UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021

☐ 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  ☒    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  ☐    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. (Check one):

Large accelerated filer  ☒	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  ☒.

Securities registered pursuant to Section 12(b) of the Act.

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001	FSK	New 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 123,755,965 shares of the registrant’s common stock outstanding as of May 7, 2021.

TABLE OF CONTENTS

		Page
PART I—FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS		1
	Consolidated Balance Sheets as of March 31, 2021 (Unaudited) and December 31, 2020		1
	Unaudited Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020		2
	Unaudited Consolidated Statements of Changes in Net Assets for the three months ended March  31, 2021 and 2020		3
	Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020		4
	Consolidated Schedules of Investments as of March 31, 2021 (Unaudited) and December 31, 2020		5
	Notes to Unaudited Consolidated Financial Statements		33
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		71
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		86
ITEM 4.	CONTROLS AND PROCEDURES		88
PART II—OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS		89
ITEM 1A.	RISK FACTORS		89
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		89
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES		89
ITEM 4.	MINE SAFETY DISCLOSURES		89
ITEM 5.	OTHER INFORMATION		89
ITEM 6.	EXHIBITS		89
	SIGNATURES		92

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

FS KKR Capital Corp.

Consolidated Balance Sheets

(in millions, except share and per share amounts)

	March 31, 2021 (Unaudited)			December 31, 2020
Assets
Investments, at fair value
Non-controlled/unaffiliated investments (amortized cost—$4,756 and $5,314, respectively)	$	4,537		$	4,986
Non-controlled/affiliated investments (amortized cost—$679 and $629, respectively)		611			534
Controlled/affiliated investments (amortized cost—$1,453 and $1,510, respectively)		1,309			1,260
Total investments, at fair value (amortized cost—$6,888 and $7,453, respectively)		6,457			6,780
Cash		144			182
Foreign currency, at fair value (cost—$5 and $8, respectively)		5			9
Receivable for investments sold and repaid		263			173
Income receivable		72			72
Unrealized appreciation on foreign currency forward contracts		1			1
Deferred financing costs		14			15
Deferred merger costs		2			1
Prepaid expenses and other assets		6			4
Total assets	$	6,964		$	7,237
Liabilities
Payable for investments purchased	$	—		$	—
Debt (net of deferred financing costs of $22 and $23, respectively)(1)		3,590			3,997
Unrealized depreciation on foreign currency forward contracts		2			3
Stockholder distributions payable		74			74
Management fees payable		25			25
Subordinated income incentive fees payable(2)		—			—
Administrative services expense payable		3			2
Interest payable		41			25
Other accrued expenses and liabilities		8			15
Total liabilities		3,743			4,141
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, 123,755,965 and 123,755,965 shares issued and outstanding, respectively		0			0
Capital in excess of par value		3,866			3,866
Retained earnings (accumulated deficit)(4)		(645	)		(770	)
Total stockholders’ equity		3,221			3,096
Total liabilities and stockholders’ equity	$	6,964		$	7,237
Net asset value per share of common stock at period end	$	26.03		$	25.02

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

(2) See Note 2 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 Ended March 31,
	2021			2020
Investment income
Interest income	$	87		$	125
Paid-in-kind interest income		10			11
Fee income		11			12
Dividend and other income		4			2
From non-controlled/affiliated investments:
Interest income		3			3
Paid-in-kind interest income		6			5
Fee income		—			0
Dividend income		0			—
From controlled/affiliated investments:
Interest income		2			3
Paid-in-kind interest income		1			—
Dividend and other income		27			18
Total investment income		151			179
Operating expenses
Management fees		25			30
Subordinated income incentive fees(1)		—			—
Administrative services expenses		2			2
Accounting and administrative fees		1			1
Interest expense(2)		42			46
Other general and administrative expenses		3			2
Total operating expenses		73			81
Net investment income		78			98
Realized and unrealized gain/loss
Net realized gain (loss) on investments:
Non-controlled/unaffiliated investments		(83	)		(92	)
Non-controlled/affiliated investments		—			(34	)
Controlled/affiliated investments		(43	)		—
Net realized gain (loss) on foreign currency forward contracts		—			—
Net realized gain (loss) on foreign currency		(2	)		(4	)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/unaffiliated investments		109			(367	)
Non-controlled/affiliated investments		27			(137	)
Controlled/affiliated investments		106			(191	)
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		1			2
Net change in unrealized gain (loss) on foreign currency		6			22
Total net realized and unrealized gain (loss)	$	121		$	(801	)
Net increase (decrease) in net assets resulting from operations	$	199		$	(703	)
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings per Share)	$	1.61		$	(5.59	)
Weighted average shares outstanding(3)		123,755,965			125,855,913

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

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

(3) As discussed in Note 3, the Company completed a reverse stock split, effective as of June 15, 2020. The weighted average shares used in the per share computation of the net increase (decrease) in net assets resulting from operations reflect the reverse stock split on a retroactive basis.

See notes to unaudited consolidated financial statements.

2

FS KKR Capital Corp.

Unaudited Consolidated Statements of Changes in Net Assets

(in millions)

	Three Months Ended March 31,
	2021			2020
Operations
Net investment income (loss)	$	78		$	98
Net realized gain (loss) on investments, swap contracts and foreign currency		(128	)		(130	)
Net change in unrealized appreciation (depreciation) on investments, swap contracts and foreign currency forward contracts(1)		243			(693	)
Net change in unrealized gain (loss) on foreign currency		6			22
Net increase (decrease) in net assets resulting from operations		199			(703	)
Stockholder distributions(2)
Distributions to stockholders		(74	)		(95	)
Net decrease in net assets resulting from stockholder distributions		(74	)		(95	)
Capital share transactions(3)
Repurchases of common stock		—			(40	)
Net increase (decrease) in net assets resulting from capital share transactions		—			(40	)
Total increase (decrease) in net assets		125			(838	)
Net assets at beginning of period		3,096			3,866
Net assets at end of period	$	3,221		$	3,028

(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.

3

FS KKR Capital Corp.

Unaudited Consolidated Statements of Cash Flows

(in millions)

	Three Months Ended March 31,
	2021			2020
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	199		$	(703	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments		(417	)		(1,296	)
Paid-in-kind interest		(15	)		(23	)
Proceeds from sales and repayments of investments		877			914
Net realized (gain) loss on investments		126			126
Net change in unrealized (appreciation) depreciation on investments		(242	)		695
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		(1	)		(2	)
Accretion of discount		(6	)		(4	)
Amortization of deferred financing costs and discount		3			1
Unrealized (gain)/loss on borrowings in foreign currency		(6	)		(28	)
(Increase) decrease in receivable for investments sold and repaid		(90	)		453
(Increase) decrease in income receivable		—			3
(Increase) decrease in deferred merger costs		(1	)		—
(Increase) decrease in prepaid expenses and other assets		(2	)		(2	)
Increase (decrease) in payable for investments purchased		—			(5	)
Increase (decrease) in management fees payable		—			—
Increase (decrease) in subordinated income incentive fees payable		—			—
Increase (decrease) in administrative services expense		1			(1	)
Increase (decrease) in interest payable		16			9
Increase (decrease) in other accrued expenses and liabilities		(7	)		(6	)
Net cash provided by (used in) operating activities		435			131
Cash flows from financing activities
Repurchases of common stock		—			(40	)
Stockholder distributions		(74	)		(96	)
Borrowings under financing arrangements(1)		245			808
Repayments of financing arrangements(1)		(648	)		(717	)
Deferred financing costs paid		—			1
Net cash provided by (used in) financing activities		(477	)		(44	)
Total increase (decrease) in cash		(42	)		87
Cash, and foreign currency at beginning of period		191			106
Cash, and foreign currency at end of period	$	149		$	193
Supplemental disclosure
Non-cash purchases of investments	$	(32	)	$	(41	)
Non-cash sales of investments	$	32		$	41
Local and excise taxes paid	$	10		$	7

(1) See Note 9 for a discussion of the Company’s financing arrangements. During the three months ended March 31, 2021 and 2020, the Company paid $23 and $36, respectively, in interest expense on the financing arrangements.

