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 MARCH 31, 2025

¨ 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 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 280,066,433 shares of the registrant’s common stock outstanding as of April 30, 2025.

TABLE OF CONTENTS

		Page
PART I—FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	1
	Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024	1
	Unaudited Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024	2
	Unaudited Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024	3
	Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024	4
	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	5
	Notes to Unaudited Consolidated Financial Statements	50
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	76
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	90
ITEM 4.	CONTROLS AND PROCEDURES	92
PART II—OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	93
ITEM 1A.	RISK FACTORS	93
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	93
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	93
ITEM 4.	MINE SAFETY DISCLOSURES	93
ITEM 5.	OTHER INFORMATION	94
ITEM 6.	EXHIBITS	95
	SIGNATURES	96

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, 2025		December 31, 2024
	(Unaudited)
Assets
Investments, at fair value
Non-controlled/unaffiliated investments (amortized cost—$9,307 and $8,830, respectively)	$	9,109	$	8,573
Non-controlled/affiliated investments (amortized cost—$1,192 and $1,128, respectively)	1,184		1,140
Controlled/affiliated investments (amortized cost—$4,191 and $4,086, respectively)	3,829		3,777
Total investments, at fair value (amortized cost—$14,690 and $14,044, respectively)	14,122		13,490
Cash and cash equivalents	289		278
Foreign currency, at fair value (cost—$183 and $17, respectively)	183		18
Receivable for investments sold and repaid	65		186
Income receivable	180		187
Unrealized appreciation on foreign currency forward contracts	0		3
Deferred financing costs	26		26
Prepaid expenses and other assets	50		31
Total assets	$	14,915	$	14,219
Liabilities
Payable for investments purchased	$	3	$	2
Debt (net of deferred financing costs and discount of $49 and $49, respectively)(1)	7,989		7,351
Unrealized depreciation on foreign currency forward contracts	8		1
Stockholder distributions payable	196		—
Management fees payable	52		53
Subordinated income incentive fees payable(2)	39		35
Administrative services expense payable	5		3
Interest payable	65		108
Other accrued expenses and liabilities	12		44
Total liabilities	8,369		7,597
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, 280,066,433 and 280,066,433 shares issued and outstanding, respectively	0		0
Capital in excess of par value	9,284		9,284
Retained earnings (accumulated deficit)(4)	(2,738)		(2,662)
Total stockholders’ equity	6,546		6,622
Total liabilities and stockholders’ equity	$	14,915	$	14,219
Net asset value per share of common stock at period end	$	23.37	$	23.64

_______________

(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 Ended
	March 31,
	2025		2024
Investment income
From non-controlled/unaffiliated investments:
Interest income	$	217	$	288
Paid-in-kind interest income	16		17
Fee income	14		17
Dividend and other income	12		6
From non-controlled/affiliated investments:
Interest income	8		6
Paid-in-kind interest income	18		10
Fee income	3		—
Dividend and other income	9		4
From controlled/affiliated investments:
Interest income	15		21
Paid-in-kind interest income	28		8
Fee income	—		—
Dividend and other income	60		57
Total investment income	400		434
Operating expenses
Management fees	52		55
Subordinated income incentive fees(1)	39		43
Administrative services expenses	3		3
Accounting and administrative fees	1		1
Interest expense(2)	113		116
Other general and administrative expenses	5		4
Total operating expenses	213		222
Net investment income	187		212
Realized and unrealized gain/loss
Net realized gain (loss) on investments:
Non-controlled/unaffiliated investments	(40)		(225)
Non-controlled/affiliated investments	9		(10)
Controlled/affiliated investments	13		(8)
Net realized gain (loss) on foreign currency forward contracts	0		(0)
Net realized gain (loss) on foreign currency	1		(3)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/unaffiliated investments	58		172
Non-controlled/affiliated investments	(20)		20
Controlled/affiliated investments	(52)		(6)
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	(10)		8
Net change in unrealized gain (loss) on foreign currency	(26)		13
Total net realized and unrealized gain (loss)	(67)		(39)
Net increase (decrease) in net assets resulting from operations	$	120	$	173
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share)	$	0.43	$	0.62
Weighted average shares outstanding	280,066,433		280,066,433

_______________

(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.

2

FS KKR Capital Corp.

Unaudited Consolidated Statements of Changes in Net Assets

(in millions)

	Three Months Ended
	March 31,
	2025		2024
Operations
Net investment income (loss)	$	187	$	212
Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency	(17)		(246)
Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts(1)	(24)		194
Net change in unrealized gain (loss) on foreign currency	(26)		13
Net increase (decrease) in net assets resulting from operations	120		173
Stockholder distributions(2)
Distributions to stockholders	(196)		(210)
Net decrease in net assets resulting from stockholder distributions	(196)		(210)
Capital share transactions(3)
Repurchases of common stock	—		—
Net increase (decrease) in net assets resulting from capital share transactions	—		—
Total increase (decrease) in net assets	(76)		(37)
Net assets at beginning of period	6,622		6,849
Net assets at end of period	$	6,546	$	6,812

_______________

(1)See Note 7 for a discussion of the Company’s 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,
		2025		2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations		$	120	$	173
	Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
	Purchases of investments	(1,704)		(1,444)
	Paid-in-kind interest	(64)		(25)
	Proceeds from sales and repayments of investments	1,113		1,855
	Net realized (gain) loss on investments	18		243
	Net change in unrealized (appreciation) depreciation on investments	14		(186)
	Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	10		(8)
	Accretion of discount	(9)		(15)
	Amortization of deferred financing costs and discount	5		4
	Unrealized (gain)/loss on borrowings in foreign currency	25		(11)
	(Increase) decrease in receivable for investments sold and repaid	121		(83)
	(Increase) decrease in income receivable	7		(10)
	(Increase) decrease in prepaid expenses and other assets	(5)		(2)
	Increase (decrease) in payable for investments purchased	1		—
	Increase (decrease) in management fees payable	(1)		(1)
	Increase (decrease) in subordinated income incentive fees payable	4		2
	Increase (decrease) in administrative services expense payable	2		1
	Increase (decrease) in interest payable	(43)		(7)
	Increase (decrease) in other accrued expenses and liabilities	(32)		(20)
Net cash provided by (used in) operating activities		(418)		466
Cash flows from financing activities
	Stockholder distributions	—		(210)
	Borrowings under financing arrangements	2,831		1,019
	Repayments of financing arrangements	(2,232)		(1,263)
	Deferred financing costs paid	(5)		(1)
Net cash provided by (used in) financing activities		594		(455)
Total increase (decrease) in cash		176		11
Cash, cash equivalents and foreign currency at beginning of period		296		231
Cash, cash equivalents and foreign currency at end of period		$	472	$	242
Supplemental disclosure
	Federal income taxes paid during the period	$	—	$	—
	Interest paid during the period	$	151	$	119

Supplemental disclosure of non-cash operating activities:

During the three months ended March 31, 2025, the Company contributed $294 of investments at fair value to Credit Opportunities Partners JV, LLC.

See notes to unaudited consolidated financial statements.

4

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments

As of March 31, 2025

(in millions, except share amounts)

•

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—125.4%
3Pillar Global Inc	(v)	Software & Services	SF	+	6.0%			0.8%	11/2026	$	1.9	$	1.9	$	1.8
3Pillar Global Inc	(i)(k)(v)	Software & Services	SF	+	6.0%			0.8%	11/2027	123.1		122.6		119.0
3Pillar Global Inc	(x)	Software & Services	SF	+	6.0%			0.8%	11/2026	7.3		7.3		7.1
48Forty Solutions LLC	(ac)(v)	Commercial & Professional Services	SF	+	6.1%	(8.1% PIK	/ 8.1% PIK)	1.0%	11/2029	178.1		177.4		135.8
48Forty Solutions LLC	(ac)(v)	Commercial & Professional Services	SF	+	6.0%			1.0%	11/2029	4.0		4.0		3.1
48Forty Solutions LLC	(ac)(x)	Commercial & Professional Services	SF	+	6.0%			1.0%	11/2029	6.6		6.6		5.0
Aareon AG	(v)(w)	Software & Services	E	+	4.8%	(0.0% PIK	/ 1.8% PIK)	0.0%	10/2031	€	27.0	29.8		29.2
Aareon AG	(w)(x)	Software & Services	E	+	4.8%	(0.0% PIK	/ 1.8% PIK)	0.0%	09/2031	13.6		15.1		15.2
Advanced Dermatology & Cosmetic Surgery	(v)	Health Care Equipment & Services	SF	+	6.3%			1.0%	05/2026	$	0.8	0.8		0.8
Advanced Dermatology & Cosmetic Surgery	(l)(m)(t)(v)	Health Care Equipment & Services	SF	+	6.3%			1.0%	05/2027	45.3		44.4		45.3
Advanced Dermatology & Cosmetic Surgery	(x)	Health Care Equipment & Services	SF	+	6.3%			1.0%	05/2026	2.7		2.7		2.7
Advania Sverige AB	(aa)(v)(w)	Software & Services	E	+	4.3%			0.0%	05/2031	€	5.0	5.4		5.4
Advania Sverige AB	(v)(w)	Software & Services	SA	+	5.0%			0.0%	06/2031	£	51.4	65.0		66.3
Advania Sverige AB	(v)(w)	Software & Services	SR	+	5.0%			0.0%	06/2031	SEK	161.1	14.9		16.0
Affordable Care Inc	(ac)(v)	Health Care Equipment & Services	SF	+	5.5%	(0.0% PIK	/ 3.3% PIK)	0.8%	08/2027	$	1.5	1.5		1.5
Affordable Care Inc	(ac)(l)(m)(v)	Health Care Equipment & Services	SF	+	6.0%	(3.3% PIK	/ 3.3% PIK)	0.8%	08/2028	56.7		56.6		56.7
Affordable Care Inc	(ac)(x)	Health Care Equipment & Services	SF	+	5.5%	(0.0% PIK	/ 3.3% PIK)	0.8%	08/2027	11.3		11.3		11.3
Alacrity Solutions Group LLC	(ad)(m)(v)	Insurance	SF	+	5.3%	(0.0% PIK	/ 5.3% PIK)	1.0%	02/2030	10.3		10.2		10.3
Alacrity Solutions Group LLC	(ad)(m)(v)	Insurance	SF	+	5.3%			1.0%	02/2030	0.1		0.1		0.1
Alacrity Solutions Group LLC	(ad)(x)	Insurance	SF	+	5.3%			1.0%	02/2030	1.7		1.7		1.7
Alacrity Solutions Group LLC	(ad)(x)	Insurance	SF	+	5.3%			1.0%	02/2030	2.3		2.3		2.3
Alera Group Intermediate Holdings Inc	(l)(m)(v)	Insurance	SF	+	5.3%			0.8%	10/2028	31.0		30.9		31.0
Alera Group Intermediate Holdings Inc	(l)(v)	Insurance	SF	+	5.8%			0.8%	10/2028	7.6		7.5		7.6
Alpha Financial Markets Consulting PLC	(l)(v)(w)	Commercial & Professional Services	SF	+	5.3%			0.0%	08/2031	10.3		10.1		10.3
Alpha Financial Markets Consulting PLC	(w)(x)	Commercial & Professional Services	SA	+	5.3%				08/2031	£	4.5	5.8		5.8
American Vision Partners	(v)	Health Care Equipment & Services	SF	+	5.8%			0.8%	09/2026	$	3.9	3.9		3.9
American Vision Partners	(i)(l)(v)	Health Care Equipment & Services	SF	+	5.8%			0.8%	09/2027	52.4		52.1		52.2
American Vision Partners	(l)(v)	Health Care Equipment & Services	SF	+	5.8%			0.8%	09/2027	37.9		37.9		37.8
American Vision Partners	(x)	Health Care Equipment & Services	SF	+	5.8%			0.8%	09/2026	3.9		3.9		3.9
Amerivet Partners Management Inc	(l)(v)	Health Care Equipment & Services	SF	+	5.3%			0.8%	02/2028	67.5		67.2		67.5
Amerivet Partners Management Inc	(x)	Health Care Equipment & Services	SF	+	5.3%			0.8%	02/2028	8.4		8.4		8.4
Apex Group Limited	(aa)(m)(w)	Financial Services	SF	+	3.5%			0.0%	02/2032	2.4		2.4		2.4
Apex Service Partners LLC	(v)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/2029	4.3		4.3		4.3
Apex Service Partners LLC	(v)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/2030	19.8		19.8		20.2
Apex Service Partners LLC	(l)(v)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/2030	93.5		92.6		95.3
Apex Service Partners LLC	(x)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/2029	0.8		0.8		0.8
Apex Service Partners LLC	(x)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/2030	11.3		11.3		11.5
Arcfield Acquisition Corp	(x)	Capital Goods	SF	+	5.0%			0.5%	10/2031	6.0		6.0		6.0

See notes to unaudited consolidated financial statements.

