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FS KKR Capital Corp - Quarter Report: 2022 June (Form 10-Q)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________
FORM 10-Q
_________________________________________________
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                    
COMMISSION FILE NUMBER: 814-00757
_________________________________________________
FS KKR Capital Corp.
(Exact name of registrant as specified in its charter)
_________________________________________________
Maryland 26-1630040
(State of Incorporation) (I.R.S. Employer Identification Number)
201 Rouse Boulevard
Philadelphia, Pennsylvania
 19112
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (215) 495-1150
_______________________________________

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x 
Accelerated filer¨
Non-accelerated filer¨Smaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨    No  x.
Securities registered pursuant to Section 12(b) of the Act.
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.001FSKNew York Stock Exchange
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
There were 283,228,981 shares of the registrant’s common stock outstanding as of July 31, 2022.



TABLE OF CONTENTS
 
Page
PART I—FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021
Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021
Unaudited Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2022 and 2021
Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021
Consolidated Schedules of Investments as of June 30, 2022 (Unaudited) and December 31, 2021
Notes to Unaudited Consolidated Financial Statements
ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 4.CONTROLS AND PROCEDURES
PART II—OTHER INFORMATION
ITEM 1.LEGAL PROCEEDINGS
ITEM 1A.RISK FACTORS
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
ITEM 4.MINE SAFETY DISCLOSURES
ITEM 5.OTHER INFORMATION
ITEM 6.EXHIBITS
SIGNATURES



PART I—FINANCIAL INFORMATION
Item 1.    Financial Statements.
FS KKR Capital Corp.
Consolidated Balance Sheets
(in millions, except share and per share amounts)  

June 30, 2022December 31, 2021
(Unaudited)
Assets
Investments, at fair value
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 
Total investments, at fair value (amortized cost—$16,613 and $16,057, respectively)16,178 16,101 
Cash232 258 
Foreign currency, at fair value (cost—$37 and $119, respectively)37 119 
Receivable for investments sold and repaid498 567 
Income receivable190 153 
Unrealized appreciation on foreign currency forward contracts24 
Deferred financing costs24 16 
Prepaid expenses and other assets
       Total assets$17,189 $17,228 
Liabilities
Payable for investments purchased$27 $
Debt (net of deferred financing costs of $39 and $38, respectively)(1)
9,306 9,142 
Unrealized depreciation on foreign currency forward contracts
Stockholder distributions payable193 176 
Management fees payable63 60 
Subordinated income incentive fees payable(2)
22 19 
Administrative services expense payable
Interest payable77 70 
Other accrued expenses and liabilities23 
       Total liabilities9,702 9,498 
Commitments and contingencies(3)
Stockholders' equity
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding— — 
Common stock, $0.001 par value, 750,000,000 shares authorized, 283,470,828 and 284,543,091 shares issued and outstanding, respectively
Capital in excess of par value9,635 9,658 
Retained earnings (accumulated deficit)(4)
(2,148)(1,928)
       Total stockholders' equity7,487 7,730 
       Total liabilities and stockholders' equity$17,189 $17,228 
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.
(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)See Note 5 for a discussion of the sources of distributions paid by the Company.
See notes to unaudited consolidated financial statements.
1

FS KKR Capital Corp.
Unaudited Consolidated Statements of Operations
(in millions, except share and per share amounts)

Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
Investment income
From non-controlled/unaffiliated investments:
Interest income$229 $108 $470 $195 
Paid-in-kind interest income15 33 19 
Fee income13 22 40 33 
Dividend and other income17 25 12 
From non-controlled/affiliated investments:
Interest income17 
Paid-in-kind interest income14 25 
Fee income— — 
Dividend and other income
From controlled/affiliated investments:
Interest income11 21 
Paid-in-kind interest income11 25 
Fee income
Dividend and other income60 46 110 73 
     Total investment income379 206 775 357 
Operating expenses
Management fees63 30 125 55 
Subordinated income incentive fees(1)
37 77 
Administrative services expenses
Accounting and administrative fees
Interest expense(2)
83 46 160 88 
Other general and administrative expenses10 
     Total operating expenses191 90 382 163 
     Incentive fee waiver(1)
(15)— (30)— 
     Net expenses176 90 352 163 
Net investment income203 116 423 194 
Realized and unrealized gain/loss
Net realized gain (loss) on investments:
Non-controlled/unaffiliated investments177 151 (82)
Non-controlled/affiliated investments45 64 39 64 
Controlled/affiliated investments(39)(13)(39)(56)
Net realized gain (loss) on foreign currency forward contracts— 
Net realized gain (loss) on foreign currency (1)(3)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/unaffiliated investments(251)466 (291)575 
Non-controlled/affiliated investments(71)142 (41)169 
Controlled/affiliated investments(184)76 (147)182 
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts15 16 
See notes to unaudited consolidated financial statements.
2

FS KKR Capital Corp.
Unaudited Consolidated Statements of Operations (continued)
(in millions, except share and per share amounts)

Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
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 $1,064 
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share)$(0.26)$5.75 $0.53 $7.76 
Weighted average shares outstanding283,876,365 150,356,079 284,098,718 137,129,503 
_______________
(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.
See notes to unaudited consolidated financial statements.
3

FS KKR Capital Corp.
Unaudited Consolidated Statements of Changes in Net Assets
(in millions)

 
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
Operations
Net investment income (loss)$203 $116 $423 $194 
Net realized gain (loss) on investments, foreign currency forward contracts, foreign currency and provision for taxes on realized gains on investments188 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 currency27 12 30 18 
Net increase (decrease) in net assets resulting from operations(73)865 152 1,064 
Stockholder distributions(2)
Distributions to stockholders(193)(75)(372)(149)
Net decrease in net assets resulting from stockholder distributions(193)(75)(372)(149)
Capital share transactions(3)
Issuance of common stock— 3,642 — 3,642 
Repurchases of common stock(14)— (23)— 
Net increase (decrease) in net assets resulting from capital share transactions(14)3,642 (23)3,642 
Total increase (decrease) in net assets(280)4,432 (243)4,557 
Net assets at beginning of period7,767 3,221 7,730 3,096 
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.
(2)See Note 5 for a discussion of the sources of distributions paid by the Company.
(3)See Note 3 for a discussion of the Company’s capital share transactions.


See notes to unaudited consolidated financial statements.
4

FS KKR Capital Corp.
Unaudited Consolidated Statements of Cash Flows
(in millions)
Six Months Ended
June 30,
20222021
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:
Purchases of investments(1)
(2,872)(1,747)
Paid-in-kind interest(62)(34)
Proceeds from sales and repayments of investments2,579 1,914 
Net realized (gain) loss on investments(151)74 
Net change in unrealized (appreciation) depreciation on investments(2)
479 (915)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts(16)(2)
Accretion of discount(50)(19)
Amortization of deferred financing costs and discount
Unrealized (gain)/loss on borrowings in foreign currency(36)(13)
(Increase) decrease in receivable for investments sold and repaid69 (152)
(Increase) decrease in income receivable(37)(68)
(Increase) decrease in deferred merger costs— 
(Increase) decrease in prepaid expenses and other assets(1)(5)
Increase (decrease) in payable for investments purchased25 — 
Increase (decrease) in management fees payable29 
Increase (decrease) in subordinated income incentive fees payable29 
Increase (decrease) in administrative services expense payable— 
Increase (decrease) in interest payable40 
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 activities85 544 
Cash flows from financing activities
Repurchases of common stock(23)— 
Stockholder distributions(355)(148)
Borrowings under financing arrangements(3)
2,181 1,042 
Repayments of financing arrangements(3)
(1,977)(1,125)
Deferred financing costs paid(19)(5)
Net cash provided by (used in) financing activities(193)(236)
Total increase (decrease) in cash(108)308 
Cash, and foreign currency at beginning of period377 191 
Cash, and foreign currency at end of period$269 $499 
Supplemental disclosure
Non-cash purchases of investments$(518)$(71)
Non-cash sales of investments$518 $71 
Local and excise taxes paid$11 $
______________
(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 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.
5

FS KKR Capital Corp.
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.
6

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Senior Secured Loans—First Lien—133.9%
3Pillar Global Inc(i)(k)(l)Software & ServicesL+5750.8%11/23/27$95.8 $94.9 $93.0 
3Pillar Global Inc(x)Software & ServicesL+6000.8%11/23/269.2 9.2 8.9 
3Pillar Global Inc(x)Software & ServicesL+6000.8%11/23/2730.6 30.6 29.7 
48Forty Solutions LLC(f)(k)(l)(t)(v)Commercial & Professional ServicesSF+6001.0%11/30/26183.6 181.9 182.3 
48Forty Solutions LLC(x)Commercial & Professional ServicesSF+6001.0%11/30/2610.6 10.6 10.5 
5 Arch Income Fund 2 LLC(q)(r)(w)(y)(z)Diversified Financials9.0%11/18/23108.1 79.2 76.4 
Accuride Corp(aa)(l)Capital GoodsL+5251.0%11/17/238.9 8.3 7.9 
Advanced Dermatology & Cosmetic Surgery(m)(t)(v)Health Care Equipment & ServicesL+6251.0%5/7/2738.7 36.9 38.4 
Advanced Dermatology & Cosmetic Surgery(v)Health Care Equipment & ServicesL+6251.0%5/7/277.9 7.9 7.9 
Advanced Dermatology & Cosmetic Surgery(x)Health Care Equipment & ServicesL+6251.0%5/7/263.6 3.6 3.5 
Advanced Dermatology & Cosmetic Surgery(x)Health Care Equipment & ServicesL+6251.0%5/7/272.2 2.2 2.2 
Advania Sverige AB(v)(w)Software & ServicesSR+610, 0.0% PIK (3.3% Max PIK)0.0%4/28/28SEK933.6 105.8 89.3 
Advania Sverige AB(v)(w)Software & ServicesR+610, 0.0% PIK (3.3% Max PIK)0.0%4/28/28ISK1,345.8 10.0 10.0 
Affordable Care Inc(ac)(m)(v)Health Care Equipment & ServicesL+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 & ServicesL+550, 0.0% PIK (1.3% Max PIK)0.8%8/2/2712.8 12.8 12.7 
Affordable Care Inc(ac)(x)Health Care Equipment & ServicesL+550, 0.0% PIK (1.3% Max PIK)0.8%8/2/2838.3 38.3 37.9 
Alacrity Solutions Group LLC(v)InsuranceL+5250.8%12/22/271.5 1.3 1.4 
Alacrity Solutions Group LLC(v)InsuranceL+5250.8%12/22/2848.5 47.8 47.5 
Alacrity Solutions Group LLC(x)InsuranceL+5250.8%12/22/279.3 9.3 9.1 
Alera Group Intermediate Holdings Inc(v)InsuranceL+5500.8%10/2/288.9 8.9 8.7 
Alera Group Intermediate Holdings Inc(v)InsuranceL+5500.8%10/2/286.2 6.2 6.1 
Alera Group Intermediate Holdings Inc(x)InsuranceL+5500.8%10/2/280.3 0.3 0.3 
Alera Group Intermediate Holdings Inc(x)InsuranceL+5500.8%10/2/2816.4 16.4 16.1 
American Vision Partners(i)(v)Health Care Equipment & ServicesL+5750.8%9/30/2780.5 79.9 79.2 
American Vision Partners(x)Health Care Equipment & ServicesL+5750.8%9/30/267.8 7.8 7.7 
American Vision Partners(x)Health Care Equipment & ServicesL+5750.8%9/30/2733.0 33.0 32.4 
Amerivet Partners Management Inc(v)Health Care Equipment & ServicesSF+5500.8%2/25/2895.9 95.0 93.9 
Amerivet Partners Management Inc(x)Health Care Equipment & ServicesSF+5500.8%2/25/288.4 8.4 8.2 
Amerivet Partners Management Inc(x)Health Care Equipment & ServicesSF+5500.8%2/25/2867.3 67.3 66.0 
Amtek Global Technology Pte Ltd(ad)(v)(w)(y)(z)Automobiles & ComponentsE+500 PIK (E+500 Max PIK)0.0%4/4/2458.6 68.7 28.6 
Apex Group Limited(aa)(v)(w)Diversified FinancialsE+4000.0%7/27/282.0 2.3 2.0 
Apex Group Limited(aa)(v)(w)Diversified FinancialsL+3750.5%7/27/28$2.5 2.5 2.4 
See notes to unaudited consolidated financial statements.
7

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Arcfield Acquisition Corp(i)(v)Capital GoodsL+5750.8%3/10/28$40.5 $40.1 $39.7 
Arcfield Acquisition Corp(x)Capital GoodsL+5750.8%3/10/277.1 7.1 6.9 
Arcos LLC/VA(m)Software & ServicesL+5751.0%3/31/2812.4 12.2 12.1 
Arcos LLC/VA(x)Software & ServicesL+5751.0%4/20/274.50 4.5 4.4 
Ardonagh Group Ltd(v)(w)InsuranceSA+7000.8%7/14/26£0.8 1.0 1.0 
Ardonagh Group Ltd(w)(x)InsuranceL+5751.0%7/14/2616.7 22.8 22.0 
Arrotex Australia Group Pty Ltd(v)(w)Pharmaceuticals, Biotechnology & Life SciencesB+5251.0%7/10/24A$42.60 30.8 29.4 
Arrotex Australia Group Pty Ltd(v)(w)Pharmaceuticals, Biotechnology & Life SciencesB+5251.0%7/10/243.1 2.2 2.2 
Aspect Software Inc(v)Software & Services8.0% PIK (8.0% Max PIK)7/14/23$0.3 0.2 0.3 
athenahealth Inc(aa)(ac)(v)Health Care Equipment & ServicesSF+3500.5%2/15/296.9 6.8 6.3 
athenahealth Inc(aa)(ac)(x)Health Care Equipment & ServicesSF+3500.5%2/15/291.2 1.2 1.1 
ATX Networks Corp(ad)(s)(v)(w)Capital GoodsL+7501.0%9/1/2641.6 41.6 41.6 
AxiomSL Ltd(f)(m)(t)(v)Software & ServicesL+6001.0%12/3/2734.9 34.3 34.4 
AxiomSL Ltd(x)Software & ServicesL+6001.0%12/3/252.5 2.4 2.4 
AxiomSL Ltd(x)Software & ServicesL+6001.0%12/3/272.3 2.3 2.2 
Barbri Inc(f)(k)(l)(m)(t)Consumer ServicesL+5750.8%4/28/2861.8 57.8 61.8 
Barbri Inc(v)Consumer ServicesL+5750.8%4/28/2830.1 30.1 30.1 
Barbri Inc(k)(l)Consumer ServicesL+5750.8%4/30/2834.9 34.6 34.9 
Barbri Inc(x)Consumer ServicesL+5750.8%4/30/2814.8 14.8 14.7 
Belk Inc(aa)(ac)(v)RetailingL+7501.0%7/31/2521.9 21.8 20.1 
Belk Inc(aa)(ac)(v)Retailing5.0%, 8.0% PIK (8.0% Max PIK)7/31/2568.8 43.3 29.1 
BGB Group LLC(f)(i)(k)(l)(m)(t)Media & EntertainmentL+5751.0%8/16/27111.7 110.7 110.5 
BGB Group LLC(x)Media & EntertainmentL+5751.0%8/16/2719.9 19.9 19.7 
Bowery Farming Inc(v)Food, Beverage & TobaccoL+1,0001.0%4/30/2675.0 74.4 69.5 
Caldic BV(aa)(v)(w)RetailingE+4000.0%2/4/290.8 0.9 0.8 
Caldic BV(aa)(v)(w)RetailingSF+4000.5%2/26/29$1.4 1.4 1.4 
CFC Underwriting Ltd(v)(w)InsuranceSF+550, 0.0% PIK (3.0% Max PIK)0.5%5/16/2939.5 38.5 38.4 
CFC Underwriting Ltd(w)(x)InsuranceSF+550, 0.0% PIK (3.0% Max PIK)0.5%5/16/295.9 5.8 5.8 
Cimarron Energy Inc(v)(y)(z)EnergyL+9001.0%12/31/247.5 5.2 5.5 
Clarience Technologies LLC(f)(i)(k)(m)(s)(v)Capital GoodsSF+6251.0%12/14/26277.5 267.4 277.5 
Clarience Technologies LLC(v)Capital GoodsL+6251.0%12/31/2618.0 17.8 18.0 
Clarience Technologies LLC(x)Capital GoodsL+6251.0%12/13/2425.4 25.3 25.4 
ClubCorp Club Operations Inc(aa)(ab)(v)Consumer ServicesL+2750.0%9/18/2423.2 21.4 21.5 
Community Brands Inc(v)Software & ServicesSF+5750.8%2/24/2832.9 32.3 32.2 
See notes to unaudited consolidated financial statements.
8

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Community Brands Inc(x)Software & ServicesSF+5750.8%2/24/28$3.9 $3.8 $3.8 
Community Brands Inc(x)Software & ServicesSF+5750.8%2/24/281.9 1.9 1.9 
Constellis Holdings LLC(ac)(v)Capital GoodsL+7501.0%3/27/2415.0 14.2 15.0 
Corsearch Intermediate Inc(m)(v)Software & ServicesL+5501.0%4/19/2827.1 25.5 27.2 
Corsearch Intermediate Inc(v)Software & ServicesL+5501.0%4/19/282.9 2.9 3.0 
Corsearch Intermediate Inc(x)Software & ServicesL+5501.0%4/19/284.4 4.4 4.4 
CSafe Global(f)(i)(k)(l)(m)(t)(v)Capital GoodsL+6250.8%12/23/27187.8 182.0 187.8 
CSafe Global(v)Capital GoodsL+6250.8%12/23/27£27.3 36.1 33.2 
CSafe Global(v)Capital GoodsL+6250.8%8/13/28$11.9 11.9 11.9 
CSafe Global(x)Capital GoodsL+6250.8%12/23/2634.9 34.9 34.7 
Dental Care Alliance Inc(f)(k)(m)(t)(v)Health Care Equipment & ServicesSF+6000.8%4/3/28126.7 122.6 125.6 
Dental Care Alliance Inc(x)Health Care Equipment & ServicesSF+6000.8%4/3/2811.1 11.1 11.0 
Element Materials Technology Group US Holdings Inc(aa)(v)(w)Commercial & Professional ServicesL+3501.0%6/28/241.9 1.9 1.9 
Element Materials Technology Group US Holdings Inc(aa)(ab)(v)(w)Commercial & Professional ServicesSF+4250.5%4/12/291.0 1.0 0.9 
Element Materials Technology Group US Holdings Inc(aa)(ab)(v)(w)Commercial & Professional ServicesE+4250.0%4/12/290.3 0.4 0.3 
Element Materials Technology Group US Holdings Inc(aa)(w)(x)Commercial & Professional ServicesSF+4250.5%4/12/29$0.4 0.4 0.4 
Encora Digital Inc(v)Software & ServicesL+550, 0.0% PIK (2.4% Max PIK)0.7%12/13/2865.1 63.9 62.9 
Encora Digital Inc(x)Software & ServicesL+5500.7%12/13/2819.6 19.4 18.9 
Fairway Group Holdings Corp(ac)(v)(y)(z)Food & Staples Retailing12.0% PIK (12.0% Max PIK)11/27/2311.7 1.0 — 
Fairway Group Holdings Corp(ac)(v)(y)(z)Food & Staples Retailing10.0% PIK (10.0% Max PIK)11/28/237.6 — — 
Follett Software Co(f)(k)(l)(t)Software & ServicesL+5750.8%8/31/2874.1 73.4 73.3 
Follett Software Co(x)Software & ServicesL+5750.8%8/31/279.9 9.9 9.8 
Foundation Consumer Brands LLC(m)(v)Pharmaceuticals, Biotechnology & Life SciencesL+5501.0%2/12/2792.3 88.6 93.2 
Foundation Consumer Brands LLC(x)Pharmaceuticals, Biotechnology & Life SciencesL+5501.0%2/12/276.6 6.6 6.6 
Foundation Risk Partners Corp(v)InsuranceL+5750.8%10/29/2865.9 65.0 64.4 
Foundation Risk Partners Corp(v)InsuranceL+5500.8%10/29/2814.3 14.2 14.0 
Foundation Risk Partners Corp(x)InsuranceL+5750.8%10/29/277.0 6.9 6.8 
Frontline Technologies Group LLC(i)(m)(s)(v)Software & ServicesL+5251.0%9/18/2360.5 58.8 60.5 
Galaxy Universal LLC(v)Consumer Durables & ApparelSF+5750.0%6/24/237.5 7.5 7.5 
Galaxy Universal LLC(v)Consumer Durables & ApparelSF+5751.0%11/12/2688.5 88.5 88.5 
Galaxy Universal LLC(v)Consumer Durables & ApparelL+5001.0%11/12/2624.4 24.2 24.3 
Galway Partners Holdings LLC(k)(l)(t)(v)InsuranceL+525, 0.0% PIK (1.3% Max PIK)0.8%9/29/2899.6 97.9 97.0 
Galway Partners Holdings LLC(x)InsuranceL+525, 0.0% PIK (1.3% Max PIK)0.8%9/30/2712.0 11.7 11.6 
See notes to unaudited consolidated financial statements.
9

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Galway Partners Holdings LLC(x)InsuranceL+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 & ServicesL+6251.0%6/18/27166.9 165.5 161.6 
Gigamon Inc(v)Software & ServicesSF+5750.8%3/12/29171.3 169.6 166.3 
Gigamon Inc(x)Software & ServicesSF+5750.8%3/13/289.3 9.3 9.1 
Greystone Equity Member Corp(v)(w)Diversified FinancialsL+7253.8%4/1/26194.8 183.8 188.7 
Heniff Transportation Systems LLC(v)TransportationL+5751.0%12/3/247.1 6.9 6.8 
Heniff Transportation Systems LLC(f)(i)(k)(l)(m)(v)TransportationL+5751.0%12/3/26137.0 130.4 130.9 
Heniff Transportation Systems LLC(v)TransportationL+6251.0%12/3/2619.3 18.5 18.8 
Heniff Transportation Systems LLC(x)TransportationL+5751.0%12/3/2410.7 10.7 10.2 
Hibu Inc(f)(k)(l)(m)(t)(v)Commercial & Professional ServicesSF+6251.0%5/4/27100.3 95.7 101.8 
Higginbotham Insurance Agency Inc(v)InsuranceL+5500.8%11/25/261.4 1.4 1.5 
Higginbotham Insurance Agency Inc(v)InsuranceL+5500.8%11/25/267.0 6.6 7.0 
Higginbotham Insurance Agency Inc(x)InsuranceL+5500.8%11/25/268.9 8.9 9.0 
HM Dunn Co Inc(ad)(v)Capital GoodsL+600 PIK (L+600 Max PIK)1.0%6/30/2634.8 34.8 34.8 
HM Dunn Co Inc(ad)(x)Capital GoodsL+600 PIK (L+600 Max PIK)1.0%6/30/262.0 2.0 2.0 
Individual FoodService(m)(s)(v)Capital GoodsL+6251.0%11/22/25100.9 97.0 101.0 
Individual FoodService(x)Capital GoodsL+6251.0%11/22/244.8 4.7 4.8 
Individual FoodService(x)Capital GoodsL+6251.0%11/22/254.9 4.9 4.9 
Industria Chimica Emiliana Srl(v)(w)Pharmaceuticals, Biotechnology & Life SciencesE+7250.0%9/27/2688.8 101.7 91.7 
Industry City TI Lessor LP(s)(v)Consumer Services10.8%, 1.0% PIK (1.0% Max PIK)6/30/26$27.8 27.9 29.3 
Insight Global LLC(v)Commercial & Professional ServicesL+6000.8%9/22/275.8 5.8 5.7 
Insight Global LLC(i)(v)Commercial & Professional ServicesL+6000.8%9/22/28204.3 202.4 200.2 
Insight Global LLC(x)Commercial & Professional ServicesL+6000.8%9/22/2715.3 15.3 15.0 
Insight Global LLC(x)Commercial & Professional ServicesL+6000.8%9/22/2826.8 26.8 26.3 
Integrity Marketing Group LLC(v)InsuranceL+5500.8%8/27/25114.2 114.2 112.4 
Integrity Marketing Group LLC(x)InsuranceL+5500.8%8/27/2510.8 10.8 10.6 
J S Held LLC(f)(i)(m)(s)(v)InsuranceL+5501.0%7/1/25125.8 123.5 125.8 
J S Held LLC(v)InsuranceL+5501.0%7/1/251.2 1.0 1.2 
J S Held LLC(f)(v)InsuranceSF+5501.0%7/1/2521.7 21.7 21.7 
J S Held LLC(x)InsuranceL+5501.0%7/1/2512.9 12.9 12.9 
J S Held LLC(x)InsuranceSF+5501.0%7/1/2522.4 22.4 22.4 
Jarrow Formulas Inc(f)(i)(k)(l)(m)(s)(t)(v)Household & Personal ProductsL+6251.0%11/30/26184.2 175.6 187.9 
Karman Space Inc(m)(v)Capital GoodsL+7001.0%12/21/2552.8 50.3 53.1 
Karman Space Inc(v)Capital GoodsL+7001.0%12/21/253.3 3.1 3.3 
See notes to unaudited consolidated financial statements.
10

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Karman Space Inc(v)Capital GoodsL+7001.0%12/21/25$38.3 $37.7 $38.6 
Karman Space Inc(x)Capital GoodsL+7001.0%12/21/252.2 2.2 2.2 
Kellermeyer Bergensons Services LLC(f)(i)(k)(l)(m)(s)(v)Commercial & Professional ServicesL+6001.0%11/7/26216.2 207.7 210.5 
Kellermeyer Bergensons Services LLC(v)Commercial & Professional ServicesL+6001.0%11/7/2685.1 84.4 82.8 
Kellermeyer Bergensons Services LLC(t)(v)Commercial & Professional ServicesL+6001.0%11/7/2654.0 52.3 52.6 
Kellermeyer Bergensons Services LLC(v)Commercial & Professional ServicesL+6001.0%11/7/2615.5 15.4 15.1 
Lakefield Veterinary Group(f)(i)(v)Health Care Equipment & ServicesL+5500.8%11/23/28102.3 101.5 100.2 
Lakefield Veterinary Group(x)Health Care Equipment & ServicesL+5500.8%11/23/2841.8 41.8 40.9 
Lakeview Farms Inc(l)(m)(v)Food, Beverage & TobaccoL+6251.0%6/10/2776.8 75.0 73.2 
Lakeview Farms Inc(v)Food, Beverage & TobaccoL+6251.0%6/10/275.0 5.0 4.8 
Lakeview Farms Inc(x)Food, Beverage & TobaccoL+6251.0%6/10/2710.8 10.8 10.3 
Lakeview Farms Inc(x)Food, Beverage & TobaccoL+6251.0%6/10/271.8 1.8 1.7 
Lexitas Inc(i)(k)(l)(m)(v)Commercial & Professional ServicesSF+6251.0%5/18/29121.5 118.4 120.3 
Lexitas Inc(x)Commercial & Professional ServicesSF+6251.0%5/18/298.4 8.4 8.3 
Lexitas Inc(x)Commercial & Professional ServicesSF+6251.0%5/18/2912.3 12.3 12.2 
Lionbridge Technologies Inc(f)(k)(m)(s)(t)(v)Consumer ServicesSF+7001.0%12/29/25126.0 121.7 127.5 
Lipari Foods LLC(f)(m)(s)(v)Food & Staples RetailingSF+5751.0%1/6/25270.3 261.0 270.3 
Lloyd's Register Quality Assurance Ltd(v)(w)Consumer ServicesSA+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 ServicesSA+600, 0.0% PIK (6.3% Max PIK)0.0%12/2/289.3 12.6 12.3 
Matchesfashion Ltd(v)(w)(y)(z)Consumer Durables & ApparelL+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 & ServicesL+6001.0%1/29/27116.8 116.0 115.6 
MB2 Dental Solutions LLC(k)(l)(m)(t)(v)Health Care Equipment & ServicesL+6001.0%1/29/27157.7 148.7 156.1 
MB2 Dental Solutions LLC(x)Health Care Equipment & ServicesL+6001.0%1/29/2711.9 11.9 11.8 
Medallia Inc(v)Software & ServicesL+675 PIK (L+675 Max PIK)0.8%10/29/28171.8 170.2 170.0 
Med-Metrix(v)Software & ServicesL+6001.0%9/15/2750.1 49.7 50.2 
Med-Metrix(v)Software & ServicesL+6001.0%9/15/276.2 6.2 6.2 
Med-Metrix(x)Software & ServicesL+6001.0%9/15/2725.0 25.0 25.0 
Med-Metrix(x)Software & ServicesL+6001.0%9/15/277.8 7.8 7.8 
Miami Beach Medical Group LLC(k)(l)(m)(t)(v)Health Care Equipment & ServicesL+6501.0%12/14/26179.7 171.2 166.0 
Monitronics International Inc(aa)(f)(v)Commercial & Professional ServicesL+7501.3%3/29/2418.7 17.4 12.4 
Monitronics International Inc(v)Commercial & Professional ServicesL+6001.5%7/3/2459.6 57.5 55.8 
Monitronics International Inc(x)Commercial & Professional ServicesL+6001.5%7/3/2410.4 10.4 9.7 
Motion Recruitment Partners LLC(v)Commercial & Professional ServicesSF+6501.0%12/19/254.8 4.5 4.8 
Motion Recruitment Partners LLC(m)(t)(v)Commercial & Professional ServicesL+6501.0%12/22/2554.9 51.1 54.9 
Motion Recruitment Partners LLC(f)(i)(v)Commercial & Professional ServicesSF+6501.0%12/22/2564.3 64.3 64.3 
See notes to unaudited consolidated financial statements.
11

