0001628280-23-015965 | 10-Q | XBRL Viewer

Number of investments in portfolio companies | company

Aggregate credit opportunities partners

$ 0.7

$ 3.3

$ 2,440.0

Contributed capital to committed capital ratio

12.50%

Joint venture voting control, percentage

50.00%

Credit opportunities partners JV, LLC, entitled to a fee percentage

0.25%

Increase in commitment

$ 385.0

Amount funded to joint venture

1,574.8

Net realized gain (loss) on investments:

0.0

$ (32.0)

(71.4)

Fair value

$ 0.0

$ 39.2

€ 0.0

^{[1],[2],[3],[4],[5],[6]}

£ 1.4

$ 2,684.1

Number of investments owned in non-accrual status | investment

FS/KKR Advisor, LLC

Cost basis of investments sold

$ 121.9

Proceeds from sale of investments

121.7

Net realized gain (loss) on investments:

(0.2)

Debt Securities

Unfunded Asset Based Finance/Other commitments

941.9

$ 952.4

Credit Opportunities Partners JV, LLC | Partnership Interest

497.3

475.3

Dividend and other income

$ 560.2

[1]

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 December 31, 2022, the Company held investments in one portfolio company of which it is deemed to be an “affiliated person” and deemed to “control”. During the year ended December 31, 2022, the Company disposed of investments in one portfolio of which it was 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 year ended December 31, 2022:


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Amtek Global Technology Pte Ltd	$	34.8	$	—	$	(24.3)	$	(4.3)	$	(2.3)	$	3.9	$	—	$	—	$	—	$	—
ATX Networks Corp	46.8		0.4		(6.6)		—		—		40.6		3.2		1.0		—		—
HM Dunn Co Inc	33.6		2.0		—		—		—		35.6		0.8		2.1		—		—
HM Dunn Co Inc	2.0		—		(2.0)		—		—		—		—		—		—		—
NCI Inc	—		79.1		(21.9)		(28.5)		(0.6)		28.1		6.5		0.4		—		—
One Call Care Management Inc(5)	5.0		—		(4.7)		—		(0.3)		—		—		—		—		—
Production Resource Group LLC	133.3		19.3		(0.3)		—		0.2		152.5		12.9		8.0		—		—
Production Resource Group LLC	0.1		—		—		—		—		0.1		—		—		—		—
Production Resource Group LLC	64.4		3.7		(0.6)		—		0.6		68.1		6.4		2.0		—		—


Portfolio Company	Fair Value at December 31, 2021	Gross Additions(1)	Gross Reductions(2)	Net Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Fair Value at December 31, 2022	Interest Income(3)	PIK Income(3)	Fee Income(3)	Dividend Income(3)
Production Resource Group LLC	20.2	11.1	(0.3)	—	0.3	31.3	—	0.9	—	—

Warren Resources Inc	18.7	0.6	(0.2)	—	(0.5)	18.6	2.5	0.2	—	—
Senior Secured Loans—Second Lien
Amtek Global Technology Pte Ltd	—	—	—	(39.1)	39.1	—	—	—	—	—

Other Senior Secured Debt
JW Aluminum Co	81.0	0.2	—	—	(3.1)	78.1	8.0	—	—	—
One Call Care Management Inc(5)	23.5	—	(21.6)	—	(1.9)	—	—	—	—	—

Subordinated Debt
ATX Networks Corp	7.1	3.6	—	—	11.2	21.9	1.6	1.5	—	—
Hilding Anders	46.6	—	—	—	(46.6)	—	—	—	—	—
Hilding Anders	—	—	—	—	—	—	0.3	—	—	—
Hilding Anders	—	—	—	—	—	—	0.1	—	—	—
Asset Based Finance
801 5th Ave, Seattle, Structure Mezzanine	57.2	1.9	—	—	(0.2)	58.9	4.7	1.7	—	—
801 5th Ave, Seattle, Private Equity	23.1	—	(0.1)	—	(16.7)	6.3	—	—	—	—
Avenue One PropCo, Private Equity	—	46.3	(16.2)	—	0.9	31.0	—	—	—	—
Avida Holding AB, Common Stock	52.3	—	—	—	(9.7)	42.6	—	—	—	—
Kilter Finance, Preferred Stock	36.1	87.3	(24.0)	0.7	(0.6)	99.5	7.4	1.9	—	—
Kilter Finance, Private Equity	0.5	—	—	—	—	0.5	—	—	—	—
KKR Altitude II Offshore Aggregator LP, Partnership Interest	—	44.4	—	—		44.4	—	—	—	—
KKR Rocket Loans Aggregator LLC, Partnership Interest	1.4	2.9	—	—	—	4.3	—	—	—	1.3
My Community Homes SFR PropCo 2, Private Equity	33.0	157.0	(105.7)	—	(5.3)	79.0	—	—	—	—
Prime St LLC, Private Equity	9.1	—	(0.3)	—	(8.8)	—	—	—	—	—
Prime St LLC, Structured Mezzanine	52.4	3.3	—	—	(12.2)	43.5	3.2	3.1	—	—
Toorak Capital Funding LLC, Membership Interest	1.7	—	(1.7)	(0.2)	0.2	—	—	—	—	0.3
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity	199.3	78.3	—	—	(16.4)	261.2	—	—	—	18.8
Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine	22.0	32.0	(54.0)	—	—	—	—	0.6	—	—

Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC	1,396.2	175.0	—	—	(142.9)	1,428.3	—	—	—	208.3
Equity/Other
Amtek Global Technology Pte Ltd, Common Stock	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Ordinary Shares	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Private Equity	—	—	—	—	—	—	—	—	—	—
ATX Networks Corp, Common Stock	—	1.7	—	—	27.5	29.2	—	—	—	—
ATX Networks Corp, Class B-1 Common Stock	—	5.0	—	—	—	5.0	—	—	—	—
ATX Networks Corp, Class B-2 Common Stock	—	4.0	—	—	5.0	9.0	—	—	—	—
Hilding Anders, Class A Common Stock	—	—	—	—	—	—	—	—	—	—
Hilding Anders, Class B Common Stock	—	—	—	—	—	—	—	—	—	—


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Hilding Anders, Class C Common Stock	—		—		—		—		—		—		—		—		—		—
Hilding Anders, Equity Options	—		—		—		—		—		—		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series A	7.1		—		—		—		9.8		16.9		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series B	—		—		—		—		—		—		—		—		—		—
JW Aluminum Co, Common Stock	—		—		—		—		2.4		2.4		—		—		—		—
JW Aluminum Co, Preferred Stock	122.6		22.2		—		—		(32.3)		112.5		0.6		19.7		—		—
NCI Inc, Class A-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class B-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class C Common Stock(4)	—		20.2		—		—		—		20.2		—		—		—		—
NCI Inc, Class I-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
One Call Care Management Inc, Common Stock(5)	2.4		—		(2.1)		—		(0.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock A(5)	26.1		—		(22.8)		—		(3.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock B(5)	9.2		—		(8.0)		—		(1.2)		—		—		—		—		—
PRG III LLC, Preferred Stock, Series A PIK	17.4		—		—		—		88.3		105.7		—		—		—		—
PRG III LLC, Preferred Stock, Series B PIK	—		—		—		—		—		—		—		—		—		—
Sound United LLC, Common Stock	77.5		—		(17.3)		—		(60.2)		—		—		—		—		—
Warren Resources Inc, Common Stock	20.4		—		—		—		8.8		29.2		—		—		—		—
Total	$	2,684.1	$	801.5	$	(334.7)	$	(71.4)	$	(171.1)	$	2,908.4	$	58.2	$	43.1	$	—	$	228.7

______________

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

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

(3)Interest, PIK, fee and dividend income presented for the full year ended December 31, 2022.

(4)The Company held this investment as of December 31, 2021 but it was not deemed to be an “control” of the portfolio company as of December 31, 2021. Transfers in or out have been presented at amortized cost.

[2]

Asset is on non-accrual status.

[3]

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

[4]

Security is non-income producing.

[5]

Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

[6]

The investment is not a qualifying asset under the Investment Company Act of 1940, as amended. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of December 31, 2022, 75.3% of the Company’s total assets represented qualifying assets.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	814-00757
Entity Registrant Name	FS KKR Capital Corp.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-1630040
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.001
Trading Symbol	FSK
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		280,066,433
Entity Central Index Key	0001422183
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Unaudited Consolidated Statements of Operations - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Investment income

$ 62.9

^[1]

$ 50.0

Total investment income

456.0

396.0

Operating expenses

Management fees

58.0

62.0

Subordinated income incentive fees

^[2]

46.0

40.0

Administrative services expenses

0.1

0.2

Accounting and administrative fees

1.0

Interest expense

29.4

13.6

Other general and administrative expenses

5.0

7.0

Total operating expenses

227.0

191.0

Incentive fee waiver

^[2]

0.0

(15.0)

Net increase (decrease) in net assets resulting from operations

$ 199.0

$ 225.0

Per share information—basic and diluted

Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic (in dollars per share)

$ 0.71

$ 0.79

Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted (in dollars per share)

$ 0.71

$ 0.79

Weighted average shares outstanding - basic (in shares)

280,919,460

284,323,542

Weighted average shares outstanding - diluted (in shares)

280,919,460

284,323,542

[1]	Interest, PIK, fee and dividend income presented for the full three months ended March 31, 2023.
[2]	See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.

Commitment and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Unfunded commitments	$ 0.7	$ 3.3
Debt Securities
Other Commitments [Line Items]
Unfunded commitments	941.9	952.4
Unfunded Asset Based Finance/Other commitments
Other Commitments [Line Items]
Unfunded commitments	$ 497.3	$ 475.3

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy Investments

As of March 31, 2023 and December 31, 2022, the Company’s investments were categorized as follows in the fair value hierarchy:



	March 31, 2023
Valuation Inputs	(Unaudited)		December 31, 2022

Level 1—Price quotations in active markets	$	1	$	—
Level 2—Significant other observable inputs	554		564
Level 3—Significant unobservable inputs	13,325		13,385
Investments measured at net asset value(1)	1,397		1,428
	$	15,277	$	15,377

____________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

Reconciliation Fair Value, Assets

The following is a reconciliation for the three months ended March 31, 2023 and 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Three Months Ended March 31, 2023
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	9,124	$	874	$	22	$	264	$	1,902	$	1,199	$	13,385
Accretion of discount (amortization of premium)	11		1		—		—		—		—		12
Net realized gain (loss)	2		(20)		—		—		7		(48)		(59)
Net change in unrealized appreciation (depreciation)	17		2		(2)		—		(17)		71		71
Purchases	235		3		—		10		30		9		287
Paid-in-kind interest	15		—		—		5		3		7		30
Sales and repayments	(234)		(4)		—		—		(147)		(16)		(401)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	9,170	$	856	$	20	$	279	$	1,778	$	1,222	$	13,325
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	17	$	(20)	$	(2)	$	—	$	(17)	$	21	$	(1)


	For the Three Months Ended March 31, 2022
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	9,542	$	1,205	$	29	$	74	$	2,245	$	877	$	13,972
Accretion of discount (amortization of premium)	22		2		—		—		3		—		27
Net realized gain (loss)	(71)		(4)		—		—		16		27		(32)
Net change in unrealized appreciation (depreciation)	2		(37)		(2)		(40)		(26)		129		26
Purchases	1,166		4		—		—		556		330		2,056
Paid-in-kind interest	10		—		—		—		11		11		32
Sales and repayments	(1,006)		(97)		—		—		(627)		(61)		(1,791)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	9,665	$	1,073	$	27	$	34	$	2,178	$	1,313	$	14,290
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(71)	$	(37)	$	(2)	$	(40)	$	(17)	$	161	$	(6)

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of March 31, 2023 and December 31, 2022 were as follows:

Type of Investment

Fair Value at

March 31, 2023

(Unaudited)

Valuation

Technique(1)

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(2)

Senior Debt

9,365

Discounted Cash Flow

Discount Rate

5.1% - 21.2% (12.0%)

Decrease

654

Waterfall

EBITDA Multiple

0.3x - 19.8x (7.2x)

Increase

Cost

Other(3)

Subordinated Debt

248

Discounted Cash Flow

Discount Rate

10.9% - 14.9% (13.2%)

Decrease

Waterfall

EBITDA Multiple

7.4x - 7.4x (7.4x)

Increase

Asset Based Finance

978

Discounted Cash Flow

Discount Rate

5.2% - 44.2% (11.8%)

Decrease

555

Waterfall

EBITDA Multiple

1.0x - 13.7x (1.3x)

Increase

141

Other(3)

100

Cost

Indicative Dealer Quotes

44.0% - 44.0% (44.0%)

Increase

Equity/Other

730

Waterfall

EBITDA Multiple

0.1x - 16.2x (7.2x)

Increase

485

Discounted Cash Flow

Discount Rate

10.0% - 25.0% (16.0%)

Decrease

Other(3)

Option Pricing Model

Equity Illiquidity Discount

65.0% - 65.0% (65.0%)

Decrease

Total

13,325

Type of Investment

Fair Value at
December 31, 2022

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

9,274

Discounted Cash Flow

Discount Rate

6.0% - 24.2% (12.0%)

Decrease

575

Waterfall

EBITDA Multiple

0.3x - 19.8x (7.2x)

Increase

167

Cost

Other(3)

Subordinated Debt

242

Discounted Cash Flow

Discount Rate

10.9% - 14.9% (13.3%)

Decrease

Waterfall

EBITDA Multiple

7.5x - 7.5x (7.5x)

Increase

Asset Based Finance

980

Discounted Cash Flow

Discount Rate

5.1% - 44.0% (11.3%)

Decrease

636

Waterfall

EBITDA Multiple

1.0x - 13.7x (1.6x)

Increase

144

Cost

138

Other(3)

Indicative Dealer Quotes

42.0% - 42.0% (42.0%)

Increase

Equity/Other

683

Waterfall

EBITDA Multiple

0.0x - 15.0x (7.4x)

Increase

488

Discounted Cash Flow

Discount Rate

10.0% - 25.0% (15.6%)

Decrease

Cost

Other(3)

Option Pricing Model

Equity Illiquidity Discount

65.0% - 65.0% (65.0%)

Decrease

Total

13,385

_______________

(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.

(2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

Financing Arrangements - Outstanding Financing Arrangements (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions			3 Months Ended	12 Months Ended
	Feb. 23, 2023	Jan. 25, 2023	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 AUD ($)	Mar. 31, 2023 CAD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 CAD ($)
Debt Instrument [Line Items]
Amount Outstanding			$ 8,713.0	$ 8,731.0
Amount Available			2,577.0	2,559.0
1.90% Term Loan Outstanding
Debt Instrument [Line Items]
Term loan outstanding			$ 200.0	$ 200.0
1.90% Term Loan Outstanding \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.90%	1.90%
2.05% Commitments Outstanding \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			2.05%	2.05%
Revolving Credit Facility \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding									€ 260	£ 39	$ 112	$ 32
Long-term line of credit				$ 12.0
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| United States of America, Dollars
Debt Instrument [Line Items]
Exchange rate				1.07					1.07	1.07	1.07	1.07
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| EUR
Debt Instrument [Line Items]
Exchange rate				1.00					1.00	1.00	1.00	1.00
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| CAD
Debt Instrument [Line Items]
Exchange rate				0.74					0.74	0.74	0.74	0.74
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| GBP
Debt Instrument [Line Items]
Basis spread on variable rate, credit spread adjustment			0.0326%	0.0326%
Exchange rate				1.21					1.21	1.21	1.21	1.21
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| AUD
Debt Instrument [Line Items]
Exchange rate				0.68					0.68	0.68	0.68	0.68
Revolving Credit Facility \| 2.05% Commitments Outstanding
Debt Instrument [Line Items]
Revolving commitment outstanding			$ 85.0	$ 85.0
Line of Credit \| Revolving Credit Facility \| Ambler Credit Facility
Debt Instrument [Line Items]
Amount Outstanding			150.0	131.0
Amount Available			$ 50.0	$ 69.0
Floor on benchmark rate			0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| Ambler Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			2.15%	2.15%
Line of Credit \| Revolving Credit Facility \| Burholme Prime Brokerage Facility
Debt Instrument [Line Items]
Floor on benchmark rate				0.00%
Line of Credit \| Revolving Credit Facility \| Burholme Prime Brokerage Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Line of Credit \| Revolving Credit Facility \| CCT Tokyo Funding Credit Facility
Debt Instrument [Line Items]
Amount Outstanding			$ 285.0	$ 285.0
Amount Available			$ 15.0	$ 15.0
Floor on benchmark rate			0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| CCT Tokyo Funding Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.90%	1.90%
Line of Credit \| Revolving Credit Facility \| CCT Tokyo Funding Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.05%	2.05%
Line of Credit \| Revolving Credit Facility \| Darby Creek Credit Facility
Debt Instrument [Line Items]
Amount Outstanding			$ 240.0	$ 242.0
Amount Available			$ 10.0	$ 8.0
Floor on benchmark rate			0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| Darby Creek Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				1.85%
Line of Credit \| Revolving Credit Facility \| Darby Creek Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.90%		1.85%
Line of Credit \| Revolving Credit Facility \| Dunlap Credit Facility
Debt Instrument [Line Items]
Amount Outstanding			$ 467.0	$ 472.0
Amount Available			$ 33.0	$ 28.0
Floor on benchmark rate			0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| Dunlap Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				1.85%
Line of Credit \| Revolving Credit Facility \| Dunlap Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.90%		1.85%
Line of Credit \| Revolving Credit Facility \| Meadowbrook Run Credit Facility
Debt Instrument [Line Items]
Amount Outstanding			$ 300.0	$ 244.0
Amount Available			$ 0.0	$ 56.0
Floor on benchmark rate			0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| Meadowbrook Run Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			2.55%	2.55%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding			$ 2,174.0	$ 2,260.0	€ 242	£ 30	$ 79	$ 22
Amount Available			$ 2,469.0	$ 2,383.0
Floor on benchmark rate			0.00%	0.00%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| United States of America, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate, credit spread adjustment			0.10%	0.10%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| EUR
Debt Instrument [Line Items]
Exchange rate			1.09		1.09	1.09	1.09	1.09
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| CAD
Debt Instrument [Line Items]
Exchange rate			0.74		0.74	0.74	0.74	0.74
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| GBP
Debt Instrument [Line Items]
Exchange rate			1.24		1.24	1.24	1.24	1.24
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| AUD
Debt Instrument [Line Items]
Exchange rate			0.67		0.67	0.67	0.67	0.67
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%	1.75%
Line of Credit \| Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.88%	1.88%
Line of Credit \| Prime Brokerage Facility \| Burholme Prime Brokerage Facility
Debt Instrument [Line Items]
Amount Outstanding			$ 0.0	$ 0.0
Amount Available			$ 0.0	$ 0.0
Floor on benchmark rate			0.00%
Line of Credit \| Prime Brokerage Facility \| Burholme Prime Brokerage Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Line of Credit \| Prime Brokerage Facility \| Burholme Prime Brokerage Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
Line of Credit \| Standby Letters of Credit \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit			$ 12.0
Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate			3.125%		3.125%	3.125%	3.125%	3.125%
Unsecured Notes \| 4.750% Notes due 2022
Debt Instrument [Line Items]
Stated interest rate				4.75%					4.75%	4.75%	4.75%	4.75%
Unsecured Notes \| 4.625% Notes due 2024
Debt Instrument [Line Items]
Stated interest rate			4.625%	4.625%	4.625%	4.625%	4.625%	4.625%	4.625%	4.625%	4.625%	4.625%
Amount Outstanding			$ 400.0	$ 400.0
Fair value			$ 387.0	$ 388.0
Unsecured Notes \| 1.650% Notes due 2024
Debt Instrument [Line Items]
Stated interest rate			1.65%	1.65%	1.65%	1.65%	1.65%	1.65%	1.65%	1.65%	1.65%	1.65%
Amount Outstanding			$ 500.0	$ 500.0
Fair value			$ 460.0	$ 452.0
Unsecured Notes \| 4.125% Notes due 2025
Debt Instrument [Line Items]
Stated interest rate			4.125%	4.125%	4.125%	4.125%	4.125%	4.125%	4.125%	4.125%	4.125%	4.125%
Amount Outstanding			$ 470.0	$ 470.0
Fair value			$ 445.0	$ 442.0
Unsecured Notes \| 4.250% Notes due 2025
Debt Instrument [Line Items]
Stated interest rate			4.25%	4.25%	4.25%	4.25%	4.25%	4.25%	4.25%	4.25%	4.25%	4.25%
Amount Outstanding			$ 475.0	$ 475.0
Fair value			$ 446.0	$ 446.0
Unsecured Notes \| 8.625% Notes due 2025
Debt Instrument [Line Items]
Stated interest rate			8.625%	8.625%	8.625%	8.625%	8.625%	8.625%	8.625%	8.625%	8.625%	8.625%
Amount Outstanding			$ 250.0	$ 250.0
Fair value			$ 254.0	$ 255.0
Unsecured Notes \| 3.400% Notes due 2026
Debt Instrument [Line Items]
Stated interest rate			3.40%	3.40%	3.40%	3.40%	3.40%	3.40%	3.40%	3.40%	3.40%	3.40%
Amount Outstanding			$ 1,000.0	$ 1,000.0
Fair value			$ 899.0	$ 888.0
Unsecured Notes \| 2.625% Notes due 2027
Debt Instrument [Line Items]
Stated interest rate			2.625%	2.625%	2.625%	2.625%	2.625%	2.625%	2.625%	2.625%	2.625%	2.625%
Amount Outstanding			$ 400.0	$ 400.0
Fair value			$ 337.0	$ 334.0
Unsecured Notes \| 3.250% Notes due 2027
Debt Instrument [Line Items]
Stated interest rate			3.25%	3.25%	3.25%	3.25%	3.25%	3.25%	3.25%	3.25%	3.25%	3.25%
Amount Outstanding			$ 500.0	$ 500.0
Fair value			$ 424.0	$ 421.0
Unsecured Notes \| 3.125% Notes due 2028
Debt Instrument [Line Items]
Stated interest rate			3.125%	3.125%	3.125%	3.125%	3.125%	3.125%	3.125%	3.125%	3.125%	3.125%
Amount Outstanding			$ 750.0	$ 750.0
Fair value			615.0	606.0
Unsecured Notes \| 1.85% Class A-1R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding			$ 281.4
Unsecured Notes \| 1.85% Class A-1R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.85%
Unsecured Notes \| 2.25% Class A-2R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding			$ 20.5
Unsecured Notes \| 2.25% Class A-2R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Unsecured Notes \| 2.60% Class B-1R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding			$ 32.4
Unsecured Notes \| 2.60% Class B-1R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.60%
Unsecured Notes \| 3.011% Class B-2R Notes Outstanding
Debt Instrument [Line Items]
Stated interest rate			3.011%		3.011%	3.011%	3.011%	3.011%
Amount Outstanding			$ 17.4
Collateralized Loan Obligation \| CLO-1 Notes
Debt Instrument [Line Items]
Amount Outstanding			$ 352.0	$ 352.0
Floor on benchmark rate			0.00%	0.00%
Collateralized Loan Obligation \| CLO-1 Notes \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.85%	1.85%
Collateralized Loan Obligation \| CLO-1 Notes \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			3.01%	3.01%
Collateralized Loan Obligation \| 1.85% Class A-1R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding				$ 281.4
Collateralized Loan Obligation \| 1.85% Class A-1R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				1.85%
Collateralized Loan Obligation \| 2.25% Class A-2R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding				$ 20.5
Collateralized Loan Obligation \| 2.25% Class A-2R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Collateralized Loan Obligation \| 2.60% Class B-1R Notes Outstanding
Debt Instrument [Line Items]
Amount Outstanding				$ 32.4
Collateralized Loan Obligation \| 2.60% Class B-1R Notes Outstanding \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				2.60%
Collateralized Loan Obligation \| 3.011% Class B-2R Notes Outstanding
Debt Instrument [Line Items]
Stated interest rate				3.011%					3.011%	3.011%	3.011%	3.011%
Amount Outstanding				$ 17.4

Distributions - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended
	May 04, 2023 installment $ / shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 $ / shares	Dec. 31, 2022 USD ($)
Schedule of Distributions [Line Items]
Distributions declared per share (in USD per share) \| $ / shares		$ 0.70	$ 0.63
Percent of market price		95.00%
Capital loss carryforwards		$ 2,081
Unrealized appreciation		1,341		$ 1,349
Unrealized depreciation		2,296		2,364
Income tax purposes		16,993		17,159
Net unrealized appreciation (depreciation)		(1,716)		$ (1,782)
Subsidiaries
Schedule of Distributions [Line Items]
Deferred tax liability		8
Deferred tax asset		71
Deferred tax asset offset by valuation allowance		$ 65
Subsequent Event \| Regular Quarterly Dividend
Schedule of Distributions [Line Items]
Distributions declared per share (in USD per share) \| $ / shares	$ 0.70
Subsequent Event \| Special Distribution
Schedule of Distributions [Line Items]
Distributions declared per share (in USD per share) \| $ / shares	$ 0.15
Common Stock, Dividends, Per Share, Declared, Number Of Installments \| installment	3
Subsequent Event \| To be paid on or about May 31, 2023
Schedule of Distributions [Line Items]
Distributions declared per share (in USD per share) \| $ / shares	$ 0.05
Subsequent Event \| To be paid on or about August 30, 2023
Schedule of Distributions [Line Items]
Distributions declared per share (in USD per share) \| $ / shares	0.05
Subsequent Event \| To be paid on or about November 29, 2023
Schedule of Distributions [Line Items]
Distributions declared per share (in USD per share) \| $ / shares	$ 0.05

Investment Portfolio

3 Months Ended

Mar. 31, 2023

Summary of Common Stock Transactions

Investment Portfolio

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2023 and December 31, 2022:


	March 31, 2023
	(Unaudited)						December 31, 2022
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	9,635	$	9,320	61.0	%	$	9,607	$	9,278	60.3	%
Senior Secured Loans—Second Lien	1,280		1,172		7.7	%	1,299		1,194		7.8	%
Other Senior Secured Debt	152		107		0.7	%	152		110		0.7	%
Subordinated Debt	399		280		1.8	%	384		265		1.7	%
Asset Based Finance	1,916		1,779		11.7	%	2,024		1,903		12.4	%
Credit Opportunities Partners JV, LLC	1,572		1,397		9.1	%	1,572		1,428		9.3	%
Equity/Other	1,229		1,222		8.0	%	1,276		1,199		7.8	%
Total	$	16,183	$	15,277	100.0	%	$	16,314	$	15,377	100.0	%

________________

(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

As of March 31, 2023, the Company held investments in eighteen portfolio companies of which it is deemed to “control.” As of March 31, 2023, the Company held investments in nine portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to "control." For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the unaudited consolidated schedule of investments as of March 31, 2023 in this quarterly report on Form 10-Q.

