Form 8-K

8-K — FS KKR Capital Corp

Accession: 0001104659-26-091572

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001422183

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2622260d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2622260d1_ex99-1.htm)

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8-K — FORM 8-K

8-K (Primary)

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0001422183

2026-08-06

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

August 6, 2026

FS KKR Capital Corp.

(Exact name of Registrant as specified in its

charter)

Maryland

814-00757

26-1630040

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

3025 JFK Boulevard, OFC 500

Philadelphia, Pennsylvania

19104

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including

area code: (215) 495-1150

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR

240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

FSK

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities

Exchange Act of 1934 (§240.12b-2 of this chapter).

¨  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. ¨

Item 2.02.

Results of Operations and Financial Condition.

On August 6, 2026, FS KKR Capital Corp. (the “Company”)

issued a press release (the “Press Release”) providing an overview of its results for the quarter ended June 30, 2026.

A copy of the Press Release is attached hereto

as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 2.02, including Exhibit

99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,

as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference

into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically

incorporated by reference therein.

Item 7.01.

Regulation FD Disclosure.

In the Press Release, the Company announced a cash

distribution for shares of the Company’s common stock totaling $0.44 per share, which will be paid on or about October 2, 2026 to

common stockholders of record as of the close of business on September 16, 2026.

The Company will make available under the “Events

& Presentations” page within the “For Investors” section of the Company’s website (www.fskkrcapitalcorp.com)

a presentation containing financial and operating information in advance of its previously announced August 6, 2026 conference call.

The information furnished in this Item 7.01 shall

not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that

section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.

Forward-Looking Statements

This Current Report on Form 8-K may contain certain

forward-looking statements that are not historical facts, including, without limitation, statements with regard to future events or the

future performance or financial condition of the Company. Words such as “anticipate,” “believe,” “expect,”

“intend”, “project” and “future” or similar expressions indicate forward-looking statements, although

not all forward-looking statements include these words. These forward-looking statements are not guarantees of performance or events and

are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control and difficult to predict and

could cause actual results or future events to differ materially from those expressed or forecasted in the forward-looking statements

for any reason, including those factors set forth in “Item 1A. Risk Factors” in the Company’s most recent Annual Report

on Form 10-K and subsequent filings. These forward-looking statements are subject to the inherent uncertainties in predicting future results

and conditions. Certain factors could cause actual results or future events to differ materially from those projected in these forward-looking

statements. Factors that could cause actual results or future events to differ materially include, without limitation, changes in the

economy, geo-political risks, risks associated with possible disruption in the Company’s operations or the economy generally due

to terrorism, natural disasters or pandemics, future changes in laws or regulations and conditions in the Company’s operating area,

and the price at which shares of common stock may trade on the New York Stock Exchange. Some of these factors are enumerated in the filings

the Company makes with the Securities and Exchange Commission. The Company has based the forward-looking statements included herein on

information available to the Company on the date hereof. Except as required by federal securities laws, the Company undertakes no obligation

to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT

NUMBER

DESCRIPTION

99.1

Press Release, dated August 6, 2026.

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly

authorized.

FS KKR Capital Corp.

Date: August 6, 2026

By:

/s/ Stephen Sypherd

Stephen Sypherd

General Counsel and Secretary

EXHIBIT INDEX

EXHIBIT

NUMBER

DESCRIPTION

99.1

Press Release, dated August 6, 2026.

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2622260d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

FS KKR Capital Corp. Announces Second Quarter

2026 Results

Declares Third Quarter 2026 Distribution of

$0.44 per share

PHILADELPHIA, PA AND NEW YORK, NY – August 6,

2026 – FS KKR Capital Corp. (NYSE: FSK), or the Company, today announced its financial and operating results for the quarter ended

June 30, 2026, and that its board of directors has declared a third quarter 2026 distribution of $0.44 per share for common stockholders.