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Motion Recruitment Partners LLC(x)Commercial & Professional ServicesSF+6501.0%12/19/25$59.6 $59.6 $59.6 
NBG Home(v)Consumer Durables & ApparelL+5501.0%4/26/2476.9 73.5 48.5 
NCI Inc(v)Software & ServicesL+750, 0.0% PIK (2.5% Max PIK)1.0%8/15/2477.8 76.9 72.4 
Net Documents(v)Software & ServicesL+6251.0%6/30/2724.6 24.4 24.2 
Net Documents(v)Software & ServicesL+6251.0%6/30/271.6 1.6 1.6 
Net Documents(x)Software & ServicesL+6251.0%6/30/277.4 7.3 7.3 
Net Documents(x)Software & ServicesL+6251.0%6/30/271.4 1.4 1.4 
New Era Technology Inc(i)(l)(m)(t)(v)Software & ServicesL+6251.0%10/31/2675.9 74.0 74.9 
New Era Technology Inc(v)Software & ServicesL+6251.0%10/31/262.1 2.1 2.1 
New Era Technology Inc(x)Software & ServicesL+6251.0%10/31/262.6 2.6 2.5 
Novotech Pty Ltd(w)(x)Health Care Equipment & ServicesSF+5750.5%1/13/285.7 5.6 5.6 
Omnimax International Inc(i)(k)(l)(m)(v)Capital GoodsSF+8001.0%10/8/26129.8 123.5 127.7 
Omnimax International Inc(f)(v)Capital GoodsSF+8001.0%10/8/2665.4 63.6 64.3 
One Call Care Management Inc(aa)(ad)(v)Health Care Equipment & ServicesL+5500.8%4/22/275.0 4.7 4.0 
Oxford Global Resources LLC(f)(k)(l)(m)(t)Commercial & Professional ServicesSF+6001.0%8/17/2788.0 87.2 88.0 
Oxford Global Resources LLC(v)Commercial & Professional ServicesSF+6001.0%8/17/275.0 5.0 5.0 
Oxford Global Resources LLC(x)Commercial & Professional ServicesSF+6001.0%8/17/2715.3 15.3 15.3 
Oxford Global Resources LLC(x)Commercial & Professional ServicesSF+6001.0%8/17/272.7 2.7 2.7 
P2 Energy Solutions Inc.(v)Software & ServicesL+6751.0%1/31/253.7 3.5 3.5 
P2 Energy Solutions Inc.(i)(k)(m)(s)(t)(v)Software & ServicesL+6751.0%2/2/26247.8 233.0 230.9 
P2 Energy Solutions Inc.(x)Software & ServicesL+6751.0%1/31/2511.4 11.4 10.7 
Parata Systems(f)(m)(v)Health Care Equipment & ServicesL+5751.0%6/30/2773.5 73.0 74.2 
Parata Systems(v)Health Care Equipment & ServicesL+5751.0%6/30/273.7 3.7 3.7 
Parata Systems(x)Health Care Equipment & ServicesL+5751.0%6/30/2718.3 18.3 18.5 
Parata Systems(x)Health Care Equipment & ServicesL+5751.0%6/30/275.5 5.5 5.5 
Parts Town LLC(v)RetailingL+5500.8%11/1/28100.9 99.9 97.8 
PartsSource Inc(v)Health Care Equipment & ServicesL+5750.8%8/23/2865.4 64.7 64.5 
PartsSource Inc(x)Health Care Equipment & ServicesL+5750.8%8/21/264.3 4.2 4.2 
PartsSource Inc(x)Health Care Equipment & ServicesL+5750.8%8/23/2822.9 22.6 22.5 
Peraton Corp(aa)(v)Capital GoodsL+3750.8%2/1/288.8 8.5 8.3 
Performance Health Holdings Inc(f)(i)(m)(v)Health Care Equipment & ServicesL+6001.0%7/12/27108.3 107.3 108.3 
Petroplex Acidizing Inc(ac)(v)(y)(z)EnergyL+825, 1.8% PIK (1.8% Max PIK)1.0%6/30/2327.7 21.4 13.2 
Premium Credit Ltd(v)(w)Diversified FinancialsSA+6500.0%1/16/26£55.9 73.0 68.0 
Production Resource Group LLC(ad)(v)Media & EntertainmentL+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 & EntertainmentL+300, 5.5% PIK (5.5% Max PIK)0.3%8/21/24140.1 133.1 142.9 
See notes to unaudited consolidated financial statements.
12

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Production Resource Group LLC(ad)(v)Media & EntertainmentL+550 PIK (L+550 Max PIK)1.0%8/21/24$0.1 $0.1 $0.1 
Production Resource Group LLC(ad)(x)Media & EntertainmentL+500, 3.1% PIK (3.1% Max PIK)1.0%8/21/244.0 4.0 4.1 
Propulsion Acquisition LLC(f)(l)(s)(t)(v)Capital GoodsL+7001.0%7/13/2460.2 57.1 60.8 
PSKW LLC(i)(l)(s)(t)(v)Health Care Equipment & ServicesL+6251.0%3/9/26293.3 283.2 293.3 
Pure Fishing Inc(aa)(v)Consumer Durables & ApparelL+4500.0%12/22/2533.9 33.3 29.1 
Qdoba Restaurant Corp(aa)(m)(v)Consumer ServicesL+7001.0%3/21/2510.9 10.8 9.6 
Reliant Rehab Hospital Cincinnati LLC(f)(i)(l)(m)(s)(v)Health Care Equipment & ServicesL+6250.0%2/28/26107.4 101.8 99.3 
Revere Superior Holdings Inc(m)(v)Software & ServicesL+5751.0%9/30/2629.9 29.2 29.9 
Revere Superior Holdings Inc(x)Software & ServicesL+5751.0%9/30/263.8 3.8 3.8 
Revere Superior Holdings Inc(x)Software & ServicesL+5751.0%9/30/263.2 3.2 3.2 
Rise Baking Company(v)Food, Beverage & TobaccoL+6251.0%8/13/273.2 3.0 2.9 
Rise Baking Company(l)(m)Food, Beverage & TobaccoL+6501.0%8/13/2728.7 28.1 26.7 
Rise Baking Company(x)Food, Beverage & TobaccoL+6251.0%8/13/272.1 2.1 2.0 
RSC Insurance Brokerage Inc(i)(k)(l)(m)(s)(v)InsuranceSF+5500.8%10/30/26176.0 170.6 176.0 
RSC Insurance Brokerage Inc(v)InsuranceL+5500.8%10/30/2639.7 39.1 39.7 
RSC Insurance Brokerage Inc(v)InsuranceSF+5500.8%10/30/2618.5 18.3 18.5 
RSC Insurance Brokerage Inc(x)InsuranceL+5500.8%10/30/267.7 7.6 7.7 
RSC Insurance Brokerage Inc(x)InsuranceL+5500.8%10/30/267.1 7.0 7.1 
Safe-Guard Products International LLC(f)Diversified FinancialsL+5000.5%1/27/270.1 0.1 0.1 
SAMBA Safety Inc(v)Software & ServicesL+5251.0%9/1/270.6 0.6 0.6 
SAMBA Safety Inc(x)Software & ServicesL+5251.0%9/1/271.8 1.8 1.8 
SAMBA Safety Inc(x)Software & ServicesL+5751.0%9/1/276.1 6.1 6.0 
SavATree LLC(v)Consumer ServicesL+5500.8%10/12/281.9 1.9 1.9 
SavATree LLC(x)Consumer ServicesL+5500.8%10/12/287.6 7.6 7.5 
SavATree LLC(x)Consumer ServicesL+5500.8%10/12/286.3 6.3 6.3 
Sequa Corp(aa)(m)(v)Capital GoodsL+675, 0.0% PIK (1.0% Max PIK)1.0%11/28/238.3 8.0 8.2 
Sequel Youth & Family Services LLC(v)(y)(z)Health Care Equipment & Services3.0%2/28/2550.0 50.0 50.0 
Sequel Youth & Family Services LLC(v)(y)(z)Health Care Equipment & Services3.0%2/28/2570.0 10.5 18.0 
Sequel Youth & Family Services LLC(v)Health Care Equipment & ServicesSF+5501.0%2/28/2726.0 25.9 25.3 
Sequel Youth & Family Services LLC(v)Health Care Equipment & Services12.0% PIK (12.0% Max PIK)2/28/2721.6 21.4 20.3 
SitusAMC Holdings Corp(k)(l)(v)Real EstateL+5750.8%12/22/2776.4 75.7 74.5 
Sorenson Communications LLC(aa)(f)(k)(t)(v)Telecommunication ServicesL+5500.8%3/17/2656.9 54.3 55.8 
Source Code LLC(k)(l)(t)Software & ServicesSF+6501.0%6/30/2753.0 52.1 51.0 
Source Code LLC(x)Software & ServicesSF+6501.0%6/30/2715.3 15.0 14.7 
Spins LLC(m)(s)(t)(v)Software & ServicesL+5501.0%1/20/2768.6 65.4 68.7 
See notes to unaudited consolidated financial statements.
13

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Spins LLC(x)Software & ServicesL+5501.0%1/20/27$16.5 $16.5 $16.5 
Spins LLC(x)Software & ServicesL+5501.0%1/20/277.9 7.9 7.9 
Staples Canada(v)(w)RetailingC+7001.0%9/12/24C$33.1 25.9 26.5 
Summit Interconnect Inc(f)(k)(l)(t)(v)Capital GoodsL+6001.0%9/22/28$137.0 136.2 130.5 
Summit Interconnect Inc(x)Capital GoodsL+6001.0%9/22/289.4 9.4 8.9 
Sungard Availability Services Capital Inc(ac)(v)Software & ServicesL+100, 8.5% PIK (8.5% Max PIK)0.0%8/9/223.0 3.0 3.0 
Sungard Availability Services Capital Inc(ac)(v)(y)(z)Software & ServicesSF+375, 3.8% PIK (3.8% Max PIK)1.0%7/1/245.9 5.8 4.5 
Sungard Availability Services Capital Inc(ac)(x)Software & ServicesL+100, 8.5% PIK (8.5% Max PIK)0.0%8/9/224.0 4.0 4.0 
Sweeping Corp of America Inc(m)(v)Commercial & Professional ServicesL+5751.0%11/30/2672.3 70.1 73.1 
Sweeping Corp of America Inc(v)Commercial & Professional ServicesL+5751.0%11/30/261.9 1.9 1.9 
Sweeping Corp of America Inc(x)Commercial & Professional ServicesL+5751.0%11/30/260.3 0.3 0.3 
Sweeping Corp of America Inc(x)Commercial & Professional ServicesL+5751.0%11/30/263.8 3.8 3.8 
Tangoe LLC(m)(s)(v)Software & ServicesL+6501.0%11/28/25179.5 163.5 140.0 
Tangoe LLC(m)(s)(v)Software & Services12.5% PIK (12.5% Max PIK)11/28/251.0 1.0 0.7 
ThermaSys Corp(ac)(v)(y)(z)Capital GoodsL+1,100 PIK (L+1,100 Max PIK)1.0%1/1/249.0 8.3 3.6 
ThreeSixty Group(m)(v)RetailingL+500, 2.5% PIK (2.5% Max PIK)1.5%3/1/2346.4 46.3 45.7 
ThreeSixty Group(m)(v)RetailingL+500, 2.5% PIK (2.5% Max PIK)1.5%3/1/2346.1 46.0 45.5 
Time Manufacturing Co(v)Capital GoodsL+6500.8%12/1/2745.6 44.6 43.0 
Time Manufacturing Co(v)Capital GoodsL+6500.8%12/1/274.5 4.5 4.2 
Time Manufacturing Co(v)Capital GoodsE+6500.8%12/1/2713.8 14.5 13.6 
Time Manufacturing Co(x)Capital GoodsL+6500.8%12/1/27$17.7 17.7 16.7 
Transaction Services Group Ltd(v)(w)Software & ServicesB+6500.0%10/15/26A$48.3 33.9 33.4 
Transaction Services Group Ltd(v)(w)Software & ServicesL+6500.0%10/15/26$126.2 122.6 126.6 
Ultra Electronics Holdings PLC(aa)(ab)(v)(w)Capital GoodsL+3750.5%11/17/281.8 1.8 1.7 
Ultra Electronics Holdings PLC(aa)(ab)(v)(w)Capital GoodsE+3750.0%11/17/281.4 1.6 1.3 
Warren Resources Inc(ad)(v)EnergyL+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 FinancialsSF+6001.0%10/4/2723.6 23.5 23.6 
Wealth Enhancement Group LLC(v)(w)Diversified FinancialsSF+6001.0%10/29/270.7 0.7 0.7 
Wealth Enhancement Group LLC(w)(x)Diversified FinancialsSF+6001.0%10/4/274.7 4.7 4.7 
Wealth Enhancement Group LLC(w)(x)Diversified FinancialsSF+6001.0%10/29/276.2 6.2 6.2 
Wealth Enhancement Group LLC(w)(x)Diversified FinancialsSF+6001.0%10/29/271.4 1.4 1.4 
Woolpert Inc(f)(k)(l)(m)(t)Capital GoodsL+6001.0%4/5/2891.5 85.2 90.9 
Woolpert Inc(v)Capital GoodsL+6001.0%4/5/2868.9 68.9 68.4 
See notes to unaudited consolidated financial statements.
14

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Woolpert Inc(x)Capital GoodsL+6001.0%4/5/28$3.7 $3.7 $3.6 
Worldwise Inc(v)Household & Personal ProductsSF+6251.0%3/29/28112.0 111.1 109.7 
Worldwise Inc(x)Household & Personal ProductsSF+6251.0%3/29/2815.5 15.5 15.2 
Worldwise Inc(x)Household & Personal ProductsSF+6251.0%3/29/2814.2 14.2 13.9 
Total Senior Secured Loans—First Lien11,188.6 11,104.4 
Unfunded Loan Commitments(1,082.5)(1,082.5)
Net Senior Secured Loans—First Lien10,106.1 10,021.9 
Senior Secured Loans—Second Lien—17.3%
Advanced Lighting Technologies Inc(v)(y)(z)MaterialsL+600, 0.0% PIK (16.0% Max PIK)1.0%3/16/2712.3 10.5 3.8 
Ammeraal Beltech Holding BV(f)(s)(v)(w)Capital GoodsL+7750.0%9/12/2631.9 29.2 31.1 
Belk Inc(ac)(v)(y)(z)Retailing10.0% PIK (10.0% Max PIK)7/31/2526.8 4.2 4.5 
Byrider Finance LLC(u)(v)Automobiles & ComponentsSF+1,000, 0.5% PIK (0.5% Max PIK)1.3%7/7/2354.4 54.4 54.7 
Caldic BV(v)(w)RetailingSF+7250.5%12/30/2940.0 38.9 38.2 
Constellis Holdings LLC(ac)(v)Capital GoodsL+1,100, 0.0% PIK (5.0% Max PIK)1.0%3/27/2513.5 12.6 11.9 
Cubic Corp(v)Software & ServicesL+7630.8%5/25/2954.8 51.9 53.9 
Ellucian Inc(v)Software & ServicesL+8001.0%10/9/28179.2 170.6 178.3 
Fairway Group Holdings Corp(ac)(v)(y)(z)Food & Staples Retailing11.0% PIK (11.0% Max PIK)2/24/246.9 — — 
Misys Ltd(aa)(v)(w)Software & ServicesL+7251.0%6/13/2516.3 15.5 14.2 
NBG Home(v)(y)(z)Consumer Durables & ApparelL+1,275 PIK (L+1,275 Max PIK)1.0%9/30/2433.5 28.2 0.7 
OEConnection LLC(f)(v)Software & ServicesL+7000.5%9/25/2776.1 75.7 74.1 
Peraton Corp(s)(v)Capital GoodsL+8001.0%2/1/29175.0 165.8 175.7 
Peraton Corp(v)Capital GoodsL+7750.8%2/1/29151.9 145.7 150.7 
Pure Fishing Inc(m)(v)Consumer Durables & ApparelL+8381.0%12/21/26100.0 94.9 89.0 
Solera LLC(aa)(v)Software & ServicesL+8001.0%6/4/29312.4 296.5 311.4 
Sungard Availability Services Capital Inc(ac)(v)(y)(z)Software & ServicesSF+400, 2.8% PIK (2.8% Max PIK)1.0%8/1/2414.8 13.5 — 
Valeo Foods Group Ltd(v)(w)Food, Beverage & TobaccoE+7500.0%10/1/293.8 4.0 3.8 
Valeo Foods Group Ltd(w)(x)Food, Beverage & TobaccoE+7500.0%10/1/292.3 3.1 3.0 
Vantage Specialty Chemicals Inc(aa)(v)MaterialsL+8251.0%10/27/25$0.8 0.7 0.7 
Wittur Holding GmbH(v)(w)Capital GoodsE+850, 0.5% PIK (0.5% Max PIK)0.0%9/23/27113.1 121.7 99.3 
Total Senior Secured Loans—Second Lien1,337.6 1,299.0 
See notes to unaudited consolidated financial statements.
15

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Unfunded Loan Commitments$(3.1)$(3.1)
Net Senior Secured Loans—Second Lien1,334.5 1,295.9 
Other Senior Secured Debt—1.5%
Angelica Corp(h)(y)(z)Health Care Equipment & Services10.0% PIK (10.0% Max PIK)12/30/22$56.1 42.3 0.9 
JW Aluminum Co(aa)(ad)(s)(v)Materials10.3%6/1/2676.5 75.6 78.7 
One Call Care Management Inc(ad)(v)Health Care Equipment & Services8.5% PIK (8.5% Max PIK)11/1/2824.5 22.7 21.4 
TruckPro LLC(aa)(v)Capital Goods11.0%10/15/249.2 9.2 9.0 
Total Other Senior Secured Debt149.8 110.0 
Subordinated Debt—1.1%
Ardonagh Group Ltd(aa)(v)(w)Insurance12.8% PIK (12.8% Max PIK)1/15/270.9 0.9 1.0 
ATX Networks Corp(ab)(ad)(s)(v)(w)Capital Goods10.0% PIK (10.0% Max PIK)9/1/2820.8 5.9 15.5 
Encora Digital Inc(v)Software & Services9.8% PIK (9.8% Max PIK)12/13/2922.6 22.0 21.8 
Hilding Anders(ad)(v)(w)(y)Consumer Durables & Apparel135.2 26.9 — 
Hilding Anders(ad)(v)(w)(y)(z)Consumer Durables & Apparel13.0% PIK (13.0% Max PIK)11/30/25143.2 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 Services38.7 32.0 32.6 
Total Subordinated Debt196.0 80.1 
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)/ Shares
 Amortized
Cost
 Fair
Value
(d)
Asset Based Finance—28.2%
801 5th Ave, Seattle, Private Equity(ad)(v)(w)(y)Real Estate8,554,983 $14.1 $21.3 
801 5th Ave, Seattle, Structure Mezzanine(ad)(v)(w)Real Estate8.0%, 3.0% PIK (3.0% Max PIK)12/19/29$57.2 55.2 57.2 
Abacus JV, Private Equity(v)(w)Insurance49,223,047 48.2 50.9 
Accelerator Investments Aggregator LP, Private Equity(v)(w)(y)Diversified Financials5,397,365 6.3 4.9 
Altavair AirFinance, Private Equity(v)(w)Capital Goods118,783,852 119.7 141.3 
Australis Maritime, Common Stock(v)(w)Transportation50,769,725 49.1 51.7 
Avenue One PropCo, Private Equity(ad)(v)(w)(y)Real Estate41,348,722 41.3 41.3 
Avida Holding AB, Common Stock(ad)(v)(w)(y)Diversified Financials405,023,756 44.6 42.8 
Byrider Finance LLC, Structured Mezzanine(x)Automobiles & ComponentsL+1,0500.3%6/3/28$23.0 23.0 23.0 
Callodine Commercial Finance LLC, 2L Term Loan A(v)Diversified FinancialsL+9001.0%11/3/25$125.0 118.6 124.6 
See notes to unaudited consolidated financial statements.
16

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)/ Shares
 Amortized
Cost
 Fair
Value
(d)
Callodine Commercial Finance LLC, 2L Term Loan B(v)Diversified FinancialsL+9001.0%11/3/25$12.0 $12.0 $12.0 
Callodine Commercial Finance LLC, 2L Term Loan B(x)Diversified FinancialsL+9001.0%11/3/25$36.1 36.1 35.9 
Capital Automotive LP, Private Equity(v)(w)Real Estate21,640,936 23.7 28.9 
Capital Automotive LP, Structured Mezzanine(v)(w)Real Estate11.0%12/22/28$42.7 41.9 42.7 
Global Jet Capital LLC, Preferred Stock(j)(u)(v)(y)Commercial & Professional Services149,494,590 69.4 — 
Global Jet Capital LLC, Preferred Stock(j)(u)(v)(y)(z)Commercial & Professional Services9.0% 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 Services15.0% 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 Services15.0% 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 Services15.0% PIK (15.0% Max PIK)1/29/26$2.2 1.6 2.2 
Global Lending Services LLC, Private Equity(v)(w)Diversified Financials10,152,325 11.8 10.3 
Global Lending Services LLC, Private Equity(v)(w)Diversified Financials12,255,274 12.3 14.0 
Home Partners JV 2, Private Equity(ac)(v)(w)(y)Real Estate2,967,456 2.9 3.6 
Home Partners JV 2, Private Equity(ac)(v)(w)(y)Real Estate111,962 0.1 0.1 
Home Partners JV 2, Structured Mezzanine(ac)(v)(w)Real Estate11.0% PIK (11.0% Max PIK)3/20/30$6.6 6.5 6.6 
Home Partners JV 2, Structured Mezzanine(ac)(w)(x)Real Estate11.0% PIK (11.0% Max PIK)3/20/30$10.7 10.7 10.7 
Home Partners JV, Common Stock(ac)(v)(w)Real Estate30,500,647 45.5 100.3 
Home Partners JV, Private Equity(ac)(v)(w)Real Estate3,793,000 5.0 11.9 
Home Partners JV, Structured Mezzanine(ac)(v)(w)Real Estate11.0% PIK (11.0% Max PIK)3/25/29$92.9 88.1 92.9 
Jet Edge International LLC, Term Loan(ac)(v)Transportation10.0%, 2.0% PIK (2.0% Max PIK)4/2/26$139.9 139.3144.1
Jet Edge International LLC, Term Loan(ac)(x)Transportation10.0%, 2.0% PIK (2.0% Max PIK)4/2/26$0.7 0.7 0.7 
Kilter Finance, Preferred Stock(ad)(v)(w)Insurance6.0%, 6.0% PIK (6.0% Max PIK)$79.3 77.8 79.3 
Kilter Finance, Private Equity(ad)(v)(w)(y)Insurance536,709 0.5 0.5 
KKR Central Park Leasing Aggregator L.P., Partnership Interest(v)(w)(y)(z)Capital Goods14.3%5/31/23$39.1 39.1 17.4 
KKR Rocket Loans Aggregator LLC, Partnership Interest(ad)(v)(w)Diversified Financials2,273,508 2.3 2.3 
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest(v)(w)(y)Capital Goods23,664,954 23.0 19.9 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment7.8%9/22/247.8 9.2 8.2 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment7.8%9/22/24$12.1 12.1 12.1 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment11.8%9/22/245.9 6.9 6.1 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment11.8%9/22/24£1.6 2.2 1.9 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment7.8%9/22/24£2.1 2.9 2.6 
See notes to unaudited consolidated financial statements.
17

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
Maturity
 Principal
Amount
(c)/ Shares
 Amortized
Cost
 Fair
Value
(d)
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment11.8%9/22/24$9.1 $9.1 $9.0 
Luxembourg Life Fund - Absolute Return Fund II, Structured Mezzanine(v)(w)InsuranceSF+7500.5%2/10/27$26.5 26.5 26.2 
Music IP, Private Equity(v)(w)Media & Entertainment62,294,586 62.3 70.0 
My Community Homes PropCo 2, Private Equity(ad)(v)(w)(y)Real Estate85,000,000 85.0 85.0 
NewStar Clarendon 2014-1A Class D(v)(w)Diversified Financials20.4%1/25/27$8.3 2.5 3.6 
Opendoor Labs Inc, Structured Mezzanine(v)(w)Real Estate10.0%4/1/26$106.6 106.6 101.3 
Opendoor Labs Inc, Structured Mezzanine(w)(x)Real Estate10.0%4/1/26$53.4 53.4 50.7 
Pretium Partners LLC P2, Term Loan(v)(w)Real Estate11.0%12/16/29$33.5 32.9 32.9 
Prime ST LLC, Private Equity(ad)(v)(w)(y)Real Estate5,983,135 7.7 6.5 
Prime ST LLC, Structured Mezzanine(ad)(v)(w)Real Estate5.0%, 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 Estate218,855,974 234.1 265.5 
Star Mountain Diversified Credit Income Fund III, LP, Private Equity(o)(w)Diversified Financials23,500,000 23.5 25.5 
Toorak Capital Funding LLC, Membership Interest(ad)(v)(w)(y)Real Estate1,723,140 1.9 1.7 
Total Asset Based Finance2,241.7 2,236.9 
Unfunded commitments(123.9)(123.9)
Net Asset Based Finance2,117.8 2,113.0 
Credit Opportunities Partners JV, LLC —20.2%
Credit Opportunities Partners JV, LLC(ad)(v)(w)Diversified Financials$1,637.3 1,571.7 1,512.3 
Credit Opportunities Partners JV, LLC1,571.7 1,512.3 
Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
MaturityNumber of
Shares
Amortized
Cost
 Fair
Value
(d)
Equity/Other—13.9%(e)
Abaco Energy Technologies LLC, Common Stock(v)(y)Energy3,055,556 $0.2 $0.4 
Abaco Energy Technologies LLC, Preferred Stock(v)(y)Energy12,734,481 1.5 2.5 
Affordable Care Inc, Preferred Stock(ac)(v)Health Care Equipment & Services11.8% PIK (11.8% Max PIK)49,073,000 48.1 50.0 
American Vision Partners, Private Equity(v)(y)Health Care Equipment & Services2,450,230 2.5 1.9 
Amerivet Partners Management Inc, Preferred Stock(v)Health Care Equipment & Services11.5% 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 & Components7,046,126 — — 
Amtek Global Technology Pte Ltd, Ordinary Shares(ad)(v)(w)(y)Automobiles & Components5,735,804,056 30.7 — 
Amtek Global Technology Pte Ltd, Private Equity(ad)(v)(w)(y)Automobiles & Components4,097 — — 
Angelica Corp, Limited Partnership Interest(h)(y)Health Care Equipment & Services877,044 47.6 — 
See notes to unaudited consolidated financial statements.
18

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
MaturityNumber of
Shares
Amortized
Cost
 Fair
Value
(d)
Arcos LLC/VA, Preferred Stock(v)Software & ServicesL+950 PIK (L+950 Max PIK)1.0%4/30/3115,000,000 $14.0 $14.0 
Arena Energy LP, Warrants(v)(y)Energy2/1/2568,186,525 0.4 0.9 
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock(p)(y)Energy10,193 9.7 3.6 
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim(p)(y)Energy86,607,143 19.4 30.9 
Aspect Software Inc, Common Stock(l)(s)(v)(y)Software & Services1,309,955 2.3 1.6 
Aspect Software Inc, Warrant(l)(s)(v)(y)Software & Services1/15/24181,730 0.3 — 
athenahealth Inc, Preferred Stock(ac)(v)Health Care Equipment & Services10.8% PIK (10.8% Max PIK)267,493,473 262.2 254.6 
ATX Networks Corp, Common Stock(ad)(s)(v)(w)(y)Capital Goods3,773 — — 
AVF Parent LLC, Trade Claim(v)(y)Retailing44,507 — — 
Belk Inc, Common Stock(ac)(v)(y)Retailing94,950 — — 
Borden (New Dairy Opco), Common Stock(ac)(h)(n)(y)Food, Beverage & Tobacco11,167,000 9.1 7.4 
Bowery Farming Inc, Warrants(v)(y)Food, Beverage & Tobacco4/30/26161,828 — 3.6 
Catalina Marketing Corp, Common Stock(v)(y)Media & Entertainment6,522 — — 
CDS US Intermediate Holdings Inc, Warrant(aa)(v)(w)(y)Media & Entertainment11/24/252,023,714 0.05.6
Cengage Learning, Inc, Common Stock(v)(y)Media & Entertainment227,802 7.53.7 
Cimarron Energy Inc, Common Stock(v)(y)Energy4,302,293 — — 
Cimarron Energy Inc, Participation Option(v)(y)Energy25,000,000 — — 
Constellis Holdings LLC, Private Equity(ac)(f)(v)(y)Capital Goods849,702 10.3 — 
CTI Foods Holding Co LLC, Common Stock(v)(y)Food, Beverage & Tobacco5,892 0.7 — 
Cubic Corp, Preferred Stock(v)Software & Services11.0% PIK (11.0% Max PIK)42,141,600 39.7 39.5 
Envigo Laboratories Inc, Series A Warrant(s)(y)Health Care Equipment & Services4/29/2410,924 — — 
Envigo Laboratories Inc, Series B Warrant(s)(y)Health Care Equipment & Services4/29/2417,515 — — 
Fairway Group Holdings Corp, Common Stock(ac)(v)(y)Food & Staples Retailing103,091 — 0.0
Fox Head Inc, Common Stock(j)(v)Consumer Durables & Apparel10,000,000 8.0 8.9 
Fronton BV, Common Stock(ac)(o)(y)Consumer Services14,943 — 1.2 
Galaxy Universal LLC, Common Stock(n)(y)Consumer Durables & Apparel228,806 35.5 28.2 
Galaxy Universal LLC, Trade Claim(v)(y)Consumer Durables & Apparel6,607,174 4.0 1.6 
Genesys Telecommunications Laboratories Inc, Class A Shares(v)(y)Technology Hardware & Equipment40,529 — — 
Genesys Telecommunications Laboratories Inc, Ordinary Shares(v)(y)Technology Hardware & Equipment41,339 — — 
Genesys Telecommunications Laboratories Inc, Preferred Stock(v)(y)Technology Hardware & Equipment1,050,465 — — 
Harvey Industries Inc, Common Stock(v)Capital Goods5,000,000 2.2 3.2 
Hilding Anders, Class A Common Stock(ad)(v)(w)(y)Consumer Durables & Apparel4,503,411 0.1 — 
Hilding Anders, Class B Common Stock(ad)(v)(w)(y)Consumer Durables & Apparel574,791 — — 
See notes to unaudited consolidated financial statements.
19

