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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021

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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00926

FS KKR Capital Corp. II

(Exact name of registrant as specified in its charter)

Maryland

80-0741103

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)


201 Rouse Boulevard
Philadelphia, Pennsylvania		19112
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (215) 495-1150

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common stock, par value $0.001

FSKR

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 169,903,166 shares of the registrant’s common stock outstanding as of May 7, 2021

TABLE OF CONTENTS


		Page
PART I—FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS		1
	Consolidated Balance Sheets as of March 31, 2021 (Unaudited) and December 31, 2020		1
	Unaudited Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020		2
	Unaudited Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2021 and 2020		3
	Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020		4
	Consolidated Schedules of Investments as of March 31, 2021 (Unaudited) and December 31, 2020		5
	Notes to Unaudited Consolidated Financial Statements		30
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		67
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		82
ITEM 4.	CONTROLS AND PROCEDURES		84

PART II—OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS		85
ITEM 1A.	RISK FACTORS		85
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		85
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES		85
ITEM 4.	MINE SAFETY DISCLOSURES		85
ITEM 5.	OTHER INFORMATION		85
ITEM 6.	EXHIBITS		86
	SIGNATURES		93

PART I—FINANCIAL INFORMATION

Item 1.

Financial Statements.

FS KKR Capital Corp. II

Consolidated Balance Sheets

(in millions, except share and per share amounts)


	March 31, 2021 (Unaudited)			December 31, 2020
Assets
Investments, at fair value
Non-controlled/unaffiliated investments (amortized cost—$6,481 and $6,932 respectively)	$	6,344		$	6,763
Non-controlled/affiliated investments (amortized cost—$319 and $407, respectively)		272			310
Controlled/affiliated investments (amortized cost—$977 and $887, respectively)		968			895

Total investments, at fair value (amortized cost—$7,777 and $8,226, respectively)		7,584			7,968
Cash		252			160
Foreign currency, at fair value (cost—$6 and $7, respectively)		6			8
Collateral held at broker for open interest rate swap contracts		42			48
Receivable for investments sold and repaid		3			235
Income receivable		67			83
Deferred financing costs		16			17
Unrealized appreciation on foreign currency forward contracts		0			—
Prepaid expenses and other assets		3			3

Total assets	$	7,973		$	8,522

Liabilities
Payable for investments purchased	$	—		$	68
Debt (net of deferred financing costs of $0 and $0, respectively)⁽¹⁾		3,447			3,960
Stockholder distributions payable		93			93
Management fees payable		31			30
Subordinated income incentive fees payable⁽²⁾		24			25
Administrative services expense payable		3			1
Interest payable		15			21
Unrealized depreciation on foreign currency forward contracts		0			1
Unrealized depreciation on interest rate swaps		40			48
Other accrued expenses and liabilities		16			10

Total liabilities		3,669			4,257

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, 900,000,000 shares authorized, 169,903,166 and 169,903,166 shares issued and outstanding, respectively		0			0
Capital in excess of par value		5,766			5,766
Retained earnings (accumulated deficit)⁽⁴⁾		(1,462	)		(1,501	)

Total stockholders’ equity		4,304			4,265

Total liabilities and stockholders’ equity	$	7,973		$	8,522

Net asset value per share of common stock at period end	$	25.33		$	25.10

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

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

(3)	See Note 10 for a discussion of the Company’s commitments and contingencies.

(4)	See Note 5 for a discussion of the sources of distributions paid by the Company.

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Statements of Operations

(in millions, except share and per share amounts)


	Three Months Ended March 31,
	2021			2020
Investment income
From non-controlled/unaffiliated investments:
Interest income	$	124		$	145
Paid-in-kind interest income		10			11
Fee income		16			15
Dividend income		5			2
From non-controlled/affiliated investments:
Interest income		2			3
Paid-in-kind interest income		4			3
From controlled/affiliated investments:
Interest income		4			3
Paid-in-kind interest income		3			—
Fee income		1			—
Dividend income		18			13

Total investment income		187			195

Operating expenses
Management fees		31			33
Subordinated income incentive fees⁽¹⁾		24			23
Administrative services expenses		2			2
Stock transfer agent fees		—			1
Accounting and administrative fees		1			1
Interest expense⁽²⁾		29			40
Other general and administrative expenses		3			2

Net expenses		90			102

Net investment income		97			93

Realized and unrealized gain/loss
Net realized gain (loss) on investments:
Non-controlled/unaffiliated investments		(17	)		(217	)
Non-controlled/affiliated investments		(20	)		0
Controlled/affiliated investments		0			—
Net realized gain (loss) on total return swap		—			(2	)
Net realized gain (loss) on interest rate swaps		(6	)		(2	)
Net realized gain (loss) on foreign currency		(1	)		1
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/unaffiliated investments		35			(429	)
Non-controlled/affiliated investments		47			(96	)
Controlled/affiliated investments		(17	)		(80	)
Net change in unrealized appreciation (depreciation) on total return swap		—			3
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		1			2
Net change in unrealized appreciation (depreciation) on interest rate swaps		8			(30	)
Net change in unrealized gain (loss) on foreign currency		5			49

Total net realized and unrealized gain (loss) on investments		35			(801	)

Net increase (decrease) in net assets resulting from operations	$	132		$	(708	)

Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings per Share)	$	0.78		$	(4.17	)

Weighted average shares outstanding⁽³⁾		169,903,166			169,594,825

(1)	See Note 2 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.

(3)	As discussed in Note 3, the Company completed a Reverse Stock Split, effective as of June 10, 2020. The weighted average shares used in the per share computation of the net increase (decrease) in net assets resulting from operations reflect the Reverse Stock Split on a retroactive basis.

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Statements of Changes in Net Assets

(in millions)


	Three Months Ended March 31,
	2021			2020
Operations
Net investment income	$	97		$	93
Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency		(44	)		(220	)
Net change in unrealized appreciation (depreciation) on investments and interest rate swaps⁽¹⁾		74			(630	)
Net change in unrealized gain (loss) on foreign currency		5			49

Net increase (decrease) in net assets resulting from operations		132			(708	)

Stockholder distributions⁽²⁾
Distributions to stockholders		(93	)		(102	)

Net decrease in net assets resulting from stockholder distributions		(93	)		(102	)

Capital share transactions⁽³⁾
Reinvestment of stockholder distributions		—			—
Repurchases of common stock		—			—

Net increase (decrease) in net assets resulting from capital share transactions		—			—

Total increase (decrease) in net assets		39			(810	)
Net assets at beginning of period		4,265			4,996

Net assets at end of period	$	4,304		$	4,186

(1)	See Note 7 for a discussion of these financial instruments.

(2)	See Note 5 for a discussion of the sources of distributions paid by the Company.

(3)	See Note 3 for a discussion of the Company’s capital share transactions.

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Statements of Cash Flows

(in millions)


	Three Months Ended March 31,
	2021			2020
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	132		$	(708	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments		(719	)		(1,317	)
Paid-in-kind interest		(15	)		(18	)
Proceeds from sales and repayments of investments		1,153			1,643
Net realized (gain) loss on investments		37			217
Net change in unrealized (appreciation) depreciation on investments		(65	)		605
Net change in unrealized (appreciation) depreciation on total return swap⁽¹⁾		—			(3	)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		(1	)		(2	)
Net change in unrealized (appreciation) depreciation on interest rate swaps		(8	)		30
Accretion of discount		(7	)		(5	)
Amortization of deferred financing costs and discount		1			1
Unrealized (gain) loss on borrowings in foreign currency		(2	)		(49	)
(Increase) decrease in collateral held at broker for open swap contracts		6			(15	)
(Increase) decrease in due from counterparty		—			41
(Increase) decrease in receivable for investments sold and repaid		232			(298	)
(Increase) decrease in income receivable		16			(4	)
Increase (decrease) in payable for investments purchased		(68	)		77
Increase (decrease) in management fees payable		1			(2	)
Increase (decrease) in subordinated income incentive fees payable		(1	)		12
Increase (decrease) in administrative services expense payable		2			—
Increase (decrease) in interest payable		(6	)		(5	)
Increase (decrease) in other accrued expenses and liabilities		6			(6	)

Net cash provided by (used in) operating activities		694			194

Cash flows from financing activities
Repurchases of common stock		—			—
Stockholder distributions		(93	)		—
Borrowings under financing arrangements⁽¹⁾		475			1,108
Repayments of financing arrangements⁽¹⁾		(986	)		(1,232	)
Deferred financing costs and discount paid		—			(5	)

Net cash provided by financing activities		(604	)		(129	)

Total increase (decrease) in cash		90			65
Cash and foreign currency at beginning of period		168			167

Cash and foreign currency at end of period	$	258		$	232

Supplemental disclosure
Non-cash purchase of investments	$	(43	)	$	(69	)

Non-cash sale of investments	$	43		$	69

Distributions reinvested	$	—		$	—

Local and excise taxes paid	$	0		$	2

(1)	See Note 9 for a discussion of the Company’s financing arrangements. During the three months ended March 31, 2021 and 2020, the Company paid $33 and $44 respectively, in interest expense on the credit facilities.