Financial

and Operating Highlights for the Quarter Ended June 30, 2026(1)

·     Net investment income of $0.44 per share, compared to $0.42 per share for the quarter ended March 31, 2026

· Adjusted net investment income(2)

of $0.43 per share, compared to $0.41 per share for the quarter ended March 31, 2026

·     Net asset value of $18.30 per share as of June 30, 2026, compared to $18.83 per share as of March 31, 2026

·     Total net realized and unrealized loss of $0.56 per share, compared to a total net realized and unrealized loss of $2.00 per share

for the quarter ended March 31, 2026

· Adjusted net realized and

unrealized loss(2) of $0.55 per share, compared to adjusted net realized and unrealized loss of $1.99 per share for the quarter

ended March 31, 2026

·     Earnings (Loss) per share of ($0.13), compared to Earnings (Loss) per share of ($1.57) for the quarter ended March 31, 2026

·     Total purchases of $590 million versus $1,334 million of sales and repayments, including $9 million of net sales to the Company’s

joint venture, Credit Opportunities Partners JV, LLC

·     Debt to equity ratio as of June 30, 2026 was 127%, compared to 138% as of March 31, 2026

· Net debt to equity ratio(3) as of June 30, 2026 was 122%, compared to 131% as of March 31, 2026

·     Paid distributions to common stockholders totaling $0.42 per share(4)

“During the second quarter, FSK generated Net Investment Income

of $0.44 per share, reduced net leverage to within our target range, and made progress reducing our non-accrual assets,” said Michael

C. Forman, Chief Executive Officer and Chairman. “We remain focused on improving portfolio performance and delivering long-term

value for shareholders.”

“The strategic actions we announced in May are progressing as

planned and reflect the FS/KKR Advisor’s continued conviction in the long-term value of FSK,” said Daniel R. Pietrzak, President

and Chief Investment Officer of FSK and Partner and Global Head of Private Credit at KKR. “During the second quarter, the $150 million

tender offer for shares of FSK’s common stock conducted by a subsidiary of KKR was successfully completed, the $150 million issuance

of convertible preferred stock by FSK to a subsidiary of KKR closed, FSK’s $300 million share repurchase program commenced, and

the 50% subordinated income incentive fee waiver helped to support our Net Investment Income and third quarter distribution. We believe

these actions, together with our ongoing portfolio rotation efforts and focus on enhancing portfolio quality, strengthen FSK's financial

profile.”

Subsequent Events

During the period from July 1, 2026 through August 5, 2026,

the Company repurchased 3,348,353 shares of common stock pursuant to the board-authorized share repurchase program at an average price

per share (inclusive of commissions paid) of $10.75 (totaling $36 million). All such repurchases were made on the Company’s behalf

by a third-party agent on the open market at prices below net asset value per share in transactions intended to qualify for the safe harbors

provided by Rules 10b5-1 and 10b-18 under the Exchange Act of 1934, as amended. The shares repurchased during the period from July 1, 2026 through August 5, 2026 are in addition to 377,800 shares of common stock (totaling

$4 million at an average price per share, inclusive of commissions paid, of $10.57) repurchased from the commencement of the repurchase

plan on June 29, 2026, through the end of the second quarter. The weighted average purchase price of all shares repurchased from June

29, 2026 to August 5, 2026 (inclusive of commissions paid) was $10.73.

Declaration of Common Stock Distribution for Third Quarter

2026

On August 5, 2026, FSK’s board of directors declared

a distribution for the third quarter of $0.44 per share of common stock, which will be paid on or about October 2, 2026 to common stockholders

of record as of the close of business on September 16, 2026.

Declaration of Convertible Preferred Stock Dividend for

Third Quarter 2026

On July 30, 2026, FSK’s board of directors declared

a cash dividend for the period from June 29, 2026 to September 30, 2026 of $0.315972 per share of convertible preferred stock, which will

be paid on or about September 30, 2026 to convertible preferred stockholders of record as of the close of business on September 15, 2026.