See notes to unaudited consolidated financial statements.

4

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments

As of March 31, 2021

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—102.5%
5 Arch Income Fund 2 LLC	(l)(n)(q)(w)	Diversified Financials	9.0%		11/18/23	$	27.4	$	27.4	$	20.4
5 Arch Income Fund 2 LLC	(l)(n)(q)(v)(w)	Diversified Financials	9.0%		11/18/23		4.5		4.5		3.3
A10 Capital LLC	(h)	Diversified Financials	L+650	1.0%	5/1/23		12.8		12.7		12.9
A10 Capital LLC	(v)	Diversified Financials	L+650	1.0%	5/1/23		14.1		14.1		14.3
Abaco Systems, Inc	(g)(i)	Capital Goods	L+600	1.0%	12/7/21		60.4		60.0		60.4
ABB CONCISE Optical Group LLC	(g)(x)	Retailing	L+500	1.0%	6/15/23		0.7		0.7		0.7
Accuride Corp	(g)(x)	Capital Goods	L+525	1.0%	11/17/23		17.7		17.5		16.8
Acproducts Inc	(g)(h)(i)(x)	Consumer Durables & Apparel	L+650	1.0%	8/18/25		41.6		39.6		42.5
American Tire Distributors Inc	(g)(x)	Automobiles & Components	L+750, 0.0% PIK (1.5% Max PIK)	1.0%	9/2/24		22.9		21.6		22.5
Amtek Global Technology Pte Ltd	(j)(l)(z)	Automobiles & Components	E+500	0.0%	4/4/24	€	55.1		67.1		59.0
Apex Group Limited	(l)(v)	Diversified Financials	L+700	1.3%	6/15/23	$	1.9		1.9		1.9
Apex Group Limited	(g)(h)(l)	Diversified Financials	L+700	1.3%	6/16/25		18.5		18.3		18.7
Apex Group Limited	(g)(l)	Diversified Financials	L+700	1.5%	6/16/25	£	31.2		39.6		43.5
Ardonagh Group Ltd	(g)(l)	Insurance	L+544, 2.3% PIK (2.3% Max PIK)	0.8%	7/14/26		0.5		0.7		0.7
Ardonagh Group Ltd	(l)(v)	Insurance	L+544, 2.3% PIK (2.3% Max PIK)	0.8%	7/14/26		0.3		0.3		0.4
Aspect Software Inc	(g)	Software & Services	8.0% PIK (8.0% Max PIK)		5/15/21	$	0.0		0.0		0.0
Aspect Software Inc	(v)	Software & Services	L+500	1.0%	7/15/23		0.7		0.7		0.7
Belk Inc	(g)(x)(y)	Retailing	L+750	1.0%	7/31/25		19.7		19.7		19.8
Belk Inc	(g)(n)(w)(x)(y)	Retailing	10.0%, 0.0% PIK (8.0% Max PIK)		7/31/25		26.3		13.5		17.1
Berner Food & Beverage LLC	(g)(h)(i)	Food & Staples Retailing	L+875	1.0%	3/16/22		87.3		87.1		91.4
Borden (New Dairy Opco)	(g)(y)	Food, Beverage & Tobacco	L+250	1.0%	7/20/25		7.6		7.6		7.6
Borden (New Dairy Opco)	(g)(y)	Food, Beverage & Tobacco	L+700, 0.0% PIK (1.0% Max PIK)	1.0%	7/20/25		16.8		16.8		16.8
Borden Dairy Co	(g)(n)(w)(y)	Food, Beverage & Tobacco	L+825	1.0%	7/6/23		26.0		24.1		—
CSafe Global	(g)	Capital Goods	L+625	1.0%	12/23/27		0.4		0.4		0.4
CSafe Global	(v)	Capital Goods	L+625	1.0%	12/23/27		1.1		1.1		1.1
CSafe Global	(g)(h)	Capital Goods	L+625	1.0%	12/23/27		16.0		15.9		16.0
CSM Bakery Products	(g)(x)	Food, Beverage & Tobacco	L+625	1.0%	1/4/22		1.1		1.1		1.1
Dental Care Alliance Inc	(g)(h)	Health Care Equipment & Services	L+625	0.8%	3/12/27		41.8		41.5		41.5
Dental Care Alliance Inc	(v)	Health Care Equipment & Services	L+625	0.8%	3/12/27		10.3		10.3		10.2
Distribution International Inc	(g)(x)	Retailing	L+575	1.0%	12/15/23		27.5		25.3		26.6
Eagle Family Foods Inc	(g)	Food, Beverage & Tobacco	L+650	1.0%	6/14/23		1.4		1.4		1.4
Eagle Family Foods Inc	(v)	Food, Beverage & Tobacco	L+650	1.0%	6/14/23		5.7		5.7		5.7
Eagle Family Foods Inc	(g)(h)(i)	Food, Beverage & Tobacco	L+650	1.0%	6/14/24		44.7		44.4		44.7
Empire Today LLC	(g)(h)	Retailing	L+650	1.0%	11/17/22		75.6		75.6		75.6
Entertainment Benefits Group LLC	(g)	Media & Entertainment	L+575, 2.5% PIK (2.5% Max PIK)	1.0%	9/30/24		4.4		4.4		3.9
Entertainment Benefits Group LLC	(v)	Media & Entertainment	L+575, 2.5% PIK (2.5% Max PIK)	1.0%	9/30/24		0.5		0.5		0.4
Entertainment Benefits Group LLC	(g)(h)	Media & Entertainment	L+575, 2.5% PIK (2.5% Max PIK)	1.0%	9/30/25		30.3		30.0		26.8
FloWorks International LLC	(g)(h)(i)	Capital Goods	L+650	1.0%	10/14/26		23.5		23.3		23.1
FloWorks International LLC	(v)	Capital Goods	L+650	1.0%	10/14/26		6.4		6.4		6.3
Foundation Consumer Brands LLC	(g)(h)	Pharmaceuticals, Biotechnology & Life Sciences	L+638	1.0%	10/1/26		49.7		49.7		49.7
Foundation Consumer Brands LLC	(v)	Pharmaceuticals, Biotechnology & Life Sciences	L+638	1.0%	2/12/27		3.0		3.0		3.0
Frontline Technologies Group LLC	(g)(h)(i)	Software & Services	L+575	1.0%	9/18/23		74.0		73.7		74.8
Greystone & Co Inc	(g)(h)	Diversified Financials	L+800	1.0%	4/17/24		36.8		36.6		36.8
Greystone Equity Member Corp	(g)(l)	Diversified Financials	L+725	3.8%	4/1/26		30.5		30.5		30.3

See notes to unaudited consolidated financial statements.