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments

As of March 31, 2021

(in millions, except share amounts)


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor^(b)			Maturity	Principal Amount^(c)		Amortized Cost		Fair Value^(d)
Senior Secured Loans—First Lien —115.4%
5 Arch Income Fund 2 LLC	(m)(o)(p)(r)	Diversified Financials	9.0%				11/18/23	$	92.6	$	92.6	$	68.8
5 Arch Income Fund 2 LLC	(m)(n)(o)(p)	Diversified Financials	9.0%				11/18/23		16.5		16.5		12.3
Accuride Corp	(i)(j)(s)	Capital Goods	L+525		1.0	%	11/17/23		12.5		11.0		11.8
Acproducts Inc	(i)(k)(s)	Consumer Durables & Apparel	L+650		1.0	%	8/18/25		23.8		23.6		24.4
American Tire Distributors Inc	(j)(s)	Automobiles & Components	L+600, 0.0% PIK (1.0% Max PIK)		1.0	%	9/1/23		2.6		2.5		2.6
American Tire Distributors Inc	(j)(s)	Automobiles & Components	L+750, 0.0% PIK (1.5% Max PIK)		1.0	%	9/2/24		20.5		18.6		20.1
Apex Group Limited	(m)(n)	Diversified Financials	L+700		1.3	%	6/15/23		4.6		4.5		4.6
Apex Group Limited	(f)(h)(i)(j)(l)(m)	Diversified Financials	L+700		1.3	%	6/16/25		69.5		68.9		70.2
Apex Group Limited	(j)(m)	Diversified Financials	L+700		1.5	%	6/16/25	£	22.9		29.1		31.9
Arrotex Australia Group Pty Ltd	(j)(m)	Pharmaceuticals, Biotechnology & Life Sciences	B+525		1.0	%	7/10/24	A$	42.6		29.3		32.7
Arrotex Australia Group Pty Ltd	(m)(n)	Pharmaceuticals, Biotechnology & Life Sciences	B+525		1.0	%	7/10/24		3.1		2.2		2.4
Aspect Software Inc	(j)	Software & Services	8.0% PIK (8.0% Max PIK)				5/15/21	$	0.2		0.0		0.2
Aspect Software Inc	(n)	Software & Services	L+500		1.0	%	7/15/23		3.3		3.3		3.3
Aspect Software Inc	(i)(k)	Software & Services	L+500		1.0	%	1/15/24		8.9		8.3		8.9
ATX Networks Corp	(j)(k)(m)	Technology Hardware & Equipment	L+625, 1.5% PIK (1.5% Max PIK)		1.0	%	12/31/23		79.5		76.6		54.8
Belk Inc	(j)(s)	Retailing	L+750		1.0	%	7/31/25		2.2		2.2		2.2
Belk Inc	(j)(o)(p)(s)	Retailing	10.0%, 0.0% PIK (8.0% Max PIK)				7/31/25		37.3		18.9		24.3
Berner Food & Beverage LLC	(j)	Food & Staples Retailing	L+875		1.0	%	3/16/22		4.9		4.9		5.2
Borden (New Dairy Opco)	(j)(u)	Food, Beverage & Tobacco	L+250		1.0	%	7/20/25		11.4		11.4		11.4
Borden (New Dairy Opco)	(j)(u)	Food, Beverage & Tobacco	L+700, 0.0% PIK (1.0% Max PIK)		1.0	%	7/20/25		25.2		25.2		25.2
Borden Dairy Co	(j)(o)(p)(u)	Food, Beverage & Tobacco	L+825		1.0	%	7/6/23		39.0		38.3		—
Caprock Midstream LLC	(j)(s)	Energy	L+475		0.0	%	11/3/25		13.4		12.8		12.8
Charles Taylor PLC	(j)(m)	Diversified Financials	L+575		0.0	%	1/24/27	£	5.4		6.9		7.1
Cimarron Energy Inc	(j)	Energy	L+900		1.0	%	12/31/22	$	7.5		7.5		6.6
Constellis Holdings LLC	(j)(u)	Capital Goods	L+750		1.0	%	3/31/24		15.0		15.0		15.0
CSafe Global	(f)(h)(i)(j)(k)(l)	Capital Goods	L+625		1.0	%	12/23/27		124.4		124.0		124.4
CSafe Global	(j)	Capital Goods	L+625		1.0	%	12/23/27		4.1		4.1		4.1
CSafe Global	(n)	Capital Goods	L+625		1.0	%	12/23/27		10.7		10.7		10.7
CSM Bakery Products	(i)(s)	Food, Beverage & Tobacco	L+625		1.0	%	1/4/22		6.4		6.3		6.4
Dental Care Alliance Inc	(f)(h)(l)	Health Care Equipment & Services	L+625		0.8	%	3/12/27		48.9		48.5		48.5
Dental Care Alliance Inc	(n)	Health Care Equipment & Services	L+625		0.8	%	3/12/27		12.1		12.1		12.0
Eagle Family Foods Inc	(j)	Food, Beverage & Tobacco	L+650		1.0	%	6/14/23		1.6		1.6		1.6
Eagle Family Foods Inc	(n)	Food, Beverage & Tobacco	L+650		1.0	%	6/14/23		6.5		6.5		6.5
Eagle Family Foods Inc	(f)(h)(i)(k)	Food, Beverage & Tobacco	L+650		1.0	%	6/14/24		43.5		43.3		43.5
Eagleclaw Midstream Ventures LLC	(j)(s)	Energy	L+425		1.0	%	6/24/24		8.8		8.3		8.5
EIF Van Hook Holdings LLC	(j)(s)	Energy	L+525		0.0	%	9/5/24		2.1		2.0		1.3
Empire Today LLC	(f)(h)(i)(j)(k)(l)	Retailing	L+650		1.0	%	11/17/22		127.3		127.3		127.3
Entertainment Benefits Group LLC	(j)	Media & Entertainment	L+575, 2.5% PIK (2.5% Max PIK)		1.0	%	9/30/24		5.1		5.1		4.5
Entertainment Benefits Group LLC	(n)	Media & Entertainment	L+575, 2.5% PIK (2.5% Max PIK)		1.0	%	9/30/24		0.5		0.5		0.5
Entertainment Benefits Group LLC	(f)(h)(i)(j)	Media & Entertainment	L+575, 2.5% PIK (2.5% Max PIK)		1.0	%	9/30/25		32.5		32.2		28.8
Fairway Group Holdings Corp	(j)(o)(p)(u)	Food & Staples Retailing	12.0% PIK (12.0% MAX PIK)				11/27/23		12.3		11.2		0.8
Fairway Group Holdings Corp	(j)(o)(p)(u)	Food & Staples Retailing	10.0% PIK (10.0% Max PIK)				11/28/23		7.6		5.7		—
FloWorks International LLC	(j)	Capital Goods	L+650		1.0	%	10/14/26		30.1		29.8		29.6

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor^(b)			Maturity	Principal Amount^(c)		Amortized Cost		Fair Value^(d)
FloWorks International LLC	(n)	Capital Goods	L+650		1.0	%	10/14/26	$	15.1	$	14.9	$	14.8
Foundation Consumer Brands LLC	(j)	Pharmaceuticals, Biotechnology & Life Sciences	L+638		1.0	%	10/1/26		58.1		58.1		58.1
Foundation Consumer Brands LLC	(n)	Pharmaceuticals, Biotechnology & Life Sciences	L+638		1.0	%	2/12/27		3.6		3.6		3.6
Frontline Technologies Group LLC	(j)	Software & Services	L+575		1.0	%	9/18/23		5.3		5.2		5.3
Frontline Technologies Group LLC	(k)	Software & Services	L+575		1.0	%	9/18/23		54.0		54.0		54.6
Greystone Equity Member Corp	(j)(m)	Diversified Financials	L+725		3.8	%	4/1/26		164.3		164.3		163.0
Heniff Transportation Systems LLC	(j)	Transportation	L+575		1.0	%	12/3/24		8.7		8.7		8.7
Heniff Transportation Systems LLC	(n)	Transportation	L+575		1.0	%	12/3/24		0.9		0.9		0.9
Heniff Transportation Systems LLC	(f)(h)(i)(j)	Transportation	L+575		1.0	%	12/3/26		74.5		74.2		75.0
Heniff Transportation Systems LLC	(j)	Transportation	L+625		1.0	%	12/3/26		10.6		10.6		10.6
Higginbotham Insurance Agency Inc	(j)	Insurance	L+575		0.8	%	11/25/26		49.6		49.3		49.9
Higginbotham Insurance Agency Inc	(n)	Insurance	L+575		0.8	%	11/25/26		14.0		13.9		14.0
HM Dunn Co Inc	(j)(o)(p)(v)	Capital Goods	L+875 PIK (L+875 Max PIK)		1.0	%	12/31/21		63.9		44.4		15.9
HM Dunn Co Inc	(j)(v)	Capital Goods	15.0% PIK (15.0% Max PIK)				12/31/21		6.5		6.5		4.3
HM Dunn Co Inc	(j)(v)	Capital Goods	15.0% PIK (15.0% Max PIK)				12/31/21		12.5		12.4		8.4
Hudson Technologies Co	(j)(m)	Commercial & Professional Services	L+1,025		1.0	%	10/10/23		51.9		51.7		42.9
Individual FoodService	(j)	Capital Goods	L+625		1.0	%	11/22/24		0.8		0.8		0.8
Individual FoodService	(n)	Capital Goods	L+625		1.0	%	11/22/24		3.5		3.5		3.5
Individual FoodService	(j)(k)	Capital Goods	L+625		1.0	%	11/22/25		64.3		64.3		64.6
Individual FoodService	(n)	Capital Goods	L+625		1.0	%	11/22/25		4.3		4.3		4.4
Industria Chimica Emiliana Srl	(j)(m)	Pharmaceuticals, Biotechnology & Life Sciences	E+725		0.0	%	6/30/26	€	51.8		55.6		62.3
Industria Chimica Emiliana Srl	(j)(m)	Pharmaceuticals, Biotechnology & Life Sciences	E+725		0.0	%	9/27/26		9.5		10.9		11.4
Industry City TI Lessor LP	(j)(k)	Consumer Services	10.8%, 1.0% PIK (1.0% Max PIK)				6/30/26	$	9.4		9.4		10.3
J S Held LLC	(f)(j)(k)	Insurance	L+600		1.0	%	7/1/25		83.8		83.4		84.7
J S Held LLC	(n)	Insurance	L+600		1.0	%	7/1/25		31.8		31.5		32.1
J S Held LLC	(j)	Insurance	L+600		1.0	%	7/1/25		3.1		3.1		3.1
J S Held LLC	(n)	Insurance	L+600		1.0	%	7/1/25		4.7		4.7		4.7
Jarrow Formulas Inc	(f)(h)(i)(j)(k)(l)	Household & Personal Products	L+625		1.0	%	11/30/26		133.2		131.6		133.3
Jo-Ann Stores Inc	(j)(s)	Retailing	L+500		1.0	%	10/20/23		3.6		2.8		3.6
Karman Space Inc	(j)	Capital Goods	L+650		1.0	%	12/21/25		39.2		38.5		38.5
Karman Space Inc	(n)	Capital Goods	L+650		1.0	%	12/21/25		2.9		2.8		2.8
KBP Investments LLC	(j)	Food & Staples Retailing	L+500		1.0	%	5/14/23		9.0		8.9		9.0
KBP Investments LLC	(n)	Food & Staples Retailing	L+500		1.0	%	5/14/23		27.4		27.1		27.4
Kellermeyer Bergensons Services LLC	(f)(h)(i)(j)(k)(l)	Commercial & Professional Services	L+650		1.0	%	11/7/26		170.6		169.4		172.3
Kellermeyer Bergensons Services LLC	(n)	Commercial & Professional Services	L+650		1.0	%	11/7/26		32.9		32.9		33.2
Lexitas Inc	(h)(i)(j)	Commercial & Professional Services	L+600		1.0	%	11/14/25		37.5		37.4		37.8
Lexitas Inc	(n)	Commercial & Professional Services	L+600		1.0	%	11/14/25		12.1		12.0		12.2
Lexitas Inc	(n)	Commercial & Professional Services	L+600		1.0	%	11/14/25		2.9		2.9		2.9
Lexitas Inc	(n)	Commercial & Professional Services	L+600		1.0	%	11/14/25		14.3		14.3		14.2
Lionbridge Technologies Inc	(f)(h)(k)(l)	Consumer Services	L+700		1.0	%	12/29/25		71.7		71.4		71.7
Lipari Foods LLC	(f)(j)(k)	Food & Staples Retailing	L+588		1.0	%	1/6/25		171.2		170.2		172.9
MB2 Dental Solutions LLC	(h)(i)(j)(l)	Health Care Equipment & Services	L+600		1.0	%	1/29/27		119.7		118.5		118.5
MB2 Dental Solutions LLC	(n)	Health Care Equipment & Services	L+600		1.0	%	1/29/27		36.7		36.3		36.3
Miami Beach Medical Group LLC	(h)(i)(j)(l)	Health Care Equipment & Services	L+650		1.0	%	12/14/26		137.4		136.1		137.5
Miami Beach Medical Group LLC	(n)	Health Care Equipment & Services	L+650		1.0	%	12/14/26		24.5		24.5		24.5