5

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Arcos LLC/VA	(m)	Software & Services	SF	+	6.3%	(3.3% PIK	/ 3.3% PIK)	1.0%	04/2028	$	13.0	$	12.9	$	12.1
Arcos LLC/VA	(x)	Software & Services	SF	+	6.3%			1.0%	04/2027	4.5		4.5		4.2
Area Wide Protective Inc	(f)(v)	Commercial & Professional Services	SF	+	4.8%			1.0%	12/2030	19.2		19.0		19.2
Area Wide Protective Inc	(x)	Commercial & Professional Services	SF	+	4.8%			1.0%	12/2030	12.1		12.1		12.1
Arrotex Australia Group Pty Ltd	(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	B	+	5.8%			0.5%	06/2028	A$	10.8	7.1		6.6
ATX Networks Corp	(ad)(v)(w)	Capital Goods	SF	+	6.0%	PIK		1.0%	09/2026	$	15.7	15.7		15.7
ATX Networks Corp	(ad)(s)(v)(w)	Capital Goods	SF	+	7.0%	PIK		1.0%	09/2026	52.1		52.1		52.1
ATX Networks Corp	(ad)(s)(v)(w)	Capital Goods	SF	+	6.5%	PIK		0.8%	09/2026	38.0		37.5		38.0
ATX Networks Corp	(ad)(w)(x)	Capital Goods	SF	+	6.0%	PIK		1.0%	09/2026	5.4		5.4		5.4
Avetta LLC	(l)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.5%	07/2031	8.4		8.3		8.4
Avetta LLC	(x)	Software & Services	SF	+	4.5%			0.5%	07/2030	2.6		2.6		2.6
Avetta LLC	(x)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.5%	07/2031	3.7		3.7		3.7
BDO USA PA	(l)(v)	Commercial & Professional Services	SF	+	5.0%			2.0%	08/2028	28.0		27.6		28.1
Belk Inc	(ac)(v)	Consumer Discretionary Distribution & Retail			15.0%				07/2029	27.6		27.6		27.8
BGB Group LLC	(f)(i)(k)(l)(m)(t)	Media & Entertainment	SF	+	5.3%			1.0%	08/2027	108.6		108.1		107.7
BGB Group LLC	(x)	Media & Entertainment	SF	+	5.3%			1.0%	08/2027	7.4		7.4		7.4
BGB Group LLC	(x)	Media & Entertainment	SF	+	5.3%			1.0%	08/2027	19.9		19.9		19.8
Bloom Fresh International Limited	(v)(w)	Food, Beverage & Tobacco	E	+	5.3%			0.0%	08/2030	€	7.4	7.9		8.0
Bonterra LLC	(f)(l)(t)(v)	Software & Services	SF	+	5.0%			0.8%	03/2032	$	117.9	117.3		117.3
Bonterra LLC	(v)	Software & Services	SF	+	5.0%			0.8%	03/2032	2.8		2.8		2.8
Bonterra LLC	(x)	Software & Services	SF	+	5.0%			0.8%	03/2032	17.0		17.0		16.9
Bonterra LLC	(x)	Software & Services	SF	+	5.0%			0.8%	03/2032	14.2		14.2		14.2
Bowery Farming Inc	(v)(y)(z)	Food, Beverage & Tobacco	SF	+	10.0%	PIK		1.0%	09/2026	73.1		54.2		—
Bowery Farming Inc	(v)(y)	Food, Beverage & Tobacco							09/2026	16.2		14.7		3.7
Bowery Farming Inc	(v)(y)	Food, Beverage & Tobacco							09/2026	6.4		5.9		1.4
Cadence Education LLC	(v)	Consumer Services	SF	+	5.0%			0.8%	05/2031	5.7		5.7		5.8
Cadence Education LLC	(x)	Consumer Services	SF	+	5.0%			0.8%	05/2030	8.5		8.5		8.5
Cadence Education LLC	(x)	Consumer Services	SF	+	5.0%			0.8%	05/2031	8.6		8.6		8.7
Cambrex Corp	(f)(l)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	03/2032	30.9		30.7		30.7
Cambrex Corp	(x)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	03/2032	9.4		9.4		9.4
Cambrex Corp	(x)	Pharmaceuticals, Biotechnology & Life Sciences	SA	+	4.8%			0.8%	03/2032	8.2		8.2		8.2
Carrier Fire Protection	(v)	Commercial & Professional Services	SF	+	5.0%			0.5%	07/2030	0.4		0.4		0.4
Carrier Fire Protection	(l)(v)	Commercial & Professional Services	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.5%	07/2031	9.7		9.7		9.8
Carrier Fire Protection	(v)	Commercial & Professional Services	E	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.5%	07/2031	€	2.4	2.6		2.6
Carrier Fire Protection	(x)	Commercial & Professional Services	SF	+	5.0%			0.5%	07/2030	$	2.1	2.1		2.1

See notes to unaudited consolidated financial statements.

6

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Carrier Fire Protection	(x)	Commercial & Professional Services	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.5%	07/2031	$	2.6	$	2.6	$	2.6
CFC Underwriting Ltd	(w)(x)	Insurance	SA	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.0%	05/2029	£	4.7	5.7		5.7
Circana Group (f.k.a. NPD Group)	(v)	Consumer Services	SF	+	5.0%			0.8%	12/2027	$	0.1	0.1		0.1
Circana Group (f.k.a. NPD Group)	(l)(m)(v)	Consumer Services	SF	+	5.0%			0.8%	12/2028	19.6		19.6		19.8
Circana Group (f.k.a. NPD Group)	(x)	Consumer Services	SF	+	5.0%			0.8%	12/2027	0.9		0.9		0.9
Civica Group Ltd	(v)(w)	Software & Services	SA	+	5.5%	(0.0% PIK	/ 2.1% PIK)	0.0%	08/2030	£	2.5	3.2		3.2
Civica Group Ltd	(w)(x)	Software & Services	SA	+	5.5%	(0.0% PIK	/ 2.1% PIK)	0.0%	08/2030	5.0		6.4		6.4
Civica Group Ltd	(w)(x)	Software & Services	SA	+	5.5%	(0.0% PIK	/ 5.5% PIK)	0.0%	08/2030	3.6		4.4		4.6
Clarience Technologies LLC	(v)	Capital Goods	SF	+	5.8%			0.8%	02/2030	$	1.4	1.4		1.4
Clarience Technologies LLC	(f)(k)(t)(v)	Capital Goods	SF	+	5.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	02/2031	172.4		171.0		174.0
Clarience Technologies LLC	(x)	Capital Goods	SF	+	5.8%			0.8%	02/2030	20.2		20.2		20.2
Clarience Technologies LLC	(x)	Capital Goods	SF	+	5.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	02/2031	7.8		7.8		7.9
CLEAResult Consulting Inc	(f)(l)(v)	Commercial & Professional Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/2031	18.1		18.0		18.3
CLEAResult Consulting Inc	(v)	Commercial & Professional Services	SF	+	5.0%			0.8%	08/2031	1.6		1.6		1.6
CLEAResult Consulting Inc	(x)	Commercial & Professional Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/2031	4.5		4.5		4.6
CLEAResult Consulting Inc	(x)	Commercial & Professional Services	SF	+	5.0%			0.8%	08/2031	1.5		1.5		1.5
Community Brands Inc	(t)(v)	Software & Services	SF	+	5.0%			0.8%	07/2031	42.3		41.9		42.3
Community Brands Inc	(x)	Software & Services	SF	+	5.0%			0.8%	07/2031	4.4		4.4		4.4
Community Brands Inc	(x)	Software & Services	SF	+	5.0%			0.8%	07/2031	8.8		8.8		8.8
Consilium Safety Group AB	(w)(x)	Capital Goods	E	+	5.5%			0.0%	04/2031	€	9.8	10.5		10.6
Corsearch Intermediate Inc	(l)(m)(v)	Software & Services	SF	+	5.5%			1.0%	04/2028	$	30.1	29.0		30.1
CSafe Global	(f)(k)(t)(v)	Transportation	SF	+	5.8%			0.8%	12/2028	87.5		87.4		88.3
CSafe Global	(v)	Transportation	SF	+	5.8%			0.8%	03/2029	11.2		11.2		11.2
CSafe Global	(v)	Transportation	SA	+	5.8%			0.8%	12/2028	£	15.4	19.7		20.0
CSafe Global	(x)	Transportation	SF	+	5.8%			0.8%	03/2029	$	0.3	0.3		0.3
Dental Care Alliance Inc	(k)(l)(m)(t)(v)	Health Care Equipment & Services	SF	+	6.4%			0.8%	04/2028	109.4		107.4		105.7
Dental365 LLC	(v)	Health Care Equipment & Services	SF	+	5.3%			0.8%	05/2028	0.5		0.5		0.5
Dental365 LLC	(f)(l)(v)	Health Care Equipment & Services	SF	+	5.3%			0.8%	08/2028	21.4		21.4		21.4
Dental365 LLC	(v)	Health Care Equipment & Services	SF	+	5.3%			0.8%	08/2028	6.7		6.7		6.7
Dental365 LLC	(x)	Health Care Equipment & Services	SF	+	5.3%			0.8%	05/2028	4.6		4.6		4.6
Dental365 LLC	(x)	Health Care Equipment & Services	SF	+	5.3%			0.8%	08/2028	7.0		7.0		7.0
DOXA Insurance Holdings LLC	(v)	Insurance	SF	+	5.3%			0.8%	12/2029	0.4		0.4		0.4
DOXA Insurance Holdings LLC	(l)(v)	Insurance	SF	+	5.3%			0.8%	12/2030	29.1		29.0		29.4
DOXA Insurance Holdings LLC	(x)	Insurance	SF	+	5.3%			0.8%	12/2029	2.9		2.9		2.9
DOXA Insurance Holdings LLC	(x)	Insurance	SF	+	5.3%			0.8%	12/2030	0.5		0.5		0.5
DOXA Insurance Holdings LLC	(x)	Insurance	SF	+	5.0%			0.8%	12/2030	22.6		22.6		22.8
DuBois Chemicals Inc	(f)(l)(t)(v)	Materials	SF	+	4.5%			0.8%	06/2031	43.7		43.5		43.9
DuBois Chemicals Inc	(x)	Materials	SF	+	4.5%			0.8%	06/2031	14.7		14.7		14.7
DuBois Chemicals Inc	(x)	Materials	SF	+	4.5%			0.8%	06/2031	14.7		14.7		14.8
Envirotainer Ltd	(w)(x)	Transportation	E	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.0%	07/2029	€	2.7	2.8		2.8

See notes to unaudited consolidated financial statements.