Portfolio

Highlights as of June 30, 2026

·     Total fair value of investments was $11.4 billion of which 63.0% was invested in senior secured securities.

·     Weighted average annual yield on accruing debt investments(5) was 9.8%, compared to 9.9% as of March 31, 2026.

·     Weighted average annual yield on all debt investments(5) was 8.8%, compared to 8.7% as of March 31, 2026.

·     Exposure to the top ten largest portfolio companies by fair value was 21%, compared to 20% as of March 31, 2026.

·     As of June 30, 2026, investments on non-accrual status represented 3.8% and 7.1% of the total investment portfolio at fair value

and amortized cost, respectively, compared to 4.2% and 8.1% as of March 31, 2026.

Portfolio Data

As of June 30, 2026

As of March 31, 2026

Total fair value of investments (in millions)

$ 11,418

$ 12,269

Asset Class (based on fair value)

Senior Secured Loans — First Lien

58.7 %

59.6 %

Senior Secured Loans — Second Lien

3.9 %

3.8 %

Other Senior Secured Debt

0.4 %

0.3 %

Subordinated Debt

0.9 %

0.8 %

Asset Based Finance

12.6 %

13.5 %

Credit Opportunities Partners JV, LLC

14.4 %

13.9 %

Equity/Other

9.1 %

8.1 %

Interest Rate Type (based on fair value)

% Variable Rate Debt Investments

59.4 %

61.2 %

% Fixed Rate Debt Investments

9.1 %

7.9 %

% Other Income Producing Investments

21.1 %

20.3 %

% Non-Income Producing Investments(6)

6.6 %

6.4 %

% of Investments on Non-Accrual(7)

3.8 %

4.2 %

Leverage and Liquidity as of June 30, 2026

·     Debt to equity ratio of 127%, based on $6.5 billion in total debt outstanding and common stockholders’ equity of $5.1 billion.

Net debt to equity ratio(3) of 122%, based on $6.6 billion in total debt outstanding, including convertible preferred stock,

net of $109 million of cash, cash equivalents, restricted cash(8) and foreign currency and $309 million of net receivable for

investments sold and repaid and common stockholders’ equity of $5.1 billion. FSK’s weighted average effective interest rate

(including the effect of non-usage fees) was 5.49%.

·     Cash, cash equivalents, restricted cash and foreign currency of $109 million and availability under the Company’s financing

arrangements of $3.1 billion, subject to borrowing base and other limitations.

·     As of June 30, 2026, 72% of the Company’s $6.5 billion of total debt outstanding was in unsecured debt and 28% was in secured

debt.

Conference Call Information

FSK

will host its second quarter 2026 results conference call via live webcast on Thursday, August 6, 2026 at 9:00 a.m. (Eastern Time). All

interested parties are welcome to participate and can access the live webcast from the For Investors section of FSK’s website at www.fskkrcapitalcorp.com

under Events & Presentations or through the following URL: https://edge.media-server.com/mmc/p/p9kmcy8i.

Research

analysts who wish to participate in the conference call are requested to register a day in advance or at a minimum 15 minutes before

the start of the call using the following URL: https://register-conf.media-server.com/register/BI2b07b127c5834f0ba23088267e658e7e.

Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including

the dial-in number along with a unique PIN number that can be used to access the call.

investor presentation of financial information will be available by visiting the For Investors section of FSK’s website at www.fskkrcapitalcorp.com, under

Events & Presentations, before the market open on Thursday, August 6, 2026.

A replay of the call will be available beginning shortly

after the end of the call by visiting the For Investors section of FSK’s website, under Events & Presentations.

About FS KKR Capital Corp.

FSK

is a leading publicly traded business development company (BDC) focused on providing customized credit solutions to private middle market

U.S. companies. FSK seeks to invest primarily in the senior secured debt and, to a lesser extent, subordinated loans and certain asset-based

financing loans of private U.S. companies. FSK is advised by FS/KKR Advisor, LLC. For more information, please visit www.fskkrcapitalcorp.com.