5

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Heniff Transportation Systems LLC	(g)	Transportation	L+575	1.0%	12/3/24	$	7.5	$	7.5	$	7.5
Heniff Transportation Systems LLC	(v)	Transportation	L+575	1.0%	12/3/24		0.8		0.8		0.8
Heniff Transportation Systems LLC	(g)(h)(i)	Transportation	L+575	1.0%	12/3/26		64.2		63.9		64.7
Heniff Transportation Systems LLC	(g)	Transportation	L+625	1.0%	12/3/26		9.0		9.0		9.0
HM Dunn Co Inc	(g)(n)(w)(y)	Capital Goods	L+875 PIK (L+875 Max PIK)	1.0%	12/31/21		0.9		0.7		0.2
HM Dunn Co Inc	(g)(y)	Capital Goods	15.0% PIK (15.0% Max PIK)		12/31/21		0.1		0.1		0.1
HM Dunn Co Inc	(g)(y)	Capital Goods	15.0% PIK (15.0% Max PIK)		12/31/21		0.2		0.2		0.1
Hudson Technologies Co	(g)(l)	Commercial & Professional Services	L+1,025	1.0%	10/10/23		31.9		31.7		26.4
Individual FoodService	(g)	Capital Goods	L+625	1.0%	11/22/24		0.1		0.1		0.1
Individual FoodService	(v)	Capital Goods	L+625	1.0%	11/22/24		0.4		0.4		0.4
Individual FoodService	(g)(h)	Capital Goods	L+625	1.0%	11/22/25		6.9		6.9		6.9
Individual FoodService	(v)	Capital Goods	L+625	1.0%	11/22/25		0.5		0.5		0.5
Industria Chimica Emiliana Srl	(g)(l)	Pharmaceuticals, Biotechnology & Life Sciences	E+725	0.0%	6/30/26	€	19.3		20.7		23.2
Industria Chimica Emiliana Srl	(g)(l)	Pharmaceuticals, Biotechnology & Life Sciences	E+725	0.0%	9/27/26		8.1		9.3		9.8
Industry City TI Lessor LP	(g)	Consumer Services	10.8%, 1.0% PIK (1.0% Max PIK)		6/30/26	$	23.4		23.5		25.7
J S Held LLC	(g)(h)(i)	Insurance	L+600	1.0%	7/1/25		66.5		66.1		67.2
J S Held LLC	(v)	Insurance	L+600	1.0%	7/1/25		1.2		1.2		1.2
J S Held LLC	(g)	Insurance	L+600	1.0%	7/1/25		2.5		2.5		2.5
J S Held LLC	(v)	Insurance	L+600	1.0%	7/1/25		3.7		3.7		3.7
Jarrow Formulas Inc	(h)(i)	Household & Personal Products	L+625	1.0%	11/30/26		57.0		56.3		57.0
Jo-Ann Stores Inc	(h)(x)	Retailing	L+500	1.0%	10/20/23		3.4		3.4		3.3
Karman Space Inc	(g)(h)	Capital Goods	L+650	1.0%	12/21/25		16.7		16.5		16.5
Karman Space Inc	(v)	Capital Goods	L+650	1.0%	12/21/25		1.2		1.2		1.2
Kellermeyer Bergensons Services LLC	(g)(h)(i)	Commercial & Professional Services	L+650	1.0%	11/7/26		117.4		116.7		118.6
Kellermeyer Bergensons Services LLC	(v)	Commercial & Professional Services	L+650	1.0%	11/7/26		28.3		28.3		28.6
Lexitas Inc	(g)(h)(i)	Commercial & Professional Services	L+600	1.0%	11/14/25		35.0		34.7		35.2
Lexitas Inc	(v)	Commercial & Professional Services	L+600	1.0%	11/14/25		3.9		3.9		4.0
Lexitas Inc	(v)	Commercial & Professional Services	L+600	1.0%	11/14/25		15.0		15.0		14.8
Lexitas Inc	(v)	Commercial & Professional Services	L+600	1.0%	11/14/25		2.5		2.5		2.5
Lipari Foods LLC	(g)(h)	Food & Staples Retailing	L+588	1.0%	1/6/25		103.6		103.0		104.7
Matchesfashion Ltd	(g)(l)	Consumer Durables & Apparel	L+463, 1.0% PIK (1.0% Max PIK)	0.0%	10/11/24		12.7		12.1		9.8
MB2 Dental Solutions LLC	(g)(h)	Health Care Equipment & Services	L+600	1.0%	1/29/27		51.2		50.7		50.7
MB2 Dental Solutions LLC	(v)	Health Care Equipment & Services	L+600	1.0%	1/29/27		15.7		15.5		15.5
Miami Beach Medical Group LLC	(h)	Health Care Equipment & Services	L+650	1.0%	12/14/26		7.8		7.7		7.8
Miami Beach Medical Group LLC	(v)	Health Care Equipment & Services	L+650	1.0%	12/14/26		1.4		1.4		1.4
Micronics Filtration Holdings Inc	(g)(n)(w)(y)	Capital Goods	7.5% PIK (7.5% Max PIK)	0.0%	3/29/24		48.5		45.0		37.6
Motion Recruitment Partners LLC	(g)(h)	Commercial & Professional Services	L+650	1.0%	12/19/25		39.7		39.4		37.8
Motion Recruitment Partners LLC	(v)	Commercial & Professional Services	L+650	1.0%	12/19/25		27.6		27.6		26.3
NBG Home	(g)	Consumer Durables & Apparel	L+550	1.0%	4/26/24		68.9		68.7		57.5
NCI Inc	(g)	Software & Services	L+750, 0.0% PIK (2.5% Max PIK)	1.0%	8/15/24		83.3		82.7		72.2
Omnimax International Inc	(g)(h)(i)	Capital Goods	L+725	1.0%	10/8/26		57.1		56.5		58.0
One Call Care Management Inc	(g)(x)(y)	Health Care Equipment & Services	L+525	1.0%	11/27/22		4.8		4.4		4.8
P2 Energy Solutions Inc.	(g)	Software & Services	L+675	1.0%	1/31/25		2.3		2.3		2.2
P2 Energy Solutions Inc.	(v)	Software & Services	L+675	1.0%	1/31/25		4.7		4.7		4.5
P2 Energy Solutions Inc.	(g)(h)(i)	Software & Services	L+675	1.0%	2/2/26		116.2		115.0		111.0
Peraton Corp	(g)(x)	Capital Goods	L+375	0.8%	2/1/28		1.6		1.6		1.7

See notes to unaudited consolidated financial statements.