7

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Excelitas Technologies Corp	(l)	Technology Hardware & Equipment	SF	+	5.3%			0.8%	08/2029	$	1.9	$	1.9	$	1.9
Excelitas Technologies Corp	(x)	Technology Hardware & Equipment	SF	+	5.3%			0.8%	08/2028	2.4		2.4		2.4
Excelitas Technologies Corp	(x)	Technology Hardware & Equipment	SF	+	5.3%			0.8%	08/2029	23.4		23.4		23.6
Follett Software Co	(f)(k)(t)	Software & Services	SF	+	5.0%			0.8%	08/2028	72.0		71.6		72.0
Follett Software Co	(x)	Software & Services	SF	+	5.0%			0.8%	08/2027	9.9		9.9		9.9
Foundation Consumer Brands LLC	(f)(l)(m)(v)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	5.0%			1.0%	02/2029	75.3		73.8		76.1
Foundation Consumer Brands LLC	(x)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	5.0%			1.0%	02/2029	7.7		7.7		7.7
Foundation Risk Partners Corp	(l)(m)(v)	Insurance	SF	+	5.0%			0.8%	10/2030	53.6		52.9		53.5
Foundation Risk Partners Corp	(l)(v)	Insurance	SF	+	5.0%			0.8%	10/2030	28.5		28.5		28.6
Foundation Risk Partners Corp	(x)	Insurance	SF	+	5.3%			0.8%	10/2029	11.8		11.8		11.8
Foundation Risk Partners Corp	(x)	Insurance	SF	+	5.0%			0.8%	10/2030	2.8		2.8		2.8
Foundation Risk Partners Corp	(x)	Insurance	SF	+	4.8%			0.8%	10/2030	15.9		15.9		15.9
Frontline Road Safety LLC	(f)(l)(v)	Transportation	SF	+	5.0%	(2.3% PIK	/ 2.3% PIK)	0.0%	03/2031	46.3		46.1		46.1
Frontline Road Safety LLC	(v)	Transportation	SF	+	4.8%				03/2032	13.0		13.0		13.0
Frontline Road Safety LLC	(x)	Transportation	SF	+	5.0%	(2.3% PIK	/ 2.3% PIK)	0.0%	03/2031	26.5		26.5		26.4
Frontline Road Safety LLC	(x)	Transportation	SF	+	4.8%			0.0%	03/2031	15.7		15.7		15.7
Frontline Road Safety LLC	(x)	Transportation	SF	+	4.8%				03/2032	1.3		1.3		1.3
Galaxy Universal LLC	(ac)(v)	Consumer Durables & Apparel	SF	+	6.3%			1.0%	05/2028	86.0		86.0		86.0
Galaxy Universal LLC	(ac)(v)	Consumer Durables & Apparel	SF	+	5.5%			1.0%	05/2028	20.4		20.4		20.0
Galaxy Universal LLC	(ac)(v)	Consumer Durables & Apparel	SF	+	5.5%			1.0%	05/2028	45.5		45.5		44.6
Galaxy Universal LLC	(ac)(v)	Consumer Durables & Apparel	SF	+	6.3%			1.0%	05/2028	37.5		37.5		37.5
Galway Partners Holdings LLC	(v)	Insurance	SF	+	4.5%			0.8%	09/2028	4.3		4.2		4.3
Galway Partners Holdings LLC	(v)	Insurance	SF	+	4.5%	(0.0% PIK	/ 1.3% PIK)	0.8%	09/2028	0.5		0.5		0.5
Galway Partners Holdings LLC	(k)(l)(m)(t)(v)	Insurance	SF	+	4.5%	(0.0% PIK	/ 1.0% PIK)	0.8%	09/2028	76.8		75.9		77.2
Galway Partners Holdings LLC	(x)	Insurance	SF	+	4.5%			0.8%	09/2028	8.8		8.8		8.8
Galway Partners Holdings LLC	(x)	Insurance	SF	+	4.5%	(0.0% PIK	/ 1.3% PIK)	0.8%	09/2028	7.9		7.9		7.9
General Datatech LP	(f)(k)(l)(m)(t)(v)	Software & Services	SF	+	6.3%			1.0%	06/2027	122.7		122.1		122.6
Gigamon Inc	(v)	Software & Services	SF	+	5.8%			0.8%	03/2028	2.8		2.8		2.7
Gigamon Inc	(i)(v)	Software & Services	SF	+	5.8%			0.8%	03/2029	104.8		104.1		102.2
Gigamon Inc	(x)	Software & Services	SF	+	5.8%			0.8%	03/2028	6.5		6.5		6.4
Gracent LLC	(ad)(v)	Health Care Equipment & Services			12.0%	PIK			02/2027	32.9		30.7		30.6
Granicus Inc	(l)(v)	Software & Services	SF	+	5.8%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/2031	16.4		16.3		16.5
Granicus Inc	(l)(v)	Software & Services	SF	+	5.3%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/2031	5.0		5.0		5.0
Granicus Inc	(x)	Software & Services	SF	+	5.3%			0.8%	01/2031	2.3		2.3		2.3
Granicus Inc	(x)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/2031	1.0		1.0		1.0
Hargreaves Lansdown PLC	(v)(w)	Financial Services	SA	+	5.5%	(0.0% PIK	/ 2.3% PIK)	0.0%	03/2032	£	143.0	181.7		180.7
Heniff Transportation Systems LLC	(f)(k)(l)(m)(v)	Transportation	SF	+	5.8%			1.0%	12/2026	$	93.0	89.9		93.0

See notes to unaudited consolidated financial statements.

8

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Heniff Transportation Systems LLC	(v)	Transportation	SF	+	5.8%			1.0%	12/2026	$	15.3	$	15.2	$	15.3
Heniff Transportation Systems LLC	(x)	Transportation	SF	+	5.8%			1.0%	12/2026	2.5		2.5		2.5
Heritage Environmental Services Inc	(f)(l)(v)	Commercial & Professional Services	SF	+	5.3%			0.8%	01/2031	52.9		52.6		53.5
Heritage Environmental Services Inc	(l)(v)	Commercial & Professional Services	SF	+	5.0%			0.8%	01/2031	7.5		7.5		7.6
Heritage Environmental Services Inc	(x)	Commercial & Professional Services	SF	+	5.3%			0.8%	01/2030	8.0		8.0		8.0
Heritage Environmental Services Inc	(x)	Commercial & Professional Services	SF	+	5.0%			0.8%	01/2031	4.0		4.0		4.0
Hibu Inc	(f)(k)(m)(t)(v)	Commercial & Professional Services	SF	+	6.3%			1.0%	05/2027	88.1		85.9		88.1
Hibu Inc	(f)(v)	Commercial & Professional Services	SF	+	6.3%			1.0%	05/2027	24.1		24.0		24.4
Hibu Inc	(v)	Commercial & Professional Services	SF	+	6.3%			1.0%	05/2027	19.7		19.6		20.1
Higginbotham Insurance Agency Inc	(v)	Insurance	SF	+	4.8%			1.0%	11/2028	7.5		7.5		7.5
Higginbotham Insurance Agency Inc	(x)	Insurance	SF	+	4.8%			1.0%	11/2028	10.6		10.6		10.6
Highgate Hotels Inc	(l)(v)	Consumer Services	SF	+	5.5%			1.0%	11/2029	33.5		33.3		33.9
Highgate Hotels Inc	(v)	Consumer Services	SF	+	5.5%			1.0%	11/2029	1.6		1.6		1.6
Highgate Hotels Inc	(x)	Consumer Services	SF	+	5.5%			1.0%	11/2029	2.6		2.6		2.6
HKA	(m)(w)	Commercial & Professional Services	SF	+	5.5%	(0.0% PIK	/ 1.8% PIK)	0.5%	08/2029	3.5		3.4		3.5
HM Dunn Co Inc	(ad)(v)	Capital Goods	SF	+	6.0%	(0.0% PIK	/ 6.0% PIK)	1.0%	06/2026	34.6		34.6		33.1
HM Dunn Co Inc	(ad)(v)	Capital Goods	SF	+	6.0%	(0.0% PIK	/ 6.0% PIK)	1.0%	06/2026	4.4		4.4		4.3
HM Dunn Co Inc	(ad)(x)	Capital Goods	SF	+	6.0%	(0.0% PIK	/ 6.0% PIK)	1.0%	06/2026	0.6		0.6		0.5
Homrich & Berg Inc	(v)	Financial Services	SF	+	4.5%			0.8%	08/2031	0.5		0.5		0.5
Homrich & Berg Inc	(f)	Financial Services	SF	+	4.5%			0.8%	11/2031	6.3		6.3		6.3
Homrich & Berg Inc	(x)	Financial Services	SF	+	4.5%			0.8%	08/2031	1.0		1.0		1.0
Horizon CTS Buyer LLC	(ab)(t)(v)	Capital Goods	SF	+	6.8%	(2.3% PIK	/ 2.3% PIK)	0.8%	03/2032	73.2		72.8		72.8
Horizon CTS Buyer LLC	(v)	Capital Goods	SF	+	4.5%			0.8%	03/2032	1.4		1.4		1.4
Horizon CTS Buyer LLC	(x)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	03/2032	13.8		13.8		13.7
Horizon CTS Buyer LLC	(x)	Capital Goods	SF	+	4.5%			0.8%	03/2032	15.9		15.9		15.9
Individual FoodService	(l)(v)	Capital Goods	SF	+	5.0%			1.0%	10/2029	74.4		73.3		75.0
Individual FoodService	(x)	Capital Goods	SF	+	5.0%			1.0%	10/2029	1.7		1.7		1.7
Industria Chimica Emiliana Srl	(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	E	+	7.3%	(2.5% PIK	/ 2.5% PIK)	0.0%	09/2026	€	90.1	105.3		92.1
Industry City TI Lessor LP	(s)(v)	Consumer Services			11.8%	(1.0% PIK	/ 1.0% PIK)		06/2026	$	14.2	14.2		14.7
Inhabit IQ	(x)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/2032	3.6		3.6		3.6
Inhabit IQ	(x)	Software & Services	SF	+	4.5%			0.8%	01/2032	2.2		2.2		2.2
iNova Pharmaceuticals (Australia) Pty Limited	(w)(x)	Pharmaceuticals, Biotechnology & Life Sciences	B	+	4.8%	(0.0% PIK	/ 1.8% PIK)	0.5%	11/2031	A$	3.9	2.5		2.9
Insight Global LLC	(i)(l)(v)	Commercial & Professional Services	SF	+	5.0%			0.8%	09/2028	$	62.8	62.5		63.2
Insight Global LLC	(x)	Commercial & Professional Services	SF	+	5.0%			0.8%	09/2028	36.6		36.6		36.6
Insightsoftware.Com Inc	(v)	Software & Services	SF	+	5.3%			0.8%	05/2028	1.6		1.6		1.6
Insightsoftware.Com Inc	(l)(v)	Software & Services	SF	+	5.3%			1.0%	05/2028	16.6		16.6		16.7
Insightsoftware.Com Inc	(x)	Software & Services	SF	+	5.3%			0.8%	05/2028	5.5		5.5		5.5
Insightsoftware.Com Inc	(x)	Software & Services	SF	+	5.3%			1.0%	05/2028	5.3		5.3		5.3

See notes to unaudited consolidated financial statements.

9

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Integrity Marketing Group LLC	(l)(v)	Insurance	SF	+	5.0%			0.8%	08/2028	$	98.4	$	98.4	$	99.1
Integrity Marketing Group LLC	(x)	Insurance	SF	+	5.0%			0.8%	08/2028	0.1		0.1		0.1
Integrity Marketing Group LLC	(x)	Insurance	SF	+	5.0%			0.8%	08/2028	1.5		1.5		1.5
J S Held LLC	(f)(l)(v)	Insurance	SF	+	5.5%			1.0%	06/2028	83.3		83.0		83.3
J S Held LLC	(v)	Insurance	SF	+	5.5%			1.0%	06/2028	5.3		5.3		5.4
J S Held LLC	(x)	Insurance	SF	+	5.5%			1.0%	06/2028	6.9		6.9		6.9
J S Held LLC	(x)	Insurance	SF	+	5.5%			1.0%	06/2028	14.7		14.7		14.8
Karman Space Inc	(v)	Capital Goods	SF	+	6.3%			2.0%	03/2026	93.5		92.7		93.5
Karman Space Inc	(x)	Capital Goods	SF	+	6.3%			2.0%	03/2026	7.3		7.2		7.3
Kellermeyer Bergensons Services LLC	(ad)(m)(s)(v)	Commercial & Professional Services	SF	+	5.4%	PIK		1.0%	11/2028	206.2		202.4		206.2
Kellermeyer Bergensons Services LLC	(ad)(m)(s)(v)	Commercial & Professional Services	SF	+	8.2%	PIK		1.0%	11/2028	92.7		91.2		84.5
Laboratoires Vivacy SAS	(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	E	+	6.7%	(0.0% PIK	/ 2.4% PIK)	0.0%	03/2030	€	0.1	0.1		0.1
Laboratoires Vivacy SAS	(w)(x)	Pharmaceuticals, Biotechnology & Life Sciences	E	+	6.7%	(0.0% PIK	/ 2.4% PIK)	0.0%	03/2030	0.5		0.6		0.5
Lazer Logistics Inc	(v)	Transportation	SF	+	5.0%			0.8%	05/2029	$	0.5	0.5		0.5
Lazer Logistics Inc	(f)(l)(v)	Transportation	SF	+	5.0%			0.8%	05/2030	24.1		23.9		24.3
Lazer Logistics Inc	(x)	Transportation	SF	+	5.0%			0.8%	05/2029	1.4		1.4		1.4
Lazer Logistics Inc	(x)	Transportation	SF	+	5.0%			0.8%	05/2030	5.7		5.7		5.7
Legends Hospitality LLC	(v)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/2030	6.4		6.4		6.4
Legends Hospitality LLC	(f)(k)(t)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/2031	118.5		117.4		118.9
Legends Hospitality LLC	(x)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/2030	7.4		7.4		7.4
Legends Hospitality LLC	(x)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/2031	6.9		6.9		6.9
Lexitas Inc	(v)	Commercial & Professional Services	SF	+	6.3%			1.0%	05/2029	2.8		2.8		2.8
Lexitas Inc	(i)(k)(l)(m)(v)	Commercial & Professional Services	SF	+	6.3%			1.0%	05/2029	116.9		114.8		118.0
Lexitas Inc	(x)	Commercial & Professional Services	SF	+	6.3%			1.0%	05/2029	5.6		5.6		5.6
Lexitas Inc	(x)	Commercial & Professional Services	SF	+	6.3%			1.0%	05/2029	28.6		28.6		28.9
Lionbridge Technologies Inc	(f)(i)(k)(s)(t)(v)	Media & Entertainment	SF	+	7.0%			1.0%	12/2025	93.0		92.2		93.0
Lipari Foods LLC	(f)(i)(m)(v)	Consumer Staples Distribution & Retail	SF	+	6.5%			1.0%	10/2028	99.3		98.4		97.2
Lloyd's Register Quality Assurance Ltd	(v)(w)	Commercial & Professional Services	SA	+	5.3%	(0.0% PIK	/ 3.0% PIK)	0.0%	12/2028	£	15.0	20.0		19.5
Lloyd's Register Quality Assurance Ltd	(v)(w)	Commercial & Professional Services	SA	+	5.3%	(0.0% PIK	/ 2.6% PIK)	0.0%	12/2028	3.4		4.3		4.4
Lloyd's Register Quality Assurance Ltd	(w)(x)	Commercial & Professional Services	SA	+	5.3%	(0.0% PIK	/ 2.6% PIK)	0.0%	12/2028	6.6		8.3		8.4
Magna Legal Services LLC	(l)(m)(v)	Commercial & Professional Services	SF	+	6.5%			0.8%	11/2029	$	23.2	23.0		23.3
Magna Legal Services LLC	(v)	Commercial & Professional Services	SF	+	5.0%			0.8%	11/2029	9.8		9.8		9.8
Magna Legal Services LLC	(x)	Commercial & Professional Services	SF	+	6.5%			0.8%	11/2028	2.2		2.2		2.2
Magna Legal Services LLC	(x)	Commercial & Professional Services	SF	+	5.0%			0.8%	11/2029	3.5		3.5		3.6
MAI Capital Management LLC	(v)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/2031	2.6		2.6		2.7
MAI Capital Management LLC	(v)	Financial Services	SF	+	4.8%			0.8%	08/2031	0.6		0.6		0.6
MAI Capital Management LLC	(x)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/2031	4.0		4.0		4.1

See notes to unaudited consolidated financial statements.

