FS KKR Capital Corp (NYSE:FSK) Q3 2023 Earnings Conference Call November 7, 2023 9:00 AM ET Company Participants Robert Paun - Head of Investor Relations Michael Forman - Chief Executive Officer & Chairman Dan Pietrzak - Chief Investment Officer & Co-President Brian Gerson - Co-President Steven Lilly - Chief Financial Officer Conference Call Participants John Hecht - Jefferies Casey Alexander - Compass Point Research and Trading Kenneth Lee - RBC Capital Markets Ryan Lynch - KBW Melissa Wedel - J.P. Morgan ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q _________________________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 ¨ 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 ...

| --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|---------|---------|---------------------------------------|---------|---------| | (Dollar amounts in millions, except per share data) | 6/30/22 | 9/30/22 | For The Three Months Ended \n12/31/22 | 3/31/23 | 6/30/23 | | Realized gain/loss | | | | | | | Net realized gain (loss) on investments: | | | | | | | Non-controlled/unaffiliated investments | $177 | $16 | ($31) | ($58) | ( ...

FS KKR Capital Corp (NYSE:FSK) Q2 2023 Earnings Conference Call August 8, 2023 9:00 AM ET Company Participants Robert Paun – Head-Investor Relations Michael Forman – Chief Executive Officer and Chairman Dan Pietrzak – Chief Investment Officer and Co-President Brian Gerson – Co-President Steven Lilly – Chief Financial Officer Conference Call Participants John Hecht – Jefferies Casey Alexander – Compass Point Research and Trading Ryan Lynch – KBW Ken Lee – RBC Capital Markets Robert Dodd – Raymond James Mark ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q _________________________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023 ¨ 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 spec ...

Financial Data and Key Metrics Changes - For Q1 2023, the company generated net investment income of $0.81 per share and adjusted net investment income of $0.78 per share, exceeding public guidance of $0.77 and $0.74 per share respectively [10] - The net asset value increased to $24.93 per share, up from $24.89 per share in Q4 2022, despite a slight decline in the investment portfolio value [39] - Total investment income rose by $7 million quarter-over-quarter, driven by increased interest income, totaling $369 million [35] Business Line Data and Key Metrics Changes - The investment portfolio had a fair value of $15.3 billion as of March 31, 2023, down from $15.4 billion at the end of 2022, with 189 portfolio companies [22] - New investments in Q1 2023 totaled approximately $270 million, with 87% coming from existing portfolio companies [18] - The weighted average yield on accruing debt investments increased to 11.7% from 11.4% in the previous quarter [24] Market Data and Key Metrics Changes - The company ended Q1 2023 with approximately $3 billion in available liquidity [11] - Interest expense increased to $114 million, reflecting rising base rates on secured debt facilities [37] - Non-accruals totaled 5.5% on a cost basis and 2.7% on a fair value basis, compared to 4.9% and 2.4% respectively at the end of 2022 [30] Company Strategy and Development Direction - The company plans to maintain a minimum quarterly supplemental distribution of $0.06 per share throughout 2023, with total distributions expected to reach a minimum of $2.95 per share [14] - The focus remains on senior secured investments, with 61% of the portfolio in first lien loans as of March 31, 2023 [22] - The company anticipates that increased volatility and economic uncertainty will create compelling investment opportunities [16] Management's Comments on Operating Environment and Future Outlook - Management expects inflation to remain elevated and believes the higher interest rate environment will persist longer than anticipated [15] - The company is seeing a ramp-up in M&A activity inquiries, although overall transaction volumes are expected to remain below average for the next few quarters [16] - The portfolio is performing well, with borrowers demonstrating the ability to pass through price increases, maintaining acceptable EBITDA margins [17] Other Important Information - The company completed a $100 million share repurchase program, repurchasing $32 million of shares in March [11] - Special distributions totaling $0.15 per share will be paid in three equal installments throughout 2023 [13] - The gross and net debt to equity levels were 125% and 118% respectively, unchanged from the previous quarter [43] Q&A Session Summary Question: Can you discuss the recent increase in deal activity? - Management noted an uptick in inquiries from sell-side firms and existing borrowers, indicating potential future M&A activity, although the overall environment remains slow [52] Question: What are the best opportunities in the current market? - The direct lending market is seen as extremely attractive, with credit spreads on new loans approximately 100 basis points higher than a year ago [53] Question: How is the company managing its funding profile? - The company is satisfied with its unsecured debt issued prior to 2022 and plans to remain active in the market while being prudent with its funding strategy [75]

Quarter Ended March 31, 2023 Portfolio Diversification Capital Structure FS KKR Capital Corp. F i n a n c i a l I n f o r m a t i o n Summary of Quarterly Results • Diversified portfolio with 189 portfolio companies spread across 23 industries. • Exposure to the top ten largest portfolio companies by fair value was 19% as of March 31, 2023. • $3.0 billion of liquidity in undrawn debt, cash, and unsettled trades. 1. See the Appendix for a reconciliation between NII and Adjusted NII. 2. Based on the declared ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q _________________________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023 ¨ 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 spe ...

FS KKR Capital Corp (NYSE:FSK) Q4 2022 Earnings Conference Call February 28, 2023 9:00 AM ET Company Participants Robert Paun - Director, IR Michael Forman - Chairman & CEO Daniel Pietrzak - Co-President & CIO Brian Gerson - Co-President Steven Lilly - CFO Conference Call Participants Mark Hughes - Truist Erik Zwick - Hovde Group Ryan Lynch - KBW Casey Alexander - Compass Point Robert Dodd - Raymond James Operator Good morning, ladies and gentlemen. Welcome to the FS KKR Capital Corp's Fourth Quarter and Fu ...

Quarter and Year Ended December 31, 2022 FS KKR Capital Corp. Financial Information All information is as of December 31, 2022 unless otherwise noted Fourth Quarter Performance • Net asset value (NAV) per share as of December 31, 2022 was $24.89, compared to $25.30 as of September 30, 2022. Distribution/Dividend • 54% of our drawn leverage was unsecured as of December 31, 2022 and our weighted average effective rate on borrowings was 4.78%. 2 1. See the Appendix for a reconciliation between NII and Adjusted ...