category / Company (1)

Commitment Amount

Gigamon Inc $ 9.3

Heniff Transportation Systems LLC 10.7

Higginbotham Insurance Agency Inc 8.9

HM Dunn Co Inc 2.0

Individual FoodService 4.7

Individual FoodService 4.9

Insight Global LLC 15.3

Insight Global LLC 26.8

Integrity Marketing Group LLC 10.8

J S Held LLC 12.9

J S Held LLC 22.4

Karman Space Inc 2.2

Lakefield Veterinary Group 41.8

Lakeview Farms Inc 10.8

Lakeview Farms Inc 1.8

Lexitas Inc 8.4

Lexitas Inc 12.3

Lloyd's Register Quality Assurance Ltd 12.6

MB2 Dental Solutions LLC 11.9

Med-Metrix 25.0

Med-Metrix 7.8

Monitronics International Inc 10.4

Motion Recruitment Partners LLC 59.6

Net Documents 7.3

Net Documents 1.4

New Era Technology Inc 2.6

Novotech Pty Ltd 5.6

Oxford Global Resources LLC 15.3

Oxford Global Resources LLC 2.7

P2 Energy Solutions Inc.

Parata Systems 18.3

Parata Systems 5.5

PartsSource Inc 4.2

PartsSource Inc 22.6

Production Resource Group LLC 4.0

Revere Superior Holdings Inc 3.8

Revere Superior Holdings Inc 3.2

Rise Baking Company 2.1

RSC Insurance Brokerage Inc 7.6

RSC Insurance Brokerage Inc 7.0

SAMBA Safety Inc 1.8

SAMBA Safety Inc 6.1

SavATree LLC 7.6

SavATree LLC 6.3

Source Code LLC 15.0

Spins LLC 16.5

Spins LLC 7.9

Summit Interconnect Inc 9.4

Sungard Availability Services Capital Inc 4.0

Sweeping Corp of America Inc 0.3

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Commitments and Contingencies (continued)

Category / Company (1)

Commitment Amount

Sweeping Corp of America Inc $ 3.8

Time Manufacturing Co 17.7

Wealth Enhancement Group LLC 4.7

Wealth Enhancement Group LLC 6.2

Wealth Enhancement Group LLC 1.4

Woolpert Inc 3.7

Worldwise Inc 15.5

Worldwise Inc 14.2

Senior Secured Loans—Second Lien

Valeo Foods Group Ltd 3.1

Asset Based Finance

Byrider Finance LLC, Structured Mezzanine 23.0

Callodine Commercial Finance LLC, 2L Term Loan B 36.1

Home Partners JV 2, Structured Mezzanine 10.7

Jet Edge International LLC, Term Loan 0.7

Opendoor Labs Inc, Structured Mezzanine 53.4

Total $ 1,207.2

Unfunded Asset Based Finance/Other commitments $ 322.6

_____________

(1) May be commitments to one or more entities affiliated with the named company.

As of June 30, 2022, the Company’s debt commitments are comprised of $421.9 revolving credit facilities and $785.3 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests.

Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $(18.0).

The Company’s unfunded Asset Based Finance/Other commitments generally require certain conditions to be met or actual approval from the Advisor prior to funding.

The Senior Secured Revolving Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $175, subject to increase or reduction from time to time pursuant to the terms of the Senior Secured Revolving Credit Facility.

As of June 30, 2022, $12 of such letters of credit have been issued.

As of June 30, 2022, the Company also has an unfunded commitment to provide $560.2 of capital to COPJV.

The capital commitment can be satisfied with contributions of cash and/or investments.

The capital commitments cannot be drawn without an affirmative vote by both the Company’s and SCRS’s representatives on COPJV’s board of managers.

While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so.

In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies.

Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations.

The Company has no such guarantees outstanding at June 30, 2022 and December 31, 2021.

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2022 and the year ended December 31, 2021:

Six Months Ended June 30, 2022 Year Ended December 31, 2021

Per Share Data:

Net asset value, beginning of period $ 27.17 $ 25.02

Results of operations (2)

Net investment income (loss) 1.49 2.76

Net realized gain (loss) and unrealized appreciation (depreciation) (0.96) 4.28

Net increase (decrease) in net assets resulting from operations 0.53 7.04

Stockholder distributions (3)

Distributions from net investment income (1.31) (2.47)

Distributions from net realized gain on investments — —

Net decrease in net assets resulting from stockholder distributions (1.31) (2.47)

Capital share transactions

Issuance of common stock (4)

Repurchases of common stock (5)

Deduction of deferred costs (6)

Net increase (decrease) in net assets resulting from capital share transactions 0.02 (2.42)

Net asset value, end of period $ 26.41 $ 27.17

Per share market value, end of period $ 19.42 $ 20.94

Shares outstanding, end of period 283,470,828 284,543,091

Total return based on net asset value (7)

2.02 % 18.47 %

Total return based on market value (8)

(1.57) % 41.45 %

Ratio/Supplemental Data:

Net assets, end of period $ 7,487 $ 7,730

Ratio of net investment income to average net assets (9)

10.89 % 10.36 %

Ratio of total operating expenses to average net assets (9)

9.83 % 9.35 %

Ratio of net operating expenses to average net assets (9)

9.06 % 8.82 %

Portfolio turnover (10)

15.59 % 49.82 %

Total amount of senior securities outstanding, exclusive of treasury securities $ 9,347 $ 9,179

Asset coverage per unit (11)

_______________

(1) Per share data may be rounded in order to recompute the ending net asset value per share.