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
MaturityNumber of
Shares
Amortized
Cost
 Fair
Value
(d)
Hilding Anders, Class C Common Stock(ad)(v)(w)(y)Consumer Durables & Apparel213,201 $— $— 
Hilding Anders, Equity Options(ad)(v)(w)(y)Consumer Durables & Apparel11/30/25236,160,807 15.0 — 
HM Dunn Co Inc, Preferred Stock, Series A(ad)(s)(v)(y)Capital Goods85,385 7.19.0 
HM Dunn Co Inc, Preferred Stock, Series B(ad)(s)(v)(y)Capital Goods15,000 — — 
Imagine Communications Corp, Common Stock(v)(y)Media & Entertainment33,034 3.8 2.4 
Jones Apparel Holdings, Inc., Common Stock(v)(y)Consumer Durables & Apparel5,451 0.9 — 
JW Aluminum Co, Common Stock(ad)(j)(u)(v)(y)Materials2,105 — 2.6 
JW Aluminum Co, Preferred Stock(ad)(j)(u)(v)Materials12.5% PIK (12.5% Max PIK)2/15/2815,279 191.2 123.3 
Maverick Natural Resources LLC, Common Stock(n)(o)(y)Energy259,211 84.5211.6 
MB Precision Holdings LLC, Class A - 2 Units(n)(o)(y)Capital Goods8,081,288 0.5 — 
Med-Metrix, Common Stock(h)(y)Software & Services29,403 1.5 2.2 
Med-Metrix, Preferred Stock(h)Software & Services8.0% PIK (8.0% Max PIK)29,403 1.5 1.5 
Miami Beach Medical Group LLC, Common Stock(v)(y)Health Care Equipment & Services5,000,000 4.8 1.3 
Misys Ltd, Preferred Stock(v)(w)Software & ServicesL+1,025 PIK (L+1,025 Max PIK)60,942,677 56.9 59.7 
NBG Home, Common Stock(v)(y)Consumer Durables & Apparel1,903 2.4 — 
Nine West Holdings Inc, Common Stock(v)(y)Consumer Durables & Apparel5,451 6.4 — 
One Call Care Management Inc, Common Stock(ad)(v)(y)Health Care Equipment & Services34,872 2.1 2.2 
One Call Care Management Inc, Preferred Stock A(ad)(v)(y)Health Care Equipment & Services371,992 22.8 23.6 
One Call Care Management Inc, Preferred Stock B(ad)(v)Health Care Equipment & Services9.0% PIK (9.0% Max PIK)10/25/297,672,347 8.0 7.7 
Petroplex Acidizing Inc, Preferred Stock A(ac)(v)(y)Energy25,389,954 4.9 — 
Petroplex Acidizing Inc, Warrant(ac)(v)(y)Energy12/15/26— — 
Polyconcept North America Inc, Class A - 1 Units(v)Household & Personal Products30,000 3.0 7.2 
PRG III LLC, Preferred Stock, Series A PIK(ad)(v)(y)Media & Entertainment8/21/24434,250 18.1 26.9 
PRG III LLC, Preferred Stock, Series B PIK(ad)(v)(y)Media & Entertainment8/21/24140 — — 
Proserv Acquisition LLC, Class A Common Units(ac)(v)(w)(y)Energy2,635,005 33.5 1.1 
Proserv Acquisition LLC, Class A Preferred Units(ac)(v)(w)(y)Energy837,780 5.4 9.5 
Quorum Health Corp, Trade Claim(v)(y)Health Care Equipment & Services8,301,000 0.7 0.8 
Quorum Health Corp, Trust Initial Funding Units(v)(y)Health Care Equipment & Services143,400 0.2 0.2 
Ridgeback Resources Inc, Common Stock(j)(u)(v)(w)Energy1,969,418 9.1 10.6 
Sequel Youth & Family Services LLC, Class R Common Stock(n)(y)Health Care Equipment & Services900,000 — — 
Sequel Youth & Family Services LLC, NP-1 Common Stock(n)(y)Health Care Equipment & Services1,000,000 4.0 — 
Sorenson Communications LLC, Common Stock(j)(u)(v)(y)Telecommunication Services42,731 7.1 7.1 
Sorenson Communications LLC, Trade Claim(j)(u)(v)(y)Telecommunication Services2,000,000 2.0 2.0 
Sound United LLC, Common Stock(v)Consumer Durables & Apparel532,768 0.7 7.0 
See notes to unaudited consolidated financial statements.
20

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Portfolio Company(a)
FootnotesIndustry
Rate(b)
Floor(b)
MaturityNumber of
Shares
Amortized
Cost
 Fair
Value
(d)
Stuart Weitzman Inc, Common Stock(v)(y)Consumer Durables & Apparel5,451 $— $— 
Sungard Availability Services Capital Inc, Common Stock(ac)(s)(u)(v)(y)Software & Services262,516 6.9 — 
Swift Worldwide Resources Holdco Ltd, Common Stock(v)(y)Energy1,250,000 1.2 0.7 
ThermaSys Corp, Common Stock(ac)(u)(v)(y)Capital Goods17,383,026 10.2 — 
ThermaSys Corp, Preferred Stock(ac)(v)(y)Capital Goods1,529 1.7 — 
Versatile Processing Group Inc, Class A - 2 Units(u)(y)Materials3,637,500 3.6 — 
Warren Resources Inc, Common Stock(ad)(v)(y)Energy3,483,788 12.8 29.8 
Worldwise Inc, Class A Private Equity(v)(y)Household & Personal Products32,109 1.6 1.6 
Worldwise Inc, Class B Private Equity(v)(y)Household & Personal Products32,109 1.6 1.5 
Zeta Interactive Holdings Corp, Common Stock(aa)(v)(y)Software & Services3,610,212 30.8 16.3 
Total Equity/Other1,136.8 1,045.0 
TOTAL INVESTMENTS—216.1%$16,612.7 16,178.2 
LIABILITIES IN EXCESS OF OTHER ASSETS—(116.1%)$(8,691.2)
NET ASSETS—100%$7,487.0 



See notes to unaudited consolidated financial statements.
21

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

Foreign currency forward contracts
Foreign CurrencySettlement DateCounterpartyAmount and TransactionUS$ Value at Settlement Date
US$ Value at
June 30, 2022
Unrealized Appreciation (Depreciation)
AUD10/17/2022JP Morgan Chase BankA$3.0 Sold$2.1 $2.1 $0.0 
AUD2/14/2023JP Morgan Chase BankA$2.2 Sold1.6 1.5 0.1 
CAD11/10/2022JP Morgan Chase BankC$1.5 Sold1.2 1.1 0.1 
CAD1/11/2023JP Morgan Chase BankC$1.5 Sold1.2 1.2 0.0 
CAD7/5/2023JP Morgan Chase BankC$1.9 Sold1.5 1.5 0.0 
CAD7/5/2023JP Morgan Chase BankC$1.4 Sold1.1 1.1 0.0 
CAD11/15/2024JP Morgan Chase BankC$4.0 Sold3.2 3.1 0.1 
EUR9/12/2022JP Morgan Chase Bank10.0 Sold11.7 10.5 1.2 
EUR10/17/2022JP Morgan Chase Bank11.6 Sold12.3 12.2 0.1 
EUR7/17/2023JP Morgan Chase Bank1.3 Sold1.7 1.4 0.3 
EUR2/23/2024JP Morgan Chase Bank42.3 Sold49.1 46.0 3.1 
EUR8/8/2025JP Morgan Chase Bank4.8 Sold5.7 5.3 0.4 
EUR8/8/2025JP Morgan Chase Bank1.9 Sold2.3 2.1 0.2 
GBP1/11/2023JP Morgan Chase Bank£1.9 Sold2.9 2.4 0.5 
GBP1/11/2023JP Morgan Chase Bank£1.7 Sold2.6 2.1 0.5 
GBP1/11/2023JP Morgan Chase Bank£3.4 Sold4.8 4.2 0.6 
GBP1/11/2023JP Morgan Chase Bank£5.0 Sold6.6 6.1 0.5 
GBP1/11/2023JP Morgan Chase Bank£1.4 Sold1.9 1.7 0.2 
GBP10/13/2023JP Morgan Chase Bank£6.2 Sold8.5 7.6 0.9 
NOK8/8/2025JP Morgan Chase BankNOK45.0 Sold4.8 4.6 0.2 
SEK5/10/2024JP Morgan Chase BankSEK503.0 Sold60.2 50.0 10.2 
SEK5/10/2024JP Morgan Chase BankSEK34.5 Sold4.1 3.4 0.7 
SEK5/10/2024JP Morgan Chase BankSEK68.0 Sold8.1 6.8 1.3 
SEK5/10/2024JP Morgan Chase BankSEK250.0 Sold26.3 24.8 1.5 
SEK8/8/2025JP Morgan Chase BankSEK119.3 Sold13.3 11.9 1.4 
SEK8/8/2025JP Morgan Chase BankSEK27.8 Sold3.1 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%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.
See notes to unaudited consolidated financial statements.
22

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

(c)Denominated in U.S dollars unless otherwise noted.
(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. 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 company’s total assets. 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
Affordable Care Inc$— $— $— $— $— $— $— $— $— $— 
Affordable Care Inc59.9 4.8 (21.1)— (0.6)43.0 1.8 — — — 
athenahealth Inc— 6.8 — — (0.6)6.2 0.1 — 0.2 — 
See notes to unaudited consolidated financial statements.
23

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 Inc21.9 0.1 — — (1.9)20.1 1.0 — — — 
Borden (New Dairy Opco)9.0 — (9.0)0.6 (0.6)— 0.1 — 0.3 — 
Borden (New Dairy Opco)42.0 0.1 (42.0)1.7 (1.8)— 0.9 — 1.3 — 
Borden Dairy Co— — — (25.4)25.4 — — — — — 
Constellis Holdings LLC15.0 0.2 — — (0.2)15.0 0.8 — — — 
Fairway Group Holdings Corp0.7 — — — (0.7)— — — — — 
Fairway Group Holdings Corp— — — — — — — — — — 
Micronics Filtration Holdings LLC51.0 5.7 (51.7)— (5.0)— 0.2 0.3 — — 
Petroplex Acidizing Inc9.7 — (0.6)— 4.1 13.2 — — — — 
Sorenson Communications LLC(4)
60.1 — (56.9)— (3.2)— — — — — 
Sungard Availability Services Capital Inc6.0 0.1 — — (1.6)4.5 — — — — 
Sungard Availability Services Capital Inc— 3.0 — — — 3.0 0.1 0.1 0.2 — 
ThermaSys Corp3.5 — — — 0.1 3.6 — — — — 
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 — — — 
 Fairway Group Holdings Corp — — — — — — — — — — 
 Sungard Availability Services Capital Inc 8.3 — (0.2)— (8.1)— — — — — 
Subordinated Debt
 athenahealth Inc — 5.5 (4.7)(0.8)— — 0.1 — — — 
Asset Based Finance
 Home Partners JV, Structured Mezzanine90.4 5.1 (2.6)— — 92.9 0.1 5.0 — — 
 Home Partners JV, Private Equity 9.4 — (0.3)(0.1)2.9 11.9 — — — 0.7 
 Home Partners JV, Common Stock 80.6 0.1 (2.2)— 21.8 100.3 — — — 4.3 
 Home Partners JV 2, Structured Mezzanine3.5 3.1 — — — 6.6 — 0.2 — — 
 Home Partners JV 2, Private Equity 0.1 — — — — 0.1 — — — — 
 Home Partners JV 2, Private Equity 1.6 1.4 — — 0.6 3.6 — — — — 
 Jet Edge International LLC, Preferred Stock 16.8 — (30.1)9.2 4.1 — 0.7 — — — 
 Jet Edge International LLC, Warrant 4.5 — (15.4)15.4 (4.5)— — — — 1.5 
 Jet Edge International LLC, Term Loan 75.6 75.8 (12.3)(0.1)5.1 144.1 6.5 1.2 0.3 — 
 Orchard Marine Limited, Class B Common Stock — — — (3.1)3.1 — — — — — 
 Orchard Marine Limited, Series A Preferred Stock 64.6 — (65.4)3.4 (2.6)— — — — — 
Equity/Other
 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.
24

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)
 Borden (New Dairy Opco), Common Stock $7.7 $— $— $— $(0.3)$7.4 $— $— $— $— 
 Constellis Holdings LLC, Private Equity 0.2 — — — (0.2)— — — — — 
 Fairway Group Holdings Corp, Common Stock — — — — — — — — — — 
 Fronton BV, Common Stock 1.4 — — — (0.2)1.2 — — — — 
 Micronics Filtration Holdings Inc, Common Stock — — (0.1)(0.5)0.6 — — — — — 
 Micronics Filtration Holdings Inc, Preferred Stock, Series A 0.1 — — (0.6)0.5 — — — — — 
 Micronics Filtration Holdings Inc, Preferred Stock, Series B 0.4 — (0.4)0.2 (0.2)— — — — — 
 Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK 11.9 — (11.9)11.9 (11.9)— — — — — 
 Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK 6.2 — (6.2)6.2 (6.2)— — — — — 
 Petroplex Acidizing Inc, Preferred Stock A — — — — — — — — — — 
 Petroplex Acidizing Inc, Warrant — — — — — — — — — — 
 Proserv Acquisition LLC, Class A Common Units 0.1 0.1 — — 0.9 1.1 — — — — 
 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 — — — — — — — — — — 
 ThermaSys Corp, Common Stock — — — — — — — — — — 
 ThermaSys Corp, Preferred Stock — — — — — — — — — — 
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.
25

FS KKR Capital Corp.
Unaudited Consolidated Schedule of Investments (continued)
As of June 30, 2022
(in millions, except share amounts)

(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
 Amtek Global Technology Pte Ltd $34.8 $— $— $— $(6.2)$28.6 $— $— $— $— 
 ATX Networks Corp 46.8 0.3 (5.5)— — 41.6 1.0 1.0 — — 
 HM Dunn Co Inc33.6 1.2 — — — 34.8 — 1.2 — — 
 HM Dunn Co Inc2.0 — (2.0)— — — — — — — 
 One Call Care Management Inc 5.0 — — — (1.0)4.0 0.2 — — — 
 Production Resource Group LLC 133.3 8.2 — — 1.4 142.9 4.1 4.0 — — 
 Production Resource Group LLC 0.1 — — — — 0.1 — — — — 
 Production Resource Group LLC 64.4 28.3 (0.4)— 1.6 93.9 3.6 1.4 0.3 — 
Production Resource Group LLC20.2 — (20.1)— (0.1)— — — — — 
Warren Resources Inc18.7 0.3 (0.2)— (0.3)18.5 1.1 0.1 — — 
Senior Secured Loans—Second Lien
Amtek Global Technology Pte Ltd— — — (39.1)39.1 — — — — — 
Other Senior Secured Debt
 JW Aluminum Co 81.0 0.1 — — (2.4)78.7 4.0 — — — 
 One Call Care Management Inc 23.5 1.1 — — (3.2)21.4 0.1 1.0 — — 
Subordinated Debt
ATX Networks Corp7.1 1.1 — — 7.3 15.5 — — — — 
Hilding Anders46.6 — — — (46.6)— — — — — 
Hilding Anders— — — — — — — — — — 
Hilding Anders— — — — — — — — — — 
Asset Based Finance
 801 5th Ave, Seattle, Structure Mezzanine 57.2 0.1 — — (0.1)57.2 2.3 0.9 — — 
 801 5th Ave, Seattle, Private Equity 23.1 — — — (1.8)21.3 — — — — 
 Avenue One PropCo, Private Equity — 41.3 — — — 41.3 — — — — 
 Avida Holding AB, Common Stock 52.3 — — — (9.5)42.8 — — — — 
 Kilter Finance, Preferred Stock 36.1 43.2 — — — 79.3 2.6 1.9 — — 
 Kilter Finance, Private Equity 0.5 — — — — 0.5 — — — — 
 KKR Rocket Loans Aggregator LLC, Partnership Interest 1.4 0.9 — — — 2.3 — — — 0.5 
 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.
26

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 $— $— 
 Toorak Capital Funding LLC, Membership Interest 1.7 — — — — 1.7 — — — — 
 Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity 199.3 76.0 — — (9.8)265.5 — — — 8.6 
 Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine 22.0 32.0 (54.0)— — — — 0.6 — — 
Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC1,396.2 175.0 — — (58.9)1,512.3 — — — 101.2 
Equity/Other
 Amtek Global Technology Pte Ltd, Common Stock — — — — — — — — — — 
 Amtek Global Technology Pte Ltd, Ordinary Shares — — — — — — — — — — 
 Amtek Global Technology Pte Ltd, Private Equity — — — — — — — — — — 
 ATX Networks Corp, Common Stock — — — — — — — — — — 
 Hilding Anders, Class A Common Stock — — — — — — — — — — 
 Hilding Anders, Class B Common Stock — — — — — — — — — — 
 Hilding Anders, Class C Common Stock — — — — — — — — — 
 Hilding Anders, Equity Options — — — — — — — — — — 
 HM Dunn Co Inc, Preferred Stock, Series A 7.1 — — — 1.9 9.0 — — — — 
 HM Dunn Co Inc, Preferred Stock, Series B — — — — — — — — — — 
 JW Aluminum Co, Common Stock — — — — 2.6 2.6 — — — — 
 JW Aluminum Co, Preferred Stock 122.6 13.3 — — (12.6)123.3 0.6 10.8 — — 
 One Call Care Management Inc, Common Stock 2.4 — — — (0.2)2.2 — — — — 
 One Call Care Management Inc, Preferred Stock A 26.1 — — — (2.5)23.6 — — — — 
 One Call Care Management Inc, Preferred Stock B 9.2 — — — (1.5)7.7 — 0.3 — — 
 PRG III LLC, Preferred Stock, Series A PIK17.4 — — — 9.5 26.9 — — — — 
 PRG III LLC, Preferred Stock, Series B PIK— — — — — — — — — — 
 Sound United LLC, Common Stock(4)
77.5 — (17.3)— (60.2)— — — — — 
 Warren Resources Inc, Common Stock 20.4 — — — 9.4 29.8 — — — — 
Total$2,684.1 $579.4 $(204.6)$(39.1)$(146.6)$2,873.2 $21.0 $24.8 $0.3 $110.3 
______________
(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 “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.
27

FS KKR Capital Corp.
Consolidated Schedule of Investments
As of December 31, 2021
(in millions, except share amounts)
Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Senior Secured Loans—First Lien—126.3%
3Pillar Global Inc(i)(k)(l)Software & ServicesL+6000.8%11/23/27$96.3 $95.3 $95.3 
3Pillar Global Inc(x)Software & ServicesL+6000.8%11/23/269.2 9.2 9.1 
3Pillar Global Inc(x)Software & ServicesL+6000.8%11/23/2730.6 30.6 30.2 
5 Arch Income Fund 2 LLC(q)(r)(w)(y)(z)Diversified Financials9.0%11/18/23111.1 81.3 78.3 
Accuride Corp(aa)(l)Capital GoodsL+5251.0%11/17/239.0 8.1 8.7 
Advanced Dermatology & Cosmetic Surgery(m)(t)(v)Health Care Equipment & ServicesL+6251.0%5/7/2744.8 42.9 45.0 
Advanced Dermatology & Cosmetic Surgery(x)Health Care Equipment & ServicesL+6251.0%5/7/263.6 3.6 3.6 
Advanced Dermatology & Cosmetic Surgery(x)Health Care Equipment & ServicesL+6251.0%5/7/274.2 4.2 4.2 
Advania Sverige AB(v)(w)Software & ServicesSR+610, 0.0% PIK (3.3% Max PIK)0.0%4/28/28SEK629.4 67.9 68.9 
Advania Sverige AB(v)(w)Software & ServicesR+610, 0.0% PIK (3.3% Max PIK)0.0%4/28/28ISK1,345.8 10.0 10.3 
Advania Sverige AB(w)(x)Software & ServicesSR+610, 0.0% PIK (3.3% Max PIK)0.0%4/28/28SEK304.1 37.5 37.2 
Affordable Care Inc(ac)(v)Health Care Equipment & ServicesL+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 & ServicesL+550, 0.0% PIK (1.3% Max PIK)0.8%8/2/2712.8 12.8 12.8 
Affordable Care Inc(ac)(x)Health Care Equipment & ServicesL+550, 0.0% PIK (1.3% Max PIK)0.8%8/2/2843.1 43.1 42.9 
Alacrity Solutions Group LLC(v)InsuranceL+5250.8%12/22/271.1 0.9 1.1 
Alacrity Solutions Group LLC(v)InsuranceL+5250.8%12/22/2869.2 68.2 68.2 
Alacrity Solutions Group LLC(x)InsuranceL+5250.8%12/22/279.7 9.7 9.5 
Alera Group Intermediate Holdings Inc(v)InsuranceL+5500.8%10/2/2821.4 21.2 21.2 
Alera Group Intermediate Holdings Inc(x)InsuranceL+5500.8%10/2/2822.9 22.9 22.7 
American Vision Partners(i)(v)Health Care Equipment & ServicesL+5750.8%9/30/2794.7 93.8 94.3 
American Vision Partners(x)Health Care Equipment & ServicesL+5750.8%9/30/267.8 7.8 7.7 
American Vision Partners(x)Health Care Equipment & ServicesL+5750.8%9/30/2738.9 38.9 38.7 
Amtek Global Technology Pte Ltd(ad)(v)(w)(y)(z)Automobiles & ComponentsE+500 PIK (E+500 Max PIK)0.0%4/4/2457.2 68.7 34.8 
Arcos LLC/VA(m)Software & ServicesL+5751.0%3/31/28$12.5 12.3 12.4 
Arcos LLC/VA(x)Software & ServicesL+5751.0%4/20/274.5 4.5 4.5 
Ardonagh Group Ltd(v)(w)InsuranceSA+6750.8%7/14/26£0.8 1.0 1.1 
Ardonagh Group Ltd(v)(w)InsuranceL+5500.8%7/14/26$14.1 13.8 13.9 
Ardonagh Group Ltd(w)(x)InsuranceL+5501.0%7/14/26£16.7 22.8 22.1 
Arrotex Australia Group Pty Ltd(v)(w)Pharmaceuticals, Biotechnology & Life SciencesB+5251.0%7/10/24A$42.6 30.4 30.9 
Arrotex Australia Group Pty Ltd(v)(w)Pharmaceuticals, Biotechnology & Life SciencesB+5251.0%7/10/243.1 2.2 2.3 
Aspect Software Inc(v)Software & Services8.0% PIK (8.0% Max PIK)7/14/22$0.3 0.2 0.3 
ATX Networks Corp(ad)(s)(v)(w)Capital Goods7.5% PIK (7.5% Max PIK)1.0%8/9/2646.8 46.8 46.8 
AxiomSL Ltd(f)(m)(t)(v)Software & ServicesL+6001.0%12/3/2735.1 34.4 34.4 
AxiomSL Ltd(x)Software & ServicesL+6001.0%12/3/252.5 2.4 2.4 
AxiomSL Ltd(x)Software & ServicesL+6001.0%12/3/272.3 2.3 2.2 
Barbri Inc(f)(k)(l)(m)(t)(v)Consumer ServicesL+5750.8%4/28/2892.4 88.1 92.4 
See notes to unaudited consolidated financial statements.
28

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Barbri Inc(k)(l)Consumer ServicesL+5750.8%4/30/28$35.1 $34.8 $34.8 
Barbri Inc(x)Consumer ServicesL+5750.8%4/30/2814.8 14.8 14.6 
Belk Inc(aa)(ac)(v)RetailingL+7501.0%7/31/2521.9 21.7 21.9 
Belk Inc(aa)(ac)(v)Retailing5.0%, 8.0% PIK (8.0% Max PIK)7/31/2566.7 40.2 49.2 
BGB Group LLC(f)(i)(k)(l)(m)(t)(v)Media & EntertainmentL+5751.0%8/16/27118.6 117.5 118.0 
BGB Group LLC(x)Media & EntertainmentL+5751.0%8/16/2719.9 19.9 19.8 
Borden (New Dairy Opco)(ac)(v)Food, Beverage & TobaccoL+700, 0.0% PIK (1.0% Max PIK)1.0%7/20/2542.0 40.2 42.0 
Borden (New Dairy Opco)(ac)(v)Food, Beverage & TobaccoL+2501.0%7/20/259.0 8.4 9.0 
Borden Dairy Co(ac)(v)(y)(z)Food, Beverage & TobaccoL+8251.0%7/6/2365.0 25.4 — 
Bowery Farming Inc(v)Food, Beverage & TobaccoL+1,0001.0%4/30/2675.0 74.3 69.3 
Cimarron Energy Inc(v)(y)(z)EnergyL+9001.0%12/31/247.5 5.5 3.6 
Clarience Technologies LLC(f)(i)(k)(m)(s)(v)Capital GoodsL+6251.0%12/14/26268.0 257.2 270.7 
Clarience Technologies LLC(v)Capital GoodsL+6251.0%12/31/2618.1 17.6 18.4 
Clarience Technologies LLC(x)Capital GoodsL+6251.0%12/13/2425.4 25.2 25.4 
Clarience Technologies LLC(x)Capital GoodsL+6251.0%12/31/2610.8 10.8 11.1 
Constellis Holdings LLC(ac)(v)Capital GoodsL+7501.0%3/27/2415.0 14.0 15.0 
Corsearch Intermediate Inc(m)(v)Software & ServicesL+5501.0%4/19/2830.1 28.3 30.1 
Corsearch Intermediate Inc(x)Software & ServicesL+5501.0%4/19/284.4 4.4 4.4 
CSafe Global(f)(i)(k)(l)(m)(t)(v)Capital GoodsL+6250.8%12/23/27188.7 182.5 188.7 
CSafe Global(v)Capital GoodsL+6250.8%12/23/27£27.4 36.3 37.1 
CSafe Global(v)Capital GoodsL+6250.8%8/13/28$11.9 11.9 11.9 
CSafe Global(x)Capital GoodsL+6250.8%12/23/2634.9 34.9 34.6 
Dental Care Alliance Inc(f)(k)(m)(t)(v)Health Care Equipment & ServicesL+6250.8%3/12/2790.3 86.1 90.4 
Dental Care Alliance Inc(v)Health Care Equipment & ServicesL+6250.8%3/12/278.7 8.7 8.7 
Dental Care Alliance Inc(x)Health Care Equipment & ServicesL+6250.8%3/12/2713.6 13.6 13.7 
Element Materials Technology Group US Holdings Inc(aa)(v)(w)Capital GoodsL+3501.0%6/28/241.9 1.9 1.9 
Encora Digital Inc(v)Software & ServicesL+550, 0.0% PIK (2.4% Max PIK)0.5%12/13/2881.3 79.7 79.7 
Encora Digital Inc(x)Software & ServicesL+5500.5%12/13/2819.6 19.4 19.2 
Entertainment Benefits Group LLC(v)Media & EntertainmentL+575, 2.5% PIK (2.5% Max PIK)1.0%9/30/240.4 0.4 0.4 
Entertainment Benefits Group LLC(f)(k)(l)(m)(v)Media & EntertainmentL+575, 2.5% PIK (2.5% Max PIK)1.0%9/30/2564.0 59.1 61.7 
Entertainment Benefits Group LLC(x)Media & EntertainmentL+575, 2.5% PIK (2.5% Max PIK)1.0%9/30/2410.2 9.6 9.9 
Fairway Group Holdings Corp(ac)(v)(y)(z)Food & Staples Retailing12.0% PIK (12.0% Max PIK)11/27/2311.7 1.0 0.7 
Fairway Group Holdings Corp(ac)(v)(y)(z)Food & Staples Retailing10.0% PIK (10.0% Max PIK)11/28/237.6 — — 
Follett Software Co(f)(k)(l)(t)Software & ServicesL+5750.8%8/31/2874.4 73.7 74.1 
Follett Software Co(x)Software & ServicesL+5750.8%8/31/279.9 9.9 9.8 
Foundation Consumer Brands LLC(m)(v)Pharmaceuticals, Biotechnology & Life SciencesL+6381.0%2/12/2797.1 93.0 98.0 
See notes to unaudited consolidated financial statements.
29

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Foundation Consumer Brands LLC(x)Pharmaceuticals, Biotechnology & Life SciencesL+6381.0%2/12/27$6.6 $6.6 $6.6 
Foundation Risk Partners Corp(v)InsuranceL+5750.8%10/29/2874.3 73.2 73.3 
Foundation Risk Partners Corp(x)InsuranceL+5750.8%10/29/277.0 6.9 6.9 
Foundation Risk Partners Corp(x)InsuranceL+5750.8%10/29/286.2 6.2 6.1 
Frontline Technologies Group LLC(i)(m)(v)Software & ServicesL+5251.0%9/18/2378.7 78.1 78.7 
Frontline Technologies Group LLC(s)(v)Software & ServicesL+5251.0%9/18/2375.6 71.7 76.2 
Galaxy Universal LLC(v)Consumer Durables & ApparelL+5751.0%11/1/2688.9 88.9 88.9 
Galaxy Universal LLC(v)Consumer Durables & Apparel5.0%2/4/220.9 0.9 0.9 
Galaxy Universal LLC(x)Consumer Durables & Apparel5.0%2/4/227.7 7.7 7.7 
Galway Partners Holdings LLC(k)(l)(t)(v)InsuranceL+525, 0.0% PIK (1.3% Max PIK)0.8%9/29/28128.1 125.5 126.0 
Galway Partners Holdings LLC(x)InsuranceL+525, 0.0% PIK (1.3% Max PIK)0.8%9/30/2712.0 11.7 11.8 
Galway Partners Holdings LLC(x)InsuranceL+525, 0.0% PIK (1.3% Max PIK)0.8%9/29/2822.4 22.4 22.0 
General Datatech LP(f)(k)(l)(m)(t)(v)Software & ServicesL+6251.0%6/18/27169.1 167.5 166.5 
Greystone Equity Member Corp(v)(w)Diversified FinancialsL+7253.8%4/1/26194.8 182.7 192.6 
Heniff Transportation Systems LLC(v)TransportationL+5751.0%12/3/245.9 5.6 5.6 
Heniff Transportation Systems LLC(f)(i)(k)(l)(m)(v)TransportationL+5751.0%12/3/26137.7 130.5 128.7 
Heniff Transportation Systems LLC(v)TransportationL+6251.0%12/3/2619.4 18.6 18.5 
Heniff Transportation Systems LLC(x)TransportationL+5751.0%12/3/2411.9 11.9 11.1 
hibu Inc(f)(k)(l)(m)(t)(v)Commercial & Professional ServicesL+6251.0%5/4/27101.6 96.6 104.6 
Higginbotham Insurance Agency Inc(v)InsuranceL+5500.8%11/25/2625.3 24.6 25.8 
Higginbotham Insurance Agency Inc(v)InsuranceL+5250.8%11/25/264.5 4.3 4.6 
Higginbotham Insurance Agency Inc(x)InsuranceL+5250.8%11/25/2632.6 32.6 33.3 
HM Dunn Co Inc(ad)(v)Capital GoodsL+6001.0%6/30/2633.6 33.6 33.6 
HM Dunn Co Inc(ad)(v)Capital GoodsL+6001.0%6/30/262.0 2.0 2.0 
Hudson Technologies Co(v)(w)Commercial & Professional ServicesL+1,0251.0%10/10/2379.9 72.3 82.1 
Individual FoodService(v)Capital GoodsL+6251.0%11/22/240.2 0.2 0.2 
Individual FoodService(m)(s)(v)Capital GoodsL+6251.0%11/22/2590.8 86.5 91.7 
Individual FoodService(x)Capital GoodsL+6251.0%11/22/244.5 4.5 4.5 
Individual FoodService(x)Capital GoodsL+6250.0%11/22/255.6 5.6 5.7 
Industria Chimica Emiliana Srl(v)(w)Pharmaceuticals, Biotechnology & Life SciencesE+7250.0%9/27/2688.8 101.3 103.9 
Industry City TI Lessor LP(s)(v)Consumer Services10.8%, 1.0% PIK (1.0% Max PIK)6/30/26$29.9 30.0 32.5 
Insight Global LLC(v)Commercial & Professional ServicesL+6000.8%9/22/2710.5 10.5 10.4 
Insight Global LLC(i)(v)Commercial & Professional ServicesL+6000.8%9/22/28230.0 227.8 227.2 
Insight Global LLC(x)Commercial & Professional ServicesL+6000.8%9/22/2710.5 10.5 10.4 
Insight Global LLC(x)Commercial & Professional ServicesL+6000.8%11/15/2820.0 20.0 19.8 
Integrity Marketing Group LLC(x)InsuranceL+5500.8%8/27/25145.3 145.3 143.2 
J S Held LLC(f)(i)(m)(s)(v)InsuranceL+5501.0%7/1/25165.4 159.8 167.1 
See notes to unaudited consolidated financial statements.
30