As of December 31, 2022, the Company held investments in eighteen portfolio companies of which it is deemed to “control.” As of December 31, 2022, the Company held investments in ten portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to "control." For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the consolidated schedule of investments as of December 31, 2022 in this quarterly report on Form 10-Q.

The Company’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of March 31, 2023, the Company had unfunded debt investments with aggregate unfunded commitments of $941.9, unfunded equity/other commitments of $497.3 and unfunded commitments of $560.2 to Credit Opportunities Partners JV, LLC. As of December 31, 2022, the Company had unfunded debt investments with aggregate unfunded commitments of $952.4, unfunded equity commitments of $475.3 and unfunded commitments of $560.2 to Credit Opportunities Partners JV, LLC. The Company maintains sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise. For additional details regarding the Company’s unfunded debt investments, see the Company’s unaudited consolidated schedule of investments as of March 31, 2023 and the Company’s audited consolidated schedule of investments as of December 31, 2022.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of March 31, 2023 and December 31, 2022:


	March 31, 2023
	(Unaudited)				December 31, 2022
Industry Classification(1)	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Automobiles & Components	$	8	0.1	%	$	25	0.2	%

Capital Goods	2,357		15.4	%	2,366		15.4	%
Commercial & Professional Services	1,776		11.6	%	1,670		10.9	%
Consumer Discretionary Distribution & Retail	282		1.8	%	282		1.8	%
Consumer Durables & Apparel	239		1.6	%	235		1.5	%
Consumer Services	200		1.3	%	189		1.2	%
Consumer Staples Distribution & Retail	106		0.7	%	103		0.7	%
Credit Opportunities Partners JV, LLC	1,397		9.1	%	1,428		9.3	%
Energy	230		1.5	%	272		1.8	%
Equity Real Estate Investment Trusts (REITs)	307		2.0	%	336		2.2	%
Financial Services	801		5.2	%	844		5.5	%
Food, Beverage & Tobacco	207		1.4	%	226		1.4	%
Health Care Equipment & Services	1,951		12.8	%	1,963		12.8	%
Household & Personal Products	238		1.6	%	242		1.6	%
Insurance	969		6.3	%	974		6.3	%
Materials	227		1.5	%	197		1.3	%
Media & Entertainment	730		4.8	%	695		4.5	%
Pharmaceuticals, Biotechnology & Life Sciences	240		1.6	%	231		1.5	%
Real Estate Management & Development	130		0.9	%	156		1.0	%

Software & Services	2,525		16.5	%	2,591		16.8	%
Technology Hardware & Equipment	2		0.0	%	1		0.0	%
Telecommunication Services	73		0.5	%	76		0.5	%
Transportation	282		1.8	%	275		1.8	%

Total	$	15,277	100.0	%	$	15,377	100.0	%

____________

(1)S&P Dow Jones recently updated the Global Industry Classification Standard (GICS) structure. As a result, certain investments categorization as of December 31, 2022 have been updated to reflect their new classification in the above table, for comparability purposes.

Credit Opportunities Partners JV, LLC

Credit Opportunities Partners JV, LLC (formerly known as Strategic Credit Opportunities Partners, LLC), or COPJV, is a joint venture between the Company and South Carolina Retirement Systems Group Trust, or SCRS. SCRS purchased its interests in COPJV from Conway Capital, LLC, an affiliate of Guggenheim Life and Annuity Company and Delaware Life Insurance Company, in June 2019, which had no impact on the significant terms governing COPJV other than an increase in the aggregate capital commitment (but not the percentage of the aggregate capital committed by each member) to COPJV. Effective as of June 18, 2021, Credit Opportunities Partners, LLC, or COP, merged with and into COPJV, with COPJV surviving the merger, or the COPJV Merger. As of June 18, 2021, COPJV assumed all of COP's obligations under its credit facilities, and COP's wholly-owned special purpose financing subsidiaries became wholly-owned special purpose financing subsidiaries of COPJV, in each case, as a result of the consummation of the COPJV Merger. COPJV’s second amended and restated limited liability company agreement, or the COPJV Agreement, requires the Company and SCRS to provide capital to COPJV of up to $2,440 in the aggregate where the Company and SCRS would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of the COPJV Agreement, the Company and SCRS each have 50% voting control of COPJV and are required to agree on all investment decisions as well as certain other significant actions for COPJV. COPJV invests its capital in a range of investments, including senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans, equity, warrants and other investments. As administrative agent of COPJV, the Company performs certain day-to-day management responsibilities on behalf of COPJV and is entitled to a fee of 0.25% of COPJV's assets under administration, calculated and payable quarterly in arrears. As of June 28, 2022, the Company and SCRS increased their commitment by $440, of which $385 was committed by the Company. As of March 31, 2023, the Company and SCRS have funded approximately $1,799.8 to COPJV, of which $1,574.8 was from the Company.

COPJV was in compliance with all covenants required by its financing arrangements as of March 31, 2023 and December 31, 2022.

During the three months ended March 31, 2023, the Company sold investments with a cost of $121.9 for proceeds of $121.7 to COPJV and recognized a net realized gain (loss) of $(0.2) in connection with the transactions. As of March 31, 2023, $178.2 of these sales to COPJV are included in the Company's receivable for investments sold in the consolidated statements of assets and liabilities.

As of March 31, 2023 and December 31, 2022, COPJV had total investments with a fair value of $3,556.3 and $3,562.9, respectively. As of March 31, 2023 and December 31, 2022, COPJV had three and two investments on non-accrual status, respectively.

Below is a summary of COPJV’s portfolio, followed by a listing of the individual loans in COPJV’s portfolio as of March 31, 2023 and December 31, 2022:



	As of
	March 31, 2023 (Unaudited)			December 31, 2022
Total debt investments(1)	$	3,254.6		$	3,363.8
Weighted average annual yield on accruing debt investments(2)	11.3		%	11.0		%
Number of portfolio companies in COPJV	122			122
Largest investment in a single portfolio company	$	132.4		$	132.4
Unfunded commitments(1)	$	3.6		$	3.3

____________

(1)"Debt Investments" means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar stated return.

(2)The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of March 31, 2023, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of March 31, 2023.

Credit Opportunities Partners JV, LLC Portfolio

As of March 31, 2023 (in millions)

(Unaudited)


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Senior Secured Loans—First Lien—152.9%
48Forty Solutions LLC	(e)(o)	Commercial & Professional Services	SF+550	1.0%	11/30/26	$	19.3	$	19.1	$	19.1
Accuride Corp	(i)(j)	Capital Goods	L+525	1.0%	11/17/23	20.7		20.4		16.5
Advania Sverige AB	(e)(o)	Software & Services	SR+610, 0.0% PIK (3.3% Max PIK)	0.0%	4/28/28	SEK	588.0	66.7		55.1
Advania Sverige AB	(e)(o)	Software & Services	R+610, 0.0% PIK (3.3% Max PIK)	0.0%	4/28/28	ISK	1,644.9	12.8		11.6
Affordable Care Inc	(e)(h)(i)(o)	Health Care Equipment & Services	SF+450, 1.3% PIK (1.3% Max PIK)	0.8%	8/2/28	$	76.2	75.7		75.2
Alacrity Solutions Group LLC	(e)(j)(o)	Insurance	L+525	0.8%	12/22/28	40.4		39.7		39.2
Alera Group Intermediate Holdings Inc	(e)(k)(o)	Insurance	SF+600	0.8%	10/2/28	32.2		31.8		31.2
Alstom SA	(g)(k)(p)	Transportation	L+550, 4.5% PIK (4.5% Max PIK)	1.0%	8/29/24	6.3		5.9		3.0
American Vision Partners	(e)(o)	Health Care Equipment & Services	SF+575	0.8%	9/30/27	19.5		19.3		18.8
Ammeraal Beltech Holding BV	(h)(k)	Capital Goods	E+375	0.0%	7/30/25	€	4.8	4.9		5.0
Apex Group Limited	(h)	Financial Services	L+375	0.5%	7/27/28	$	4.2	4.2		4.1
Apex Group Limited	(h)	Financial Services	E+400	0.0%	7/27/28	€	1.6	1.9		1.7


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Arcfield Acquisition Corp	(e)(o)	Capital Goods	L+575	0.8%	3/10/28	$	8.0	$	8.0	$	7.9
Arcos LLC/VA	(e)(h)(j)	Software & Services	L+575	1.0%	3/31/28	22.2		22.0		20.3
Ardonagh Group Ltd	(e)(i)	Insurance	SA+725	0.8%	7/14/26	£	3.8	4.7		4.6
Ardonagh Group Ltd	(e)(i)	Insurance	E+725	1.0%	7/14/26	€	0.5	0.5		0.5
Ardonagh Group Ltd	(e)(j)(k)(o)	Insurance	SF+600	0.8%	7/14/26	$	54.8	54.3		52.7
Arrotex Australia Group Pty Ltd	(e)(j)(k)(o)	Pharmaceuticals, Biotechnology & Life Sciences	B+525	1.0%	7/10/24	A$	109.4	74.0		73.2
Arrotex Australia Group Pty Ltd	(e)(j)(k)(o)	Pharmaceuticals, Biotechnology & Life Sciences	B+525	1.0%	7/10/24	8.0		5.7		5.4
athenahealth Inc	(k)	Health Care Equipment & Services	SF+350	0.5%	2/15/29	$	7.1	6.4		6.7
athenahealth Inc	(f)	Health Care Equipment & Services	SF+350	0.5%	2/15/29	0.9		0.8		0.8
Barbri Inc	(e)(h)(i)	Consumer Services	SF+575	0.8%	4/28/28	47.1		47.1		46.8
BearCom Acquisition Corp	(e)(j)	Technology Hardware & Equipment	L+650,0.5% PIK (0.5% Max PIK)	1.0%	7/5/24	2.2		2.2		2.2
BearCom Acquisition Corp	(e)(j)	Technology Hardware & Equipment	C+650,0.5% PIK (0.5% Max PIK)	1.0%	7/5/24	C$	14.2	10.6		10.4
BearCom Acquisition Corp	(e)(f)	Technology Hardware & Equipment	C+550	1.0%	1/5/24	1.3		1.0		1.0
Belk Inc		Consumer Discretionary Distribution & Retail	L+750	1.0%	7/31/25	$	0.6	0.6		0.5
Belk Inc	(g)(p)	Consumer Discretionary Distribution & Retail	5.0%, 8.0% PIK (8.0% Max PIK)		7/31/25	3.1		1.7		0.5
BGB Group LLC	(e)(h)(i)(o)	Media & Entertainment	L+575	1.0%	8/16/27	54.2		53.8		52.4
Big Bus Tours Ltd	(e)(j)	Consumer Services	L+850 PIK (L+850 Max PIK)	1.0%	3/15/24	18.1		18.1		16.9
Big Bus Tours Ltd	(e)(j)	Consumer Services	E+850 PIK (E+850 Max PIK)	1.0%	3/15/24	€	12.7	14.1		12.8
Bugaboo International BV	(e)(h)(i)	Consumer Durables & Apparel	E+700, 0.0% PIK (7.8% Max PIK)	0.0%	3/20/25	35.0		41.0		38.0
CFC Underwriting Ltd	(e)(h)(j)	Insurance	SF+500,0.0% PIK (2.8% Max PIK)	0.5%	5/16/29	$	39.5	39.1		39.5
Cision Ltd		Software & Services	L+375	0.0%	1/29/27	3.8		3.4		2.5
ClubCorp Club Operations Inc	(j)(k)	Consumer Services	L+275	0.0%	9/18/24	31.9		29.9		30.5
Creation Technologies Inc	(k)	Technology Hardware & Equipment	L+550	0.5%	10/5/28	2.3		2.1		2.0
CSafe Global	(e)(h)(i)(k)	Capital Goods	SF+625	1.0%	12/23/27	59.2		59.1		59.2
CSafe Global	(e)(h)	Capital Goods	SF+625	1.0%	8/13/28	17.2		17.2		17.2
Cubic Corp	(i)	Software & Services	SF+425	0.8%	5/25/28	9.0		9.1		7.8
Emerald Expositions Holding Inc	(k)	Media & Entertainment	L+250	0.0%	5/22/24	1.4		1.3		1.4
Encora Digital Inc	(e)(o)	Commercial & Professional Services	L+550, 0.0% PIK (2.4% Max PIK)	0.8%	12/20/28	16.3		15.9		15.6
Envirotainer Ltd	(e)(h)	Transportation	E+600, 0.0% PIK (3.0% Max PIK)	0.0%	7/30/29	€	14.9	13.9		15.8
Envirotainer Ltd	(e)(i)	Transportation	SF+600, 0.0% PIK (3.0% Max PIK)	0.8%	7/30/29	$	7.6	7.4		7.4
Excelitas Technologies Corp	(e)(k)	Technology Hardware & Equipment	E+575	0.0%	8/12/29	€	4.1	4.2		4.3
Excelitas Technologies Corp	(e)(j)(k)	Technology Hardware & Equipment	SF+575	0.8%	8/12/29	$	24.5	24.3		24.1
Follett Software Co	(e)(h)(i)	Software & Services	SF+575	0.8%	8/31/28	37.4		37.1		36.9
Galaxy Universal LLC	(e)(h)	Consumer Durables & Apparel	SF+500	1.0%	11/12/26	7.5		7.5		7.2
Galway Partners Holdings LLC	(e)(k)(o)	Insurance	SF+525, 0.0% PIK (1.3% Max PIK)	0.8%	9/29/28	36.8		36.1		36.1
General Datatech LP	(e)(j)	Software & Services	SF+625	1.0%	6/18/27	18.2		17.6		17.4
Greystone Equity Member Corp	(e)	Financial Services	L+725	3.8%	4/1/26	30.2		30.1		29.1
HealthChannels LLC	(j)	Health Care Equipment & Services	L+450	0.0%	4/3/25	15.4		15.3		9.1
Hermes UK Ltd	(e)(k)	Transportation	SA+650	0.0%	11/30/27	£	14.7	19.6		16.7
Higginbotham Insurance Agency Inc	(e)(h)(i)	Insurance	L+525	0.8%	11/25/26	$	37.5	37.9		37.3


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Industria Chimica Emiliana Srl	(e)(j)(k)(o)	Pharmaceuticals, Biotechnology & Life Sciences	E+725	0.0%	9/27/26	€	113.9	$	125.6	$	120.4
iNova Pharmaceuticals (Australia) Pty Limited	(e)(k)	Pharmaceuticals, Biotechnology & Life Sciences	B+650	0.8%	10/30/28	A$	34.2	22.5		22.3
Insight Global LLC	(e)(h)(i)(o)	Commercial & Professional Services	SF+600	0.8%	9/22/28	$	63.5	62.8		62.0
KBP Investments LLC	(e)(h)	Consumer Staples Distribution & Retail	SF+550, 1.0% PIK (1.0% Max PIK)	0.8%	5/26/27	14.6		14.6		13.5
KBP Investments LLC	(e)(i)	Consumer Staples Distribution & Retail	SF+550, 0.5% PIK (0.5% Max PIK)	0.8%	5/26/27	9.0		9.0		8.4
Kellermeyer Bergensons Services LLC	(e)(i)(j)	Commercial & Professional Services	L+600	1.0%	11/7/26	29.1		28.1		26.8
Lakefield Veterinary Group	(e)(o)	Health Care Equipment & Services	SF+550	0.8%	11/23/28	27.0		26.7		26.0
Lakeview Farms Inc	(e)(j)	Food, Beverage & Tobacco	SF+625	1.0%	6/10/27	15.5		15.4		15.0
Lexitas Inc	(e)(h)	Commercial & Professional Services	SF+675	1.0%	5/18/29	18.4		18.4		18.3
Lionbridge Technologies Inc	(e)(i)(j)	Media & Entertainment	SF+700	1.0%	12/29/25	26.1		25.6		26.2
Lloyd's Register Quality Assurance Ltd	(e)(i)(o)	Consumer Services	E+575, 0.0% PIK (6.3% Max PIK)	0.0%	12/2/28	€	44.3	48.8		47.1
MB2 Dental Solutions LLC	(e)(i)	Health Care Equipment & Services	SF+600	1.0%	1/29/27	$	11.9	11.8		11.7
Med-Metrix	(e)(o)	Software & Services	SF+600	1.0%	9/15/27	11.8		11.8		12.0
Misys Ltd	(k)	Software & Services	L+350	1.0%	6/13/24	2.3		2.2		2.1
Monitronics International Inc	(h)(i)(k)	Commercial & Professional Services	L+600	1.5%	7/3/24	35.5		33.9		33.8
Motion Recruitment Partners LLC	(e)(h)(j)	Commercial & Professional Services	SF+650	1.0%	12/22/25	24.7		24.5		24.7
New Era Technology Inc	(e)(j)	Software & Services	SF+625	1.0%	10/31/26	9.9		9.9		9.7
New Era Technology Inc	(e)(h)(j)(k)	Software & Services	SF+625	1.0%	10/31/26	24.3		23.9		24.0
Novotech Pty Ltd	(e)(k)(o)	Health Care Equipment & Services	SF+525	0.5%	1/13/28	24.4		24.0		23.8
Novotech Pty Ltd	(e)(k)(o)	Health Care Equipment & Services	B+525	0.5%	1/13/28	A$	33.7	24.8		21.9
One Call Care Management Inc	(h)	Health Care Equipment & Services	L+550	0.8%	4/22/27	$	4.9	4.9		3.7
Ontic Engineering & Manufacturing Inc	(h)	Capital Goods	L+400	0.0%	10/30/26	2.1		1.9		2.1
Pantherx Specialty LLC	(e)(j)	Pharmaceuticals, Biotechnology & Life Sciences	SF+550	0.5%	7/16/29	15.9		14.8		15.0
Parts Town LLC	(e)(h)(k)(o)	Consumer Discretionary Distribution & Retail	SF+598	0.8%	11/1/28	49.3		48.2		47.8
Peraton Corp	(j)	Capital Goods	SF+375	0.8%	2/1/28	8.7		8.4		8.7
Plaskolite, LLC	(k)	Materials	L+400	0.8%	12/15/25	1.1		1.1		1.0
Precision Global Corp	(e)(j)	Materials	L+475	1.0%	8/3/24	8.9		8.7		8.8
Pretium Packaging LLC	(j)	Household & Personal Products	L+400	0.5%	10/2/28	1.6		1.6		1.3
Project Marron	(e)(h)(j)(k)	Consumer Services	B+625	0.5%	7/2/25	A$	81.8	56.5		50.6
Project Marron	(e)(i)(j)	Consumer Services	C+625	0.5%	7/2/25	C$	52.5	40.2		35.9
Pure Fishing Inc	(i)	Consumer Durables & Apparel	L+450	0.0%	12/22/25	$	9.8	9.7		6.1
Reliant Rehab Hospital Cincinnati LLC	(e)(j)(o)	Health Care Equipment & Services	L+625	0.0%	3/2/26	33.3		32.4		22.1
Revere Superior Holdings Inc	(e)(k)	Software & Services	L+575	1.0%	9/30/26	19.5		19.5		19.3
Rise Baking Company	(e)(k)	Food, Beverage & Tobacco	SF+650	1.0%	8/13/27	0.2		0.2		0.2
Rise Baking Company	(e)(j)(k)	Food, Beverage & Tobacco	SF+650	1.0%	8/13/27	30.3		29.8		29.5
Rise Baking Company	(e)(f)	Food, Beverage & Tobacco	SF+650	1.0%	8/13/27	1.7		1.7		1.7
RSC Insurance Brokerage Inc	(e)(k)	Insurance	SF+550	0.8%	10/30/26	18.8		18.7		18.4
Safe-Guard Products International LLC	(e)(i)(j)(k)	Financial Services	L+500	0.5%	1/27/27	71.7		72.1		71.7
SAMBA Safety Inc	(e)(h)(j)	Software & Services	L+525	1.0%	9/1/27	27.0		26.8		26.8
SavATree LLC	(e)(j)(k)	Consumer Services	L+525	0.8%	10/12/28	39.5		39.2		38.7
SI Group Inc	(k)	Materials	SF+475	0.0%	10/15/25	1.5		1.5		1.3
SIRVA Worldwide Inc	(i)	Commercial & Professional Services	L+550	0.0%	8/4/25	6.8		6.6		6.3


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
SitusAMC Holdings Corp	(e)(j)(o)	Real Estate Management & Development	L+550	0.8%	12/22/27	39.4		$	38.6	$	38.4
Solina France SASU	(e)(k)	Food, Beverage & Tobacco	SF+650	0.0%	7/31/28	20.5		20.3		20.4
Sorenson Communications LLC	(j)	Telecommunication Services	L+550	0.8%	3/17/26	19.3		18.7		18.4
Staples Canada	(e)(h)(i)(j)(k)	Consumer Discretionary Distribution & Retail	C+700	1.0%	9/12/24	C$	71.0	54.5		53.5
Summit Interconnect Inc	(e)(o)	Capital Goods	SF+600	1.0%	9/22/28	$	19.5	19.2		18.4
Time Manufacturing Co	(e)(h)(i)	Capital Goods	E+650	0.8%	12/1/27	€	29.2	32.5		29.7
Total Safety US Inc	(h)(i)	Capital Goods	L+600	1.0%	8/18/25	$	11.0	10.0		10.5
Transaction Services Group Ltd	(e)(j)(k)(n)(o)	Software & Services	B+550	0.0%	10/14/26	A$	124.1	85.3		81.4
Unifrax I LLC / Unifrax Holding Co	(k)	Capital Goods	L+375	0.0%	12/12/25	$	2.8	2.7		2.6
Varsity Brands Inc	(k)	Consumer Durables & Apparel	L+350	1.0%	12/16/24	4.0		3.8		3.7
Version1 Software Ltd	(e)(k)	Software & Services	E+575, 0.0% PIK (1.7% Max PIK)	0.0%	7/11/29	€	2.5	2.5		2.6
Version1 Software Ltd	(e)(k)	Software & Services	SA+575, 0.0% PIK (1.7% Max PIK)	0.0%	7/11/29	£	4.0	4.7		4.8
Wealth Enhancement Group LLC	(e)(j)(k)	Financial Services	SF+600	1.0%	10/4/27	$	28.1	27.9		27.9
West Corp	(i)	Commercial & Professional Services	SF+400	1.0%	4/10/27	4.8		4.8		4.2
Woolpert Inc	(e)(h)(i)(j)	Capital Goods	L+600	1.0%	4/5/28	52.9		52.4		50.3
Worldwise Inc	(e)(h)(i)(j)(k)(o)	Household & Personal Products	SF+625	1.0%	3/29/28	64.5		61.7		59.3
Yak Access LLC	(n)	Capital Goods	SF+640	1.0%	3/10/28	0.5		0.4		0.4




Total Senior Secured Loans—First Lien								2,545.9		2,444.4
Unfunded Loan Commitments								(3.6)		(3.6)
Net Senior Secured Loans—First Lien								2,542.3		2,440.8