(2) The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3) The per share data for distributions reflect the actual amount of distributions paid per share during the applicable period.

(4) For the year ended December 31, 2021, the issuance of common stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of shares of common stock pursuant to the 2021 Merger at the fair value of FSK's common stock issued based on the shares outstanding resulting from the 2021 Merger.

(5) Represents the incremental impact of the Company's share repurchase program by buying shares in the open market at a price lower than net asset value per share.

(6) For the year ended December 31, 2021, represents the impact on NAV of merger accounting by the permanent write-off of the Company's deferred merger costs and FSKR's deferred costs and prepaid assets as well as the mark-to-market of FSKR's 4.25% Notes.

(7) The total return based on net asset value for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the cash distributions per share that were declared during the period and dividing the total by the net asset value per share at the beginning of the period.

Total return based on net asset value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock.

The historical calculation of total return based on net asset value in the table should not be considered a representation of the Company’s future total return based on net asset value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Financial Highlights (continued)

inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions.

As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

The total return calculations set forth above represent t he total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to stockholders.

(8) The total return based on market value for each period presented was calculated based on the change in market price during the applicable period, including the impact of distributions reinvested in accordance with the Company’s DRP.

Total return based on market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock.

The historical calculation of total return based on market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value.

As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

(9) Weighted average net assets during the applicable period are used for this calculation.

Ratios for the six months ended June 30, 2022 are annualized.

Annualized ratios for the six months ended June 30, 2022 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2022.

The following is a schedule of supplemental ratios for the six months ended June 30, 2022 and year ended December 31, 2021:

Six Months Ended June 30, 2022 Year Ended December 31, 2021

Ratio of net subordinated income incentive fees to average net assets 1.21 % 0.83 %

Ratio of interest expense to average net assets 4.12 % 4.10 %

Ratio of excise taxes to average net assets — 0.21 %

(10) Portfolio turnover for the six months ended June 30, 2022 is not annualized.

(11) Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.

Acquisition of FSKR

On June 16, 2021, the Company completed its acquisition of FSKR, pursuant the 2020 Merger Agreement.

Pursuant to the 2020 Merger Agreement, Merger Sub merged with and into FSKR, with FSKR continuing as the surviving company and as a wholly-owned subsidiary of the Company, or the First Merger, and, immediately thereafter, FSKR merged with and into the Company, with the Company continuing as the surviving company, or together with the First Merger, the 2021 Merger.

In accordance with the terms of the 2020 Merger Agreement, each outstanding share of FSKR common stock was converted into the right to receive 0.9498 shares of the Company’s common stock.

This exchange ratio was determined based on the closing net asset value, or NAV, per share of $26.77 and $25.42 for the Company and FSKR, respectively, as of June 14, 2021, to ensure that the NAV of shares investors would receive in FSK was equal to the NAV of the shares they held in FSKR.

As a result, the Company issued an aggregate of approximately 161,374,028 shares of its common stock to former FSKR stockholders.

The 2021 Merger was considered a tax-free reorganization.

The 2021 Merger was accounted for in accordance with the asset acquisition method of accounting as detailed in Accounting Standards Codification 805-50, Business Combinations—Related Issues .

The fair value of the consideration paid by the Company in the 2021 Merger was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill.

The following table summarized the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the 2021 Merger:

FS KKR Capital Corp.

Notes to Unaudited Consolidated Financial Statements (continued)

(in millions, except share and per share amounts)

Acquisition of FSKR (continued)

Common stock purchased $3,650

Total purchase price $3,650

Assets acquired, at fair value:

Investments $7,227

Cash and cash equivalents 293

Other assets 221

Total assets acquired $7,741

Distributions payable 93

Other liabilities assumed 204

Total purchase price $3,650

The company incurred $8 of professional fees and other costs associated with the 2021 Merger.

Such costs were capitalized by the Company and included in the purchase price of the 2021 Merger.

Deferred costs and prepaid assets of $19 were permanently written off.

Additionally, the Company marked-to-market the fair value of FSKR's 4.25% Notes, which was $26 greater than it's carrying amount.

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.

What changed 10-Q

Item 1. Financial Statements