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor^(b)			Maturity	Principal Amount^(c)		Amortized Cost		Fair Value^(d)
Monitronics International Inc	(f)(j)(s)	Commercial & Professional Services	L+650		1.3	%	3/29/24	$	18.9	$	18.1	$	18.5
Monitronics International Inc	(f)(s)	Commercial & Professional Services	L+500		1.5	%	7/3/24		1.9		1.9		1.9
Monitronics International Inc	(j)	Commercial & Professional Services	L+500		1.5	%	7/3/24		12.6		12.6		11.9
Monitronics International Inc	(n)	Commercial & Professional Services	L+500		1.5	%	7/3/24		57.4		57.4		54.3
Motion Recruitment Partners LLC	(j)(l)	Commercial & Professional Services	L+650		1.0	%	12/19/25		46.0		45.6		43.8
Motion Recruitment Partners LLC	(n)	Commercial & Professional Services	L+650		1.0	%	12/19/25		32.0		32.0		30.5
NCI Inc	(j)	Software & Services	L+750, 0.0% PIK (2.5% Max PIK)		1.0	%	8/15/24		4.3		4.2		3.7
Omnimax International Inc	(h)(i)(j)	Capital Goods	L+725		1.0	%	10/8/26		133.6		132.1		135.6
One Call Care Management Inc	(j)(s)(u)	Health Care Equipment & Services	L+525		1.0	%	11/27/22		2.9		2.6		2.9
P2 Energy Solutions Inc.	(j)	Software & Services	L+675		1.0	%	1/31/25		2.7		2.7		2.6
P2 Energy Solutions Inc.	(n)	Software & Services	L+675		1.0	%	1/31/25		5.4		5.4		5.2
P2 Energy Solutions Inc.	(f)(h)(k)(l)	Software & Services	L+675		1.0	%	2/2/26		134.7		133.3		128.6
Peak 10 Holding Corp	(j)(s)	Telecommunication Services	L+350		0.0	%	8/1/24		20.2		18.3		18.9
Peraton Corp	(j)(s)	Capital Goods	L+375		0.8	%	2/1/28		1.6		1.6		1.7
Peraton Corp	(n)(s)	Capital Goods	L+375		0.8	%	2/1/28		2.9		2.9		2.9
Polyconcept North America Inc	(j)(s)	Household & Personal Products	L+450 PIK (L+450 Max PIK)		1.0	%	8/16/23		0.5		0.5		0.4
Premium Credit Ltd	(j)(m)	Diversified Financials	L+650		0.0	%	1/16/26	£	39.6		50.7		54.7
Production Resource Group LLC	(j)(v)	Media & Entertainment	L+300, 5.5% PIK (5.5% Max PIK)		0.3	%	8/21/24	$	123.9		123.9		123.9
Production Resource Group LLC	(j)(v)	Media & Entertainment	L+550 PIK (L+550 Max PIK)		1.0	%	8/21/24		0.1		0.0		0.1
Production Resource Group LLC	(j)(v)	Media & Entertainment	L+750, 0.0% PIK (3.1% Max PIK)		1.0	%	8/21/24		59.7		59.7		59.7
Project Marron	(f)(j)(m)	Consumer Services	C+575		0.0	%	7/2/25	C$	28.7		21.9		21.5
Project Marron	(j)(m)	Consumer Services	B+575		0.0	%	7/3/25	A$	36.5		24.2		26.0
Propulsion Acquisition LLC	(f)(i)(j)(k)(l)	Capital Goods	L+700		1.0	%	7/13/24	$	61.0		60.4		62.0
PSKW LLC	(i)(k)(l)	Health Care Equipment & Services	L+625		1.0	%	3/9/26		160.1		158.4		161.7
Reliant Rehab Hospital Cincinnati LLC	(f)(i)(k)	Health Care Equipment & Services	L+675		0.0	%	9/2/24		96.7		96.2		93.9
Revere Superior Holdings Inc	(j)	Software & Services	L+575		1.0	%	9/30/26		10.3		10.3		10.5
Revere Superior Holdings Inc	(n)	Software & Services	L+575		1.0	%	9/30/26		2.3		2.3		2.3
RSC Insurance Brokerage Inc	(n)	Insurance	L+550		1.0	%	9/30/26		4.6		4.5		4.6
RSC Insurance Brokerage Inc	(f)(h)(i)(j)(k)	Insurance	L+550		1.0	%	10/30/26		120.0		119.4		121.1
RSC Insurance Brokerage Inc	(j)	Insurance	L+550		1.0	%	10/30/26		15.3		15.3		15.4
RSC Insurance Brokerage Inc	(n)	Insurance	L+550		1.0	%	10/30/26		25.0		25.0		25.3
Safe-Guard Products International LLC	(f)(k)(l)	Diversified Financials	L+575		0.0	%	1/27/27		67.9		67.3		68.6
Savers Inc	(f)(j)(k)	Retailing	L+800, 0.8% PIK (0.8% Max PIK)		1.5	%	3/28/24		75.8		76.0		78.4
Savers Inc	(f)(j)(m)	Retailing	C+850, 0.8% PIK (0.8% Max PIK)		1.5	%	3/28/24	C$	107.0		81.8		88.0
Sequa Corp	(j)(s)	Capital Goods	L+675, 0.0% PIK (1.0% Max PIK)		1.0	%	11/28/23	$	4.7		4.4		4.7
Sequa Corp	(j)	Capital Goods	L+900, 0.0% PIK (9.5% Max PIK)		1.0	%	7/31/25		16.4		16.1		17.2
Sequel Youth & Family Services LLC	(j)(o)(p)	Health Care Equipment & Services	L+700		1.0	%	9/1/23		15.4		15.4		6.0
Sequel Youth & Family Services LLC	(j)(o)(p)	Health Care Equipment & Services	L+800		1.0	%	9/1/23		90.0		90.0		35.2
Sequential Brands Group Inc.	(h)(i)(j)	Consumer Durables & Apparel	L+875		0.0	%	2/7/24		211.8		209.4		173.9
SIRVA Worldwide Inc	(j)(s)	Commercial & Professional Services	L+550		0.0	%	8/4/25		7.2		7.1		6.7
Sorenson Communications LLC	(f)(h)(j)(l)(s)	Telecommunication Services	L+550		0.8	%	3/17/26		46.8		46.3		46.9
Spins LLC	(k)(l)	Software & Services	L+575		1.0	%	1/20/27		42.7		42.3		42.3
Spins LLC	(n)	Software & Services	L+575		1.0	%	1/20/27		5.6		5.6		5.6
Sungard Availability Services Capital Inc	(j)	Software & Services	L+375, 3.8% PIK (3.8% Max PIK)		1.0	%	7/1/24		3.1		3.2		3.2