Senior Secured Loans—Second Lien—23.0%
Access CIG LLC	(h)(i)	Commercial & Professional Services	L+775	0.0%	2/27/26	2.5		2.3		2.3
Ammeraal Beltech Holding BV	(e)(h)(k)(o)	Capital Goods	L+775	0.0%	9/12/26	42.8		42.1		42.8
Apex Group Limited	(e)(h)(i)(o)	Financial Services	L+675	0.5%	7/27/29	40.0		39.7		38.8
Cubic Corp	(e)(k)	Software & Services	SF+763	0.8%	5/25/29	10.0		9.7		9.0
EaglePicher Technologies LLC	(h)	Capital Goods	L+725	0.0%	3/8/26	0.4		0.4		0.3
Element Materials Technology Group US Holdings Inc	(e)(h)(i)	Commercial & Professional Services	SA+725	0.5%	6/24/30	£	21.0	23.0		25.7
Misys Ltd	(h)(i)(k)(o)	Software & Services	L+725	1.0%	6/13/25	$	46.6	44.9		37.8
NEP Broadcasting LLC	(i)	Media & Entertainment	L+700	0.0%	10/19/26	6.8		6.8		5.6
OEConnection LLC	(e)(h)(i)(j)	Software & Services	SF+700	0.5%	9/25/27	50.0		50.0		48.3
Paradigm Acquisition Corp	(h)(k)	Health Care Equipment & Services	L+750	0.0%	10/26/26	2.5		2.5		2.5
Peraton Corp	(e)(h)(i)	Capital Goods	SF+775	0.8%	2/1/29	21.5		21.3		21.5
Pretium Packaging LLC	(e)(h)(i)(j)	Household & Personal Products	L+675	0.5%	10/1/29	39.9		39.7		30.9
Pure Fishing Inc	(e)(h)	Consumer Durables & Apparel	L+838	1.0%	12/21/26	26.5		24.3		14.4
SIRVA Worldwide Inc	(i)(j)	Commercial & Professional Services	L+950	0.0%	8/3/26	10.3		8.8		8.9
Valeo Foods Group Ltd	(e)(h)	Food, Beverage & Tobacco	SA+800	0.0%	9/28/29	£	9.3	11.8		9.6
Wittur Holding GmbH	(e)(g)(n)(p)	Capital Goods	E+850, 1.0% PIK 1.0% Max PIK)	0.0%	10/4/27	€	121.1	132.4		68.6





Total Senior Secured Loans—Second Lien								459.7		367.0



Other Senior Secured Debt—1.2%
One Call Care Management Inc	(e)	Health Care Equipment & Services	8.5% PIK (8.5% Max PIK)		11/1/28	$	25.6	25.1		18.8


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Total Other Senior Secured Debt								25.1		18.8

Subordinated Debt—1.3%
Arrotex Australia Group Pty Ltd	(e)	Pharmaceuticals, Biotechnology & Life Sciences	B+1,150 PIK (B+1,150 Max PIK)	1.0%	12/22/26	A$	25.0	$	16.2	$	16.5
athenahealth Inc		Health Care Equipment & Services	6.5%		2/15/30	$	5.5	4.8		4.5
Total Subordinated Debt								21.0		21.0

Asset Based Finance—33.8%
Abacus JV, Private Equity	(e)	Insurance				30,011,455		30.8		31.4
Altavair AirFinance, Private Equity	(e)	Capital Goods				33,964,539		40.0		37.5
Connecticut Avenue Securities Trust 2022-R08, Structured Mezzanine		Real Estate Management & Development	SF+560	0.0%	7/25/42	$	2.3	2.3		2.4
GA Capital Specialty Lending Fund, Limited Partnership Interest	(e)(n)	Financial Services				$	1.0	—		0.9
Global Lending Services LLC, Private Equity	(e)(n)	Financial Services				1,884,606		1.9		2.2
Global Lending Services LLC, Private Equity	(e)	Financial Services				16,218,551		21.3		16.5
Kilter Finance, Preferred Stock	(e)	Insurance	12.0%			$	24.0	24.0		24.0
KKR Chord IP Aggregator LP, Partnership Interest	(e)	Media & Entertainment				19,616,330		22.9		21.7
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest	(e)(n)(p)	Capital Goods				19,642,734		24.4		17.1
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SF+1050	1.0%	9/30/24	$	4.7	4.7		4.7
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	E+1,050	1.0%	9/30/24	€	3.6	3.6		3.9
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	E+650	1.0%	9/30/24	€	5.0	5.0		5.4
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SA+650	1.0%	9/30/24	£	1.1	1.3		1.4
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SF+650	1.0%	9/30/24	$	6.5	6.5		6.5
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SA+1,050	1.0%	9/30/24	£	0.8	0.9		1.0
Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan	(e)(h)(n)	Insurance	L+750	1.5%	2/27/25	$	21.1	21.1		21.2
Luxembourg Life Fund - Absolute Return Fund II, Structured Mezzanine	(e)(h)(i)	Insurance	SF+750	0.5%	2/10/27	$	24.8	24.6		24.7
Luxembourg Life Fund - Absolute Return Fund III, Term Loan	(e)(h)(k)(n)	Insurance	L+925	0.0%	5/27/26	$	55.8	55.4		56.8
My Community Homes PropCo 2, Private Equity	(e)(p)	Equity Real Estate Investment Trusts (REITs)				33,689,910		33.7		33.2
NewStar Clarendon 2014-1A Class D	(e)(k)(n)	Financial Services	16.8%		1/25/27	$	30.0	9.3		13.3
Pretium Partners LLC P1, Structured Mezzanine	(e)(h)(i)	Equity Real Estate Investment Trusts (REITs)	2.8%, 5.3% PIK (5.3% Max PIK)		10/22/26	$	30.4	29.4		29.5
Pretium Partners LLC P2, Private Equity	(e)	Equity Real Estate Investment Trusts (REITs)				16,772,368		16.2		18.4
Pretium Partners LLC P2, Term Loan	(e)(i)	Equity Real Estate Investment Trusts (REITs)	11.0%		12/16/29	$	33.5	32.9		32.9
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity	(e)	Financial Services				40,000,000		50.2		46.2


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine	(e)	Real Estate Management & Development	8.0%		7/25/30	$	5.7	$	5.7	$	5.7
Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan	(e)	Real Estate Management & Development	7.3%		7/25/30	$	34.5	34.1		34.1
Sealane Trade Finance	(e)(m)(p)	Banks				1,104,510		1.1		0.2
SG Residential Mortgage Trust 2022-2, Structured Mezzanine		Real Estate Management & Development	5.4%		8/25/62	$	4.6	3.8		3.9
Star Mountain Strategic Credit Income Fund IV LP, Private Equity	(e)	Financial Services				42,500,000		42.5		43.3










Total Asset Based Finance								549.6		540.0



Equity/Other—10.6%
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock	(e)(l)(p)	Energy				13,556		3.6		3.7
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim	(e)(l)(p)	Energy				115,178,571		30.5		31.2
athenahealth Inc, Preferred Stock	(e)	Health Care Equipment & Services	10.8% PIK (10.8% Max PIK)			50,000,000		47.5		43.1
Belk Inc, Common Stock	(e)(p)	Consumer Discretionary Distribution & Retail				381		—		—
Misys Ltd, Preferred Stock	(e)	Software & Services	L+1,025 PIK (L+1,025 Max PIK)	0.0%		26,221,656		25.7		22.9
One Call Care Management Inc, Common Stock	(e)(p)	Health Care Equipment & Services				34,873		2.2		1.3
One Call Care Management Inc, Preferred Stock A	(e)(p)	Health Care Equipment & Services				371,993		23.7		17.7
One Call Care Management Inc, Preferred Stock B	(e)	Health Care Equipment & Services	9.0% PIK (9.0% Max PIK)		10/25/29	7,672,346		8.7		7.7
Pure Gym Ltd, Private Equity	(e)(p)	Consumer Services				30,218,000		39.4		41.1
Yak Access LLC, Common Stock	(n)(p)	Capital Goods				1,256		—		—
Yak Access LLC, Preferred Stock	(n)(p)	Capital Goods				301,310		—		—

Total Equity/Other								181.3		168.7
TOTAL INVESTMENTS—222.8%								$	3,779.0	$	3,556.3

Derivative Instruments—0.2%
Foreign currency forward contracts										$	2.8

____________

(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, 2023, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 5.19%, the Euro Interbank Offered Rate, or EURIBOR, was 3.04%, Canadian Dollar Offer Rate, or CDOR was 5.03%, the Australian Bank Bill Swap Bid Rate, or BBSY, or “B”, was 3.77%, the Reykjavik Interbank Offered Rate, or REIBOR or "R", was 8.25%, the Stockholm Interbank Offered Rate, or STIBOR or "SR", was 3.36%, the Sterling Overnight Index Average, or

SONIA, was 4.18%, the Secured Overnight Financing Rate, or SOFR, was 4.91% and the U.S. Prime Lending Rate, or Prime, was 8.00%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment.

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

(d)Fair value is determined in accordance with the Company's valuation process.

(e)Investments classified as Level 3.

(f)Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(g)Asset is on non-accrual status.

(h)Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.

(i)Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.

(j)Security or portion thereof held within Chestnut Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Citibank.

(k)Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.

(l)Security or portion thereof held within IC II American Energy Investment, Inc., a wholly-owned subsidiary of the company.

(m)Security or portion thereof held within JCF Cayman Ltd, a wholly-owned subsidiary of the company.

(n)Security or portion thereof held within Jersey City Funding LLC, a wholly-owned subsidiary of the company.

(o)Security or portion thereof held within Magnolia Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Morgan Stanley.

(p)Security is non-income producing.

Credit Opportunities Partners JV, LLC Portfolio

As of December 31, 2022 (in millions)


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Senior Secured Loans—First Lien—148.1%
48Forty Solutions LLC	(e)(o)	Commercial & Professional Services	SF+550	1.0%	11/30/26	$	19.4	$	19.2	$	18.8
Accuride Corp	(i)(j)	Capital Goods	L+525	1.0%	11/17/23	20.8		20.4		17.7
Advania Sverige AB	(e)(o)	Software & Services	SR+610, 0.0% PIK (3.3% Max PIK)	0.0%	4/28/28	SEK	588.0	66.6		54.1
Advania Sverige AB	(e)(o)	Software & Services	R+610, 0.0% PIK (3.3% Max PIK)	0.0%	4/28/28	ISK	1,644.9	12.8		11.2
Affordable Care Inc	(e)(h)(i)(o)	Health Care Equipment & Services	L+550, 0.0% PIK (1.3% Max PIK)	0.8%	8/2/28	$	76.1	75.6		74.6
Alacrity Solutions Group LLC	(e)(j)(o)	Insurance	L+525	0.8%	12/22/28	40.6		39.9		39.1
Alera Group Intermediate Holdings Inc	(e)(k)(o)	Insurance	SF+600	0.8%	10/2/28	32.3		31.9		30.7
Alstom SA	(k)	Transportation	L+550, 2.5% PIK (2.5% Max PIK)	1.0%	8/29/24	6.2		5.8		3.5
American Airlines Group Inc	(k)	Transportation	L+175	0.0%	6/27/25	2.5		2.3		2.4
American Vision Partners	(e)(o)	Health Care Equipment & Services	L+575	0.8%	9/30/27	19.5		19.3		18.9
Ammeraal Beltech Holding BV	(h)(k)	Capital Goods	E+375	0.0%	7/30/25	€	4.8	4.8		4.8
Apex Group Limited	(h)	Diversified Financials	L+375	0.5%	7/27/28	$	4.2	4.2		4.0
Apex Group Limited	(h)	Diversified Financials	E+400	0.0%	7/27/28	€	1.6	1.9		1.6
Arcfield Acquisition Corp	(e)(o)	Capital Goods	L+575	0.8%	3/10/28	$	8.0	8.0		7.9
Arcos LLC/VA	(e)(h)(j)	Software & Services	L+575	1.0%	3/31/28	22.2		22.0		20.6
Ardonagh Group Ltd	(e)(i)	Insurance	SA+700	0.8%	7/14/26	£	3.8	4.7		4.5
Ardonagh Group Ltd	(e)(i)	Insurance	E+700	1.0%	7/14/26	€	0.5	0.5		0.5
Ardonagh Group Ltd	(e)(j)(k)(o)	Insurance	SF+575	0.8%	7/14/26	$	54.8	54.3		53.1
Arrotex Australia Group Pty Ltd	(e)(j)(k)(o)	Pharmaceuticals, Biotechnology & Life Sciences	B+525	1.0%	7/10/24	A$	109.4	73.9		74.5
Arrotex Australia Group Pty Ltd	(e)(j)(k)(o)	Pharmaceuticals, Biotechnology & Life Sciences	B+525	1.0%	7/10/24	8.0		5.7		5.4
athenahealth Inc	(k)	Health Care Equipment & Services	SF+350	0.5%	2/15/29	$	7.1	6.4		6.4
athenahealth Inc	(f)	Health Care Equipment & Services	SF+350	0.5%	2/15/29	0.9		0.9		0.8
Barbri Inc	(e)(h)(i)	Consumer Services	L+575	0.8%	4/28/28	47.2		47.3		46.9
BearCom Acquisition Corp	(e)(j)	Technology Hardware & Equipment	L+650, 0.0% PIK (0.5% Max PIK)	1.0%	7/5/24	2.2		2.2		2.2
BearCom Acquisition Corp	(e)(j)	Technology Hardware & Equipment	C+650, 0.0% PIK (0.5% Max PIK)	1.0%	7/5/24	C$	14.3	10.6		10.3
BearCom Acquisition Corp	(e)(f)	Technology Hardware & Equipment	C+550	1.0%	1/5/24	1.3		1.0		1.0
Belk Inc		Retailing	L+750	1.0%	7/31/25	$	0.6	0.6		0.6
Belk Inc	(g)(p)	Retailing	5.0%, 8.0% PIK (8.0% Max PIK)		7/31/25	3.1		1.7		0.4
BGB Group LLC	(e)(h)(i)(o)	Media & Entertainment	L+575	1.0%	8/16/27	54.4		54.0		53.0
Big Bus Tours Ltd	(e)(j)	Consumer Services	L+850 PIK (L+850 Max PIK)	1.0%	3/15/24	10.7		10.7		8.8
Big Bus Tours Ltd	(e)(j)	Consumer Services	E+850 PIK (E+850 Max PIK)	1.0%	3/15/24	€	12.6	14.0		11.0
Big Bus Tours Ltd	(e)(j)	Consumer Services	L+850 PIK (L+850 Max PIK)	1.0%	3/15/24	$	7.2	7.2		5.9
Bugaboo International BV	(e)(h)(i)	Consumer Durables & Apparel	E+700, 0.0% PIK (7.8% Max PIK)	0.0%	3/20/25	€	35.0	41.0		37.4
CFC Underwriting Ltd	(e)(h)(j)	Insurance	SF+500, 0.0% PIK (2.8% Max PIK)	0.5%	5/16/29	$	39.5	38.3		39.2
Cision Ltd		Software & Services	L+375	0.0%	1/29/27	3.8		3.4		2.4
ClubCorp Club Operations Inc	(j)(k)	Consumer Services	L+275	0.0%	9/18/24	31.9		29.9		28.9
Creation Technologies Inc	(k)	Technology Hardware & Equipment	L+550	0.5%	10/5/28	2.3		2.1		1.8
CSafe Global	(e)(h)(i)(k)	Capital Goods	L+625	0.8%	12/23/27	59.4		59.3		59.4
CSafe Global	(e)(h)	Capital Goods	L+625	0.8%	8/13/28	17.3		17.3		17.3
Cubic Corp	(i)	Software & Services	L+425	0.8%	5/25/28	9.1		9.1		7.7


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
EIF Van Hook Holdings LLC	(i)(k)	Energy	SF+525	0.0%	9/5/24	7.2		$	7.0	$	7.0
Emerald Expositions Holding Inc	(k)	Media & Entertainment	L+250	0.0%	5/22/24	1.4		1.3		1.4
Encora Digital Inc	(e)(o)	Software & Services	L+550, 0.0% PIK (2.4% Max PIK)	0.8%	12/20/28	16.3		15.9		15.4
Envirotainer Ltd	(e)(h)	Transportation	E+600, 0.0% PIK (3.0% Max PIK)	0.0%	7/30/29	€	14.9	13.9		15.1
Envirotainer Ltd	(e)(i)	Transportation	SF+600, 0.0% PIK (3.0% Max PIK)	0.8%	7/30/29	$	7.6	7.4		7.3
Excelitas Technologies Corp	(e)(k)	Technology Hardware & Equipment	E+575	0.0%	8/12/29	€	4.1	4.2		4.2
Excelitas Technologies Corp	(e)(j)(k)	Technology Hardware & Equipment	SF+575	0.8%	8/12/29	$	24.5	24.3		23.9
Follett Software Co	(e)(h)(i)	Software & Services	L+575	0.8%	8/31/28	37.5		37.2		36.7
Galaxy Universal LLC	(e)(h)	Consumer Durables & Apparel	SF+500	1.0%	11/12/26	8.8		8.8		8.7
Galway Partners Holdings LLC	(e)(k)(o)	Insurance	L+525, 0.0% PIK (1.3% Max PIK)	0.8%	9/29/28	36.9		36.2		36.4
General Datatech LP	(e)(j)	Software & Services	L+625	1.0%	6/18/27	18.3		17.7		17.1
Greystone Equity Member Corp	(e)	Diversified Financials	L+725	3.8%	4/1/26	30.2		30.1		29.3
HealthChannels LLC	(j)	Health Care Equipment & Services	L+450	0.0%	4/3/25	15.4		15.3		10.9
Hermes UK Ltd	(e)(k)	Transportation	SA+650	0.0%	11/30/27	£	14.7	19.5		16.1
Higginbotham Insurance Agency Inc	(e)(h)(i)	Insurance	L+525	0.8%	11/25/26	$	37.6	38.0		37.7
Industria Chimica Emiliana Srl	(e)(j)(k)(o)	Pharmaceuticals, Biotechnology & Life Sciences	E+725	0.0%	9/27/26	€	113.9	125.5		117.1
iNova Pharmaceuticals (Australia) Pty Limited	(e)(k)	Pharmaceuticals, Biotechnology & Life Sciences	B+650	0.8%	10/30/28	A$	34.2	22.5		22.6
Insight Global LLC	(e)(h)(i)(o)	Commercial & Professional Services	L+600	0.8%	9/22/28	$	63.7	62.9		61.8
KBP Investments LLC	(e)(h)(i)	Food & Staples Retailing	SF+550, 0.0% PIK (0.5% Max PIK)	0.8%	5/26/27	23.6		23.5		21.9
Kellermeyer Bergensons Services LLC	(e)(i)(j)	Commercial & Professional Services	L+600	1.0%	11/7/26	29.2		28.1		26.5
Lakefield Veterinary Group	(e)(o)	Health Care Equipment & Services	L+550	0.8%	11/23/28	27.1		26.7		25.9
Lakeview Farms Inc	(e)(j)	Food, Beverage & Tobacco	L+625	1.0%	6/10/27	15.5		15.4		15.0
Lexitas Inc	(e)(h)	Commercial & Professional Services	SF+625	1.0%	5/18/29	18.5		18.4		18.2
Lionbridge Technologies Inc	(e)(i)(j)	Media & Entertainment	SF+700	1.0%	12/29/25	26.8		26.3		26.9
Lloyd's Register Quality Assurance Ltd	(e)(i)(o)	Consumer Services	E+600, 0.0% PIK (6.3% Max PIK)	0.0%	12/2/28	€	44.3	48.8		45.9
MB2 Dental Solutions LLC	(e)(i)	Health Care Equipment & Services	SF+600	1.0%	1/29/27	$	11.9	11.8		11.7
Med-Metrix	(e)(o)	Software & Services	L+600	1.0%	9/15/27	11.9		11.9		12.0
Misys Ltd	(k)	Software & Services	L+350	1.0%	6/13/24	2.3		2.2		2.0
Monitronics International Inc	(h)(i)(k)	Commercial & Professional Services	L+600	1.5%	7/3/24	35.5		33.7		33.7
Motion Recruitment Partners LLC	(e)(h)(j)	Commercial & Professional Services	SF+650	1.0%	12/22/25	24.8		24.5		24.6
New Era Technology Inc	(e)(h)(j)(k)	Software & Services	L+625	1.0%	10/31/26	34.3		33.8		33.7
Novotech Pty Ltd	(e)(k)(o)	Health Care Equipment & Services	SF+525	0.5%	1/13/28	24.4		23.9		23.6
Novotech Pty Ltd	(e)(k)(o)	Health Care Equipment & Services	B+525	0.5%	1/13/28	A$	33.7	24.8		22.1
One Call Care Management Inc	(h)	Health Care Equipment & Services	L+550	0.8%	4/22/27	$	4.9	5.0		4.1
Ontic Engineering & Manufacturing Inc	(h)	Capital Goods	L+400	0.0%	10/30/26	2.1		1.9		2.1
Pantherx Specialty LLC	(e)(j)	Pharmaceuticals, Biotechnology & Life Sciences	SF+550	0.5%	7/16/29	15.9		14.8		14.6
Parts Town LLC	(e)(h)(k)(o)	Retailing	L+550	0.8%	11/1/28	49.4		48.3		47.8
Peraton Corp	(j)	Capital Goods	L+375	0.8%	2/1/28	8.8		8.4		8.6
Plaskolite, LLC	(k)	Materials	L+400	0.8%	12/15/25	1.1		1.1		1.0
Precision Global Corp	(e)(j)	Materials	L+475	1.0%	8/3/24	8.9		8.7		8.8
Pretium Packaging LLC	(j)	Household & Personal Products	L+400	0.5%	10/2/28	$	1.6	1.6		1.3
Project Marron	(e)(h)(j)(k)	Consumer Services	B+625	0.5%	7/2/25	A$	81.8	56.4		52.0
Project Marron	(e)(i)(j)	Consumer Services	C+625	0.5%	7/2/25	C$	52.5	40.1		36.3


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Pure Fishing Inc	(i)	Consumer Durables & Apparel	L+450	0.0%	12/22/25	$	9.8	$	9.7	$	6.6
Reliant Rehab Hospital Cincinnati LLC	(e)(j)(o)	Health Care Equipment & Services	L+625	0.0%	2/28/26	33.6		32.7		26.7
Revere Superior Holdings Inc	(e)(k)	Software & Services	L+575	1.0%	9/30/26	19.6		19.6		19.6
Rise Baking Company	(e)(k)	Food, Beverage & Tobacco	L+650	1.0%	8/13/27	0.5		0.5		0.5
Rise Baking Company	(e)(j)(k)	Food, Beverage & Tobacco	L+650	1.0%	8/13/27	30.4		29.8		29.2
Rise Baking Company	(e)(f)	Food, Beverage & Tobacco	L+650	1.0%	8/13/27	1.4		1.4		1.4
RSC Insurance Brokerage Inc	(e)(k)	Insurance	SF+550	0.8%	10/30/26	18.8		18.8		18.5
Safe-Guard Products International LLC	(e)(i)(j)(k)	Diversified Financials	L+500	0.5%	1/27/27	71.7		72.1		71.7
SAMBA Safety Inc	(e)(h)(j)	Software & Services	L+525	1.0%	9/1/27	27.1		26.9		26.8
SavATree LLC	(e)(j)(k)	Consumer Services	L+550	0.8%	10/12/28	39.6		39.2		38.9
SI Group Inc	(k)	Materials	SF+475	0.0%	10/15/25	1.5		1.5		1.2
SIRVA Worldwide Inc	(i)	Commercial & Professional Services	L+550	0.0%	8/4/25	6.9		6.6		6.1
SitusAMC Holdings Corp	(e)(j)(o)	Real Estate	L+550	0.8%	12/22/27	39.5		38.7		38.1
Sorenson Communications LLC	(j)	Telecommunication Services	L+550	0.8%	3/17/26	20.0		19.3		19.1
Staples Canada	(e)(h)(i)(j)(k)	Retailing	C+700	1.0%	9/12/24	C$	74.2	57.0		55.6
Summit Interconnect Inc	(e)(o)	Capital Goods	SF+600	1.0%	9/22/28	$	19.5	19.3		18.4
Time Manufacturing Co	(e)(h)(i)	Capital Goods	E+650	0.8%	12/1/27	€	29.2	32.4		29.4
Total Safety US Inc	(h)(i)	Capital Goods	L+600	1.0%	8/18/25	$	11.2	10.1		10.6
Transaction Services Group Ltd	(e)(j)(k)(n)(o)	Software & Services	B+550	0.0%	10/14/26	A$	124.1	85.3		82.6
Unifrax I LLC / Unifrax Holding Co	(k)	Capital Goods	L+375	0.0%	12/12/25	$	2.8	2.7		2.5
Varsity Brands Inc	(k)	Consumer Durables & Apparel	L+350	1.0%	12/16/24	4.0		3.8		3.8
Version1 Software Ltd	(e)(k)	Software & Services	E+575, 0.0% PIK (1.7% Max PIK)	0.0%	7/11/29	€	2.5	2.5		2.5
Version1 Software Ltd	(e)(k)	Software & Services	SA+575, 0.0% PIK (1.7% Max PIK)	0.0%	7/11/29	£	4.0	4.7		4.7
West Corp	(i)	Software & Services	L+400	1.0%	10/10/24	$	12.1	12.0		11.2
West Corp	(i)	Software & Services	L+350	1.0%	10/10/24	2.5		2.5		2.3
Woolpert Inc	(e)(h)(i)(j)	Capital Goods	L+600	1.0%	4/5/28	53.0		52.6		51.6
Worldwise Inc	(e)(h)(i)(j)(k)(o)	Household & Personal Products	SF+625	1.0%	3/29/28	64.7		61.7		59.8
Yak Access LLC	(e)(n)	Capital Goods	SF+825	2.0%	1/27/23	0.2		0.2		0.2
Yak Access LLC	(g)(n)(p)	Capital Goods	L+500	0.0%	7/11/25	0.8		0.6		0.3
Total Senior Secured Loans—First Lien								2,522.8		2,418.2
Unfunded Loan Commitments								(3.3)		(3.3)
Net Senior Secured Loans—First Lien								2,519.5		2,414.9

