UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________________________________

FORM 10-Q

_________________________________________________

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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 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 July 31, 2025.

TABLE OF CONTENTS

		Page
PART I—FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	1
	Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024	1
	Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024	2
	Unaudited Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024	4
	Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	5
	Consolidated Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024	6
	Notes to Unaudited Consolidated Financial Statements	52
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	80
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	95
ITEM 4.	CONTROLS AND PROCEDURES	98
PART II—OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	99
ITEM 1A.	RISK FACTORS	99
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	99
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	99
ITEM 4.	MINE SAFETY DISCLOSURES	99
ITEM 5.	OTHER INFORMATION	100
ITEM 6.	EXHIBITS	101
	SIGNATURES	102

PART I—FINANCIAL INFORMATION

Item 1.    Financial Statements.

FS KKR Capital Corp.

Consolidated Balance Sheets

(in millions, except share and per share amounts)  

	June 30, 2025		December 31, 2024
	(Unaudited)
Assets
Investments, at fair value
Non-controlled/unaffiliated investments (amortized cost—$9,072 and $8,830, respectively)	$	8,930	$	8,573
Non-controlled/affiliated investments (amortized cost—$1,180 and $1,128, respectively)	1,111		1,140
Controlled/affiliated investments (amortized cost—$4,119 and $4,086, respectively)	3,607		3,777
Total investments, at fair value (amortized cost—$14,371 and $14,044, respectively)	$	13,648	$	13,490
Cash and cash equivalents	244		278
Foreign currency, at fair value (cost—$68 and $17, respectively)	68		18
Receivable for investments sold and repaid	320		186
Income receivable	194		187
Unrealized appreciation on foreign currency forward contracts	—		3
Deferred financing costs	24		26
Prepaid expenses and other assets	95		31
Total assets	$	14,593	$	14,219
Liabilities
Payable for investments purchased	$	3	$	2
Debt (net of deferred financing costs and discount of $44 and $49, respectively)(1)	8,041		7,351
Unrealized depreciation on foreign currency forward contracts	18		1
Stockholder distributions payable	196		—
Management fees payable	53		53
Subordinated income incentive fees payable(2)	36		35
Administrative services expense payable	6		3
Interest payable	80		108
Other accrued expenses and liabilities	19		44
Total liabilities	8,452		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)	(3,143)		(2,662)
Total stockholders’ equity	6,141		6,622
Total liabilities and stockholders’ equity	$	14,593	$	14,219
Net asset value per share of common stock at period end	$	21.93	$	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				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Investment income
From non-controlled/unaffiliated investments:
Interest income	$	224	$	276	$	441	$	564
Paid-in-kind interest income	15		17		31		34
Fee income	9		9		23		26
Dividend and other income	12		7		24		13
From non-controlled/affiliated investments:
Interest income	8		7		16		13
Paid-in-kind interest income	18		10		36		20
Fee income	—		—		3		—
Dividend and other income	6		5		15		9
From controlled/affiliated investments:
Interest income	13		27		28		48
Paid-in-kind interest income	20		16		48		24
Fee income	—		9		—		9
Dividend and other income	73		56		133		113
Total investment income	398		439		798		873
Operating expenses
Management fees	53		54		105		109
Subordinated income incentive fees(1)	36		45		75		88
Administrative services expenses	2		2		5		5
Accounting and administrative fees	1		1		2		2
Interest expense(2)	125		115		238		231
Other general and administrative expenses	8		7		13		11
Total operating expenses	225		224		438		446
Net investment income	173		215		360		427
Realized and unrealized gain/loss
Net realized gain (loss) on investments:
Non-controlled/unaffiliated investments	(66)		(65)		(106)		(290)
Non-controlled/affiliated investments	(1)		2		8		(8)
Controlled/affiliated investments	(68)		(1)		(55)		(9)
Net realized gain (loss) on foreign currency forward contracts	(3)		19		(3)		19
Net realized gain (loss) on foreign currency	(6)		—		(5)		(3)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/unaffiliated investments	58		(5)		116		167
Non-controlled/affiliated investments	(62)		—		(82)		20
Controlled/affiliated investments	(151)		(43)		(203)		(49)
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	(10)		(21)		(20)		(13)
Net change in unrealized gain (loss) on foreign currency	(59)		4		(85)		17
Total net realized and unrealized gain (loss)	(368)		(110)		(435)		(149)
Provision for taxes on investments	(11)		—		(11)		—
Realized loss on extinguishment of debt	(3)		—		(3)		—
Net increase (decrease) in net assets resulting from operations	$	(209)	$	105	$	(89)	$	278
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share)	$	(0.75)	$	0.37	$	(0.32)	$	0.99
Weighted average shares outstanding	280,066,433		280,066,433		280,066,433		280,066,433

See notes to unaudited consolidated financial statements.

2

FS KKR Capital Corp.

Unaudited Consolidated Statements of Operations (continued)

(in millions, except share and per share amounts)

_______________

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

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

See notes to unaudited consolidated financial statements.

3

FS KKR Capital Corp.

Unaudited Consolidated Statements of Changes in Net Assets

(in millions)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Operations
Net investment income (loss)	$	173	$	215	$	360	$	427
Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency	(158)		(45)		(175)		(291)
Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts(1)	(165)		(69)		(189)		125
Net change in unrealized gain (loss) on foreign currency	(59)		4		(85)		17
Net increase (decrease) in net assets resulting from operations	(209)		105		(89)		278
Stockholder distributions(2)
Distributions to stockholders	(196)		(210)		(392)		(420)
Net decrease in net assets resulting from stockholder distributions	(196)		(210)		(392)		(420)
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	(405)		(105)		(481)		(142)
Net assets at beginning of period	6,546		6,812		6,622		6,849
Net assets at end of period	$	6,141	$	6,707	$	6,141	$	6,707

_______________

(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.

4

FS KKR Capital Corp.

Unaudited Consolidated Statements of Cash Flows

(in millions)

		Six Months Ended
		June 30,
		2025		2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations		$	(89)	$	278
	Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
	Purchases of investments	(3,104)		(2,704)
	Paid-in-kind interest	(116)		(63)
	Proceeds from sales and repayments of investments	2,763		3,191
	Net realized (gain) loss on investments	153		307
	Net change in unrealized (appreciation) depreciation on investments	169		(138)
	Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	20		13
	Realized loss on extinguishment of debt	3		—
	Accretion of discount	(23)		(31)
	Amortization of deferred financing costs and discount	11		9
	Unrealized (gain)/loss on borrowings in foreign currency	108		(17)
	(Increase) decrease in receivable for investments sold and repaid	(134)		21
	(Increase) decrease in income receivable	(7)		(27)
	(Increase) decrease in prepaid expenses and other assets	(16)		(2)
	Increase (decrease) in payable for investments purchased	1		1
	Increase (decrease) in management fees payable	—		(2)
	Increase (decrease) in subordinated income incentive fees payable	1		3
	Increase (decrease) in administrative services expense payable	3		2
	Increase (decrease) in interest payable	(28)		19
	Increase (decrease) in other accrued expenses and liabilities	(25)		(18)
Net cash provided by (used in) operating activities		(310)		842
Cash flows from financing activities
	Stockholder distributions	(196)		(420)
	Borrowings under financing arrangements	5,500		2,355
	Repayments of financing arrangements	(4,971)		(2,560)
	Deferred financing costs paid	(7)		(15)
Net cash provided by (used in) financing activities		326		(640)
Total increase (decrease) in cash		16		202
Cash, cash equivalents and foreign currency at beginning of period		296		231
Cash, cash equivalents and foreign currency at end of period		$	312	$	433
Supplemental disclosure
	Federal income taxes paid during the period	$	7	$	1
	Interest paid during the period	$	255	$	203

Supplemental disclosure of non-cash operating activities:

During the six months ended June 30, 2025, the Company contributed $294 of investments at fair value to Credit Opportunities Partners JV, LLC.

See notes to unaudited consolidated financial statements.

