10-Q 1 fsk10-q2q22.htm 10-Q Document

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