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
J S Held LLC(v)InsuranceL+5501.0%7/1/25$2.8 $2.6 $2.8 
J S Held LLC(x)InsuranceL+5501.0%7/1/2516.7 16.7 16.9 
J S Held LLC(x)InsuranceL+5501.0%7/1/2511.3 11.3 11.3 
Jarrow Formulas Inc(f)(i)(k)(l)(m)(s)(t)(v)Household & Personal ProductsL+6251.0%11/30/26186.6 177.1 190.3 
Karman Space Inc(m)(v)Capital GoodsL+6751.0%12/21/2592.4 88.8 94.2 
Karman Space Inc(v)Capital GoodsL+6751.0%12/21/254.4 4.2 4.4 
Karman Space Inc(x)Capital GoodsL+6751.0%12/21/251.1 1.1 1.1 
KBP Investments LLC(v)Food & Staples RetailingL+5000.8%5/26/2723.6 22.9 23.3 
KBP Investments LLC(x)Food & Staples RetailingL+5000.8%5/26/273.9 3.9 3.8 
Kellermeyer Bergensons Services LLC(f)(i)(k)(l)(m)(s)(t)(v)Commercial & Professional ServicesL+5751.0%11/7/26341.7 329.6 342.8 
Kellermeyer Bergensons Services LLC(x)Commercial & Professional ServicesL+5751.0%11/7/2631.0 31.0 31.1 
Lakefield Veterinary Group(f)(i)(v)Consumer ServicesL+5500.8%11/23/28115.6 114.5 114.6 
Lakefield Veterinary Group(x)Consumer ServicesL+5500.8%11/23/2856.3 56.3 55.7 
Lakeview Farms Inc(l)(m)(v)Food, Beverage & TobaccoL+6251.0%6/10/2777.0 75.1 76.5 
Lakeview Farms Inc(v)Food, Beverage & TobaccoL+6251.0%6/10/273.4 3.4 3.4 
Lakeview Farms Inc(x)Food, Beverage & TobaccoL+6251.0%6/10/2710.8 10.8 10.8 
Lakeview Farms Inc(x)Food, Beverage & TobaccoL+6251.0%6/10/273.4 3.4 3.4 
Lexitas Inc(i)(k)(l)(m)(v)Commercial & Professional ServicesL+6001.0%11/14/25106.8 103.3 107.8 
Lexitas Inc(x)Commercial & Professional ServicesL+6001.0%11/14/2510.3 10.3 10.4 
Lexitas Inc(x)Commercial & Professional ServicesL+6001.0%11/14/255.4 5.4 5.4 
Lionbridge Technologies Inc(f)(k)(s)(t)Consumer ServicesL+7001.0%12/29/2568.9 64.0 70.3 
Lipari Foods LLC(f)(m)(s)(v)Food & Staples RetailingL+5751.0%1/6/25272.0 261.2 272.0 
Lloyd's Register Quality Assurance Ltd(w)(x)Consumer ServicesSA+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 & ApparelL+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 & ServicesL+6001.0%1/29/27231.0 220.3 231.7 
MB2 Dental Solutions LLC(x)Health Care Equipment & ServicesL+6001.0%1/29/2756.7 56.7 56.9 
Medallia Inc(v)Software & ServicesL+675 PIK (L+675 Max PIK)0.8%10/29/28147.9 146.5 146.5 
Med-Metrix(v)Software & ServicesL+6001.0%9/15/2762.4 61.8 61.9 
Med-Metrix(x)Software & ServicesL+6001.0%9/15/2731.3 31.3 31.0 
Med-Metrix(x)Software & ServicesL+6001.0%9/15/277.8 7.8 7.8 
Miami Beach Medical Group LLC(k)(l)(m)(t)(v)Health Care Equipment & ServicesL+6501.0%12/14/26180.6 171.4 178.6 
Micronics Filtration Holdings Inc(ac)(v)Capital Goods7.5% PIK (7.5% Max PIK)3/29/2451.4 46.0 51.0 
Monitronics International Inc(aa)(f)(v)Commercial & Professional ServicesL+6501.3%3/29/2418.8 17.2 17.7 
Monitronics International Inc(v)Commercial & Professional ServicesL+5001.5%7/3/2447.3 44.8 45.1 
Monitronics International Inc(x)Commercial & Professional ServicesL+5001.5%7/3/2422.7 22.7 21.6 
Motion Recruitment Partners LLC(v)Commercial & Professional ServicesL+6501.0%12/19/254.8 4.5 4.7 
Motion Recruitment Partners LLC(f)(i)(m)(t)(v)Commercial & Professional ServicesL+6501.0%12/22/25119.9 115.5 118.4 
Motion Recruitment Partners LLC(x)Commercial & Professional ServicesL+6501.0%12/19/2559.6 59.6 58.9 
See notes to unaudited consolidated financial statements.
31

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
NBG Home(v)Consumer Durables & ApparelL+5501.0%4/26/24$67.7 $67.6 $53.3 
NCI Inc(v)Software & ServicesL+750, 0.0% PIK (2.5% Max PIK)1.0%8/15/2478.8 77.7 72.0 
Net Documents(v)Software & ServicesL+6501.0%6/30/2724.6 24.4 24.3 
Net Documents(v)Software & ServicesL+6751.0%6/30/270.9 0.9 0.9 
Net Documents(x)Software & ServicesL+6751.0%6/30/272.1 2.1 2.0 
Net Documents(x)Software & ServicesL+6751.0%6/30/277.4 7.3 7.3 
New Era Technology Inc(i)(l)(m)(t)(v)Software & ServicesL+6251.0%10/31/2682.5 78.6 82.1 
New Era Technology Inc(v)Software & ServicesL+6251.0%10/31/261.6 1.5 1.6 
New Era Technology Inc(x)Software & ServicesL+6251.0%10/31/2613.8 13.8 13.7 
New Era Technology Inc(x)Software & ServicesL+6251.0%10/31/263.1 3.1 3.1 
Omnimax International Inc(f)(i)(k)(l)(m)(v)Capital GoodsL+7251.0%10/8/26218.5 209.2 217.0 
One Call Care Management Inc(aa)(ad)(v)Health Care Equipment & ServicesL+5500.8%4/22/275.0 4.7 5.0 
Oxford Global Resources LLC(f)(k)(l)(m)(t)Commercial & Professional ServicesL+6001.0%8/17/2788.4 87.6 88.2 
Oxford Global Resources LLC(v)Commercial & Professional ServicesL+6001.0%8/17/274.0 4.0 4.0 
Oxford Global Resources LLC(x)Commercial & Professional ServicesL+6001.0%8/17/2715.3 15.3 15.3 
Oxford Global Resources LLC(x)Commercial & Professional ServicesL+6001.0%8/17/273.7 3.7 3.7 
P2 Energy Solutions Inc.(v)Software & ServicesL+6751.0%1/31/254.6 4.3 4.2 
P2 Energy Solutions Inc.(f)(i)(k)(m)(s)(t)(v)Software & ServicesL+6751.0%2/2/26249.1 232.7 232.0 
P2 Energy Solutions Inc.(x)Software & ServicesL+6751.0%1/31/2510.6 10.6 9.9 
Parata Systems(f)(m)(v)Health Care Equipment & ServicesL+5751.0%6/30/2773.9 73.4 74.1 
Parata Systems(x)Health Care Equipment & ServicesL+5751.0%6/30/2722.0 22.0 22.1 
Parata Systems(x)Health Care Equipment & ServicesL+5751.0%6/30/275.5 5.5 5.5 
Parts Town LLC(v)RetailingL+5500.8%11/1/2887.4 86.6 86.6 
Parts Town LLC(x)RetailingL+5500.8%11/1/2863.9 63.9 63.3 
PartsSource Inc(v)Health Care Equipment & ServicesL+5750.8%8/23/2865.8 65.0 64.7 
PartsSource Inc(x)Health Care Equipment & ServicesL+5750.8%8/24/264.3 4.2 4.2 
PartsSource Inc(x)Health Care Equipment & ServicesL+5750.8%8/23/2822.9 22.6 22.5 
Peraton Corp(aa)(v)Capital GoodsL+3750.8%2/1/289.0 8.7 9.0 
Performance Health Holdings Inc(f)(i)(v)Health Care Equipment & ServicesL+6001.0%7/12/27120.7 119.5 120.2 
Petroplex Acidizing Inc(ac)(v)(y)(z)EnergyL+825, 1.8% PIK (1.8% Max PIK)1.0%6/30/2327.0 22.0 9.7 
Polyconcept North America Inc(aa)(v)Household & Personal ProductsL+450 PIK (L+450 Max PIK)1.0%8/16/2322.8 22.6 22.7 
Premium Credit Ltd(v)(w)Diversified FinancialsL+6500.0%1/16/26£55.9 72.6 75.7 
Production Resource Group LLC(ad)(v)Media & EntertainmentL+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 & EntertainmentL+300, 5.5% PIK (5.5% Max PIK)0.3%8/21/24133.3 124.9 133.3 
Production Resource Group LLC(ad)(v)Media & EntertainmentL+550 PIK (L+550 Max PIK)1.0%8/21/240.1 0.1 0.1 
Production Resource Group LLC(ad)(v)Media & EntertainmentL+750, 0.0% PIK (3.1% Max PIK)1.0%8/21/2420.2 20.1 20.2 
Production Resource Group LLC(ad)(x)Media & EntertainmentL+750, 0.0% PIK (3.1% Max PIK)1.0%8/21/2410.1 10.1 10.1 
Propulsion Acquisition LLC(f)(l)(s)(t)(v)Capital GoodsL+7001.0%7/13/2460.5 56.8 61.1 
See notes to unaudited consolidated financial statements.
32

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
PSKW LLC(i)(l)(s)(t)(v)Health Care Equipment & ServicesL+6251.0%3/9/26$294.7 $283.5 $294.7 
Qdoba Restaurant Corp(aa)(m)(v)Consumer ServicesL+7001.0%3/21/2510.9 10.8 10.8 
Reliant Rehab Hospital Cincinnati LLC(f)(i)(l)(m)(s)(v)Health Care Equipment & ServicesL+6250.0%2/28/26126.8 120.7 124.1 
Revere Superior Holdings Inc(m)(v)Software & ServicesL+5751.0%9/30/2623.0 22.4 23.3 
Revere Superior Holdings Inc(x)Software & ServicesL+5751.0%9/30/263.2 3.2 3.2 
Revere Superior Holdings, Inc(v)Software & ServicesL+5751.0%9/30/263.3 3.3 3.4 
Revere Superior Holdings, Inc(x)Software & ServicesL+5751.0%9/30/267.4 7.4 7.5 
Rise Baking Company(v)Food, Beverage & TobaccoL+6251.0%8/13/272.8 2.6 2.7 
Rise Baking Company(l)(m)Food, Beverage & TobaccoL+6251.0%8/13/2728.8 28.1 28.2 
Rise Baking Company(x)Food, Beverage & TobaccoL+6251.0%8/13/272.5 2.5 2.5 
RSC Insurance Brokerage Inc(f)(i)(k)(l)(m)(s)(v)InsuranceL+5500.8%10/30/26277.8 268.1 280.6 
RSC Insurance Brokerage Inc(v)InsuranceL+5500.8%10/30/264.1 4.0 4.1 
RSC Insurance Brokerage Inc(x)InsuranceL+5500.8%10/30/2616.1 16.1 16.3 
RSC Insurance Brokerage Inc(x)InsuranceL+5500.8%10/30/263.6 3.6 3.6 
Safe-Guard Products International LLC(f)(m)(t)Diversified FinancialsL+5000.5%1/27/2745.1 42.5 45.1 
SAMBA Safety Inc(x)Software & ServicesL+5751.0%9/1/272.4 2.4 2.4 
SAMBA Safety Inc(x)Software & ServicesL+5751.0%9/1/276.1 6.1 6.0 
SavATree LLC(v)Consumer ServicesL+5500.8%10/12/281.9 1.8 1.9 
SavATree LLC(x)Consumer ServicesL+5500.8%10/12/287.6 7.6 7.6 
SavATree LLC(x)Consumer ServicesL+5500.8%10/12/286.3 6.3 6.3 
Sequa Corp(aa)(m)(v)Capital GoodsL+675, 0.0% PIK (1.0% Max PIK)1.0%11/28/2316.0 15.4 16.2 
Sequa Corp(v)Capital GoodsL+900, 0.0% PIK (9.5% Max PIK)1.0%7/31/2516.4 16.0 17.2 
Sequel Youth & Family Services LLC(v)(y)(z)Health Care Equipment & ServicesL+8001.0%9/1/23170.0 106.4 51.6 
Sequel Youth & Family Services LLC(v)(y)(z)Health Care Equipment & ServicesL+7001.0%9/1/2329.2 19.3 8.9 
Sequel Youth & Family Services LLC(v)Health Care Equipment & ServicesL+7001.0%9/1/2336.0 36.0 36.0 
Sequel Youth & Family Services LLC(x)Health Care Equipment & ServicesL+7001.0%9/1/236.0 6.0 6.0 
SitusAMC Holdings Corp(k)(l)(v)Real EstateL+5750.8%12/22/2795.4 94.5 94.4 
Sorenson Communications LLC(aa)(ac)(f)(k)(t)(v)Telecommunication ServicesL+5500.8%3/17/2659.9 56.9 60.1 
Source Code LLC(k)(l)(t)Software & ServicesL+6501.0%6/30/2753.3 52.3 52.2 
Source Code LLC(x)Software & ServicesL+6501.0%6/30/2715.3 15.0 15.0 
Spins LLC(m)(s)(t)(v)Software & ServicesL+5501.0%1/20/2760.7 57.3 61.3 
Spins LLC(x)Software & ServicesL+5501.0%1/20/277.9 7.9 7.9 
Staples Canada(v)(w)RetailingC+7001.0%9/12/24C$35.8 28.0 29.1 
Summit Interconnect Inc(f)(k)(l)(t)(v)Capital GoodsL+6001.0%9/22/28$107.9 106.8 106.9 
Summit Interconnect Inc(x)Capital GoodsL+6001.0%9/22/2848.7 48.7 48.2 
Sungard Availability Services Capital Inc(ac)(v)Software & ServicesSF+375, 3.8% PIK (3.8% Max PIK)1.0%7/1/245.8 5.7 6.0 
Sweeping Corp of America Inc(m)(v)Commercial & Professional ServicesL+5751.0%11/30/2655.8 53.3 56.3 
Sweeping Corp of America Inc(v)Commercial & Professional ServicesL+5751.0%11/30/261.8 1.8 1.8 
See notes to unaudited consolidated financial statements.
33

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
Sweeping Corp of America Inc(x)Commercial & Professional ServicesL+5751.0%11/30/26$17.2 $17.2 $17.3 
Sweeping Corp of America Inc(x)Commercial & Professional ServicesL+5751.0%11/30/263.9 3.9 3.9 
Tangoe LLC(f)(i)(m)(s)(v)Software & ServicesL+6501.0%11/28/25190.2 171.5 147.2 
ThermaSys Corp(ac)(v)(y)(z)Capital GoodsL+1,100 PIK (L+1,100 Max PIK)1.0%1/1/248.5 8.3 3.5 
ThreeSixty Group(m)(v)RetailingL+500, 2.5% PIK (2.5% Max PIK)1.5%3/1/2348.5 48.4 47.7 
ThreeSixty Group(m)(v)RetailingL+500, 2.5% PIK (2.5% Max PIK)1.5%3/1/2348.3 48.1 47.4 
Time Manufacturing Co(v)Capital GoodsL+6500.8%12/1/2745.8 44.8 44.8 
Time Manufacturing Co(v)Capital GoodsL+6500.8%12/1/275.3 5.3 5.3 
Time Manufacturing Co(x)Capital GoodsL+6500.8%12/1/2713.7 13.7 13.6 
Time Manufacturing Co(x)Capital GoodsL+6500.8%12/1/274.5 4.5 4.5 
Time Manufacturing Co(x)Capital GoodsE+6500.8%12/1/2715.0 17.0 17.2 
Transaction Services Group Ltd(v)(w)Software & ServicesL+6500.0%10/15/26£13.9 17.7 18.3 
Transaction Services Group Ltd(v)(w)Software & ServicesB+6500.0%10/15/26A$80.3 55.7 57.0 
Transaction Services Group Ltd(v)(w)Software & ServicesL+6500.0%10/15/26$126.2 122.2 123.1 
Warren Resources Inc(ad)(v)EnergyL+900, 1.0% PIK (1.0% Max PIK)1.0%5/22/2418.7 17.4 18.7 
Wealth Enhancement Group LLC(v)(w)Diversified FinancialsL+6251.0%10/4/2715.1 15.0 15.1 
Wealth Enhancement Group LLC(v)(w)Diversified FinancialsL+6251.0%10/4/270.7 0.7 0.7 
Wealth Enhancement Group LLC(w)(x)Diversified FinancialsL+6251.0%10/4/2713.213.213.2
Wealth Enhancement Group LLC(w)(x)Diversified FinancialsL+6251.0%10/4/271.0 1.0 1.0 
Woolpert Inc(f)(k)(l)(m)(t)(v)Capital GoodsL+6001.0%4/5/28139.2132.5141.2
Woolpert Inc(x)Capital GoodsL+6001.0%4/5/2825.625.625.9
Total Senior Secured Loans—First Lien11,165.5 11,236.1 
Unfunded Loan Commitments(1,470.4)(1,470.4)
Net Senior Secured Loans—First Lien9,695.1 9,765.7 
Senior Secured Loans—Second Lien—20.1%
Advanced Lighting Technologies Inc(v)(y)(z)MaterialsL+6001.0%3/16/2711.3 10.5 6.4 
Ammeraal Beltech Holding BV(f)(s)(v)(w)Capital GoodsL+7750.0%9/12/2644.9 40.8 44.3 
Amtek Global Technology Pte Ltd(ad)(v)(w)(y)(z)Automobiles & ComponentsE+500 PIK (E+500 Max PIK)0.0%4/4/2434.7 39.1 — 
Apex Group Limited(v)(w)Diversified FinancialsL+6750.5%7/27/29$8.0 7.9 8.0 
Belk Inc(ac)(v)(y)(z)Retailing10.0% PIK (10.0% Max PIK)7/31/2525.5 4.2 6.7 
Byrider Finance LLC(u)(v)Automobiles & ComponentsL+1,000, 0.5% PIK (0.5% Max PIK)1.3%6/7/2254.3 52.8 54.4 
Constellis Holdings LLC(ac)(f)(v)Capital GoodsL+1,100, 0.0% PIK (10.0% Max PIK)1.0%3/27/2513.5 12.5 12.0 
Cubic Corp(v)Software & ServicesL+7630.8%5/25/2954.8 51.8 55.6 
Datatel Inc(v)Software & ServicesL+8001.0%10/9/28179.2 170.1 184.6 
Fairway Group Holdings Corp(ac)(v)(y)(z)Food & Staples Retailing11.0% PIK (11.0% Max PIK)2/24/246.9 — — 
Galaxy Universal LLC(v)Consumer Durables & ApparelL+5001.0%11/1/2636.2 35.8 35.8 
Misys Ltd(aa)(v)(w)Software & ServicesL+7251.0%6/13/2521.8 20.5 21.8 
See notes to unaudited consolidated financial statements.
34

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturity
 Principal
Amount
(c)
 Amortized
Cost
 Fair
Value
(d)
NBG Home(v)(y)(z)Consumer Durables & ApparelL+1,275 PIK (L+1,275 Max PIK)1.0%9/30/24$31.4 $28.2 $8.5 
OEConnection LLC(f)(v)Software & ServicesL+8250.0%9/25/2727.0 26.6 26.5 
OEConnection LLC(v)Software & ServicesL+7000.5%9/25/2749.0 49.0 48.1 
Peraton Corp(s)(v)Capital GoodsL+8001.0%2/1/29175.0 165.3 178.5 
Peraton Corp(v)Capital GoodsL+7750.8%2/1/29156.4 149.9 158.7 
Petrochoice Holdings Inc(v)Capital GoodsL+8751.0%8/21/2365.0 64.4 57.6 
Polyconcept North America Inc(v)Household & Personal Products11.0% PIK (11.0% Max PIK)2/16/2410.0 9.9 10.0 
Pure Fishing Inc(f)(m)(v)Consumer Durables & ApparelL+8381.0%12/21/26177.0 170.6 168.1 
Sequa Corp(aa)(m)(v)Capital GoodsL+1,075, 0.0% PIK (6.8% Max PIK)1.0%4/28/245.9 5.7 5.9 
SIRVA Worldwide Inc(aa)(v)Commercial & Professional ServicesL+9500.0%8/3/266.5 5.4 5.7 
Solera LLC(aa)(v)Software & ServicesL+8001.0%6/4/29312.4 295.8 317.6 
Sungard Availability Services Capital Inc(ac)(v)(y)(z)Software & ServicesSF+400, 2.8% PIK (2.8% Max PIK)1.0%8/1/2414.6 13.7 8.3 
Valeo Foods Group Ltd(v)(w)Food, Beverage & TobaccoSA+8000.0%10/1/29£9.3 12.3 12.2 
Valeo Foods Group Ltd(w)(x)Food, Beverage & TobaccoE+7500.0%10/1/296.2 7.2 6.8 
Vantage Specialty Chemicals Inc(aa)(v)MaterialsL+8251.0%10/27/25$0.8 0.7 0.7 
Wittur Holding GmbH(v)(w)Capital GoodsE+850, 0.5% PIK (0.5% Max PIK)0.0%9/23/27112.8 120.9 120.9 
Total Senior Secured Loans—Second Lien1,571.6 1,563.7 
Unfunded Loan Commitments(7.2)(7.2)
Net Senior Secured Loans—Second Lien1,564.4 1,556.5 
Other Senior Secured Debt—1.6%
Angelica Corp(h)(y)(z)Health Care Equipment & Services10.0% PIK (10.0% Max PIK)12/30/2253.4 42.3 5.2 
JW Aluminum Co(aa)(ad)(s)(v)Materials10.3%6/1/2676.5 75.5 81.0 
One Call Care Management Inc(ad)(v)Health Care Equipment & Services8.5% PIK (8.5% Max PIK)11/1/2823.5 21.6 23.5 
TruckPro LLC(aa)(v)Capital Goods11.0%10/15/249.2 9.2 10.0 
Total Other Senior Secured Debt148.6 119.7 
Subordinated Debt—1.4%
Ardonagh Group Ltd(aa)(v)(w)Insurance12.8% PIK (12.8% Max PIK)1/15/270.9 0.9 1.0 
ATX Networks Corp(ad)(s)(v)(w)(y)(z)Capital Goods10.0% PIK (10.0% Max PIK)8/9/2818.3 4.8 7.1 
ClubCorp Club Operations Inc(aa)(v)Consumer Services8.5%9/15/2537.3 35.4 35.7 
Encora Digital Inc(v)Software & Services9.8% PIK (9.8% Max PIK)12/13/2921.6 20.9 20.9 
Hilding Anders(ad)(v)(w)(y)Consumer Durables & Apparel24.8 26.9 — 
Hilding Anders(ad)(v)(w)(y)Consumer Durables & Apparel110.5 — — 
Hilding Anders(ad)(v)(w)(y)(z)Consumer Durables & Apparel13.0% PIK (13.0% Max PIK)11/30/25134.4 99.4 46.6 
Total Subordinated Debt188.3 111.3 


See notes to unaudited consolidated financial statements.
35

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturity
 Principal
Amount
(c)/ Shares
 Amortized
Cost
 Fair
Value
(d)
Asset Based Finance—29.1%
801 5th Ave, Seattle, Private Equity(ad)(v)(w)(y)Real Estate8,554,983 $14.1 $23.1 
801 5th Ave, Seattle, Structure Mezzanine(ad)(v)(w)Real Estate8.0%, 3.0% PIK (3.0% Max PIK)12/19/29$57.2 55.1 57.2 
Abacus JV, Private Equity(v)(w)Insurance44,833,382 43.8 48.1 
Accelerator Investments Aggregator LP, Private Equity(v)(w)(y)Diversified Financials5,397,365 6.3 4.7 
Altavair AirFinance, Private Equity(v)(w)Capital Goods94,679,609 95.6 114.3 
Australis Maritime, Common Stock(v)(w)Transportation46,781,830 45.1 46.7 
Avida Holding AB, Common Stock(ad)(v)(w)(y)Diversified Financials405,023,756 44.6 52.3 
Bank of Ireland, Class B Credit Linked Floating Rate Note(g)(w)BanksL+1,18512/4/27$14.7 14.7 14.7 
Byrider Finance LLC, Structured Mezzanine(x)Automobiles & ComponentsL+1,0500.3%6/3/28$23.0 23.0 23.0 
Callodine Commercial Finance LLC, 2L Term Loan A(v)Diversified FinancialsL+9001.0%11/3/25$125.0 118.0 125.6 
Callodine Commercial Finance LLC, 2L Term Loan B(x)Diversified FinancialsL+9001.0%11/3/25$40.3 40.3 40.5 
Capital Automotive LP, Private Equity(v)(w)Real Estate21,640,936 23.7 28.1 
Capital Automotive LP, Structured Mezzanine(v)(w)Real Estate11.0%12/22/28$42.7 41.9 42.7 
Global Jet Capital LLC, Preferred Stock(j)(u)(v)(y)Commercial & Professional Services149,494,590 69.4 — 
Global Jet Capital LLC, Preferred Stock(j)(u)(v)Commercial & Professional Services9.0% 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 Services15.0% 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 Services15.0% 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 Services15.0% PIK (15.0% Max PIK)1/29/26$4.6 3.1 4.6 
Global Lending Services LLC, Private Equity(v)(w)Diversified Financials12,222,437 14.2 15.5 
Global Lending Services LLC, Private Equity(v)(w)Diversified Financials22,352,639 24.2 28.5 
Home Partners JV 2, Private Equity(ac)(v)(w)(y)Real Estate1,585,353 1.5 1.6 
Home Partners JV 2, Private Equity(ac)(v)(w)(y)Real Estate59,815 0.1 0.1 
Home Partners JV 2, Structured Mezzanine(ac)(v)(w)Real Estate11.0% PIK (11.0% Max PIK)3/20/30$3.5 3.4 3.5 
Home Partners JV 2, Structured Mezzanine(ac)(w)(x)Real Estate11.0% PIK (11.0% Max PIK)3/20/30$13.6 13.6 13.6 
Home Partners JV, Common Stock(ac)(v)(w)(y)Real Estate32,659,547 47.6 80.6 
Home Partners JV, Private Equity(ac)(v)(w)(y)Real Estate4,127,355 5.4 9.4 
Home Partners JV, Structured Mezzanine(ac)(v)(w)Real Estate11.0% PIK (11.0% Max PIK)3/25/29$90.4 85.6 90.4 
Jet Edge International LLC, Preferred Stock(ac)(p)Transportation8.0%, 0.0% PIK (8.0% Max PIK)$20,878,236.0 20.9 16.8 
Jet Edge International LLC, Term Loan(ac)(v)Transportation10.0%, 2.0% PIK (2.0% Max PIK)4/2/26$76.6 75.9 76.1 
Jet Edge International LLC, Term Loan(ac)(x)Transportation10.0%, 2.0% PIK (2.0% Max PIK)4/2/26$75.0 75.0 74.5 
Jet Edge International LLC, Warrant(ac)(h)(y)Transportation3,963 — 4.5 
Kilter Finance, Preferred Stock(ad)(v)(w)Insurance6.0%, 6.0% PIK (6.0% Max PIK)36,108,611 34.6 36.1 
Kilter Finance, Private Equity(ad)(v)(w)(y)Insurance536,709 0.5 0.5 
KKR Central Park Leasing Aggregator L.P., Partnership Interest(v)(w)(y)(z)Capital Goods14.3%5/31/23$39.1 39.1 25.8 
KKR Chord IP Aggregator LP, Partnership Interest(v)(w)Media & Entertainment114,193,861 112.6 131.5 
KKR Chord IP Aggregator LP, Structured Mezzanine(v)(w)Media & Entertainment9.0%10/14/23$167.3 164.9 167.3 
See notes to unaudited consolidated financial statements.
36

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturity
 Principal
Amount
(c)/ Shares
 Amortized
Cost
 Fair
Value
(d)
KKR Rocket Loans Aggregator LLC, Partnership Interest(ad)(v)(w)Diversified Financials1,387,913 $1.4 $1.4 
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest(v)(w)(y)Capital Goods23,664,954 23.0 19.1 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment7.8%9/22/247.8 9.2 8.9 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment7.8%9/22/24$12.1 12.1 12.1 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment11.8%9/22/245.9 6.9 6.7 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment11.8%9/22/24£1.6 2.2 2.1 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment7.8%9/22/24£2.1 2.9 2.9 
Lenovo Group Ltd, Structured Mezzanine(v)(w)Technology Hardware & Equipment11.8%9/22/24$9.1 9.1 9.1 
My Community Homes SFR PropCo 2, Private Equity(ad)(v)(w)(y)Real Estate33,000,000 33.0 33.0 
NewStar Clarendon 2014-1A Class D(v)(w)Diversified Financials19.5%1/25/27$8.3 2.5 4.2 
Opendoor Labs Inc, Structured Mezzanine(v)(w)Real Estate10.0%4/1/26$71.1 71.1 71.1 
Opendoor Labs Inc, Structured Mezzanine(w)(x)Real Estate10.0%4/1/26$88.9 88.9 88.9 
Orchard Marine Limited, Class B Common Stock(ac)(v)(w)(y)Transportation1,964 3.1 — 
Orchard Marine Limited, Series A Preferred Stock(ac)(v)(w)(y)Transportation62,976 62.0 64.6 
Pretium Partners LLC P1, Structured Mezzanine(v)(w)Real Estate2.8%, 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 Estate16,772,368 16.4 16.4 
Pretium Partners LLC P2, Term Loan(v)(w)Real Estate11.0%12/16/29$33.5 32.9 32.9 
Prime ST LLC, Private Equity(ad)(v)(w)(y)Real Estate5,983,135 7.7 9.1 
Prime ST LLC, Structured Mezzanine(ad)(v)(w)Real Estate5.0%, 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 Financials23,500,000 23.5 24.3 
Toorak Capital Funding LLC, Membership Interest(ad)(v)(w)(y)Real Estate1,723,140 1.9 1.7 
Toorak Capital Partners LLC, Private Equity(ad)(v)Real Estate158,139,270 158.1 199.3 
Toorak Capital Partners LLC, Structured Mezzanine(ad)(v)Real EstateL+650 PIK (L+650 Max PIK)5/11/22$22.0 22.0 22.0 
Toorak Capital Partners LLC, Structured Mezzanine(ad)(x)Real EstateL+650 PIK (L+650 Max PIK)5/11/22$8.0 8.0 8.0 
Total Asset Based Finance2,380.9 2,493.9 
Unfunded Asset Based Finance Commitments(248.9)(248.9)
Net Asset Based Finance2,132.0 2,245.0 
Credit Opportunities Partners JV, LLC—18.1%
Credit Opportunities Partners JV, LLC(ad)(v)(w)Diversified Financials1,462.3 1,396.7 1,396.2 
Total Credit Opportunities Partners JV, LLC1,396.7 1,396.2 

Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturityNumber of
Shares
Amortized
Cost
 Fair
Value
(d)
Equity/Other—11.7%(e)
Abaco Energy Technologies LLC, Common Stock(v)(y)Energy3,055,556 0.2 0.3 
See notes to unaudited consolidated financial statements.
37