6

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Peraton Corp	(v)(x)	Capital Goods	L+375	0.8%	2/1/28	$	2.9	$	2.9	$	2.9
Petroplex Acidizing Inc	(g)(n)(w)(y)	Energy	L+900 PIK (L+900 Max PIK)	1.0%	12/30/21		25.2		22.2		4.6
Polyconcept North America Inc	(g)(x)	Household & Personal Products	L+450 PIK (L+450 Max PIK)	1.0%	8/16/23		21.6		21.4		20.9
Premium Credit Ltd	(g)(l)	Diversified Financials	L+650	0.0%	1/16/26	£	18.4		23.5		25.3
PSKW LLC	(g)(i)	Health Care Equipment & Services	L+625	1.0%	3/9/26	$	136.9		135.5		138.3
Qdoba Restaurant Corp	(g)(h)(x)	Consumer Services	L+700	1.0%	3/21/25		11.0		10.9		10.8
Reliant Rehab Hospital Cincinnati LLC	(g)(h)(i)	Health Care Equipment & Services	L+675	0.0%	9/2/24		64.7		64.3		62.8
Revere Superior Holdings Inc	(g)(h)	Software & Services	L+575	1.0%	9/30/26		12.9		12.9		13.1
Revere Superior Holdings Inc	(v)	Software & Services	L+575	1.0%	9/30/26		1.0		1.0		1.0
RSC Insurance Brokerage Inc	(v)	Insurance	L+550	1.0%	9/30/26		3.2		3.1		3.2
RSC Insurance Brokerage Inc	(g)(h)(i)	Insurance	L+550	1.0%	10/30/26		96.1		95.5		97.1
RSC Insurance Brokerage Inc	(g)	Insurance	L+550	1.0%	10/30/26		3.2		3.2		3.2
RSC Insurance Brokerage Inc	(v)	Insurance	L+550	1.0%	10/30/26		5.2		5.2		5.2
Safe-Guard Products International LLC	(g)(h)(i)	Diversified Financials	L+575	0.0%	1/27/27		38.7		38.4		39.1
Savers Inc	(g)(h)	Retailing	L+800, 0.8% PIK (0.8% Max PIK)	1.5%	3/28/24		64.3		64.6		66.6
Savers Inc	(g)(l)	Retailing	C+850, 0.8% PIK (0.8% Max PIK)	1.5%	3/28/24	C$	90.9		69.6		74.8
Sequa Corp	(h)(x)	Capital Goods	L+675, 0.0% PIK (1.0% Max PIK)	1.0%	11/28/23	$	11.4		10.8		11.4
Sequel Youth & Family Services LLC	(g)(n)(w)	Health Care Equipment & Services	L+700	1.0%	9/1/23		13.7		13.7		5.4
Sequel Youth & Family Services LLC	(g)(n)(w)	Health Care Equipment & Services	L+800	1.0%	9/1/23		80.0		80.0		31.3
Sequential Brands Group Inc.	(g)	Consumer Durables & Apparel	L+875	0.0%	2/7/24		58.8		57.7		48.3
Sorenson Communications LLC	(g)(x)	Telecommunication Services	L+550	0.8%	3/17/26		18.2		18.0		18.2
Sound United LLC	(g)(h)(z)	Consumer Durables & Apparel	L+700	1.0%	12/31/23		14.9		14.9		14.9
Spins LLC	(g)(h)	Software & Services	L+575	1.0%	1/20/27		18.3		18.1		18.1
Spins LLC	(v)	Software & Services	L+575	1.0%	1/20/27		2.4		2.4		2.4
Sungard Availability Services Capital Inc	(g)	Software & Services	L+375, 3.8% PIK (3.8% Max PIK)	1.0%	7/1/24		0.6		0.7		0.7
Sungard Availability Services Capital Inc	(v)	Software & Services	L+375, 3.8% PIK (3.8% Max PIK)	1.0%	7/1/24		0.3		0.4		0.4
Sweeping Corp of America Inc	(g)(h)	Commercial & Professional Services	L+575	1.0%	11/30/26		13.4		13.3		13.5
Sweeping Corp of America Inc	(v)	Commercial & Professional Services	L+575	1.0%	11/30/26		3.4		3.4		3.4
Sweeping Corp of America Inc	(v)	Commercial & Professional Services	L+575	1.0%	11/30/26		1.7		1.7		1.7
Sweet Harvest Foods Management Co	(g)	Food & Staples Retailing	L+775, 1.0% PIK (1.0% Max PIK)	1.0%	6/23/23		24.5		24.4		24.5
Sweet Harvest Foods Management Co	(v)	Food & Staples Retailing	L+775, 1.0% PIK (1.0% Max PIK)	1.0%	6/23/23		0.8		0.8		0.8
Tangoe LLC	(g)(h)(i)	Software & Services	L+650	1.0%	11/28/25		89.1		88.4		76.7
ThermaSys Corp	(g)(y)	Capital Goods	L+1,100 PIK (L+1,100 Max PIK)	1.0%	1/1/24		7.8		8.1		3.9
ThreeSixty Group	(g)(h)	Retailing	L+500, 2.5% PIK (2.5% Max PIK)	1.5%	3/1/23		103.4		102.7		99.3
Torrid Inc	(h)(i)	Retailing	L+675	1.0%	12/16/24		25.9		25.6		26.2
Trace3 Inc	(g)(h)(i)	Software & Services	L+675	1.0%	8/3/24		89.0		89.0		89.0
Transaction Services Group Ltd	(g)(l)	Software & Services	B+600	0.0%	10/15/26	A$	7.6		5.0		5.6
Transaction Services Group Ltd	(g)(l)	Software & Services	L+600	0.0%	10/15/26	$	15.9		15.9		15.4
Transaction Services Group Ltd	(g)(l)	Software & Services	L+600	0.0%	10/15/26	£	6.1		7.8		8.2
Truck-Lite Co LLC	(g)	Capital Goods	L+625	1.0%	12/13/24	$	5.9		5.8		5.9
Truck-Lite Co LLC	(v)	Capital Goods	L+625	1.0%	12/13/24		5.9		5.8		5.9
Truck-Lite Co LLC	(g)(h)(i)	Capital Goods	L+625	1.0%	12/13/26		125.1		123.8		125.4
Virgin Pulse Inc	(g)(h)(i)	Software & Services	L+600	1.0%	5/22/25		115.3		114.7		115.3
Warren Resources Inc	(g)	Energy	L+900, 1.0% PIK (1.0% Max PIK)	1.0%	5/22/24		0.7		0.7		0.7
Wheels Up Partners LLC	(g)	Transportation	L+855	1.0%	10/15/21		3.9		3.9		3.9

See notes to unaudited consolidated financial statements.