5

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments

As of June 30, 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—131.2%
3Pillar Global Inc	(v)	Software & Services	SF	+	6.0%			0.8%	11/2026	$	1.0	$	1.0	$	0.9
3Pillar Global Inc	(i)(v)	Software & Services	SF	+	6.0%			0.8%	11/2027	122.8		122.4		118.6
3Pillar Global Inc	(x)	Software & Services	SF	+	6.0%			0.8%	11/2026	8.2		8.2		7.9
48Forty Solutions LLC	(ac)(v)(y)(z)	Commercial & Professional Services	SF	+	6.0%	(8.1% PIK	/ 8.1% PIK)	1.0%	11/2029	180.7		180.0		87.7
48Forty Solutions LLC	(ac)(v)(y)(z)	Commercial & Professional Services	SF	+	6.0%			1.0%	11/2029	8.5		8.4		4.1
48Forty Solutions LLC	(ac)(x)(y)(z)	Commercial & Professional Services	SF	+	6.0%			1.0%	11/2029	2.1		2.1		1.0
Aareon AG	(w)(x)	Software & Services	E	+	4.8%	(0.0% PIK	/ 1.8% PIK)	0.0%	10/2031	€	13.6	15.1		15.2
Advanced Dermatology & Cosmetic Surgery	(v)	Health Care Equipment & Services	SF	+	6.3%			1.0%	05/2026	$	0.3	0.3		0.3
Advanced Dermatology & Cosmetic Surgery	(l)(m)(t)(v)	Health Care Equipment & Services	SF	+	6.3%			1.0%	05/2027	45.2		44.4		45.2
Advanced Dermatology & Cosmetic Surgery	(x)	Health Care Equipment & Services	SF	+	6.3%			1.0%	05/2026	3.3		3.3		3.3
Advania Sverige AB	(aa)(v)(w)	Software & Services	E	+	4.3%			0.0%	05/2031	€	5.0	5.4		5.9
Advania Sverige AB	(v)(w)	Software & Services	SA	+	5.0%			0.0%	06/2031	£	51.4	65.0		70.9
Advania Sverige AB	(v)(w)	Software & Services	SR	+	5.0%			0.0%	06/2031	SEK	161.1	14.9		17.1
Affordable Care Inc	(ac)(v)	Health Care Equipment & Services	SF	+	5.5%	(0.0% PIK	/ 3.3% PIK)	0.8%	08/2027	$	2.8	2.8		2.8
Affordable Care Inc	(ac)(l)(m)(v)	Health Care Equipment & Services	SF	+	6.0%	(3.3% PIK	/ 3.3% PIK)	0.8%	08/2028	57.2		57.1		56.0
Affordable Care Inc	(ac)(x)	Health Care Equipment & Services	SF	+	5.5%	(0.0% PIK	/ 3.3% PIK)	0.8%	08/2027	10.0		10.0		9.8
Alacrity Solutions Group LLC	(ad)(m)(v)	Insurance	SF	+	5.3%			1.0%	02/2030	0.1		—		0.1
Alacrity Solutions Group LLC	(ad)(m)(v)	Insurance	SF	+	6.3%	(5.3% PIK	/ 5.3% PIK)	1.0%	02/2030	10.5		10.4		10.5
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
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	(v)(w)	Commercial & Professional Services	SA	+	5.3%			0.0%	08/2031	£	2.6	3.4		3.6
Alpha Financial Markets Consulting PLC	(w)(x)	Commercial & Professional Services	SA	+	5.3%			0.0%	08/2031	1.8		2.4		2.3
American Vision Partners	(v)	Health Care Equipment & Services	SF	+	5.8%			0.8%	09/2026	$	5.6	5.6		5.6
American Vision Partners	(i)(l)(v)	Health Care Equipment & Services	SF	+	5.8%			0.8%	09/2027	90.0		89.8		89.8
American Vision Partners	(x)	Health Care Equipment & Services	SF	+	5.8%			0.8%	09/2026	2.2		2.2		2.2
Amerivet Partners Management Inc	(l)(v)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/2028	67.3		67.1		67.0
Amerivet Partners Management Inc	(x)	Health Care Equipment & Services	SF	+	5.5%			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%	10/2030	31.1		31.1		31.4
Apex Service Partners LLC	(l)(v)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/2030	93.2		92.4		94.1
Apex Service Partners LLC	(x)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/2029	5.1		5.1		5.1
Arcfield Acquisition Corp	(x)	Capital Goods	SF	+	5.0%			0.5%	10/2031	6.0		6.0		6.0
Arcwood Environmental (fka Heritage Environmental Services Inc)	(f)(l)(v)	Commercial & Professional Services	SF	+	5.5%			0.8%	01/2031	52.8		52.5		53.3

See notes to unaudited consolidated financial statements.

6

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Arcwood Environmental (fka Heritage Environmental Services Inc)	(l)(v)	Commercial & Professional Services	SF	+	5.0%			0.8%	01/2031	$	7.5	$	7.5	$	7.5
Arcwood Environmental (fka Heritage Environmental Services Inc)	(x)	Commercial & Professional Services	SF	+	5.5%			0.8%	01/2030	8.0		8.0		8.0
Arcwood Environmental (fka Heritage Environmental Services Inc)	(x)	Commercial & Professional Services	SF	+	5.0%			0.8%	01/2031	4.0		4.0		4.0
Area Wide Protective Inc	(f)(v)	Commercial & Professional Services	SF	+	4.8%			1.0%	12/2030	19.1		19.0		19.1
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	+	6.0%			1.0%	06/2028	A$	10.8	7.1		7.0
ATX Networks Corp	(ad)(v)(w)	Capital Goods	SF	+	6.0%	PIK		1.0%	09/2026	$	26.3	26.3		26.3
ATX Networks Corp	(ad)(s)(v)(w)	Capital Goods	SF	+	7.0%	PIK		1.0%	09/2026	88.0		87.6		88.0
Avetta LLC	(l)	Software & Services	SF	+	4.3%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/2031	8.4		8.3		8.5
Avetta LLC	(x)	Software & Services	SF	+	4.5%			0.5%	07/2030	2.6		2.6		2.6
Avetta LLC	(x)	Software & Services	SF	+	4.3%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/2031	3.7		3.7		3.7
BCA Marketplace Ltd	(v)(w)	Commercial & Professional Services	SA	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	03/2031	£	60.2	76.7		81.5
BCA Marketplace Ltd	(v)(w)	Commercial & Professional Services	E	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	04/2031	€	21.7	23.1		25.1
BDO USA PA	(l)(v)	Commercial & Professional Services	SF	+	5.0%			2.0%	08/2028	$	27.9	27.5		28.0
Belk Inc	(ac)(v)	Consumer Discretionary Distribution & Retail			15.0%				07/2029	25.4		25.4		25.7
BGB Group LLC	(f)(i)(l)(m)(t)	Media & Entertainment	SF	+	5.3%			1.0%	08/2027	108.3		107.8		106.5
BGB Group LLC	(x)	Media & Entertainment	SF	+	5.3%			1.0%	08/2027	7.4		7.4		7.3
BGB Group LLC	(x)	Media & Entertainment	SF	+	5.3%			1.0%	08/2027	19.9		19.9		19.6
Bonterra LLC	(f)(l)(t)(v)	Software & Services	SF	+	5.0%			0.8%	03/2032	117.9		117.4		117.3
Bonterra LLC	(v)	Software & Services	SF	+	5.0%			0.8%	03/2032	3.6		3.6		3.6
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	13.4		13.4		13.3
Bowery Farming Inc	(v)(y)	Food, Beverage & Tobacco							09/2026	16.2		14.7		—
Bowery Farming Inc	(v)(y)	Food, Beverage & Tobacco							09/2026	6.4		5.9		—
Cadence Education LLC	(v)	Consumer Services	SF	+	5.0%			0.8%	05/2031	5.7		5.7		5.7
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)(v)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%			0.8%	03/2032	30.9		30.7		30.8
Cambrex Corp	(x)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%			0.8%	03/2032	8.2		8.2		8.2
Cambrex Corp	(x)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%			0.8%	03/2032	9.4		9.4		9.4
Carrier Fire Protection	(v)	Commercial & Professional Services	SF	+	4.8%			0.5%	07/2030	0.5		0.5		0.5
Carrier Fire Protection	(l)(v)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.5%	07/2031	10.2		10.2		10.3
Carrier Fire Protection	(v)	Commercial & Professional Services	E	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.5%	07/2031	€	2.4	2.6		2.9
Carrier Fire Protection	(x)	Commercial & Professional Services	SF	+	4.8%			0.5%	07/2030	$	2.1	2.1		2.1

See notes to unaudited consolidated financial statements.

7

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 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	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.5%	07/2031	$	2.1	$	2.1	$	2.1
Circana Group (f.k.a. NPD Group)	(l)(m)(v)	Consumer Services	SF	+	4.5%			0.8%	12/2029	58.9		58.9		59.5
Circana Group (f.k.a. NPD Group)	(x)	Consumer Services	SF	+	4.5%			0.8%	12/2028	4.3		4.3		4.3
Civica Group Ltd	(v)(w)	Software & Services	SA	+	5.5%	(0.0% PIK	/ 2.1% PIK)	0.0%	08/2030	£	2.5	3.2		3.4
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		4.5
Clarience Technologies LLC	(f)(t)(v)	Capital Goods	SF	+	5.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/2032	$	83.8	83.8		83.8
Clarience Technologies LLC	(x)	Capital Goods	SF	+	5.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/2032	37.4		37.4		37.4
Clarience Technologies LLC	(x)	Capital Goods	SF	+	5.8%			0.8%	02/2031	12.4		12.4		12.4
Clarience Technologies LLC	(x)	Capital Goods	SF	+	5.8%			0.8%	02/2032	4.5		4.5		4.5
CLEAResult Consulting Inc	(f)(l)(v)	Commercial & Professional Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/2031	18.1		17.9		18.3
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	3.0		3.0		3.0
Community Brands Inc	(v)	Software & Services	SF	+	5.3%			0.8%	07/2031	1.3		1.3		1.3
Community Brands Inc	(t)(v)	Software & Services	SF	+	5.0%			0.8%	07/2031	42.2		41.8		42.4
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	+	5.3%			0.8%	07/2031	7.5		7.5		7.6
Consilium Safety Group AB	(w)(x)	Capital Goods	E	+	5.5%	(0.0% PIK	/ 5.5% PIK)	0.0%	04/2031	€	9.8	10.5		10.7
Corsearch Intermediate Inc	(l)(m)(v)	Software & Services	SF	+	5.5%			1.0%	04/2028	$	30.1	29.1		30.1
CSafe Global	(v)	Transportation	SF	+	5.8%			0.8%	12/2028	9.2		9.2		9.3
CSafe Global	(v)	Transportation	SA	+	5.8%			0.8%	12/2028	£	15.4	19.6		21.3
CSafe Global	(v)	Transportation	SF	+	5.8%			0.8%	03/2029	$	8.1	8.1		8.1
CSafe Global	(f)(t)(v)	Transportation	SF	+	5.8%			0.8%	03/2030	78.1		78.0		78.8
CSafe Global	(x)	Transportation	SF	+	5.8%			0.8%	03/2029	3.5		3.5		3.5
Cubic Corp	(v)	Software & Services			4.0%	PIK			07/2025	14.8		14.8		14.8
Cubic Corp	(x)	Software & Services			4.0%	PIK			07/2025	0.8		0.8		0.8
Cyncly Refinancing	(v)(w)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 1.9% PIK)	0.0%	04/2032	21.9		21.7		21.8
Cyncly Refinancing	(v)(w)	Software & Services	E	+	4.8%	(0.0% PIK	/ 1.9% PIK)	0.0%	04/2032	€	14.2	16.0		16.6
Cyncly Refinancing	(w)(x)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 1.9% PIK)	0.0%	04/2032	$	3.2	3.2		3.1
Cyncly Refinancing	(w)(x)	Software & Services	SF	+	4.8%			0.0%	04/2032	4.7		4.7		4.7
Dedalus Finance GmbH	(aa)(ab)(v)(w)	Software & Services	E	+	3.8%			0.0%	05/2030	€	1.0	1.1		1.2
Dental Care Alliance Inc	(l)(m)(t)(v)	Health Care Equipment & Services	SF	+	6.4%			0.8%	04/2028	$	109.1	107.2		103.4
Dental365 LLC	(v)	Health Care Equipment & Services	SF	+	5.3%			0.8%	05/2028	0.3		0.3		0.3
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	10.4		10.4		10.4
Dental365 LLC	(x)	Health Care Equipment & Services	SF	+	5.3%			0.8%	05/2028	4.8		4.8		4.8
Dental365 LLC	(x)	Health Care Equipment & Services	SF	+	5.3%			0.8%	08/2028	3.3		3.3		3.3
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	29.4		29.3		29.7
DOXA Insurance Holdings LLC	(x)	Insurance	SF	+	5.3%			0.8%	12/2029	2.9		2.9		2.9

See notes to unaudited consolidated financial statements.