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor^(b)			Maturity	Principal Amount^(c)		Amortized Cost			Fair Value^(d)
Sungard Availability Services Capital Inc	(n)	Software & Services	L+375, 3.8% PIK (3.8% Max PIK)		1.0	%	7/1/24	$	1.6	$	1.7		$	1.7
Sweeping Corp of America Inc	(j)	Commercial & Professional Services	L+575		1.0	%	11/30/26		31.4		31.1			31.4
Sweeping Corp of America Inc	(n)	Commercial & Professional Services	L+575		1.0	%	11/30/26		8.0		7.9			8.0
Sweeping Corp of America Inc	(n)	Commercial & Professional Services	L+575		1.0	%	11/30/26		4.0		4.0			4.0
Swift Worldwide Resources Holdco Ltd	(h)(j)(l)	Energy	L+1,000, 1.0% PIK (1.0% Max PIK)		2.5	%	7/20/21		38.5		38.5			38.5
Tangoe LLC	(f)(j)(k)	Software & Services	L+650		1.0	%	11/28/25		101.9		101.2			87.8
Torrid Inc	(f)(h)(i)(j)	Retailing	L+675		1.0	%	12/16/24		32.7		32.4			33.0
Total Safety US Inc	(f)(s)	Capital Goods	L+600		1.0	%	8/16/25		1.0		0.9			1.0
Trace3 Inc	(f)(h)(i)(j)(k)	Software & Services	L+675		1.0	%	8/3/24		162.9		162.9			162.9
Transaction Services Group Ltd	(j)(m)	Software & Services	B+600		0.0	%	10/15/26	A$	72.7		48.3			53.3
Transaction Services Group Ltd	(j)(m)	Software & Services	L+600		0.0	%	10/15/26	$	20.1		20.1			19.4
Transaction Services Group Ltd	(j)(m)	Software & Services	L+600		0.0	%	10/15/26	£	7.7		9.8			10.3
Truck-Lite Co LLC	(j)	Capital Goods	L+625		1.0	%	12/13/24	$	6.8		6.8			6.8
Truck-Lite Co LLC	(n)	Capital Goods	L+625		1.0	%	12/13/24		6.8		6.8			6.8
Truck-Lite Co LLC	(f)(h)(j)(k)	Capital Goods	L+625		1.0	%	12/13/26		145.0		143.8			145.4
Virgin Pulse Inc	(f)(i)(k)	Software & Services	L+600		1.0	%	5/22/25		157.4		156.6			157.4
Warren Resources Inc	(j)(v)	Energy	L+900, 1.0% PIK (1.0% Max PIK)		1.0	%	5/22/24		21.3		21.3			21.3
West Corp	(i)(s)	Software & Services	L+350		1.0	%	10/10/24		2.9		2.6			2.8
West Corp	(k)(s)	Software & Services	L+400		1.0	%	10/10/24		13.9		13.1			13.5
Wheels Up Partners LLC	(j)	Transportation	L+855		1.0	%	10/15/21		0.2		0.2			0.2
Wheels Up Partners LLC	(j)	Transportation	L+855		1.0	%	7/15/22		0.2		0.2			0.2
Wheels Up Partners LLC	(j)	Transportation	L+710		1.0	%	6/30/24		0.9		0.9			0.9
Wheels Up Partners LLC	(j)	Transportation	L+710		1.0	%	11/1/24		0.4		0.4			0.4
Wheels Up Partners LLC	(j)	Transportation	L+710		1.0	%	12/21/24		1.4		1.4			1.4

Total Senior Secured Loans—First Lien											5,612.3			5,409.5

Unfunded Loan Commitments											(441.9	)		(441.9	)

Net Senior Secured Loans—First Lien											5,170.4			4,967.6

Senior Secured Loans—Second Lien —16.7%
Advanced Lighting Technologies Inc	(j)	Materials	L+600		1.0	%	3/16/27		3.3		3.3			3.3
Ammeraal Beltech Holding BV	(f)(j)(k)(m)	Capital Goods	L+800		1.0	%	9/12/26		51.3		50.5			50.0
BCA Marketplace PLC	(j)(m)	Retailing	L+825		0.0	%	11/22/27	£	28.0		34.7			38.9
Byrider Finance LLC	(j)	Automobiles & Components	L+1,000, 0.5% PIK (0.5% Max PIK)		1.3	%	6/7/22	$	36.0		36.0			36.0
Constellis Holdings LLC	(f)(j)(u)	Capital Goods	L+100, 10.0% PIK (10.0% Max PIK)		1.0	%	3/27/25		13.5		13.5			13.5
Datatel Inc	(j)	Software & Services	L+800		1.0	%	10/9/28		125.5		124.0			126.4
Excelitas Technologies Corp	(i)(s)	Technology Hardware & Equipment	L+750		1.0	%	12/1/25		6.6		6.7			6.7
Fairway Group Holdings Corp	(j)(o)(p)(u)	Food & Staples Retailing	11.0% PIK (11.0% Max PIK)				2/24/24		6.9		5.0			—
Gruden Acquisition Inc	(k)(s)	Transportation	L+850		1.0	%	8/18/23		25.0		24.6			24.6
Misys Ltd	(j)(m)(s)	Software & Services	L+725		1.0	%	6/13/25		21.8		21.7			22.0
NEP Broadcasting LLC	(j)(s)	Media & Entertainment	L+700		0.0	%	10/19/26		5.8		5.6			5.4
OEConnection LLC	(f)(k)	Software & Services	L+825		0.0	%	9/25/27		42.9		42.6			43.4
Ontic Engineering & Manufacturing Inc	(f)(j)(l)	Capital Goods	L+850		0.0	%	10/29/27		26.8		26.4			27.1
OPE Inmar Acquisition Inc	(i)(s)	Software & Services	L+800		1.0	%	5/1/25		15.0		15.0			14.3

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor^(b)			Maturity	Principal Amount^(c)		Amortized Cost		Fair Value^(d)
Paradigm Acquisition Corp	(i)(s)	Health Care Equipment & Services	L+750		0.0	%	10/26/26	$	1.4	$	1.4	$	1.4
Peraton Corp	(j)(k)	Capital Goods	L+800		1.0	%	2/1/29		122.6		118.9		118.9
Polyconcept North America Inc	(j)	Household & Personal Products	11.0% PIK (11.0% Max PIK)		0.0	%	2/16/24		0.2		0.2		0.2
Pretium Packaging LLC	(k)	Household & Personal Products	L+825		0.8	%	11/6/28		10.6		10.4		10.8
Pure Fishing Inc	(f)(j)	Consumer Durables & Apparel	L+838		1.0	%	12/31/26		45.9		45.5		45.0
Rise Baking Company	(f)(i)(j)	Food, Beverage & Tobacco	L+800		1.0	%	8/9/26		17.6		17.5		16.6
Savers Inc	(j)	Retailing	14.8% PIK (14.8% Max PIK)				3/28/24		16.2		17.2		16.8
Sequa Corp	(j)(s)	Capital Goods	L+1,075, 0.0% PIK (6.8% Max PIK)		1.0	%	4/28/24		2.4		2.4		2.2
SIRVA Worldwide Inc	(j)(s)	Commercial & Professional Services	L+950		0.0	%	8/3/26		6.5		6.0		5.6
Sorenson Communications LLC	(j)(k)	Telecommunication Services	L+1,150 PIK (L+1,150 Max PIK)				3/17/26		3.2		3.2		3.2
Sungard Availability Services Capital Inc	(j)	Software & Services	L+400, 2.8% PIK (2.8% Max PIK)		1.0	%	8/1/24		12.3		12.3		12.3
Vantage Specialty Chemicals Inc	(j)(s)	Materials	L+825		1.0	%	10/27/25		0.8		0.7		0.7
WireCo WorldGroup Inc	(j)(s)	Capital Goods	L+900		1.0	%	9/30/24		14.1		14.0		12.8
Wittur Holding GmbH	(j)(m)	Capital Goods	E+850, 0.5% PIK (0.5% Max PIK)		0.0	%	9/23/27	€	55.5		61.0		62.4

Total Senior Secured Loans—Second Lien											720.3		720.5

Other Senior Secured Debt —1.3%
Black Swan Energy Ltd	(j)(m)	Energy	9.0%				1/20/24	$	4.0		4.0		4.0
JW Aluminum Co	(j)(k)(s)(u)	Materials	10.3%				6/1/26		37.2		37.3		39.4
TruckPro LLC	(j)(s)	Capital Goods	11.0%				10/15/24		6.4		6.1		7.0
Velvet Energy Ltd	(j)(m)	Energy	9.0%				10/5/23		7.5		7.5		6.7

Total Other Senior Secured Debt											54.9		57.1

Subordinated Debt —0.6%
ClubCorp Club Operations Inc	(j)(s)	Consumer Services	8.5%				9/15/25		22.8		22.2		21.6
Craftworks Rest & Breweries Group Inc	(j)(o)(p)	Consumer Services	14.0% PIK (14.0% Max PIK)				11/1/24		6.2		6.1		—
Intelsat Jackson Holdings SA	(j)(m)(o)(p)(s)	Media & Entertainment	5.5%				8/1/23		3.7		3.5		2.3

Total Subordinated Debt											31.8		23.9


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor^(b)			Maturity	Principal Amount^(c)/ Number of Shares		Amortized Cost		Fair Value^(d)
Asset Based Finance —19.3%
801 5th Ave, Seattle, Private Equity	(j)(m)(o)(v)	Real Estate							4,025,308	$	4.0	$	9.3
801 5th Ave, Seattle, Structure Mezzanine	(j)(m)(v)	Real Estate	8.0%, 3.0% PIK (3.0% Max PIK)				12/19/29	$	26.1		26.1		26.1
Abacus JV, Private Equity	(j)(m)	Insurance							40,241,018		40.2		41.2
Accelerator Investments Aggregator LP, Private Equity	(j)(m)(o)	Diversified Financials							239,883		0.3		0.2
Altavair AirFinance, Private Equity	(j)(m)	Capital Goods							60,843,296		60.8		63.1
Australis Maritime, Common Stock	(j)(m)	Transportation							24,961,175		25.0		24.8
Avida Holding AB, Common Stock	(j)(m)(o)(u)	Diversified Financials							76,752,002		8.3		9.0
Byrider Finance LLC, Structured Mezzanine	(j)	Automobiles & Components	L+1,050		0.3	%	6/3/28	$	8.6		8.6		8.6
Byrider Finance LLC, Structured Mezzanine	(n)	Automobiles & Components	L+1,050		0.3	%	6/3/28	$	6.8		6.8		6.8