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturityNumber of
Shares
Amortized
Cost
 Fair
Value
(d)
Abaco Energy Technologies LLC, Preferred Stock(v)(y)Energy12,734,481 $1.5 $1.7 
Affordable Care Inc, Preferred Stock(ac)(v)Health Care Equipment & Services11.8% PIK (11.8% Max PIK)49,073,000 48.1 52.1 
American Vision Partners, Private Equity(v)(y)Health Care Equipment & Services2,450,230 2.5 2.4 
Amtek Global Technology Pte Ltd, Common Stock(ad)(g)(v)(w)(y)Automobiles & Components7,046,126 — — 
Amtek Global Technology Pte Ltd, Ordinary Shares(ad)(v)(w)(y)Automobiles & Components5,735,804,056 30.7 — 
Amtek Global Technology Pte Ltd, Private Equity(ad)(v)(w)(y)Automobiles & Components4,097 — — 
Angelica Corp, Limited Partnership Interest(h)(y)Health Care Equipment & Services877,044 47.6 — 
Arcos LLC/VA, Preferred Stock(v)Software & ServicesL+950 PIK (L+950 Max PIK)1.0%4/30/3115,000,000 14.0 15.5 
Ardonagh Ltd, Ordinary Shares(v)(w)(y)Insurance16,450 — 2.8 
Ardonagh Ltd, Ordinary Shares(v)(w)(y)Insurance116,814 0.2 0.5 
Ardonagh Ltd, Preferred Stock(v)(w)(y)Insurance6,113,719 9.1 22.0 
Arena Energy LP, Warrants(v)(y)Energy68,186,525 0.4 0.6 
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock(p)(y)Energy10,193 9.7 2.3 
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim(p)(y)Energy86,607,143 19.4 19.8 
Aspect Software Inc, Common Stock(l)(s)(v)(y)Software & Services1,309,955 2.3 2.7 
Aspect Software Inc, Warrant(l)(s)(v)(y)Software & Services1/15/24181,730 0.3 0.3 
ATX Networks Corp, Common Stock(ad)(s)(v)(w)(y)Capital Goods3,483 — — 
AVF Parent LLC, Trade Claim(v)(y)Retailing44,507 — — 
Belk Inc, Common Stock(ac)(v)(y)Retailing94,950 — — 
Borden (New Dairy Opco), Common Stock(ac)(h)(n)(y)Food, Beverage & Tobacco11,167,000 9.1 7.7 
Bowery Farming Inc, Warrants(v)(y)Food, Beverage & Tobacco4/30/26161,828 0.05.2 
Catalina Marketing Corp, Common Stock(v)(y)Media & Entertainment6,522 — — 
CDS US Intermediate Holdings Inc, Warrant(v)(w)(y)Media & Entertainment2,023,714 — — 
Cengage Learning, Inc, Common Stock(v)(y)Media & Entertainment227,802 7.5 4.2 
Cimarron Energy Inc, Common Stock(v)(y)Energy4,302,293 — — 
Cimarron Energy Inc, Participation Option(v)(y)Energy25,000,000 — — 
Constellis Holdings LLC, Private Equity(ac)(f)(v)(y)Capital Goods849,702 10.3 0.2 
CTI Foods Holding Co LLC, Common Stock(v)(y)Food, Beverage & Tobacco5,892 0.7 — 
Cubic Corp, Preferred Stock(v)Software & Services11.0% PIK (11.0% Max PIK)42,141,600 39.6 42.3 
Envigo Laboratories Inc, Series A Warrant(s)(y)Health Care Equipment & Services4/29/2410,924 — — 
Envigo Laboratories Inc, Series B Warrant(s)(y)Health Care Equipment & Services4/29/2417,515 — — 
Fairway Group Holdings Corp, Common Stock(ac)(v)(y)Food & Staples Retailing103,091 — — 
Fox Head Inc, Common Stock(j)(v)(y)Consumer Durables & Apparel10,000,000 8.0 10.9 
Fronton BV, Common Stock(ac)(o)(y)Consumer Services14,943 — 1.4 
Galaxy Universal LLC, Common Stock(v)(y)Consumer Durables & Apparel228,806 35.5 35.5 
Galaxy Universal LLC, Trade Claim(v)(y)Consumer Durables & Apparel27,256,114 16.4 16.4 
See notes to unaudited consolidated financial statements.
38

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturityNumber of
Shares
Amortized
Cost
 Fair
Value
(d)
Genesys Telecommunications Laboratories Inc, Class A Shares(v)(y)Technology Hardware & Equipment40,529 $— $— 
Genesys Telecommunications Laboratories Inc, Ordinary Shares(v)(y)Technology Hardware & Equipment41,339 — — 
Genesys Telecommunications Laboratories Inc, Preferred Stock(v)(y)Technology Hardware & Equipment1,050,465 — — 
Harvey Industries Inc, Common Stock(v)Capital Goods5,000,000 2.2 3.3 
Hilding Anders, Class A Common Stock(ad)(v)(w)(y)Consumer Durables & Apparel4,503,411 0.1 — 
Hilding Anders, Class B Common Stock(ad)(v)(w)(y)Consumer Durables & Apparel574,791 0.0— 
Hilding Anders, Class C Common Stock(ad)(v)(w)(y)Consumer Durables & Apparel213,201 — — 
Hilding Anders, Equity Options(ad)(v)(w)(y)Consumer Durables & Apparel11/30/25236,160,807 15.0 — 
HM Dunn Co Inc, Preferred Stock, Series A(ad)(s)(v)(y)Capital Goods85,385 7.1 7.1 
HM Dunn Co Inc, Preferred Stock, Series B(ad)(s)(v)(y)Capital Goods15,000 — — 
Imagine Communications Corp, Common Stock(v)(y)Media & Entertainment33,034 3.8 2.5 
Jones Apparel Holdings, Inc., Common Stock(v)(y)Consumer Durables & Apparel5,451 0.9 — 
JW Aluminum Co, Common Stock(ad)(j)(u)(v)(y)Materials2,105 0.0— 
JW Aluminum Co, Preferred Stock(ad)(j)(u)(v)Materials12.5% PIK (12.5% Max PIK)2/15/2815,279 177.9 122.6 
Maverick Natural Resources LLC, Common Stock(n)(o)(y)Energy259,211 84.5 143.6 
MB Precision Holdings LLC, Class A - 2 Units(n)(o)(y)Capital Goods8,081,288 0.5 — 
Med-Metrix, Common Stock(h)(y)Software & Services29,403 1.5 1.6 
Med-Metrix, Preferred Stock(h)Software & Services8.0% PIK (8.0% Max PIK)29,403 1.5 1.5 
Miami Beach Medical Group LLC, Common Stock(v)(y)Health Care Equipment & Services5,000,000 4.8 3.9 
Micronics Filtration Holdings Inc, Common Stock(ac)(v)(y)Capital Goods53,073 0.6 — 
Micronics Filtration Holdings Inc, Preferred Stock, Series A(ac)(v)(y)Capital Goods55 0.6 0.1 
Micronics Filtration Holdings Inc, Preferred Stock, Series B(ac)(v)(y)Capital Goods23 0.2 0.4 
Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK(ac)(v)(y)Capital Goods112,780 — 11.9 
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK(ac)(v)(y)Capital Goods54,000 — 6.2 
Misys Ltd, Preferred Stock(v)(w)Software & ServicesL+1,025 PIK (L+1,025 Max PIK)79,782,377 73.5 78.9 
NBG Home, Common Stock(v)(y)Consumer Durables & Apparel1,903 2.6 — 
Nine West Holdings Inc, Common Stock(v)(y)Consumer Durables & Apparel5,451 6.5 — 
One Call Care Management Inc, Common Stock(ad)(v)(y)Health Care Equipment & Services34,872 2.1 2.4 
One Call Care Management Inc, Preferred Stock A(ad)(v)(y)Health Care Equipment & Services371,992 22.8 26.1 
One Call Care Management Inc, Preferred Stock B(ad)(v)Health Care Equipment & Services9.0% PIK (9.0% Max PIK)10/25/297,672,347 8.0 9.2 
Petroplex Acidizing Inc, Preferred Stock A(ac)(v)(y)Energy25,138,631 4.9 — 
Petroplex Acidizing Inc, Warrant(ac)(v)(y)Energy12/15/26— — 
Polyconcept North America Inc, Class A - 1 Units(v)(y)Household & Personal Products30,000 3.0 4.3 
PRG III LLC, Preferred Stock, Series A PIK(ad)(v)(y)Media & Entertainment8/21/24434,250 18.1 17.4 
PRG III LLC, Preferred Stock, Series B PIK(ad)(v)(y)Media & Entertainment8/21/24140 — — 
See notes to unaudited consolidated financial statements.
39

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio Company(a)
FootnotesIndustry
Rate(b)
FloorMaturityNumber of
Shares
Amortized
Cost
 Fair
Value
(d)
Proserv Acquisition LLC, Class A Common Units(ac)(v)(w)(y)Energy2,635,005 $33.4 $0.1 
Proserv Acquisition LLC, Class A Preferred Units(ac)(v)(w)(y)Energy837,780 5.4 9.3 
Quorum Health Corp, Trade Claim(v)(y)Health Care Equipment & Services8,301,000 0.7 0.9 
Quorum Health Corp, Trust Initial Funding Units(v)(y)Health Care Equipment & Services143,400 0.2 0.2 
Ridgeback Resources Inc, Common Stock(j)(u)(v)(w)(y)Energy1,969,418 9.1 9.9 
Sorenson Communications LLC, Common Stock(ac)(j)(u)(v)(y)Telecommunication Services89,959 42.5 67.5 
Sound United LLC, Common Stock(ad)(v)Consumer Durables & Apparel12,857,143 17.3 77.5 
Stuart Weitzman Inc, Common Stock(v)(y)Consumer Durables & Apparel5,451 — — 
Sungard Availability Services Capital Inc, Common Stock(ac)(s)(u)(v)(y)Software & Services262,516 6.9 — 
Swift Worldwide Resources Holdco Ltd, Common Stock(v)(y)Energy1,250,000 1.2 1.1 
ThermaSys Corp, Common Stock(ac)(u)(v)(y)Capital Goods17,383,026 10.2 — 
ThermaSys Corp, Preferred Stock(ac)(v)(y)Capital Goods1,529 1.7 — 
Versatile Processing Group Inc, Class A - 2 Units(u)(y)Materials3,637,500 3.6 — 
Warren Resources Inc, Common Stock(ad)(v)(y)Energy3,483,788 12.8 20.4 
Zeta Interactive Holdings Corp, Common Stock(aa)(v)(y)Software & Services3,610,212 30.830.4
Total Equity/Other931.6 907.1 
TOTAL INVESTMENTS—208.3%$16,056.7 16,101.5 
LIABILITIES IN EXCESS OF OTHER ASSETS—(108.3%)(8,371.5)
NET ASSETS—100%$7,730.0 



See notes to unaudited consolidated financial statements.
40

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Foreign currency forward contracts
Foreign CurrencySettlement DateCounterpartyAmount and TransactionUS$ Value at Settlement Date
US$ Value at December 31, 2021
Unrealized Appreciation (Depreciation)
AUD10/17/2022JP Morgan Chase BankA$3 Sold$2.1 $2.2 $(0.1)
AUD2/14/2023JP Morgan Chase BankA$2.2 Sold1.6 1.6 — 
CAD6/7/2022JP Morgan Chase Bank$1.4 Sold1.1 1.1 — 
CAD6/7/2022JP Morgan Chase Bank$1.9 Sold1.5 1.5 — 
CAD11/10/2022JP Morgan Chase Bank$1.5 Sold1.2 1.1 0.1 
CAD11/15/2024JP Morgan Chase Bank$4.0 Sold3.2 3.1 0.1 
EUR5/6/2022JP Morgan Chase Bank6.1 Sold7.5 7.0 0.5 
EUR5/6/2022JP Morgan Chase Bank1.6 Sold2.0 1.8 0.2 
EUR5/6/2022JP Morgan Chase Bank0.7 Sold0.9 0.8 0.1 
EUR5/6/2022JP Morgan Chase Bank2.2 Sold2.7 2.5 0.2 
EUR5/6/2022JP Morgan Chase Bank0.9 Sold1.2 1.1 0.1 
EUR9/12/2022JP Morgan Chase Bank10.0 Sold11.7 11.5 0.2 
EUR7/17/2023JP Morgan Chase Bank1.3 Sold1.7 1.5 0.2 
EUR2/23/2024JP Morgan Chase Bank42.3 Sold49.1 49.4 (0.3)
EUR8/8/2025JP Morgan Chase Bank4.8 Sold5.7 5.7 — 
EUR8/8/2025JP Morgan Chase Bank1.9 Sold2.3 2.3 — 
GBP1/11/2023JP Morgan Chase Bank£1.9 Sold2.9 2.6 0.3 
GBP1/11/2023JP Morgan Chase Bank£1.7 Sold2.6 2.3 0.3 
GBP1/11/2023JP Morgan Chase Bank£3.4 Sold4.8 4.6 0.2 
GBP1/11/2023JP Morgan Chase Bank£5.0 Sold6.5 6.6 (0.1)
GBP1/11/2023JP Morgan Chase Bank£1.4 Sold1.9 1.9 — 
GBP10/13/2023JP Morgan Chase Bank£6.2 Sold8.5 8.4 0.1 
NOK8/8/2025JP Morgan Chase BankNOK49.1 Sold5.2 5.5 (0.3)
NOK8/8/2025JP Morgan Chase BankNOK11.4 Sold1.2 1.3 (0.1)
SEK3/15/2024JP Morgan Chase BankSEK72.8 Sold8.5 8.2 0.3 
SEK5/10/2024JP Morgan Chase BankSEK430.3 Sold51.4 48.4 3.0 
SEK5/10/2024JP Morgan Chase BankSEK503.0 Sold60.1 56.6 3.5 
SEK5/10/2024JP Morgan Chase BankSEK34.5 Sold4.1 3.9 0.2 
SEK8/8/2025JP Morgan Chase BankSEK119.3 Sold13.3 13.5 (0.2)
SEK8/8/2025JP Morgan Chase BankSEK27.8 Sold3.1 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.
41

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


(c)Denominated in U.S. dollars unless otherwise noted.
(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).
(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 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).
(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 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. 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 company’s total assets. 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.
(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 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 CompanyFair 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
 Affordable Care Inc $— $— $— $— $— $— $— $— $0.3 $— 
 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.
42

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio CompanyFair 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 $— $— $— 
 Borden (New Dairy Opco) 16.8 23.4 — — 1.8 42.0 2.7 — — — 
 Borden Dairy Co— — — 1.3 (1.3)— — — — — 
 Constellis Holdings LLC — 14.0 — — 1.0 15.0 0.9 — — — 
 Fairway Group Holdings Corp — 1.1 (0.7)0.6 (0.3)0.7 0.8 — — — 
 Fairway Group Holdings Corp — — — — — — — — — — 
 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)
— 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 — — 
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 — — 
 Fairway Group Holdings Corp — — — — — — — — — — 
 Sorenson Communications LLC — 22.0 (22.2)0.2 — — 0.4 0.9 — — 
 Sungard Availability Services Capital Inc — 13.6 0.1 — (5.4)8.3 0.7 0.2 — — 
Other Senior Secured Debt
JW Aluminum Co(5)
41.8 — (39.4)— (2.4)— — — — — 
Subordinated Debt
 Home Partners of America Inc — 3.5 (3.5)— — — 0.1 — — — 
Asset Based Finance
 Home Partners JV, Structured Mezzanine38.5 83.4 (36.3)— 4.8 90.4 0.6 7.3 — — 
 Home Partners JV, Private Equity — 5.4 — — 4.0 9.4 — — — — 
 Home Partners JV, Private Equity — — — (0.6)0.6 — — — — — 
 Home Partners JV, Common Stock 21.5 45.9 (22.9)7.7 28.4 80.6 — — — — 
 Home Partners JV 2, Structured Mezzanine— 3.4 — — 0.1 3.5 — 0.2 — — 
 Home Partners JV 2, Private Equity — 0.1 — — — 0.1 — — — — 
 Home Partners JV 2, Private Equity — 1.5 — — 0.1 1.6 — — — — 
 Jet Edge International LLC, Preferred Stock — 20.9 — — (4.1)16.8 0.5 — — — 
 Jet Edge International LLC, Warrant — — — — 4.5 4.5 — — — — 
 Jet Edge International LLC, Term Loan — 78.0 (2.1)— (0.3)75.6 2.4 0.5 — — 
 Orchard Marine Limited, Class B Common Stock — — — — — — — — — — 
 Orchard Marine Limited, Series A Preferred Stock 24.6 — — — 40.0 64.6 — — — — 
See notes to unaudited consolidated financial statements.
43

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio CompanyFair 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)
Equity/Other
 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 — — — — 
 Charlotte Russe Inc, Common Stock — — — (12.5)12.5 — — — — — 
 Constellis Holdings LLC, Private Equity — 10.3 — — (10.1)0.2 — — — — 
 Fairway Group Holdings Corp, Common Stock — — — — — — — — — — 
 Fronton BV, Common Stock 1.2 — — — 0.2 1.4 — — — — 
 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)— — — — — 
 Home Partners of America Inc, Warrant 2.1 — (4.4)4.1 (1.8)— — — — — 
 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 — — — — — — — — — — 
 Micronics Filtration Holdings Inc, Preferred Stock, Series A — — — — 0.1 0.1 — — — — 
 Micronics Filtration Holdings Inc, Preferred Stock, Series B — — — — 0.4 0.4 — — — — 
 Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK — — — — 11.9 11.9 — — — — 
 Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK — — — — 6.2 6.2 — — — — 
 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 — — — — — — — — — — 
 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 Stock(4)
— 42.5 — — 25.0 67.5 — — — — 
 Sungard Availability Services Capital Inc, Common Stock(4)— 6.9 — — (6.9)— — — — — 
 ThermaSys Corp, Common Stock — — — — — — — — — — 
 ThermaSys Corp, Preferred Stock — — — — — — — — — — 
Total$533.8 $706.2 $(667.2)$191.9 $94.3 $859.0 $20.8 $18.5 $1.9 $0.4 
______________
(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.
See notes to unaudited consolidated financial statements.
44

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


(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 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.

(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 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 CompanyFair 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
 Advanced Lighting Technologies Inc $12.0 $4.1 $(15.9)$(4.6)$4.4 $— $— $— $— $— 
 Amtek Global Technology Pte Ltd 59.7 2.4 — — (27.3)34.8 1.1 1.4 — — 
 ATX Networks Corp — 46.8 — — — 46.8 1.3 — — — 
 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 — 
 Production Resource Group LLC — 124.9 — — 8.4 133.3 5.4 3.8 — — 
 Production Resource Group LLC — 0.1 — — — 0.1 — — — — 
 Production Resource Group LLC — 60.6 (0.4)— 4.2 64.4 2.8 0.8 0.4 — 
 Production Resource Group LLC — 20.2 (0.1)— 0.1 20.2 0.4 — 0.1 — 
 Sound United LLC 14.9 — (15.0)— 0.1 — 0.4 — — — 
 Warren Resources Inc(4)
— 19.3 (2.0)0.1 1.3 18.7 1.3 0.1 — — 
Senior Secured Loans—Second Lien
Amtek Global Technology Pte Ltd0.1 (1.8)— (10.4)12.1 — (1.9)— — — 
Sound United LLC20.9 1.7 (22.6)— — — — 1.0 — — 
Other Senior Secured Debt
Advanced Lighting Technologies Inc— — (0.7)(22.9)23.6 — — — — — 
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
ATX Networks Corp— 4.8 — — 2.3 7.1 — — — — 
Hilding Anders32.4 — — — 14.2 46.6 — — — — 
Hilding Anders— — — — — — — — — — 
Hilding Anders30.3 — — — (30.3)— — — — — 
Asset Based Finance
See notes to unaudited consolidated financial statements.
45

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio CompanyFair 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 — — — — 
 Avida Holding AB, Common Stock 38.3 9.1 — — 4.9 52.3 — — — — 
 Kilter Finance, Preferred Stock 0.2 34.4 — — 1.5 36.1 1.3 1.2 — — 
 Kilter Finance, Private Equity 0.2 0.3 — — — 0.5 — — — — 
 KKR Rocket Loans Aggregator LLC, Partnership Interest — 1.4 — — — 1.4 — — — 0.1 
 My Community Homes SFR PropCo 2, Private Equity — 33.0 — — — 33.0 — — — — 
 Prime St LLC, Private Equity 3.9 4.6 — — 0.6 9.1 — — — — 
 Prime St LLC, Structured Mezzanine 22.8 27.6 — — 2.0 52.4 0.9 2.2 — — 
 Toorak Capital Funding LLC, Membership Interest 6.6 1.3 (4.9)— (1.3)1.7 — — — — 
 Toorak Capital LLC, Membership Interest 235.9 2.3 (50.2)10.2 1.1 199.3 — — — 18.7 
 Toorak Capital Partners LLC, Structured Mezzanine— 73.0 (51.0)— — 22.0 0.2 — — — 
Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC712.5 586.4 — — 97.3 1,396.2 — — — 126.9 
Equity/Other
 Advanced Lighting Technologies Inc, Common Stock — — — (16.5)16.5 — — — — — 
 Advanced Lighting Technologies Inc, Warrant — — — (0.1)0.1 — — — — — 
 Amtek Global Technology Pte Ltd, Common Stock — — — — — — — — — — 
 Amtek Global Technology Pte Ltd, Ordinary Shares — — — — — — — — — — 
 Amtek Global Technology Pte Ltd, Trade Claim — — (1.4)0.4 1.0 — — — — — 
 Amtek Global Technology Pte Ltd, Private Equity — — — — — — — — — — 
 ATX Networks Corp, Common Stock — — — — — — — — — — 
 Hilding Anders, Class A Common Stock — — — — — — — — — — 
 Hilding Anders, Class B Common Stock — — — — — — — — — — 
 Hilding Anders, Class C Common Stock — — — — — — — — — — 
 Hilding Anders, Equity Options — — — — — — — — — — 
 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)
— 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 — — — — 
 Production Resource Group LLC, Preferred Stock, Series B PIK — — — — — — — — — — 
 Sound United LLC, Class A Units — — — (1.1)1.1 — — — — — 
See notes to unaudited consolidated financial statements.
46

FS KKR Capital Corp.
Consolidated Schedule of Investments (continued)
As of December 31, 2021
(in millions, except share amounts)


Portfolio CompanyFair 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 
 Sound United LLC, Series I Units — — — (0.5)0.5 — — — — — 
 Sound United LLC, Series II Units — — — (0.5)0.5 — — — — — 
 Warren Resources Inc, Common Stock — 12.8 — — 7.6 20.4 — — — — 
Total$1,259.7 $1,568.4 $(252.0)$(48.5)$156.5 $2,684.1 $25.0 $35.9 $0.6 $165.7 
______________
(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 year ended December 31, 2021.
(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.




See notes to unaudited consolidated financial statements.
47

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements
(in millions, except share and per share amounts)

Note 1. Principal Business and Organization

FS KKR Capital Corp. (NYSE: 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 Company’s accounts and the accounts of its wholly-owned subsidiaries as of June 30, 2022. All intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes.
The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. 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. companies. 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.

Note 2. Summary of Significant Accounting Policies
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. 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 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. 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 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.
48

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)

Note 2. 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 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 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. See Note 4 for a discussion of the subordinated incentive fee on income under the prior investment advisory agreement.
Reclassifications: 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. 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 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. 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 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 statements. 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. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations.
Recent Accounting Pronouncements: In March 2020, the FASB issued ASU No. 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. 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
49

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)

Note 2. 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.

Note 3. Share Transactions
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,
 20222021
 SharesAmountSharesAmount
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 
_____________
(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 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 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.

50

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 4. 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 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 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 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 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. 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.
51

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 4. 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 EndedSix Months Ended
Related PartyJune 30,June 30,
Source AgreementDescription2022202120222021
The AdvisorInvestment advisory agreement and prior investment advisory agreement
Base Management Fee(1)
$63 $30 $125 $55 
The AdvisorInvestment advisory agreement and prior investment advisory agreement
Subordinated Incentive Fee on Income(2)
$22 $$47 $
The Advisor Administration agreement
Administrative Services Expenses(3)
$$$$
________________
(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
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 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
As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.
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
52

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 4. 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.
Note 5. Distributions
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:
 Distribution
For the Three Months EndedPer ShareAmount
Fiscal 2021
March 31, 2021$0.60 $74 
June 30, 20210.60 75 
Total$1.20 $149 
Fiscal 2022
March 31, 2022$0.63 $179 
June 30, 20220.68 193 
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
53

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 5. Distributions (continued)
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. During certain periods, the Company’s distributions may exceed its earnings. 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 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,
 20222021
Source of DistributionDistribution
Amount
PercentageDistribution
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— — — — 
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. 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 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 $17,569 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
54

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 5. Distributions (continued)
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.

Note 6. Investment Portfolio
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
 
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Senior Secured Loans—First Lien$10,106 $10,022 61.9 %$9,695 $9,765 60.7 %
Senior Secured Loans—Second Lien1,334 1,296 8.0 %1,564 1,557 9.7 %
Other Senior Secured Debt150 110 0.7 %149 120 0.7 %
Subordinated Debt196 80 0.5 %188 111 0.7 %
Asset Based Finance2,118 2,113 13.1 %2,132 2,245 13.9 %
Credit Opportunities Partners JV, LLC1,572 1,512 9.3 %1,397 1,396 8.7 %
Equity/Other1,137 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:
55

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

June 30, 2022
(Unaudited)December 31, 2021
Industry ClassificationFair
Value
Percentage  of
Portfolio
Fair
Value
Percentage  of
Portfolio
Automobiles & Components$83 0.5 %$89 0.5 %
Banks— — 15 0.1 %
Capital Goods2,172 13.4 %2,281 14.2 %
Commercial & Professional Services1,615 10.0 %1,615 10.0 %
Consumer Durables & Apparel340 2.1 %551 3.4 %
Consumer Services324 2.0 %393 2.4 %
Credit Opportunities Partners JV, LLC1,512 9.3 %1,396 8.7 %
Diversified Financials602 3.7 %672 4.2 %
Energy339 2.1 %241 1.5 %
Food & Staples Retailing270 1.7 %296 1.8 %
Food, Beverage & Tobacco191 1.2 %256 1.6 %
Health Care Equipment & Services2,066 12.8 %1,613 10.0 %
Household & Personal Products307 1.9 %227 1.4 %
Insurance938 5.8 %898 5.6 %
Materials209 1.3 %211 1.3 %
Media & Entertainment456 2.8 %720 4.5 %
Pharmaceuticals, Biotechnology & Life Sciences216 1.3 %235 1.5 %
Real Estate1,024 6.3 %876 5.4 %
Retailing310 1.9 %288 1.8 %
Software & Services2,705 16.7 %2,698 16.8 %
Technology Hardware & Equipment40 0.3 %42 0.3 %
Telecommunication Services107 0.7 %128 0.8 %
Transportation352 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,
56

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

2022. The Big Cedar Creek Funding Credit Facility provides loans in U.S. dollars, Australian dollars, Canadian dollars, New Zealand dollars, Euros and pounds sterling. U.S. 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. 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 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. U.S. 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. The Boxwood Drive Funding Credit Facility matures on April 15, 2025. 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. U.S. 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%. 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 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 June 30, 2022. The Green Creek Credit Facility provides for loans in U.S. dollars, Canadian dollars, Euros and pounds sterling. U.S. 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. 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 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. 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.
57

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. 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. U.S. 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:
As of
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)
8.9 %8.1 %
Number of portfolio companies in COPJV109 95 
Largest investment in a single portfolio company(1)
$131.8 $131.5 
Unfunded commitments(1)
$1.8 $1.9 
____________
(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 June 30, 2022 (in millions)
(Unaudited)
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Senior Secured Loans—First Lien—137.1%
48Forty Solutions LLC(e)(o)Commercial & Professional ServicesSF+6001.0%11/30/2026$19.5 $19.3 $19.3 
Accuride Corp(i)(j)Capital GoodsL+5251.0%11/17/202320.9 20.3 18.5 
58

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Advania Sverige AB(e)(o)Software & ServicesSR+610, 0.0% PIK (3.3% Max PIK)0.0%4/28/2028SEK588.0 $66.6 $56.3 
Advania Sverige AB(e)(o)Software & ServicesR+610, 0.0% PIK (3.3% Max PIK)0.0%4/28/2028ISK1,644.9 12.8 12.2 
Affordable Care Inc(e)(h)(i)(o)Health Care Equipment & ServicesL+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)InsuranceL+5250.8%12/22/202820.8 20.4 20.3 
Alera Group Intermediate Holdings Inc(e)(k)(o)InsuranceL+5500.8%10/2/202832.4 32.0 31.8 
Alstom SA(k)TransportationL+550, 2.5% PIK (2.5% Max PIK)1.0%8/29/20236.2 5.5 3.9 
American Vision Partners(e)(o)Health Care Equipment & ServicesL+5750.8%9/30/202719.6 19.4 19.3 
Ammeraal Beltech Holding BV(h)(k)Capital GoodsE+3500.0%7/30/20254.8 4.8 4.5 
Apex Group Limited(h)Diversified FinancialsL+3750.5%7/27/2028$4.2 4.2 4.0 
Apex Group Limited(h)Diversified FinancialsE+4000.0%7/27/20281.6 1.9 1.6 
Arcfield Acquisition Corp(e)(o)Capital GoodsL+5750.8%3/10/2028$8.1 8.0 7.9 
Arcos LLC/VA(e)(h)(j)Software & ServicesL+5751.0%3/31/202822.3 22.1 21.9 
Ardonagh Group Ltd(e)(i)InsuranceSA+7000.8%7/14/2026£3.8 4.7 4.6 
Ardonagh Group Ltd(e)(i)InsuranceE+7001.0%7/14/20260.5 0.5 0.5 
Ardonagh Group Ltd(e)(j)(k)(o)InsuranceL+5750.8%7/14/2026$54.8 54.2 53.3 
Arrotex Australia Group Pty Ltd(e)(j)(k)(o)Pharmaceuticals, Biotechnology & Life SciencesB+5251.0%7/10/2024A$109.4 73.8 75.5 
Arrotex Australia Group Pty Ltd(e)(j)(k)(o)Pharmaceuticals, Biotechnology & Life SciencesB+5251.0%7/10/20248.0 5.7 5.5 
Barbri Inc(e)(h)(i)Consumer ServicesL+5750.8%4/28/2028$47.5 47.5 47.5 
BearCom Acquisition Corp(e)(j)Technology Hardware & EquipmentL+6501.0%7/5/20242.2 2.2 2.1 
BearCom Acquisition Corp(e)(j)Technology Hardware & EquipmentC+5501.0%7/5/2024C$14.4 10.6 10.4 
BearCom Acquisition Corp(e)(f)Technology Hardware & EquipmentC+5501.0%1/5/20241.3 1.0 1.0 
Belk IncRetailingL+7501.0%7/31/2025$0.6 0.6 0.6 
Belk IncRetailing5.0%, 8.0% PIK (8.0% Max PIK)7/31/20253.0 1.7 1.3 
BGB Group LLC(e)(h)(i)(o)Media & EntertainmentL+5751.0%8/16/202754.6 54.3 54.0 
Big Bus Tours Ltd(e)(j)Consumer ServicesL+850 PIK (L+850 Max PIK)1.0%3/15/202417.1 17.1 12.8 
Big Bus Tours Ltd(e)(j)Consumer ServicesE+850 PIK (E+850 Max PIK)1.0%3/15/202412.1 13.5 9.4 
Bugaboo International BV(e)(h)(i)Consumer Durables & ApparelE+700, 0.0% PIK (7.8% Max PIK)0.0%3/20/202535.0 40.9 36.6 
CSafe Global(e)(h)(i)(k)Capital GoodsL+6250.8%12/23/2027$59.7 59.6 59.7 
CSafe Global(e)(h)Capital GoodsL+6250.8%8/13/202817.4 17.4 17.4 
Cubic Corp(i)Software & ServicesL+4250.8%5/25/20289.1 9.2 8.5 
EIF Van Hook Holdings LLC(i)(k)EnergyL+5250.0%9/5/20247.9 7.6 7.6 
Encora Digital Inc(e)(o)Software & ServicesL+550, 0.0% PIK (2.4% Max PIK)0.7%12/13/202816.3 15.9 15.7 
Follett Software Co(e)(h)(i)Software & ServicesL+5750.8%8/31/202837.7 37.4 37.3 
Frontline Technologies Group LLC(e)(i)(o)Software & ServicesL+5251.0%9/18/202335.8 35.8 35.8 
Galaxy Universal LLC(e)(h)Consumer Durables & ApparelL+5001.0%11/12/20269.6 9.6 9.5 
Galway Partners Holdings LLC(e)(k)(o)InsuranceL+525, 0.0% PIK (1.3% Max PIK)0.8%9/29/202837.1 36.3 36.0 
General Datatech LP(e)(j)Software & ServicesL+6251.0%6/18/202710.0 9.9 9.7 
Greystone Equity Member Corp(e)Diversified FinancialsL+7253.8%4/1/202630.2 30.0 29.3 
HealthChannels LLC(j)Health Care Equipment & ServicesL+4500.0%4/3/202515.5 15.4 13.3 
Hermes UK Ltd(e)(k)TransportationSA+6500.0%11/30/2027£14.7 19.5 16.8 
Higginbotham Insurance Agency Inc(e)(h)(i)InsuranceL+5500.8%11/25/2026$37.8 38.2 38.0 
59