8

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
DOXA Insurance Holdings LLC	(x)	Insurance	SF	+	5.3%			0.8%	12/2030	$	0.1	$	0.1	$	0.1
DOXA Insurance Holdings LLC	(x)	Insurance	SF	+	5.0%			0.8%	12/2030	22.6		22.6		22.7
DuBois Chemicals Inc	(f)(l)(t)(v)	Materials	SF	+	4.5%			0.8%	06/2031	52.5		52.3		53.0
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	5.9		5.9		5.9
Eagle Railcar Services Roscoe Inc	(v)	Transportation	SF	+	4.5%			0.5%	06/2032	57.8		57.7		57.7
Eagle Railcar Services Roscoe Inc	(x)	Transportation	SF	+	4.5%			0.5%	06/2032	10.8		10.8		10.8
Eagle Railcar Services Roscoe Inc	(x)	Transportation	SF	+	4.5%			0.5%	06/2032	12.0		12.0		12.0
Envirotainer Ltd	(w)(x)	Transportation	E	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.0%	07/2029	€	2.7	2.8		2.8
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	22.6		22.6		22.6
Follett Software Co	(v)	Software & Services	SF	+	4.5%			0.5%	08/2030	1.6		1.6		1.6
Follett Software Co	(f)(t)	Software & Services	SF	+	4.5%			0.5%	08/2031	18.9		18.8		18.9
Follett Software Co	(x)	Software & Services	SF	+	4.5%			0.5%	08/2030	4.0		4.0		4.0
Foundation Consumer Brands LLC	(f)(l)(m)(v)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	5.0%			1.0%	02/2029	75.0		73.6		75.8
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	+	4.8%			0.8%	10/2030	39.5		39.0		39.9
Foundation Risk Partners Corp	(l)(v)	Insurance	SF	+	4.8%			0.8%	10/2030	44.4		44.4		44.9
Foundation Risk Partners Corp	(x)	Insurance	SF	+	4.8%			0.8%	10/2029	11.8		11.8		11.8
Foundation Risk Partners Corp	(x)	Insurance	SF	+	4.8%			0.8%	10/2030	16.6		16.6		16.7
Frontline Road Safety LLC	(f)(l)(v)	Capital Goods	SF	+	5.0%	(2.3% PIK	/ 2.3% PIK)	0.0%	03/2032	79.0		78.6		78.8
Frontline Road Safety LLC	(v)	Capital Goods	SF	+	4.8%			0.0%	03/2032	3.4		3.4		3.4
Frontline Road Safety LLC	(x)	Capital Goods	SF	+	5.0%	(2.3% PIK	/ 2.3% PIK)	0.0%	03/2032	25.3		25.3		25.2
Frontline Road Safety LLC	(x)	Capital Goods	SF	+	4.8%			0.0%	03/2032	12.3		12.3		12.3
Frontline Road Safety LLC	(x)	Capital Goods	SF	+	4.8%				03/2032	14.3		14.3		14.2
Galaxy Universal LLC	(ac)(v)	Consumer Durables & Apparel	SF	+	6.3%			1.0%	05/2028	123.3		123.3		122.7
Galaxy Universal LLC	(ac)(v)	Consumer Durables & Apparel	SF	+	5.5%			1.0%	05/2028	65.9		65.9		64.4
Galway Partners Holdings LLC	(v)	Insurance	SF	+	4.5%			0.8%	09/2028	4.1		4.0		4.1
Galway Partners Holdings LLC	(l)(m)(t)(v)	Insurance	SF	+	4.5%	(0.0% PIK	/ 1.0% PIK)	0.8%	09/2028	77.9		77.1		77.9
Galway Partners Holdings LLC	(x)	Insurance	SF	+	4.5%			0.8%	09/2028	8.9		8.9		8.9
Galway Partners Holdings LLC	(x)	Insurance	SF	+	4.5%	(0.0% PIK	/ 1.0% PIK)	0.8%	09/2028	7.0		7.0		7.0
General Datatech LP	(f)(l)(m)(t)(v)	Software & Services	SF	+	6.3%			1.0%	06/2027	115.0		114.5		114.5
Gigamon Inc	(v)	Software & Services	SF	+	5.8%			0.8%	03/2028	7.5		7.5		6.9
Gigamon Inc	(i)(v)	Software & Services	SF	+	5.8%			0.8%	03/2029	104.5		103.9		97.2
Gigamon Inc	(x)	Software & Services	SF	+	5.8%			0.8%	03/2028	1.9		1.9		1.7
Gracent LLC	(ad)(v)	Health Care Equipment & Services			12.0%	PIK			02/2027	33.9		31.9		31.5
Granicus Inc	(l)(v)	Software & Services	SF	+	5.8%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/2031	16.4		16.4		16.6

See notes to unaudited consolidated financial statements.

9

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Granicus Inc	(v)	Software & Services	SF	+	5.3%			0.8%	01/2031	$	0.3	$	0.3	$	0.3
Granicus Inc	(l)(v)	Software & Services	SF	+	5.3%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/2031	5.0		5.0		5.1
Granicus Inc	(x)	Software & Services	SF	+	5.3%			0.8%	01/2031	2.0		2.0		2.0
Granicus Inc	(x)	Software & Services	SF	+	5.3%	(2.3% 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	£	78.7	100.0		106.2
Heniff Transportation Systems LLC	(f)(l)(m)(v)	Transportation	SF	+	5.8%			1.0%	12/2026	$	92.4	89.7		92.4
Heniff Transportation Systems LLC	(v)	Transportation	SF	+	5.8%			1.0%	12/2026	8.8		8.6		8.8
Heniff Transportation Systems LLC	(x)	Transportation	SF	+	5.8%			1.0%	12/2026	9.1		9.1		9.1
Hibu Inc	(f)(l)(m)(t)(v)	Commercial & Professional Services	SF	+	6.3%			1.0%	05/2027	86.8		84.8		86.8
Hibu Inc	(f)(v)	Commercial & Professional Services	SF	+	6.3%			1.0%	05/2027	43.3		43.0		43.8
Hibu Inc	(v)	Commercial & Professional Services	SF	+	6.3%			1.0%	05/2027	17.2		17.2		17.5
Higginbotham Insurance Agency Inc	(v)	Insurance	SF	+	4.8%			1.0%	11/2028	9.2		9.2		9.2
Higginbotham Insurance Agency Inc	(x)	Insurance	SF	+	4.8%			1.0%	11/2028	8.9		8.9		8.9
Highgate Hotels Inc	(l)(v)	Consumer Services	SF	+	5.5%			1.0%	11/2029	33.5		33.2		33.8
Highgate Hotels Inc	(v)	Consumer Services	SF	+	5.5%			1.0%	11/2029	1.3		1.3		1.3
Highgate Hotels Inc	(x)	Consumer Services	SF	+	5.5%			1.0%	11/2029	3.0		3.0		3.0
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%	06/2031	19.3		19.3		19.3
HM Dunn Co Inc	(ad)(v)	Capital Goods	SF	+	6.0%	(0.0% PIK	/ 6.0% PIK)	1.0%	06/2031	4.5		4.5		4.5
HM Dunn Co Inc	(ad)(x)	Capital Goods	SF	+	6.0%	(0.0% PIK	/ 6.0% PIK)	1.0%	06/2031	5.5		5.5		5.5
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	+	4.8%			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	(l)(t)(v)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	03/2032	73.2		72.9		73.1
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		13.8
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	74.5		73.4		74.5
Individual FoodService	(x)	Capital Goods	SF	+	5.0%			1.0%	10/2029	1.5		1.5		1.5
Industria Chimica Emiliana Srl	(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	E	+	7.3%	(2.5% PIK	/ 2.5% PIK)	0.0%	09/2026	€	91.1	106.7		101.8
Industry City TI Lessor LP	(s)(v)	Consumer Services			13.5%	(7.3% PIK	/ 7.3% PIK)		06/2026	$	12.7	12.7		13.1
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)		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	$	62.7	62.3		63.3
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	2.8		2.8		2.8
Insightsoftware.Com Inc	(v)	Software & Services	SF	+	5.3%			1.0%	05/2028	0.4		0.4		0.4

See notes to unaudited consolidated financial statements.