About FS/KKR Advisor, LLC

FS/KKR Advisor, LLC (FS/KKR) is a partnership between

Future Standard and KKR Credit that serves as the investment adviser to FSK and other business development companies.

Future Standard is a global alternative asset manager

serving institutional and private wealth clients, investing across private equity, credit and real estate. With a 30+ year track record

of value creation and over $94 billion in assets under management, we back the business owners and financial sponsors that drive growth

and innovation across the middle market, transforming untapped potential into durable value(9).

KKR

is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR

aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people,

and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit

and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance

products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of

its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s

website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic

Financial Group’s website at www.globalatlantic.com.

Forward-Looking Statements and Important Disclosure Notice

This

communication and our quarterly earnings call contain certain forward-looking statements that are not historical facts, including,

without limitation, statements with regard to future events or our future performance or financial condition, and statements regarding

share repurchase activity, distribution levels and frequency, expectations for net investment income levels in future quarters, and the

financial position, business strategy and plans and objectives of management for FSK’s future operations. Words such as “anticipate,”

“believe,” “expect,” “intend,” “project,” and “future” or similar expressions

indicate a forward-looking statement, although not all forward-looking statements include these

words. These forward-looking statements are not guarantees of performance or events and are

subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause our actual

results or future events to differ materially from those expressed or forecasted in the forward-looking statements for any reason, including

those factors set forth in “Item 1A. Risk Factors” in our Annual Report on Form 10-K and subsequent filings. These

forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could

cause actual results or events to differ materially from those projected in these forward-looking statements. Factors that could cause

actual results or events to differ materially include, without limitation, changes in the economy, geo-political risks, risks associated

with possible disruption in FSK’s operations or the economy generally due to terrorism, natural disasters or pandemics, future changes

in laws or regulations and conditions in FSK’s operating area and the price at which shares of FSK’s common stock trade on

the New York Stock Exchange. Some of these factors are enumerated in the filings FSK makes with the SEC. In addition, the FSK board-authorized

share repurchase program does not require FSK to repurchase any specific number of shares of FSK’s common stock. There is no assurance

that FSK or any of its affiliates will purchase shares of its common stock at any specific discount levels or in any specific amounts

or that the market price of FSK’s common stock, either absolutely or relative to net asset value, will increase as a result of any

share repurchases, or that any repurchase plan will enhance stockholder value over the long term. The forward-looking statements included

in this communication and on our quarterly earnings call are based on information available as of the date hereof and current expectations,

forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Except as required by the federal securities laws,

FSK undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events

or otherwise. You should not place undue reliance on these forward-looking statements.

The press release above contains summaries of certain

financial and statistical information about FSK. The information contained in this press release is summary information that is intended

to be considered in the context of FSK’s SEC filings and other public announcements that FSK may make, by press release or otherwise,

from time to time. FSK undertakes no duty or obligation to update or revise the information contained in this press release. In addition,

information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement

of which cannot be assured. Investors should not view the past performance of FSK, or information about the market, as indicative of FSK’s

future results.

Other Information

The

information in this press release is summary information only and should be read in conjunction with FSK’s Quarterly Report on

Form 10-Q for the quarter ended June 30, 2026, which FSK filed with the SEC on August 6, 2026, as well as FSK’s other reports filed

with the SEC. Copies of FSK’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and FSK’s other reports filed

with the SEC can be found on FSK’s website at www.fskkrcapitalcorp.com and the SEC’s website at www.sec.gov.

Certain Information About Distributions

The determination of the tax attributes of FSK’s

distributions is made annually as of the end of its fiscal year based upon its taxable income and distributions paid, in each case, for

the full year. Therefore, a determination as to the tax attributes of the distributions made on a quarterly basis may not be representative

of the actual tax attributes for a full year. FSK intends to update stockholders quarterly with an estimated percentage of its distributions

that resulted from taxable ordinary income. The actual tax characteristics of distributions to stockholders will be reported to stockholders

annually on Form 1099-DIV.