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor^(b)			Maturity	Principal Amount^(c)/ Number of Shares		Amortized Cost		Fair Value^(d)
Byrider Finance LLC, Sub Note	(j)(m)	Automobiles & Components	8.7%				2/17/25	$	4.2	$	4.0	$	4.4
Callodine Commercial Finance LLC, 2L Term Loan A	(j)	Diversified Financials	L+900		1.0	%	11/3/25	$	87.6		87.6		86.6
Callodine Commercial Finance LLC, 2L Term Loan B	(n)	Diversified Financials	L+900		1.0	%	11/3/25	$	28.2		28.2		27.9
Capital Automotive LP, Private Equity	(j)(m)	Real Estate							11,663,733		11.7		12.0
Capital Automotive LP, Structured Mezzanine	(j)(m)	Real Estate	11.0%				12/22/28	$	23.2		23.2		23.2
Global Jet Capital LLC, Preferred Stock	(g)(j)(o)	Commercial & Professional Services						$	80,065,036		80.1		—
Global Jet Capital LLC, Structured Mezzanine	(j)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				1/30/25	$	2.8		2.4		2.4
Global Jet Capital LLC, Structured Mezzanine	(j)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				4/30/25	$	17.5		15.3		15.2
Global Jet Capital LLC, Structured Mezzanine	(j)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				9/3/25	$	3.6		3.2		3.1
Global Jet Capital LLC, Structured Mezzanine	(j)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				9/29/25	$	3.4		3.0		3.0
Global Jet Capital LLC, Structured Mezzanine	(g)(j)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				12/4/25	$	103.0		90.1		89.2
Global Jet Capital LLC, Structured Mezzanine	(g)(j)(m)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				12/4/25	$	22.9		20.1		19.9
Global Jet Capital LLC, Structured Mezzanine	(g)(j)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				12/9/25	$	2.4		2.1		2.1
Global Jet Capital LLC, Structured Mezzanine	(g)(j)(m)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				12/9/25	$	18.2		16.0		15.8
Global Jet Capital LLC, Structured Mezzanine	(g)(j)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				1/29/26	$	8.8		7.7		7.6
Global Jet Capital LLC, Structured Mezzanine	(g)(j)(m)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				1/29/26	$	2.0		1.7		1.7
Global Jet Capital LLC, Structured Mezzanine	(j)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				2/17/26	$	23.7		20.8		20.6
Global Jet Capital LLC, Structured Mezzanine	(j)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				4/14/26	$	14.7		12.9		12.7
Global Jet Capital LLC, Structured Mezzanine	(j)	Commercial & Professional Services	15.0% PIK (15.0% Max PIK)				12/2/26	$	25.0		21.9		21.6
Global Lending Services LLC, Private Equity	(j)(m)	Diversified Financials							12,967,287		13.0		15.6
Global Lending Services LLC, Private Equity	(j)(m)	Diversified Financials							6,700,366		6.7		7.4
Home Partners JV, Common Stock	(j)(m)(o)	Real Estate							21,672,510		21.7		34.2
Home Partners JV, Private Equity	(j)(m)(o)(s)	Real Estate							706,596		0.7		—
Home Partners JV, Structured Mezzanine	(j)(m)	Real Estate	11.0% PIK (11.0% Max PIK)				3/25/29	$	50.4		50.4		50.4
Home Partners JV, Structured Mezzanine	(m)(n)	Real Estate	11.0% PIK (11.0% Max PIK)				3/25/29	$	9.0		9.0		9.0
Home Partners JV 2, Private Equity	(j)(m)(o)	Real Estate							203,250		0.2		0.2
Home Partners JV 2, Structured Mezzanine	(j)(m)	Real Estate	11.0% PIK (11.0% Max PIK)				3/20/30	$	0.5		0.5		0.5
Home Partners JV 2, Structured Mezzanine	(m)(n)	Real Estate	11.0% PIK (11.0% Max PIK)				3/20/30	$	15.9		15.9		15.9
Kilter Finance, Preferred Stock	(j)(m)(v)	Insurance	6.0%, 6.0% PIK (6.0% Max PIK)						533,487		0.5		0.5
Kilter Finance, Private Equity	(j)(m)(o)(v)	Insurance							289,268		0.3		0.3
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest	(j)(m)(o)	Capital Goods							5,432,797		5.4		5.9
Lenovo Group Ltd, Structured Mezzanine	(j)(m)	Technology Hardware & Equipment	8.0%				6/22/22	€	9.3		10.5		10.9
Lenovo Group Ltd, Structured Mezzanine	(j)(m)	Technology Hardware & Equipment	8.0%				6/22/22	$	19.5		19.5		19.5
Lenovo Group Ltd, Structured Mezzanine	(j)(m)	Technology Hardware & Equipment	12.0%				6/22/22	€	5.9		6.7		6.9
Lenovo Group Ltd, Structured Mezzanine	(j)(m)	Technology Hardware & Equipment	12.0%				6/22/22	$	12.4		12.4		12.4
Music IP, Private Equity	(j)(m)	Media & Entertainment							17,933,030		17.9		17.9
NewStar Clarendon 2014-1A Class D	(j)(m)(o)	Diversified Financials					1/25/27	$	8.3		4.3		2.2
Opendoor Labs Inc, 2L Term Loan	(j)(m)	Real Estate	10.0%				1/23/26	$	26.8		26.8		26.8
Opendoor Labs Inc, 2L Term Loan	(m)(n)	Real Estate	10.0%				1/23/26	$	53.6		53.5		53.6
Pretium Partners LLC P1, Structured Mezzanine	(j)(m)	Real Estate	2.8%, 5.3% PIK (5.3% Max PIK)				10/22/26	$	6.7		6.7		6.7
Pretium Partners LLC P2, Structured Mezzanine	(j)(m)	Real Estate	2.0%, 7.5% PIK (7.5% Max PIK)				5/29/25	$	15.3		15.3		15.5
Prime ST LLC, Private Equity	(j)(m)(o)(v)	Real Estate							3,575,777		3.6		3.8

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor^(b)	Maturity	Principal Amount^(c)/ Number of Shares		Amortized Cost			Fair Value^(d)
Prime ST LLC, Structured Mezzanine	(j)(m)(v)	Real Estate	5.0%, 6.0% PIK (6.0% Max PIK)		3/12/30	$	26.6	$	26.6		$	26.6
Sofi Lending Corp, Purchase Facility	(j)(m)	Diversified Financials					38,804,946		38.8			37.3
Toorak Capital Funding LLC, Membership Interest	(j)(m)(o)	Real Estate					N/A		5.4			6.6

Total Asset Based Finance									1,004.4			944.7

Unfunded Debt Commitments									(113.4	)		(113.4	)

Net Asset Based Finance									891.0			831.3

Credit Opportunities Partners, LLC —14.9%
Credit Opportunities Partners, LLC	(j)(m)(v)	Diversified Financials					590.6		590.6			638.8

Total Credit Opportunities Partners, LLC									590.6			638.8


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor^(b)	Maturity	Number of Shares		Amortized Cost		Fair Value^(d)
Equity/Other—8.0%^(e)
Abaco Energy Technologies LLC, Common Stock	(j)(o)	Energy					3,055,556	$	3.1	$	0.4
Abaco Energy Technologies LLC, Preferred Stock	(j)(o)	Energy					12,734,481		0.6		2.6
Arena Energy LP, Warrants	(j)(o)	Energy					58,445,593		0.2		0.4
ASG Technologies, Common Stock	(j)(o)(u)	Software & Services					625,178		13.5		33.8
ASG Technologies, Warrant	(j)(o)(u)	Software & Services			6/27/22		314,110		8.9		10.1
Aspect Software Inc, Common Stock	(i)(j)(k)(o)	Software & Services					1,148,694		1.9		2.1
Aspect Software Inc, Warrant	(i)(j)(k)(o)	Software & Services			1/15/24		1,146,890		—		1.6
ATX Networks Corp, Common Stock	(j)(m)(o)	Technology Hardware & Equipment					156,123		0.2		—
AVF Parent LLC, Trade Claim	(j)(o)	Retailing					30,265		—		—
Borden (New Dairy Opco), Common Stock	(o)(q)(u)	Food, Beverage & Tobacco					6,700,200		5.8		4.9
Catalina Marketing Corp, Common Stock	(j)(o)	Media & Entertainment					6,522		—		—
CDS US Intermediate Holdings Inc, Warrant	(j)(m)(o)	Media & Entertainment					2,023,714		—		—
Chisholm Oil & Gas Operating LLC, Series A Units	(j)(o)(q)	Energy					225,000		0.2		—
Cimarron Energy Inc, Common Stock	(j)(o)	Energy					4,302,293		3.9		0.0
Cimarron Energy Inc, Participation Option	(j)(o)	Energy					25,000,000		1.3		0.2
Constellis Holdings LLC, Private Equity	(f)(j)(o)(u)	Capital Goods					849,702		18.9		15.7
Crossmark Holdings Inc, Warrant	(j)(o)	Commercial & Professional Services					8,358		—		—
CTI Foods Holding Co LLC, Common Stock	(j)(o)	Food, Beverage & Tobacco					56		0.0		0.0
Empire Today LLC, Common Stock	(j)(o)	Retailing					630		1.9		7.1
Envigo Laboratories Inc, Series A Warrant	(k)(o)	Health Care Equipment & Services			4/29/24		10,924		—		—
Envigo Laboratories Inc, Series B Warrant	(k)(o)	Health Care Equipment & Services			4/29/24		17,515		—		—
Fairway Group Holdings Corp, Common Stock	(j)(o)(u)	Food & Staples Retailing					103,091		3.3		—
Fox Head Inc, Common Stock	(g)(j)(o)	Consumer Durables & Apparel					10,000,000		10.0		2.3
Harvey Industries Inc, Common Stock	(j)(o)	Capital Goods					2,666,667		—		1.8
HM Dunn Co Inc, Preferred Stock, Series A	(j)(k)(o)(v)	Capital Goods					14,786		—		—

See notes to unaudited consolidated financial statements.