10

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Insightsoftware.Com Inc	(l)(v)	Software & Services	SF	+	5.3%			1.0%	05/2028	$	41.3	$	41.3	$	41.3
Insightsoftware.Com Inc	(x)	Software & Services	SF	+	5.3%			0.8%	05/2028	25.8		25.8		25.8
Insightsoftware.Com Inc	(x)	Software & Services	SF	+	5.3%			1.0%	05/2028	4.9		4.9		4.9
Integrity Marketing Group LLC	(l)(v)	Insurance	SF	+	5.0%			0.8%	08/2028	98.8		98.8		98.8
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	0.8		0.8		0.8
J S Held LLC	(v)	Insurance	SF	+	5.5%			1.0%	06/2028	1.1		1.1		1.1
J S Held LLC	(f)(l)(v)	Insurance	SF	+	5.5%			1.0%	06/2028	83.1		82.8		83.1
J S Held LLC	(v)	Insurance	SF	+	5.5%			1.0%	06/2028	6.3		6.3		6.3
J S Held LLC	(x)	Insurance	SF	+	5.5%			1.0%	06/2028	5.8		5.8		5.8
J S Held LLC	(x)	Insurance	SF	+	5.5%			1.0%	06/2028	13.8		13.8		13.9
Kellermeyer Bergensons Services LLC	(ad)(m)(s)(v)	Commercial & Professional Services	SF	+	5.4%	PIK		1.0%	11/2028	210.7		207.1		210.7
Kellermeyer Bergensons Services LLC	(ad)(m)(s)(v)(y)(z)	Commercial & Professional Services	SF	+	8.2%	PIK		1.0%	11/2028	95.6		94.1		47.6
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	$	0.9	0.9		0.9
Lazer Logistics Inc	(f)(l)(v)	Transportation	SF	+	5.0%			0.8%	05/2030	24.0		23.9		24.3
Lazer Logistics Inc	(x)	Transportation	SF	+	5.0%			0.8%	05/2029	1.1		1.1		1.1
Legends Hospitality LLC	(v)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/2030	5.5		5.5		5.5
Legends Hospitality LLC	(f)(t)(v)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/2031	119.0		118.0		119.0
Legends Hospitality LLC	(x)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/2030	8.3		8.3		8.3
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
Lionbridge Technologies Inc	(f)(i)(s)(t)(v)	Media & Entertainment	SF	+	7.0%			1.0%	12/2025	93.0		92.4		93.0
Lipari Foods LLC	(f)(i)(m)(v)	Consumer Staples Distribution & Retail	SF	+	6.5%			1.0%	10/2028	99.0		98.2		95.4
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		20.7
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		4.7
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)(v)	Commercial & Professional Services	SF	+	5.0%			0.8%	11/2029	$	5.1	5.1		5.1
Magna Legal Services LLC	(v)	Commercial & Professional Services	SF	+	5.0%			0.8%	11/2029	11.2		11.2		11.2
Magna Legal Services LLC	(l)(m)(v)	Commercial & Professional Services	SF	+	5.0%			0.8%	11/2029	18.0		17.9		18.1
Magna Legal Services LLC	(x)	Commercial & Professional Services	SF	+	5.0%			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	2.1		2.1		2.1
MAI Capital Management LLC	(v)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/2031	2.6		2.6		2.6
MAI Capital Management LLC	(v)	Financial Services	SF	+	4.8%			0.8%	08/2031	0.7		0.7		0.7
MAI Capital Management LLC	(x)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/2031	4.0		4.0		4.0
MAI Capital Management LLC	(x)	Financial Services	SF	+	4.8%			0.8%	08/2031	2.6		2.6		2.6
MAI Capital Management LLC	(x)	Financial Services	SF	+	4.8%			0.8%	08/2031	9.3		9.3		9.3

See notes to unaudited consolidated financial statements.

11

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
MB2 Dental Solutions LLC	(l)(t)(v)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/2031	$	146.3	$	145.4	$	148.1
MB2 Dental Solutions LLC	(x)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/2031	31.1		31.1		31.5
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	230.5		229.2		210.5
Med-Metrix	(i)(m)(t)(v)	Software & Services	SF	+	5.0%			1.0%	09/2027	118.1		117.9		118.1
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	29.8		29.8		30.1
Mercer Advisors Inc	(x)	Financial Services	SF	+	4.8%			0.8%	10/2030	13.0		13.0		13.1
Misys Ltd	(v)(w)	Software & Services	SF	+	7.3%			1.0%	09/2029	0.3		0.3		0.3
Misys Ltd	(w)(x)	Software & Services	SF	+	7.3%			1.0%	09/2029	1.2		1.2		1.2
Model N Inc	(l)(v)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/2031	29.6		29.5		29.7
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		4.3
NCI Inc	(ad)(v)	Software & Services	SF	+	7.5%	(0.0% PIK	/ 7.5% PIK)	1.0%	08/2028	31.4		31.6		31.4
Net Documents	(v)	Software & Services	SF	+	4.5%			1.0%	07/2029	1.2		1.2		1.2
Net Documents	(l)(v)	Software & Services	SF	+	4.5%			1.0%	07/2029	32.8		32.6		32.8
Net Documents	(x)	Software & Services	SF	+	4.5%			1.0%	07/2029	3.3		3.3		3.3
Netsmart Technologies Inc	(l)(v)	Health Care Equipment & Services	SF	+	5.2%	(2.7% PIK	/ 2.7% PIK)	0.8%	08/2031	47.4		47.2		47.8
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	(v)(y)(z)	Software & Services	SF	+	6.3%			1.0%	10/2026	4.7		4.7		2.8
New Era Technology Inc	(i)(v)(y)(z)	Software & Services	SF	+	6.3%			1.0%	10/2026	24.9		24.4		15.2
Nordic Climate Group Holding AB	(v)(w)	Commercial & Professional Services	SR	+	5.4%	(0.0% PIK	/ 2.1% PIK)	0.0%	06/2031	SEK	156.9	14.6		16.6
Nordic Climate Group Holding AB	(v)(w)	Commercial & Professional Services	SR	+	5.4%	(0.0% PIK	/ 2.1% PIK)	0.0%	06/2031	173.6		15.8		18.3
Nordic Climate Group Holding AB	(v)(w)	Commercial & Professional Services	E	+	5.3%	(0.0% PIK	/ 2.1% PIK)	0.0%	06/2031	€	15.3	16.0		18.0
Nordic Climate Group Holding AB	(w)(x)	Commercial & Professional Services	SR	+	5.4%	(0.0% PIK	/ 2.1% PIK)	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	€	4.7	4.9		5.5
OEConnection LLC	(l)(v)	Software & Services	SF	+	5.3%	(0.0% PIK	/ 1.3% PIK)	0.8%	04/2031	$	19.2	19.1		19.3
OEConnection LLC	(x)	Software & Services	SF	+	5.3%	(0.0% PIK	/ 1.3% PIK)	0.8%	04/2031	6.4		6.4		6.4
OEConnection LLC	(x)	Software & Services	SF	+	5.3%	(0.0% PIK	/ 1.3% PIK)	0.8%	04/2031	6.3		6.3		6.3
One Call Care Management Inc	(aa)(ac)(v)	Health Care Equipment & Services	SF	+	5.5%			0.8%	04/2027	4.8		4.7		4.8
Oxford Global Resources LLC	(f)(l)(m)(t)(v)	Commercial & Professional Services	SF	+	6.0%			1.0%	08/2027	92.4		92.0		92.4
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	2.1		2.1		2.1
PartsSource Inc	(l)(v)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/2028	80.8		80.2		80.8
PartsSource Inc	(x)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/2026	2.1		2.1		2.1
PartsSource Inc	(x)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/2028	7.8		7.8		7.8

See notes to unaudited consolidated financial statements.

12

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
PCI Pharma Services	(v)(w)	Health Care Equipment & Services	SF	+	4.8%			0.8%	01/2032	$	14.7	$	14.7	$	14.7
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	+	7.5%	(9.5% PIK	/ 9.5% PIK)	1.0%	08/2029	216.1		216.1		222.6
Production Resource Group LLC	(ad)(v)(y)(z)	Media & Entertainment	SF	+	8.5%	(12.5% PIK	/ 12.5% PIK)	0.3%	08/2029	206.1		197.4		122.2
Production Resource Group LLC	(ad)(v)(y)(z)	Media & Entertainment	SF	+	5.7%	(8.5% PIK	/ 8.5% PIK)	1.0%	08/2029	0.3		0.3		0.2
Production Resource Group LLC	(ad)(v)	Media & Entertainment	SF	+	7.5%	(9.5% PIK	/ 9.5% PIK)	1.0%	08/2029	10.3		9.9		10.6
Production Resource Group LLC	(ad)(v)	Media & Entertainment	SF	+	7.5%	(9.5% PIK	/ 9.5% PIK)	1.0%	08/2029	10.0		9.6		10.3
PSC Group	(v)	Transportation	SF	+	5.3%			0.8%	04/2030	1.0		1.0		1.0
PSC Group	(l)(v)	Transportation	SF	+	5.3%			0.8%	04/2031	17.3		17.2		17.4
PSC Group	(x)	Transportation	SF	+	5.3%			0.8%	04/2030	1.4		1.4		1.4
PSC Group	(x)	Transportation	SF	+	5.3%			0.8%	04/2031	1.8		1.8		1.8
PSKW LLC (dba ConnectiveRx)	(l)(t)(v)	Health Care Equipment & Services	SF	+	5.5%			1.0%	03/2028	101.8		101.8		101.8
Radwell International LLC	(i)(m)(v)	Capital Goods	SF	+	5.5%			0.8%	04/2029	67.6		67.6		67.7
Radwell International LLC	(v)	Capital Goods	SF	+	5.5%			0.8%	04/2029	2.1		2.1		2.1
Radwell International LLC	(x)	Capital Goods	SF	+	5.5%			0.8%	04/2029	60.4		60.4		60.5
Radwell International LLC	(x)	Capital Goods	SF	+	5.5%			0.8%	04/2029	4.8		4.8		4.8
Reliant Rehab Hospital Cincinnati LLC	(s)(v)	Health Care Equipment & Services	SF	+	6.3%			0.0%	02/2028	43.8		43.2		41.5
Reliant Rehab Hospital Cincinnati LLC	(s)(v)(y)(z)	Health Care Equipment & Services	SF	+	6.3%	(0.0% PIK	/ 8.3% PIK)	0.0%	02/2028	49.1		39.4		13.7
Resa Power LLC	(t)(v)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/2032	62.0		61.8		61.8
Resa Power LLC	(x)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/2032	17.4		17.4		17.3
Resa Power LLC	(x)	Commercial & Professional Services	SF	+	4.8%			0.8%	04/2032	8.6		8.6		8.6
Revere Superior Holdings Inc	(l)(m)(v)	Software & Services	SF	+	5.0%			1.0%	10/2029	42.2		41.7		42.1
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	13.7		13.5		13.8
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	30.5		30.3		30.5
Rockefeller Capital Management LP	(x)	Financial Services	SF	+	4.8%			0.5%	04/2031	3.9		3.9		3.9
RSC Insurance Brokerage Inc	(i)(l)(v)	Insurance	SF	+	4.8%			0.8%	11/2029	192.7		189.2		192.7
RSC Insurance Brokerage Inc	(x)	Insurance	SF	+	4.8%			0.8%	11/2029	9.2		9.2		9.2
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)(v)	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	+	4.8%			1.0%	09/2027	5.5		5.5		5.5
SAMBA Safety Inc	(v)	Software & Services	SF	+	4.8%			1.0%	09/2027	0.7		0.7		0.7
SAMBA Safety Inc	(x)	Software & Services	SF	+	4.8%			1.0%	09/2027	1.2		1.2		1.2
Service Express Inc	(l)(v)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	08/2031	32.8		32.6		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

See notes to unaudited consolidated financial statements.