The timing and amount of any future distributions on

FSK’s shares of common stock are subject to applicable legal restrictions and the sole discretion of its board of directors. There

can be no assurance as to the amount or timing of any such future distributions.

FSK may fund its distributions to stockholders from any

sources of funds legally available to it, including net investment income from operations, capital gains proceeds from the sale of assets,

non-capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity

investments in portfolio companies, proceeds from the sale of shares of FSK’s common stock and borrowings. FSK has not established

limits on the amount of funds it may use from available sources to make distributions. In addition, portions of our distributions may

be funded indirectly through the waiver of certain investment advisory fees by our investment adviser. Any distributions funded through

waivers of investment advisory fees will not be based on our investment performance and can only be sustained if we achieve positive investment

performance in future periods and/or our investment adviser and its affiliates continue to make such reimbursements or waivers of such

fees. There can be no assurance that FSK will be able to pay distributions at a specific rate or at all.

Unaudited

Consolidated Statements of Operations

(dollar

amounts in millions, except per share amounts, unless otherwise noted)

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Investment income

From non-controlled/unaffiliated investments:

Interest income

$ 166

$ 224

$ 343

$ 441

Paid-in-kind interest income

Fee income

Dividend and other income

From non-controlled/affiliated investments:

Interest income

Paid-in-kind interest income

Fee income

—

Dividend and other income

—

From controlled/affiliated investments:

Interest income

Paid-in-kind interest income

Fee income

—

Dividend and other income

133

Total investment income

290

398

594

798

Operating expenses

Management fees

105

Subordinated income incentive fees

Administrative services expenses

Accounting and administrative fees

Interest expense

101

125

206

238

Other general and administrative expenses

Total operating expenses

179

225

366

438

Subordinated income incentive fee waiver

(11 )

—

(11 )

—

Net expenses

168

225

355

438

Net investment income

122

173

239

360

Realized and unrealized gain/loss

Net realized gain (loss) on investments:

Non-controlled/unaffiliated investments

(5 )

(66 )

(46 )

(106 )

Non-controlled/affiliated investments

(72 )

(1 )

(170 )

Controlled/affiliated investments

—

(68 )

(56 )

(55 )

Net realized gain (loss) on foreign currency forward contracts

—

(3 )

(4 )

(3 )

Net realized gain (loss) on foreign currency

(4 )

(6 )

(9 )

(5 )

Net change in unrealized appreciation (depreciation) on investments:

Non-controlled/unaffiliated investments

(47 )

(286 )

116

Non-controlled/affiliated investments

(62 )

(82 )

Controlled/affiliated investments

(116 )

(151 )

(264 )

(203 )

Net change in unrealized appreciation (depreciation) on foreign currency forward contracts

(1 )

(10 )

(20 )

Net change in unrealized gain (loss) on foreign currency

(59 )

(85 )

Total net realized and unrealized gain (loss)

(154 )

(368 )

(712 )

(435 )

Provision for taxes on investments

—

(11 )

—

(11 )

Realized loss on extinguishment of debt

(2 )

(3 )

(2 )

(3 )

Net increase (decrease) in net assets resulting from operations

$ (34 )

$ (209 )

$ (475 )

$ (89 )

Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per share of common stock)—basic

$ (0.13 )

$ (0.75 )

$ (1.70 )

$ (0.32 )

Weighted average shares of common stock outstanding—basic

280,060,267

280,066,433

280,063,316

280,066,433

Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per share of common stock)—diluted

$ (0.13 )

$ (0.75 )

$ (1.70 )

$ (0.32 )

Weighted average shares of common stock outstanding—diluted

280,235,393

280,066,433

280,151,363

280,066,433

Consolidated Balance Sheets

(dollar

amounts in millions, except per share amounts, unless otherwise noted)

June 30, 2026

(Unaudited)

December 31, 2025

Assets

Investments, at fair value

Non-controlled/unaffiliated investments (amortized cost—$7,393 and $8,406, respectively)