F S KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor^(b)	Maturity	Number of Shares		Amortized Cost		Fair Value^(d)
HM Dunn Co Inc, Preferred Stock, Series B	(j)(k)(o)(v)	Capital Goods					14,786	$	—	$	—
JW Aluminum Co, Common Stock	(g)(j)(o)(u)	Materials					631		0.0		—
JW Aluminum Co, Preferred Stock	(g)(j)(u)	Materials	12.5% PIK (12.5% Max PIK)		2/15/28		6,875		68.5		64.7
Maverick Natural Resources LLC, Common Stock	(o)(q)	Energy					99,110		27.2		35.5
MB Precision Holdings LLC, Class A—2 Units	(o)(q)	Capital Goods					6,655,178		2.3		—
Miami Beach Medical Group LLC, Common Stock	(j)(o)	Health Care Equipment & Services					4,730,893		4.7		4.8
Misys Ltd, Preferred Stock	(j)(m)	Software & Services	L+1,025				2,841		2.8		2.8
One Call Care Management Inc, Common Stock	(j)(o)(u)	Health Care Equipment & Services					2,604,293,203		1.8		1.6
One Call Care Management Inc, Preferred Stock A	(j)(o)(u)	Health Care Equipment & Services					277,791		19.3		17.3
One Call Care Management Inc, Preferred Stock B	(j)(u)	Health Care Equipment & Services	9.0% PIK (9.0% Max PIK)		10/25/29		5,729,445		5.8		6.5
Polyconcept North America Inc, Class A—1 Units	(j)(o)	Household & Personal Products					624		0.1		0.0
Production Resource Group LLC, Preferred Stock, Series A PIK	(j)(o)(v)	Media & Entertainment			8/21/24		434,250		40.7		20.3
Production Resource Group LLC, Preferred Stock, Series B PIK	(j)(o)(v)	Media & Entertainment			8/21/24		140		0.0		—
Professional Plumbing Group Inc, Common Stock	(g)(o)	Materials					3,000,000		3.0		4.2
Quorum Health Corp, Trade Claim	(j)(o)	Health Care Equipment & Services					4,967,000		0.4		0.5
Quorum Health Corp, Trust Initial Funding Units	(j)(o)	Health Care Equipment & Services					85,805		0.1		0.1
Ridgeback Resources Inc, Common Stock	(g)(j)(m)(o)	Energy					1,644,464		10.1		7.8
Sequential Brands Group Inc., Common Stock	(g)(j)(o)	Consumer Durables & Apparel					13,352		7.2		—
Sorenson Communications LLC, Common Stock	(g)(j)(o)	Telecommunication Services					43,796		—		47.6
Sungard Availability Services Capital Inc, Common Stock	(j)(k)(o)	Software & Services					217,659		15.2		7.2
Swift Worldwide Resources Holdco Ltd, Common Stock	(j)(o)	Energy					1,250,000		2.0		1.5
Trace3 Inc, Common Stock	(j)(o)	Software & Services					42,486		0.4		3.4
Warren Resources Inc, Common Stock	(j)(o)(v)	Energy					3,370,272		15.8		8.2
Zeta Interactive Holdings Corp, Preferred Stock, Series E—1	(j)(o)	Software & Services					1,051,348		8.4		11.3
Zeta Interactive Holdings Corp, Preferred Stock, Series F	(j)(o)	Software & Services					956,233		8.4		16.5
Zeta Interactive Holdings Corp, Warrant	(j)(o)	Software & Services			4/20/27		143,435		—		0.4

Total Equity/Other									317.9		345.2

TOTAL INVESTMENTS—176.2%								$	7,776.9		7,584.4

LIABILITIES IN EXCESS OF OTHER ASSETS —(76.2%)											(3,280.4	)

NET ASSETS—100.0%										$	4,304.0

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

Foreign currency forward contracts


Foreign Currency	Settlement Date		Counterparty	Amount and Transaction		US$ Value at Settlement Date		US$ Value at March 31, 2021		Unrealized Appreciation (Depreciation)
CAD		6/7/2022	JP Morgan Chase Bank		CAD 3.3 Sold	$	2.6	$	2.6	$	0.0
EUR		5/6/2022	JP Morgan Chase Bank	€	1.7 Sold		2.1		2.1		0.0
EUR		8/8/2025	JP Morgan Chase Bank	€	1.9 Sold		2.3		2.4		(0.1	)
NOK		8/8/2025	JP Morgan Chase Bank		kr 11.4 Sold		1.2		1.3		0.1
SEK		8/8/2025	JP Morgan Chase Bank		kr 27.8 Sold		3.1		3.3		(0.2	)

Total						$	11.3	$	11.7	$	(0.4	)

Interest rate swaps


Counterparty	Notional Amount		Company Receives Floating Rate		Company Pays Fixed Rate			Termination Date		Premiums Paid/ (Received)		Value			Unrealized Depreciation
JP Morgan Chase Bank	$	200		3-Month LIBOR		2.78	%		12/18/2023	$	—	$	(13	)	$	(13	)
JP Morgan Chase Bank	$	200		3-Month LIBOR		2.81	%		12/18/2021		—		(4	)		(4	)
ING Capital Markets	$	250		3-Month LIBOR		2.59	%		1/14/2024		—		(17	)		(17	)
ING Capital Markets	$	250		3-Month LIBOR		2.62	%		1/14/2022		—		(6	)		(6	)

										$	—	$	(40	)	$	(40	)

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

(b)

Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of March 31, 2021, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 0.19%, the Euro Interbank Offered Rate, or EURIBOR, was (0.54)%, Candian Dollar Offer Rate, or CDOR was 0.44%, and the Australian Bank Bill Swap Bid Rate, or BBSY, or “B”, was 0.09%, and the U.S. Prime Lending Rate, or Prime, was 3.25%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

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

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

(e)	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)	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 (see Note 9).

(h)	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).

(i)	Security or portion thereof held within Dunlap Funding 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).

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)

(j)	Security or portion thereof is pledged as collateral supporting the amounts outstanding under the senior secured revolving credit facility (see Note 9).

(k)	Security or portion thereof held within Juniata River LLC and is pledged as collateral supporting the amounts outstanding under a revolving credit facility with JPMorgan Chase Bank, N.A. (see Note 9).

(l)	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).

(m)

The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of March 31, 2021, 72.1% of the Company’s total assets represented qualifying assets.

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

(o)	Security is non-income producing.

(p)	Asset is on non-accrual status.

(q)	Security held within FSIC II Investments, Inc., a wholly-owned subsidiary of the Company.

(r)	Security held within IC II Arches Investments, LLC, a wholly-owned subsidiary of the Company.

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

(t)

Not Used.

(u)

Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of March 31, 2021, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain financial information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person for the three months ended March 31, 2021:


Portfolio Company	Fair Value at December 31, 2020		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Fair Value at March 31, 2021		Interest Income⁽³⁾		PIK Income⁽³⁾		Fee Income⁽³⁾		Dividend Income⁽³⁾
Senior Secured Loans—First Lien
Advanced Lighting Technologies Inc	$	5.4	$	—	$	(5.4	)	$	(2.0	)	$	2.0		$	—	$	—	$	—	$	—	$	—
Borden Dairy Co		—		—		—			—			—			—		—		—		—		—
Borden (New Dairy Opco)		11.4		—		—			—			—			11.4		0.1		—		—		—
Borden (New Dairy Opco)		25.2		—		—			—			—			25.2		0.5		—		—		—
Constellis Holdings LLC		15.0		—		—			—			—			15.0		0.3		—		—		—
Fairway Group Holdings Corp		0.5		—		—			—			0.3			0.8		—		—		—		—
Fairway Group Holdings Corp		—		0.1		—			—			(0.1	)		—		—		—		—		—
HM Dunn Co Inc⁽⁴⁾		13.3		—		(18.2	)		—			4.9			—		—		—		—		—
HM Dunn Co Inc⁽⁴⁾		20.4		—		(44.4	)		—			24.0			—		—		—		—		—
One Call Care Management Inc		2.8		—		—			—			0.1			2.9		—		—		—		—

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)


Portfolio Company	Fair Value at December 31, 2020		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Fair Value at March 31, 2021		Interest Income⁽³⁾		PIK Income⁽³⁾		Fee Income⁽³⁾		Dividend Income⁽³⁾
Senior Secured Loans—Second Lien
Constellis Holdings LLC	$	13.5	$	—	$	—		$	—		$	—		$	13.5	$	0.1	$	0.3	$	—	$	—
Fairway Group Holdings Corp		—		—		—			—			—			—		—		—		—		—
Other Senior Secured Debt
Advanced Lighting Technologies Inc		—		—		(0.4	)		(10.3	)		10.7			—		—		—		—		—
JW Aluminum Co		39.5		—		—			—			(0.1	)		39.4		1.0		—		—		—
Asset Based Finance
Avida Holding AB		8.9		—		—			—			0.1			9.0		—		—		—		—
Equity/Other
Advanced Lighting Technologies Inc, Common Stock		—		—		—			(7.5	)		7.5			—		—		—		—		—
Advanced Lighting Technologies Inc, Warrant		—		—		—			—			—			—		—		—		—		—
ASG Technologies, Common Stock		23.2		—		—			—			10.6			33.8		—		—		—		—
ASG Technologies, Warrant		4.8		—		—			—			5.3			10.1		—		—		—		—
Borden (New Dairy Opco), Common Stock		4.8		—		—			—			0.1			4.9		—		—		—		—
Constellis Holdings LLC		21.2		—		—			—			(5.5	)		15.7		—		—		—		—
Fairway Group Holdings Corp, Common Stock		—		—		—			—			—			—		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series A⁽⁴⁾		—		—		—			—			—			—		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series B⁽⁴⁾		—		—		—			—			—			—		—		—		—		—
JW Aluminum Co, Common Stock		—		—		—			—			—			—		—		—		—		—
JW Aluminum Co, Preferred Stock		76.7		3.3		—			—			(15.3	)		64.7		0.1		3.1		—		—
One Call Care Management Inc, Common Stock		1.4		—		—			—			0.2			1.6		—		—		—		—
One Call Care Management Inc, Preferred Stock A		15.2		—		—			—			2.1			17.3		—		—		—		—
One Call Care Management Inc, Preferred Stock B		6.3		—		—			—			0.2			6.5		—		0.1		—		—

Total	$	309.5	$	3.4	$	(68.4	)	$	(19.8	)	$	47.1		$	271.8	$	2.1	$	3.5	$	—	$	—

(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 of 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 and fee income presented for the three months ended March 31, 2021.