Senior Secured Loans—Second Lien—23.6%
Access CIG LLC	(h)(i)	Commercial & Professional Services	L+775	0.0%	2/27/26	2.5		2.3		2.2
Ammeraal Beltech Holding BV	(e)(h)(k)(o)	Capital Goods	L+775	0.0%	9/12/26	42.8		42.1		41.8
Apex Group Limited	(e)(h)(i)(o)	Diversified Financials	L+675	0.5%	7/27/29	40.0		39.7		37.6
Cubic Corp	(e)(k)	Software & Services	L+763	0.8%	5/25/29	10.0		9.7		9.1
EaglePicher Technologies LLC	(h)	Capital Goods	L+725	0.0%	3/8/26	0.4		0.4		0.2
Element Materials Technology Group US Holdings Inc	(e)(h)(i)	Commercial & Professional Services	SA+725	0.5%	6/24/30	£	21.0	23.0		24.7
Misys Ltd	(h)(i)(k)(o)	Software & Services	L+725	1.0%	6/13/25	$	46.6	44.6		35.1
NEP Broadcasting LLC	(i)	Media & Entertainment	L+700	0.0%	10/19/26	6.8		6.7		5.1
OEConnection LLC	(e)(h)(i)(j)	Software & Services	SF+700	0.5%	9/25/27	50.0		50.0		48.4
Paradigm Acquisition Corp	(h)(k)	Health Care Equipment & Services	L+750	0.0%	10/26/26	2.5		2.5		2.4
Peraton Corp	(e)(h)(i)	Capital Goods	L+775	0.8%	2/1/29	21.5		21.3		21.2
Pretium Packaging LLC	(e)(h)(i)(j)	Household & Personal Products	L+675	0.5%	10/1/29	39.9		39.7		31.6


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Pure Fishing Inc	(e)(h)	Consumer Durables & Apparel	L+838	1.0%	12/21/26	26.5		$	24.2	$	14.8
SIRVA Worldwide Inc	(i)(j)	Commercial & Professional Services	L+950	0.0%	8/3/26	10.3		8.7		8.9
Valeo Foods Group Ltd	(e)(h)	Food, Beverage & Tobacco	SA+800	0.0%	9/28/29	£	9.3	11.8		9.9
Wittur Holding GmbH	(e)(j)(k)(n)	Capital Goods	E+850, 1.0% PIK (1.0% Max PIK)	0.0%	9/23/27	€	121.1	132.4		92.0



Total Senior Secured Loans—Second Lien								459.1		385.0

Other Senior Secured Debt—1.3%
One Call Care Management Inc	(e)	Health Care Equipment & Services	8.5% PIK (8.5% Max PIK)		11/1/28	$	25.6	25.0		20.9
Total Other Senior Secured Debt								25.0		20.9

Subordinated Debt—1.3%
Arrotex Australia Group Pty Ltd	(e)	Pharmaceuticals, Biotechnology & Life Sciences	B+1,150 PIK (B+1,150 Max PIK)	1.0%	12/22/26	A$	25.0	16.2		17.0
athenahealth Inc		Health Care Equipment & Services	6.5%		2/15/30	$	5.5	4.8		4.1
Total Subordinated Debt								21.0		21.1

Asset Based Finance—33.2%
Abacus JV, Private Equity	(e)	Insurance				31,400,804		32.2		34.0
Altavair AirFinance, Private Equity	(e)	Capital Goods				36,500,000		43.0		42.2
Connecticut Avenue Securities Trust 2022-R08, Structured Mezzanine		Real Estate	SF+560	0.0%	7/25/42	$	2.3	2.3		2.4
GA Capital Specialty Lending Fund, Limited Partnership Interest	(e)(n)	Diversified Financials				1,000,000		—		5.3
Global Lending Services LLC, Private Equity	(e)(n)	Diversified Financials				2,209,115		2.2		2.4
Global Lending Services LLC, Private Equity	(e)	Diversified Financials				17,450,851		22.9		18.3
Kilter Finance, Preferred Stock	(e)(k)	Insurance	12.0%			$	24.0	24.0		24.0
KKR Chord IP Aggregator LP, Partnership Interest	(e)	Media & Entertainment				19,616,330		22.9		21.1
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest	(e)(n)(p)	Capital Goods				19,642,734		24.4		16.6
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SF+1,050	1.0%	9/30/24	$	4.7	4.7		4.7
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	E+1,050	1.0%	9/30/24	€	3.6	3.6		3.9
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	E+650	1.0%	9/30/24	€	5.0	5.0		5.4
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SA+650	1.0%	9/30/24	£	1.1	1.3		1.4
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SF+650	1.0%	9/30/24	$	6.5	6.5		6.5
Lenovo Group Ltd, Structured Mezzanine	(e)	Technology Hardware & Equipment	SA+1,050	1.0%	9/30/24	£	0.8	0.9		1.0
Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan	(e)(h)(n)	Insurance	L+750	1.5%	2/27/25	$	21.3	21.3		21.3
Luxembourg Life Fund - Absolute Return Fund III, Term Loan	(e)(h)(k)(n)	Insurance	L+925	0.0%	5/27/26	$	56.2	55.8		57.0
Luxembourg Life Fund - Long Term Growth Fund, Term Loan	(e)(h)(i)(k)(n)	Insurance	SF+925	0.0%	4/1/23	$	67.4	67.4		68.4
My Community Homes PropCo 2, Private Equity	(e)(p)	Real Estate	17.8%			34,708,333		34.7		32.5
NewStar Clarendon 2014-1A Class D	(e)(k)(n)	Diversified Financials	2.8%, 5.3% PIK (5.3% Max PIK)		1/25/27	$	30.0	9.3		12.7


Company(a)	Footnotes	Industry	Interest Rate(b)	Base Rate Floor	Maturity Date	No. Shares/Principal Amount(c)		Cost		Fair Value(d)
Pretium Partners LLC P1, Structured Mezzanine	(e)(h)(i)	Real Estate			10/22/26	$	29.6	$	28.6	$	28.3
Pretium Partners LLC P2, Private Equity	(e)	Real Estate				16,772,368		16.2		13.7
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity	(e)	Real Estate				40,000,000		50.2		47.3
Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan	(e)(k)	Real Estate	7.3%		7/25/30	$	24.0	23.7		23.7
Sealane Trade Finance	(e)(m)(p)	Banks				1,104,510		1.1		0.2
SG Residential Mortgage Trust 2022-2, Structured Mezzanine		Real Estate	5.4%		9/25/67	$	4.6	3.8		3.7
Star Mountain Strategic Credit Income Fund IV LP, Private Equity	(e)	Diversified Financials				42,500,000		42.5		44.0












Total Asset Based Finance								550.5		542.0

Equity/Other—11.0%
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock	(e)(l)(p)	Energy				13,556		3.6		4.8
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim	(e)(l)(p)	Energy				115,178,571		30.5		40.5
athenahealth Inc, Preferred Stock	(e)	Health Care Equipment & Services	10.8% PIK (10.8% Max PIK)			50,000,000		47.5		43.2
Belk Inc, Common Stock	(e)(p)	Retailing				381		—		—
Misys Ltd, Preferred Stock	(e)	Software & Services	L+1,025 PIK (L+1,0255 Max PIK)	0.0%		25,265,621		24.8		21.1
One Call Care Management Inc, Common Stock	(e)(p)	Health Care Equipment & Services				34,873		2.2		1.9
One Call Care Management Inc, Preferred Stock A	(e)(p)	Health Care Equipment & Services				371,993		23.7		20.6
One Call Care Management Inc, Preferred Stock B	(e)	Health Care Equipment & Services	9.0% PIK (9.0% Max PIK)		10/25/29	7,672,346		8.7		7.7
Pure Gym Ltd, Private Equity	(e)(p)	Consumer Services				30,218,000		39.4		39.2

Total Equity/Other								180.4		179.0
TOTAL INVESTMENTS—218.5%								$	3,755.5	$	3,562.9

Derivative Instruments—0.7%
Foreign currency forward contracts										$	11.9

____________

(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 December 31, 2022, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 4.77%, the Euro Interbank Offered Rate, or EURIBOR, was 2.13%, Canadian Dollar Offer Rate, or CDOR was 4.94%, the Bank Bill Swap Bid Rate, or BBSY was 3.32%, the Reykjavik Interbank Offered Rate, or REIBOR, was 6.55%, the Stockholm Interbank Offered Rate, or STIBOR, was 2.70%, the Sterling Overnight Index Average, or SONIA, was 3.43%, the

Secured Overnight Financing Rate, or SOFR, was 4.59%, and the U.S. Prime Lending Rate, or Prime, was 7.50%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment.

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

(d)Fair value is determined in accordance with the Company’s valuation process.

(e)Investments classified as Level 3.

(f)Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(g)Asset is on non-accrual status..

(h)Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.

(i)Security or portion thereof held within Boxwood Drive Funding and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas

(j)Security or portion thereof held within Chestnut Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Citibank, N.A.

(k)Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.

(l)Security or portion thereof held within IC II American Energy Investment, Inc., a wholly-owned subsidiary of the company.

(m)Security or portion thereof held within JCF Cayman Ltd and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs.

(n)Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs.

(o)Security or portion thereof held within Magnolia Funding LLC.

(p)Security is non-income producing.

Below is selected balance sheet information for COPJV as of March 31, 2023 and December 31, 2022:



	As of
	March 31, 2023 (Unaudited)		December 31, 2022
Selected Balance Sheet Information
Total investments, at fair value	$	3,556.3	$	3,562.9
Cash and other assets	256.2		259.2
Total assets	3,812.5		3,822.1
Debt	1,936.0		1,913.4
Other liabilities	280.4		276.4
Total liabilities	2,216.4		2,189.8
Member's equity	$	1,596.1	$	1,632.3

Below is selected statement of operations information for COPJV for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
		2023		2022
Selected Statement of Operations Information
Total investment income		$	93.1	$	60.9
Expenses
Interest expense		29.4		13.6
Custodian and accounting fees		0.4		0.4
Administrative services		2.4		2.4
Professional services		0.1		0.2
Other		0.2		0.1
Total expenses		32.5		16.7
Net investment income		60.6		44.2
Net realized and unrealized gain (loss)		(33.8)		1.2
Net increase in net assets resulting from operations		$	26.8	$	45.4

Share Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Below is a summary of transactions with respect to shares of the Company’s common stock during the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023			2022
	Shares	Amount		Shares	Amount





Share Repurchase Program	(1,665,317)	$	(32)	(404,928)	$	(9)


Net Proceeds from Share Transactions	(1,665,317)	$	(32)	(404,928)	$	(9)

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21553-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21488-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21484-112644

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The December 31, 2022 consolidated balance sheet and consolidated schedule of investments are derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
Use of Estimates	Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Capital Gains Incentive Fee	Capital Gains Incentive Fee: Pursuant to the terms of the investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee equals 20.0% of the Company’s incentive fee capital gains, which shall equal the realized capital gains of Corporate Capital Trust, Inc., or CCT, (as predecessor-by-merger to the Company), FS KKR Capital Corp. II, or FSKR, (as predecessor-by-merger to the Company) and the Company (without duplication) on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation (without duplication) on a cumulative basis, less the aggregate amount of any capital gain incentive fees previously paid by CCT, FSKR and the Company. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Advisor if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Advisor is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
Subordinated Income Incentive Fee	Subordinated Income Incentive Fee: Pursuant to the terms of the investment advisory agreement, the Advisor may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the investment advisory agreement, which is calculated and payable quarterly in arrears, equals 17.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.75% per quarter, or an annualized hurdle rate of 7.0%. As a result, the Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.75%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Advisor will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.12%, or 8.48% annually, of net assets. Thereafter, the Advisor will be entitled to receive 17.5% of pre-incentive fee net investment income.
Reclassifications	Reclassifications: Certain amounts in the unaudited consolidated financial statements as of and for the three months ended March 31, 2022 and the audited consolidated financial statements as of and for the year ended December 31, 2022 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements as of and for the three months ended March 31, 2023.
Revenue Recognition	Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company ("LLC") and limited partnership ("LP") investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company's policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company's judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the three months ended March 31, 2023 and 2022, the Company recognized $2 and $14, respectively, in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.
Derivative Instruments	Derivative Instruments: The Company's derivative instruments include foreign currency forward contracts and cross currency swaps. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.
Fair Value Measurement	Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets. Level 3: Inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Investment Portfolio - Schedule Of Investment Portfolio At Cost And Fair Value (Details)
€ in Millions, £ in Millions, $ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2022

EUR (€)

^{[1],[2],[3],[4],[5]}

Dec. 31, 2022

GBP (£)

Dec. 31, 2021

USD ($)

$ 3,779.0

$ 3,755.5

€ 99.4

£ 1.3

Net Senior Secured Loans—First Lien

0.0

39.2

€ 0.0

^[6]

£ 1.4

$ 2,684.1

2,542.3

2,519.5

Net Senior Secured Loans—Second Lien

2,440.8

2,414.9

459.7

459.1

Other Senior Secured Debt

367.0

385.0

25.1

25.0

18.8

20.9

Net Subordinated Debt

21.0

21.0

21.1

Net Asset Based Finance

549.6

550.5

Credit Opportunities Partners JV, LLC

540.0

542.0

1,571.7

1,396.6

^[7]

1,428.3

^[6]

Equity/Other

181.3

180.4

Percentage of Portfolio | Customer Concentration Risk

$ 168.7

$ 179.0

Percentage of Portfolio | Customer Concentration Risk | Net Senior Secured Loans—First Lien

100.00%

Percentage of Portfolio | Customer Concentration Risk | Net Senior Secured Loans—Second Lien

61.00%

60.30%

Percentage of Portfolio | Customer Concentration Risk | Other Senior Secured Debt

7.70%

7.80%

Percentage of Portfolio | Customer Concentration Risk | Net Subordinated Debt

0.70%

Percentage of Portfolio | Customer Concentration Risk | Net Asset Based Finance

1.80%

1.70%

Percentage of Portfolio | Customer Concentration Risk | Credit Opportunities Partners JV, LLC

11.70%

12.40%

Percentage of Portfolio | Customer Concentration Risk | Equity/Other

9.10%

9.30%

Fair Value of Financial Instruments

8.00%

7.80%

[1]


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Amtek Global Technology Pte Ltd	$	34.8	$	—	$	(24.3)	$	(4.3)	$	(2.3)	$	3.9	$	—	$	—	$	—	$	—
ATX Networks Corp	46.8		0.4		(6.6)		—		—		40.6		3.2		1.0		—		—
HM Dunn Co Inc	33.6		2.0		—		—		—		35.6		0.8		2.1		—		—
HM Dunn Co Inc	2.0		—		(2.0)		—		—		—		—		—		—		—
NCI Inc	—		79.1		(21.9)		(28.5)		(0.6)		28.1		6.5		0.4		—		—
One Call Care Management Inc(5)	5.0		—		(4.7)		—		(0.3)		—		—		—		—		—
Production Resource Group LLC	133.3		19.3		(0.3)		—		0.2		152.5		12.9		8.0		—		—
Production Resource Group LLC	0.1		—		—		—		—		0.1		—		—		—		—
Production Resource Group LLC	64.4		3.7		(0.6)		—		0.6		68.1		6.4		2.0		—		—


Portfolio Company	Fair Value at December 31, 2021	Gross Additions(1)	Gross Reductions(2)	Net Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Fair Value at December 31, 2022	Interest Income(3)	PIK Income(3)	Fee Income(3)	Dividend Income(3)
Production Resource Group LLC	20.2	11.1	(0.3)	—	0.3	31.3	—	0.9	—	—

Warren Resources Inc	18.7	0.6	(0.2)	—	(0.5)	18.6	2.5	0.2	—	—
Senior Secured Loans—Second Lien
Amtek Global Technology Pte Ltd	—	—	—	(39.1)	39.1	—	—	—	—	—

Other Senior Secured Debt
JW Aluminum Co	81.0	0.2	—	—	(3.1)	78.1	8.0	—	—	—
One Call Care Management Inc(5)	23.5	—	(21.6)	—	(1.9)	—	—	—	—	—

Subordinated Debt
ATX Networks Corp	7.1	3.6	—	—	11.2	21.9	1.6	1.5	—	—
Hilding Anders	46.6	—	—	—	(46.6)	—	—	—	—	—
Hilding Anders	—	—	—	—	—	—	0.3	—	—	—
Hilding Anders	—	—	—	—	—	—	0.1	—	—	—
Asset Based Finance
801 5th Ave, Seattle, Structure Mezzanine	57.2	1.9	—	—	(0.2)	58.9	4.7	1.7	—	—
801 5th Ave, Seattle, Private Equity	23.1	—	(0.1)	—	(16.7)	6.3	—	—	—	—
Avenue One PropCo, Private Equity	—	46.3	(16.2)	—	0.9	31.0	—	—	—	—
Avida Holding AB, Common Stock	52.3	—	—	—	(9.7)	42.6	—	—	—	—
Kilter Finance, Preferred Stock	36.1	87.3	(24.0)	0.7	(0.6)	99.5	7.4	1.9	—	—
Kilter Finance, Private Equity	0.5	—	—	—	—	0.5	—	—	—	—
KKR Altitude II Offshore Aggregator LP, Partnership Interest	—	44.4	—	—		44.4	—	—	—	—
KKR Rocket Loans Aggregator LLC, Partnership Interest	1.4	2.9	—	—	—	4.3	—	—	—	1.3
My Community Homes SFR PropCo 2, Private Equity	33.0	157.0	(105.7)	—	(5.3)	79.0	—	—	—	—
Prime St LLC, Private Equity	9.1	—	(0.3)	—	(8.8)	—	—	—	—	—
Prime St LLC, Structured Mezzanine	52.4	3.3	—	—	(12.2)	43.5	3.2	3.1	—	—
Toorak Capital Funding LLC, Membership Interest	1.7	—	(1.7)	(0.2)	0.2	—	—	—	—	0.3
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity	199.3	78.3	—	—	(16.4)	261.2	—	—	—	18.8
Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine	22.0	32.0	(54.0)	—	—	—	—	0.6	—	—

Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC	1,396.2	175.0	—	—	(142.9)	1,428.3	—	—	—	208.3
Equity/Other
Amtek Global Technology Pte Ltd, Common Stock	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Ordinary Shares	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Private Equity	—	—	—	—	—	—	—	—	—	—
ATX Networks Corp, Common Stock	—	1.7	—	—	27.5	29.2	—	—	—	—
ATX Networks Corp, Class B-1 Common Stock	—	5.0	—	—	—	5.0	—	—	—	—
ATX Networks Corp, Class B-2 Common Stock	—	4.0	—	—	5.0	9.0	—	—	—	—
Hilding Anders, Class A Common Stock	—	—	—	—	—	—	—	—	—	—
Hilding Anders, Class B Common Stock	—	—	—	—	—	—	—	—	—	—


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Hilding Anders, Class C Common Stock	—		—		—		—		—		—		—		—		—		—
Hilding Anders, Equity Options	—		—		—		—		—		—		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series A	7.1		—		—		—		9.8		16.9		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series B	—		—		—		—		—		—		—		—		—		—
JW Aluminum Co, Common Stock	—		—		—		—		2.4		2.4		—		—		—		—
JW Aluminum Co, Preferred Stock	122.6		22.2		—		—		(32.3)		112.5		0.6		19.7		—		—
NCI Inc, Class A-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class B-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class C Common Stock(4)	—		20.2		—		—		—		20.2		—		—		—		—
NCI Inc, Class I-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
One Call Care Management Inc, Common Stock(5)	2.4		—		(2.1)		—		(0.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock A(5)	26.1		—		(22.8)		—		(3.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock B(5)	9.2		—		(8.0)		—		(1.2)		—		—		—		—		—
PRG III LLC, Preferred Stock, Series A PIK	17.4		—		—		—		88.3		105.7		—		—		—		—
PRG III LLC, Preferred Stock, Series B PIK	—		—		—		—		—		—		—		—		—		—
Sound United LLC, Common Stock	77.5		—		(17.3)		—		(60.2)		—		—		—		—		—
Warren Resources Inc, Common Stock	20.4		—		—		—		8.8		29.2		—		—		—		—
Total	$	2,684.1	$	801.5	$	(334.7)	$	(71.4)	$	(171.1)	$	2,908.4	$	58.2	$	43.1	$	—	$	228.7

______________

(3)Interest, PIK, fee and dividend income presented for the full year ended December 31, 2022.

[2]

Asset is on non-accrual status.

[3]

Security is non-income producing.

[4]

Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

[5]

[6]

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

[7]

See Note 8 for additional information regarding the fair value of the Company's financial instruments

Financial Highlights - Schedule Of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period	$ 24.89	$ 27.17
Results of operation
Net investment income (loss)	0.81	3.05
Net realized gain (loss) and unrealized appreciation (depreciation)	(0.11)	(2.74)
Net increase (decrease) in net assets resulting from operations	0.70	0.31
Stockholder distributions
Distributions from net investment income	(0.70)	(2.66)
Distributions from net realized gain on investments	0	0
Net decrease in net assets resulting from stockholder distributions	(0.70)	(2.66)
Capital share transactions
Net increase (decrease) in net assets resulting from capital share transactions	0.04	0.07
Net asset value, end of period	$ 24.93	$ 24.89
Common stock, shares outstanding (in shares)	280,066,433	281,731,750
Total return based on net asset value	2.97%	1.40%
Ratio/Supplemental Data:
Net assets, end of period	$ 1,596.1	$ 1,632.3	$ 7,767.0	$ 7,730.0
Ratio of net investment income to average net assets	12.94%	11.42%
Ratio of total operating expenses to average net assets	12.83%	10.96%
Ratio of net operating expenses to average net assets	12.83%	10.17%
Total amount of senior securities outstanding, exclusive of treasury securities	$ 8,713.0	$ 8,731.0
4.250% Notes due 2025 \| Unsecured Notes
Ratio/Supplemental Data:
Total amount of senior securities outstanding, exclusive of treasury securities	$ 475.0	$ 475.0

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.

Level 3: Inputs that are unobservable for an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of March 31, 2023 and December 31, 2022, the Company’s investments were categorized as follows in the fair value hierarchy:



	March 31, 2023
Valuation Inputs	(Unaudited)		December 31, 2022

Level 1—Price quotations in active markets	$	1	$	—
Level 2—Significant other observable inputs	554		564
Level 3—Significant unobservable inputs	13,325		13,385
Investments measured at net asset value(1)	1,397		1,428
	$	15,277	$	15,377

____________

In addition, the Company had foreign currency forward contracts, as described in Note 7, which were categorized as Level 2 in the fair value hierarchy as of March 31, 2023 and December 31, 2022.

The Company’s board of directors is responsible for overseeing the valuation of the Company's portfolio investments at fair value as determined in good faith pursuant to the Advisor's valuation policy. The Company's board of directors has designated the Advisor with day-to-day responsibility for implementing the portfolio valuation process set forth in the Advisor's valuation policy.

The Company’s investments consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company’s equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if the Advisor determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, the Advisor typically values the Company's other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by independent

third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy.

The Advisor periodically benchmarks the bid and ask prices it receives from the third-party pricing services and/or dealers and independent valuation firms as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, the Advisor believes that these prices are reliable indicators of fair value. The Advisor reviewed and approved the valuation determinations made with respect to these investments in a manner consistent with the Advisor’s valuation policy.