$ 6,864

$ 8,164

Non-controlled/affiliated investments (amortized cost—$743 and $929, respectively)

765

855

Controlled/affiliated investments (amortized cost—$4,469 and $4,406, respectively)

3,789

3,990

Total investments, at fair value (amortized cost—$12,605 and $13,741, respectively)

11,418

13,009

Cash and cash equivalents

107

181

Foreign currency, at fair value (cost—$2 and $27, respectively)

Receivable for investments sold and repaid

310

313

Income receivable

Unrealized appreciation on foreign currency forward contracts

—

Deferred financing costs

Prepaid expenses and other assets

Total assets

$ 11,994

$ 13,729

Liabilities

Payable for investments purchased

$ 1

$ 8

Debt (net of deferred financing costs and discount of $50 and $45, respectively)

6,471

7,634

Unrealized depreciation on foreign currency forward contracts

Stockholder distributions payable

118

—

Management fees payable

Subordinated income incentive fees payable

Administrative services expense payable

Interest payable

Other accrued expenses and liabilities

Total liabilities

6,726

7,880

Commitments and contingencies

Preferred stock, $0.001 par value per share, 50,000,000 shares authorized, respectively; 6,000,000 and 0 Cumulative Convertible Perpetual

Preferred Stock, Series A shares, $0.001 par value per share, $25.00 liquidation preference per share, issued and outstanding, respectively

150

—

Stockholders’ equity

Common stock, $0.001 par value per share, 750,000,000 shares authorized, respectively, 279,688,633 and 280,066,433 shares issued and outstanding, respectively

Capital in excess of par value

9,195

9,199

Retained earnings (accumulated deficit)

(4,077 )

(3,350 )

Total stockholders’ equity

5,118

5,849

Total liabilities, preferred stock and stockholders’ equity

$ 11,994

$ 13,729

Net asset value per share of common stock at period end

$ 18.30

$ 20.89

Non-GAAP Financial Measures

This

press release contains certain financial measures that have not been prepared in accordance with generally accepted accounting principles

in the United States (GAAP). These non-GAAP financial measures are not in accordance with, or an alternative to, measures prepared

in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial

measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate FSK’s

results of operations in conjunction with their corresponding GAAP measures. Pursuant to the requirements of Item 10(e) of Regulation

S-K, as promulgated under the Securities Exchange Act of 1934, as amended, FSK has provided a reconciliation of these non-GAAP financial

measures in the table below.

Reconciliation of Non-GAAP Financial Measures(1)

Three Months Ended

June 30, 2026

March 31, 2026

GAAP net investment income per share

$ 0.44

$ 0.42

Accrual for the capital gains incentive fee

—

Excise tax (net of incentive fee impact)

—

Accretion resulting from merger accounting

$ (0.01 )

Non-recurring expenses

—

Adjusted net investment income per share(2)

$ 0.43

$ 0.41

Three Months Ended

June 30, 2026

March 31, 2026

GAAP Net realized and unrealized gain (loss) per share

$ (0.56 )

$ (2.00 )

Unrealized appreciation from merger accounting

$ 0.01

Adjusted net realized and unrealized gain (loss)(2)

$ (0.55 )

$ (1.99 )

(in millions)

June 30, 2026

March 31, 2026

Debt outstanding (principal)

$ 6,491

$ 7,290

Convertible preferred stock

$ 150

-—

Cash, cash equivalents, restricted cash and foreign currency

$ (109 )

$ (133 )

Net receivable investments sold and repaid

$ (309 )

$ (261 )

Net debt outstanding(3)

$ 6,223

$ 6,896

Debt to equity ratio

127 %

138 %

Net debt to equity ratio(3)

122 %

131 %

Endnotes

1) Per share data was derived by using the weighted average shares of FSK’s common stock outstanding

during the applicable period. Per share numbers may not sum due to rounding.