13

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Shaw Development LLC	(v)	Capital Goods	SF	+	6.0%			0.5%	10/2029	$	28.4	$	28.2	$	26.0
Source Code LLC	(l)(t)(v)	Software & Services	SF	+	6.5%			1.0%	07/2027	52.8		52.3		52.8
Spins LLC	(t)(v)	Software & Services	SF	+	4.8%			1.0%	01/2029	32.6		32.6		32.7
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	30.6		30.3		30.9
Spotless Brands LLC	(v)	Consumer Services	SF	+	5.5%			1.0%	07/2028	24.8		24.8		24.9
Spotless Brands LLC	(x)	Consumer Services	SF	+	5.5%			1.0%	07/2028	11.0		11.0		11.1
STV Group Inc	(f)	Capital Goods	SF	+	4.8%			0.8%	03/2031	9.9		9.8		10.0
STV Group Inc	(x)	Capital Goods	SF	+	4.8%			0.8%	03/2030	8.3		8.3		8.3
STV Group Inc	(x)	Capital Goods	SF	+	4.8%			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	133.7		133.1		122.7
Sweeping Corp of America Inc	(v)	Commercial & Professional Services	SF	+	5.8%			1.0%	06/2027	1.1		1.1		1.1
Sweeping Corp of America Inc	(m)(v)	Commercial & Professional Services	SF	+	5.8%			1.0%	06/2027	15.5		15.1		15.5
Sweeping Corp of America Inc	(m)(v)	Commercial & Professional Services	SF	+	5.8%	PIK		1.0%	06/2027	31.7		31.7		31.7
Sweeping Corp of America Inc	(x)	Commercial & Professional Services	SF	+	5.8%			1.0%	06/2027	4.5		4.5		4.5
Tangoe LLC	(m)(s)(v)	Software & Services	SF	+	6.7%	(1.7% PIK	/ 1.7% PIK)	1.0%	06/2026	168.8		166.0		151.9
Tangoe LLC	(m)(s)(v)(y)(z)	Software & Services			12.5%	PIK			06/2026	21.0		8.9		—
Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd)	(v)(w)(y)	Automobiles & Components							07/2026	€	45.1	40.1		4.0
Time Manufacturing Co	(v)	Capital Goods	SF	+	6.5%	(2.0% PIK	/ 2.0% PIK)	0.8%	12/2027	$	45.9	45.4		37.7
Time Manufacturing Co	(v)	Capital Goods	SF	+	6.5%			0.8%	12/2027	9.2		9.2		7.6
Time Manufacturing Co	(v)	Capital Goods	E	+	6.5%	(2.0% PIK	/ 2.0% PIK)	0.8%	12/2027	€	13.8	14.6		13.4
Time Manufacturing Co	(x)	Capital Goods	SF	+	6.5%			0.8%	12/2027	$	14.6	14.6		12.0
Trackunit ApS	(v)(w)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)		05/2032	49.8		49		49.0
Trackunit ApS	(w)(x)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)		05/2032	33.2		32.9		32.7
Trescal SA	(v)(w)	Commercial & Professional Services	E	+	5.0%			0.0%	04/2030	€	5.9	6.6		6.9
Trescal SA	(w)(x)	Commercial & Professional Services	E	+	5.0%			0.0%	04/2030	4.4		4.9		5.3
Turnpoint Services Inc	(v)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/2030	$	0.2	0.2		0.2
Turnpoint Services Inc	(l)(v)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/2031	8.4		8.3		8.3
Turnpoint Services Inc	(x)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/2030	1.4		1.4		1.4
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	+	3.5%			0.5%	08/2029	1.7		1.7		1.7
USIC Holdings Inc	(f)(l)(t)(v)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/2031	121.0		120.4		122.7
USIC Holdings Inc	(v)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/2031	6.9		6.9		6.9
USIC Holdings Inc	(x)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/2031	4.6		4.6		4.7
USIC Holdings Inc	(x)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/2031	8.2		8.2		8.2
Veriforce LLC	(f)(t)	Software & Services	SF	+	5.0%			0.8%	11/2031	36.9		36.7		37.1
Veriforce LLC	(v)	Software & Services	SA	+	5.0%			0.8%	11/2031	£	13.5	16.9		18.6
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.

14

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 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)(v)	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		2.3
Version1 Software Ltd	(w)(x)	Software & Services	E	+	5.2%	(0.0% PIK	/ 1.7% PIK)	0.0%	07/2029	11.7		13.0		12.9
VetCor Professional Practices LLC	(l)(m)(v)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/2029	$	67.6	67.1		67.6
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		13.3		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)(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	106.9		104.9		106.9
Waste Services Group Pty Ltd	(w)(x)	Commercial & Professional Services	BW	+	5.0%	(0.0% PIK	/ 2.4% PIK)	0.8%	03/2032	A$	11.2	6.9		6.9
Wealth Enhancement Group LLC	(v)	Financial Services	SF	+	5.0%			1.0%	10/2028	$	3.5	3.5		3.5
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	17.8		17.8		17.8
Wedgewood Weddings	(v)	Consumer Services	SF	+	4.8%			0.8%	06/2032	28.9		28.8		28.8
Wedgewood Weddings	(x)	Consumer Services	SF	+	4.8%			0.8%	06/2032	5.8		5.8		5.8
Wedgewood Weddings	(x)	Consumer Services	SF	+	4.8%			0.8%	06/2032	5.8		5.8		5.8
West Star Aviation Inc	(f)(v)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	05/2032	85.2		84.9		84.9
West Star Aviation Inc	(v)	Capital Goods	SF	+	4.5%			0.8%	05/2032	2.4		2.4		2.4
West Star Aviation Inc	(x)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	05/2032	17.9		17.9		17.8
West Star Aviation Inc	(x)	Capital Goods	SF	+	4.5%			0.8%	05/2032	29.5		29.5		29.4
Wittur Holding GmbH	(ad)(v)(w)	Capital Goods			6.0%	(5.9% PIK	/ 5.9% PIK)		12/2028	€	55.4	59.4		63.9
Wittur Holding GmbH	(ab)(ad)(v)(w)	Capital Goods			6.0%	(5.9% PIK	/ 5.9% PIK)		12/2028	6.8		3.2		7.8
Woolpert Inc	(v)	Capital Goods	SF	+	5.0%			1.0%	04/2029	$	0.9	0.9		0.9
Woolpert Inc	(f)(t)(v)	Capital Goods	SF	+	5.0%			1.0%	04/2030	91.0		91.0		91.9
Woolpert Inc	(x)	Capital Goods	SF	+	5.0%			1.0%	04/2029	17.6		17.6		17.6
Woolpert Inc	(x)	Capital Goods	SF	+	5.0%			1.0%	04/2030	17.8		17.8		18.0
Worldwise Inc	(ad)(v)(y)(z)	Household & Personal Products	SF	+	5.0%	(4.0% PIK	/ 4.0% PIK)	1.0%	03/2028	19.6		19.3		10.3
Worldwise Inc	(ad)(v)(y)(z)	Household & Personal Products	SF	+	5.0%	PIK		1.0%	03/2032	0.8		0.8		0.4
Worldwise Inc	(ad)(x)(y)(z)	Household & Personal Products	SF	+	5.0%	PIK		1.0%	03/2032	0.8		0.8		0.4
Xylem Kendall	(v)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/2030	13.1		13.1		13.1
Xylem Kendall	(v)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/2030	0.8		0.8		0.8
Xylem Kendall	(x)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/2030	20.5		20.5		20.5
Xylem Kendall	(x)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/2030	1.9		1.9		1.9

See notes to unaudited consolidated financial statements.

15

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Zellis Holdings Ltd	(v)(w)	Software & Services	SA	+	4.9%	(0.0% PIK	/ 2.2% PIK)	0.0%	08/2031	£	2.8	$	3.6	$	3.8
Zellis Holdings Ltd	(w)(x)	Software & Services	SA	+	4.9%	(0.0% PIK	/ 2.2% PIK)	0.0%	08/2031	3.4		4.4		4.3
Zendesk Inc	(l)(m)(v)	Software & Services	SF	+	5.0%			0.8%	11/2028	$	63.7	63.3		64.2
Zendesk Inc	(x)	Software & Services	SF	+	5.0%			0.8%	11/2028	9.7		9.7		9.8
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	82.3		81.7		82.1
Zeus Industrial Products Inc	(v)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/2031	7.7		7.7		7.7
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	7.7		7.7		7.7
Total Senior Secured Loans—First Lien												9,811.9		9,470.7
Unfunded Loan Commitments												(1,415.4)		(1,415.4)
Net Senior Secured Loans—First Lien												8,396.5		8,055.3
Senior Secured Loans—Second Lien—11.0%
Constellis Holdings LLC	(ac)(v)	Capital Goods	SF	+	9.0%	(0.0% PIK	/ 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		41.4		35.1
Peraton Corp	(s)(v)	Capital Goods	SF	+	8.0%			1.0%	02/2029	175.0		168.8		156.0
Peraton Corp	(v)	Capital Goods	SF	+	7.8%			0.8%	02/2029	129.8		125.8		115.0
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		324.7		335.9
Sweeping Corp of America Inc	(m)(v)(y)	Commercial & Professional Services							03/2034	8.3		4.9		4.8
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		4.4
Valeo Foods Group Ltd	(w)(x)	Food, Beverage & Tobacco	E	+	7.5%			0.0%	10/2030	2.3		3.0		3.0
Worldwise Inc	(ad)(v)(y)(z)	Household & Personal Products	SF	+	5.2%	PIK		1.0%	03/2032	$	0.4	0.2		0.2
Total Senior Secured Loans—Second Lien												694.7		676.4
Unfunded Loan Commitments												(3.0)		(3.0)
Net Senior Secured Loans—Second Lien												691.7		673.4
Other Senior Secured Debt—0.5%
One Call Care Management Inc	(ac)(v)	Health Care Equipment & Services			8.5%	PIK			11/2028	31.5		30.4		26.4
Recordati Industria Chimica e Farmaceutica SpA	(aa)(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences			6.8%				12/2029	€	1.0	1.1		1.2
Recordati Industria Chimica e Farmaceutica SpA	(aa)(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	E	+	3.9%			0.0%	12/2029	1.0		1.1		1.2
TIBCO Software Inc	(aa)(v)	Software & Services			6.5%				03/2029	$	0.7	0.6		0.7
Total Other Senior Secured Debt												33.2		29.5

See notes to unaudited consolidated financial statements.