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Industria Chimica Emiliana Srl(e)(j)(k)(o)Pharmaceuticals, Biotechnology & Life SciencesE+7250.0%9/27/2026113.9 $125.2 $117.7 
Insight Global LLC(e)(h)(i)(o)Commercial & Professional ServicesL+6000.8%9/22/2028$64.0 63.2 62.8 
KBP Investments LLC(e)(h)(i)Food & Staples RetailingL+5250.8%5/26/202723.7 23.5 22.4 
Kellermeyer Bergensons Services LLC(e)(i)(j)Commercial & Professional ServicesL+6001.0%11/7/202629.3 28.1 28.5 
Kettle Cuisine LLC(j)Food, Beverage & TobaccoL+3751.0%8/25/202516.4 16.3 15.3 
Lakefield Veterinary Group(e)(o)Health Care Equipment & ServicesL+5500.8%11/23/202827.2 26.8 26.6 
Lakeview Farms Inc(e)(j)Food, Beverage & TobaccoL+6251.0%6/10/202715.6 15.6 14.9 
Lexitas Inc(e)(h)Commercial & Professional ServicesSF+6251.0%5/18/202918.6 18.5 18.4 
Lionbridge Technologies Inc(e)(i)(j)Consumer ServicesSF+7001.0%12/29/202527.5 27.0 27.9 
Lipari Foods LLC(e)(k)Food & Staples RetailingSF+5751.0%1/6/202564.9 64.8 64.9 
Lloyd's Register Quality Assurance Ltd(e)(i)(o)Consumer ServicesE+600, 0.0% PIK (6.3% Max PIK)0.0%12/2/202844.3 48.7 45.2 
Med-Metrix(e)(o)Software & ServicesL+6001.0%9/15/2027$11.9 11.9 11.9 
Monitronics International Inc(h)(i)(k)Commercial & Professional ServicesL+6001.5%7/3/202435.5 33.3 35.1 
Motion Recruitment Partners LLC(e)(h)(j)Commercial & Professional ServicesL+6501.0%12/22/202524.9 24.6 24.9 
New Era Technology Inc(e)(j)Software & ServicesL+6251.0%10/31/202610.0 9.9 9.8 
Novotech Pty Ltd(e)(k)(o)Health Care Equipment & ServicesSF+5750.5%1/13/202824.4 23.9 24.2 
Novotech Pty Ltd(e)(k)(o)Health Care Equipment & ServicesB+5750.5%1/13/2028A$33.7 24.8 22.9 
One Call Care Management Inc(h)Health Care Equipment & ServicesL+5500.8%4/22/2027$5.0 5.0 4.0 
Ontic Engineering & Manufacturing Inc(h)Capital GoodsL+4000.0%10/30/20262.1 1.9 2.1 
Parata Systems(e)(h)(i)Health Care Equipment & ServicesL+5751.0%6/30/202757.6 57.4 58.1 
Parts Town LLC(e)(h)(k)(o)RetailingL+5500.8%11/1/202849.7 48.5 48.2 
Precision Global Corp(e)(j)MaterialsL+4751.0%8/3/20249.0 8.7 8.8 
Premium Credit Ltd(e)(h)(i)(k)Diversified FinancialsSA+6500.0%1/16/2026£49.4 64.1 60.1 
Pretium Packaging LLC(j)Household & Personal ProductsL+4000.5%10/2/2028$1.6 1.6 1.5 
Project Marron(e)(h)(j)(k)Consumer ServicesB+6250.5%7/2/2025A$81.8 56.2 53.9 
Project Marron(e)(i)(j)Consumer ServicesC+6250.5%7/2/2025C$52.5 40.0 38.9 
Pure Fishing Inc(i)Consumer Durables & ApparelL+4500.0%12/22/2025$9.9 9.8 8.5 
Qdoba Restaurant Corp(h)(k)Consumer ServicesL+7001.0%3/21/20253.5 3.3 3.1 
Reliant Rehab Hospital Cincinnati LLC(e)(j)(o)Health Care Equipment & ServicesL+6250.0%2/28/202634.0 33.0 31.4 
Revere Superior Holdings Inc(e)(k)Software & ServicesL+5751.0%9/30/202619.7 19.7 19.7 
Rise Baking Company(e)(k)Food, Beverage & TobaccoL+6251.0%8/13/20271.2 1.1 1.1 
Rise Baking Company(e)(j)(k)Food, Beverage & TobaccoL+6501.0%8/13/202730.6 29.9 28.4 
Rise Baking Company(e)(f)Food, Beverage & TobaccoL+6251.0%8/13/20270.8 0.8 0.7 
RSC Insurance Brokerage Inc(e)(k)InsuranceSF+5500.8%10/30/202618.9 18.9 18.9 
Safe-Guard Products International LLC(e)(i)(j)(k)Diversified FinancialsL+5000.5%1/27/202773.9 74.3 73.9 
SAMBA Safety Inc(e)(h)(j)Software & ServicesL+5251.0%9/1/202727.2 27.0 27.0 
SavATree LLC(e)(j)(k)Consumer ServicesL+5500.8%10/12/202839.8 39.5 39.4 
Sequa Corp(h)(j)(k)Capital GoodsL+675, 0.0% PIK (1.0% Max PIK)1.0%11/28/202323.4 22.8 23.3 
SIRVA Worldwide Inc(i)Commercial & Professional ServicesL+5500.0%8/4/20257.0 6.7 6.3 
SitusAMC Holdings Corp(e)(o)Real EstateL+5750.8%12/22/202718.7 18.5 18.2 
Staples Canada(e)(h)(i)(j)(k)RetailingC+7001.0%9/12/2024C$80.6 62.0 64.5 
Summit Interconnect Inc(e)(o)Capital GoodsL+6001.0%9/22/2028$19.6 19.4 18.7 
Time Manufacturing Co(e)(h)(i)Capital GoodsE+6500.8%12/1/202729.4 32.5 29.0 
Total Safety US Inc(h)(i)Capital GoodsL+6001.0%8/18/2025$11.5 10.2 11.1 
Transaction Services Group Ltd(e)(j)(k)(n)(o)Software & ServicesB+6500.0%10/15/2026A$124.1 85.2 85.7 
West Corp(i)Software & ServicesL+4001.0%10/10/2024$12.1 11.9 10.4 
60

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
West Corp(i)Software & ServicesL+3501.0%10/10/2024$2.5 $2.5 $2.2 
Woolpert Inc(e)(h)(i)(j)Capital GoodsL+6001.0%4/5/202853.3 52.8 52.9 
Yak Access LLC(n)Capital GoodsL+5000.0%7/11/20250.8 0.6 0.5 
Total Senior Secured Loans—First Lien2,435.4 2,370.8 
Unfunded Loan Commitments(1.8)(1.8)
Net Senior Secured Loans—First Lien2,433.6 2,369.0 
Senior Secured Loans—Second Lien—23.9%
Access CIG LLC(h)(i)Commercial & Professional ServicesL+7750.0%2/27/20262.5 2.3 2.4 
Ammeraal Beltech Holding BV(e)(h)(k)(o)Capital GoodsL+7750.0%9/12/202657.8 56.7 56.4 
Apex Group Limited(e)(h)(i)(o)Diversified FinancialsL+6750.5%7/27/202940.0 39.7 39.2 
EaglePicher Technologies LLC(h)Capital GoodsL+7250.0%3/8/20260.4 0.4 0.4 
Excelitas Technologies Corp(h)(i)(j)Technology Hardware & EquipmentL+7501.0%12/1/202522.6 20.0 21.8 
Misys Ltd(h)(i)(k)(o)Software & ServicesL+7251.0%6/13/202546.6 44.5 40.4 
NEP Broadcasting LLC(i)Media & EntertainmentL+7000.0%10/19/20266.8 6.7 6.3 
OEConnection LLC(e)(h)(i)(j)Software & ServicesL+7000.5%9/25/202750.0 50.0 48.7 
Paradigm Acquisition Corp(h)(k)Health Care Equipment & ServicesL+7500.0%10/26/20262.5 2.5 2.5 
Pretium Packaging LLC(e)(h)(i)(j)Household & Personal ProductsL+6750.5%10/1/202939.9 39.7 36.8 
Pure Fishing Inc(e)(h)Consumer Durables & ApparelL+8381.0%12/21/202626.5 24.0 23.6 
SIRVA Worldwide Inc(i)(j)Commercial & Professional ServicesL+9500.0%8/3/202610.3 8.6 8.7 
Valeo Foods Group Ltd(e)(h)Food, Beverage & TobaccoSA+8000.0%10/1/2029£9.3 11.8 10.8 
Watchfire Enterprises Inc(e)(j)Technology Hardware & EquipmentL+8001.0%10/2/2024$9.3 7.3 9.3 
Wittur Holding GmbH(e)(j)(k)(n)Capital GoodsE+850, 0.5% PIK (0.5% Max PIK)0.0%9/23/2027120.8 131.8 106.2 
Total Senior Secured Loans—Second Lien446.0 413.5 
Other Senior Secured Debt—1.2%
One Call Care Management Inc(e)Health Care Equipment & Services8.5% PIK (8.5% Max PIK)11/1/2028$24.5 23.9 21.4 
Total Other Senior Secured Debt23.921.4
Subordinated Debt—0.3%
athenahealth IncHealth Care Equipment & Services6.5%2/15/20305.5 4.7 4.6 
Total Subordinated Debt4.7 4.6 
Asset Based Finance—34.7%
Abacus JV, Private Equity(e)Insurance31,400,804 32.2 32.5 
Altavair AirFinance, Private Equity(e)Capital Goods36,500,000 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 Financials3,034,410 3.0 3.1 
Global Lending Services LLC, Private Equity(e)Diversified Financials20,650,000 27.1 23.6 
Home Partners JV, Common Stock(e)Real Estate14,241,634 21.4 46.8 
Home Partners JV, Structured Mezzanine(e)Real Estate11.0% 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 Goods19,642,734 24.4 16.5 
61

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment7.8%9/22/20246.9 $8.1 $7.2 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment7.8%9/22/2024$10.7 10.7 10.7 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment11.8%9/22/20244.8 5.6 5.0 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment11.8%9/22/2024£1.3 1.8 1.6 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment7.8%9/22/2024£1.9 2.6 2.3 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment11.8%9/22/2024$7.4 7.4 7.4 
Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan(e)(h)(n)InsuranceL+7501.5%2/27/2025$21.7 21.8 21.6 
Luxembourg Life Fund - Absolute Return Fund III, Term Loan(e)(h)(k)(n)InsuranceL+9250.0%5/27/2026$57.0 56.6 57.9 
Luxembourg Life Fund - Long Term Growth Fund, Term Loan(e)(h)(i)(k)(n)InsuranceL+9250.0%4/1/2023$94.6 94.3 95.5 
Music IP, Private Equity(e)Media & Entertainment19,625,000 22.9 22.0 
My Community Homes PropCo 2, Private Equity(e)(p)Real Estate35,000,000 35.0 35.0 
NewStar Clarendon 2014-1A Class D(e)(k)(n)Diversified Financials18.9%1/25/2027$30.0 9.3 12.8 
Pretium Partners LLC P1, Structured Mezzanine(e)(h)(i)Real Estate2.8%, 5.3% PIK (5.3% Max PIK)10/22/2026$26.3 25.9 26.3 
Pretium Partners LLC P2, Private Equity(e)Real Estate16,772,368 16.2 14.3 
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity(e)Real Estate40,000,000 50.2 48.5 
Sealane Trade Finance(e)(m)BanksL+9630.0%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 Finance580.2 600.1 
Equity/Other—11.3%
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock(e)(l)(p)Energy13,556 3.6 4.8 
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim(e)(l)(p)Energy115,178,571 30.5 41.1 
athenahealth Inc, Preferred Stock(e)Health Care Equipment & Services10.8% PIK (10.8% Max PIK)50,000,000 47.5 47.6 
Belk Inc, Common Stock(e)(p)Retailing381 — — 
Misys Ltd, Preferred Stock(e)Software & ServicesL+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 & Services34,873 2.2 2.2 
One Call Care Management Inc, Preferred Stock A(e)(p)Health Care Equipment & Services371,993 23.7 23.6 
One Call Care Management Inc, Preferred Stock B(e)Health Care Equipment & Services9.0% PIK (9.0% Max PIK)10/25/20297,672,346 8.8 7.7 
Pure Gym Ltd, Private Equity(e)(p)Consumer Services30,218,000 39.4 38.0 
Zeta Interactive Holdings Corp, Common Stock(k)(p)Software & Services1,766,696 15.1 8.0 
Total Equity/Other194.0 195.4 
TOTAL INVESTMENTS—208.5%$3,682.4 $3,604.0 
Derivative Instruments—2.0%
62

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity 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.
(c)Denominated in U.S. dollars unless otherwise noted.
(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.



63

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

Credit Opportunities Partners JV, LLC Portfolio
As of December 31, 2021 (in millions)
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Senior Secured Loans—First Lien—135.2%
ABB CONCISE Optical Group LLC(j)(k)RetailingL+5001.0%6/15/23$16.2 $14.5 $15.7 
Accuride Corp(i)(j)Capital GoodsL+5251.0%11/17/2321.0 20.3 20.3 
Advania Sverige AB(e)Software & ServicesSR+610, 0.0% PIK (3.3% Max PIK)0.0%4/28/28SEK588.0 66.4 64.3 
Advania Sverige AB(e)Software & ServicesR+610, 0.0% PIK (3.3% Max PIK)0.0%4/28/28ISK1,644.9 12.8 12.5 
Affordable Care Inc(e)(h)(i)Health Care Equipment & ServicesL+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)InsuranceL+5500.8%10/2/2820.2 20.0 20.0 
Alstom SA(k)TransportationL+550, 2.5% PIK (2.5% Max PIK)1.0%8/29/236.1 5.3 5.0 
Ammeraal Beltech Holding BV(h)(k)Capital GoodsE+3500.0%7/30/254.8 4.7 5.4 
Apex Group Limited(h)Diversified FinancialsL+3750.5%7/27/28$4.2 4.2 4.2 
Apex Group Limited(h)Diversified FinancialsE+4000.0%7/27/281.6 1.9 1.8 
Arcos LLC/VA(e)(h)(j)Software & ServicesL+5751.0%3/31/28$22.4 22.2 22.3 
Ardonagh Group Ltd(e)(i)InsuranceL+6750.8%7/14/26£3.8 4.7 5.2 
Ardonagh Group Ltd(e)(i)InsuranceE+6751.0%7/14/260.5 0.5 0.6 
Ardonagh Group Ltd(e)(j)(k)InsuranceL+5500.8%7/14/26$40.7 40.3 40.3 
Arrotex Australia Group Pty Ltd(e)(j)(k)(n)Pharmaceuticals, Biotechnology & Life SciencesB+5251.0%7/10/24A$109.4 73.6 79.7 
Arrotex Australia Group Pty Ltd(e)(j)(k)(n)Pharmaceuticals, Biotechnology & Life SciencesB+5251.0%7/10/248.0 5.7 5.8 
Barbri Inc(e)(h)(i)Consumer ServicesL+5750.8%4/28/28$47.7 47.7 47.7 
BearCom Acquisition Corp(e)(j)Technology Hardware & EquipmentL+6001.0%7/5/242.2 2.2 2.1 
BearCom Acquisition Corp(e)(j)Technology Hardware & EquipmentC+5501.0%7/5/24C$14.4 10.5 11.0 
BearCom Acquisition Corp(e)(f)Technology Hardware & EquipmentC+5501.0%1/5/241.3 1.0 1.0 
Belk IncRetailingL+7501.0%7/31/25$0.6 0.6 0.6 
Belk IncRetailing5.0%, 8.0% PIK (8.0% Max PIK)7/31/252.9 1.5 2.1 
BGB Group LLC(e)(h)(i)Media & EntertainmentL+5751.0%8/16/2748.5 48.2 48.3 
Big Bus Tours Ltd(e)(j)Consumer ServicesL+850 PIK (L+850 Max PIK)1.0%3/15/2416.4 16.4 10.3 
Big Bus Tours Ltd(e)(j)Consumer ServicesE+850 PIK (E+850 Max PIK)1.0%3/15/2411.5 12.9 8.3 
Bugaboo International BV(e)(h)(i)(n)Consumer Durables & ApparelE+700, 0.0% PIK (7.8% Max PIK)0.0%3/20/2535.0 40.8 39.8 
Caprock Midstream LLC(i)EnergyL+4750.0%11/3/25$13.3 13.0 13.2 
CSafe Global(e)(h)(i)(k)Capital GoodsL+6250.8%12/23/2760.0 59.9 60.0 
CSafe Global(e)(h)Capital GoodsL+6250.8%8/13/2817.5 17.5 17.5 
Cubic Corp(i)Software & ServicesL+4250.8%5/25/289.2 9.2 9.2 
Eagleclaw Midstream Ventures LLC(k)EnergyL+4251.0%6/24/2411.1 10.6 11.1 
EIF Van Hook Holdings LLC(i)(k)EnergyL+5250.0%9/5/248.1 7.8 7.8 
Entertainment Benefits Group LLC(e)(k)Media & EntertainmentL+575, 2.5% PIK (2.5% Max PIK)1.0%9/30/252.6 2.6 2.5 
Follett Software Co(e)(h)(i)Software & ServicesL+5750.8%8/31/2837.9 37.5 37.7 
Frontline Technologies Group LLC(e)(i)Software & ServicesL+5251.0%9/18/2319.7 19.8 19.7 
Galway Partners Holdings LLC(e)(k)InsuranceL+525, 0.0% PIK (1.3% Max PIK)0.8%9/29/2820.3 20.0 20.0 
General Datatech LP(e)(j)Software & ServicesL+6251.0%6/18/2710.2 10.0 10.0 
Greystone Equity Member Corp(e)Diversified FinancialsL+7253.8%4/1/2630.2 30.0 29.9 
HealthChannels LLC(j)Health Care Equipment & ServicesL+4500.0%4/3/2515.6 15.5 14.3 
Hermes UK Ltd(e)TransportationSA+6500.0%11/30/27£14.7 19.5 19.3 
64

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Higginbotham Insurance Agency Inc(e)(h)(i)InsuranceL+5500.8%11/25/26$38.0 $38.4 $38.8 
Industria Chimica Emiliana Srl(e)(j)(k)(n)Pharmaceuticals, Biotechnology & Life SciencesE+7250.0%9/27/26113.9 125.0 133.3 
Insight Global LLC(e)(h)(i)Commercial & Professional ServicesL+6000.8%9/22/28$37.9 37.5 37.4 
KBP Investments LLC(e)(h)(i)Food & Staples RetailingL+5000.8%5/26/2723.7 23.6 23.5 
Kellermeyer Bergensons Services LLC(e)(i)(j)Commercial & Professional ServicesL+5751.0%11/7/2629.5 28.1 29.6 
Kettle Cuisine LLC(j)Food, Beverage & TobaccoL+3751.0%8/25/2516.4 16.4 15.6 
Lakeview Farms Inc(e)(j)Food, Beverage & TobaccoL+6251.0%6/10/2715.7 15.6 15.6 
Lexitas Inc(e)(h)Commercial & Professional ServicesL+6001.0%11/14/258.0 7.9 8.1 
Lexitas Inc(e)(h)Commercial & Professional ServicesL+6001.0%11/14/2510.7 10.7 10.8 
Lionbridge Technologies Inc(e)(i)(j)Consumer ServicesL+7001.0%12/29/2528.3 27.7 28.9 
Lipari Foods LLC(e)(k)Food & Staples RetailingL+5751.0%1/6/2565.3 65.2 65.4 
Lloyd's Register Quality Assurance Ltd(e)(i)(k)Consumer ServicesE+600, 0.0% PIK (6.3% Max PIK)0.0%12/2/2844.3 48.6 48.9 
Monitronics International Inc(h)(i)(k)Commercial & Professional ServicesL+5001.5%7/3/24$35.5 32.9 35.6 
Motion Recruitment Partners LLC(e)(h)(j)Commercial & Professional ServicesL+6501.0%12/22/2525.0 24.7 24.7 
New Era Technology Inc(e)(j)Software & ServicesL+6251.0%10/31/2610.0 10.0 10.0 
One Call Care Management Inc(h)Health Care Equipment & ServicesL+5500.8%4/22/275.0 5.0 5.0 
Ontic Engineering & Manufacturing Inc(h)Capital GoodsL+4000.0%10/30/262.1 1.9 2.1 
Parata Systems(e)(h)(i)Health Care Equipment & ServicesL+5751.0%6/30/2757.9 57.7 58.0 
Precision Global Corp(e)(j)MaterialsL+4751.0%8/3/249.0 8.7 8.7 
Premium Credit Ltd(e)(h)(i)Diversified FinancialsL+6500.0%1/16/26£49.4 63.9 67.0 
Pretium Packaging LLC(j)Household & Personal ProductsL+4000.5%10/2/28$1.6 1.6 1.6 
Project Marron(e)(h)(j)Consumer ServicesB+6250.0%7/2/25A$63.6 43.9 43.6 
Project Marron(e)(i)(j)Consumer ServicesC+6250.0%7/2/25C$52.5 39.9 39.1 
Project Marron(e)(h)Consumer ServicesB+5750.0%7/2/25A$3.2 2.3 2.2 
Pure Fishing Inc(i)Consumer Durables & ApparelL+4500.0%12/22/25$9.9 9.8 9.6 
Qdoba Restaurant Corp(h)(k)Consumer ServicesL+7001.0%3/21/253.5 3.3 3.4 
Reliant Rehab Hospital Cincinnati LLC(e)(j)Health Care Equipment & ServicesL+6250.0%2/28/2615.6 15.2 15.3 
Revere Superior Holdings Inc(e)(k)Software & ServicesL+5751.0%9/30/2619.8 19.8 19.9 
Rise Baking Company(e)(k)Food, Beverage & TobaccoL+6251.0%8/13/271.0 1.0 1.0 
Rise Baking Company(e)(j)(k)Food, Beverage & TobaccoL+6251.0%8/13/2730.7 30.0 30.1 
Rise Baking Company(e)(f)Food, Beverage & TobaccoL+6251.0%8/13/270.9 0.9 0.9 
RSC Insurance Brokerage Inc(e)(k)InsuranceL+5500.8%10/30/2619.0 19.0 19.2 
Safe-Guard Products International LLC(e)(i)(j)(k)Diversified FinancialsL+5000.5%1/27/2775.5 76.0 75.5 
SAMBA Safety Inc(e)(h)(j)Software & ServicesL+5751.0%9/1/2727.4 27.1 27.2 
SavATree LLC(e)(j)(k)Consumer ServicesL+5500.8%10/12/2840.0 39.7 39.7 
Sequa Corp(h)(j)(k)Capital GoodsL+675, 0.0% PIK (1.0% Max PIK)1.0%11/28/2345.4 43.9 45.8 
SIRVA Worldwide Inc(i)Commercial & Professional ServicesL+5500.0%8/4/257.1 6.7 6.4 
Staples Canada(e)(h)(i)(j)(k)(n)RetailingC+7001.0%9/12/24C$87.0 67.1 70.8 
Summit Interconnect Inc(e)(j)Capital GoodsL+6001.0%9/22/28$10.1 10.0 10.0 
Time Manufacturing Co(e)(h)(i)Capital GoodsE+6500.8%12/1/2729.5 32.7 32.9 
Total Safety US Inc(h)(i)Capital GoodsL+6001.0%8/18/25$11.8 10.4 11.7 
Transaction Services Group Ltd(e)(j)(k)(n)Software & ServicesB+6500.0%10/15/26A$162.0 110.9 115.2 
West Corp(i)Software & ServicesL+4001.0%10/10/24$12.4 12.2 11.8 
West Corp(i)Software & ServicesL+3501.0%10/10/242.6 2.5 2.4 
Woolpert Inc(e)(h)(i)(j)Capital GoodsL+6001.0%4/5/2853.5 53.0 54.3 
Yak Access LLC(n)Capital GoodsL+5000.0%7/11/250.8 0.6 0.7 
Total Senior Secured Loans—First Lien2,136.4 2,159.4 
65

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Unfunded Loan Commitments$(1.9)$(1.9)
Net Senior Secured Loans—First Lien2,134.5 2,157.5 
Senior Secured Loans—Second Lien—31.5%
Access CIG LLC(h)(i)Commercial & Professional ServicesL+7750.0%2/27/262.5 2.2 2.5 
Ammeraal Beltech Holding BV(e)(k)(n)Capital GoodsL+7750.0%9/12/2681.5 79.8 80.3 
Apex Group Limited(e)(h)(i)Diversified FinancialsL+6750.5%7/27/2932.0 31.7 32.0 
EaglePicher Technologies LLC(h)Capital GoodsL+7250.0%3/8/260.4 0.4 0.4 
Excelitas Technologies Corp(h)(i)(j)Technology Hardware & EquipmentL+7501.0%12/1/2522.6 19.7 22.7 
Misys Ltd(h)(i)(k)Software & ServicesL+7251.0%6/13/2541.2 38.8 41.2 
NEP Broadcasting LLC(i)Media & EntertainmentL+7000.0%10/19/266.8 6.7 6.7 
OEConnection LLC(e)(h)(i)(j)Software & ServicesL+8250.0%9/25/2750.0 50.0 49.1 
Paradigm Acquisition Corp(h)(k)Health Care Equipment & ServicesL+7500.0%10/26/262.5 2.5 2.5 
Pretium Packaging LLC(e)(h)(i)(j)Household & Personal ProductsL+6750.5%10/1/2939.9 39.7 39.5 
Pure Fishing Inc(e)(k)Consumer Durables & ApparelL+8381.0%12/21/2646.8 42.0 44.5 
Sequa Corp(i)(k)Capital GoodsL+1,075, 0.0% PIK (6.8% Max PIK)1.0%4/28/2439.1 33.9 39.1 
SIRVA Worldwide Inc(j)Commercial & Professional ServicesL+9500.0%8/3/263.8 3.1 3.3 
Watchfire Enterprises Inc(e)(j)Technology Hardware & EquipmentL+8251.0%10/2/249.3 9.3 9.3 
Wittur Holding GmbH(e)(j)(k)(n)Capital GoodsE+850, 0.5% PIK (0.5% Max PIK)0.0%9/23/27120.5 131.5 129.3 
Total Senior Secured Loans—Second Lien491.3 502.4 
Other Senior Secured Debt—1.5%
One Call Care Management Inc(e)Health Care Equipment & Services8.5% PIK (8.5% Max PIK)11/1/28$23.5 22.9 23.5 
Total Other Senior Secured Debt22.923.5
Asset Based Finance—31.0%
Abacus JV, Private Equity(e)Insurance31,916,927 32.7 34.2 
Altavair AirFinance, Private Equity(e)Capital Goods36,500,000 43.0 44.1 
GA Capital Specialty Lending Fund, Limited Partnership Interest(e)(n)Diversified Financials— 4.5 
Global Lending Services LLC, Private Equity(e)(n)Diversified Financials3,653,142 3.7 4.6 
Home Partners JV, Common Stock(e)(o)Real Estate15,249,687 22.9 37.6 
Home Partners JV, Structured Mezzanine(e)Real Estate11.0% 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 Goods19,642,734 24.4 15.9 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment7.8%9/22/246.9 8.1 7.9 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment7.8%9/22/24$10.7 10.7 10.7 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment11.8%9/22/244.8 5.6 5.4 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment11.8%9/22/24£1.3 1.8 1.7 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment7.8%9/22/24£1.9 2.6 2.5 
Lenovo Group Ltd, Structured Mezzanine(e)(n)Technology Hardware & Equipment11.8%9/22/24$7.4 7.4 7.4 
Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan(e)(h)(n)InsuranceL+7501.5%2/27/25$26.8 26.9 27.1 
Luxembourg Life Fund - Absolute Return Fund III, Term Loan(e)(h)(k)(n)InsuranceL+9250.0%5/27/26$57.5 57.0 57.0 
66

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Luxembourg Life Fund - Long Term Growth Fund, Term Loan(e)(h)(i)(k)(n)InsuranceL+9250.0%4/1/23$94.6 $94.1 $94.5 
NewStar Clarendon 2014-1A Class D(e)(k)(n)Diversified Financials18.3%1/25/27$30.0 9.3 15.3 
Pretium Partners LLC P1, Structured Mezzanine(e)(h)(i)Real Estate2.8%, 5.3% PIK (5.3% Max PIK)10/22/26$18.9 18.6 19.1 
Sealane Trade Finance(e)(m)BanksL+3750.0%5/8/23$5.0 5.0 5.0 
Sealane Trade Finance(e)(m)BanksL+9630.0%5/8/23$11.2 11.2 11.2 
Toorak Capital Partners LLC, Private Equity(e)Real Estate40,000,000 50.2 50.4 
Total Asset Based Finance473.6 494.5 
Equity/Other—5.1%
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock(e)(l)(o)Energy13,556 3.6 3.1 
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim(e)(l)(o)Energy115,178,571 30.5 26.4 
Belk Inc, Common Stock(e)(o)Retailing381 — — 
One Call Care Management Inc, Common Stock(e)(o)Health Care Equipment & Services34,873 2.2 2.4 
One Call Care Management Inc, Preferred Stock A(e)(o)Health Care Equipment & Services371,993 23.7 26.1 
One Call Care Management Inc, Preferred Stock B(e)Health Care Equipment & Services9.0% PIK (9.0% Max PIK)10/25/297,672,346 8.8 9.2 
Zeta Interactive Holdings Corp, Common Stock(k)(o)Software & Services1,766,696 15.1 14.9 
Total Equity/Other83.9 82.1 
TOTAL INVESTMENTS—204.3%$3,206.2 $3,260.0 
Derivative Instruments—(0.4)%
Foreign currency forward contracts$(6.7)
____________
(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 0.19%, and
67

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)

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.
(c)Denominated in U.S. dollars unless otherwise noted.
(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:
As of
June 30, 2022
(Unaudited)
December 31, 2021
Selected Balance Sheet Information
Total investments, at fair value$3,604.0 $3,260.0 
Cash and other assets267.2 414.3 
Total assets3,871.2 3,674.3 
Debt1,613.5 1,442.0 
Other liabilities529.5 636.7 
Total liabilities2,143.0 2,078.7 
Member's equity$1,728.2 $1,595.6 
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,
2022202120222021
Selected Statement of Operations Information
Total investment income$75.8 $36.1 $136.7 $72.2 
Expenses
Interest expense11.3 8.3 24.9 14.3 
Custodian and accounting fees0.5 0.1 0.9 0.2 
Administrative services2.2 0.8 4.6 1.8 
Professional services0.0 0.2 0.2 0.3 
Other0.0 0.0 0.1 0.1 
Total expenses14.0 9.4 30.7 16.7 
Net investment income61.8 26.7 106.0 55.5 
Net realized and unrealized gain (loss)(64.6)48.1 (63.4)66.7 
Net increase in net assets resulting from operations$(2.8)$74.8 $42.6 $122.2 

68

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 7. 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:
Fair Value
Derivative InstrumentStatement Location
June 30, 2022 (Unaudited)
December 31, 2021
Foreign currency forward contractsUnrealized appreciation on foreign currency forward contracts$24 $
Foreign currency forward contractsUnrealized depreciation on foreign currency forward contracts(1)
Total$24 $

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)
Six Months Ended June 30,
Derivative InstrumentStatement Location20222021
Foreign currency forward contractsNet realized gain (loss) on foreign currency forward contracts$$
Total$$
Net Unrealized Gains (Losses)
Six Months Ended June 30,
Derivative InstrumentStatement Location20222021
Foreign currency forward contractsNet change in unrealized appreciation (depreciation) on foreign currency forward contracts$16 $
Total$16 $
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)
CounterpartyDerivative Assets Subject to Master Netting AgreementDerivatives Available for Offset
Non-cash Collateral Received(1)
Cash Collateral Received(1)
Net Amount of Derivative Assets(2)
JP Morgan Chase Bank$24 $$— $— $24 
Total$24 $$— $— $24 
CounterpartyDerivative Liabilities Subject to Master Netting AgreementDerivatives Available for Offset
Non-cash Collateral Pledged(1)
Cash Collateral Pledged(1)
Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank$$$— $— $— 
Total$$$— $— $— 
69

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 7. Financial Instruments (continued)
As of December 31, 2021
CounterpartyDerivative Assets Subject to Master Netting AgreementDerivatives Available for Offset
Non-cash Collateral Received(1)
Cash Collateral Received(1)
Net Amount of Derivative Assets(2)
JP Morgan Chase Bank$$(1)$— $— $
Total$$(1)$— $— $
CounterpartyDerivative Liabilities Subject to Master Netting AgreementDerivatives Available for Offset
Non-cash Collateral Pledged(1)
Cash Collateral Pledged(1)
Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank$(1)$$— $— $— 
Total$(1)$$— $— $— 
___________
(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.