7

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost			Fair Value(d)
Wheels Up Partners LLC	(g)	Transportation	L+855	1.0%	7/15/22	$	4.3	$	4.3		$	4.3
Wheels Up Partners LLC	(g)	Transportation	L+710	1.0%	6/30/24		16.2		16.2			16.2
Wheels Up Partners LLC	(g)	Transportation	L+710	1.0%	11/1/24		6.8		6.8			6.8
Wheels Up Partners LLC	(g)	Transportation	L+710	1.0%	12/21/24		25.7		25.6			26.0
Total Senior Secured Loans—First Lien									3,626.5			3,484.6
Unfunded Loan Commitments									(181.9	)		(181.9	)
Net Senior Secured Loans—First Lien									3,444.6			3,302.7
Senior Secured Loans—Second Lien—22.1%
Abaco Systems, Inc	(g)	Capital Goods	L+1,050	1.0%	6/7/22		63.4		63.0			63.4
Advanced Lighting Technologies Inc	(g)	Materials	L+600	1.0%	3/16/27		7.3		7.3			7.3
Amtek Global Technology Pte Ltd	(g)(j)(l)(n)(w)(z)	Automobiles & Components	E+500 PIK (E+500 Max PIK)	0.0%	4/4/24	€	45.5		51.3			1.2
Belk Inc	(g)(n)(w)(y)	Retailing	10.0% PIK (10.0% Max PIK)		7/31/25	$	23.8		4.3			4.2
Byrider Finance LLC	(f)(g)	Automobiles & Components	L+1,000, 0.5% PIK (0.5% Max PIK)	1.3%	6/7/22		18.0		18.0			18.0
Culligan International Co	(g)(h)	Household & Personal Products	L+850	1.0%	12/13/24		85.0		84.5			85.0
Datatel Inc	(g)	Software & Services	L+800	1.0%	10/9/28		53.7		53.0			54.1
Gruden Acquisition Inc	(g)(x)	Transportation	L+850	1.0%	8/18/23		10.0		9.8			9.9
NBG Home	(g)	Consumer Durables & Apparel	L+1,275 PIK (L+1,275 Max PIK)	1.0%	9/30/24		28.5		25.6			21.7
NEP Broadcasting LLC	(g)(x)	Media & Entertainment	L+700	0.0%	10/19/26		1.0		1.0			0.9
OEConnection LLC	(g)	Software & Services	L+825	0.0%	9/25/27		34.1		33.8			34.4
Paradigm Acquisition Corp	(g)(x)	Health Care Equipment & Services	L+750	0.0%	10/26/26		0.9		0.9			0.9
Peraton Corp	(g)	Capital Goods	L+800	1.0%	2/1/29		52.4		50.9			50.8
Petrochoice Holdings Inc	(g)	Capital Goods	L+875	1.0%	8/21/23		65.0		64.2			56.1
Polyconcept North America Inc	(g)	Household & Personal Products	11.0% PIK (11.0% Max PIK)	0.0%	2/16/24		9.1		9.0			8.3
Pretium Packaging LLC	(g)(h)	Household & Personal Products	L+825	0.8%	11/6/28		4.5		4.5			4.6
Pure Fishing Inc	(g)(h)	Consumer Durables & Apparel	L+838	1.0%	12/31/26		81.1		80.4			79.5
Rise Baking Company	(g)(h)	Food, Beverage & Tobacco	L+800	1.0%	8/9/26		31.1		30.9			29.3
Savers Inc	(g)	Retailing	14.8% PIK (14.8% Max PIK)		3/28/24		14.5		15.5			15.1
Sequa Corp	(h)(x)	Capital Goods	L+1,075, 0.0% PIK (6.8% Max PIK)	1.0%	4/28/24		3.6		3.5			3.3
Sorenson Communications LLC	(f)(h)	Telecommunication Services	L+1,150 PIK (L+1,150 Max PIK)		3/17/26		3.3		3.3			3.3
Sound United LLC	(g)(z)	Consumer Durables & Apparel	13.5% PIK (13.5% Max PIK)	0.0%	6/30/24		22.6		21.6			22.4
Sungard Availability Services Capital Inc	(g)	Software & Services	L+400, 2.8% PIK (2.8% Max PIK)	1.0%	8/1/24		1.9		1.9			1.9
Vestcom International Inc	(g)(h)	Consumer Services	L+800	1.0%	12/19/24		70.5		70.2			70.5
WireCo WorldGroup Inc	(h)(x)	Capital Goods	L+900	1.0%	9/30/24		3.4		3.4			3.1
Wittur Holding GmbH	(g)(l)	Capital Goods	E+850, 0.5% PIK (0.5% Max PIK)	0.0%	9/23/27	€	56.7		60.6			63.8
Total Senior Secured Loans—Second Lien									772.4			713.0
Other Senior Secured Debt—2.5%
Angelica Corp	(n)(t)(w)	Health Care Equipment & Services	10.0% PIK (10.0% Max PIK)		12/30/22	$	48.4		42.3			23.6
Black Swan Energy Ltd	(g)(l)	Energy	9.0%		1/20/24		6.0		6.0			5.9
JW Aluminum Co	(g)(x)(y)	Materials	10.3%		6/1/26		39.3		39.4			41.7
TruckPro LLC	(g)(x)	Capital Goods	11.0%		10/15/24		2.8		2.6			3.0

See notes to unaudited consolidated financial statements.

8

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)		Floor(b)		Maturity		Principal Amount(c)		Amortized Cost		Fair Value(d)
Velvet Energy Ltd	(g)(l)	Energy		9.0%				10/5/23	$	7.5	$	7.5	$	6.7
Total Other Senior Secured Debt												97.8		80.9
Subordinated Debt—2.5%
Ardonagh Group Ltd	(g)(l)(x)	Insurance		12.8% PIK (12.8% Max PIK)				1/15/27		0.8		0.8		0.9
ClubCorp Club Operations Inc	(g)(x)	Consumer Services		8.5%				9/15/25		16.8		16.6		15.9
Craftworks Rest & Breweries Group Inc	(g)(n)(w)	Consumer Services		14.0% PIK (14.0% Max PIK)				11/1/24		7.3		7.3		—
Hilding Anders	(g)(l)(n)(z)	Consumer Durables & Apparel							€	24.8		26.9		—
Hilding Anders	(g)(l)(n)(z)	Consumer Durables & Apparel								110.5		—		—
Hilding Anders	(g)(l)(n)(w)(z)	Consumer Durables & Apparel		13.0% PIK (13.0% Max PIK)				11/30/25		118.2		99.4		58.9
Home Partners of America Inc	(g)(y)	Real Estate		L+625		1.0%		10/8/22	$	3.5		3.5		3.5
Total Subordinated Debt												154.5		79.2

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)/ Shares		Amortized Cost		Fair Value(d)
Asset Based Finance—29.5%
801 5th Ave, Seattle, Private Equity	(g)(l)(n)(z)	Real Estate					4,529,676	$	4.5	$	10.5
801 5th Ave, Seattle, Structure Mezzanine	(g)(l)(z)	Real Estate	8.0%, 3.0% PIK (3.0% Max PIK)		12/19/29	$	29.4		29.4		29.4
Accelerator Investments Aggregator LP, Private Equity	(g)(l)(n)	Diversified Financials					5,157,482		6.1		4.5
Altavair AirFinance, Private Equity	(g)(l)	Capital Goods					53,175,186		53.2		55.2
AMPLIT JV LP, Limited Partnership Interest	(g)(l)(n)	Diversified Financials					N/A		3.8		—
Australis Maritime, Common Stock	(g)(l)	Transportation					21,815,301		21.8		21.7
Avida Holding AB, Common Stock	(g)(l)(n)(z)	Diversified Financials					328,271,754		35.4		38.5
Bank of Ireland, Class B Credit Linked Floating Rate Note	(j)(l)	Banks	L+1,185		12/4/27	$	14.7		14.7		14.5
Byrider Finance LLC, Structured Mezzanine	(g)	Automobiles & Components	L+1,050	0.3%	6/3/28	$	4.3		4.3		4.3
Byrider Finance LLC, Structured Mezzanine	(v)	Automobiles & Components	L+1,050	0.3%	6/3/28	$	3.4		3.4		3.4
Byrider Finance LLC, Sub Note	(g)(l)	Automobiles & Components	8.7%		2/17/25	$	2.1		2.0		2.2
Callodine Commercial Finance LLC, 2L Term Loan A	(g)	Diversified Financials	L+900	1.0%	11/3/25	$	37.5		37.4		37.0
Callodine Commercial Finance LLC, 2L Term Loan B	(v)	Diversified Financials	L+900	1.0%	11/3/25	$	12.1		12.1		11.9
Capital Automotive LP, Private Equity	(g)(l)	Real Estate					9,977,203		10.0		10.2
Capital Automotive LP, Structured Mezzanine	(g)(l)	Real Estate	11.0%		12/22/28	$	19.9		19.9		19.9
Global Jet Capital LLC, Preferred Stock	(f)(g)(n)	Commercial & Professional Services					69,429,554		69.4		—
Global Jet Capital LLC, Structured Mezzanine	(g)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		1/30/25	$	1.4		1.2		1.2
Global Jet Capital LLC, Structured Mezzanine	(g)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		4/30/25	$	8.8		7.7		7.6
Global Jet Capital LLC, Structured Mezzanine	(g)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		9/3/25	$	1.8		1.6		1.6
Global Jet Capital LLC, Structured Mezzanine	(g)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		9/29/25	$	1.7		1.5		1.5
Global Jet Capital LLC, Structured Mezzanine	(f)(g)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		12/4/25	$	103.0		90.1		89.2
Global Jet Capital LLC, Structured Mezzanine	(f)(g)(l)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		12/4/25	$	22.9		20.1		19.9
Global Jet Capital LLC, Structured Mezzanine	(f)(g)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		12/9/25	$	2.4		2.1		2.1
Global Jet Capital LLC, Structured Mezzanine	(f)(g)(l)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		12/9/25	$	18.2		16.0		15.8
Global Jet Capital LLC, Structured Mezzanine	(f)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		1/29/26	$	8.8		7.7		7.6
Global Jet Capital LLC, Structured Mezzanine	(f)(l)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		1/29/26	$	2.0		1.7		1.7

See notes to unaudited consolidated financial statements.