10

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
MAI Capital Management LLC	(x)	Financial Services	SF	+	4.8%			0.8%	08/2031	$	1.9	$	1.9	$	1.9
MB2 Dental Solutions LLC	(k)(l)(t)(v)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/2031	145.1		144.2		147.2
MB2 Dental Solutions LLC	(x)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/2031	32.7		32.7		33.1
MB2 Dental Solutions LLC	(x)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/2031	10.7		10.7		10.7
Medallia Inc	(m)(v)	Software & Services	SF	+	6.5%	(4.0% PIK	/ 4.0% PIK)	0.8%	10/2028	228.2		226.8		216.9
Med-Metrix	(i)(m)(t)(v)	Software & Services	SF	+	5.0%			1.0%	09/2027	118.4		118.2		119.0
Med-Metrix	(x)	Software & Services	SF	+	5.0%			1.0%	09/2027	7.8		7.8		7.8
Mercer Advisors Inc	(f)(v)	Financial Services	SF	+	4.8%			0.8%	10/2030	23.1		23.1		23.4
Mercer Advisors Inc	(x)	Financial Services	SF	+	4.8%			0.8%	10/2030	19.7		19.7		19.9
Misys Ltd	(v)(w)	Software & Services	SF	+	7.3%			1.0%	09/2029	0.4		0.4		0.4
Misys Ltd	(w)(x)	Software & Services	SF	+	7.3%			1.0%	09/2029	1.1		1.1		1.1
Model N Inc	(l)(v)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/2031	29.7		29.6		29.8
Model N Inc	(x)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/2031	6.1		6.1		6.1
Model N Inc	(x)	Software & Services	SF	+	4.8%			0.8%	06/2031	3.2		3.2		3.2
NBG Home	(v)(y)	Consumer Durables & Apparel							03/2026	10.1		10.1		10.1
NBG Home	(v)(y)(z)	Consumer Durables & Apparel	SF	+	10.0%	PIK		1.0%	03/2026	32.7		30.7		4.1
NCI Inc	(ad)(v)	Software & Services	SF	+	7.5%	(0.0% PIK	/ 7.5% PIK)	1.0%	08/2028	31.8		32.0		31.8
Net Documents	(v)	Software & Services	SF	+	4.8%			1.0%	07/2029	1.7		1.7		1.7
Net Documents	(l)(v)	Software & Services	SF	+	4.8%			1.0%	07/2029	32.9		32.7		33.2
Net Documents	(x)	Software & Services	SF	+	4.8%			1.0%	07/2029	2.8		2.8		2.8
Netsmart Technologies Inc	(l)(v)	Health Care Equipment & Services	SF	+	5.2%	(2.7% PIK	/ 2.7% PIK)	0.8%	08/2031	47.1		46.9		47.6
Netsmart Technologies Inc	(x)	Health Care Equipment & Services	SF	+	5.2%	(2.7% PIK	/ 2.7% PIK)	0.8%	08/2031	6.2		6.2		6.3
Netsmart Technologies Inc	(x)	Health Care Equipment & Services	SF	+	4.8%			0.8%	08/2031	6.3		6.3		6.3
New Era Technology Inc	(i)(k)(y)(z)	Software & Services	SF	+	6.3%			1.0%	10/2026	24.9		24.4		19.2
New Era Technology Inc	(v)(y)(z)	Software & Services	SF	+	6.3%			1.0%	10/2026	4.7		4.7		3.6
Nordic Climate Group Holding AB	(v)(w)	Commercial & Professional Services	SR	+	5.7%			0.0%	06/2031	SEK	156.9	14.5		15.6
Nordic Climate Group Holding AB	(v)(w)	Commercial & Professional Services	SR	+	5.8%			0.0%	06/2031	173.6		15.8		17.3
Nordic Climate Group Holding AB	(v)(w)	Commercial & Professional Services	E	+	5.5%			0.0%	06/2031	€	15.3	16.0		16.5
Nordic Climate Group Holding AB	(w)(x)	Commercial & Professional Services	SR	+	5.8%			0.0%	06/2031	SEK	53.5	5.2		5.2
NovaTaste Austria GmbH	(v)(w)	Food, Beverage & Tobacco	E	+	5.5%			0.0%	04/2030	€	3.7	3.9		4.0
NovaTaste Austria GmbH	(w)(x)	Food, Beverage & Tobacco	E	+	5.5%			0.0%	04/2030	1.0		1.1		1.1
OEConnection LLC	(l)(v)	Software & Services	SF	+	5.0%	(0.0% PIK		0.8%	04/2031	$	19.2	19.2		19.1
OEConnection LLC	(x)	Software & Services	SF	+	5.0%			0.8%	04/2031	6.4		6.4		6.4
OEConnection LLC	(x)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 1.3% PIK)	0.8%	04/2031	6.3		6.3		6.2
One Call Care Management Inc	(aa)(ac)(v)	Health Care Equipment & Services	SF	+	5.5%			0.8%	04/2027	4.8		4.7		4.7
Oxford Global Resources LLC	(f)(k)(l)(m)(t)(v)	Commercial & Professional Services	SF	+	6.0%			1.0%	08/2027	92.7		92.2		92.7
Oxford Global Resources LLC	(l)(v)	Commercial & Professional Services	SF	+	6.0%			1.0%	08/2027	8.4		8.4		8.5
Oxford Global Resources LLC	(x)	Commercial & Professional Services	SF	+	6.0%			1.0%	08/2027	7.6		7.6		7.6
PartsSource Inc	(v)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/2026	4.0		3.9		4.0
PartsSource Inc	(l)(v)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/2028	71.8		71.2		71.8

See notes to unaudited consolidated financial statements.

11

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
PartsSource Inc	(x)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/2026	$	0.3	$	0.3	$	0.3
PartsSource Inc	(x)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/2028	16.9		16.9		16.9
PCI Pharma Services	(v)(w)	Health Care Equipment & Services	SF	+	4.8%			0.8%	01/2032	58.8		58.7		58.7
PCI Pharma Services	(w)(x)	Health Care Equipment & Services	SF	+	4.8%			0.8%	01/2032	52.1		52.1		52.0
PCI Pharma Services	(w)(x)	Health Care Equipment & Services	SF	+	4.8%			0.8%	01/2032	9.9		9.9		9.9
Production Resource Group LLC	(ad)(v)	Media & Entertainment	SF	+	8.0%	(9.6% PIK	/ 9.6% PIK)	1.0%	08/2029	211.0		211.0		217.4
Production Resource Group LLC	(ad)(v)	Media & Entertainment	SF	+	14.0%	(14.3% PIK	/ 14.3% PIK)	0.3%	08/2029	198.9		198.9		202.9
Production Resource Group LLC	(ad)(v)	Media & Entertainment	SF	+	5.5%	(8.3% PIK	/ 8.3% PIK)	1.0%	08/2029	0.3		0.3		0.3
Production Resource Group LLC	(ad)(v)	Media & Entertainment	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	1.0%	08/2029	10.0		9.6		10.3
PSC Group	(v)	Transportation	SF	+	5.3%			0.8%	04/2030	1.8		1.8		1.8
PSC Group	(l)(v)	Transportation	SF	+	5.3%			0.8%	04/2031	17.2		17.0		17.3
PSC Group	(x)	Transportation	SF	+	5.3%			0.8%	04/2030	0.6		0.6		0.6
PSC Group	(x)	Transportation	SF	+	5.3%			0.8%	04/2031	2.0		2.0		2.0
PSKW LLC (dba ConnectiveRx)	(k)(l)(t)(v)	Health Care Equipment & Services	SF	+	5.5%			1.0%	03/2028	102.1		102.1		102.1
Radwell International LLC	(v)	Capital Goods	SF	+	5.5%			0.8%	04/2028	1.8		1.8		1.8
Radwell International LLC	(i)(k)(m)	Capital Goods	SF	+	5.5%			0.8%	04/2029	66.5		66.5		66.8
Radwell International LLC	(x)	Capital Goods	SF	+	5.5%			0.8%	04/2028	5.1		5.1		5.1
Radwell International LLC	(x)	Capital Goods	SF	+	5.5%			0.8%	04/2029	61.6		61.6		61.9
Reliant Rehab Hospital Cincinnati LLC	(s)(v)	Health Care Equipment & Services	SF	+	6.3%			0.0%	02/2026	44.3		43.5		43.7
Reliant Rehab Hospital Cincinnati LLC	(s)(v)(y)(z)	Health Care Equipment & Services	SF	+	6.3%	(0.0% PIK	/ 8.3% PIK)	0.0%	02/2026	49.6		40.4		22.7
Revere Superior Holdings Inc	(l)(m)(v)	Software & Services	SF	+	5.0%			1.0%	10/2029	42.2		41.7		42.2
Revere Superior Holdings Inc	(x)	Software & Services	SF	+	5.0%			1.0%	10/2029	3.8		3.8		3.8
Rialto Capital Management LLC	(l)(v)	Financial Services	SF	+	5.0%			0.8%	12/2030	14		13.9		13.9
Rialto Capital Management LLC	(x)	Financial Services	SF	+	5.0%			0.8%	12/2030	0.5		0.5		0.5
Rockefeller Capital Management LP	(l)(v)	Financial Services	SF	+	4.8%			0.5%	04/2031	24.9		24.6		24.9
Rockefeller Capital Management LP	(x)	Financial Services	SF	+	4.8%			0.5%	04/2031	5.7		5.7		5.7
RSC Insurance Brokerage Inc	(i)(k)(l)(v)	Insurance	SF	+	4.8%			0.8%	11/2029	191.6		188.0		193.4
RSC Insurance Brokerage Inc	(x)	Insurance	SF	+	4.8%			0.8%	11/2029	10.7		10.7		10.8
RSC Insurance Brokerage Inc	(x)	Insurance	SF	+	4.8%			0.8%	11/2029	9.7		9.6		9.7
Safe-Guard Products International LLC	(f)(l)(t)	Financial Services	SF	+	4.8%			0.8%	04/2030	41.7		41.4		42.1
Safe-Guard Products International LLC	(x)	Financial Services	SF	+	4.8%			0.8%	04/2030	8.8		8.8		8.8
SAMBA Safety Inc	(m)	Software & Services	SF	+	5.3%			1.0%	09/2027	5.5		5.5		5.5
SAMBA Safety Inc	(v)	Software & Services	SF	+	5.3%			1.0%	09/2027	0.5		0.5		0.5
SAMBA Safety Inc	(x)	Software & Services	SF	+	5.3%			1.0%	09/2027	1.4		1.4		1.4
Service Express Inc	(l)(v)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	08/2031	32.9		32.7		33.0
Service Express Inc	(x)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	08/2031	5.8		5.8		5.9
Service Express Inc	(x)	Commercial & Professional Services	SF	+	4.8%			0.5%	08/2031	4.3		4.3		4.3
Shaw Development LLC	(v)	Capital Goods	SF	+	6.0%			0.5%	10/2029	28.5		28.2		26.0
Shaw Development LLC	(x)	Capital Goods	SF	+	6.0%			0.5%	10/2029	3.4		3.4		3.1
SitusAMC Holdings Corp	(k)	Real Estate Management & Development	SF	+	5.5%			0.8%	12/2027	15.9		15.9		16.1

See notes to unaudited consolidated financial statements.