2) Adjusted net investment income is a non-GAAP financial measure. Adjusted net investment income is presented

for all periods as GAAP net investment income excluding (i) the accrual for the capital gains incentive fee for realized and unrealized

gains; (ii) excise taxes (net of incentive fee impact) (iii) the impact of accretion resulting from merger accounting; and (iv) certain

non-recurring operating expenses that are one-time in nature and are not representative of ongoing operating expenses incurred during

FSK’s normal course of business. FSK uses this non-GAAP financial measure internally in analyzing financial results and believes

that the use of this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends and

in comparing its financial results with other business development companies. Adjusted net realized and unrealized gain (loss) is a non-GAAP

financial measure. Adjusted net realized and unrealized gain (loss) is presented for all periods as GAAP realized and unrealized gains

to exclude the impact of the merger accounting. FSK uses this non-GAAP financial measure internally in analyzing financial results and

believes that the use of this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and

trends and in comparing its financial results with other business development companies. The presentation of this additional non-GAAP

financial measure information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance

with GAAP. A reconciliation of GAAP net investment income to adjusted net investment income and GAAP net realized and unrealized gain

(loss) to adjusted net realized and unrealized gain can be found above.

3) Net debt and the net debt-to-equity ratio are non-GAAP financial measures. Net debt to equity ratio is

debt outstanding including convertible preferred stock outstanding, net of cash, cash equivalents, restricted cash and foreign currency

and net payable/receivable for investments purchased/sold and repaid, divided by net assets. FSK uses these non-GAAP financial measures

internally to monitor and evaluate its leverage and financial condition and believes the presentation of these measures enhances investors’

ability to analyze trends in FSK’s business and to evaluate FSK’s leverage and ability to take on additional debt. The presentation

of this additional non-GAAP financial measure information is not meant to be considered in isolation or as a substitute for financial

results prepared in accordance with GAAP. A reconciliation of GAAP debt outstanding to net debt outstanding and GAAP debt-to-equity ratio

to the net debt-to-equity ratio can be found above.

4) The per share data for distributions reflects the amount of distributions paid per share of our common

stock to stockholders of record during each applicable period.

5) See FSK’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 for important information,

including information related to the calculation and definition of weighted average annual yield on accruing debt investments, weighted

average annual yield on all debt investments, variable rate debt investments, fixed rate debt investments, other income producing investments

and non-income producing investments.

6) Does not include investments on non-accrual status.

7) Interest income is recorded on an accrual basis. See FSK’s Quarterly Report on Form 10-Q for the

quarter ended June 30, 2026 for a description of FSK’s revenue recognition policy.

8) Restricted cash is the cash collateral required to be posted

pursuant to the Company’s derivative contracts.

9) Total AUM estimated as of March 31, 2026. References to “assets under management” or “AUM” represent the assets

managed by Future Standard or its strategic partners as to which Future Standard is entitled to receive a fee or carried interest (either

currently or upon deployment of capital) and general partner capital. Future Standard calculates the amount of AUM as of any date as the

sum of: (i) the fair value of the investments of Future Standard’s investment funds; (ii) uncalled investor capital commitments

to these funds, including uncalled investor capital commitments from which Future Standard is currently not earning management fees or

carried interest; (iii) the value of outstanding CLOs; (iv) the fair value of FS KKR Capital Corp. joint venture (JV) assets and (v) the

fair value of other assets managed by Future Standard. Future Standard’s calculation of AUM may differ from the calculations of

other asset managers and, as a result, Future Standard’s measurements of its AUM may not be comparable to similar measures presented

by other asset managers. Future Standard’s definition of AUM is not based on any definition of AUM that may be set forth in agreements

governing the investment funds, vehicles or accounts that it manages and is not calculated pursuant to any regulatory definitions.

Contact Information:

Investor Relations Contact

Anna Kleinhenn

Anna.Kleinhenn@futurestandard.com

Future Standard Media Team

Marc Hazelton

Marc.Hazelton@futurestandard.com

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