9

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)/ Shares		Amortized Cost			Fair Value(d)
Global Jet Capital LLC, Structured Mezzanine	(g)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		4/14/26	$	22.0	$	19.3		$	19.1
Global Jet Capital LLC, Structured Mezzanine	(g)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)		12/2/26	$	21.6		18.9			18.7
Global Lending Services LLC, Private Equity	(g)(l)	Diversified Financials					2,865,760		2.9			3.1
Global Lending Services LLC, Private Equity	(g)(l)	Diversified Financials					4,205,518		4.2			5.1
Home Partners JV, Common Stock	(g)(l)(n)(y)	Real Estate					17,972,382		18.0			28.4
Home Partners JV, Private Equity	(g)(l)(n)(x)(y)	Real Estate					585,960		0.6			—
Home Partners JV, Structured Mezzanine	(g)(l)(y)	Real Estate	11.0% PIK (11.0% Max PIK)		3/25/29	$	41.8		41.7			41.7
Home Partners JV, Structured Mezzanine	(l)(v)(y)	Real Estate	11.0% PIK (11.0% Max PIK)		3/25/29	$	7.5		7.5			7.5
Kilter Finance, Preferred Stock	(g)(l)(z)	Insurance	6.0%, 6.0% PIK (6.0% Max PIK)				456,347		0.5			0.5
Kilter Finance, Private Equity	(g)(l)(n)(z)	Insurance					247,441		0.2			0.2
KKR Central Park Leasing Aggregator L.P., Partnership Interest	(g)(l)(n)(w)	Capital Goods			5/31/23		N/A		39.1			30.5
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest	(g)(l)(n)	Capital Goods					18,232,157		18.2			19.9
Music IP, Private Equity	(g)(l)	Media & Entertainment					15,339,982		15.3			15.3
Opendoor Labs Inc, 2L Term Loan	(g)(l)	Real Estate	10.0%		1/23/26	$	23.6		23.5			23.6
Opendoor Labs Inc, 2L Term Loan	(l)(v)	Real Estate	10.0%		1/23/26	$	47.1		47.1			47.1
Orchard Marine Limited, Class B Common Stock	(g)(l)(n)(y)	Transportation					1,964		3.1			—
Orchard Marine Limited, Series A Preferred Stock	(g)(l)(n)(y)	Transportation					62,976		62.0			27.7
Prime ST LLC, Private Equity	(g)(l)(n)(z)	Real Estate					3,058,733		3.1			3.3
Prime ST LLC, Structured Mezzanine	(g)(l)(z)	Real Estate	5.0%, 6.0% PIK (6.0% Max PIK)		3/12/30	$	22.8		22.8			22.8
Sofi Lending Corp, Purchase Facility	(g)(l)	Diversified Financials					30,777,962		30.8			29.6
Star Mountain Diversified Credit Income Fund III, LP, Private Equity	(l)(p)	Diversified Financials					15,500,000		15.5			15.2
Toorak Capital Funding LLC, Membership Interest	(g)(l)(n)(z)	Real Estate					N/A		2.3			2.8
Toorak Capital Partners LLC, Private Equity	(g)(z)	Real Estate					N/A		198.1			242.7
Wind River CLO Ltd. 2012 1A Class Subord. B	(g)(l)(n)	Diversified Financials			1/15/26	$	42.5		15.0			2.2
Total Asset Based Finance									1,086.8			1,018.4
Unfunded commitments									(70.1	)		(70.1	)
Net Asset Based Finance									1,016.7			948.3
Strategic Credit Opportunities, LLC—22.7%
Strategic Credit Opportunities Partners, LLC	(g)(l)(z)	Diversified Financials				$	810.3	$	810.3		$	731.9
Total Strategic Credit Opportunities Partners									810.3			731.9

See notes to unaudited consolidated financial statements.

10

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Number of Shares		Amortized Cost		Fair Value(d)
Equity/Other—18.7%(m)
Alion Science & Technology Corp, Class A Membership Interest	(g)(n)	Capital Goods					7,350,267	$	7.4	$	12.8
Amtek Global Technology Pte Ltd, Ordinary Shares	(j)(l)(n)(z)	Automobiles & Components					5,735,804,056		30.7		—
Amtek Global Technology Pte Ltd, Private Equity	(j)(l)(n)(z)	Automobiles & Components					4,097		—		—
Angelica Corp, Limited Partnership Interest	(n)(t)	Health Care Equipment & Services					877,044		47.6		—
Ap Plasman Inc, Warrant	(g)(l)(n)	Capital Goods			5/25/26		6,985		2.5		—
Ardonagh Ltd, Ordinary Shares	(g)(l)(n)	Insurance					16,450		—		—
Ardonagh Ltd, Ordinary Shares	(g)(l)(n)	Insurance					116,814		0.2		0.2
Ardonagh Ltd, Preferred Stock	(g)(l)(n)	Insurance					6,113,719		9.1		9.8
Arena Energy LP, Warrants	(g)(n)	Energy					9,740,932		—		0.1
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock	(n)(o)	Energy					10,193		9.7		2.3
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim	(n)(o)	Energy					86,607,143		19.4		19.5
ASG Technologies, Common Stock	(g)(n)(y)	Software & Services					1,149,421		23.4		62.1
ASG Technologies, Warrant	(g)(n)(y)	Software & Services			6/27/22		229,541		6.5		7.4
Aspect Software Inc, Common Stock	(g)(n)	Software & Services					161,261		0.3		0.3
Aspect Software Inc, Warrant	(g)(n)	Software & Services			1/15/24		161,008		—		0.2
AVF Parent LLC, Trade Claim	(g)(n)	Retailing					14,242		—		—
Belk Inc, Common Stock	(g)(n)(y)	Retailing					94,950		—		—
Borden (New Dairy Opco), Common Stock	(n)(t)(y)	Food, Beverage & Tobacco					4,466,800		3.9		3.3
Cengage Learning, Inc, Common Stock	(g)(n)	Media & Entertainment					227,802		7.5		4.0
Charlotte Russe Inc, Common Stock	(g)(n)(y)	Retailing					22,575		12.5		—
Chisholm Oil & Gas Operating LLC, Series A Units	(n)(p)	Energy					75,000		0.1		—
CTI Foods Holding Co LLC, Common Stock	(g)(n)	Food, Beverage & Tobacco					5,836		0.7		—
Directed LLC, Warrant	(g)(n)	Consumer Durables & Apparel			12/31/25		649,538		—		—
Empire Today LLC, Common Stock	(g)(n)	Retailing					375		1.1		4.2
Fronton BV, Common Stock	(n)(p)(y)	Consumer Services					14,943		—		1.3
Genesys Telecommunications Laboratories Inc, Class A Shares	(g)(n)	Technology Hardware & Equipment					40,529		—		—
Genesys Telecommunications Laboratories Inc, Ordinary Shares	(g)(n)	Technology Hardware & Equipment					41,339		—		—
Genesys Telecommunications Laboratories Inc, Preferred Stock	(g)(n)	Technology Hardware & Equipment					1,050,465		—		—
Harvey Industries Inc, Common Stock	(g)(n)	Capital Goods					2,333,333		—		1.6
Hilding Anders, Class A Common Stock	(g)(l)(n)(z)	Consumer Durables & Apparel					4,503,411		0.1		—
Hilding Anders, Class B Common Stock	(g)(l)(n)(z)	Consumer Durables & Apparel					574,791		—		—
Hilding Anders, Class C Common Stock	(g)(l)(n)(z)	Consumer Durables & Apparel					213,201		—		—
Hilding Anders, Equity Options	(g)(l)(n)(z)	Consumer Durables & Apparel			11/30/25		236,160,807		15.0		—
HM Dunn Co Inc, Preferred Stock, Series A	(g)(n)(y)	Capital Goods					214		—		—
HM Dunn Co Inc, Preferred Stock, Series B	(g)(n)(y)	Capital Goods					214		—		—
Home Partners of America Inc, Common Stock	(g)(n)(y)	Real Estate					81,625		83.5		139.0
Home Partners of America Inc, Warrant	(g)(n)(y)	Real Estate			8/7/24		2,675		0.3		2.2
Imagine Communications Corp, Common Stock	(g)(n)	Media & Entertainment					33,034		3.8		3.0
Jones Apparel Holdings, Inc., Common Stock	(g)(n)	Consumer Durables & Apparel					5,451		0.9		—
JW Aluminum Co, Common Stock	(f)(g)(n)(y)	Materials					1,474		—		—
JW Aluminum Co, Preferred Stock	(f)(g)(y)	Materials	12.5% PIK (12.5% Max PIK)		2/15/28		8,404		111.9		79.1
Maverick Natural Resources, Common Stock	(n)(p)	Energy					160,101		44.0		57.3