70

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 8. 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:
Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.
Level 3: 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 inputs646 703 
Level 3—Significant unobservable inputs14,004 13,972 
Investments measured at net asset value(1)
1,512 1,396 
$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
71

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 8. 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
LoansFirst
Lien
Senior Secured
LoansSecond
Lien
Other Senior
Secured
Debt
Subordinated
Debt
Asset Based FinanceEquity/OtherTotal
Fair value at beginning of period$9,542 $1,205 $29 $74 $2,245 $877 $13,972 
Accretion of discount (amortization of premium)37 — — 47 
Net realized gain (loss)(62)(42)— — 51 207 154 
Net change in unrealized appreciation (depreciation)(111)(20)(8)(39)(118)(59)(355)
Purchases1,920 — 42 711 340 3,021 
Paid-in-kind interest20 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)$$(390)
 For the Six Months Ended June 30, 2021
 
Senior Secured
LoansFirst
Lien
Senior Secured
LoansSecond
Lien
Other Senior
Secured
Debt
Subordinated
Debt
Asset Based FinanceEquity/OtherTotal
Fair value at beginning of period$3,276 $862 $36 $152 $951 $530 $5,807 
Accretion of discount (amortization of premium)— — — 14 
Net realized gain (loss)10 (99)(23)(7)41 (75)
Net change in unrealized appreciation (depreciation)345 177 31 — 78 141 772 
Purchases5,346 1,138 52 1,082 380 8,002 
Paid-in-kind interest— — 15 11 34 
Sales and repayments(1,085)(358)(1)(90)(224)(133)(1,891)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — — — — — — 
Fair value at end of period$7,906 $1,727 $95 $59 $1,905 $974 $12,666 
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$344 $93 $$(7)$74 $149 $660 


72

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 8. 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
(Unaudited)
Valuation
Technique(1)
Unobservable
Input
Range (Weighted Average)
Impact to Valuation from an Increase in Input(2)
Senior Debt$10,105 Discounted Cash FlowDiscount Rate5.9% - 40.8% (10.2%)Decrease
618 WaterfallEBITDA Multiple1.0x - 10.8x (6.5x)Increase
38 Cost
29 
Other(3)
Subordinated Debt63 Discounted Cash FlowDiscount Rate10.5% - 14.4% (11.2%)Decrease
15 WaterfallEBITDA Multiple6.4x - 6.4x (6.4x)Increase
Asset Based Finance1,026 Discounted Cash FlowDiscount Rate4.4% - 19.6% (10.0%)Decrease
698 WaterfallEBITDA Multiple1.0x - 22.0x (3.3x)Increase
305 
Other(3)
80 Cost
Indicative Dealer Quotes42.7% - 42.7% (42.7%)Increase
Equity/Other632 WaterfallEBITDA Multiple0.1x - 16.5x (8.6x)Increase
380 Discounted Cash FlowDiscount Rate8.2% - 17.4% (12.9%)Decrease
Other(3)
Option Pricing ModelEquity Illiquidity Discount65.0% - 65.0% (65.0%)Decrease
Total$14,004 
 
Type of InvestmentFair Value at
December 31, 2021
Valuation
Technique(1)
Unobservable
Input
Range
Impact to Valuation from an Increase in Input(2)
Senior Debt
$8,746 Discounted Cash FlowDiscount Rate5.3% - 30.3% (8.5%)Decrease
1,242 Cost
737 WaterfallEBITDA Multiple0.1x - 11.0x (7.0x)Increase
51
Other(3)

Subordinated Debt
53 WaterfallEBITDA Multiple7.0x - 7.8x (7.8x)Increase
21 Cost
Asset Based Finance1,021 WaterfallEBITDA Multiple1.0x - 23.1x (4.1x)Increase
744 Discounted Cash FlowDiscount Rate4.2% - 16.2% (10.1%)Decrease
359 Cost
117 
Other(3)
Indicative Dealer Quotes50.8% - 50.8% (50.8%)Increase
Equity/Other737 WaterfallEBITDA Multiple0.1x - 16.0x (6.1x)Increase
111 Discounted Cash FlowDiscount Rate7.3% - 25.0% (9.8%)Decrease
Option Pricing ModelEquity Illiquidity Discount65.0% - 65.0% (65.0%)Decrease
22 
Other(3)
Cost
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.
73

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)

Note 9. 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
(Unaudited)
ArrangementType of ArrangementRateAmount
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 June 2, 2025
Darby Creek Credit Facility(2)(9)
Revolving Credit Facility
L+1.85%(1)
247 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)
2,809(5)
1,834(6)
May 17, 2027
4.625% Notes due 2024(7)
Unsecured Notes4.63%400 — July 15, 2024
1.650% Notes due 2024(7)
Unsecured Notes1.65%500 — October 12, 2024
4.125% Notes due 2025(7)
Unsecured Notes4.13%470 — February 1, 2025
4.250% Notes due 2025(7)(9)
Unsecured Notes4.25%475 — February 14, 2025
8.625% Notes due 2025(7)
Unsecured Notes8.63%250 — May 15, 2025
3.400% Notes due 2026(7)
Unsecured Notes3.40%1,000 — January 15, 2026
2.625% Notes due 2027(7)
Unsecured Notes2.63%400 — January 15, 2027
3.250% Notes due 2027(7)
Unsecured Notes3.25%500 — July 15, 2027
3.125% Notes due 2028(7)
Unsecured Notes3.13%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. dollars. 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. dollars. 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. dollars. 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. dollars.
74

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 9. 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
ArrangementType of ArrangementRateAmount
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)
48515 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)
2,647(5)
1,544(6)
December 23, 2025
4.750% Notes due 2022(7)
Unsecured Notes4.75%450 — May 15, 2022
4.625% Notes due 2024(7)
Unsecured Notes4.63%400 — July 15, 2024
1.650% Notes due 2024(7)
Unsecured Notes1.65%500 — October 12, 2024
4.125% Notes due 2025(7)
Unsecured Notes4.13%470 — February 1, 2025
4.250% Notes due 2025(7)(9)
Unsecured Notes4.25%475 — February 14, 2025
8.625% Notes due 2025(7)
Unsecured Notes8.63%250 — May 15, 2025
3.400% Notes due 2026(7)
Unsecured Notes3.40%1,000 — January 15, 2026
2.625% Notes due 2027(7)
Unsecured Notes2.63%400 — January 15, 2027
3.125% Notes due 2028(7)
Unsecured Notes3.13%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. dollars. 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. dollars. 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. dollars. 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. dollars.
(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.

75

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 9. 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,
20222021
Arrangement(1)
Direct Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest ExpenseDirect Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest Expense
Ambler Credit Facility(2)
$$$$$— $
Burholme Prime Brokerage Facility(2)
— — — — — — 
CCT Tokyo Funding Credit Facility(2)
Darby Creek Credit Facility(2)
— 
Dunlap Credit Facility(2)
— 
Juniata River Credit Facility(2)
— — — — 
Meadowbrook Run Credit Facility(2)
— 
Senior Secured Revolving Credit Facility(2)
38 40 10 11 
4.750% Notes due 202211 11 
5.000% Notes due 2022— — — — 
4.625% Notes due 202410 
1.650% Notes due 2024— — — 
4.125% Notes due 202510 10 10 10 
4.250% Notes due 202510 (3)
8.625% Notes due 202511 12 11 12 
3.400% Notes due 202617 20 17 20 
2.625% Notes due 2027
3.250% Notes due 2027— — — 
3.125% Notes due 202812 13 — — — 
CLO-1 Notes
Total$153 $$160 $83 $$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
76

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 9. 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.

77

FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 10. 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 Inc30.6 
48Forty Solutions LLC10.6 
Advanced Dermatology & Cosmetic Surgery3.6 
Advanced Dermatology & Cosmetic Surgery2.2 
Affordable Care Inc12.8 
Affordable Care Inc38.3 
Alacrity Solutions Group LLC9.3 
Alera Group Intermediate Holdings Inc0.3 
Alera Group Intermediate Holdings Inc16.4 
American Vision Partners7.8 
American Vision Partners33.0 
Amerivet Partners Management Inc8.4 
Amerivet Partners Management Inc67.3 
Arcfield Acquisition Corp7.1 
Arcos LLC/VA4.5 
Ardonagh Group Ltd22.8 
athenahealth Inc1.2 
AxiomSL Ltd2.4 
AxiomSL Ltd2.3 
Barbri Inc14.8 
BGB Group LLC19.9 
CFC Underwriting Ltd5.8 
Clarience Technologies LLC25.3 
Community Brands Inc3.8 
Community Brands Inc1.9 
Corsearch Intermediate Inc4.4 
CSafe Global34.9 
Dental Care Alliance Inc11.1 
Element Materials Technology Group US Holdings Inc0.4 
Encora Digital Inc19.4 
Follett Software Co9.9 
Foundation Consumer Brands LLC6.6 
Foundation Risk Partners Corp6.9 
Galway Partners Holdings LLC11.7 
Galway Partners Holdings LLC13.3 
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FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 10. Commitments and Contingencies (continued)

Category / Company(1)
Commitment Amount
Gigamon Inc$9.3 
Heniff Transportation Systems LLC10.7 
Higginbotham Insurance Agency Inc8.9 
HM Dunn Co Inc2.0 
Individual FoodService4.7 
Individual FoodService4.9 
Insight Global LLC15.3 
Insight Global LLC26.8 
Integrity Marketing Group LLC10.8 
J S Held LLC12.9 
J S Held LLC22.4 
Karman Space Inc2.2 
Lakefield Veterinary Group41.8 
Lakeview Farms Inc10.8 
Lakeview Farms Inc1.8 
Lexitas Inc8.4 
Lexitas Inc12.3 
Lloyd's Register Quality Assurance Ltd12.6 
MB2 Dental Solutions LLC11.9 
Med-Metrix25.0 
Med-Metrix7.8 
Monitronics International Inc10.4 
Motion Recruitment Partners LLC59.6 
Net Documents7.3 
Net Documents1.4 
New Era Technology Inc2.6 
Novotech Pty Ltd5.6 
Oxford Global Resources LLC15.3 
Oxford Global Resources LLC2.7 
P2 Energy Solutions Inc.11.4 
Parata Systems18.3 
Parata Systems5.5 
PartsSource Inc4.2 
PartsSource Inc22.6 
Production Resource Group LLC4.0 
Revere Superior Holdings Inc3.8 
Revere Superior Holdings Inc3.2 
Rise Baking Company2.1 
RSC Insurance Brokerage Inc7.6 
RSC Insurance Brokerage Inc7.0 
SAMBA Safety Inc1.8 
SAMBA Safety Inc6.1 
SavATree LLC7.6 
SavATree LLC6.3 
Source Code LLC15.0 
Spins LLC16.5 
Spins LLC7.9 
Summit Interconnect Inc9.4 
Sungard Availability Services Capital Inc4.0 
Sweeping Corp of America Inc0.3 
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FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 10. Commitments and Contingencies (continued)

Category / Company(1)
Commitment Amount
Sweeping Corp of America Inc$3.8 
Time Manufacturing Co17.7 
Wealth Enhancement Group LLC4.7 
Wealth Enhancement Group LLC6.2 
Wealth Enhancement Group LLC1.4 
Woolpert Inc3.7 
Worldwise Inc15.5 
Worldwise Inc14.2 
Senior Secured Loans—Second Lien
Valeo Foods Group Ltd3.1 
Asset Based Finance
Byrider Finance LLC, Structured Mezzanine23.0 
Callodine Commercial Finance LLC, 2L Term Loan B36.1 
Home Partners JV 2, Structured Mezzanine10.7 
Jet Edge International LLC, Term Loan0.7 
Opendoor Labs Inc, Structured Mezzanine53.4 
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.
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FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 11. 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, 2022Year Ended December 31, 2021
(Unaudited)
Per Share Data:(1)
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 operations0.53 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)
— (2.20)
Repurchases of common stock(5)
0.02 0.01 
Deduction of deferred costs(6)
— (0.23)
Net increase (decrease) in net assets resulting from capital share transactions0.02 (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 period283,470,828 284,543,091 
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)
1.80 1.84 
_______________
(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
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FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 11. 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 the 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, 2022Year Ended December 31, 2021
(Unaudited)
Ratio of net subordinated income incentive fees to average net assets1.21 %0.83 %
Ratio of interest expense to average net assets4.12 %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.

Note 12. 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:
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FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 12. 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 equivalents293
Other assets221
Total assets acquired$7,741
Debt3,794 
Distributions payable93 
Other liabilities assumed204
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.
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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations.
(in millions, except share and per share amounts)
The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, “we,” “us,” “our” and the “Company” refer to FS KKR Capital Corp. and the "Advisor" refers to FS/KKR Advisor, LLC.
Forward-Looking Statements
Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:
our future operating results;
our business prospects and the prospects of the companies in which we may invest, including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;
the impact of the investments that we expect to make;
the ability of our portfolio companies to achieve their objectives;
our current and expected financings and investments;
receiving and maintaining corporate credit ratings and changes in the general interest rate environment;
the adequacy of our cash resources, financing sources and working capital;
the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;
our contractual arrangements and relationships with third parties;
actual and potential conflicts of interest with the other funds managed by the Advisor, FS Investments, KKR Credit or any of their respective affiliates;
the dependence of our future success on the general economy and its effect on the industries in which we may invest;
general economic and political trends and other external factors, including the current COVID-19 pandemic and related disruptions caused thereby;
our use of financial leverage;
the ability of the Advisor to locate suitable investments for us and to monitor and administer our investments;
the ability of the Advisor or its affiliates to attract and retain highly talented professionals;
our ability to maintain our qualification as a RIC and as a BDC;
the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and the rules and regulations issued thereunder;
the effect of changes to tax legislation on us and the portfolio companies in which we may invest and our and their tax position; and
the tax status of the enterprises in which we may invest.
In addition, words such as “anticipate,” “believe,” “expect” and “intend” indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason. Factors that could cause actual results to differ materially include:
changes in the economy;
geo-political risks;
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risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters or pandemics; 
future changes in laws or regulations and conditions in our operating areas; and
the price at which shares of our common stock may trade on the New York Stock Exchange, or NYSE.
    We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report on Form 10-Q. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Stockholders are advised to consult any additional disclosures that we may make directly to stockholders or through reports that we may file in the future with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements and projections contained in this quarterly report on Form 10-Q are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act.
Overview
We were incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and formally commenced investment operations on January 2, 2009. We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act and has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code.
We are externally managed by the Advisor pursuant to an investment advisory agreement, or the investment advisory agreement, and supervised by our board of directors, a majority of whom are independent.
Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by:
utilizing the experience and expertise of the management team of the Advisor;
employing a defensive investment approach focused on long-term credit performance and principal protection;
focusing primarily on debt investments in a broad array of private U.S. companies, including middle-market companies, which we define as companies with annual EBITDA of $25 million to $100 million at the time of investment;
investing primarily in established, stable enterprises with positive cash flows; and
maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio, such as an event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company.
We pursue our investment objective by investing primarily in the debt of middle market U.S. companies with a focus on originated transactions sourced through the network of the Advisor and its affiliates. We define direct originations as any investment where the Company's investment adviser, sub-adviser or their affiliates had negotiated the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These directly originated transactions include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions. These direct originations include investments originated by our former investment adviser, our former investment sub-adviser or their affiliates. 
Our 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. companies. Although we do not expect a significant portion of our portfolio to be comprised of subordinated loans, there is no limit on the amount of such loans in which we may invest. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the “over-the-counter” market or directly from our target companies as primary market or directly originated investments. In connection with our debt investments, we may on occasion receive equity interests such as warrants or options as additional consideration. We may also purchase or otherwise acquire interests in the form of common or preferred equity or equity-related securities, such as rights and warrants that may be converted into or exchanged for common stock or other equity or the cash value of common stock or other equity, including through a co-investment with a financial sponsor or possibly the restructuring of an investment. In addition, a portion of our portfolio may be comprised of corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps. The Advisor will seek to tailor our investment focus as market conditions evolve. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structures of our portfolio companies or otherwise make opportunistic investments, such as where the market price of loans, bonds or other securities reflects a lower value than deemed warranted by the Advisor's
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fundamental analysis. Such investment opportunities may occur due to general dislocations in the markets, a misunderstanding by the market of a particular company or an industry being out of favor with the broader investment community and may include event driven investments, anchor orders and structured products.
The senior secured loans, second lien secured loans and senior secured bonds in which we invest generally have stated terms of three to seven years and subordinated debt investments that we make generally have stated terms of up to ten years, but the expected average life of such securities is generally three to four years. However, we may invest in loans and securities with any maturity or duration. Our debt investments may be rated by a NRSRO and, in such case, generally will carry a rating below investment grade (rated lower than “Baa3” by Moody’s or lower than “BBB-” by S&P). We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by a NRSRO.
Acquisition of FSKR
On June 16, 2021, we completed the 2021 Merger. 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. In accordance with the terms of the 2020 Merger Agreement, (i) 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 will own in FSK is 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. Following the consummation of the 2021 Merger, we entered into the investment advisory agreement, which replaced the prior investment advisory agreement.
Revenues
The principal measure of our financial performance is net increase in net assets resulting from operations, which includes net investment income, net realized gain or loss on investments, net realized gain or loss on foreign currency, net unrealized appreciation or depreciation on investments and net unrealized gain or loss on foreign currency. Net investment income is the difference between our income from interest, dividends, fees and other investment income and our operating and other expenses. Net realized gain or loss on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost, including the respective realized gain or loss on foreign currency for those foreign denominated investment transactions. Net realized gain or loss on foreign currency is the portion of realized gain or loss attributable to foreign currency fluctuations. Net unrealized appreciation or depreciation on investments is the net change in the fair value of our investment portfolio, including the respective unrealized gain or loss on foreign currency for those foreign denominated investments. Net unrealized gain or loss on foreign currency is the net change in the value of receivables or accruals due to the impact of foreign currency fluctuations.
We principally generate revenues in the form of interest income on the debt investments we hold. In addition, we generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, monitoring fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees. We may also generate revenues in the form of dividends and other distributions on the equity or other securities we hold.
Expenses
Our primary operating expenses include the payment of management and incentive fees and other expenses under the investment advisory agreement and the administration agreement, interest expense from financing arrangements and other indebtedness, and other expenses necessary for our operations. The management and incentive fees compensate the Advisor for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments.
The Advisor oversees our 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, our corporate operations and required administrative services, which includes being responsible for the financial records that we are required to maintain and preparing reports for our stockholders and reports filed with the SEC. In addition, the Advisor assists us in calculating our net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to our stockholders, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others.
Pursuant to the administration agreement, we reimburse the Advisor for expenses necessary to perform services related to our administration and operations, including the Advisor’s allocable portion of the compensation and related expenses of certain personnel of FS Investments and KKR Credit providing administrative services to us on behalf of the Advisor. We reimburse 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 us based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. Our board of directors reviews the methodology employed in determining
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how the expenses are allocated to us and the proposed allocation of administrative expenses among us and certain affiliates of the Advisor. Our board of directors then assesses the reasonableness of such reimbursements for expenses allocated to us based on the breadth, depth and quality of such services as compared to the estimated cost to us of obtaining similar services from third-party service providers known to be available. In addition, our 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, our board of directors compares the total amount paid to the Advisor for such services as a percentage of our net assets to the same ratio as reported by other comparable BDCs.
We bear all other expenses of our operations and transactions, including all other expenses incurred by the Advisor or us in connection with administering our business, including expenses incurred by the Advisor in performing administrative services for us and administrative personnel paid by the Advisor, to the extent they are not controlling persons of the Advisor or any of its affiliates, subject to the limitations included in the investment advisory agreement and the administration agreement.
In addition, we have contracted with State Street Bank and Trust Company to provide various accounting and administrative services, including, but not limited to, preparing preliminary financial information for review by the Advisor, preparing and monitoring expense budgets, maintaining accounting and corporate books and records, processing trade information provided by us and performing testing with respect to RIC compliance.
COVID-19 Developments
The rapid spread of the COVID-19 pandemic, and associated impacts on the U.S. and global economies, has negatively impacted, and is likely to continue to negatively impact, the business operations of some of our portfolio companies. We cannot at this time fully predict the continued impact of COVID-19 and its variants on our business or the business of our portfolio companies, its duration or magnitude or the extent to which it will negatively impact our portfolio companies’ operating results or our own results of operations or financial condition. We expect that certain of our portfolio companies may continue to experience economic distress for the foreseeable future and may significantly limit business operations if subjected to prolonged economic distress. These developments could result in a decrease in the value of our investments.
COVID-19 has previously had adverse effects on our investment income and we expect that such adverse effects may continue for some time. These adverse effects may require us to restructure certain of our investments, which could result in further reductions to our investment income or in impairments on our investments.  In addition, disruptions in the capital markets have resulted in illiquidity in certain market areas. These market disruptions and illiquidity may have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions caused by COVID-19 and its variants may increase our funding costs and limit our access to the capital markets. These events have previously limited our investment originations and have also previously had a material negative impact on our operating results for a period of time.
We will continue to carefully monitor the impact of the COVID-19 pandemic on our business and the business of our portfolio companies. Because the full effects of the COVID-19 pandemic are not capable of being known at this time, we cannot estimate the impacts of COVID-19 and its variants on our future financial condition, results of operations or cash flows. We do, however, expect that it may continue to have a negative impact on our business and the financial condition of certain of our portfolio companies.

Portfolio Investment Activity for the Three and Six Months Ended June 30, 2022 and for the Year Ended December 31, 2021
Total Portfolio Activity
The following tables present certain selected information regarding our portfolio investment activity for the three and six months ended June 30, 2022 and the year ended December 31, 2021:
For the Three Months Ended
For the Six Months Ended
Net Investment ActivityJune 30, 2022June 30, 2022
Purchases$804 $2,872 
Sales and Repayments(906)(2,579)
Net Portfolio Activity$(102)$293 
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For the Three Months Ended
For the Six Months Ended
June 30, 2022June 30, 2022
New Investment Activity by Asset ClassPurchasesPercentageSales and RepaymentsPercentagePurchasesPercentageSales and RepaymentsPercentage
Senior Secured Loans—First Lien
$555 69 %$349 39 %$1,699 59 %$1,325 51 %
Senior Secured Loans—Second Lien
%101 11 %43 %204 %
Other Senior Secured Debt— — — — — — — — 
Subordinated Debt%37 %%37 %
Asset Based Finance(1)
156 19 %171 19 %577 20 %664 26 %
Credit Opportunities Partners JV, LLC88 11 %— — 175 %— — 
Equity/Other(1)
— — 248 27 %371 13 %349 14 %
Total$804 100 %$906 100 %$2,872 100 %$2,579 100 %
(1) Equity/Other includes investments in preferred equity investments. During the three and six months ended June 30, 2022, purchases of preferred equity investments were $0 and $323, respectively and sales and repayments of preferred equity investments were $68 and $109, respectively.
The following table summarizes the composition of our investment portfolio at cost and fair value as of June 30, 2022 and December 31, 2021:
June 30, 2022
(Unaudited)December 31, 2021
 
Amortized
Cost
(1)
Fair ValuePercentage
of Portfolio
Amortized
Cost
(1)
Fair ValuePercentage
of Portfolio
Senior Secured Loans—First Lien
$10,106 $10,022 61.9 %$9,695 $9,765 60.7 %
Senior Secured Loans—Second Lien1,334 1,296 8.0 %1,564 1,557 9.7 %
Other Senior Secured Debt150 110 0.7 %149 120 0.7 %
Subordinated Debt196 80 0.5 %188 111 0.7 %
Asset Based Finance(2)
2,118 2,113 13.1 %2,132 2,245 13.9 %
Credit Opportunities Partners JV, LLC1,572 1,512 9.3 %1,397 1,396 8.7 %
Equity/Other(2)
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.
(2) As of June 30, 2022, Equity/Other included $634 of preferred equity investments.
The following table presents certain selected information regarding the composition of our investment portfolio as of June 30, 2022 and December 31, 2021:
June 30, 2022December 31, 2021
Number of Portfolio Companies192189
% Variable Rate Debt Investments (based on fair value)(1)(2)
68.4%69.7%
% Fixed Rate Debt Investments (based on fair value)(1)(2)
9.9%10.2%
% Other Income Producing Investments (based on fair value)(3)
14.4%13.1%
% Non-Income Producing Investments (based on fair value)(2)
4.4%5.1%
% of Investments on Non-Accrual (based on fair value)
2.9%1.9%
Weighted Average Annual Yield on Accruing Debt Investments(2)(4)
9.9%9.2%
Weighted Average Annual Yield on All Debt Investments(5)
9.3%8.7%
_____________________
(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)Does not include investments on non-accrual status.
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(3)"Other Income Producing Investments" means investments that pay or are expected to pay interest, dividends or other income to the Company on an ongoing basis but do not have a stated interest rate, stated dividend rate or other similar stated return.
(4)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.
(5)The Weighted Average Annual Yield on All Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each 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 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.
For the six months ended June 30, 2022, our total return based on net asset value was 2.02% and our total return based on market value was (1.57)%. For the year ended December 31, 2021, our total return based on net asset value was 18.47% and our total return based on market value was 41.45%. See footnotes 7 and 8 to the table included in Note 11 to our unaudited consolidated financial statements included herein for information regarding the calculation of our total return based on net asset value and total return based on market value, respectively.
Direct Originations    
The following table presents certain selected information regarding our Direct Originations as of June 30, 2022 and December 31, 2021:
Characteristics of All Direct Originations held in Portfolio
June 30, 2022December 31, 2021
Number of Portfolio Companies169167
% of Investments on Non-Accrual (based on fair value)
3.0%1.9%
Total Cost of Direct Originations
$15,873.1$15,341.3
Total Fair Value of Direct Originations
$15,578.2$15,433.3
% of Total Investments, at Fair Value
96.3%95.9%
Weighted Average Annual Yield on Accruing Debt Investments(1)
9.7%8.9%
Weighted Average Annual Yield on All Debt Investments(2)
9.1%8.5%
_____________________
(1)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. Does not include Debt Investments on non-accrual status. 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.
(2)The Weighted Average Annual Yield on All Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each 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 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.
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Portfolio Composition by Industry Classification
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:
June 30, 2022
(Unaudited)December 31, 2021
Industry ClassificationFair
Value
Percentage  of
Portfolio
Fair
Value
Percentage  of
Portfolio
Automobiles & Components$83 0.5 %$89 0.5 %
Banks— — 15 0.1 %
Capital Goods2,172 13.4 %2,281 14.2 %
Commercial & Professional Services1,615 10.0 %1,615 10.0 %
Consumer Durables & Apparel340 2.1 %551 3.4 %
Consumer Services324 2.0 %393 2.4 %
Credit Opportunities Partners JV, LLC1,512 9.3 %1,396 8.7 %
Diversified Financials602 3.7 %672 4.2 %
Energy339 2.1 %241 1.5 %
Food & Staples Retailing270 1.7 %296 1.8 %
Food, Beverage & Tobacco191 1.2 %256 1.6 %
Health Care Equipment & Services2,066 12.8 %1,613 10.0 %
Household & Personal Products307 1.9 %227 1.4 %
Insurance938 5.8 %898 5.6 %
Materials209 1.3 %211 1.3 %
Media & Entertainment456 2.8 %720 4.5 %
Pharmaceuticals, Biotechnology & Life Sciences216 1.3 %235 1.5 %
Real Estate1,024 6.3 %876 5.4 %
Retailing310 1.9 %288 1.8 %
Software & Services2,705 16.7 %2,698 16.8 %
Technology Hardware & Equipment40 0.3 %42 0.3 %
Telecommunication Services107 0.7 %128 0.8 %
Transportation352 2.2 %360 2.2 %
Total $16,178 100.0 %$16,101 100.0 %

Portfolio Asset Quality
In addition to various risk management and monitoring tools, the Advisor uses an investment rating system to characterize and monitor the expected level of returns on each investment in our portfolio. The Advisor uses an investment rating scale of 1 to 4. The following is a description of the conditions associated with each investment rating:
 
Investment
Rating 
Summary Description 
1
Performing investment—generally executing in accordance with plan and there are no concerns about the portfolio company’s performance or ability to meet covenant requirements.
2
Performing investment—no concern about repayment of both interest and our cost basis but company’s recent performance or trends in the industry require closer monitoring.
3
Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment.
4
Underperforming investment—concerns about the recoverability of principal or interest.
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The following table shows the distribution of our investments on the 1 to 4 investment rating scale at fair value as of June 30, 2022 and December 31, 2021:
 June 30, 2022December 31, 2021
Investment RatingFair
Value
Percentage of
Portfolio
Fair
Value
Percentage of
Portfolio
1$12,451 77 %$12,602 78 %
23,039 19 %2,468 15 %
3300 %748 %
4388 %283 %
Total$16,178 100 %$16,101 100 %
The amount of the portfolio in each grading category may vary substantially from period to period resulting primarily from changes in the composition of the portfolio as a result of new investment, repayment and exit activities. In addition, changes in the grade of investments may be made to reflect our expectation of performance and changes in investment values.