The following is a reconciliation for the three months ended March 31, 2023 and 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Three Months Ended March 31, 2023
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	9,124	$	874	$	22	$	264	$	1,902	$	1,199	$	13,385
Accretion of discount (amortization of premium)	11		1		—		—		—		—		12
Net realized gain (loss)	2		(20)		—		—		7		(48)		(59)
Net change in unrealized appreciation (depreciation)	17		2		(2)		—		(17)		71		71
Purchases	235		3		—		10		30		9		287
Paid-in-kind interest	15		—		—		5		3		7		30
Sales and repayments	(234)		(4)		—		—		(147)		(16)		(401)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	9,170	$	856	$	20	$	279	$	1,778	$	1,222	$	13,325
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	17	$	(20)	$	(2)	$	—	$	(17)	$	21	$	(1)


	For the Three Months Ended March 31, 2022
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	9,542	$	1,205	$	29	$	74	$	2,245	$	877	$	13,972
Accretion of discount (amortization of premium)	22		2		—		—		3		—		27
Net realized gain (loss)	(71)		(4)		—		—		16		27		(32)
Net change in unrealized appreciation (depreciation)	2		(37)		(2)		(40)		(26)		129		26
Purchases	1,166		4		—		—		556		330		2,056
Paid-in-kind interest	10		—		—		—		11		11		32
Sales and repayments	(1,006)		(97)		—		—		(627)		(61)		(1,791)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	9,665	$	1,073	$	27	$	34	$	2,178	$	1,313	$	14,290
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(71)	$	(37)	$	(2)	$	(40)	$	(17)	$	161	$	(6)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of March 31, 2023 and December 31, 2022 were as follows:

Type of Investment

Fair Value at

March 31, 2023

(Unaudited)

Valuation

Technique(1)

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(2)

Senior Debt

9,365

Discounted Cash Flow

Discount Rate

5.1% - 21.2% (12.0%)

Decrease

654

Waterfall

EBITDA Multiple

0.3x - 19.8x (7.2x)

Increase

Cost

Other(3)

Subordinated Debt

248

Discounted Cash Flow

Discount Rate

10.9% - 14.9% (13.2%)

Decrease

Waterfall

EBITDA Multiple

7.4x - 7.4x (7.4x)

Increase

Asset Based Finance

978

Discounted Cash Flow

Discount Rate

5.2% - 44.2% (11.8%)

Decrease

555

Waterfall

EBITDA Multiple

1.0x - 13.7x (1.3x)

Increase

141

Other(3)

100

Cost

Indicative Dealer Quotes

44.0% - 44.0% (44.0%)

Increase

Equity/Other

730

Waterfall

EBITDA Multiple

0.1x - 16.2x (7.2x)

Increase

485

Discounted Cash Flow

Discount Rate

10.0% - 25.0% (16.0%)

Decrease

Other(3)

Option Pricing Model

Equity Illiquidity Discount

65.0% - 65.0% (65.0%)

Decrease

Total

13,325

Type of Investment

Fair Value at
December 31, 2022

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

9,274

Discounted Cash Flow

Discount Rate

6.0% - 24.2% (12.0%)

Decrease

575

Waterfall

EBITDA Multiple

0.3x - 19.8x (7.2x)

Increase

167

Cost

Other(3)

Subordinated Debt

242

Discounted Cash Flow

Discount Rate

10.9% - 14.9% (13.3%)

Decrease

Waterfall

EBITDA Multiple

7.5x - 7.5x (7.5x)

Increase

Asset Based Finance

980

Discounted Cash Flow

Discount Rate

5.1% - 44.0% (11.3%)

Decrease

636

Waterfall

EBITDA Multiple

1.0x - 13.7x (1.6x)

Increase

144

Cost

138

Other(3)

Indicative Dealer Quotes

42.0% - 42.0% (42.0%)

Increase

Equity/Other

683

Waterfall

EBITDA Multiple

0.0x - 15.0x (7.4x)

Increase

488

Discounted Cash Flow

Discount Rate

10.0% - 25.0% (15.6%)

Decrease

Cost

Other(3)

Option Pricing Model

Equity Illiquidity Discount

65.0% - 65.0% (65.0%)

Decrease

Total

13,385

_______________

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial Instruments

3 Months Ended

Mar. 31, 2023

Financial Instruments

The following is a summary of the fair value and location of the Company’s derivative instruments in the consolidated balance sheets held as of March 31, 2023 and December 31, 2022:


		Fair Value
Derivative Instrument	Statement Location	March 31, 2023 (Unaudited)		December 31, 2022

Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts	$	21	$	25
Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts	(1)		(1)
Total		$	20	$	24


		Net Realized Gains (Losses)
		Three Months Ended March 31,
Derivative Instrument	Statement Location	2023		2022

Foreign currency forward contracts	Net realized gain (loss) on foreign currency forward contracts	$	3	$	5
Total		$	3	$	5


		Net Unrealized Gains (Losses)
		Three Months Ended March 31,
Derivative Instrument	Statement Location	2023		2022

Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	$	(4)	$	1
Total		$	(4)	$	1

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of March 31, 2023 and December 31, 2022:


	As of March 31, 2023 (Unaudited)
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	21	$	(1)	$	—	$	—	$	20

Total	$	21	$	(1)	$	—	$	—	$	20
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged(1)		Cash Collateral Pledged(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(1)	$	1	$	—	$	—	$	—

Total	$	(1)	$	1	$	—	$	—	$	—


	As of December 31, 2022
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	25	$	(1)	$	—	$	—	$	24

Total	$	25	$	(1)	$	—	$	—	$	24
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged(1)		Cash Collateral Pledged(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(1)	$	1	$	—	$	—	$	—

Total	$	(1)	$	1	$	—	$	—	$	—

___________

(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Foreign Currency Forward Contracts and Cross Currency Swaps:

The Company may enter into foreign currency forward contracts and cross currency swaps from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts. The Company attempts to limit counterparty risk by only dealing with well-known counterparties.

Cross currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. These swaps are marked-to-market by recognizing the difference between the present value of cash flows of each leg of the swaps as unrealized appreciation or depreciation. Realized gain or loss is recognized when periodic payments are received or paid and the swaps are terminated. The entire notional value of a cross currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations. The Company attempts to limit counterparty risk by only dealing with well-known counterparties. The Company utilizes cross currency swaps from time to time in order to hedge a portion of its investments in foreign currency.

The average notional balance for foreign currency forward contracts during the three months ended March 31, 2023 and 2022 was $219.9 and $232.2, respectively.

Unaudited Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Interest expense paid	$ 126	$ 78

Financing Arrangements (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Financing Arrangements

The following tables present summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2023 and December 31, 2022. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2022. Any significant changes to the Company's financing arrangements during the three months ended March 31, 2023 are discussed below.


	As of March 31, 2023 (Unaudited)
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date
Ambler Credit Facility(2)	Revolving Credit Facility	SOFR+2.15%(1)	$	150	$	50	November 22, 2025
Burholme Prime Brokerage Facility(2)	Prime Brokerage Facility	SOFR+1.35%(1)	—		—		September 26, 2023
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	SOFR+1.90% - 2.05%(1)(3)	285		15		June 2, 2026
Darby Creek Credit Facility(2)	Revolving Credit Facility	SOFR+1.85%(1)	240		10		February 26, 2025
Dunlap Credit Facility(2)	Revolving Credit Facility	SOFR+1.85%(1)	467		33		February 26, 2025
Meadowbrook Run Credit Facility(2)	Revolving Credit Facility	SOFR+2.55%(1)	300		—		November 22, 2024
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	SOFR+1.75% - 1.88%(1)(4)	2,174(5)		2,469(6)		May 17, 2027
4.625% Notes due 2024(7)	Unsecured Notes	4.63%	400		—		July 15, 2024
1.650% Notes due 2024(7)	Unsecured Notes	1.65%	500		—		October 12, 2024
4.125% Notes due 2025(7)	Unsecured Notes	4.13%	470		—		February 1, 2025
4.250% Notes due 2025(7)	Unsecured Notes	4.25%	475		—		February 14, 2025
8.625% Notes due 2025(7)	Unsecured Notes	8.63%	250		—		May 15, 2025
3.400% Notes due 2026(7)	Unsecured Notes	3.40%	1,000		—		January 15, 2026
2.625% Notes due 2027(7)	Unsecured Notes	2.63%	400		—		January 15, 2027
3.250% Notes due 2027(7)	Unsecured Notes	3.25%	500		—		July 15, 2027
3.125% Notes due 2028(7)	Unsecured Notes	3.13%	750		—		October 12, 2028
CLO-1 Notes(2)(8)	Collateralized Loan Obligation	L+1.85% - 3.01%(1)	352		—		January 15, 2031
Total			$	8,713	$	2,577

___________

(1)The benchmark rate is subject to a 0% floor.

(2)The carrying amount outstanding under the facility approximates its fair value.

(3)As of March 31, 2023, there was $200 term loan outstanding at SOFR+1.90% and $85 revolving commitment outstanding at SOFR+2.05%.

(4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.

(5)Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of €242 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.09 as of March 31, 2023 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD22 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.74 as of March 31, 2023 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £30 has been converted to U.S dollars at an exchange rate of £1.00 to $1.24 as of March 31, 2023 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD79 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.67 as of March 31, 2023 to reflect total amount outstanding in U.S. dollars.

(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of March 31, 2023, $12 of such letters of credit have been issued.

(7)As of March 31, 2023, the fair value of the 4.625% notes, the 1.650% notes, the 4.125% notes, the 4.250% notes, the 8.625% notes, the 3.400% notes, the 2.625% notes, the 3.250% notes and the 3.125% notes was approximately $387, $460, $445, $446, $254, $899, $337, $424 and $615, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.

(8)As of March 31, 2023, there were $281.4 of Class A-1R notes outstanding at L+1.85%, $20.5 of Class A-2R notes outstanding at L+2.25%, $32.4 of Class B-1R notes outstanding at L+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%.


	As of December 31, 2022
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date

Ambler Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.15%(1)	$	131	$	69	November 22, 2025
Burholme Prime Brokerage Facility(2)(9)	Prime Brokerage Facility	L+1.25%(1)	—		—		June 28, 2023
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	SOFR+1.90% - 2.05%(1)(3)	285		15		June 2, 2026
Darby Creek Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	242		8		February 26, 2025
Dunlap Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	472		28		February 26, 2025
Meadowbrook Run Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.55%(1)	244		56		November 22, 2024
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	SOFR+1.75% - 1.88%(1)(4)	2,260(5)		2,383(6)		May 17, 2027
4.625% Notes due 2024(7)	Unsecured Notes	4.63%	400		—		July 15, 2024
1.650% Notes due 2024(7)	Unsecured Notes	1.65%	500		—		October 12, 2024
4.125% Notes due 2025(7)	Unsecured Notes	4.13%	470		—		February 1, 2025
4.250% Notes due 2025(7)(9)	Unsecured Notes	4.25%	475		—		February 14, 2025
8.625% Notes due 2025(7)	Unsecured Notes	8.63%	250		—		May 15, 2025
3.400% Notes due 2026(7)	Unsecured Notes	3.40%	1,000		—		January 15, 2026
2.625% Notes due 2027(7)	Unsecured Notes	2.63%	400		—		January 15, 2027
3.250% Notes due 2027(7)	Unsecured Notes	3.25%	500		—		July 15, 2027
3.125% Notes due 2028(7)	Unsecured Notes	3.13%	750		—		October 12, 2028
CLO-1 Notes(2)(8)	Collateralized Loan Obligation	L+1.85% - 3.01%(1)	352		—		January 15, 2031
Total			$	8,731	$	2,559

___________

(1)The benchmark rate is subject to a 0% floor.

(2)The carrying amount outstanding under the facility approximates its fair value.

(3)As of December 31, 2022, there was $200 term loan outstanding at SOFR+1.90% and $85 revolving commitment outstanding at SOFR+2.05%.

(5)Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of €260 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.07 as of December 31, 2022 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD32 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.74 as of December 31, 2022 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £39 has been converted to U.S dollars at an exchange rate of £1.00 to $1.21 as of December 31, 2022 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD112 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.68 as of December 31, 2022 to reflect total amount outstanding in U.S. dollars.

(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2022, $12 of such letters of credit have been issued.

(7)As of December 31, 2022, the fair value of the 4.625% notes, the 1.650% notes, the 4.125% notes, the 4.250% notes, the 8.625% notes, the 3.400% notes, the 2.625% notes, the 3.250% notes and the 3.125% notes was approximately $388, $452, $442, $446, $255, $888, $334, $421 and $606, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.

(8)As of December 31, 2022, there were $281.4 of Class A-1R notes outstanding at L+1.85%, $20.5 of Class A-2R notes outstanding at L+2.25%, $32.4 of Class B-1R notes outstanding at L+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%.

(9)As of June 16, 2021, the Company assumed all of FSKR’s obligations under its notes and credit facilities, and FSKR’s wholly-owned special purpose financing subsidiaries became wholly-owned special purpose financing subsidiaries of the Company, in each case, as a result of the consummation of the 2021 Merger.

Schedule of Interest Expense

For the three months ended March 31, 2023 and 2022, the components of total interest expense for the Company's financing arrangements were as follows:



	Three Months Ended March 31,
	2023						2022
Arrangement(1)	Direct Interest Expense		Amortization of Deferred Financing Costs and Discount / Premium		Total Interest Expense		Direct Interest Expense		Amortization of Deferred Financing Costs and Discount / Premium		Total Interest Expense
Ambler Credit Facility(2)	$	2	$	1	$	3	$	1	$	0	$	1
Burholme Prime Brokerage Facility(2)	—		—		—		—		—		—
CCT Tokyo Funding Credit Facility(2)	5		0		5		2		0		2
Darby Creek Credit Facility(2)	4		0		4		1		0		1
Dunlap Credit Facility(2)	8		0		8		3		0		3
Meadowbrook Run Credit Facility(2)	4		0		4		2		0		2
Senior Secured Revolving Credit Facility(2)	38		1		39		16		1		17
4.750% Notes due 2022	—		—		—		6		0		6
4.625% Notes due 2024	5		0		5		4		0		4
1.650% Notes due 2024	2		1		3		2		1		3
4.125% Notes due 2025	5		1		6		5		0		5
4.250% Notes due 2025	5		(2)		3		5		(1)		4
8.625% Notes due 2025	5		0		5		5		1		6
3.400% Notes due 2026	9		2		11		9		1		10
2.625% Notes due 2027	2		0		2		2		0		2
3.250% Notes due 2027	4		0		4		3		0		3
3.125% Notes due 2028	6		0		6		6		0		6
CLO-1 Notes	6		0		6		2		0		2
Total	$	110	$	4	$	114	$	74	$	3	$	77

______________________

(1)Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2)Direct interest expense includes the effect of non-usage fees.

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Structuring Fees
Related Party Transaction [Line Items]
Structuring fee revenue	$ 2	$ 14

Share Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Oct. 31, 2022	Oct. 30, 2022
Class of Stock [Line Items]
Share Repurchased (in shares)		1,665,317	404,928
Shares repurchased		$ 32	$ 9
Distribution Reinvestment Plan
Class of Stock [Line Items]
Stock repurchased and distributed (in shares)		761,191	595,933
Average cost per share of stock repurchased and distributed (in USD per share)		$ 18.20	$ 21.68
Stock repurchased and distributed		$ 14	$ 13
Distribution Reinvestment Plan \| Subsequent Event
Class of Stock [Line Items]
Stock repurchased and distributed (in shares)	750,490
Average cost per share of stock repurchased and distributed (in USD per share)	$ 18.46
Stock repurchased and distributed	$ 14
Stock Repurchase Program
Class of Stock [Line Items]
Outstanding common stock				$ 54	$ 100
Share Repurchased (in shares)		1,665,317	404,928
Average price per share (in USD per share)		$ 18.89	$ 21.98
Shares repurchased		$ 32	$ 9

Principal Business and Organization	3 Months Ended
Principal Business and Organization	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Principal Business and Organization FS KKR Capital Corp. (NYSE: FSK), or the Company, was incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and formally commenced investment operations on January 2, 2009. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. The Company has various wholly-owned subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies. The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of March 31, 2023. All intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company's portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle-market U.S. companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. In addition, a portion of the Company’s portfolio may be comprised of equity and equity-related securities, corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps. The Company is externally managed by FS/KKR Advisor, LLC, or the Advisor, pursuant to an investment advisory agreement, dated as of June 16, 2021, or the investment advisory agreement. Prior to entering into the investment advisory agreement, the Company was a party to an investment advisory agreement, dated as of December 20, 2018, with the Advisor, or the prior investment advisory agreement, which remained in effect until June 16, 2021.

Fair Value of Financial Instruments - Unobservable Inputs (Details)
€ in Millions, £ in Millions, $ in Millions

Mar. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2022

EUR (€)

Dec. 31, 2022

GBP (£)

Dec. 31, 2021

USD ($)

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs

$ 0.0

$ 39.2

€ 0.0

^{[1],[2],[3],[4],[5],[6]}

£ 1.4

$ 2,684.1

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Notes | Discounted Cash Flow

13,325.0

13,385.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Notes | Discounted Cash Flow | Discount Rate | Minimum

$ 9,365.0

$ 9,274.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Notes | Discounted Cash Flow | Discount Rate | Maximum

0.051

0.060

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Notes | Discounted Cash Flow | Discount Rate | Weighted Average

0.212

0.242

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Notes | Waterfall

0.120

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Notes | Waterfall | EBITDA Multiple | Minimum

$ 654.0

$ 575.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Notes | Waterfall | EBITDA Multiple | Maximum

0.3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Notes | Waterfall | EBITDA Multiple | Weighted Average

19.8

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Notes | Cost

7.2

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Notes | Other

$ 23.0

$ 167.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Subordinated Debt | Discounted Cash Flow

4.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Subordinated Debt | Discounted Cash Flow | Discount Rate | Minimum

$ 248.0

$ 242.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Subordinated Debt | Discounted Cash Flow | Discount Rate | Maximum

0.109

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Subordinated Debt | Discounted Cash Flow | Discount Rate | Weighted Average

0.149

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Subordinated Debt | Waterfall

0.132

0.133

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Subordinated Debt | Waterfall | EBITDA Multiple | Minimum

$ 31.0

$ 22.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Subordinated Debt | Waterfall | EBITDA Multiple | Maximum

7.4

7.5

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Subordinated Debt | Waterfall | EBITDA Multiple | Weighted Average

7.4

7.5

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Discounted Cash Flow

7.4

7.5

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Discounted Cash Flow | Discount Rate | Minimum

$ 978.0

$ 980.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Discounted Cash Flow | Discount Rate | Maximum

0.052

0.051

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Discounted Cash Flow | Discount Rate | Weighted Average

0.442

0.440

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Waterfall

0.118

0.113

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Waterfall | EBITDA Multiple | Minimum

$ 555.0

$ 636.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Waterfall | EBITDA Multiple | Maximum

1.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Waterfall | EBITDA Multiple | Weighted Average

13.7

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Cost

1.3

1.6

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Other

$ 100.0

$ 144.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Indicative Dealer Quotes

141.0

138.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Indicative Dealer Quotes | Minimum

$ 4.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Indicative Dealer Quotes | Maximum

0.440

0.420

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Net Asset Based Finance | Indicative Dealer Quotes | Weighted Average

0.440

0.420

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow

0.440

0.420

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Discount Rate | Minimum

$ 485.0

$ 488.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Discount Rate | Maximum

0.100

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Discount Rate | Weighted Average

0.250

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Waterfall

0.160

0.156

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Waterfall | EBITDA Multiple | Minimum

$ 730.0

$ 683.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Waterfall | EBITDA Multiple | Maximum

0.1

0.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Waterfall | EBITDA Multiple | Weighted Average

16.2

15.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Cost

7.2

7.4

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Other

$ 13.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Option Pricing Model

$ 5.0

12.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Option Pricing Model | Equity Illiquidity Discount | Minimum

$ 2.0

$ 3.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Option Pricing Model | Equity Illiquidity Discount | Maximum

0.650

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Equity/Other | Option Pricing Model | Equity Illiquidity Discount | Weighted Average

0.650

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Net change in unrealized gain (loss) on foreign currency

0.650

[1]


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Amtek Global Technology Pte Ltd	$	34.8	$	—	$	(24.3)	$	(4.3)	$	(2.3)	$	3.9	$	—	$	—	$	—	$	—
ATX Networks Corp	46.8		0.4		(6.6)		—		—		40.6		3.2		1.0		—		—
HM Dunn Co Inc	33.6		2.0		—		—		—		35.6		0.8		2.1		—		—
HM Dunn Co Inc	2.0		—		(2.0)		—		—		—		—		—		—		—
NCI Inc	—		79.1		(21.9)		(28.5)		(0.6)		28.1		6.5		0.4		—		—
One Call Care Management Inc(5)	5.0		—		(4.7)		—		(0.3)		—		—		—		—		—
Production Resource Group LLC	133.3		19.3		(0.3)		—		0.2		152.5		12.9		8.0		—		—
Production Resource Group LLC	0.1		—		—		—		—		0.1		—		—		—		—
Production Resource Group LLC	64.4		3.7		(0.6)		—		0.6		68.1		6.4		2.0		—		—


Portfolio Company	Fair Value at December 31, 2021	Gross Additions(1)	Gross Reductions(2)	Net Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Fair Value at December 31, 2022	Interest Income(3)	PIK Income(3)	Fee Income(3)	Dividend Income(3)
Production Resource Group LLC	20.2	11.1	(0.3)	—	0.3	31.3	—	0.9	—	—

Warren Resources Inc	18.7	0.6	(0.2)	—	(0.5)	18.6	2.5	0.2	—	—
Senior Secured Loans—Second Lien
Amtek Global Technology Pte Ltd	—	—	—	(39.1)	39.1	—	—	—	—	—

Other Senior Secured Debt
JW Aluminum Co	81.0	0.2	—	—	(3.1)	78.1	8.0	—	—	—
One Call Care Management Inc(5)	23.5	—	(21.6)	—	(1.9)	—	—	—	—	—

Subordinated Debt
ATX Networks Corp	7.1	3.6	—	—	11.2	21.9	1.6	1.5	—	—
Hilding Anders	46.6	—	—	—	(46.6)	—	—	—	—	—
Hilding Anders	—	—	—	—	—	—	0.3	—	—	—
Hilding Anders	—	—	—	—	—	—	0.1	—	—	—
Asset Based Finance
801 5th Ave, Seattle, Structure Mezzanine	57.2	1.9	—	—	(0.2)	58.9	4.7	1.7	—	—
801 5th Ave, Seattle, Private Equity	23.1	—	(0.1)	—	(16.7)	6.3	—	—	—	—
Avenue One PropCo, Private Equity	—	46.3	(16.2)	—	0.9	31.0	—	—	—	—
Avida Holding AB, Common Stock	52.3	—	—	—	(9.7)	42.6	—	—	—	—
Kilter Finance, Preferred Stock	36.1	87.3	(24.0)	0.7	(0.6)	99.5	7.4	1.9	—	—
Kilter Finance, Private Equity	0.5	—	—	—	—	0.5	—	—	—	—
KKR Altitude II Offshore Aggregator LP, Partnership Interest	—	44.4	—	—		44.4	—	—	—	—
KKR Rocket Loans Aggregator LLC, Partnership Interest	1.4	2.9	—	—	—	4.3	—	—	—	1.3
My Community Homes SFR PropCo 2, Private Equity	33.0	157.0	(105.7)	—	(5.3)	79.0	—	—	—	—
Prime St LLC, Private Equity	9.1	—	(0.3)	—	(8.8)	—	—	—	—	—
Prime St LLC, Structured Mezzanine	52.4	3.3	—	—	(12.2)	43.5	3.2	3.1	—	—
Toorak Capital Funding LLC, Membership Interest	1.7	—	(1.7)	(0.2)	0.2	—	—	—	—	0.3
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity	199.3	78.3	—	—	(16.4)	261.2	—	—	—	18.8
Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine	22.0	32.0	(54.0)	—	—	—	—	0.6	—	—

Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC	1,396.2	175.0	—	—	(142.9)	1,428.3	—	—	—	208.3
Equity/Other
Amtek Global Technology Pte Ltd, Common Stock	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Ordinary Shares	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Private Equity	—	—	—	—	—	—	—	—	—	—
ATX Networks Corp, Common Stock	—	1.7	—	—	27.5	29.2	—	—	—	—
ATX Networks Corp, Class B-1 Common Stock	—	5.0	—	—	—	5.0	—	—	—	—
ATX Networks Corp, Class B-2 Common Stock	—	4.0	—	—	5.0	9.0	—	—	—	—
Hilding Anders, Class A Common Stock	—	—	—	—	—	—	—	—	—	—
Hilding Anders, Class B Common Stock	—	—	—	—	—	—	—	—	—	—


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Hilding Anders, Class C Common Stock	—		—		—		—		—		—		—		—		—		—
Hilding Anders, Equity Options	—		—		—		—		—		—		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series A	7.1		—		—		—		9.8		16.9		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series B	—		—		—		—		—		—		—		—		—		—
JW Aluminum Co, Common Stock	—		—		—		—		2.4		2.4		—		—		—		—
JW Aluminum Co, Preferred Stock	122.6		22.2		—		—		(32.3)		112.5		0.6		19.7		—		—
NCI Inc, Class A-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class B-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class C Common Stock(4)	—		20.2		—		—		—		20.2		—		—		—		—
NCI Inc, Class I-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
One Call Care Management Inc, Common Stock(5)	2.4		—		(2.1)		—		(0.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock A(5)	26.1		—		(22.8)		—		(3.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock B(5)	9.2		—		(8.0)		—		(1.2)		—		—		—		—		—
PRG III LLC, Preferred Stock, Series A PIK	17.4		—		—		—		88.3		105.7		—		—		—		—
PRG III LLC, Preferred Stock, Series B PIK	—		—		—		—		—		—		—		—		—		—
Sound United LLC, Common Stock	77.5		—		(17.3)		—		(60.2)		—		—		—		—		—
Warren Resources Inc, Common Stock	20.4		—		—		—		8.8		29.2		—		—		—		—
Total	$	2,684.1	$	801.5	$	(334.7)	$	(71.4)	$	(171.1)	$	2,908.4	$	58.2	$	43.1	$	—	$	228.7

______________

(3)Interest, PIK, fee and dividend income presented for the full year ended December 31, 2022.

[2]

Asset is on non-accrual status.

[3]

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

[4]

Security is non-income producing.