(4)	The Company held this investment as of March 31, 2021 but it was deemed to “control” the portfolio company as of March 31, 2021. Transfers in or out have been presented at amortized cost.

(v)

Under the Investment Company Act of 1940, as amended, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of March 31, 2021, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” and deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control for the three months ended March 31, 2021:

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2021

(in millions, except share amounts)


Portfolio Company	Fair Value at December 31, 2020		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Fair Value at March 31, 2021		Interest Income⁽³⁾		PIK Income⁽³⁾		Fee Income⁽³⁾		Dividend Income⁽³⁾
Senior Secured Loans—First Lien
HM Dunn Co Inc⁽⁴⁾	$	—	$	18.9	$	—		$	—	$	(6.2	)	$	12.7	$	0.6	$	0.2	$	—	$	—
HM Dunn Co Inc⁽⁴⁾		—		44.4		(0.1	)		—		(28.4	)		15.9		—		—		—		—
Production Resource Group LLC		120.6		3.3		—			—		—			123.9		1.3		1.7		—		—
Production Resource Group LLC		0.1		—		—			—		—			0.1		—		—		—		—
Production Resource Group LLC		36.7		23.0		—			—		—			59.7		1.0		—		0.5		—
Warren Resources Inc		21.2		0.1		—			—		—			21.3		—		—		—		—
Asset Based Finance
801 5th Ave, Seattle, Structure Mezzanine		26.2		—		(0.1	)		—		—			26.1		0.5		0.2		—		—
801 5th Ave, Seattle, Private Equity		9.2		—		—			—		0.1			9.3		—		—		—		—
Kilter Finance, Preferred Stock		0.3		0.2		—			—		—			0.5		—		—		—		—
Kilter Finance, Private Equity		0.3		—		—			—		—			0.3		—		—		—		—
Prime ST LLC, Structured Mezzanine		26.6		—		—			—		—			26.6		—		—		—		—
Prime ST LLC, Private Equity		4.5		—		—			—		(0.7	)		3.8		0.4		0.4		—		—
Credit Opportunities Partners, LLC
Credit Opportunities Partners, LLC		626.0		—		—			—		12.8			638.8		—		—		—		17.5
Equity/Other
HM Dunn Co Inc⁽⁴⁾		—		—		—			—		—			—		—		—		—		—
HM Dunn Co Inc⁽⁴⁾		—		—		—			—		—			—		—		—		—		—
Production Resource Group LLC, Preferred Stock, Series A PIK		19.4		—		—			—		0.9			20.3		—		—		—		—
Production Resource Group LLC, Preferred Stock, Series B PIK		—		—		—			—		—			—		—		—		—		—
Warren Resources Inc, Common Stock		3.4		—		—			—		4.8			8.2		—		—		—		—

Total	$	894.5	$	89.9	$	(0.2	)	$	—	$	(16.7	)	$	967.5	$	3.8	$	2.5	$	0.5	$	17.5

(1)

(2)

(3)	Interest, PIK, fee and dividend income presented for the three months ended March 31, 2021.

(4)	The Company held this investment as of December 31, 2020 but it was deemed to be an “affiliated person” of the portfolio company as of December 31, 2020. Transfers in or out have been presented at amortized cost.

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Consolidated Schedule of Investments

As of December 31, 2020

(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 —123.2%
5 Arch Income Fund 2 LLC		(m)(o)(p)(r)	Diversified Financials		9.0%		11/18/23	$	97.0	$	97.0	$	86.1
5 Arch Income Fund 2 LLC		(m)(n)(o)(p)	Diversified Financials		9.0%		11/18/23		16.5		16.5		14.7
Accuride Corp		(i)(j)(s)	Capital Goods		L+525	1.0%	11/17/23		12.5		10.9		11.4
Acproducts Inc		(i)(k)(s)	Consumer Durables & Apparel		L+650	1.0%	8/18/25		24.0		23.8		24.7
Advanced Lighting Technologies Inc		(j)(o)(p)(u)	Materials		L+750	1.0%	10/4/22		8.9		7.4		5.4
All Systems Holding LLC		(f)(h)(i)(j)(k)	Commercial & Professional Services		L+625	1.0%	10/31/23		205.4		205.3		206.1
All Systems Holding LLC		(n)	Commercial & Professional Services		L+625	1.0%	10/31/23		3.0		3.0		3.0
American Tire Distributors Inc		(j)(s)	Automobiles & Components		L+600, 0.0% PIK (1.0% Max PIK)	1.0%	9/1/23		2.6		2.5		2.5
American Tire Distributors Inc		(j)(s)	Automobiles & Components		L+750, 0.0% PIK (1.5% Max PIK)	1.0%	9/2/24		16.2		14.3		15.5
Apex Group Limited		(j)(m)	Diversified Financials		L+700	1.3%	6/15/23		1.5		1.5		1.5
Apex Group Limited		(m)(n)	Diversified Financials		L+700	1.3%	6/15/23		3.0		3.0		3.0
Apex Group Limited		(f)(h)(i)(j)(l)(m)	Diversified Financials		L+700	1.3%	6/16/25		69.7		69.1		70.4
Apex Group Limited		(j)(m)	Diversified Financials		L+700	1.5%	6/16/25	£	23.0		29.2		31.7
Arrotex Australia Group Pty Ltd		(j)(m)	Pharmaceuticals, Biotechnology & Life Sciences		B+525	1.0%	7/10/24	A$	43.6		30.0		33.9
Arrotex Australia Group Pty Ltd		(m)(n)	Pharmaceuticals, Biotechnology & Life Sciences		B+525	1.0%	7/10/24		3.1		2.4		2.4
Aspect Software Inc		(j)	Software & Services		8.0% PIK (8.0% Max PIK)		1/15/21	$	0.2		—		0.2
Aspect Software Inc		(n)	Software & Services		L+500	1.0%	7/15/23		3.3		3.3		3.3
Aspect Software Inc		(i)(j)(k)	Software & Services		L+500	1.0%	1/15/24		9.0		8.3		8.9
ATX Networks Corp		(j)(k)(m)	Technology Hardware & Equipment		L+625, 1.5% PIK (1.5% Max PIK)	1.0%	12/31/23		80.4		77.7		58.9
Belk Inc		(j)(o)(p)(s)	Retailing		L+675	1.0%	7/31/25		49.3		40.6		17.7
Berner Food & Beverage LLC		(j)	Food & Staples Retailing		L+875	1.0%	3/16/22		5.0		4.9		5.2
Borden (New Dairy Opco)		(j)(u)	Food, Beverage & Tobacco		L+250	1.0%	7/20/25		11.4		11.4		11.4
Borden (New Dairy Opco)		(j)(u)	Food, Beverage & Tobacco		L+700, 0.0% PIK (1.0% Max PIK)	1.0%	7/20/25		25.2		25.2		25.2
Borden Dairy Co		(j)(o)(p)(u)	Food, Beverage & Tobacco		L+825	1.0%	7/6/23		39.0		38.3		—
Caprock Midstream LLC		(j)(s)	Energy		L+475	0.0%	11/3/25		13.4		12.8		12.1
Charles Taylor PLC		(j)(m)	Diversified Financials		L+575	0.0%	1/24/27	€	5.4		6.9		6.9
Cimarron Energy Inc		(j)	Energy		L+900	1.0%	6/30/21	$	7.5		7.5		6.8
Constellis Holdings LLC		(j)(u)	Capital Goods		L+750	1.0%	3/31/24		15.0		15.0		15.0
CSafe Global		(f)(h)(i)(j)(k)(l)	Capital Goods		L+625	1.0%	12/23/27		124.4		123.8		123.8
CSafe Global		(j)	Capital Goods		L+625	1.0%	12/23/27		1.2		1.2		1.2
CSafe Global		(n)	Capital Goods		L+625	1.0%	12/23/27		13.7		13.7		13.7
CSM Bakery Products		(i)(s)	Food, Beverage & Tobacco		L+625	1.0%	1/4/22		6.4		6.3		6.4
CTI Foods Holding Co LLC		(j)	Food, Beverage & Tobacco		L+577, 3.0% PIK (3.0% Max PIK)	1.0%	5/3/24		—		—		—
Eagle Family Foods Inc		(n)	Food, Beverage & Tobacco		L+650	1.0%	6/14/23		8.2		8.1		8.2
Eagle Family Foods Inc		(f)(h)(i)(j)(k)	Food, Beverage & Tobacco		L+650	1.0%	6/14/24		44.5		44.2		44.5
Eagleclaw Midstream Ventures LLC		(j)(s)	Energy		L+425	1.0%	6/24/24		8.8		8.3		8.2
EIF Van Hook Holdings LLC		(j)(s)	Energy		L+525	0.0%	9/5/24		2.1		2.1		1.4
Empire Today LLC		(f)(h)(i)(j)(k)(l)	Retailing		L+650	1.0%	11/17/22		127.3		127.3		128.5
Entertainment Benefits Group LLC		(j)	Media & Entertainment		L+575, 2.5% PIK (2.5% Max PIK)	1.0%	9/30/24		5.0		5.0		4.2
Entertainment Benefits Group LLC		(n)	Media & Entertainment		L+575, 2.5% PIK (2.5% Max PIK)	1.0%	9/30/24		0.5		0.5		0.5
Entertainment Benefits Group LLC		(f)(h)(i)(j)	Media & Entertainment		L+575, 2.5% PIK (2.5% Max PIK)	1.0%	9/30/25		32.3		32.0		27.2
Fairway Group Holdings Corp		(j)(o)(p)(u)	Food & Staples Retailing		12.0% PIK (12.0% Max PIK)		11/27/23		12.3		11.2		0.5