Results of Operations
Comparison of the Three and Six Months Ended June 30, 2022 and June 30, 2021
Revenues
Our investment income for the three and six months ended June 30, 2022 and 2021 was as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
AmountPercentage of Total IncomeAmountPercentage of Total IncomeAmountPercentage of Total IncomeAmountPercentage of Total Income
Interest income$247 65.2 %$111 53.9 %$508 65.6 %$203 56.9 %
Paid-in-kind interest income40 10.6 %18 8.7 %83 10.7 %35 9.8 %
Fee income13 3.4 %23 11.2 %42 5.4 %34 9.5 %
Dividend income79 20.8 %54 26.2 %142 18.3 %85 23.8 %
Total investment income(1)
$379 100.0 %$206 100.0 %$775 100.0 %$357 100.0 %
___________
(1)Such revenues represent $320 and $181 of cash income earned as well as $59 and $25 in non-cash portions relating to accretion of discount and PIK interest for the three months ended June 30, 2022 and 2021, respectively, and represent $652 and $312 of cash income earned as well as $123 and $45 in non-cash portions relating to accretion of discount and PIK interest for the six months ended June 30, 2022 and 2021, respectively. Cash flows related to such non-cash revenues may not occur for a number of reporting periods or years after such revenues are recognized.
The level of interest income we receive is generally related to the balance of income-producing investments, multiplied by the weighted average yield of our investments. Fee income is transaction based, and typically consists of amendment and consent fees, prepayment fees, structuring fees and other non-recurring fees. As such, fee income is generally dependent on new direct origination investments and the occurrence of events at existing portfolio companies resulting in such fees.
The increase in interest income during the three and six months ended June 30, 2022 compared to the three and six months ended June 30, 2021 can primarily be attributed to the increase in assets resulting from the 2021 Merger.
The decrease in fee income for the three months ended June 30, 2022 compared to the three months ended June 30, 2021 can primarily be attributed to reduced structuring activity during the three months ended June 30, 2022. The increase in fee income for the six months ended June 30, 2022 compared to the six months ended June 30, 2021 can primarily be attributed to structuring fees and prepayment fees received in connection with increased investment and repayment activity during the three months ended March 31, 2022.
The increase in dividend income during the three and six months ended June 30, 2022 compared to the three and six months ended June 30, 2021 can primarily be attributed to the increase in dividends paid in respect to our investment in Credit Opportunities Partners JV, LLC.
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Expenses
Our operating expenses for the three and six months ended June 30, 2022 and 2021 were as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Management fees$63 $30 $125 $55 
Subordinated income incentive fees37 77 
Administrative services expenses
Accounting and administrative fees
Interest expense83 46 160 88 
Other expenses10 
Total operating expenses$191 $90 $382 $163 
Incentive fee waiver(15)— (30)— 
Total net expenses$176 $90 $352 $163 

The following table reflects selected expense ratios as a percent of average net assets for the three and six months ended June 30, 2022 and 2021:
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Ratio of operating expenses to average net assets2.46 %2.30 %4.92 %4.64 %
Ratio of incentive fee waiver to average net assets(1)
(0.19)%— (0.39)%— 
Ratio of net operating expenses to average net assets2.27 %2.30 %4.53 %4.64 %
Ratio of net incentive fees and interest expense to average net assets(1)
1.36 %1.38 %2.66 %2.73 %
Ratio of net operating expenses, excluding certain expenses, to average net assets0.91 %0.92 %1.87 %1.91 %
__________
(1)Ratio data may be rounded in order to recompute the ending ratio of net operating expenses to average net assets or net operating expenses, excluding certain expenses, to average net assets.
The increase in expenses during the three and six months ended June 30, 2022 compared to the three and six months ended June 30, 2021 can primarily be attributed to the increased management fee as a result of the higher asset base from the 2021 Merger, the increased subordinated income incentive fee pursuant to the terms of the investment advisory agreement following the 2021 Merger and increased interest expense resulting from the higher debt outstanding due to the 2021 Merger.
Incentive fees and interest expense, among other things, may increase or decrease our expense ratios relative to comparative periods depending on portfolio performance and changes in amounts outstanding under our financing arrangements and benchmark interest rates such as LIBOR, among other factors.
Net Investment Income
Our net investment income totaled $203 ($0.71 per share) and $116 ($0.77 per share) for the three months ended June 30, 2022 and 2021, respectively. The increase in net investment income during the three months ended June 30, 2022 compared to the three months ended June 30, 2021 can primarily be attributed to higher investment income during the three months ended June 30, 2022 as discussed above.
Our net investment income totaled $423 ($1.49 per share) and $194 ($1.41 per share) for the six months ended June 30, 2022 and 2021, respectively. The increase in net investment income during the six months ended June 30, 2022 compared to the six months ended June 30, 2021 can primarily be attributed to higher investment income during the three months ended June 30, 2022 as discussed above.
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Net Realized Gains or Losses
Our net realized gains (losses) on investments, foreign currency forward contracts and foreign currency for the three and six months ended June 30, 2022 and 2021 were as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Net realized gain (loss) on investments(1)
$183 $52 $151 $(74)
Net realized gain (loss) on foreign currency forward contracts— — 
Net realized gain (loss) on foreign currency(1)(3)
Total net realized gain (loss)$191 $51 $165 $(77)
______________
(1)We sold investments and received principal repayments, respectively, of $242 and $664 during the three months ended June 30, 2022 and $185 and $852 during the three months ended June 30, 2021. We sold investments and received principal repayments, respectively, of $1,236 and $1,343 during the six months ended June 30, 2022 and $433 and $1,481 during the six months ended June 30, 2021.
Provision for Taxes on Realized Gains on Investments
We recorded a provision for taxes on realized gains with respect to one of our equity investments of $(3) and $0 during the three months ended June 30, 2022 and 2021, and $(3) and $0 during the six months ended June 30, 2022 and 2021, respectively.
Net Change in Unrealized Appreciation (Depreciation)
Our net change in unrealized appreciation (depreciation) on investments, foreign forward currency forward contracts and unrealized gain (loss) on foreign currency for the three and six months ended June 30, 2022 and 2021 were as follows:

 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Net change in unrealized appreciation (depreciation) on investments$(506)$684 $(479)$926 
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts15 16 
Net change in unrealized gain (loss) on foreign currency27 12 30 18 
Total net change in unrealized appreciation (depreciation)$(464)$698 $(433)$947 
The net change in unrealized appreciation (depreciation) during the three and six months ended June 30, 2022 was driven primarily by a general widening of credit spreads. The net change in unrealized appreciation (depreciation) during the three and six months ended June 30, 2021 was driven primarily by $628 of appreciation resulting from the merger accounting associated with the 2021 Merger, as well as strong performance of one portfolio company during the quarter.
Net Increase (Decrease) in Net Assets Resulting from Operations
For the three months ended June 30, 2022, the net decrease in net assets resulting from operations was $(73) ($(0.26) per share) compared to a net increase in net assets resulting from operations of $865 ($5.75 per share) during the three months ended June 30, 2021.
For the six months ended June 30, 2022, the net increase in net assets resulting from operations was $152 ($0.53 per share) compared to a net increase in net assets resulting from operations of $1,064 ($7.76 per share) during the six months ended June 30, 2021.
This "Results of Operations" section should be read in conjunction with "COVID-19 Developments" above.

Financial Condition, Liquidity and Capital Resources
Overview
As of June 30, 2022, we had $269 in cash and foreign currency, which we or our wholly-owned financing subsidiaries held in custodial accounts, and $1,943 in borrowings available under our financing arrangements, subject to borrowing base and other limitations. As of June 30, 2022, we also held broadly syndicated investments and opportunistic investments that we believe could be sold to create additional liquidity. As of June 30, 2022, we had unfunded debt investments with aggregate unfunded commitments of
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$1,207.2, unfunded equity/other commitments of $322.6 and unfunded commitments of $560.2 of Credit Opportunities Partners JV, LLC. We maintain sufficient cash on hand, available borrowings and liquid securities to fund such unfunded commitments should the need arise.
We currently generate cash primarily from cash flows from fees, interest and dividends earned from our investments, as well as principal repayments and proceeds from sales of our investments. To seek to enhance our returns, we also employ leverage as market conditions permit and at the discretion of the Advisor, but in no event will leverage employed exceed the maximum amount permitted by the 1940 Act. Prior to June 14, 2019, in accordance with the 1940 Act, we were allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, our 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 us was $9.3 billion. As of June 30, 2022, our asset coverage was 180%. See “Financing Arrangements.”
Prior to investing in securities of portfolio companies, we invest the cash received from fees, interest and dividends earned from our investments and principal repayments and proceeds from sales of our investments primarily in cash, cash equivalents, including money market funds, U.S. government securities, repurchase agreements and high-quality debt instruments maturing in one year or less from the time of investment, consistent with our BDC election and our election to be taxed as a RIC.
This "Financial Condition, Liquidity and Capital Resources" section should be read in conjunction with "COVID-19 Developments" above.
Financing Arrangements
The following table presents summary information with respect to our outstanding financing arrangements as of June 30, 2022:
As of June 30, 2022
(Unaudited)
ArrangementType of ArrangementRateAmount
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 June 2, 2025
Darby Creek Credit Facility(2)(9)
Revolving Credit Facility
L+1.85%(1)
247 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)
2,809(5)
1,834(6)
May 17, 2027
4.625% Notes due 2024(7)
Unsecured Notes4.63%400 — July 15, 2024
1.650% Notes due 2024(7)
Unsecured Notes1.65%500 — October 12, 2024
4.125% Notes due 2025(7)
Unsecured Notes4.13%470 — February 1, 2025
4.250% Notes due 2025(7)(9)
Unsecured Notes4.25%475 — February 14, 2025
8.625% Notes due 2025(7)
Unsecured Notes8.63%250 — May 15, 2025
3.400% Notes due 2026(7)
Unsecured Notes3.40%1,000 — January 15, 2026
2.625% Notes due 2027(7)
Unsecured Notes2.63%400 — January 15, 2027
3.250% Notes due 2027(7)
Unsecured Notes3.25%500 — July 15, 2027
3.125% Notes due 2028(7)
Unsecured Notes3.13%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. dollars. 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. dollars.
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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. dollars. 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. dollars.
(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.
See Note 9 to our unaudited consolidated financial statements included herein for additional information regarding our financing arrangements.
RIC Status and Distributions
We have elected to be subject to tax as a RIC under Subchapter M of the Code. In order to qualify for RIC tax treatment, we must, among other things, make distributions of an amount at least equal to 90% of our investment company taxable income, determined without regard to any deduction for distributions paid, each tax year. As long as the distributions are declared by the later of the fifteenth day of the tenth month following the close of a tax year or the due date of the tax return for such tax year, including extensions, distributions paid up to twelve months after the current tax year can be carried back to the prior tax year for determining the distributions paid in such tax year. We intend to make sufficient distributions to our stockholders to qualify for and maintain our RIC tax status each tax year. We are also subject to a 4% nondeductible federal excise tax on certain undistributed income unless we make distributions in a timely manner to our stockholders generally of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income, which is the excess of capital gains in excess of capital losses, or capital gain net income (adjusted for certain ordinary losses), for the one-year period ending October 31 of that calendar year and (3) any net ordinary income and capital gain net income for the preceding years that were not distributed during such years and on which we paid no U.S. federal income tax. Any distribution declared by us during October, November or December of any calendar year, payable to stockholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by us, as well as received by our stockholders, on December 31 of the calendar year in which the distribution was declared. We can offer no assurance that we will achieve results that will permit us to pay any cash distributions. If we issue senior securities, we will be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings.
Subject to applicable legal restrictions and the sole discretion of our board of directors, we intend to authorize, declare and pay regular cash distributions on a quarterly basis. We will calculate each stockholder’s specific distribution amount for the period using record and declaration dates and each stockholder’s distributions will begin to accrue on the date that shares of our common stock are issued to such stockholder. From time to time, we may also pay special interim distributions in the form of cash or shares of our common stock at the discretion of our board of directors.
During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions will be mailed to our stockholders. No portion of the distributions paid during the six months ended June 30, 2022 or 2021 represented a return of capital.
We intend to continue to make our regular distributions in the form of cash, out of assets legally available for distribution, except for those stockholders who receive their distributions in the form of shares of our common stock under the DRP. Any distributions reinvested under the plan will nevertheless remain taxable to a U.S. stockholder.
The following table reflects the cash distributions per share that we have declared on our common stock during the six months ended June 30, 2022 and 2021:
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 Distribution
For the Three Months EndedPer ShareAmount
Fiscal 2021
March 31, 2021$0.60 $74 
June 30, 20210.60 75 
Total$1.20 $149 
Fiscal 2022
March 31, 2022$0.63 $179 
June 30, 20220.68 193 
Total$1.31 $372 
See Note 5 to our unaudited consolidated financial statements included herein for additional information regarding our distributions.
Recent Developments
None.

Critical Accounting Policies and Estimates
Our financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in “Note 2. Summary of Significant Accounting Policies” in our consolidated financial statements. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. We evaluate our critical accounting estimates and judgments required by our policies on an ongoing basis and update them as necessary based on changing conditions. We have identified one of our accounting policies, valuation of portfolio investments, specifically the valuation of Level 3 investments, as critical because it involves significant judgments and assumptions about highly complex and inherently uncertain matters, and the use of reasonably different estimates and assumptions could have a material impact on our reported results of operations or financial condition. As we execute our operating plans, we will describe additional critical accounting policies in the notes to our future financial statements in addition to those discussed below.
Valuation of Portfolio Investments
We determine the net asset value of our investment portfolio each quarter. Securities are valued at fair value as determined in good faith by our board of directors. In connection with that determination, the Advisor provides our board of directors with portfolio company valuations which are based on relevant inputs, including, but not limited to, indicative dealer quotes, values of like securities, recent portfolio company financial statements and forecasts, and valuations prepared by independent third-party valuation services.
Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC Topic 820, issued by the FASB clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.
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With respect to investments for which market quotations are not readily available, we undertake a multi-step valuation process each quarter, as described below:
our quarterly fair valuation process begins by the Advisor providing financial and operating information with respect to each portfolio company or investment to our independent third-party valuation service providers;
our independent third-party valuation service providers review this information, along with other public and private information, and provide the Advisor with a valuation range for each portfolio company or investment;
the Advisor then discusses the independent third-party valuation service providers’ valuation ranges and provides the valuation committee of the board of directors, or the valuation committee, with a valuation recommendation for each investment, along with supporting materials;
preliminary valuations are then discussed with the valuation committee;
our valuation committee reviews the preliminary valuations and the Advisor, together with our independent third-party valuation service providers and, if applicable, supplements the preliminary valuations to reflect any comments provided by the valuation committee;
following the completion of its review, our valuation committee recommends that our board of directors approves the fair valuations determined by the valuation committee; and
our board of directors discusses the valuations and determines the fair value of each such investment in our portfolio in good faith based on various statistical and other factors, including the input and recommendation of the Advisor, the valuation committee and our independent third-party valuation service providers.
Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on our consolidated financial statements. In making its determination of fair value, our board of directors may use any approved independent third-party pricing or valuation services. However, our board of directors is not required to determine fair value in accordance with the valuation provided by any single source, and may use any relevant data, including information obtained from the Advisor or any approved independent third-party valuation or pricing service that our board of directors deems to be reliable in determining fair value under the circumstances. Below is a description of factors that the Advisor, any approved independent third-party valuation services and our board of directors may consider when determining the fair value of our investments.
Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market prices, we may incorporate these factors into discounted cash flow models to arrive at fair value. Other factors that may be considered include the borrower’s ability to adequately service its debt, the fair market value of the borrower in relation to the face amount of its outstanding debt and the quality of collateral securing our debt investments.
For convertible debt securities, fair value generally approximates the fair value of the debt plus the fair value of an option to purchase the underlying security (i.e., the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used.
Our equity interests in portfolio companies for which there is no liquid public market are valued at fair value. Our board of directors, in its determination of fair value, may consider various factors, such as multiples of EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. All of these factors may be subject to adjustments based upon the particular circumstances of a portfolio company or our actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners or acquisition, recapitalization, restructuring or other related items.
The Advisor, any approved independent third-party valuation services and our board of directors may also consider private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies or industry practices in determining fair value. The Advisor, any approved independent third-party valuation services and our board of directors may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, and may apply discounts or premiums, where and as appropriate, due to the higher (or lower) financial risk and/or the smaller size of portfolio companies relative to comparable firms, as well as such other factors as our board of directors, in consultation with the Advisor and any approved independent third-party valuation services, if applicable, may consider relevant in assessing fair value. Generally, the value of our equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price. Portfolio securities that carry certain restrictions on sale are typically valued at a discount from the public market value of the security.
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When we receive warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. Our board of directors subsequently values these warrants or other equity securities received at their fair value.
The fair values of our investments are determined in good faith by our board of directors. Our board of directors is responsible for the valuation of our portfolio investments at fair value as determined in good faith pursuant to our valuation policy and consistently applied valuation process. Our board of directors has delegated day-to-day responsibility for implementing our valuation policy to the Advisor, and has authorized the Advisor to utilize independent third-party valuation and pricing services that have been approved by our board of directors. The valuation committee is responsible for overseeing the Advisor’s implementation of the valuation process.
See Note 8 to our unaudited consolidated financial statements included herein for additional information regarding the fair value of our financial instruments.
Contractual Obligations
We have entered into agreements with the Advisor to provide us with investment advisory and administrative services. Payments for investment advisory services under the investment advisory agreement are equal to (a) an annual base management fee based on the average weekly value of our gross assets (excluding cash and cash equivalents) and (b) an incentive fee based on our performance. The Advisor is reimbursed for administrative expenses incurred on our behalf. See Note 4 to our unaudited consolidated financial statements included herein for a discussion of these agreements and for the amount of fees and expenses accrued under these agreements during the six months ended June 30, 2022 and 2021.

Off-Balance Sheet Arrangements
We currently have no off-balance sheet arrangements, including any risk management of commodity pricing or other hedging practices.
Item 3.    Quantitative and Qualitative Disclosures About Market Risk.
Interest Rate Risk
We are subject to financial market risks, including changes in interest rates. As of June 30, 2022, 68.4% of our portfolio investments (based on fair value) were debt investments paying variable interest rates and 9.9% were debt investments paying fixed interest rates while 14.4% were other income producing investments, 4.4% consisted of non-income producing investments, and the remaining 2.9% consisted of investments on non-accrual status. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to any variable rate investments we hold and to declines in the value of any fixed rate investments we hold. However, many of our variable rate investments provide for an interest rate floor, which may prevent our interest income from increasing until benchmark interest rates increase beyond a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the subordinated incentive fee on income, and may result in a substantial increase in our net investment income and to the amount of incentive fees payable to the Advisor with respect to our increased pre-incentive fee net investment income.
Pursuant to the terms of the Ambler Credit Facility, CCT Tokyo Funding Credit Facility, Darby Creek Credit Facility, Dunlap Credit Facility, Meadowbrook Run Credit Facility, Senior Secured Revolving Credit Facility and the CLO-1 Notes, we borrow at a floating rate based on a benchmark interest rate. Under the indentures governing 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, we pay interest to the holders of such notes at a fixed rate. To the extent that any present or future credit facilities or other financing arrangements that we or any of our subsidiaries enter into are based on a floating interest rate, we will be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we or our subsidiaries have such debt outstanding, or financing arrangements in effect, our interest expense would increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments.
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The following table shows the effect over a twelve month period of changes in interest rates on our interest income, interest expense and net interest income, assuming no changes in the composition of our investment portfolio, including the accrual status of our investments, and our financing arrangements in effect as of June 30, 2022 (dollar amounts are presented in millions):
Basis Point Change in Interest Rates
Increase
(Decrease)
in Interest
Income(1)
Increase
(Decrease)
in Interest
Expense(2)
Increase
(Decrease) in
Net Interest
Income
Percentage
Change in Net
Interest Income
Down 100 basis points$(106)$(46)$(60)(6.4)%
Down 50 basis points(53)(23)(30)(3.2)%
Up 50 basis points62 23 39 4.1 %
Up 100 basis points120 46 74 7.8 %
Up 150 basis points178 69 109 11.5 %
Up 200 basis points235 92 143 15.1 %
Up 250 basis points293 115 178 18.9 %
_______________
(1)Assumes no defaults or prepayments by portfolio companies over the next twelve months.
(2)Assumes current debt outstanding as of June 30, 2022, and no changes over the next twelve months.
We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. During the six months ended June 30, 2022 and 2021, we did not engage in interest rate hedging activities.
Foreign Currency Risk
From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements.
The table below presents the effect that a 10% immediate, unfavorable change in the foreign currency exchange rates (i.e. strengthening of the U.S. dollar) would have on the fair value of our investments denominated in foreign currencies as of June 30, 2022, by foreign currency, all other valuation assumptions remaining constant. In addition, the table below presents the par value of our investments denominated in foreign currencies and the notional amount of foreign currency forward contracts in local currency in place as of June 30, 2022 to hedge against foreign currency risks.
Investments Denominated in Foreign Currencies
As of June 30, 2022
Economic Hedging
As of June 30, 2022
Cost in Local CurrencyCost
in US$
Fair Value
Reduction in Fair Value as of June 30, 2022 if 10% Adverse Change in Exchange Rate(1)
Net Foreign Currency Hedge Amount in Local CurrencyNet Foreign Currency Hedge Amount in U.S. Dollars
Australian DollarsA$96.9 $66.9 $65.0 $6.5 A$5.2 $3.6 
British Pound Sterling£100.8 122.6 112.3 11.2 £19.7 24.1 
Canadian Dollars$45.1 35.0 37.1 3.7 $10.2 8.0 
Euros473.0 495.2 260.5 26.1 74.0 77.5 
Icelandic KronaISK1,325.0 10.0 10.0 1.0 ISK— — 
Norwegian KroneNOK439.8 44.6 42.8 4.3 NOK45.1 4.6 
Swedish KronaSEK1,238.0 120.9 89.3 8.9 SEK1,020.1 99.7 
Total$895.2 $617.0 $61.7 $217.5 
_______________
(1)Excludes effect, if any, of any foreign currency hedges.
As illustrated in the table above, we use derivative instruments from time to time, including foreign currency forward contracts and cross currency swaps, to manage the impact of fluctuations in foreign currency exchange rates. In addition, we have the ability to borrow in foreign currencies under our Senior Secured Revolving Credit Facility, which provides a natural hedge with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to foreign exchange rate differences. We are typically a net receiver of these foreign currencies as related for our international investment positions, and, as a
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result, our investments denominated in foreign currencies, to the extent not hedged, benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar.
As of June 30, 2022, the net contractual amount of our foreign currency forward contracts totaled $217.5, all of which related to hedging of our foreign currency denominated debt investments. As of June 30, 2022, we had outstanding borrowings denominated in foreign currencies of €201, CAD36, £86 and AUD118 under our Senior Secured Revolving Credit Facility.
In addition, we may have risk regarding portfolio valuation. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Valuation of Portfolio Investments.”

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Item 4.    Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15(b) under the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including the chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2022.
Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that we would meet our disclosure obligations.
Changes in Internal Control Over Financial Reporting
There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) of the Exchange Act) that occurred during the three month period ended June 30, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 1.    Legal Proceedings.
We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of any legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material adverse effect upon our financial condition or results of operations.
Item 1A.    Risk Factors.
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors that appeared under Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K. There are no material changes from the risk factors included within our most recent Annual Report on Form 10-K other than the risks described below.
The Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies.
The conflict between Russia and Ukraine could lead to disruption, instability and volatility in global markets, economies and industries that could negatively impact our business, results of operations and financial condition. The conflict has already resulted in significant volatility in certain equity, debt and currency markets, material increases in certain commodity prices, and economic uncertainty. The conflict may escalate and its resolution is unclear. The U.S. government and other governments have imposed severe sanctions against Russia and Russian interests and threatened additional sanctions and controls. Sanctions and export control laws and regulations are complex, frequently changing, and increasing in number, and they may impose additional legal compliance costs or business risks associated with our operations.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.
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, or the September 2021 Share Repurchase Program. Under the September 2021 Share Repurchase Program, the Company is permitted to 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 September 2021 Share Repurchase 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 September 2021 Share Repurchase 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 September 2021 Share Repurchase 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 September 2021 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 September 2021 Share Repurchase Program at an average price per share (inclusive of commissions paid) of $20.61 (totaling $5).
As previously disclosed, certain affiliates of the owners of the Advisor committed $100 to a $350 investment vehicle, or the Affiliated Purchaser, that may invest from time to time in shares of the Company. In September 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, or the September 2021 Affiliated Purchaser Program, to facilitate the purchase of shares of our common stock pursuant to the terms and conditions of such plan. The September 2021 Affiliated Purchaser Program provides for the purchase of up to $100 worth of shares of our common stock, subject to the limitations provided therein. The September 2021 Affiliated Purchase Program has concluded since the aggregate repurchase amount under the plan has been expended.
In 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, or the December 2021 Affiliated Purchaser Program and, together with the September 2021 Affiliated Purchaser Program, the Affiliated Purchaser Program, to facilitate the purchase of shares of our common stock pursuant to the terms and conditions of such plan. The December 2021 Affiliated Purchaser Program provided for the purchase of up to $70 worth of shares of our common stock, subject to the limitations provided therein. The December 2021 Affiliated Purchaser Program has concluded since the aggregate repurchase amount under the plan has been expended.
During the six months ended June 30, 2022, the Affiliated Purchaser Program purchased 3,100,501 shares of common stock at an average price per share (inclusive of commissions paid) of $21.93 (totaling $68).
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The table below provides information concerning purchases of our shares of common stock by or on behalf of the Company or any "affiliated purchaser," as defined by Rule 10b-18(a)(3) promulgated under the Exchange Act during the quarterly period ended June 30, 2022. Dollar amounts in the table below and the related notes are presented in millions, except for share and per share amounts.
PeriodTotal Number of Shares Purchased
Average Price Paid per Share(1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
April 1, 2022 through April 30, 2022121,143 $22.19 121,143 $76 
May 1, 2022 through May 31, 2022232,132 21.11 232,132 71 
June 1, 2022 through June 30, 2022314,060 19.67 314,060 65 
667,335 $20.63 667,335 
___________
(1)Amount includes commissions paid.
(2)Includes amounts pursuant to the September 2021 Share Repurchase Program and the Affiliated Purchaser Program.
Item 3.    Defaults upon Senior Securities.
Not applicable.
Item 4.    Mine Safety Disclosures.
Not applicable.
Item  5.    Other Information.
Reconvened Annual Meeting of Stockholders
The Company held its Annual Meeting of Stockholders (the “Annual Meeting”) on June 22, 2022. On June 22, 2022, the Company adjourned the Annual Meeting with respect to the Share Issuance Proposal (as defined below) to permit additional time to solicit stockholder votes for such proposal. The reconvened meeting (the “Reconvened Meeting”) was held on August 3, 2022. As of April 25, 2022, the record date (the “Record Date”) for the determination of stockholders entitled to notice of, and to vote at, the Reconvened Meeting, 284,077,369 shares of common stock were eligible to be voted in person or by proxy. Of the eligible shares of common stock to be voted, 153,416,777 were voted in person or by proxy at the Reconvened Meeting.
Stockholders were asked to consider and act upon the following proposal, which was described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 27, 2022:
Proposal No. 2 – to approve a proposal to allow the Company in future offerings to sell its shares below net asset value per share in order to provide flexibility for future sales (the “Share Issuance Proposal”).
The Share Issuance Proposal was approved by the Company’s stockholders at the Reconvened Meeting. The votes for, votes against, abstentions and broker non-votes are set below:
Votes ForVotes AgainstAbstentionsBroker Non-Votes
118,884,77527,062,2107,469,792
0
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Item 6.    Exhibits
2.1
2.2
3.1
3.2
3.3
3.4
3.5
3.6
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
4.11
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4.12
4.13
4.14
4.15
4.16
4.17
4.18
4.19
4.20
4.21
4.22
4.23
4.24
4.25
4.26
10.1
10.2
10.3
10.4
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10.5†
10.6
10.7
10.8
10.9
10.10
10.11
10.12
10.13
10.14
10.15
10.16
10.17
10.18
10.19
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10.20
10.21
10.22
10.23
10.24
10.25
10.26
10.27
10.28
10.29
10.30
10.31
10.32
10.33
107


10.34
10.35
10.36
10.37
10.38
10.39
10.40
10.41
10.42
10.43
10.44
10.45
10.46
10.47
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10.48
10.49
10.50
10.51
10.52
10.53
10.54
10.55
10.56
10.57
10.58
10.59
31.1*
31.2*
32.1*
*Filed herewith.
Pursuant to Item 601(a)(5) of Regulation S-K, certain exhibits and schedules have been omitted. The registrant hereby agrees to furnish supplementally a copy of any omitted attachment to the SEC upon request.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report to be signed on its behalf by the undersigned, thereunto duly authorized on August 8, 2022.
FS KKR CAPITAL CORP.
By:
/s/    Michael C. Forman
Michael C. Forman
Chief Executive Officer
(Principal Executive Officer)
By:
/s/    Steven Lilly
Steven Lilly
Chief Financial Officer
(Principal Financial Officer)
By:
/s/    William Goebel
William Goebel
Chief Accounting Officer

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