See notes to unaudited consolidated financial statements.

11

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

Portfolio Company(a)	Footnotes		Industry	Rate(b)		Floor(b)	Maturity		Number of Shares		Amortized Cost		Fair Value(d)
MB Precision Holdings LLC, Class A—2 Units		(n)(p)	Capital Goods							1,426,110	$	0.5	$	—
Miami Beach Medical Group LLC, Common Stock		(g)(n)	Health Care Equipment & Services							269,107		0.3		0.3
Micronics Filtration Holdings Inc, Common Stock		(g)(n)(y)	Capital Goods							53,073		0.6		—
Micronics Filtration Holdings Inc, Preferred Stock, Series A		(g)(n)(y)	Capital Goods							55		0.6		—
Micronics Filtration Holdings Inc, Preferred Stock, Series B		(g)(n)(y)	Capital Goods							23		0.2		—
Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK		(g)(y)	Capital Goods		3.0% PIK (3.0% Max PIK)			3/31/24		112,780		0.0		—
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK		(g)(y)	Capital Goods		7.5% PIK (7.5% Max PIK)			3/31/24		54,000		—		—
NBG Home, Common Stock		(g)(n)	Consumer Durables & Apparel							1,903		2.6		0.1
Nine West Holdings Inc, Common Stock		(g)(n)	Consumer Durables & Apparel							5,451		6.5		—
One Call Care Management Inc, Common Stock		(g)(n)(y)	Health Care Equipment & Services							4,370,566,806		3.0		2.7
One Call Care Management Inc, Preferred Stock A		(g)(n)(y)	Health Care Equipment & Services							466,194		32.3		29.0
One Call Care Management Inc, Preferred Stock B		(g)(y)	Health Care Equipment & Services		9.0% PIK (9.0% Max PIK)			10/25/29		9,615,247		9.7		10.8
Petroplex Acidizing Inc, Preferred Stock A		(g)(y)	Energy							24,770,356		4.7		—
Petroplex Acidizing Inc, Warrant		(g)(n)(y)	Energy					12/15/26		8		—		—
Polyconcept North America Inc, Class A—1 Units		(g)(n)	Household & Personal Products							29,376		2.9		2.0
Proserv Acquisition LLC, Class A Common Units		(g)(l)(n)(y)	Energy							2,635,005		33.5		4.4
Proserv Acquisition LLC, Class A Preferred Units		(g)(l)(n)(y)	Energy							837,780		5.4		9.5
Quorum Health Corp, Trade Claim		(g)(n)	Health Care Equipment & Services							3,334,000		0.3		0.3
Quorum Health Corp, Trust Initial Funding Units		(g)(n)	Health Care Equipment & Services							57,595		0.1		0.1
Ridgeback Resources Inc, Common Stock		(f)(l)(n)	Energy							324,954		2.0		1.5
Sequential Brands Group Inc., Common Stock		(g)(n)	Consumer Durables & Apparel							5,167		2.8		—
Sorenson Communications LLC, Common Stock		(f)(n)	Telecommunication Services							46,163		—		50.2
Sound United LLC, Class A Units		(g)(n)(z)	Consumer Durables & Apparel							649,538		1.1		—
Sound United LLC, Common Stock		(g)(n)(z)	Consumer Durables & Apparel							12,857,143		17.3		70.1
Sound United LLC, Series I Units		(g)(n)(z)	Consumer Durables & Apparel							308,948		0.5		—
Sound United LLC, Series II Units		(n)(p)(z)	Consumer Durables & Apparel							316,770		0.5		—
Stuart Weitzman Inc, Common Stock		(g)(n)	Consumer Durables & Apparel							5,451		—		—
Sungard Availability Services Capital Inc, Common Stock		(f)(g)(n)	Software & Services							44,857		3.1		1.5
Sweet Harvest Foods Management Co, Warrant		(g)(i)(n)	Food & Staples Retailing					6/30/30		2,883,007		—		1.2
ThermaSys Corp, Common Stock		(f)(g)(n)(y)	Capital Goods							17,383,026		10.2		—
ThermaSys Corp, Preferred Stock		(g)(n)(y)	Capital Goods							1,529		1.7		—
Trace3 Inc, Common Stock		(g)(n)	Software & Services							19,312		0.2		1.5
Versatile Processing Group Inc, Class A—2 Units		(f)(n)	Materials							3,637,500		3.6		—
Warren Resources Inc, Common Stock		(g)(n)	Energy							113,515		0.5		0.3
Zeta Interactive Holdings Corp, Preferred Stock, Series E—1		(g)(n)	Software & Services							215,662		1.7		2.3
Zeta Interactive Holdings Corp, Preferred Stock, Series F		(g)(n)	Software & Services							196,151		1.7		3.4
Zeta Interactive Holdings Corp, Warrant		(g)(n)	Software & Services					4/20/27		29,422		—		0.1
Total Equity/Other												592.2		601.0
TOTAL INVESTMENTS—200.5%											$	6,888.5		6,457.0
LIABILITIES IN EXCESS OF OTHER ASSETS—(100.5%)														(3,236.0	)
NET ASSETS—100%													$	3,221.0

See notes to unaudited consolidated financial statements.