12

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Source Code LLC	(l)	Software & Services	SF	+	6.5%			1.0%	07/2027	$	3.6	$	3.6	$	3.6
Source Code LLC	(k)(t)	Software & Services	SF	+	6.5%			1.0%	07/2027	49.3		48.9		49.3
Spins LLC	(t)	Software & Services	SF	+	4.8%			1.0%	01/2029	27.8		27.8		27.9
Spins LLC	(x)	Software & Services	SF	+	4.8%			1.0%	01/2029	4.8		4.8		4.9
Spins LLC	(x)	Software & Services	SF	+	4.8%			1.0%	01/2029	3.2		3.2		3.2
Spotless Brands LLC	(l)(v)	Consumer Services	SF	+	5.8%			1.0%	07/2028	30.7		30.3		31.1
Spotless Brands LLC	(v)	Consumer Services	SF	+	5.5%			1.0%	07/2028	22.4		22.4		22.6
Spotless Brands LLC	(x)	Consumer Services	SF	+	5.5%			1.0%	07/2028	13.4		13.4		13.5
STV Group Inc	(v)	Capital Goods	SF	+	5.0%			0.8%	03/2030	1.8		1.8		1.8
STV Group Inc	(f)	Capital Goods	SF	+	5.0%			0.8%	03/2031	9.9		9.8		10.0
STV Group Inc	(x)	Capital Goods	SF	+	5.0%			0.8%	03/2030	6.5		6.5		6.5
STV Group Inc	(x)	Capital Goods	SF	+	5.0%			0.8%	03/2031	11.9		11.9		12.0
Summit Interconnect Inc	(f)(m)(t)(v)	Capital Goods	SF	+	6.0%			1.0%	09/2028	134.1		133.4		123.1
Sweeping Corp of America Inc	(m)(v)	Commercial & Professional Services	SF	+	5.8%			1.0%	06/2027	15.6		15.1		15.6
Sweeping Corp of America Inc	(m)(v)	Commercial & Professional Services	SF	+	5.8%	PIK		1.0%	06/2027	31.0		31.0		31.0
Sweeping Corp of America Inc	(x)	Commercial & Professional Services	SF	+	5.8%			1.0%	06/2027	5.7		5.7		5.7
Tangoe LLC	(m)(s)(v)	Software & Services	SF	+	6.7%	(1.7% PIK	/ 1.7% PIK)	1.0%	06/2026	168.8		164.7		151.8
Tangoe LLC	(m)(s)(v)(y)(z)	Software & Services			12.5%	PIK			06/2026	19.2		8.9		—
Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd)	(v)(w)(y)	Automobiles & Components							07/2025	€	44.3	40.1		4.2
Time Manufacturing Co	(v)	Capital Goods	SF	+	6.5%	(2.0% PIK	/ 2.0% PIK)	0.8%	12/2027	$	45.6	45		40.2
Time Manufacturing Co	(v)	Capital Goods	SF	+	6.5%			0.8%	12/2027	7.1		7.1		6.2
Time Manufacturing Co	(v)	Capital Goods	E	+	6.5%	(2.0% PIK	/ 2.0% PIK)	0.8%	12/2027	€	13.8	14.5		13.1
Time Manufacturing Co	(x)	Capital Goods	SF	+	6.5%			0.8%	12/2027	$	16.7	16.7		14.8
Trescal SA	(v)(w)	Commercial & Professional Services	E	+	5.0%			0.0%	04/2030	€	5.9	6.1		6.3
Trescal SA	(w)(x)	Commercial & Professional Services	E	+	5.0%			0.0%	04/2030	4.4		5.4		5.4
Turnpoint Services Inc	(v)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/2030	$	0.3	0.3		0.3
Turnpoint Services Inc	(l)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/2031	8.4		8.3		8.4
Turnpoint Services Inc	(x)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/2030	1.3		1.3		1.3
Turnpoint Services Inc	(x)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/2031	2.5		2.5		2.5
Ultra Electronics Holdings Ltd	(aa)(m)(w)	Capital Goods	SF	+	3.8%			0.5%	08/2029	1.7		1.7		1.7
USIC Holdings Inc	(f)(k)(l)(t)(v)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/2031	120.5		119.9		121.5
USIC Holdings Inc	(v)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/2031	8.2		8.2		8.2
USIC Holdings Inc	(x)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/2031	5.5		5.5		5.5
USIC Holdings Inc	(x)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/2031	6.9		6.9		6.9
Veriforce LLC	(f)(k)(t)	Software & Services	SF	+	5.0%			0.8%	11/2031	37.0		36.8		37.1
Veriforce LLC	(v)	Software & Services	SA	+	5.0%			0.8%	11/2031	£	13.5	17.0		17.5
Veriforce LLC	(x)	Software & Services	SF	+	5.0%			0.8%	11/2031	$	4.7	4.7		4.7
Veriforce LLC	(x)	Software & Services	SF	+	5.0%			0.8%	11/2031	3.7		3.7		3.7

See notes to unaudited consolidated financial statements.

13

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Vermont Information Processing Inc	(l)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/2032	$	8.4	$	8.3	$	8.3
Vermont Information Processing Inc	(x)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/2032	9.6		9.6		9.6
Vermont Information Processing Inc	(x)	Software & Services	SF	+	4.8%			0.5%	01/2032	2.9		2.9		2.9
Version1 Software Ltd	(v)(w)	Software & Services	E	+	5.2%	(0.0% PIK	/ 1.7% PIK)	0.0%	07/2029	€	2.0	1.9		2.1
Version1 Software Ltd	(w)(x)	Software & Services	E	+	5.2%	(0.0% PIK	/ 1.7% PIK)	0.0%	07/2029	11.7		13.0		13.0
VetCor Professional Practices LLC	(l)(m)(v)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/2029	$	67.7	67.3		67.7
VetCor Professional Practices LLC	(l)(v)	Health Care Equipment & Services	SF	+	6.0%			0.8%	08/2029	8.4		8.4		8.4
VetCor Professional Practices LLC	(v)	Health Care Equipment & Services	SF	+	5.3%			0.8%	08/2029	13.5		13.4		13.5
VetCor Professional Practices LLC	(x)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/2029	6.7		6.7		6.7
VetCor Professional Practices LLC	(x)	Health Care Equipment & Services	SF	+	5.3%			0.8%	08/2029	20.8		20.8		20.8
Vitu	(f)(k)(t)	Software & Services	SF	+	4.8%			0.8%	01/2032	55.9		55.7		55.7
Vitu	(x)	Software & Services	SF	+	4.8%			0.8%	01/2031	9.1		9.1		9.1
Vytalogy Wellness LLC (fka Jarrow Formulas Inc)	(i)(m)(t)(v)	Household & Personal Products	SF	+	6.3%			1.0%	11/2027	108.4		106.1		107.8
Waste Services Group Pty Ltd	(v)(w)	Commercial & Professional Services	BW	+	5.0%	(0.0% PIK	/ 2.8% PIK)	0.8%	03/2032	A$	50.3	30.7		30.7
Waste Services Group Pty Ltd	(w)(x)	Commercial & Professional Services	BW	+	5.0%	(0.0% PIK	/ 2.8% PIK)	0.8%	03/2032	11.2		6.9		6.9
Wealth Enhancement Group LLC	(v)	Financial Services	SF	+	5.0%			1.0%	10/2028	$	1.3	1.3		1.3
Wealth Enhancement Group LLC	(x)	Financial Services	SF	+	5.0%			1.0%	10/2028	2.8		2.8		2.8
Wealth Enhancement Group LLC	(x)	Financial Services	SF	+	5.0%			1.0%	10/2028	20.1		20.1		20.1
Wittur Holding GmbH	(ad)(v)(w)	Capital Goods			6.0%	(5.9% PIK	/ 5.9% PIK)		12/2028	€	55.4	59.4		58.8
Woolpert Inc	(f)(k)(t)(v)	Capital Goods	SF	+	5.0%			1.0%	04/2030	$	77.8	77.8		78.8
Woolpert Inc	(x)	Capital Goods	SF	+	5.0%			1.0%	04/2029	18.6		18.6		18.6
Woolpert Inc	(x)	Capital Goods	SF	+	5.0%			1.0%	04/2030	31.2		31.2		31.6
Worldwise Inc	(ad)(v)	Household & Personal Products	SF	+	5.0%	(4.0% PIK	/ 4.0% PIK)	2.0%	03/2030	19.4		19.4		19.4
Worldwise Inc	(ad)(x)	Household & Personal Products	SF	+	5.0%	PIK		2.0%	03/2032	1.7		1.7		1.7
Zellis Holdings Ltd	(v)(w)	Software & Services	SA	+	5.0%	(0.0% PIK	/ 2.3% PIK)	0.0%	08/2031	£	2.4	3.0		3.0
Zellis Holdings Ltd	(w)(x)	Software & Services	SA	+	5.0%	(0.0% PIK	/ 2.3% PIK)	0.0%	08/2031	3.9		5.0		5.0
Zendesk Inc	(l)(m)(v)	Software & Services	SF	+	5.0%			0.8%	11/2028	$	59.3	58.9		59.9
Zendesk Inc	(x)	Software & Services	SF	+	5.0%			0.8%	11/2028	14.5		14.4		14.7
Zendesk Inc	(x)	Software & Services	SF	+	5.0%			0.8%	11/2028	6.0		6.0		6.0
Zeus Industrial Products Inc	(l)(v)	Health Care Equipment & Services	SF	+	5.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	02/2031	82.5		81.9		83.3
Zeus Industrial Products Inc	(v)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/2031	5.4		5.4		5.5
Zeus Industrial Products Inc	(x)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/2030	11.6		11.6		11.6
Zeus Industrial Products Inc	(x)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/2031	10.0		10.0		10.2
Total Senior Secured Loans—First Lien												9,739.0		9,537.5
Unfunded Loan Commitments												(1,331.3)		(1,331.3)
Net Senior Secured Loans—First Lien												8,407.7		8,206.2

See notes to unaudited consolidated financial statements.

14

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—Second Lien—10.4%
Constellis Holdings LLC	(ac)(v)	Capital Goods	SF	+	9.0%	PIK		1.0%	12/2028	$	7.5	$	7.3	$	7.5
Cubic Corp	(v)(y)(z)	Software & Services	SF	+	7.6%			0.8%	05/2029	44.8		42.8		34.0
Peraton Corp	(s)(v)	Capital Goods	SF	+	8.0%			1.0%	02/2029	175.0		168.5		162.7
Peraton Corp	(v)	Capital Goods	SF	+	7.8%			0.8%	02/2029	129.8		125.6		119.9
Quoizel, LLC	(ad)(v)	Consumer Durables & Apparel	SF	+	6.5%			1.0%	07/2027	7.1		7.1		7.1
Quoizel, LLC	(ad)(v)	Consumer Durables & Apparel	SF	+	6.5%			1.0%	07/2027	7.4		7.4		7.4
Solera LLC	(v)	Software & Services	SF	+	9.0%			1.0%	06/2029	335.9		324.3		335.9
Sweeping Corp of America Inc	(m)(v)(y)	Commercial & Professional Services							03/2034	8.3		4.8		4.6
Sweeping Corp of America Inc	(m)(v)(y)	Commercial & Professional Services							03/2036	24.0		—		—
Valeo Foods Group Ltd	(v)(w)	Food, Beverage & Tobacco	E	+	7.5%			0.0%	10/2030	€	3.8	4.1		4.0
Valeo Foods Group Ltd	(w)(x)	Food, Beverage & Tobacco	E	+	7.5%			0.0%	10/2030	2.3		3.0		3.0
Total Senior Secured Loans—Second Lien												694.9		686.1
Unfunded Loan Commitments												(3.0)		(3.0)
Net Senior Secured Loans—Second Lien												691.9		683.1
Other Senior Secured Debt—0.9%
DOC Generici Srl	(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	E	+	5.5%			0.0%	10/2028	€	11.6	11.4		12.5
One Call Care Management Inc	(ac)(v)	Health Care Equipment & Services			8.5%	PIK			11/2028	$	30.2	29.1		25.3
Recordati Industria Chimica e Farmaceutica SpA	(aa)(ab)(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences			6.8%				12/2029	€	1.0	1.1		1.1
Recordati Industria Chimica e Farmaceutica SpA	(aa)(ab)(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	E	+	3.9%			0.0%	12/2029	1.0		1.1		1.1
TIBCO Software Inc	(aa)(v)	Software & Services			6.5%				03/2029	$	0.7	0.6		0.7
Warren Resources Inc	(v)	Energy			4.0%				12/2026	24.3		24.3		20.8
Total Other Senior Secured Debt												67.6		61.5
Subordinated Debt—3.7%
Accuride Corp	(ad)(k)	Capital Goods	SF	+	4.5%	(3.0% PIK	/ 3.0% PIK)	1.0%	03/2030	3.2		4.2		7.6
Alacrity Solutions Group LLC	(ad)(m)(v)	Insurance	SF	+	8.0%	PIK		1.0%	02/2030	3.4		3.4		3.4
Apex Service Partners LLC	(v)	Commercial & Professional Services			14.3%	PIK			04/2031	23.5		23.3		24.3
ATX Networks Corp	(ad)(s)(v)(w)(y)(z)	Capital Goods			10.0%	PIK			09/2028	45.1		21.4		35.6
Colosseum AG	(v)(w)	Health Care Equipment & Services	E	+	8.5%	PIK		0.0%	04/2029	€	11.9	12.4		12.7
Leia Acquisition Ltd. (fka Swift Worldwide Resources Holdco Ltd)	(v)	Commercial & Professional Services			10.0%	PIK			07/2029	$	0.1	0.1		0.1
Sorenson Communications LLC	(j)(u)(v)(y)	Telecommunication Services							04/2030	12.1		8.9		11.9
Sorenson Communications LLC	(j)(u)(v)(y)	Telecommunication Services							04/2030	47.2		32.0		42.5
Ultra Electronics Holdings Ltd	(v)(w)	Capital Goods	SF	+	7.3%			0.5%	01/2030	62.9		61.5		62.9
Ultra Electronics Holdings Ltd	(v)(w)	Capital Goods	SF	+	9.0%	PIK		0.5%	01/2031	40.7		40.2		40.7
Total Subordinated Debt												207.4		241.7

See notes to unaudited consolidated financial statements.