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Consolidated Schedule of Investments (continued)

As of December 31, 2020

(in millions, except share amounts)


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor	Maturity	Principal Amount^(c)		Amortized Cost		Fair Value^(d)
Fairway Group Holdings Corp	(j)(o)(p)(u)	Food & Staples Retailing	10.0% PIK (10.0% Max PIK)		11/28/23	$	7.6	$	5.6	$	—
FloWorks International LLC	(j)	Capital Goods	L+600	1.0%	10/14/26		15.1		15.0		14.9
FloWorks International LLC	(j)	Capital Goods	L+600	1.0%	10/14/26		15.1		14.9		15.0
FloWorks International LLC	(n)	Capital Goods	L+600	1.0%	10/14/26		15.1		14.9		15.0
Fox Head Inc	(i)(j)(k)	Consumer Durables & Apparel	L+850	1.0%	10/31/21		32.1		32.1		30.9
Frontline Technologies Group LLC	(j)(k)	Software & Services	L+575	1.0%	9/18/23		59.4		59.4		59.5
Greystone Equity Member Corp	(j)(m)	Diversified Financials	L+725	3.8%	4/1/26		164.3		164.2		163.0
Heniff Transportation Systems LLC	(j)	Transportation	L+575	1.0%	12/3/24		4.0		4.0		3.9
Heniff Transportation Systems LLC	(n)	Transportation	L+575	1.0%	12/3/24		5.6		5.6		5.5
Heniff Transportation Systems LLC	(f)(h)(i)(j)	Transportation	L+575	1.0%	12/3/26		74.7		74.4		74.2
Higginbotham Insurance Agency Inc	(j)	Insurance	L+575	0.8%	11/25/26		49.5		49.1		49.1
Higginbotham Insurance Agency Inc	(n)	Insurance	L+575	0.8%	11/25/26		13.9		13.8		13.8
HM Dunn Co Inc	(j)(o)(p)(u)	Capital Goods	L+875 PIK (L+875 Max PIK)	1.0%	12/31/21		62.4		44.4		20.4
HM Dunn Co Inc	(j)(u)	Capital Goods	15.0% PIK (15.0% Max PIK)		12/31/21		18.3		18.3		13.4
Hudson Technologies Co	(j)(m)	Commercial & Professional Services	L+1,025	1.0%	10/10/23		52.7		52.5		43.6
Individual FoodService	(j)	Capital Goods	L+625	1.0%	11/22/24		1.0		1.0		1.0
Individual FoodService	(n)	Capital Goods	L+625	1.0%	11/22/24		3.3		3.3		3.3
Individual FoodService	(k)	Capital Goods	L+625	1.0%	11/22/25		64.0		64.0		64.0
Individual FoodService	(n)	Capital Goods	L+625	1.0%	11/22/25	€	4.8		4.8		4.8
Industria Chimica Emiliana Srl	(j)(m)	Pharmaceuticals, Biotechnology & Life Sciences	E+725	0.0%	6/30/26		51.8		55.5		64.2
Industria Chimica Emiliana Srl	(j)(m)	Pharmaceuticals, Biotechnology & Life Sciences	E+725		9/27/26	$	9.5		10.8		11.7
Industry City TI Lessor LP	(j)(k)	Consumer Services	10.8%, 1.0% PIK (1.0% Max PIK)		6/30/26		9.6		9.6		10.5
J S Held LLC	(f)(j)(k)	Insurance	L+600	1.0%	7/1/25		82.6		82.1		83.4
J S Held LLC	(n)	Insurance	L+600	1.0%	7/1/25		1.8		1.8		1.8
J S Held LLC	(j)	Insurance	L+600	1.0%	7/1/25		1.4		1.4		1.4
J S Held LLC	(n)	Insurance	L+600	1.0%	7/1/25		6.4		6.4		6.4
Jarrow Formulas Inc	(f)(h)(i)(j)(k)(l)	Household & Personal Products	L+625	1.0%	11/30/26		134.1		132.4		132.4
Jo-Ann Stores Inc	(j)(s)	Retailing	L+500	1.0%	10/20/23		13.0		11.9		12.6
KBP Investments LLC	(j)	Food & Staples Retailing	L+550	1.0%	5/14/23		9.0		8.9		9.0
KBP Investments LLC	(n)	Food & Staples Retailing	L+550	1.0%	5/14/23		1.3		1.3		1.3
KBP Investments LLC	(n)	Food & Staples Retailing	L+550	1.0%	5/14/23		26.1		25.8		26.0
Kellermeyer Bergensons Services LLC	(f)(h)(i)(j)(k)(l)	Commercial & Professional Services	L+650	1.0%	11/7/26		171.0		169.8		172.7
Kellermeyer Bergensons Services LLC	(n)	Commercial & Professional Services	L+650	1.0%	11/7/26		32.9		32.9		33.2
Kodiak BP LLC	(f)(h)(i)(j)(k)(l)	Capital Goods	L+725	1.0%	12/1/24		231.9		231.9		234.2
Lexitas Inc	(h)(i)(j)	Commercial & Professional Services	L+600	1.0%	11/14/25		36.6		36.4		36.5
Lexitas Inc	(n)	Commercial & Professional Services	L+600	1.0%	11/14/25		13.1		13.0		13.1
Lexitas Inc	(n)	Commercial & Professional Services	L+600	1.0%	11/14/25		2.9		2.9		2.9
Lionbridge Technologies Inc	(f)(h)(k)(l)	Consumer Services	L+625	1.0%	12/29/25		72.6		72.3		72.6
Lipari Foods LLC	(f)(j)(k)	Food & Staples Retailing	L+588	1.0%	1/6/25		171.2		170.1		172.2
Miami Beach Medical Group LLC	(n)	Health Care Equipment & Services	L+650	1.0%	12/14/26		24.5		24.5		24.4
Miami Beach Medical Group LLC	(h)(i)(j)(l)	Health Care Equipment & Services	L+650	1.0%	12/14/26		137.7		136.3		136.3
Monitronics International Inc	(f)(j)(s)	Commercial & Professional Services	L+650	1.3%	3/29/24		39.0		37.4		34.8
Monitronics International Inc	(f)(s)	Commercial & Professional Services	L+500	1.5%	7/3/24		1.9		1.9		1.9

See notes to unaudited consolidated financial statements.

FS KKR Capital Corp. II

Consolidated Schedule of Investments (continued)

As of December 31, 2020

(in millions, except share amounts)


Portfolio Company^(a)	Footnotes	Industry	Rate^(b)	Floor	Maturity	Principal Amount^(c)		Amortized Cost		Fair Value^(d)
Monitronics International Inc	(j)	Commercial & Professional Services	L+500	1.5%	7/3/24	$	8.2	$	8.2	$	7.6
Monitronics International Inc	(n)	Commercial & Professional Services	L+500	1.5%	7/3/24		61.8		61.8		57.0
Motion Recruitment Partners LLC	(j)(l)	Commercial & Professional Services	L+650	1.0%	12/19/25		43.5		43.1		39.1
Motion Recruitment Partners LLC	(n)	Commercial & Professional Services	L+650	1.0%	12/20/25		34.6		34.6		34.6
NCI Inc	(j)	Software & Services	L+500, 2.5% PIK (2.5% Max PIK)	1.0%	8/15/24		4.3		4.2		3.0
Omnimax International Inc	(h)(i)(j)	Capital Goods	L+725	1.0%	10/8/26		104.4		102.9		102.8
Omnimax International Inc	(n)	Capital Goods	L+725	1.0%	10/8/26		18.1		18.1		17.9
One Call Care Management Inc	(j)(s)(u)	Health Care Equipment & Services	L+525	1.0%	11/27/22		2.9		2.6		2.8
P2 Energy Solutions Inc.	(j)	Software & Services	L+675	1.0%	1/31/25		2.7		2.7		2.6
P2 Energy Solutions Inc.	(n)	Software & Services	L+675	1.0%	1/31/25		5.4		5.4		5.2
P2 Energy Solutions Inc.	(f)(h)(k)(l)	Software & Services	L+675	1.0%	2/2/26		135.1		133.6		128.7
Peak 10 Holding Corp	(j)(s)	Telecommunication Services	L+350	0.0%	8/1/24		25.3		23.1		22.8
Polyconcept North America Inc	(j)(s)	Household & Personal Products	L+450 PIK (L+450 Max PIK)	1.0%	8/16/23	£	0.5		0.5		0.4
Premium Credit Ltd	(j)(m)	Diversified Financials	L+650	0.0%	1/16/26	$	39.6		50.7		53.4
Production Resource Group LLC	(j)(v)	Media & Entertainment	L+300, 5.5% PIK (5.5% Max PIK)	0.3%	8/21/24		120.6		120.6		120.6
Production Resource Group LLC	(j)(v)	Media & Entertainment	L+550 PIK (L+550 Max PIK)	1.0%	8/21/24		0.1		—		0.1
Production Resource Group LLC	(j)(v)	Media & Entertainment	L+750, 0.0% PIK (3.1% Max PIK)	1.0%	8/21/24		36.7		36.7		36.7
Production Resource Group LLC	(n)(v)	Media & Entertainment	L+750, 0.0% PIK (3.1% Max PIK)	1.0%	8/21/24	C$	23.0

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

FS KKR Capital Corp. II 10-Q