12

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

Foreign currency forward contracts

Foreign Currency	Settlement Date		Counterparty	Amount and Transaction		US$ Value at Settlement Date		US$ Value at March  31, 2021		Unrealized Appreciation (Depreciation)
AUD		10/17/2022	JP Morgan Chase Bank	A$	3.0 Sold	$	2.1	$	2.3	$	(0.2	)
EUR		5/6/2022	JP Morgan Chase Bank	€	6.1 Sold		7.5		7.2		0.3
EUR		5/6/2022	JP Morgan Chase Bank	€	1.6 Sold		2.0		1.9		0.1
EUR		7/17/2023	JP Morgan Chase Bank	€	1.3 Sold		1.7		1.6		0.1
EUR		8/8/2025	JP Morgan Chase Bank	€	4.8 Sold		5.7		6.0		(0.3	)
GBP		10/13/2021	JP Morgan Chase Bank	£	0.6 Sold		0.9		0.8		0.1
GBP		10/13/2021	JP Morgan Chase Bank	£	2.8 Sold		3.6		3.9		(0.3	)
GBP		1/11/2023	JP Morgan Chase Bank	£	7.0 Sold		9.4		9.6		(0.2	)
GBP		1/11/2023	JP Morgan Chase Bank	£	1.9 Sold		2.9		2.7		0.2
GBP		1/11/2023	JP Morgan Chase Bank	£	1.7 Sold		2.6		2.4		0.2
GBP		1/11/2023	JP Morgan Chase Bank	£	3.4 Sold		4.8		4.7		0.1
GBP		1/11/2023	JP Morgan Chase Bank	£	1.4 Sold		1.9		1.9		0.0
NOK		8/8/2025	JP Morgan Chase Bank	NOK	49.1 Sold		5.2		5.7		(0.5	)
SEK		8/8/2025	JP Morgan Chase Bank	SEK	119.3 Sold		13.3		14.1		(0.8	)
Total						$	63.6	$	64.8	$	(1.2	)

(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 March 31, 2021, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 0.19%, the Euro Interbank Offered Rate, or EURIBOR, was (0.54)%, Canadian Dollar Offer Rate, or CDOR, was 0.44% 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. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

(c) Denominated in U.S. dollars unless otherwise noted.

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

(e) Not used.

(f) 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).

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

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

(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 CCT Dublin Funding Limited.

(k) Not used.

See notes to unaudited consolidated financial statements.

13

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

(l) 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 March 31, 2021, 74.3% of the Company’s total assets represented qualifying assets.

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

(n) Security is non-income producing.

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

(p) Security held within FSIC 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) Not used.

(s) Not used.

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

(u) Not used.

(v) 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.

(w) Asset is on non-accrual status.

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

See notes to unaudited consolidated financial statements.

14

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

(y) 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 March 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 three months ended March 31, 2021:

Portfolio Company	Fair Value at December 31, 2020		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Fair Value at March 31, 2021		Interest Income(3)		PIK Income(3)		Fee Income(2)		Dividend Income(1)
Senior Secured Loans—First Lien
Belk Inc	$	—	$	19.7	$	—		$	—	$	0.1		$	19.8	$	0.2	$	—	$	—	$	—
Belk Inc		—		13.5		—			—		3.6			17.1		0.4		—		—		—
Borden (New Dairy Opco)		7.6		—		—			—		—			7.6		0.1		—		—		—
Borden (New Dairy Opco)		16.8		—		—			—		—			16.8		0.3		—		—		—
Borden Dairy Co		—		—		—			—		—			—		—		—		—		—
HM Dunn Co Inc		0.3		0.1		—			—		(0.2	)		0.2		—		—		—		—
HM Dunn Co Inc		0.2		—		—			—		—			0.2		—		—		—		—
Micronics Filtration Holdings Inc		35.5		—		—			—		2.1			37.6		—		—		—		—
One Call Care Management Inc		4.7		0.1		—			—		—			4.8		0.2		—		—		—
Petroplex Acidizing Inc		4.5		—		—			—		0.1			4.6		—		—		—		—
ThermaSys Corp		3.9		0.2		—			—		(0.2	)		3.9		0.2		0.2		—		—
Senior Secured Loans—Second Lien
Belk Inc		—		4.3		—			—		(0.1	)		4.2		0.2		—		—		—
Other Senior Secured Debt
JW Aluminum Co		41.8		—		—			—		(0.1	)		41.7		1.0		—		—		—
Subordinated Debt
Home Partners of America Inc		—		3.5		—			—		—			3.5		—		—		—		—
Asset Based Finance
Home Partners JV, Common Stock		21.5		1.1		—			—		5.8			28.4		—		—		—		—
Home Partners JV, Private Equity		—		—		—			—		—			—		—		—		—		—
Home Partners JV, Structured Mezzanine		38.5		3.2		—			—		—			41.7		—		1.1		—		—
Orchard Marine Limited, Class B Common Stock		—		—		—			—		—			—		—		—		—		—
Orchard Marine Limited, Series A Preferred Stock		24.6		—		—			—		3.1			27.7		—		—		—		—
Equity/Other
ASG Technologies, Common Stock		42.7		—		—			—		19.4			62.1		—		—		—		—
ASG Technologies, Warrant		3.5		—		—			—		3.9			7.4		—		—		—		—
Belk Inc		—		—		—			—		—			—		—		—		—		—
Borden (New Dairy Opco), Common Stock		3.2		—		—			—		0.1			3.3		—		—		—		—
Charlotte Russe Inc, Common Stock		—		—		—			—		—			—		—		—		—		—
Fronton BV, Common Stock		1.2		—		—			—		0.1			1.3		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series A		—		—		—			—		—			—		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series B		—		—		—			—		—			—		—		—		—		—
Home Partners of America Inc, Common Stock		130.5		—		(0.1	)		—		8.6			139.0		—		—		—		—
Home Partners of America Inc, Warrant		2.1		—		—			—		0.1			2.2		—		—		—		—
JW Aluminum Co, Common Stock		—		—		—			—		—			—		—		—		—		—
JW Aluminum Co, Preferred Stock		93.7		4.6		—			—		(19.2	)		79.1		0.4		4.2		—		—

See notes to unaudited consolidated financial statements.

15

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

Portfolio Company	Fair Value at December 31, 2020		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Fair Value at March 31, 2021		Interest Income(3)		PIK Income(3)		Fee Income(2)		Dividend Income(1)
Micronics Filtration Holdings Inc, Common Stock	$	—	$	—	$	—		$	—	$	—		$	—	$	—	$	—	$	—	$	—
Micronics Filtration Holdings Inc, Preferred Stock, Series A		—		—		—			—		—			—		—		—		—		—
Micronics Filtration Holdings Inc, Preferred Stock, Series B		—		—		—			—		—			—		—		—		—		—
Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK		—		—		—			—		—			—		—		—		—		—
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK		—		—		—			—		—			—		—		—		—		—
One Call Care Management Inc, Common Stock		2.4		—		—			—		0.3			2.7		—		—		—		—
One Call Care Management Inc, Preferred Stock A		25.5		—		—			—		3.5			29.0		—		—		—		—
One Call Care Management Inc, Preferred Stock B		10.6		—		(0.1	)		—		0.3			10.8		—		0.2		—		—
Petroplex Acidizing Inc, Preferred Stock A		—		0.2		—			—		(0.2	)		—		—		—		—		0.1
Petroplex Acidizing Inc, Warrant		—		—		—			—		—			—		—		—		—		—
Proserv Acquisition LLC, Class A Common Units		9.0		—		—			—		(4.6	)		4.4		—