16

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Subordinated Debt—3.6%
Accuride Corp	(ad)(v)	Capital Goods	SF	+	4.5%	(3.0% PIK	/ 3.0% PIK)	1.0%	03/2030	$	3.2	$	4.2	$	7.5
Alacrity Solutions Group LLC	(ad)(m)(v)	Insurance	SF	+	8.0%	PIK		1.0%	02/2030	3.5		3.5		3.5
Apex Service Partners LLC	(v)	Commercial & Professional Services			14.3%	PIK			04/2031	24.3		24.1		25.1
ATX Networks Corp	(ad)(s)(v)(w)(y)(z)	Capital Goods			10.0%	PIK			09/2028	45.1		21.4		17.7
Cyncly Refinancing	(v)(w)	Software & Services	SF	+	7.5%	PIK		0.0%	04/2032	3.5		3.4		3.4
Cyncly Refinancing	(v)(w)	Software & Services	E	+	7.5%	PIK		0.0%	04/2032	€	2.4	2.6		2.8
Cyncly Refinancing	(w)(x)	Software & Services	SF	+	7.5%	PIK		0.0%	04/2032	$	1.6	1.6		1.6
Leia Acquisition Ltd. (fka Swift Worldwide Resources Holdco Ltd)	(v)	Commercial & Professional Services			10.0%	PIK			07/2029	0.1		0.1		0.1
Recordati Industria Chimica e Farmaceutica SpA	(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	E	+	7.0%	PIK		0.0%	03/2030	€	51.6	58.0		59.6
Sorenson Communications LLC	(j)(u)(v)(y)	Telecommunication Services							04/2030	$	12.7	8.9		12.4
Sorenson Communications LLC	(j)(u)(v)(y)	Telecommunication Services							04/2030	49.1		32.0		43.3
Ultra Electronics Holdings Ltd	(v)(w)	Capital Goods	SF	+	7.3%			0.5%	01/2030	19.0		18.6		19.0
Ultra Electronics Holdings Ltd	(v)(w)	Capital Goods	SF	+	9.0%	PIK		0.5%	01/2031	30.5		30.3		30.5
Total Subordinated Debt												208.7		226.5
Unfunded Debt Commitments												(1.6)		(1.6)
Net Subordinated Debt												207.1		224.9

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Principal Amount(c)/ Shares		Amortized Cost		Fair Value(d)
Asset Based Finance—32.5%
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		54.4
Abacus JV, ABF Equity	(ad)(v)(w)(y)	Insurance								8,843,986		8.8		0.4
Accelerator Investments Aggregator LP, ABF Equity	(ac)(v)(w)(y)	Financial Services								1,339,253		1.5		1.0
Altavair AirFinance, ABF Equity	(ac)(v)(w)	Capital Goods								89,503,282		90.0		101.0
Altitude II IRL WH Borrower DAC, Revolver	(w)(x)	Capital Goods	SF	+	10.0%			0.0%	01/2030	$	9.8	9.8		9.8
Australis Maritime II, ABF Equity	(ad)(v)(w)	Transportation								19,714,001		19.7		19.8
Australis Maritime, Common Stock	(ad)(v)(w)	Transportation								11,293,291		11.3		10.7
Auxilior Capital Partners Inc, Preferred Equity	(v)	Financial Services			14.5%	(9.5% PIK	/ 9.5% PIK)		04/2030	$	18.9	18.9		19.0
Avenue One PropCo, ABF Equity	(ad)(v)(w)(y)	Equity Real Estate Investment Trusts (REITs)								10,339,283		10.3		8.1
Avenue One PropCo, Term Loan	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)			7.0%	PIK			03/2034	$	33.5	33.5		33.5
Avida Holding AB, Common Stock	(ad)(v)(w)(y)	Financial Services								720,108,628		74.9		61.0

See notes to unaudited consolidated financial statements.

17

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)				Floor	Maturity	Principal Amount(c)/ Shares		Amortized Cost		Fair Value(d)
Avida Holding AB, Subordinated Bond	(ad)(v)(w)	Financial Services	SR	+	9.3%		0.0%	01/2034	SEK	15.0	$	1.3	$	1.6
Bausch Health Cos Inc, Revolver	(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	6.7%		1.0%	01/2028	$	60.0	60.0		60.6
Bausch Health Cos Inc, Revolver	(w)(x)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	6.7%		1.0%	01/2028	$	60.0	60.0		60.6
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%	06/2026	$	76.5	75.4		76.5
Callodine Commercial Finance LLC, 2L Term Loan B	(v)	Financial Services	SF	+	9.0%		1.0%	06/2026	$	12.0	12.0		12.0
Callodine Commercial Finance LLC, 2L Term Loan B	(x)	Financial Services	SF	+	9.0%		1.0%	06/2026	$	36.1	36.1		36.1
Capital Automotive LP, ABF Equity	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)							9,685,956		11.4		17.5
Capital Automotive LP, Structured Mezzanine	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)			11.0%			12/2028	$	19.4	19.0		19.4
Curia Global Inc, Revolver	(v)(w)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	6.3%		1.0%	01/2029	$	42.0	42.0		42.4
Curia Global Inc, Revolver	(w)(x)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	6.3%		1.0%	01/2029	$	41.3	41.3		41.7
Drive Revel, ABF Equity	(v)(w)	Financial Services							12,114,808		13.2		16.9
EW Scripps Co/The, Revolver	(v)(w)	Media & Entertainment	SF	+	5.5%		0.8%	03/2028	$	31.9	31.9		31.9
EW Scripps Co/The, Revolver	(w)(x)	Media & Entertainment	SF	+	5.5%		0.8%	03/2028	$	29.1	29.1		29.1
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	$	41.0	41.0		41.0
Fortna Group Inc, Revolver	(w)(x)	Capital Goods	SF	+	4.8%		0.8%	06/2029	$	41.0	41.0		41.0
Global Jet Capital LLC, Preferred Stock	(j)(u)(v)(y)	Commercial & Professional Services							425,557,318		242.9		197.4
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							5,255,127		5.3		4.5
Global Lending Services LLC, ABF Equity	(v)(w)	Financial Services							53,899,361		53.9		48.1
Global Lending Services LLC, ABF Equity	(v)(w)(y)	Financial Services							157,381		0.2		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
Global Lending Services LLC, Bond	(v)(w)	Financial Services			12.5%			05/2033	$	0.1	0.1		0.1
GreenSky Holdings LLC, ABF Equity	(ac)(v)(y)	Financial Services							10,662,084		10.7		13.3
GreenSky Holdings LLC, ABF Equity	(ac)(v)(w)	Financial Services							21,024,831		21.0		21.8
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
Kilter Finance, ABF Equity	(ad)(v)(w)(y)	Insurance							536,709		0.5		4.3
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							98,178,137		98.2		104.9

See notes to unaudited consolidated financial statements.

18

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)				Floor	Maturity	Principal Amount(c)/ Shares		Amortized Cost		Fair Value(d)
KKR Central Park Leasing Aggregator L.P., Partnership Interest	(ad)(v)(w)(y)(z)	Capital Goods		14.3%				05/2026	$	39.1	$	39.1	$	16.3
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							3,610,507		3.6		3.0
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest	(ad)(v)(w)	Capital Goods							3,306		—		1.4
Lennar Corp, ABF Equity	(v)(w)	Consumer Durables & Apparel							17,673,700		17.7		20.9
Lennar Corp, Term Loan	(v)(w)	Consumer Durables & Apparel		10.8%	(0.0% PIK	/ 10.8% PIK)		08/2029	$	13.8	13.8		13.8
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(aa)(v)(w)	Real Estate Management & Development		7.3%				03/2070	$	1.0	1.0		1.0
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(aa)(v)(w)	Real Estate Management & Development		0.3%				03/2070	$	40.4	0.3		0.3
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(aa)(v)(w)	Real Estate Management & Development		7.3%				03/2070	$	0.9	0.9		0.9
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(aa)(v)(w)	Real Estate Management & Development		1.2%				03/2070	$	40.4	1.3		1.3
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(aa)(v)(w)	Real Estate Management & Development		7.3%				03/2070	$	0.7	0.6		0.6
My Community Homes PropCo 2, ABF Equity	(ad)(v)(w)(y)	Equity Real Estate Investment Trusts (REITs)							26,991,221		27.0		12.6
My Community Homes PropCo 2, Term Loan	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)		7.5%	PIK			03/2034	$	66.9	66.9		66.9
My Community Homes PropCo 2, Term Loan	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)		7.5%	PIK			04/2035	$	4.1	4.1		4.1
My Community Homes PropCo 2, Term Loan	(ad)(v)(w)	Equity Real Estate Investment Trusts (REITs)		7.5%	PIK			06/2035	$	21.5	21.5		21.5
NewStar Clarendon 2014-1A Class D	(v)(w)(y)	Financial Services						01/2027	$	8.3	0.3		1.4
Norway_France, ABF Equity	(v)(w)	Financial Services							7,705,864		8.6		9.6
PayPal Europe Sarl et Cie SCA, ABF Equity	(v)(w)	Financial Services							63,424,479		69.0		79.4
Powin Energy Corp/NV, Revolver	(v)	Capital Goods		13.5%	PIK			09/2027	—		—		—
Powin Energy Corp/NV, Warrants	(r)(y)	Capital Goods							210,667		—		—
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		—		—
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	61.1		27.9
Residential Opportunities I LLC, ABF Equity	(v)(y)	Real Estate Management & Development							39		—		0.1
Roemanu LLC, ABF Equity	(ad)(v)	Financial Services							203,835,091		202.1		196.7
Roemanu LLC, ABF Equity	(ad)(v)	Financial Services							16,943,296		16.9		16.4
Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine	(v)(w)	Real Estate Management & Development		18.0%				07/2030	$	3.4	2.5		1.5

See notes to unaudited consolidated financial statements.