15

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)/ Shares		Amortized Cost		Fair Value(d)
Asset Based Finance—33.1%
801 5th Ave, Seattle, ABF Equity	(ad)(v)(w)(y)	Equity Real Estate Investment Trusts (REITs)								8,516,891		$	14.0	$	—
801 5th Ave, Seattle, Structured Mezzanine	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)			11.0%	(3.0% PIK	/ 3.0% PIK)		12/2029	$	62.5	61.1		55.5
Abacus JV, ABF Equity	(ad)(v)(w)(y)	Insurance								8,843,986		8.8		0.5
Accelerator Investments Aggregator LP, ABF Equity	(ac)(v)(w)(y)	Financial Services								1,339,253		1.5		0.9
Altavair AirFinance, ABF Equity	(ac)(v)(w)	Capital Goods								119,918,105		120.9		126.5
Altitude II IRL WH Borrower DAC, Revolver	(v)(w)	Capital Goods	SF	+	10.0%			0.0%	01/2030	$	6.3	6.3		6.3
Altitude II IRL WH Borrower DAC, Revolver	(w)(x)	Capital Goods	SF	+	10.0%			0.0%	01/2030	$	3.5	3.5		3.5
Australis Maritime II, ABF Equity	(ad)(v)(w)	Transportation								16,556,282		16.6		16.5
Australis Maritime, Common Stock	(ad)(v)(w)	Transportation								11,293,291		11.3		11.1
Auxilior Capital Partners Inc, Preferred Equity	(v)	Financial Services			14.5%	(9.5% PIK	/ 9.5% PIK)		04/2030	$	18.4	18.4		18.4
Avenue One PropCo, ABF Equity	(ad)(v)(w)(y)	Equity Real Estate Investment Trusts (REITs)								10,339,283		10.3		8.9
Avenue One PropCo, Term Loan	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)			7.0%	PIK			03/2034	$	32.9	32.9		32.9
Avida Holding AB, Common Stock	(ad)(v)(w)(y)	Financial Services								720,108,628		74.9		59.5
Avida Holding AB, Subordinated Bond	(ad)(v)(w)	Financial Services	SR	+	9.3%			0.0%	01/2034	SEK	15.0	1.3		1.5
Bankers Healthcare Group LLC, Term Loan	(v)(w)	Financial Services			22.0%				11/2027	$	8.8	8.8		8.6
Bausch Health Cos Inc, Revolver	(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	6.7%			1.0%	01/2028	$	60.0	60.0		60.0
Bausch Health Cos Inc, Revolver	(w)(x)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	6.7%			1.0%	01/2028	$	60.0	60.0		60.0
Byrider Finance LLC, ABF Equity	(u)(v)(y)	Automobiles & Components								54,407		—		—
Callodine Commercial Finance LLC, 2L Term Loan A	(v)	Financial Services	SF	+	9.0%			1.0%	11/2025	$	88.4	86.7		88.4
Callodine Commercial Finance LLC, 2L Term Loan B	(v)	Financial Services	SF	+	9.0%			1.0%	11/2025	$	12.0	12.0		12.0
Callodine Commercial Finance LLC, 2L Term Loan B	(x)	Financial Services	SF	+	9.0%			1.0%	11/2025	$	36.1	36.1		36.1
Capital Automotive LP, ABF Equity	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)								9,866,447		11.6		17.0
Capital Automotive LP, Structured Mezzanine	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)			11.0%				12/2028	$	19.7	19.3		19.7
Curia Global Inc, Revolver	(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	6.3%			1.0%	01/2029	$	42.0	42.0		42.0
Curia Global Inc, Revolver	(w)(x)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	6.3%			1.0%	01/2029	$	41.3	41.3		41.3
Discover Financial Services, ABF Equity	(ad)(v)(w)	Financial Services								19,729,538		19.7		20.5
Discover Financial Services, Subordinated Loan	(ad)(v)(w)	Financial Services			15.0%				09/2034	$	35.7	35.7		35.7

See notes to unaudited consolidated financial statements.

16

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)/ Shares		Amortized Cost		Fair Value(d)
Drive Revel, ABF Equity	(v)(w)	Financial Services								8,859,529		$	9.5	$	12.4
Florida Food Products LLC, Revolver	(v)(w)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	06/2028	$	20.5	20.5		20.5
Florida Food Products LLC, Revolver	(w)(x)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	06/2028	$	4.0	4.0		4.0
Fortna Group Inc, Revolver	(v)(w)	Capital Goods	SF	+	4.8%			0.8%	06/2029	$	54.7	54.7		54.7
Fortna Group Inc, Revolver	(w)(x)	Capital Goods	SF	+	4.8%			0.8%	06/2029	$	27.4	27.4		27.4
Global Jet Capital LLC, Preferred Stock	(j)(u)(v)(y)	Commercial & Professional Services								425,557,318		242.9		194.7
Global Lending Services LLC, ABF Equity	(v)(w)	Financial Services								1,222,206		1.4		2.3
Global Lending Services LLC, ABF Equity	(v)(w)	Financial Services								5,593,076		5.6		4.7
Global Lending Services LLC, ABF Equity	(v)(w)	Financial Services								53,899,361		53.9		50.8
Global Lending Services LLC, ABF Equity	(v)(w)(y)	Financial Services								130,120		0.1		0.2
Global Lending Services LLC, Bond	(v)(w)	Financial Services			12.5%	PIK			12/2032	$	0.3	0.3		0.3
Global Lending Services LLC, Bond	(v)(w)	Financial Services			12.5%	PIK			02/2033	$	0.2	0.2		0.2
GreenSky Holdings LLC, ABF Equity	(ac)(v)(y)	Financial Services								10,662,084		10.7		14.1
GreenSky Holdings LLC, ABF Equity	(ac)(v)(w)(y)	Financial Services								23,235,649		23.2		26.8
GreenSky Holdings LLC, Term Loan	(ac)(v)	Financial Services			9.3%	PIK			03/2034	$	35.1	35.1		35.1
GreenSky Holdings LLC, Term Loan	(ac)(x)	Financial Services			9.3%	PIK			03/2034	$	3.0	3.0		3.0
IQUW UK Ltd, Bond	(v)(w)	Insurance			9.5%				03/2035	$	5.8	5.8		5.8
Kilter Finance, ABF Equity	(ad)(v)(w)(y)	Insurance								536,709		0.5		0.5
Kilter Finance, Preferred Stock	(ad)(v)(w)	Insurance			12.0%					$	69.7	69.7		69.7
KKR Altitude II Offshore Aggregator LP, Partnership Interest	(ad)(v)(w)	Capital Goods								103,090,791		103.1		110.3
KKR Central Park Leasing Aggregator L.P., Partnership Interest	(ad)(v)(w)(y)(z)	Capital Goods			14.3%				05/2026	$	39.1	39.1		16.0
KKR Chord IP Aggregator LP, Partnership Interest	(ad)(v)(w)	Media & Entertainment								35,894		—		0.1
KKR Rocket Loans Aggregator LLC, Partnership Interest	(ad)(v)(w)(y)	Financial Services								4,190,300		4.2		3.6
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest	(ad)(v)(w)	Capital Goods								3,306		—		1.6
Lennar Corp, ABF Equity	(v)(w)	Consumer Durables & Apparel								17,673,700		17.7		18.5
Lennar Corp, Term Loan	(v)(w)	Consumer Durables & Apparel			10.8%	(0.0% PIK	/ 10.8% PIK)		08/2029	$	14.9	14.9		14.9
My Community Homes PropCo 2, ABF Equity	(ad)(v)(w)(y)	Equity Real Estate Investment Trusts (REITs)								20,284,091		20.3		10.7
My Community Homes PropCo 2, Term Loan	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)			7.5%	PIK			03/2034	$	65.6	65.6		65.6
NewStar Clarendon 2014-1A Class D	(v)(w)	Financial Services							01/2027	$	8.3	0.4		1.4
Norway_France, ABF Equity	(v)(w)	Financial Services								8,919,716		9.9		10.3
Opendoor Labs Inc, Structured Mezzanine	(v)(w)	Real Estate Management & Development			12.5%				02/2029	$	26.4	26.4		26.4
Opendoor Labs Inc, Structured Mezzanine	(w)(x)	Real Estate Management & Development			12.5%				02/2029	$	13.2	13.2		13.2
Optio Invest, ABF Equity	(v)(w)	Financial Services								3,672,725		4.7		5.6
PayPal Europe Sarl et Cie SCA, ABF Equity	(v)(w)	Financial Services								63,473,788		69.1		74.8
Powin Energy Corp/NV, Revolver	(v)	Capital Goods			13.5%	PIK			09/2027	$	4.7	4.7		4.7

See notes to unaudited consolidated financial statements.

17

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)/ Shares		Amortized Cost		Fair Value(d)
Powin Energy Corp/NV, Revolver	(x)	Capital Goods			13.5%	PIK			09/2027	$	25.8	$	25.8	$	25.9
Powin Energy Corp/NV, Warrants	(r)(y)	Capital Goods								823,011		—		—
Powin Energy Corp/NV, Warrants	(r)(y)	Capital Goods								823,011		—		—
Powin Energy Corp/NV, Warrants	(r)(y)	Capital Goods								210,667		—		—
Powin Energy Corp/NV, Warrants	(r)(y)	Capital Goods								210,667		—		—
Prime ST LLC, ABF Equity	(ad)(v)(w)(y)	Equity Real Estate Investment Trusts (REITs)								5,612,193		8.9		—
Prime ST LLC, Structured Mezzanine	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)			11.0%	(6.0% PIK	/ 6.0% PIK)		03/2030	$	62.4	61.0		27.9
Residential Opportunities I LLC, ABF Equity	(v)	Real Estate Management & Development								39		—		0.1
Roemanu LLC, ABF Equity	(ad)(v)	Financial Services								220,778,388		236.5		236.0
Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine	(v)(w)	Real Estate Management & Development			18.0%				07/2030	$	3.4	2.5		2.9
Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine	(v)(w)	Real Estate Management & Development							10/2053	$	5.2	8.5		7.2
Star Mountain Diversified Credit Income Fund III, LP, ABF Equity	(o)(w)	Financial Services								23,500,000		23.5		21.8
SunPower Financial, ABF Equity	(v)(w)	Financial Services								2,807,060		2.8		2.9
TalkTalk Telecom Group Ltd, Revolver	(v)(w)	Commercial & Professional Services	SA	+	7.0%			1.5%	09/2026	£	32.9	40.7		42.6
TalkTalk Telecom Group Ltd, Revolver	(w)(x)	Commercial & Professional Services	SA	+	7.0%			1.5%	09/2026	£	10.5	13.9		14.0
Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver	(v)(w)	Materials	SF	+	4.8%			1.0%	01/2028	$	105.4	105.4		106.3
Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver	(w)(x)	Materials	SF	+	4.8%			1.0%	01/2028	$	11.7	11.7		11.8
Tropicana Products Inc, Revolver	(v)(w)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	01/2029	$	74.4	74.4		74.4
Tropicana Products Inc, Revolver	(w)(x)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	01/2029	$	10.4	10.4		10.4
Vehicle Secured Funding Trust, ABF Equity	(v)(w)(y)	Financial Services								10,555,713		10.6		11.7
Vehicle Secured Funding Trust, Term Loan	(v)(w)	Financial Services			15.0%	PIK			01/2046	$	31.7	31.7		31.7
Vietjet Aviation JSC, Term Loan	(v)(w)	Transportation			9.4%				03/2037	$	32.5	32.5		32.5
Vietjet Aviation JSC, Term Loan	(v)(w)	Transportation			9.4%				03/2037	$	32.5	32.5		32.5
Weber-Stephen Products LLC, Revolver	(v)(w)	Consumer Discretionary Distribution & Retail	SF	+	5.8%			1.0%	12/2026	$	71.6	71.6		72.1
Weber-Stephen Products LLC, Revolver	(w)(x)	Consumer Discretionary Distribution & Retail	SF	+	5.8%			1.0%	12/2026	$	11.8	11.8		11.9
Total Asset Based Finance												2,593.5		2,464.8
Unfunded Asset Based Finance Commitments												(294.7)		(294.7)
Net Asset Based Finance												2,298.8		2,170.1
Credit Opportunities Partners JV, LLC—25.4%
Credit Opportunities Partners JV, LLC	(ad)(v)(w)	Credit Opportunities Partners JV, LLC								$	1,934.9	1,869.4		1,661.0
Total Credit Opportunities Partners JV, LLC												1,869.4		1,661.0

See notes to unaudited consolidated financial statements.