[5]

Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

[6]

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Unfunded commitments	$ 0.7	$ 3.3
Debt Securities
Other Commitments [Line Items]
Unfunded commitments	941.9	952.4
Unrealized appreciation (depreciation) on unfunded commitments	(16.8)
Debt Securities, Revolving Credit Facility
Other Commitments [Line Items]
Unfunded commitments	421.6
Debt Securities, Delayed Draw Term Loan
Other Commitments [Line Items]
Unfunded commitments	520.3
Partnership Interest \| Credit Opportunities Partners JV, LLC
Other Commitments [Line Items]
Unfunded commitments	560.2	560.2
Revolving Credit Facility \| Senior Secured Revolving Credit Facility
Other Commitments [Line Items]
Long-term line of credit		$ 12.0
Letter of Credit \| Senior Secured Revolving Credit Facility \| Line of Credit
Other Commitments [Line Items]
Amount outstanding	175.0
Standby Letters of Credit \| Senior Secured Revolving Credit Facility \| Line of Credit
Other Commitments [Line Items]
Long-term line of credit	$ 12.0

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign Exchange Forward
Derivative [Line Items]
Average notional balance	$ 219.9	$ 232.2

Unaudited Consolidated Statements of Changes in Net Assets - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Operations

$ (3.0)

$ 3.0

Net increase (decrease) in net assets resulting from operations

199.0

225.0

Stockholder distributions

Distributions to stockholders

^[1]

(196.0)

(179.0)

Net decrease in net assets resulting from stockholder distributions

^[1]

(196.0)

(179.0)

Capital share transactions

Repurchases of common stock

^[2]

(32.0)

(9.0)

Total increase (decrease) in net assets

(29.0)

37.0

Net assets at beginning of period

1,632.3

7,730.0

Net assets at end of period

$ 1,596.1

$ 7,767.0

[1]	See Note 5 for a discussion of the sources of distributions paid by the Company.
[2]	See Note 3 for a discussion of the Company’s capital share transactions.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Darby Creek Credit Facility and Dunlap Funding Credit Facility Merger On April 27, 2023, Darby Creek LLC (“Darby Creek”), a wholly-owned subsidiary of FS KKR Capital Corp. (the “Company”), entered into the Twelfth Amendment to the Loan Financing and Servicing Agreement and Omnibus Amendment to the Transaction Documents (the “Twelfth Amendment”), which amends the Loan Financing and Servicing Agreement, dated February 20, 2014, by and among Darby Creek, as borrower, Deutsche Bank AG, New York Branch, as facility agent, each of the lenders from time to time party thereto, the other agents parties thereto, and Wells Fargo Bank, National Association as collateral agent and collateral custodian. The Twelfth Amendment, among other things, (i) extends the maturity date to February 26, 2027, (ii) extends the end of the revolving period to February 26, 2025, (iii) increases the interest rate applicable to advances to 2.65% per annum, plus term SOFR (or the relevant reference rate for any foreign currency borrowings), (iv) increases the total facility commitment to $750, and (v) extends the period in which the prepayment premium will be payable on certain reductions or terminations of the commitments to October 27, 2024. On April 27, 2023, concurrent with the closing of the Twelfth Amendment, Dunlap Funding LLC (“Dunlap Funding”), a wholly-owned subsidiary of the Company, merged with and into Darby Creek (the “Merger”) pursuant to an Agreement and Plan of Merger, with Darby Creek surviving the Merger. Upon consummation of the Merger, the Loan Financing and Servicing Agreement, dated as of December 2, 2014, among Dunlap Funding, as borrower, Wells Fargo, as collateral agent and collateral custodian, the lenders from time to time party thereto, and DB, as facility agent, was terminated and all outstanding borrowings were assumed into the Darby Creek Funding Facility.

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

Compensation of the Investment Adviser

Pursuant to the investment advisory agreement, the Advisor is entitled to a base management fee calculated at an annual rate of 1.50% of the average weekly value of the Company’s gross assets excluding cash and cash equivalents (gross assets equal the total assets of the Company as set forth on the Company's consolidated balance sheets) and an incentive fee based on the Company’s performance. Effective June 15, 2019, in connection with stockholder approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150%, the Advisor reduced (by permanent waiver) the annual base management fee payable under the investment advisory agreement from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt-to-equity. The base management fee is payable quarterly in arrears. All or any part of the base management fee not taken as to any quarter will be deferred without interest and may be taken in such other quarter as the Advisor determines. The prior investment advisory agreement had substantially similar terms as the investment advisory agreement, except that the investment advisory agreement amended the prior investment advisory agreement to (i) reduce the Company’s income incentive fee rate from 20% to 17.5%; and (ii) remove the total return lookback provision applicable to the subordinated incentive fee on income from the prior investment advisory agreement. Under the prior investment advisory agreement, the subordinated incentive fee on income was subject to a cap equal to (i) 20.0% of the “per share pre-incentive fee return” for the then-current and eleven preceding calendar quarters minus the cumulative “per share incentive fees” accrued and/or payable for the eleven preceding calendar quarters multiplied by (ii) the weighted average number of shares outstanding during the calendar quarter (or any portion thereof) for which the subordinated incentive fee on income was being calculated. The definitions of “per share pre-incentive fee return” and “per share incentive fees” under the prior investment advisory agreement took into account the historic per share pre-incentive fee return of both the Company and CCT, together with the historic per share incentive fees paid by both the Company and CCT. For the purpose of calculating the “per share pre-incentive fee return,” any unrealized appreciation or depreciation recognized as a result of the purchase accounting for the Company’s acquisition of CCT was excluded. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that the Advisor may be entitled to under the investment advisory agreement.

In connection with the entry into the investment advisory agreement, the Advisor agreed to waive income incentive fees in the amount of $15 per quarter for the first six full fiscal quarters of operations following the closing of the 2021 Merger, commencing on July 1, 2021, for a total waiver of $90. The fee waiver expired on December 31, 2022. In addition, the Advisor has agreed to exclude from the calculation of the subordinated incentive fee on income and the incentive fee on capital gains any changes to the fair value recorded for the assets and liabilities of FSKR resulting solely from the new cost basis of the acquired FSKR investments determined in accordance with Accounting Standards Codification Topic 805-50, Business Combinations—Related Issues as a result of the 2021 Merger.

On April 9, 2018, the Company entered into an administration agreement with the Advisor, or the administration agreement. Pursuant to the administration agreement, the Advisor oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. The Advisor also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company’s stockholders and reports filed with the U.S. Securities and Exchange Commission, or the SEC. In addition, the Advisor assists the Company in calculating its net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to the Company’s stockholders, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others.

Pursuant to the administration agreement, the Company reimburses the Advisor for expenses necessary to perform services related to its administration and operations, including the Advisor’s allocable portion of the compensation and related expenses of certain personnel of Franklin Square Holdings, L.P., which does business as FS Investments, or FS Investments, and KKR Credit Advisors (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Advisor. The Company reimburses the Advisor no less than quarterly for all costs and expenses incurred by the Advisor in performing its obligations and providing personnel and facilities under the administration agreement. The Advisor allocates the cost of such services to the Company based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. The Company’s board of directors reviews the methodology employed in determining how the expenses are allocated to the Company and the proposed allocation of administrative expenses among the Company and certain affiliates of the Advisor. The Company’s board of directors then assesses the reasonableness of such reimbursements for expenses allocated to it based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party service providers known to be available. In addition, the Company’s board of directors considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Company’s board of directors compares the total amount paid to the Advisor for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs.

The following table describes the fees and expenses accrued under the investment advisory agreement and the administration agreement, as applicable, during the three months ended March 31, 2023 and 2022:


			Three Months Ended
Related Party			March 31,
	Source Agreement	Description	2023		2022
The Advisor	Investment advisory agreement	Base Management Fee(1)	$	58	$	62

The Advisor	Investment advisory agreement	Subordinated Incentive Fee on Income(2)	$	46	$	25
The Advisor	Administration agreement	Administrative Services Expenses(3)	$	3	$	4

________________

(1)During the three months ended March 31, 2023 and 2022, $59 and $60, respectively, in base management fees were paid to the Advisor. As of March 31, 2023, $58 in base management fees were payable to the Advisor.

(2)During the three months ended March 31, 2022, the amount shown is net of waivers of $15. During the three months ended March 31, 2023 and 2022, $27 and $19, respectively, of subordinated incentive fees on income were paid to the Advisor. As of March 31, 2023, subordinated incentive fees on income of $46 were payable to the Advisor.

(3)During the three months ended March 31, 2023 and 2022, $3 and $4, respectively, of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Advisor and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as "broken deal" costs. Broken deal costs were $0.3 for the three months ended March 31, 2023. The Company paid $2 and $2, respectively, in administrative services expenses to the Advisor during the three months ended March 31, 2023 and 2022.

Potential Conflicts of Interest

The members of the senior management and investment teams of the Advisor serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. The officers, managers and other personnel of the Advisor may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments or KKR Credit. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company’s best interests or in the best interest of the Company’s stockholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For additional information regarding potential conflicts of interest, see the Company’s annual report on Form 10-K for the year ended December 31, 2022.

Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.

In an order dated June 4, 2013, or the FS Order, the SEC granted exemptive relief permitting the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of its former investment adviser, including FS Energy and Power Fund and any future BDCs that are advised by its former investment adviser or its affiliated investment advisers. However, in connection with the investment advisory relationship with the Advisor, and in an effort to mitigate potential future conflicts of interest, the Company's board of directors authorized and directed that the Company (i) withdraw from the FS Order, except with respect to any transaction in which the Company participated in reliance on the FS Order prior to April 9, 2018, and (ii) rely on an exemptive relief order, dated January 5, 2021, that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Advisor or KKR Credit, with certain affiliates of the Advisor.

Affiliated Purchaser Program

As previously disclosed, certain affiliates of the owners of the Advisor committed $100 to a $350 investment vehicle that may invest from time to time in shares of the Company's common stock. In September 2021, December 2021, and November 2022, that investment vehicle entered into a written trading plan with a third party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act to facilitate the purchase of shares of the Company’s common stock pursuant to the terms and conditions of such plan. In September 2022, that investment vehicle entered into a written trading plan with a third party broker in accordance with Rule 10b-51 and Rule 10b-18 promulgated under the Exchange Act to facilitate the sale of shares of the Company's

common stock pursuant to the terms and conditions of such plan. The Company is not a party to any transaction with the investment vehicle.

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Summary of the Fees and Expenses Accrued


			Three Months Ended
Related Party			March 31,
	Source Agreement	Description	2023		2022
The Advisor	Investment advisory agreement	Base Management Fee(1)	$	58	$	62

The Advisor	Investment advisory agreement	Subordinated Incentive Fee on Income(2)	$	46	$	25
The Advisor	Administration agreement	Administrative Services Expenses(3)	$	3	$	4

________________

Fair Value of Financial Instruments - Fair Value Hierarchy (Details)
€ in Millions, £ in Millions, $ in Millions

Mar. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2022

EUR (€)

^{[1],[2],[3],[4],[5],[6]}

Dec. 31, 2022

GBP (£)

Dec. 31, 2021

USD ($)

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1—Price quotations in active markets

$ 0.0

$ 39.2

€ 0.0

£ 1.4

$ 2,684.1

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2—Significant other observable inputs

1.0

0.0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3—Significant unobservable inputs

554.0

564.0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments measured at net asset value

13,325.0

13,385.0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash flows from operating activities

$ 1,397.0

$ 1,428.0

[1]


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Amtek Global Technology Pte Ltd	$	34.8	$	—	$	(24.3)	$	(4.3)	$	(2.3)	$	3.9	$	—	$	—	$	—	$	—
ATX Networks Corp	46.8		0.4		(6.6)		—		—		40.6		3.2		1.0		—		—
HM Dunn Co Inc	33.6		2.0		—		—		—		35.6		0.8		2.1		—		—
HM Dunn Co Inc	2.0		—		(2.0)		—		—		—		—		—		—		—
NCI Inc	—		79.1		(21.9)		(28.5)		(0.6)		28.1		6.5		0.4		—		—
One Call Care Management Inc(5)	5.0		—		(4.7)		—		(0.3)		—		—		—		—		—
Production Resource Group LLC	133.3		19.3		(0.3)		—		0.2		152.5		12.9		8.0		—		—
Production Resource Group LLC	0.1		—		—		—		—		0.1		—		—		—		—
Production Resource Group LLC	64.4		3.7		(0.6)		—		0.6		68.1		6.4		2.0		—		—


Portfolio Company	Fair Value at December 31, 2021	Gross Additions(1)	Gross Reductions(2)	Net Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Fair Value at December 31, 2022	Interest Income(3)	PIK Income(3)	Fee Income(3)	Dividend Income(3)
Production Resource Group LLC	20.2	11.1	(0.3)	—	0.3	31.3	—	0.9	—	—

Warren Resources Inc	18.7	0.6	(0.2)	—	(0.5)	18.6	2.5	0.2	—	—
Senior Secured Loans—Second Lien
Amtek Global Technology Pte Ltd	—	—	—	(39.1)	39.1	—	—	—	—	—

Other Senior Secured Debt
JW Aluminum Co	81.0	0.2	—	—	(3.1)	78.1	8.0	—	—	—
One Call Care Management Inc(5)	23.5	—	(21.6)	—	(1.9)	—	—	—	—	—

Subordinated Debt
ATX Networks Corp	7.1	3.6	—	—	11.2	21.9	1.6	1.5	—	—
Hilding Anders	46.6	—	—	—	(46.6)	—	—	—	—	—
Hilding Anders	—	—	—	—	—	—	0.3	—	—	—
Hilding Anders	—	—	—	—	—	—	0.1	—	—	—
Asset Based Finance
801 5th Ave, Seattle, Structure Mezzanine	57.2	1.9	—	—	(0.2)	58.9	4.7	1.7	—	—
801 5th Ave, Seattle, Private Equity	23.1	—	(0.1)	—	(16.7)	6.3	—	—	—	—
Avenue One PropCo, Private Equity	—	46.3	(16.2)	—	0.9	31.0	—	—	—	—
Avida Holding AB, Common Stock	52.3	—	—	—	(9.7)	42.6	—	—	—	—
Kilter Finance, Preferred Stock	36.1	87.3	(24.0)	0.7	(0.6)	99.5	7.4	1.9	—	—
Kilter Finance, Private Equity	0.5	—	—	—	—	0.5	—	—	—	—
KKR Altitude II Offshore Aggregator LP, Partnership Interest	—	44.4	—	—		44.4	—	—	—	—
KKR Rocket Loans Aggregator LLC, Partnership Interest	1.4	2.9	—	—	—	4.3	—	—	—	1.3
My Community Homes SFR PropCo 2, Private Equity	33.0	157.0	(105.7)	—	(5.3)	79.0	—	—	—	—
Prime St LLC, Private Equity	9.1	—	(0.3)	—	(8.8)	—	—	—	—	—
Prime St LLC, Structured Mezzanine	52.4	3.3	—	—	(12.2)	43.5	3.2	3.1	—	—
Toorak Capital Funding LLC, Membership Interest	1.7	—	(1.7)	(0.2)	0.2	—	—	—	—	0.3
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity	199.3	78.3	—	—	(16.4)	261.2	—	—	—	18.8
Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine	22.0	32.0	(54.0)	—	—	—	—	0.6	—	—

Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC	1,396.2	175.0	—	—	(142.9)	1,428.3	—	—	—	208.3
Equity/Other
Amtek Global Technology Pte Ltd, Common Stock	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Ordinary Shares	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Private Equity	—	—	—	—	—	—	—	—	—	—
ATX Networks Corp, Common Stock	—	1.7	—	—	27.5	29.2	—	—	—	—
ATX Networks Corp, Class B-1 Common Stock	—	5.0	—	—	—	5.0	—	—	—	—
ATX Networks Corp, Class B-2 Common Stock	—	4.0	—	—	5.0	9.0	—	—	—	—
Hilding Anders, Class A Common Stock	—	—	—	—	—	—	—	—	—	—
Hilding Anders, Class B Common Stock	—	—	—	—	—	—	—	—	—	—


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Hilding Anders, Class C Common Stock	—		—		—		—		—		—		—		—		—		—
Hilding Anders, Equity Options	—		—		—		—		—		—		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series A	7.1		—		—		—		9.8		16.9		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series B	—		—		—		—		—		—		—		—		—		—
JW Aluminum Co, Common Stock	—		—		—		—		2.4		2.4		—		—		—		—
JW Aluminum Co, Preferred Stock	122.6		22.2		—		—		(32.3)		112.5		0.6		19.7		—		—
NCI Inc, Class A-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class B-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class C Common Stock(4)	—		20.2		—		—		—		20.2		—		—		—		—
NCI Inc, Class I-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
One Call Care Management Inc, Common Stock(5)	2.4		—		(2.1)		—		(0.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock A(5)	26.1		—		(22.8)		—		(3.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock B(5)	9.2		—		(8.0)		—		(1.2)		—		—		—		—		—
PRG III LLC, Preferred Stock, Series A PIK	17.4		—		—		—		88.3		105.7		—		—		—		—
PRG III LLC, Preferred Stock, Series B PIK	—		—		—		—		—		—		—		—		—		—
Sound United LLC, Common Stock	77.5		—		(17.3)		—		(60.2)		—		—		—		—		—
Warren Resources Inc, Common Stock	20.4		—		—		—		8.8		29.2		—		—		—		—
Total	$	2,684.1	$	801.5	$	(334.7)	$	(71.4)	$	(171.1)	$	2,908.4	$	58.2	$	43.1	$	—	$	228.7

______________

(3)Interest, PIK, fee and dividend income presented for the full year ended December 31, 2022.

[2]

Asset is on non-accrual status.

[3]

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

[4]

Security is non-income producing.

[5]

Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

[6]

Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Net increase (decrease) in net assets resulting from operations

$ 199.0

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

Net realized gain (loss) on investments:

0.0

$ 71.4

Net change in unrealized (appreciation) depreciation on investments

(10.2)

171.1

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

4.0

Accretion of discount

(15.0)

Amortization of deferred financing costs and discount

4.0

Unrealized (gain)/loss on borrowings in foreign currency

4.0

(Increase) decrease in income receivable

(48.0)

(Increase) decrease in prepaid expenses and other assets

2.0

Increase (decrease) in administrative services expense payable

1.0

Increase (decrease) in interest payable

(16.0)

Increase (decrease) in other accrued expenses and liabilities

(14.0)

Net cash provided by (used in) operating activities

247.0

Cash flows from financing activities

Repurchases of common stock

(32.0)

Stockholder distributions

(192.0)

Borrowings under financing arrangements

^[1]

360.0

Repayments of financing arrangements

^[1]

(382.0)

Deferred financing costs paid

(2.0)

Net cash provided by (used in) financing activities

(248.0)

Total increase (decrease) in cash

(1.0)

Cash, and foreign currency at beginning of period

251.0

377.0

Cash, and foreign currency at end of period

250.0

$ 251.0

Supplemental disclosure

Non-cash purchases of investments

(19.0)

Non-cash sales of investments

19.0

Local and excise taxes paid

$ 19.0

[1]	See Note 9 for a discussion of the Company’s financing arrangements. During the three months ended March 31, 2023 and 2022, the Company paid $126 and $78, respectively, in interest expense on the financing arrangements.

Fair Value of Financial Instruments - Roll Forward Level III (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Accretion of discount (amortization of premium)	$ 15	$ 29
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	13,385	13,972
Accretion of discount (amortization of premium)	12	27
Purchases	287	2,056
Paid-in-kind interest	30	32
Sales and repayments	(401)	(1,791)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	13,325	14,290
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(1)	(6)
Total \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(59)	(32)
Total \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	71	26
Funded, Senior Secured Loans—First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	9,124	9,542
Accretion of discount (amortization of premium)	11	22
Purchases	235	1,166
Paid-in-kind interest	15	10
Sales and repayments	(234)	(1,006)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	9,170	9,665
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	17	(71)
Funded, Senior Secured Loans—First Lien \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	2	(71)
Funded, Senior Secured Loans—First Lien \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	17	2
Net Senior Secured Loans—Second Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	874	1,205
Accretion of discount (amortization of premium)	1	2
Purchases	3	4
Paid-in-kind interest	0	0
Sales and repayments	(4)	(97)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	856	1,073
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(20)	(37)
Net Senior Secured Loans—Second Lien \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(20)	(4)
Net Senior Secured Loans—Second Lien \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	2	(37)
Other Senior Secured Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	22	29
Accretion of discount (amortization of premium)	0	0
Purchases	0	0
Paid-in-kind interest	0	0
Sales and repayments	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	20	27
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(2)	(2)
Other Senior Secured Debt \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0	0
Other Senior Secured Debt \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(2)	(2)
Net Subordinated Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	264	74
Accretion of discount (amortization of premium)	0	0
Purchases	10	0
Paid-in-kind interest	5	0
Sales and repayments	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	279	34
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	0	(40)
Net Subordinated Debt \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0	0
Net Subordinated Debt \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0	(40)
Net Asset Based Finance
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	1,902	2,245
Accretion of discount (amortization of premium)	0	3
Purchases	30	556
Paid-in-kind interest	3	11
Sales and repayments	(147)	(627)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	1,778	2,178
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(17)	(17)
Net Asset Based Finance \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	7	16
Net Asset Based Finance \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(17)	(26)
Equity/Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	1,199	877
Accretion of discount (amortization of premium)	0	0
Purchases	9	330
Paid-in-kind interest	7	11
Sales and repayments	(16)	(61)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	1,222	1,313
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	21	161
Equity/Other \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(48)	27
Equity/Other \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	$ 71	$ 129

Unaudited Consolidated Schedule of Investments
€ in Millions, £ in Millions, kr in Millions, kr in Millions, $ in Millions, $ in Millions

Mar. 31, 2023

USD ($)

Mar. 31, 2023

SEK (kr)

Mar. 31, 2023

ISK (kr)

Mar. 31, 2023

EUR (€)

Mar. 31, 2023

GBP (£)

Mar. 31, 2023

AUD ($)

Mar. 31, 2023

CAD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2022

SEK (kr)

Dec. 31, 2022

ISK (kr)

Dec. 31, 2022

EUR (€)

Dec. 31, 2022

GBP (£)

Dec. 31, 2022

AUD ($)

Dec. 31, 2022

CAD ($)

Dec. 31, 2021

USD ($)

Rate, Stated interest rate

222.80%

218.50%

Rate, Max PIK

9.00%

5.40%

Principal Amount

$ 4,600,000

kr 588.0

kr 1,644.9

€ 5.0

£ 0.8

$ 25.0

$ 71.0

$ 4,600,000

kr 588.0

kr 1,644.9

€ 5.0

£ 0.8

$ 25.0

$ 74.2

Number of Shares | shares

301,310

30,218,000

$ 3,779,000,000

$ 3,755,500,000

€ 99.4

^{[1],[2],[3],[4],[5]}

£ 1.3

Liabilities in excess of other assets percentage

$ 0

$ 39,200,000

€ 0.0

^{[1],[2],[3],[4],[5],[6]}

£ 1.4

$ 2,684,100,000

0.20%

0.70%

Liabilities in excess of other assets

$ (8,294,100,000)

$ (8,365,300,000)

^[6]

Net Assets

$ 6,983,000,000

$ 7,012,000,000

^[6]

Net Senior Secured Loans—First Lien

152.90%

148.10%

$ 2,542,300,000

$ 2,519,500,000

Net Senior Secured Loans—First Lien | Previously Reported

2,440,800,000

2,414,900,000

Funded, Senior Secured Loans—First Lien

^[6]

9,278,400,000

2,545,900,000

2,522,800,000

Unfunded, Senior Secured Loans—First Lien

2,444,400,000

2,418,200,000

3,600,000

3,300,000

Net Senior Secured Loans—Second Lien

$ 3,600,000

$ 3,300,000

23.00%

23.60%

$ 459,700,000

$ 459,100,000

Funded, Senior Secured Loans—Second Lien

367,000,000.0

385,000,000.0

1,282,700,000

1,302,300,000

Unfunded, Senior Secured Loans—Second Lien

1,175,200,000

^[7]

1,197,600,000

^[6]

3,100,000

Other Senior Secured Debt

$ 3,100,000

^[7]

$ 3,100,000

^[6]

1.50%

^[8]

1.50%

^[8]

1.50%

^[8]

1.50%

^[8]

1.50%

^[8]

1.50%

^[8]

1.50%

^[8]

1.60%

^[9]

1.60%

^[9]

1.60%

^[9]

1.60%

^[9]

1.60%

^[9]

1.60%

^[9]

1.60%

^[9]

$ 152,000,000.0

$ 151,900,000

$ 106,800,000

^[7]

$ 109,800,000

^[6]

Net Subordinated Debt

1.30%

$ 21,000,000.0

Unfunded, Subordinated Debt

21,000,000.0

$ 21,100,000

20,000,000.0

Funded, Subordinated Debt

20,000,000.0

419,000,000.0

^[7]

$ 300,500,000

Net Asset Based Finance

33.80%

33.20%

$ 549,600,000

$ 550,500,000

Funded - Asset Based Finance

540,000,000.0

542,000,000.0

1,953,000,000

2,067,200,000

Unfunded - Asset Based Finance

1,815,300,000

^[7]

1,946,100,000

^[6]

36,800,000

43,600,000

Credit Opportunities Partners JV, LLC

$ 36,800,000

$ 43,600,000

^[6]

20.00%

20.40%

$ 1,571,700,000

$ 1,396,600,000

^[7]

$ 1,428,300,000

^[6]

Equity/Other

17.50%

^[8]

17.50%

^[8]

17.50%

^[8]

17.50%

^[8]

17.50%

^[8]

17.50%

^[8]

17.50%

^[8]

17.10%

^[9]

17.10%

^[9]

17.10%

^[9]

17.10%

^[9]

17.10%

^[9]

17.10%

^[9]

17.10%

^[9]

$ 1,228,700,000

$ 1,276,300,000

$ 1,222,200,000

^[7]

$ 1,198,800,000

^[6]

[1]


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Amtek Global Technology Pte Ltd	$	34.8	$	—	$	(24.3)	$	(4.3)	$	(2.3)	$	3.9	$	—	$	—	$	—	$	—
ATX Networks Corp	46.8		0.4		(6.6)		—		—		40.6		3.2		1.0		—		—
HM Dunn Co Inc	33.6		2.0		—		—		—		35.6		0.8		2.1		—		—
HM Dunn Co Inc	2.0		—		(2.0)		—		—		—		—		—		—		—
NCI Inc	—		79.1		(21.9)		(28.5)		(0.6)		28.1		6.5		0.4		—		—
One Call Care Management Inc(5)	5.0		—		(4.7)		—		(0.3)		—		—		—		—		—
Production Resource Group LLC	133.3		19.3		(0.3)		—		0.2		152.5		12.9		8.0		—		—
Production Resource Group LLC	0.1		—		—		—		—		0.1		—		—		—		—
Production Resource Group LLC	64.4		3.7		(0.6)		—		0.6		68.1		6.4		2.0		—		—