19

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)			Floor	Maturity	Principal Amount(c)/ Shares		Amortized Cost		Fair Value(d)
Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine	(v)(w)	Real Estate Management & Development			31.0%		10/2053	$	5.2	$	8.5	$	6.9
Star Mountain Diversified Credit Income Fund III, LP, ABF Equity	(o)(w)	Financial Services						22,564,697		22.6		24.9
SunPower Financial, ABF Equity	(v)(w)	Financial Services						2,798,628		2.8		3.0
TalkTalk Telecom Group Ltd, Revolver	(v)(w)	Commercial & Professional Services	SA	+	7.0%	1.5%	09/2026	£	35.7	44.4		49.3
TalkTalk Telecom Group Ltd, Revolver	(w)(x)	Commercial & Professional Services	SA	+	7.0%	1.5%	09/2026	£	7.7	10.1		9.8
TDC LLP, Preferred Equity	(ad)(v)(w)	Financial Services			8.0%			£	1.8	2.4		2.6
Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver	(v)(w)	Materials	SF	+	4.8%	1.0%	01/2028	$	117.1	117.1		118.1
Tropicana Products Inc, Revolver	(v)(w)	Food, Beverage & Tobacco	SF	+	4.8%	1.0%	01/2029	$	66.6	66.6		66.6
Tropicana Products Inc, Revolver	(w)(x)	Food, Beverage & Tobacco	SF	+	4.8%	1.0%	01/2029	$	18.3	18.3		18.3
Vehicle Secured Funding Trust, ABF Equity	(v)(w)	Financial Services						10,555,713		10.6		12.4
Vehicle Secured Funding Trust, Term Loan	(v)(w)	Financial Services			15.0%		01/2046	$	31.7	31.7		31.7
Weber-Stephen Products LLC, Revolver	(v)(w)	Consumer Discretionary Distribution & Retail	SF	+	5.8%	1.0%	12/2026	$	33.7	33.7		34.0
Weber-Stephen Products LLC, Revolver	(w)(x)	Consumer Discretionary Distribution & Retail	SF	+	5.8%	1.0%	12/2026	$	49.6	49.6		50.1
Total Asset Based Finance										2,421.1		2,302.1
Unfunded Asset Based Finance Commitments										(302.3)		(302.3)
Net Asset Based Finance										2,118.8		1,999.8
Credit Opportunities Partners JV, LLC—26.6%
Credit Opportunities Partners JV, LLC	(ad)(v)(w)	Credit Opportunities Partners JV, LLC						$	1,934.9	1,869.4		1,632.0
Total Credit Opportunities Partners JV, LLC										1,869.4		1,632.0

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)(v)(y)	Capital Goods							4,232,815	—		—
Accuride Corp, Preferred Stock	(ad)(v)(y)	Capital Goods							2,422,249	—		—
Affordable Care Inc, Preferred Stock	(ac)(v)	Health Care Equipment & Services			11.8%	PIK			73,571	72.6		77.2
Alacrity Solutions Group LLC, Common Stock	(ad)(m)(v)(y)	Insurance							2,144	1.9		0.4
Alacrity Solutions Group LLC, Preferred Equity	(ad)(m)(v)	Insurance	SF	+	8.0%	PIK	1.0%		2,293	2.3		1.9
American Vision Partners, Private Equity	(v)(y)	Health Care Equipment & Services							2,655,491	2.7		2.2
Amerivet Partners Management Inc, Preferred Stock	(v)	Health Care Equipment & Services			11.5%	PIK			18,575	18.2		15.1
athenahealth Inc, Preferred Stock	(ac)(v)	Health Care Equipment & Services			10.8%	PIK			353,684	348.8		363.9
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		—

See notes to unaudited consolidated financial statements.

20

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor	Maturity	Number of Shares	Amortized Cost		Fair Value(d)
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		33.4
Borden (New Dairy Opco), Common Stock	(ad)(h)(n)(y)	Food, Beverage & Tobacco								11,167,000	—		16.8
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	—		—
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	—		10.3
Cengage Learning, Inc, Common Stock	(v)(y)	Media & Entertainment								227,802	7.5		4.7
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		37.4
Diversified Energy Co PLC, Common Stock	(n)(o)(w)	Energy								1,897,013	22.7		28.3
Diversified Energy Co PLC, Common Stock	(aa)(n)(o)(w)	Energy								209,772	2.8		3.1
Galaxy Universal LLC, Common Stock	(ac)(n)(y)	Consumer Durables & Apparel								87,405	13.5		17.1
Galaxy Universal LLC, Preferred Stock	(ac)(n)	Consumer Durables & Apparel			15.9%	PIK				3,399	5.4		6.1
Galaxy Universal LLC, Trade Claim	(ac)(v)(y)	Consumer Durables & Apparel								7,701,195	2.5		1.3
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		1.1
Gracent LLC, Preferred Stock B	(ad)(n)(y)	Health Care Equipment & Services								745	—		—
HM Dunn Co Inc, Common Stock	(ad)(s)(v)(y)	Capital Goods								975	—		—
HM Dunn Co Inc, Preferred Equity	(ad)(v)	Capital Goods			12.0%	PIK				15,000	12.5		12.5
Imagine Communications Corp, Common Stock	(v)(y)	Media & Entertainment								33,034	3.8		—
JW Aluminum Co, Preferred Stock	(ad)(j)(u)(v)(y)	Materials								102,237	135.2		135.2
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		—
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	9.2		9.2
Lipari Foods LLC, Common Stock	(v)(y)	Consumer Staples Distribution & Retail								7,946,073	8.0		2.5
Magna Legal Services LLC, Common Stock	(h)(y)	Commercial & Professional Services								4,938,192	4.9		7.7
Med-Metrix, Common Stock	(h)	Software & Services								29,403	—		15.9
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		7.4
Misys Ltd, Preferred Stock	(v)(w)	Software & Services	SF	+	12.3%	PIK		0.0%		97,348	93.3		95.0
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		36.7
NCI Inc, Class I-1 Common Stock	(ad)(v)(y)	Software & Services								42,923	—		—

See notes to unaudited consolidated financial statements.

21

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)			Floor	Maturity	Number of Shares	Amortized Cost		Fair Value(d)
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		19.8
One Call Care Management Inc, Preferred Stock B	(ac)(v)	Health Care Equipment & Services		9.0%	PIK		10/2029	10,457	10.7		12.7
Polyconcept North America Inc, Class A - 1 Units	(v)(y)	Household & Personal Products						30,000	3.0		2.0
PRG III LLC, Preferred Stock, Series A PIK	(ad)(v)(y)	Media & Entertainment						434,250	18.1		—
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		1.8
Quoizel, LLC, Common Stock	(ad)(v)(y)	Consumer Durables & Apparel						4,563	8.3		3.6
Quorum Health Corp, Private Equity	(ad)(v)(y)	Health Care Equipment & Services						5,521,128	5.5		10.5
Quorum Health Corp, Private Equity	(ad)(v)(y)	Health Care Equipment & Services						1,035,212	1.0		4.1
Quorum Health Corp, Trade Claim	(ad)(v)(y)	Health Care Equipment & Services						8,301,000	0.7		0.7
Quorum Health Corp, Trust Initial Funding Units	(ad)(v)(y)	Health Care Equipment & Services						143,400	0.2		0.1
Sorenson Communications LLC, Common Stock	(j)(u)(v)(y)	Telecommunication Services						42,731	7.1		9.4
Stuart Weitzman Inc, Common Stock	(v)(y)	Consumer Durables & Apparel						5,451	—		—
Ultra Electronics Holdings PLC, Private Equity	(v)(w)(y)	Capital Goods						394,128,646	4.2		7.5
Ultra Electronics Holdings PLC, Private Equity	(v)(w)(y)	Capital Goods						1,272,105	1.3		2.4
Wittur Holding GmbH, Common Stock	(ad)(v)(w)(y)	Capital Goods						11,630	8.0		15.2
Worldwise Inc, Common Stock	(ad)(v)(y)	Household & Personal Products						9,765	0.6		—
Total Equity/Other									1,063.5		1,042.1
Unfunded Equity/Other Commitments									(9.2)		(9.2)
Net Equity/Other									$	1,054.3	$	1,032.9
TOTAL INVESTMENTS—222.2%									$	14,371.0	13,647.8
LIABILITIES IN EXCESS OF OTHER ASSETS—(122.2%)											(7,506.8)
NET ASSETS—100%											$	6,141.0

See notes to unaudited consolidated financial statements.