18

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)				Floor	Maturity	Number of Shares	Amortized Cost		Fair Value(d)
Equity/Other—16.8%(e)
48Forty Solutions LLC, Common Stock	(ac)(v)(y)	Commercial & Professional Services							25,122	$	—	$	—
Accuride Corp, Common Stock	(ad)(k)(y)	Capital Goods							4,232,815	—		—
Accuride Corp, Preferred Stock	(ad)(k)(y)	Capital Goods							2,422,249	—		—
Affordable Care Inc, Preferred Stock	(ac)(v)	Health Care Equipment & Services			11.8%	PIK			70,790	69.8		74.9
Alacrity Solutions Group LLC, Common Stock	(ad)(m)(v)(y)	Insurance							2,144	1.9		1.8
Alacrity Solutions Group LLC, Preferred Equity	(ad)(m)(v)	Insurance	SF	+	8.0%	PIK	1.0%	02/2030	2,293	2.3		2.3
American Vision Partners, Private Equity	(v)(y)	Health Care Equipment & Services							2,655,491	2.7		2.0
Amerivet Partners Management Inc, Preferred Stock	(v)	Health Care Equipment & Services			11.5%	PIK			17,685	17.3		14.1
Arcos LLC/VA, Preferred Stock	(v)	Software & Services	SF	+	9.5%	PIK	1.0%	04/2031	21,902	21.1		22.5
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock	(n)(p)(y)	Energy							10,193	9.7		3.2
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim	(n)(p)(y)	Energy							866,071	17.6		27.3
athenahealth Inc, Preferred Stock	(ac)(v)	Health Care Equipment & Services			10.8%	PIK			343,456	338.5		353.9
ATX Networks Corp, Class B-1 Common Stock	(ad)(v)(w)(y)	Capital Goods							500	5.0		—
ATX Networks Corp, Class B-2 Common Stock	(ad)(v)(w)(y)	Capital Goods							900	4.0		—
ATX Networks Corp, Common Stock	(ad)(s)(v)(w)(y)	Capital Goods							6,516	9.9		—
Belk Inc, Common Stock	(ac)(v)(y)	Consumer Discretionary Distribution & Retail							1,264,079	21.8		35.5
Borden (New Dairy Opco), Common Stock	(ad)(h)(n)(y)	Food, Beverage & Tobacco							11,167,000	—		18.5
Bowery Farming Inc, Common Stock	(v)(y)	Food, Beverage & Tobacco							1,058,391	10.0		—
Bowery Farming Inc, Warrant	(v)(y)	Food, Beverage & Tobacco							147,815,378	—		—
Bowery Farming Inc, Warrants	(v)(y)	Food, Beverage & Tobacco						09/2028	161,828	0.0		—
Bowery Farming Inc, Warrants	(v)(y)	Food, Beverage & Tobacco						09/2028	1,918,831	—		—
CDS US Intermediate Holdings Inc, Warrant	(v)(w)(y)	Media & Entertainment							2,023,714	—		14.9
Cengage Learning, Inc, Common Stock	(v)(y)	Media & Entertainment							227,802	7.5		4.4
Constellis Holdings LLC, Preferred Equity	(ac)(v)(y)	Capital Goods						12/2028	69,653	3.2		2.4
Constellis Holdings LLC, Private Equity	(ac)(f)(v)(y)	Capital Goods							849,702	10.3		—
Cubic Corp, Preferred Stock	(v)(y)(z)	Software & Services			11.0%	PIK			57,915	55.5		35.4
Diversified Energy Co PLC, Common Stock	(n)(o)(w)	Energy							1,897,013	22.7		23.9
Diversified Energy Co PLC, Common Stock	(n)(o)(w)	Energy							209,772	2.8		2.7
Galaxy Universal LLC, Common Stock	(ac)(n)(y)	Consumer Durables & Apparel							87,405	13.5		18.8
Galaxy Universal LLC, Preferred Stock	(ac)(n)	Consumer Durables & Apparel			15.9%	PIK			2,905	4.9		7.1
Galaxy Universal LLC, Trade Claim	(ac)(v)(y)	Consumer Durables & Apparel							7,701,195	2.5		1.9
Gracent LLC, Class A Common Stock	(ad)(n)(y)	Health Care Equipment & Services							250	—		—
Gracent LLC, Preferred Equity	(ad)(n)(y)	Health Care Equipment & Services							1,000	8.2		4.0
Gracent LLC, Preferred Stock B	(ad)(n)(y)	Health Care Equipment & Services							745	0.0		—
HM Dunn Co Inc, Preferred Stock, Series A	(ad)(s)(v)(y)	Capital Goods							85,385	7.1		0.2
HM Dunn Co Inc, Preferred Stock, Series B	(ad)(s)(v)(y)	Capital Goods							15,000	—		—

See notes to unaudited consolidated financial statements.

19

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Number of Shares	Amortized Cost		Fair Value(d)
Imagine Communications Corp, Common Stock	(v)(y)	Media & Entertainment								33,034	$	3.8	$	0.2
JW Aluminum Co, Common Stock	(ad)(j)(u)(v)(y)	Materials								2,105	—		2.5
JW Aluminum Co, Preferred Stock	(ad)(j)(u)(v)(y)(z)	Materials			0.0%	(0.0% PIK	/ 12.0% PIK)		02/2032	15,279	193.4		130.7
Kellermeyer Bergensons Services LLC, Common Stock	(ad)(m)(s)(v)(y)	Commercial & Professional Services								26,230,661	—		—
Kellermeyer Bergensons Services LLC, Preferred Stock	(ad)(m)(s)(v)(y)	Commercial & Professional Services								26,230,661	48.3		19.2
Kestra Financial Inc, Preferred Equity	(v)	Financial Services			12.0%	PIK				1,846	1.8		1.8
Kestra Financial Inc, Preferred Equity	(x)	Financial Services			12.0%	(0.0% PIK	/ 12.0% PIK)			9,230,380	9.2		9.2
Lipari Foods LLC, Common Stock	(v)(y)	Consumer Staples Distribution & Retail								7,946,073	8.0		3.3
Magna Legal Services LLC, Common Stock	(h)(y)	Commercial & Professional Services								4,938,192	4.9		6.9
Med-Metrix, Common Stock	(h)	Software & Services								29,403	—		5.0
Med-Metrix, Preferred Stock	(h)	Software & Services			8.0%	PIK				38,197	3.8		3.8
Miami Beach Medical Group LLC, Common Stock	(v)(y)	Health Care Equipment & Services								6,978,924	7.0		7.0
Misys Ltd, Preferred Stock	(v)(w)	Software & Services	SF	+	12.3%	PIK		0.0%		93,436	89.4		90.9
NCI Inc, Class A-1 Common Stock	(ad)(v)(y)	Software & Services								42,923	—		—
NCI Inc, Class B-1 Common Stock	(ad)(v)(y)	Software & Services								30,121	—		—
NCI Inc, Class C Common Stock	(ad)(v)(y)	Software & Services								49,406	20.2		36.4
NCI Inc, Class I-1 Common Stock	(ad)(v)(y)	Software & Services								42,923	—		—
One Call Care Management Inc, Common Stock	(ac)(v)(y)	Health Care Equipment & Services								34,872	2.1		1.9
One Call Care Management Inc, Preferred Stock A	(ac)(v)(y)	Health Care Equipment & Services								371,992	22.8		20.3
One Call Care Management Inc, Preferred Stock B	(ac)(v)	Health Care Equipment & Services			9.0%	PIK			10/2029	10,215	10.5		12.4
Polyconcept North America Inc, Class A - 1 Units	(v)(y)	Household & Personal Products								30,000	3.0		3.6
PRG III LLC, Preferred Stock, Series A PIK	(ad)(v)(y)	Media & Entertainment								434,250	18.1		22.3
PRG III LLC, Preferred Stock, Series B PIK	(ad)(v)(y)	Media & Entertainment								140	—		—
Proserv Acquisition LLC, Class A Preferred Units	(ac)(v)(w)(y)	Energy								837,780	3.1		2.2
Quoizel, LLC, Common Stock	(ad)(v)(y)	Consumer Durables & Apparel								4,563	8.3		6.3
Quorum Health Corp, Private Equity	(ad)(v)(y)	Health Care Equipment & Services								5,521,128	5.5		10.7
Quorum Health Corp, Trade Claim	(ad)(v)(y)	Health Care Equipment & Services								8,301,000	0.7		0.9
Quorum Health Corp, Trust Initial Funding Units	(ad)(v)(y)	Health Care Equipment & Services								143,400	0.2		0.1
Saturn Oil & Gas Inc, Common Stock	(aa)(j)(u)(v)(w)(y)	Energy								355,993	0.7		0.5
Sorenson Communications LLC, Common Stock	(j)(u)(v)(y)	Telecommunication Services								42,731	7.1		12.9
Stuart Weitzman Inc, Common Stock	(v)(y)	Consumer Durables & Apparel								5,451	—		—
Ultra Electronics Holdings PLC, Private Equity	(v)(w)(y)	Capital Goods								454,343,603	4.8		7.9
Ultra Electronics Holdings PLC, Private Equity	(v)(w)(y)	Capital Goods								1,272,105	1.3		2.2
Wittur Holding GmbH, Common Stock	(ad)(v)(w)(y)	Capital Goods								11,630	8.0		14.1
Worldwise Inc, Common Stock	(ad)(v)(y)	Household & Personal Products								9,765	0.6		0.2
Total Equity/Other											1,156.4		1,107.1
Unfunded Equity/Other Commitments											(9.2)		(9.2)

See notes to unaudited consolidated financial statements.

20

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor	Maturity	Number of Shares	Amortized Cost		Fair Value(d)
Net Equity/Other							$	1,147.2	$	1,097.9
TOTAL INVESTMENTS—215.7%							$	14,690.0	14,121.5
LIABILITIES IN EXCESS OF OTHER ASSETS—(115.7%)									(7,575.5)
NET ASSETS—100%									$	6,546.0

Foreign currency forward contracts

Foreign Currency	Settlement Date	Counterparty	Amount and Transaction			US$ Value at Settlement Date		US$ Value at March 31, 2025		Unrealized Appreciation (Depreciation)
CAD	3/25/2026	JP Morgan Chase Bank	C$	0.6	Sold	$	0.4	$	0.4	$	0.0
EUR	2/15/2028	JP Morgan Chase Bank	€	4.6	Sold	5.2		5.1		0.1
EUR	12/28/2029	JP Morgan Chase Bank	€	5.7	Sold	6.6		6.6		0.0
GBP	4/3/2025	JP Morgan Chase Bank	£	1.5	Sold	1.9		1.9		0.0
GBP	12/31/2025	JP Morgan Chase Bank	£	27.8	Sold	35.1		35.8		(0.7)
GBP	1/20/2026	JP Morgan Chase Bank	£	6.2	Sold	7.5		8.0		(0.5)
GBP	3/31/2026	JP Morgan Chase Bank	£	13.5	Sold	16.6		17.4		(0.8)
GBP	4/2/2026	JP Morgan Chase Bank	£	3.5	Sold	4.3		4.5		(0.2)
GBP	8/28/2026	JP Morgan Chase Bank	£	4.8	Sold	6.0		6.1		(0.1)
GBP	8/28/2026	JP Morgan Chase Bank	£	8.6	Sold	10.8		11.1		(0.3)
GBP	2/15/2028	JP Morgan Chase Bank	£	8.6	Sold	11.1		11.0		0.1
SEK	4/1/2025	JP Morgan Chase Bank	SEK	25.7	Bought	2.6		2.6		0.0
SEK	4/1/2025	JP Morgan Chase Bank	SEK	25.7	Sold	2.4		2.6		(0.2)
SEK	10/27/2025	JP Morgan Chase Bank	SEK	486.0	Sold	45.4		48.9		(3.5)
SEK	4/14/2027	JP Morgan Chase Bank	SEK	167.0	Sold	16.4		17.1		(0.7)
SEK	6/21/2027	JP Morgan Chase Bank	SEK	69.8	Sold	6.7		7.1		(0.4)
SEK	2/15/2028	JP Morgan Chase Bank	SEK	54.8	Sold	5.3		5.7		(0.4)
SEK	12/28/2029	JP Morgan Chase Bank	SEK	57.3	Sold	5.7		6.0		(0.3)
Total						$	190.0	$	197.9	$	(7.9)

See notes to unaudited consolidated financial statements.