Portfolio Company	Fair Value at December 31, 2021	Gross Additions(1)	Gross Reductions(2)	Net Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Fair Value at December 31, 2022	Interest Income(3)	PIK Income(3)	Fee Income(3)	Dividend Income(3)
Production Resource Group LLC	20.2	11.1	(0.3)	—	0.3	31.3	—	0.9	—	—

Warren Resources Inc	18.7	0.6	(0.2)	—	(0.5)	18.6	2.5	0.2	—	—
Senior Secured Loans—Second Lien
Amtek Global Technology Pte Ltd	—	—	—	(39.1)	39.1	—	—	—	—	—

Other Senior Secured Debt
JW Aluminum Co	81.0	0.2	—	—	(3.1)	78.1	8.0	—	—	—
One Call Care Management Inc(5)	23.5	—	(21.6)	—	(1.9)	—	—	—	—	—

Subordinated Debt
ATX Networks Corp	7.1	3.6	—	—	11.2	21.9	1.6	1.5	—	—
Hilding Anders	46.6	—	—	—	(46.6)	—	—	—	—	—
Hilding Anders	—	—	—	—	—	—	0.3	—	—	—
Hilding Anders	—	—	—	—	—	—	0.1	—	—	—
Asset Based Finance
801 5th Ave, Seattle, Structure Mezzanine	57.2	1.9	—	—	(0.2)	58.9	4.7	1.7	—	—
801 5th Ave, Seattle, Private Equity	23.1	—	(0.1)	—	(16.7)	6.3	—	—	—	—
Avenue One PropCo, Private Equity	—	46.3	(16.2)	—	0.9	31.0	—	—	—	—
Avida Holding AB, Common Stock	52.3	—	—	—	(9.7)	42.6	—	—	—	—
Kilter Finance, Preferred Stock	36.1	87.3	(24.0)	0.7	(0.6)	99.5	7.4	1.9	—	—
Kilter Finance, Private Equity	0.5	—	—	—	—	0.5	—	—	—	—
KKR Altitude II Offshore Aggregator LP, Partnership Interest	—	44.4	—	—		44.4	—	—	—	—
KKR Rocket Loans Aggregator LLC, Partnership Interest	1.4	2.9	—	—	—	4.3	—	—	—	1.3
My Community Homes SFR PropCo 2, Private Equity	33.0	157.0	(105.7)	—	(5.3)	79.0	—	—	—	—
Prime St LLC, Private Equity	9.1	—	(0.3)	—	(8.8)	—	—	—	—	—
Prime St LLC, Structured Mezzanine	52.4	3.3	—	—	(12.2)	43.5	3.2	3.1	—	—
Toorak Capital Funding LLC, Membership Interest	1.7	—	(1.7)	(0.2)	0.2	—	—	—	—	0.3
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity	199.3	78.3	—	—	(16.4)	261.2	—	—	—	18.8
Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine	22.0	32.0	(54.0)	—	—	—	—	0.6	—	—

Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC	1,396.2	175.0	—	—	(142.9)	1,428.3	—	—	—	208.3
Equity/Other
Amtek Global Technology Pte Ltd, Common Stock	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Ordinary Shares	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Private Equity	—	—	—	—	—	—	—	—	—	—
ATX Networks Corp, Common Stock	—	1.7	—	—	27.5	29.2	—	—	—	—
ATX Networks Corp, Class B-1 Common Stock	—	5.0	—	—	—	5.0	—	—	—	—
ATX Networks Corp, Class B-2 Common Stock	—	4.0	—	—	5.0	9.0	—	—	—	—
Hilding Anders, Class A Common Stock	—	—	—	—	—	—	—	—	—	—
Hilding Anders, Class B Common Stock	—	—	—	—	—	—	—	—	—	—


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Hilding Anders, Class C Common Stock	—		—		—		—		—		—		—		—		—		—
Hilding Anders, Equity Options	—		—		—		—		—		—		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series A	7.1		—		—		—		9.8		16.9		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series B	—		—		—		—		—		—		—		—		—		—
JW Aluminum Co, Common Stock	—		—		—		—		2.4		2.4		—		—		—		—
JW Aluminum Co, Preferred Stock	122.6		22.2		—		—		(32.3)		112.5		0.6		19.7		—		—
NCI Inc, Class A-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class B-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class C Common Stock(4)	—		20.2		—		—		—		20.2		—		—		—		—
NCI Inc, Class I-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
One Call Care Management Inc, Common Stock(5)	2.4		—		(2.1)		—		(0.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock A(5)	26.1		—		(22.8)		—		(3.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock B(5)	9.2		—		(8.0)		—		(1.2)		—		—		—		—		—
PRG III LLC, Preferred Stock, Series A PIK	17.4		—		—		—		88.3		105.7		—		—		—		—
PRG III LLC, Preferred Stock, Series B PIK	—		—		—		—		—		—		—		—		—		—
Sound United LLC, Common Stock	77.5		—		(17.3)		—		(60.2)		—		—		—		—		—
Warren Resources Inc, Common Stock	20.4		—		—		—		8.8		29.2		—		—		—		—
Total	$	2,684.1	$	801.5	$	(334.7)	$	(71.4)	$	(171.1)	$	2,908.4	$	58.2	$	43.1	$	—	$	228.7

______________

(3)Interest, PIK, fee and dividend income presented for the full year ended December 31, 2022.

[2]

Asset is on non-accrual status.

[3]

Security is non-income producing.

[4]

Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

[5]

[6]

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

[7]

See Note 8 for additional information regarding the fair value of the Company's financial instruments

[8]

Security may be an obligation of one or more entities affiliated with the named company

[9]

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

Distributions

3 Months Ended

Mar. 31, 2023

Distributions

The following table reflects the cash distributions per share that the Company has declared on its common stock during the three months ended March 31, 2023 and 2022:


	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2022
March 31, 2022	$	0.63	$	179


Total	$	0.63	$	179
Fiscal 2023
March 31, 2023	$	0.70	$	196


Total	$	0.70	$	196

On May 4, 2023, the Company’s board of directors declared a regular quarterly cash distribution of $0.70 per share, which will be paid on or about July 5, 2023 to stockholders of record as of the close of business on June 14, 2023. Additionally, the Company's board of directors has declared special distributions totaling $0.15 per share to be paid in three equal installments by the end of 2023. The first $0.05 per share special distribution will be paid on or about May 31, 2023 to stockholders of record as of the close of business on May 17, 2023. The second $0.05 per share special distribution will be paid on or about August 30, 2023 to stockholders of record as of the close of business on August 16, 2023. The third $0.05 per share special distribution will be paid on or about November 29, 2023 to stockholders of record as of the close of business on November 15, 2023. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of directors.

Pursuant to the DRP, the Company will reinvest all cash dividends or distributions declared by the Company’s board of directors on behalf of stockholders who do not elect to receive their distributions in cash. As a result, if the Company’s board of directors declares a distribution, then stockholders who have not elected to “opt out” of the DRP will have their distributions automatically reinvested in additional shares of the Company’s common stock.

With respect to each distribution pursuant to the DRP, the Company reserves the right to either issue new shares of common stock or purchase shares of common stock in the open market in connection with implementation of the DRP. Unless the Company, in its sole discretion, otherwise directs the plan administrator, (A) if the per share market price (as defined in the DRP) is equal to or greater than the estimated net asset value per share (rounded up to the nearest whole cent) of the Company’s common stock on the payment date for the distribution, then the Company will issue shares of common stock at the greater of (i) net asset value per share of common stock or (ii) 95% of the market price; or (B) if the market price is less than the net asset value per share, then, in the sole discretion of the Company, (i) shares of common stock will be purchased in open market transactions for the accounts of participants to the extent practicable, or (ii) the Company will issue shares of common stock at net asset value per share. Pursuant to the terms of the DRP, the number of shares of common stock to be issued to a participant will be determined by dividing the total dollar amount of the distribution payable to a participant by the price per share at which the Company issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participant based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market.

If a stockholder receives distributions in the form of common stock pursuant to the DRP, such stockholder generally will be subject to the same federal, state and local tax consequences as if it elected to receive distributions in cash. If the Company’s common stock is trading at or below net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that they would have received if they had elected to receive the distribution in cash. If the Company’s common stock is trading above net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock. The stockholder’s basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the stockholder. Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the stockholder’s account.

The Company may fund its cash distributions to stockholders from any sources of funds legally available to it, including proceeds from the sale of shares of the Company’s common stock, borrowings, net investment income from operations, capital gains

proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s stockholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.

The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023				2022
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Return of capital	$	—	—		$	—	—

Net investment income(1)	196		100	%	179		100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—


Total	$	196	100	%	$	179	100	%

________________

(1)During the three months ended March 31, 2023 and 2022, 87.5% and 83.8%, respectively, of the Company’s gross investment income was attributable to cash income earned, 3.3% and 5.3%, respectively, was attributable to non-cash accretion of discount and 9.2% and 10.9%, respectively, was attributable to PIK interest.

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company’s distributions for a full year. The actual tax characteristics of distributions to stockholders are reported to stockholders annually on Form 1099-DIV.

Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of March 31, 2023, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $2,081. Because of the loss limitation rules of the Code, some of the tax basis losses may be limited in their use. Any unused balances resulting from such limitations may be carried forward into future years indefinitely.

As of March 31, 2023 and December 31, 2022, the Company's gross unrealized appreciation on a tax basis was $1,341 and $1,349, respectively. As of March 31, 2023 and December 31, 2022, the Company's gross unrealized depreciation on a tax basis was $2,296 and $2,364, respectively.

The aggregate cost of the Company’s investments for U.S. federal income tax purposes totaled $16,993 and $17,159 as of March 31, 2023 and December 31, 2022, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $(1,716) and $(1,782) as of March 31, 2023 and December 31, 2022, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from merger accounting, foreign currency forward contracts and foreign currency transactions.

As of March 31, 2023, the Company had a deferred tax liability of $8 resulting from unrealized appreciation on investments held by the Company’s wholly-owned taxable subsidiaries and a deferred tax asset of $71 resulting from net operating losses, capital losses, and interest expense limitation carryforwards of the Company’s wholly-owned taxable subsidiaries and unrealized depreciation on investments held by the Company’s wholly-owned taxable subsidiaries. As of March 31, 2023, certain wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their generated net operating losses and capital losses, therefore the deferred tax asset was offset by a valuation allowance of $65.

Financing Arrangements

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Financing Arrangements

Prior to June 14, 2019, in accordance with the 1940 Act, the Company was allowed to borrow amounts such that its asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, the Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of March 31, 2023, the aggregate amount outstanding of the senior securities issued by the Company was $8,713. As of March 31, 2023, the Company’s asset coverage was 180%.


	As of March 31, 2023 (Unaudited)
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date
Ambler Credit Facility(2)	Revolving Credit Facility	SOFR+2.15%(1)	$	150	$	50	November 22, 2025
Burholme Prime Brokerage Facility(2)	Prime Brokerage Facility	SOFR+1.35%(1)	—		—		September 26, 2023
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	SOFR+1.90% - 2.05%(1)(3)	285		15		June 2, 2026
Darby Creek Credit Facility(2)	Revolving Credit Facility	SOFR+1.85%(1)	240		10		February 26, 2025
Dunlap Credit Facility(2)	Revolving Credit Facility	SOFR+1.85%(1)	467		33		February 26, 2025
Meadowbrook Run Credit Facility(2)	Revolving Credit Facility	SOFR+2.55%(1)	300		—		November 22, 2024
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	SOFR+1.75% - 1.88%(1)(4)	2,174(5)		2,469(6)		May 17, 2027
4.625% Notes due 2024(7)	Unsecured Notes	4.63%	400		—		July 15, 2024
1.650% Notes due 2024(7)	Unsecured Notes	1.65%	500		—		October 12, 2024
4.125% Notes due 2025(7)	Unsecured Notes	4.13%	470		—		February 1, 2025
4.250% Notes due 2025(7)	Unsecured Notes	4.25%	475		—		February 14, 2025
8.625% Notes due 2025(7)	Unsecured Notes	8.63%	250		—		May 15, 2025
3.400% Notes due 2026(7)	Unsecured Notes	3.40%	1,000		—		January 15, 2026
2.625% Notes due 2027(7)	Unsecured Notes	2.63%	400		—		January 15, 2027
3.250% Notes due 2027(7)	Unsecured Notes	3.25%	500		—		July 15, 2027
3.125% Notes due 2028(7)	Unsecured Notes	3.13%	750		—		October 12, 2028
CLO-1 Notes(2)(8)	Collateralized Loan Obligation	L+1.85% - 3.01%(1)	352		—		January 15, 2031
Total			$	8,713	$	2,577

___________

(1)The benchmark rate is subject to a 0% floor.

(2)The carrying amount outstanding under the facility approximates its fair value.

(3)As of March 31, 2023, there was $200 term loan outstanding at SOFR+1.90% and $85 revolving commitment outstanding at SOFR+2.05%.


	As of December 31, 2022
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date

Ambler Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.15%(1)	$	131	$	69	November 22, 2025
Burholme Prime Brokerage Facility(2)(9)	Prime Brokerage Facility	L+1.25%(1)	—		—		June 28, 2023
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	SOFR+1.90% - 2.05%(1)(3)	285		15		June 2, 2026
Darby Creek Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	242		8		February 26, 2025
Dunlap Credit Facility(2)(9)	Revolving Credit Facility	L+1.85%(1)	472		28		February 26, 2025
Meadowbrook Run Credit Facility(2)(9)	Revolving Credit Facility	SOFR+2.55%(1)	244		56		November 22, 2024
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	SOFR+1.75% - 1.88%(1)(4)	2,260(5)		2,383(6)		May 17, 2027
4.625% Notes due 2024(7)	Unsecured Notes	4.63%	400		—		July 15, 2024
1.650% Notes due 2024(7)	Unsecured Notes	1.65%	500		—		October 12, 2024
4.125% Notes due 2025(7)	Unsecured Notes	4.13%	470		—		February 1, 2025
4.250% Notes due 2025(7)(9)	Unsecured Notes	4.25%	475		—		February 14, 2025
8.625% Notes due 2025(7)	Unsecured Notes	8.63%	250		—		May 15, 2025
3.400% Notes due 2026(7)	Unsecured Notes	3.40%	1,000		—		January 15, 2026
2.625% Notes due 2027(7)	Unsecured Notes	2.63%	400		—		January 15, 2027
3.250% Notes due 2027(7)	Unsecured Notes	3.25%	500		—		July 15, 2027
3.125% Notes due 2028(7)	Unsecured Notes	3.13%	750		—		October 12, 2028
CLO-1 Notes(2)(8)	Collateralized Loan Obligation	L+1.85% - 3.01%(1)	352		—		January 15, 2031
Total			$	8,731	$	2,559

___________

(1)The benchmark rate is subject to a 0% floor.

(2)The carrying amount outstanding under the facility approximates its fair value.

(3)As of December 31, 2022, there was $200 term loan outstanding at SOFR+1.90% and $85 revolving commitment outstanding at SOFR+2.05%.

(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2022, $12 of such letters of credit have been issued.

For the three months ended March 31, 2023 and 2022, the components of total interest expense for the Company's financing arrangements were as follows:



	Three Months Ended March 31,
	2023						2022
Arrangement(1)	Direct Interest Expense		Amortization of Deferred Financing Costs and Discount / Premium		Total Interest Expense		Direct Interest Expense		Amortization of Deferred Financing Costs and Discount / Premium		Total Interest Expense
Ambler Credit Facility(2)	$	2	$	1	$	3	$	1	$	0	$	1
Burholme Prime Brokerage Facility(2)	—		—		—		—		—		—
CCT Tokyo Funding Credit Facility(2)	5		0		5		2		0		2
Darby Creek Credit Facility(2)	4		0		4		1		0		1
Dunlap Credit Facility(2)	8		0		8		3		0		3
Meadowbrook Run Credit Facility(2)	4		0		4		2		0		2
Senior Secured Revolving Credit Facility(2)	38		1		39		16		1		17
4.750% Notes due 2022	—		—		—		6		0		6
4.625% Notes due 2024	5		0		5		4		0		4
1.650% Notes due 2024	2		1		3		2		1		3
4.125% Notes due 2025	5		1		6		5		0		5
4.250% Notes due 2025	5		(2)		3		5		(1)		4
8.625% Notes due 2025	5		0		5		5		1		6
3.400% Notes due 2026	9		2		11		9		1		10
2.625% Notes due 2027	2		0		2		2		0		2
3.250% Notes due 2027	4		0		4		3		0		3
3.125% Notes due 2028	6		0		6		6		0		6
CLO-1 Notes	6		0		6		2		0		2
Total	$	110	$	4	$	114	$	74	$	3	$	77

______________________

(2)Direct interest expense includes the effect of non-usage fees.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the three months ended March 31, 2023 were $8,842 and 5.00%, respectively. As of March 31, 2023, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.08%.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the three months ended March 31, 2022 were $9,649 and 3.07%, respectively. As of March 31, 2022, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 3.14%.

Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of March 31, 2023 and December 31, 2022.

Burholme Prime Brokerage Facility

On January 25, 2023, Burholme Funding LLC, or Burholme Funding, a wholly-owned special-purpose financing subsidiary of the Company, entered into an eighth amendment to the committed facility arrangement, or the Burholme Prime Brokerage Facility, with BNP Paribas Prime Brokerage International, Ltd., or BNPP to amend the interest rate on borrowings thereunder from LIBOR plus 1.25% per annum to SOFR plus 1.35% per annum. Interest remains payable monthly in arrears.

Darby Creek Credit Facility

On February 23, 2023, Darby Creek LLC, or Darby Creek, a wholly-owned special-purpose financing subsidiary of the Company, entered into an Eleventh Amendment (the “Eleventh Amendment to the Darby Creek Credit Facility”) to a revolving credit facility, or the Darby Creek Credit Facility, with Deutsche Bank AG, New York Branch, as facility agent, each of the lenders from time to time party thereto, the other agents parties thereto, and Wells Fargo Bank, National Association, as collateral agent and collateral custodian.

The Eleventh Amendment to the Darby Creek Credit Facility, among other things, (i) extended the end of the revolving period from February 26, 2023 to April 26, 2023, (ii) converted the applicable benchmark for calculating interest thereunder for borrowings in U.S. dollars from LIBOR to Term SOFR and (iii) increased the margin over the applicable benchmark that would be charged after the revolving period to 2.90% per annum, plus Term SOFR (or the relevant reference rate for any foreign currency borrowings).

Dunlap Credit Facility

On February 23, 2023, Dunlap Funding LLC, or Dunlap Funding, a wholly-owned special-purpose financing subsidiary of the Company, entered into Amendment No. 15 (“Amendment No. 15 to the Dunlap Credit Facility”) to a revolving credit facility, or the Dunlap Credit Facility with Deutsche Bank AG, New York Branch, as facility agent, each of the lenders from time to time party thereto, the other agents parties thereto, and Wells Fargo Bank, National Association, as collateral agent and collateral custodian.

Amendment No. 15 to the Dunlap Credit Facility, among other things, (i) extended the end of the revolving period from February 26, 2023 to April 26, 2023 (ii) converted the applicable benchmark for calculating interest thereunder for borrowings in U.S. dollars from LIBOR to Term SOFR and (iii) increased the margin over the applicable benchmark that would be charged after the revolving period to 2.90% per annum, plus Term SOFR (or the relevant reference rate for any foreign currency borrowings).

Preferred stock, par value (in dollars per share) | $ / shares

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Consolidated Balance Sheets (Parenthetical)
€ in Millions, £ in Millions, $ in Millions

Mar. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2022

EUR (€)

Dec. 31, 2022

GBP (£)

Amortized cost

$ 3,779.0

$ 3,755.5

€ 99.4

^{[1],[2],[3],[4],[5]}

£ 1.3

Debt financing costs | $

$ 34.0

$ 32.0

$ 0.001

Preferred stock, shares authorized

50,000,000

Preferred stock, shares issued

Preferred stock, shares outstanding

Common stock, par value (in dollars per share) | $ / shares

$ 0.001

Common stock, shares authorized

750,000,000

Common stock, shares issued

280,066,433

281,731,750

Common stock, shares outstanding

280,066,433

281,731,750

[1]


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Amtek Global Technology Pte Ltd	$	34.8	$	—	$	(24.3)	$	(4.3)	$	(2.3)	$	3.9	$	—	$	—	$	—	$	—
ATX Networks Corp	46.8		0.4		(6.6)		—		—		40.6		3.2		1.0		—		—
HM Dunn Co Inc	33.6		2.0		—		—		—		35.6		0.8		2.1		—		—
HM Dunn Co Inc	2.0		—		(2.0)		—		—		—		—		—		—		—
NCI Inc	—		79.1		(21.9)		(28.5)		(0.6)		28.1		6.5		0.4		—		—
One Call Care Management Inc(5)	5.0		—		(4.7)		—		(0.3)		—		—		—		—		—
Production Resource Group LLC	133.3		19.3		(0.3)		—		0.2		152.5		12.9		8.0		—		—
Production Resource Group LLC	0.1		—		—		—		—		0.1		—		—		—		—
Production Resource Group LLC	64.4		3.7		(0.6)		—		0.6		68.1		6.4		2.0		—		—


Portfolio Company	Fair Value at December 31, 2021	Gross Additions(1)	Gross Reductions(2)	Net Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Fair Value at December 31, 2022	Interest Income(3)	PIK Income(3)	Fee Income(3)	Dividend Income(3)
Production Resource Group LLC	20.2	11.1	(0.3)	—	0.3	31.3	—	0.9	—	—

Warren Resources Inc	18.7	0.6	(0.2)	—	(0.5)	18.6	2.5	0.2	—	—
Senior Secured Loans—Second Lien
Amtek Global Technology Pte Ltd	—	—	—	(39.1)	39.1	—	—	—	—	—

Other Senior Secured Debt
JW Aluminum Co	81.0	0.2	—	—	(3.1)	78.1	8.0	—	—	—
One Call Care Management Inc(5)	23.5	—	(21.6)	—	(1.9)	—	—	—	—	—

Subordinated Debt
ATX Networks Corp	7.1	3.6	—	—	11.2	21.9	1.6	1.5	—	—
Hilding Anders	46.6	—	—	—	(46.6)	—	—	—	—	—
Hilding Anders	—	—	—	—	—	—	0.3	—	—	—
Hilding Anders	—	—	—	—	—	—	0.1	—	—	—
Asset Based Finance
801 5th Ave, Seattle, Structure Mezzanine	57.2	1.9	—	—	(0.2)	58.9	4.7	1.7	—	—
801 5th Ave, Seattle, Private Equity	23.1	—	(0.1)	—	(16.7)	6.3	—	—	—	—
Avenue One PropCo, Private Equity	—	46.3	(16.2)	—	0.9	31.0	—	—	—	—
Avida Holding AB, Common Stock	52.3	—	—	—	(9.7)	42.6	—	—	—	—
Kilter Finance, Preferred Stock	36.1	87.3	(24.0)	0.7	(0.6)	99.5	7.4	1.9	—	—
Kilter Finance, Private Equity	0.5	—	—	—	—	0.5	—	—	—	—
KKR Altitude II Offshore Aggregator LP, Partnership Interest	—	44.4	—	—		44.4	—	—	—	—
KKR Rocket Loans Aggregator LLC, Partnership Interest	1.4	2.9	—	—	—	4.3	—	—	—	1.3
My Community Homes SFR PropCo 2, Private Equity	33.0	157.0	(105.7)	—	(5.3)	79.0	—	—	—	—
Prime St LLC, Private Equity	9.1	—	(0.3)	—	(8.8)	—	—	—	—	—
Prime St LLC, Structured Mezzanine	52.4	3.3	—	—	(12.2)	43.5	3.2	3.1	—	—
Toorak Capital Funding LLC, Membership Interest	1.7	—	(1.7)	(0.2)	0.2	—	—	—	—	0.3
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity	199.3	78.3	—	—	(16.4)	261.2	—	—	—	18.8
Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine	22.0	32.0	(54.0)	—	—	—	—	0.6	—	—

Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC	1,396.2	175.0	—	—	(142.9)	1,428.3	—	—	—	208.3
Equity/Other
Amtek Global Technology Pte Ltd, Common Stock	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Ordinary Shares	—	—	—	—	—	—	—	—	—	—
Amtek Global Technology Pte Ltd, Private Equity	—	—	—	—	—	—	—	—	—	—
ATX Networks Corp, Common Stock	—	1.7	—	—	27.5	29.2	—	—	—	—
ATX Networks Corp, Class B-1 Common Stock	—	5.0	—	—	—	5.0	—	—	—	—
ATX Networks Corp, Class B-2 Common Stock	—	4.0	—	—	5.0	9.0	—	—	—	—
Hilding Anders, Class A Common Stock	—	—	—	—	—	—	—	—	—	—
Hilding Anders, Class B Common Stock	—	—	—	—	—	—	—	—	—	—


Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Hilding Anders, Class C Common Stock	—		—		—		—		—		—		—		—		—		—
Hilding Anders, Equity Options	—		—		—		—		—		—		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series A	7.1		—		—		—		9.8		16.9		—		—		—		—
HM Dunn Co Inc, Preferred Stock, Series B	—		—		—		—		—		—		—		—		—		—
JW Aluminum Co, Common Stock	—		—		—		—		2.4		2.4		—		—		—		—
JW Aluminum Co, Preferred Stock	122.6		22.2		—		—		(32.3)		112.5		0.6		19.7		—		—
NCI Inc, Class A-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class B-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
NCI Inc, Class C Common Stock(4)	—		20.2		—		—		—		20.2		—		—		—		—
NCI Inc, Class I-1 Common Stock(4)	—		—		—		—		—		—		—		—		—		—
One Call Care Management Inc, Common Stock(5)	2.4		—		(2.1)		—		(0.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock A(5)	26.1		—		(22.8)		—		(3.3)		—		—		—		—		—
One Call Care Management Inc, Preferred Stock B(5)	9.2		—		(8.0)		—		(1.2)		—		—		—		—		—
PRG III LLC, Preferred Stock, Series A PIK	17.4		—		—		—		88.3		105.7		—		—		—		—
PRG III LLC, Preferred Stock, Series B PIK	—		—		—		—		—		—		—		—		—		—
Sound United LLC, Common Stock	77.5		—		(17.3)		—		(60.2)		—		—		—		—		—
Warren Resources Inc, Common Stock	20.4		—		—		—		8.8		29.2		—		—		—		—
Total	$	2,684.1	$	801.5	$	(334.7)	$	(71.4)	$	(171.1)	$	2,908.4	$	58.2	$	43.1	$	—	$	228.7

______________

(3)Interest, PIK, fee and dividend income presented for the full year ended December 31, 2022.