22

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(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 June 30, 2025		Unrealized Appreciation (Depreciation)
EUR	2/15/2028	JP Morgan Chase Bank	€	4.6	Sold	$	5.2	$	5.6	$	(0.4)
EUR	12/28/2029	JP Morgan Chase Bank	€	5.7	Sold	6.6		7.2		(0.6)
GBP	10/27/2025	JP Morgan Chase Bank	£	1.5	Sold	1.9		2.1		(0.2)
GBP	12/31/2025	JP Morgan Chase Bank	£	27.8	Sold	35.1		38.2		(3.1)
GBP	1/20/2026	JP Morgan Chase Bank	£	6.2	Sold	7.5		8.5		(1.0)
GBP	3/31/2026	JP Morgan Chase Bank	£	13.5	Sold	16.6		18.5		(1.9)
GBP	4/2/2026	JP Morgan Chase Bank	£	3.5	Sold	4.4		4.8		(0.4)
GBP	8/28/2026	JP Morgan Chase Bank	£	4.8	Sold	6.0		6.6		(0.6)
GBP	8/28/2026	JP Morgan Chase Bank	£	8.6	Sold	10.8		11.8		(1.0)
GBP	2/15/2028	JP Morgan Chase Bank	£	8.6	Sold	11.1		11.7		(0.6)
SEK	10/27/2025	JP Morgan Chase Bank	SEK	266.0	Sold	24.9		28.3		(3.4)
SEK	4/14/2027	JP Morgan Chase Bank	SEK	167.0	Sold	16.4		18.2		(1.8)
SEK	6/21/2027	JP Morgan Chase Bank	SEK	69.8	Sold	6.7		7.6		(0.9)
SEK	2/15/2028	JP Morgan Chase Bank	SEK	54.8	Sold	5.3		6.0		(0.7)
SEK	6/30/2028	JP Morgan Chase Bank	SEK	251.7	Sold	27.6		27.8		(0.2)
SEK	12/28/2029	JP Morgan Chase Bank	SEK	57.3	Sold	5.7		6.5		(0.8)
Total						$	191.8	$	209.4	$	(17.6)

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	$	8	$	—	$	3
Interest Rate Swap	6.875% Notes	6.875%	SOFR + 2.788%	ING Capital Markets LLC	8/15/2029	400		16		—		6
Interest Rate Swap	6.125% Notes	6.125%	SOFR + 2.137%	ING Capital Markets LLC	1/15/2030	600		34		—		34
Interest Rate Swap	6.125% Notes	6.125%	SOFR + 2.061%	ING Capital Markets LLC	1/15/2030	100		5		—		5
Total						$	1,300	$	63	$	—	$	48

_______________

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

(b)Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2025, the Euro Interbank Offered Rate, or EURIBOR or “E”, was 1.94%, the Australian Bank Bill Swap Bid Rate, or BBSY or “B”, was 3.65%, the Australian Bank Bill Swap Rate, or BBSW or “BW”, was 3.60%, the Stockholm Interbank Offered Rate, or STIBOR or “SR”, was 2.13%, the Sterling Overnight Index Average, or SONIA or “SA”, was 4.10%, 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.

See notes to unaudited consolidated financial statements.

23

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

(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 June 30, 2025, 71.0% of the Company’s total assets represented qualifying assets.

(x)Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.

(y)Security is non-income producing.

(z)Asset is on non-accrual status.

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

(ab)Position or portion thereof unsettled as of June 30, 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 June 30, 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 six months ended June 30, 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 June 30, 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	$	6.4	$	—	$	—	$	(67.2)	$	87.7	$	1.7	$	6.3	$	—	$	—
48Forty Solutions LLC	3.0		4.4		(0.6)		—		(3.8)		3.0		0.2		—		—		—
Affordable Care Inc	35.2		3.1		(1.0)		—		(0.8)		36.5		1.3		0.6		—		—
Affordable Care Inc	22.2		0.3		—		—		(0.4)		22.1		0.8		0.4		—		—
Belk Inc	29.5		—		(4.0)		—		0.2		25.7		2.0		—		—		—
Galaxy Universal LLC	86.3		—		(0.5)		—		(0.4)		85.4		4.7		—		0.2		—
Galaxy Universal LLC	18.5		1.9		—		—		(0.4)		20.0		1.0		—		0.1		—
Galaxy Universal LLC	—		45.5		—		—		(1.1)		44.4		2.2		—		2.0		—

See notes to unaudited consolidated financial statements.

24

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 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 June 30, 2025		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
Galaxy Universal LLC	$	—		$	37.5	$	—	$	—	$	(0.2)	$	37.3	$	1.1	$	—	$	1.1	$	—
One Call Care Management Inc	4.7			—		—		—		0.1		4.8		0.6		—		—		—
Senior Secured Loans—Second Lien
Constellis Holdings LLC	7.0			0.5		—		—		—		7.5		0.5		0.2		—		—
Other Senior Secured Debt
One Call Care Management Inc	25.1			1.4		—		—		(0.1)		26.4		—		1.4		—		—
Asset Based Finance
Accelerator Investments Aggregator LP, ABF Equity	0.9			—		—		—		0.1		1.0		—		—		—		—
Altavair AirFinance, ABF Equity	128.2		—	—		(32.0)		(0.5)		5.3		101.0		—		—		—		12.7
GreenSky Holdings LLC, ABF Equity	14.9			—		—		—		(1.6)		13.3		—		—		—		—
GreenSky Holdings LLC, ABF Equity	22.3			2.6		(2.2)		—		(0.9)		21.8		—		—		—		2.6
GreenSky Holdings LLC, Term Loan	33.5			1.6		—		—		—		35.1		—		1.4		—		—
Equity/Other
48Forty Solutions LLC, Common Stock	—			—		—		—		—		—		—		—		—		—
Affordable Care Inc, Preferred Stock	73.1			4.7		—		—		(0.6)		77.2		—		4.8		—		—
athenahealth Inc, Preferred Stock	361.3			19.8		(20.1)		0.4		2.5		363.9		—		19.9		—		—
Belk Inc, Common Stock	27.1			4.2		—		—		2.1		33.4		—		—		—		—
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		(10.2)		17.1		—		—		—		—
Galaxy Universal LLC, Trade Claim	1.9			—		—		—		(0.6)		1.3		—		—		—		—
Galaxy Universal LLC, Preferred Stock	7.2			0.5		—		—		(1.6)		6.1		—		0.7		—		—
One Call Care Management Inc, Preferred Stock A	20.7			—		—		—		(0.9)		19.8		—		—		—		—
One Call Care Management Inc, Common Stock	1.9			—		—		—		—		1.9		—		—		—		—
One Call Care Management Inc, Preferred Stock B	12.2			0.3		—		—		0.2		12.7		—		0.5		—		—
Proserv Acquisition LLC, Class A Preferred Units	2.2			—		—		—		(0.4)		1.8		—		—		—		—
Total	$	1,140.0		$	134.7	$	(90.8)	$	8.4	$	(81.7)	$	1,110.6	$	16.1	$	36.2	$	3.4	$	15.3

______________

(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(3)Interest, PIK, Fee and Dividend and Other income presented for the six months ended June 30, 2025.

See notes to unaudited consolidated financial statements.

25

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2025

(in millions, except share amounts)

(ad)Under the Investment Company Act of 1940, as amended, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 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 six months ended June 30, 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 June 30, 2025		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
Senior Secured Loans—First Lien
Alacrity Solutions Group LLC	$	—	$	10.4	$	—	$	—	$	0.1	$	10.5	$	0.4	$	—	$	—	$	—
Alacrity Solutions Group LLC	—		—		—		—		0.1		0.1		—		—		—		—
ATX Networks Corp	37.0		1.1		(37.5)		—		(0.6)		—		—		0.7		—		—
ATX Networks Corp	15.3		11.0		—		—		—		26.3		—		1.1		—		—
ATX Networks Corp	50.6		37.0		—		—		0.4		88.0		—		3.9		—		—
Gracent LLC	29.6		2.4		—		—		(0.5)		31.5		0.5		1.9		—		—
HM Dunn Co Inc	34.8		—		(13.0)		(2.5)		—		19.3		1.8		—		—		—
HM Dunn Co Inc	3.4		1.1		—		—		(0.3)		4.2		0.2		—		—		—
Kellermeyer Bergensons Services LLC	201.6		10.6		(1.0)		—		(0.5)		210.7		—		10.6		—		—
Kellermeyer Bergensons Services LLC	87.7		5.9		—		—		(46.0)		47.6		—		3.9		—		—
NCI Inc	32.1		—		(0.7)		—		—		31.4		1.9		—		—		—
Production Resource Group LLC	195.9		6.9		(1.5)		—		(79.1)		122.2		1.3		6.9		—		—
Production Resource Group LLC	0.3		0.1		—		—		(0.2)		0.2		—		—		—		—
Production Resource Group LLC	67.7		3.2		—		—		0.2		71.1		1.0		3.2		—		—
Production Resource Group LLC	37.2		1.8		—		—		(0.1)		38.9		0.5		1.8		—		—
Production Resource Group LLC	107.4		5.1		—		—		0.1		112.6		1.6		5.1		—		—
Production Resource Group LLC	—		9.9		—		—		0.7		10.6		0.1		0.3		—		—
Production Resource Group LLC	—		9.6		—		—		0.7		10.3		0.2		—		—		—
Wittur Holding GmbH	54.1		4.8		(15.0)		—		11.0		54.9		0.5		1.4		—		—
Wittur Holding GmbH	—		15.1		—		—		1.7		16.8		—		0.1		—		—
Worldwise Inc	19.1		0.2		—		—		(9.0)		10.3		0.3		0.2		—		—
Worldwise Inc	—		0.8		—		—		(0.8)		—		—		—		—		—
Senior Secured Loans—Second Lien
Quoizel, LLC	7.1		—		—		—		—		7.1		0.4		—		—		—
Quoizel, LLC	7.4		—		—		—		—		7.4		0.4		—		—		—
Worldwise Inc	—		0.2		—		—		—		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		—		—		3.3		7.5		0.1		—		—		—
Alacrity Solutions Group LLC	—		3.5		—		—		—		3.5		—		0.2		—		—
ATX Networks Corp	32.9		—		—		—		(15.2)		17.7		—		—		—		—
Asset Based Finance
801 5th Ave, Seattle, Structure Mezzanine	54.5		0.1		—		—		(0.2)		54.4		2.9		0.9		—		—
801 5th Ave, Seattle, ABF Equity	—		—		—		—		—		—		—		—		—		—

See notes to unaudited consolidated financial statements.

26

FS KKR Capital Corp.

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 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 June 30, 2025		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
Abacus JV, ABF Equity	$	24.6	$	—	$	(27.0)	$	0.7	$	2.1	$	0.4	$	—	$	—	$	—	$	—
Australis Maritime, Common Stock	11.3		—		(0.3)		—		(0.3)		10.7		—		—