21

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Interest rate swaps

Description	Hedged Item	Company Receives	Company Pays	Counterparty	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Change in Unrealized Appreciation/(Depreciation)
Interest Rate Swap	6.875% Notes	6.875%	SOFR + 2.754%	ING Capital Markets LLC	8/15/2029	$	200	$	3	$	—	$	(2)
Interest Rate Swap	6.875% Notes	6.875%	SOFR + 2.788%	ING Capital Markets LLC	8/15/2029	400		6		—		(4)
Interest Rate Swap	6.125% Notes	6.125%	SOFR + 2.137%	ING Capital Markets LLC	1/15/2030	600		18		—		18
Interest Rate Swap	6.125% Notes	6.125%	SOFR + 2.061%	ING Capital Markets LLC	1/15/2030	100		2		—		2
Total						$	1,300	$	29	$	—	$	14

_______________

(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, 2025, the Euro Interbank Offered Rate, or EURIBOR or “E”, was 2.34%, the Australian Bank Bill Swap Bid Rate, or BBSY or “B”, was 4.18%, the Australian Bank Bill Swap Rate, or BBSW or “BW”, was 4.13%, the Stockholm Interbank Offered Rate, or STIBOR or “SR”, was 2.36%, the Sterling Overnight Index Average, or SONIA or “SA”, was 4.36%, and the Secured Overnight Financing Rate, or SOFR or “SF”, was 4.29%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the performance 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)See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

(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)Not used.

(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.

(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 KKR - FSK CLO 2 LLC (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)Not used.

(r)Security held within IC Northern 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.

(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 a 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 March 31, 2025, 70.8% 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.

See notes to unaudited consolidated financial statements.

22

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

(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 March 31, 2025.

(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 March 31, 2025, 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, 2025:

Portfolio Company	Fair Value at December 31, 2024			Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2025		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
Senior Secured Loans—First Lien
48Forty Solutions LLC	$	148.5		$	3.8	$	—	$	—	$	(16.5)	$	135.8	$	1.0	$	3.8	$	—	$	—
48Forty Solutions LLC	3.0			—		(0.6)		—		(0.9)		1.5		0.1		—		—		—
Affordable Care Inc	35.2			1.5		(1.1)		—		0.2		35.8		0.7		0.3		—		—
Affordable Care Inc	22.2			0.2		—		—		—		22.4		0.4		0.2		—		—
Belk Inc	29.5			—		(1.8)		—		0.1		27.8		1.0		—		—		—
Galaxy Universal LLC	86.3			—		(0.3)		—		—		86.0		2.4		—		0.2		—
Galaxy Universal LLC	18.5			1.9		—		—		(0.4)		20.0		0.5		—		0.1		—
Galaxy Universal LLC	—			45.5		—		—		(0.9)		44.6		1.1		—		2.0		—
Galaxy Universal LLC	—			37.5		—		—		—		37.5		0.1		—		1.1		—
One Call Care Management Inc	4.7			—		—		—		—		4.7		0.2		—		—		—
Senior Secured Loans—Second Lien
Constellis Holdings LLC	7.0			0.5		—		—		—		7.5		0.3		0.2		—		—
Other Senior Secured Debt
One Call Care Management Inc	25.1			0.1		—		—		0.1		25.3		0.1		0.6		—		—
Asset Based Finance
Accelerator Investments Aggregator LP, ABF Equity	0.9			—		—		—		—		0.9		—		—		—		—
Altavair AirFinance, ABF Equity	128.2		—	—		(1.6)		—		(0.1)		126.5		—		—		—		8.9
GreenSky Holdings LLC, ABF Equity	14.9			—		—		—		(0.8)		14.1		—		—		—		—
GreenSky Holdings LLC, ABF Equity	22.3			2.6		—		—		1.9		26.8		—		—		—		—
GreenSky Holdings LLC, Term Loan	33.5			1.6		—		—		—		35.1		—		0.7		—		—
Equity/Other
48Forty Solutions LLC, Common Stock	—			—		—		—		—		—		—		—		—		—
Affordable Care Inc, Preferred Stock	73.1			1.9		—		—		(0.1)		74.9		—		2.0		—		—
athenahealth Inc, Preferred Stock	361.3			9.5		(20.1)		0.4		2.8		353.9		—		9.5		—		—
Belk Inc, Common Stock	27.1			4.2		—		—		4.2		35.5		—		—		—		—
Constellis Holdings LLC, Private Equity	—			—		—		—		—		—		—		—		—		—
Constellis Holdings LLC, Preferred Equity	3.4			—		—		—		(1.0)		2.4		—		—		—		—
Galaxy Universal LLC, Common Stock	49.2			—		(30.4)		8.5		(8.5)		18.8		—		—		—		—
Galaxy Universal LLC, Trade Claim	1.9			—		—		—		—		1.9		—		—		—		—
Galaxy Universal LLC, Preferred Stock	7.2			—		—		—		(0.1)		7.1		—		0.1		—		—

See notes to unaudited consolidated financial statements.

23

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company	Fair Value at December 31, 2024		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2025		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
One Call Care Management Inc, Preferred Stock A	$	20.7	$	—	$	—	$	—	$	(0.4)	$	20.3	$	—	$	—	$	—	$	—
One Call Care Management Inc, Common Stock	1.9		—		—		—		—		1.9		—		—		—		—
One Call Care Management Inc, Preferred Stock B	12.2		0.1		—		—		0.1		12.4		0.1		0.2		—		—
Proserv Acquisition LLC, Class A Preferred Units	2.2		—		—		—		—		2.2		—		—		—		—
Total	$	1,140.0	$	110.9	$	(55.9)	$	8.9	$	(20.3)	$	1,183.6	$	8.0	$	17.6	$	3.4	$	8.9

______________

(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 and Other income presented for the three months ended March 31, 2025.

(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 March 31, 2025, the Company held investments in portfolio companies of which it is 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 three months ended March 31, 2025:

Portfolio Company	Fair Value at December 31, 2024		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2025		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
Senior Secured Loans—First Lien
Alacrity Solutions Group LLC	$	—	$	10.2	$	—	$	—	$	0.1	$	10.3	$	0.1	$	—	$	—	$	—
Alacrity Solutions Group LLC	—		0.1		—		—		—		0.1		—		—		—		—
ATX Networks Corp	37.0		1.1		—		—		(0.1)		38.0		(0.7)		1.0		—		—
ATX Networks Corp	15.3		0.4		—		—		—		15.7		0.1		0.4		—		—
ATX Networks Corp	50.6		1.5		—		—		—		52.1		—		1.4		—		—
Gracent LLC	29.6		1.2		—		—		(0.2)		30.6		0.2		1.0		—		—
HM Dunn Co Inc	34.8		—		(0.2)		—		(1.5)		33.1		0.9		—		—		—
HM Dunn Co Inc	3.4		1.0		—		—		(0.2)		4.2		0.1		—		—		—
Kellermeyer Bergensons Services LLC	201.6		5.4		(0.5)		—		(0.3)		206.2		—		5.2		—		—
Kellermeyer Bergensons Services LLC	87.7		3.0		—		—		(6.2)		84.5		—		2.9		—		—
NCI Inc	32.1		—		(0.3)		—		—		31.8		0.9		—		—		—
Production Resource Group LLC	195.9		6.9		—		—		0.1		202.9		1.4		6.9		—		—
Production Resource Group LLC	0.3		0.1		—		—		(0.1)		0.3		—		—		—		—
Production Resource Group LLC	67.7		1.6		—		—		0.1		69.4		0.5		1.6		—		—
Production Resource Group LLC	37.2		0.9		—		—		(0.1)		38.0		0.2		0.9		—		—
Production Resource Group LLC	107.4		2.5		—		—		0.1		110.0		0.6		2.5		—		—
Production Resource Group LLC	—		9.6		—		—		0.7		10.3		0.1		—		—		—
Wittur Holding GmbH	54.1		1.7		—		—		3.0		58.8		0.3		0.8		—		—
Worldwise Inc	19.1		0.3		—		—		—		19.4		0.2		0.2		—		—

See notes to unaudited consolidated financial statements.

24

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)

Portfolio Company	Fair Value at December 31, 2024		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2025		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
Senior Secured Loans—Second Lien
Quoizel, LLC	$	7.1	$	—	$	—	$	—	$	—	$	7.1	$	0.2	$	—	$	—	$	—
Quoizel, LLC	7.4		—		—		—		—		7.4		0.2		—		—		—
Other Senior Secured Debt
JW Aluminum Co	76.6		—		(76.4)		0.3		(0.5)		—		1.9		—		—		—
Subordinated Debt
Accuride Corp	—		4.2		—		—		3.4		7.6		—		—		—		—
Alacrity Solutions Group LLC	—		3.4		—		—		—		3.4		—		—		—		—
ATX Networks Corp	32.9		—		—		—		2.7		35.6		—		—		—		—
Asset Based Finance
801 5th Ave, Seattle, Structure Mezzanine	54.5		0.1		—		—		0.9		55.5		1.5		0.5		—		—
801 5th Ave, Seattle, ABF Equity	—		—		—		—		—		—		—		—		—		—
Abacus JV, ABF Equity	24.6		—		(27.0)		0.7		2.2		0.5		—		—		—		—
Australis Maritime, Common Stock	11.3		—		(0.3)		—		0.1		11.1		—		—		—		—
Australis Maritime II, ABF Equity	19.8		—		(3.1)		—		(0.2)		16.5		—		—		—		0.6
Avenue One PropCo, ABF Equity	10.2		—		—		—		(1.3)		8.9		—		—		—		—
Avenue One PropCo, Term Loan	32.3		0.6		—		—		—		32.9		—		0.6		—		—
Avida Holding AB, Common Stock	60.4		—		—		—		(0.9)		59.5		—		—		—		—
Avida Holding AB, Subordinated Bond	1.3		—		—		—		0.2		1.5		—		—		—		—
Capital Automotive LP, ABF Equity	32.9		—		(17.3)		6.8		(5.4)		17.0		—		—		—		0.5
Capital Automotive LP, Structured Mezzanine	40.1		—		(20.4)		0.1		(0.1)		19.7		1.1		—		—		—
Discover Financial Services, Subordinated Loan	38.8		—		(3.1)		—		—		35.7		1.4		—		—		—
Discover Financial Services, ABF Equity	21.7		—		(1.2)		—		—		20.5		—		—		—		1.1
Kilter Finance, Preferred Stock	85.4		—		(15.7)		—		—		69.7		2.3		—		—		—
Kilter Finance, ABF Equity	0.5		—		—		—		—		0.5		—		—		—		—
KKR Altitude II Offshore Aggregator LP, Partnership Interest	146.7		—		(37.7)		3.3		(2.0)		110.3		—		—		—		3.5
KKR Central Park Leasing Aggregator L.P., Partnership Interest	15.8		—		—		—		0.2		16.0		—		—		—		—
KKR Chord IP Aggregator LP, Partnership Interest	0.1		—		—		—		—		0.1		—		—		—		0.1
KKR Rocket Loans Aggregator LLC, Partnership Interest	4.3		—		(0.7)		—		—		3.6		—		—		—		—
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest	7.2		—		(2.9)		0.3		(3.0)		1.6		—		—		—		4.0
My Community Homes PropCo 2, ABF Equity	15.6		—		—		—		(4.9)		10.7		—		—		—		—
My Community Homes PropCo 2, Term Loan	64.4		1.2		—		—		—		65.6		—		1.2		—		—
Prime St LLC, ABF Equity	—		—		—		—		—		—		—		—		—		—
Prime St LLC, Structured Mezzanine	27.6		—		—		—		0.3		27.9		1.1		0.9		—		—
Roemanu LLC, ABF Equity	238.9		—		—		—		(2.9)		236.0		—		—		—		2.2
TDC LLP, Preferred Equity	36.8		3.6		(41.9)		1.0		0.5		—		0.8		—		—		—
TDC LLP, ABF Equity	1.9		—		(2.0)		—		0.1		—		—		—		—		—

See notes to unaudited consolidated financial statements.

25

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2025

(in millions, except share amounts)