[2]

Asset is on non-accrual status.

[3]

Security is non-income producing.

[4]

Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

[5]

Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the three months ended March 31, 2023 and the year ended December 31, 2022:


	Three Months Ended March 31, 2023			Year Ended December 31, 2022
	(Unaudited)
Per Share Data:(1)
Net asset value, beginning of period	$	24.89		$	27.17
Results of operations(2)
Net investment income (loss)	0.81			3.05
Net realized gain (loss) and unrealized appreciation (depreciation)	(0.11)			(2.74)
Net increase (decrease) in net assets resulting from operations	0.70			0.31
Stockholder distributions(3)
Distributions from net investment income	(0.70)			(2.66)
Distributions from net realized gain on investments	—			—
Net decrease in net assets resulting from stockholder distributions	(0.70)			(2.66)
Capital share transactions

Repurchases of common stock(4)	0.04			0.07




Net increase (decrease) in net assets resulting from capital share transactions	0.04			0.07
Net asset value, end of period	$	24.93		$	24.89
Per share market value, end of period	$	18.50		$	17.50
Shares outstanding, end of period	280,066,433			281,731,750
Total return based on net asset value(5)	2.97		%	1.40		%
Total return based on market value(6)	9.72		%	(4.61)		%
Ratio/Supplemental Data:
Net assets, end of period	$	6,983		$	7,012
Ratio of net investment income to average net assets(7)	12.94		%	11.42		%



Ratio of total operating expenses to average net assets(7)	12.83		%	10.96		%

Ratio of net operating expenses to average net assets(7)	12.83		%	10.17		%
Portfolio turnover(8)	1.76		%	28.61		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	8,713		$	8,731
Asset coverage per unit(9)	1.80			1.80

_______________

(1)Per share data may be rounded in order to recompute the ending net asset value per share.

(2)The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)The per share data for distributions reflect the actual amount of distributions paid per share during the applicable period.

(4)Represents the incremental impact of the Company's share repurchase program by buying shares in the open market at a price lower than net asset value per share.

(5)The total return based on net asset value for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the cash distributions per share that were declared during the period and dividing the total by the net asset value per share at the beginning of the period. Total return based on net asset value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on net asset value in the table should not be considered a representation of the Company’s future total return based on net asset value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to stockholders.

(6)The total return based on market value for each period presented was calculated based on the change in market price during the applicable period, including the impact of distributions reinvested in accordance with the Company’s DRP. Total return based on market value does

not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

(7)Weighted average net assets during the applicable period are used for this calculation. Ratios for the three months ended March 31, 2023 are annualized. Annualized ratios for the three months ended March 31, 2023 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2023. The following is a schedule of supplemental ratios for the three months ended March 31, 2023 and year ended December 31, 2022:


	Three Months Ended March 31, 2023		Year Ended December 31, 2022
	(Unaudited)

Ratio of net subordinated income incentive fees to average net assets	2.60	%	1.31	%
Ratio of interest expense to average net assets	6.44	%	4.82	%
Ratio of excise taxes to average net assets	—	%	0.25	%

(8)Portfolio turnover for the three months ended March 31, 2023 is not annualized.

(9)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.

Schedule of Supplemental Ratios

The following is a schedule of supplemental ratios for the three months ended March 31, 2023 and year ended December 31, 2022:


	Three Months Ended March 31, 2023		Year Ended December 31, 2022
	(Unaudited)

Ratio of net subordinated income incentive fees to average net assets	2.60	%	1.31	%
Ratio of interest expense to average net assets	6.44	%	4.82	%
Ratio of excise taxes to average net assets	—	%	0.25	%

Distributions - Cash Distributions on Common Stock (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Distribution Amount
Return of capital	$ 0	$ 0
Short-term capital gains proceeds from the sale of assets	0	0
Total	$ 196	$ 179
Percentage
Return of capital (in percent)	0.00%	0.00%
Net investment income (in percent)	100.00%	100.00%
Short-term capital gains proceeds from the sale of assets (in percent)	0.00%	0.00%
Long-term capital gains proceeds from the sale of assets (in percent)	0.00%	0.00%
Total (in percent)	100.00%	100.00%
Gross investment income attributable to cash income earned (in percent)	87.50%	83.80%
Gross investment income attributable to non-cash accretion of discount (in percent)	3.30%	5.30%
Gross investment income attributable to paid-in-kind interest (in percent)	9.20%	10.90%

Financial Instruments - Net Realized And Unrealized Gains And Losses On Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss) on foreign currency forward contracts	$ 3	$ 5
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	(4)	1
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss) on foreign currency forward contracts	3	5
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	$ (4)	$ 1

Distributions (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Cash Distributions on Common Stock

The following table reflects the cash distributions per share that the Company has declared on its common stock during the three months ended March 31, 2023 and 2022:


	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2022
March 31, 2022	$	0.63	$	179


Total	$	0.63	$	179
Fiscal 2023
March 31, 2023	$	0.70	$	196


Total	$	0.70	$	196

The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023				2022
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Return of capital	$	—	—		$	—	—

Net investment income(1)	196		100	%	179		100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—


Total	$	196	100	%	$	179	100	%

________________

Subsequent Events (Details) - Darby Creek Credit Facility and Dunlap Funding Credit Facility Merger - Secured Overnight Financing Rate (SOFR) - Subsequent Event $ in Millions	Apr. 27, 2023 USD ($)
Subsequent Event [Line Items]
Basis spread on variable rate	2.65%
Commitment fee amount	$ 750

Commitment and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Advisor has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.

The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated balance sheets. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of March 31, 2023, the Company’s unfunded commitments consisted of the following:


Category / Company(1)	Commitment Amount
Senior Secured Loans—First Lien
3Pillar Global Inc	$	8.6
3Pillar Global Inc	24.0
48Forty Solutions LLC	9.6
Advanced Dermatology & Cosmetic Surgery	3.6
Advanced Dermatology & Cosmetic Surgery	2.2
Affordable Care Inc	12.8
Affordable Care Inc	25.7
Alacrity Solutions Group LLC	5.9
American Vision Partners	4.7
Amerivet Partners Management Inc	8.4
Amerivet Partners Management Inc	48.8
Arcfield Acquisition Corp	7.1
Arcos LLC/VA	4.5
Ardonagh Group Ltd	9.9
AxiomSL Ltd	2.5
AxiomSL Ltd	2.3
Barbri Inc	9.1
BGB Group LLC	19.9
Careismatic Brands Inc	15.0
CFC Underwriting Ltd	5.7
Circana Group (f.k.a. NPD Group)	0.9
Clarience Technologies LLC	25.3
Community Brands Inc	3.8
Community Brands Inc	1.9
Corsearch Intermediate Inc	4.4
CSafe Global	34.9
DOC Generici Srl	2.3
Envirotainer Ltd	2.7
Excelitas Technologies Corp	1.4
Excelitas Technologies Corp	3.1
Follett Software Co	9.9
Foundation Consumer Brands LLC	6.6
Foundation Risk Partners Corp	6.9
Galway Partners Holdings LLC	9.4
Galway Partners Holdings LLC	1.3
Gigamon Inc	9.3


Category / Company(1)	Commitment Amount
Heniff Transportation Systems LLC	$	14.3
Higginbotham Insurance Agency Inc	3.7
HKA	0.2
HM Dunn Co Inc	2.0
Individual FoodService	4.7
Individual FoodService	1.1
iNova Pharmaceuticals (Australia) Pty Limited	2.2
Insight Global LLC	21.1
Insight Global LLC	26.8
J S Held LLC	1.3
J S Held LLC	17.4
Karman Space Inc	0.8
Laboratoires Vivacy SAS	0.7
Lakefield Veterinary Group	34.3
Lakeview Farms Inc	10.8
Lakeview Farms Inc	2.8
Lexitas Inc	7.6
Lipari Foods LLC	26.0
Lloyd's Register Quality Assurance Ltd	12.6
Magna Legal Services LLC	2.2
Magna Legal Services LLC	0.6
Med-Metrix	25.0
Med-Metrix	7.8
Monitronics International Inc	15.7
Motion Recruitment Partners LLC	59.6
NBG Home	1.0
Net Documents	2.7
New Era Technology Inc	1.2
Novotech Pty Ltd	5.6
Oxford Global Resources LLC	4.6
Oxford Global Resources LLC	8.0
PartsSource Inc	3.3
PartsSource Inc	22.7
Radwell International LLC/PA	6.0
Revere Superior Holdings Inc	3.2
Rise Baking Company	4.6
RSC Insurance Brokerage Inc	3.0
SAMBA Safety Inc	1.8
SavATree LLC	3.4
SavATree LLC	6.3
Source Code LLC	15.0
Spins LLC	7.9
Spins LLC	16.5
Spotless Brands LLC	18.4
Summit Interconnect Inc	9.4
Sweeping Corp of America Inc	2.6
Time Manufacturing Co	16.7
Version1 Software Ltd	1.1
VetCor Professional Practices LLC	3.8
VetCor Professional Practices LLC	6.6


Category / Company(1)	Commitment Amount
Wealth Enhancement Group LLC	$	2.4
Wealth Enhancement Group LLC	2.1
Woolpert Inc	3.7
Worldwise Inc	15.5
Worldwise Inc	6.8
Zendesk Inc	6.0
Zendesk Inc	14.4

Senior Secured Loans—Second Lien
Valeo Foods Group Ltd	3.1
Subordinated Debt
Covis Finco Sarl	20.0


Asset Based Finance
Callodine Commercial Finance LLC, 2L Term Loan B	36.1
Jet Edge International LLC, Term Loan	0.7




Total	$	941.9
Unfunded Asset Based Finance/Other commitments	$	497.3

_____________

(1)May be commitments to one or more entities affiliated with the named company.

As of March 31, 2023, the Company’s debt commitments are comprised of $421.6 revolving credit facilities and $520.3 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $(16.8). The Company’s unfunded Asset Based Finance/Other commitments generally require certain conditions to be met or actual approval from the Advisor prior to funding.

The Senior Secured Revolving Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $175, subject to increase or reduction from time to time pursuant to the terms of the Senior Secured Revolving Credit Facility. As of March 31, 2023, $12 of such letters of credit have been issued.

As of March 31, 2023, the Company also has an unfunded commitment to provide $560.2 of capital to COPJV. The capital commitment can be satisfied with contributions of cash and/or investments. The capital commitments cannot be drawn without an affirmative vote by both the Company’s and SCRS’s representatives on COPJV’s board of managers.

While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so.

In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company has no such guarantees outstanding at March 31, 2023 and December 31, 2022.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The December 31, 2022 consolidated balance sheet and consolidated schedule of investments are derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies. Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Capital Gains Incentive Fee: Pursuant to the terms of the investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee equals 20.0% of the Company’s incentive fee capital gains, which shall equal the realized capital gains of Corporate Capital Trust, Inc., or CCT, (as predecessor-by-merger to the Company), FS KKR Capital Corp. II, or FSKR, (as predecessor-by-merger to the Company) and the Company (without duplication) on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation (without duplication) on a cumulative basis, less the aggregate amount of any capital gain incentive fees previously paid by CCT, FSKR and the Company. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Advisor if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Advisor is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. Subordinated Income Incentive Fee: Pursuant to the terms of the investment advisory agreement, the Advisor may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the investment advisory agreement, which is calculated and payable quarterly in arrears, equals 17.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.75% per quarter, or an annualized hurdle rate of 7.0%. As a result, the Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.75%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Advisor will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.12%, or 8.48% annually, of net assets. Thereafter, the Advisor will be entitled to receive 17.5% of pre-incentive fee net investment income. See Note 4 for a discussion of the subordinated incentive fee on income under the prior investment advisory agreement. Reclassifications: Certain amounts in the unaudited consolidated financial statements as of and for the three months ended March 31, 2022 and the audited consolidated financial statements as of and for the year ended December 31, 2022 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements as of and for the three months ended March 31, 2023. Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company ("LLC") and limited partnership ("LP") investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company's policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company's judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the three months ended March 31, 2023 and 2022, the Company recognized $2 and $14, respectively, in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Derivative Instruments: The Company's derivative instruments include foreign currency forward contracts and cross currency swaps. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations. Recent Accounting Pronouncements: In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.

Financial Highlights - Schedule of Supplemental Ratios (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Investment Company [Abstract]
Ratio of net subordinated income incentive fees to average net assets	2.60%	1.31%
Ratio of interest expense to average net assets	6.44%	4.82%
Ratio of excise taxes to average net assets	0.00%	0.25%

N-2	3 Months Ended
N-2	Mar. 31, 2023
Cover [Abstract]
Entity Central Index Key	0001422183
Amendment Flag	false
Securities Act File Number	814-00757
Document Type	10-Q
Entity Registrant Name	FS KKR Capital Corp.
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Entity Emerging Growth Company	false
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by: •utilizing the experience and expertise of the management team of the Advisor; •employing a defensive investment approach focused on long-term credit performance and principal protection; •focusing primarily on debt investments in a broad array of private U.S. companies, including middle-market companies, which we define as companies with annual EBITDA of $25 million to $100 million at the time of investment; •investing primarily in established, stable enterprises with positive cash flows; and •maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio, such as an event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company. We pursue our investment objective by investing primarily in the debt of middle market U.S. companies with a focus on originated transactions sourced through the network of the Advisor and its affiliates. We define direct originations as any investment where the Company's investment adviser, sub-adviser or their affiliates had negotiated the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These directly originated transactions include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions. Our portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle market U.S. companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. Although we do not expect a significant portion of our portfolio to be comprised of subordinated loans, there is no limit on the amount of such loans in which we may invest. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the “over-the-counter” market or directly from our target companies as primary market or directly originated investments. In connection with our debt investments, we may on occasion receive equity interests such as warrants or options as additional consideration. We may also purchase or otherwise acquire interests in the form of common or preferred equity or equity-related securities, such as rights and warrants that may be converted into or exchanged for common stock or other equity or the cash value of common stock or other equity, including through a co-investment with a financial sponsor or possibly the restructuring of an investment. In addition, a portion of our portfolio may be comprised of corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps. The Advisor will seek to tailor our investment focus as market conditions evolve. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structures of our portfolio companies or otherwise make opportunistic investments, such as where the market price of loans, bonds or other securities reflects a lower value than deemed warranted by the Advisor's fundamental analysis. Such investment opportunities may occur due to general dislocations in the markets, a misunderstanding by the market of a particular company or an industry being out of favor with the broader investment community and may include event driven investments, anchor orders and structured products. The senior secured loans, second lien secured loans and senior secured bonds in which we invest generally have stated terms of three to seven years and subordinated debt investments that we make generally have stated terms of up to ten years, but the expected average life of such securities is generally three to four years. However, we may invest in loans and securities with any maturity or duration. Our debt investments may be rated by a NRSRO and, in such case, generally will carry a rating below investment grade (rated lower than “Baa3” by Moody’s or lower than “BBB-” by S&P). We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by a NRSRO.
Risk Factors [Table Text Block]	Risk Factors. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors that appeared under Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K. There are no material changes from the risk factors included within our most recent Annual Report on Form 10-K other than the risks described below. The Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies. The conflict between Russia and Ukraine could lead to disruption, instability and volatility in global markets, economies and industries that could negatively impact our business, results of operations and financial condition. The conflict has already resulted in significant volatility in certain equity, debt and currency markets, material increases in certain commodity prices, and economic uncertainty. The conflict may escalate and its resolution is unclear. The U.S. government and other governments have imposed severe sanctions against Russia and Russian interests and threatened additional sanctions and controls. Sanctions and export control laws and regulations are complex, frequently changing, and increasing in number, and they may impose additional legal compliance costs or business risks associated with our operations.
Risk [Text Block]	The Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies. The conflict between Russia and Ukraine could lead to disruption, instability and volatility in global markets, economies and industries that could negatively impact our business, results of operations and financial condition. The conflict has already resulted in significant volatility in certain equity, debt and currency markets, material increases in certain commodity prices, and economic uncertainty. The conflict may escalate and its resolution is unclear. The U.S. government and other governments have imposed severe sanctions against Russia and Russian interests and threatened additional sanctions and controls. Sanctions and export control laws and regulations are complex, frequently changing, and increasing in number, and they may impose additional legal compliance costs or business risks associated with our operations.

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unfunded Commitments

As of March 31, 2023, the Company’s unfunded commitments consisted of the following:


Category / Company(1)	Commitment Amount
Senior Secured Loans—First Lien
3Pillar Global Inc	$	8.6
3Pillar Global Inc	24.0
48Forty Solutions LLC	9.6
Advanced Dermatology & Cosmetic Surgery	3.6
Advanced Dermatology & Cosmetic Surgery	2.2
Affordable Care Inc	12.8
Affordable Care Inc	25.7
Alacrity Solutions Group LLC	5.9
American Vision Partners	4.7
Amerivet Partners Management Inc	8.4
Amerivet Partners Management Inc	48.8
Arcfield Acquisition Corp	7.1
Arcos LLC/VA	4.5
Ardonagh Group Ltd	9.9
AxiomSL Ltd	2.5
AxiomSL Ltd	2.3
Barbri Inc	9.1
BGB Group LLC	19.9
Careismatic Brands Inc	15.0
CFC Underwriting Ltd	5.7
Circana Group (f.k.a. NPD Group)	0.9
Clarience Technologies LLC	25.3
Community Brands Inc	3.8
Community Brands Inc	1.9
Corsearch Intermediate Inc	4.4
CSafe Global	34.9
DOC Generici Srl	2.3
Envirotainer Ltd	2.7
Excelitas Technologies Corp	1.4
Excelitas Technologies Corp	3.1
Follett Software Co	9.9
Foundation Consumer Brands LLC	6.6
Foundation Risk Partners Corp	6.9
Galway Partners Holdings LLC	9.4
Galway Partners Holdings LLC	1.3
Gigamon Inc	9.3


Category / Company(1)	Commitment Amount
Heniff Transportation Systems LLC	$	14.3
Higginbotham Insurance Agency Inc	3.7
HKA	0.2
HM Dunn Co Inc	2.0
Individual FoodService	4.7
Individual FoodService	1.1
iNova Pharmaceuticals (Australia) Pty Limited	2.2
Insight Global LLC	21.1
Insight Global LLC	26.8
J S Held LLC	1.3
J S Held LLC	17.4
Karman Space Inc	0.8
Laboratoires Vivacy SAS	0.7
Lakefield Veterinary Group	34.3
Lakeview Farms Inc	10.8
Lakeview Farms Inc	2.8
Lexitas Inc	7.6
Lipari Foods LLC	26.0
Lloyd's Register Quality Assurance Ltd	12.6
Magna Legal Services LLC	2.2
Magna Legal Services LLC	0.6
Med-Metrix	25.0
Med-Metrix	7.8
Monitronics International Inc	15.7
Motion Recruitment Partners LLC	59.6
NBG Home	1.0
Net Documents	2.7
New Era Technology Inc	1.2
Novotech Pty Ltd	5.6
Oxford Global Resources LLC	4.6
Oxford Global Resources LLC	8.0
PartsSource Inc	3.3
PartsSource Inc	22.7
Radwell International LLC/PA	6.0
Revere Superior Holdings Inc	3.2
Rise Baking Company	4.6
RSC Insurance Brokerage Inc	3.0
SAMBA Safety Inc	1.8
SavATree LLC	3.4
SavATree LLC	6.3
Source Code LLC	15.0
Spins LLC	7.9
Spins LLC	16.5
Spotless Brands LLC	18.4
Summit Interconnect Inc	9.4
Sweeping Corp of America Inc	2.6
Time Manufacturing Co	16.7
Version1 Software Ltd	1.1
VetCor Professional Practices LLC	3.8
VetCor Professional Practices LLC	6.6


Category / Company(1)	Commitment Amount
Wealth Enhancement Group LLC	$	2.4
Wealth Enhancement Group LLC	2.1
Woolpert Inc	3.7
Worldwise Inc	15.5
Worldwise Inc	6.8
Zendesk Inc	6.0
Zendesk Inc	14.4

Senior Secured Loans—Second Lien
Valeo Foods Group Ltd	3.1
Subordinated Debt
Covis Finco Sarl	20.0


Asset Based Finance
Callodine Commercial Finance LLC, 2L Term Loan B	36.1
Jet Edge International LLC, Term Loan	0.7




Total	$	941.9
Unfunded Asset Based Finance/Other commitments	$	497.3

_____________

(1)May be commitments to one or more entities affiliated with the named company.

Share Transactions - Shares Of The Company’s Common Stock (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Share Repurchase Program (in shares)	(1,665,317)	(404,928)
Share Repurchase Program	$ (32)	$ (9)
Net Proceeds from Share Transactions (in shares)	(1,665,317)	(404,928)
Net Proceeds from Share Transactions	$ (32)	$ (9)

Financing Arrangements - Narrative (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions			3 Months Ended		12 Months Ended
	Feb. 23, 2023	Jan. 25, 2023	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 AUD ($)	Mar. 31, 2023 CAD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 CAD ($)
Debt Instrument [Line Items]
Senior securities issued			$ 8,713		$ 8,731
Average outstanding amount			$ 8,842	$ 9,649
Weighted average interest rate			5.00%	3.07%		5.00%	5.00%	5.00%	5.00%
Effective interest rate percentage			5.08%	3.14%		5.08%	5.08%	5.08%	5.08%
Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate			3.125%			3.125%	3.125%	3.125%	3.125%
4.750% Notes due 2022 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate					4.75%					4.75%	4.75%	4.75%	4.75%
3.250% Notes due 2027 \| Unsecured Notes
Debt Instrument [Line Items]
Senior securities issued			$ 500		$ 500
Stated interest rate			3.25%		3.25%	3.25%	3.25%	3.25%	3.25%	3.25%	3.25%	3.25%	3.25%
Revolving Credit Facility \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Senior securities issued										€ 260	£ 39	$ 112	$ 32
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Senior securities issued			$ 2,174		$ 2,260	€ 242	£ 30	$ 79	$ 22
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%		1.75%
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.88%		1.88%
Revolving Credit Facility \| Burholme Prime Brokerage Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on alternative base rate		1.35%
Revolving Credit Facility \| Burholme Prime Brokerage Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Revolving Credit Facility \| Darby Creek Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Senior securities issued			$ 240		$ 242
Revolving Credit Facility \| Darby Creek Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.90%		1.85%
Revolving Credit Facility \| Darby Creek Credit Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					1.85%
Revolving Credit Facility \| Dunlap Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Senior securities issued			$ 467		$ 472
Revolving Credit Facility \| Dunlap Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.90%		1.85%
Revolving Credit Facility \| Dunlap Credit Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					1.85%

Related Party Transactions - Fees And Expenses Accrued Under The Investment Advisory Agreement (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Base Management Fee

$ 58.0

$ 62.0

Subordinated Incentive Fee on Income

^[1]

46.0

40.0

Subordinated Incentive Fee on Income

1.0

Management fees payable

58.0

$ 59.0

FS/KKR Advisor, LLC

Base Management Fee

58.0

62.0

46.0

25.0

Allocation of costs of administrative personnel for services rendered

3.0

4.0

Base management fees

59.0

60.0

Management fees payable

58.0

Incentive fee waiver

15.0

Incentive fee paid

27.0

19.0

3.0

4.0

Broken deal cost

0.3

Payment for administrative services expenses

$ 2.0

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

Share Transactions

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Share Transactions

Below is a summary of transactions with respect to shares of the Company’s common stock during the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023			2022
	Shares	Amount		Shares	Amount





Share Repurchase Program	(1,665,317)	$	(32)	(404,928)	$	(9)


Net Proceeds from Share Transactions	(1,665,317)	$	(32)	(404,928)	$	(9)

During the three months ended March 31, 2023, the administrator for the Company's distribution reinvestment plan, or DRP, purchased 761,191 shares of common stock in the open market at an average price per share of $18.20 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP. During the three months ended March 31, 2022, the administrator for the DRP purchased 595,933 shares of common stock in the open market at an average price per share of $21.68 (totaling $13) pursuant to the DRP, and distributed such shares to participants in the DRP. During the period from April 1, 2023 to April 30, 2023, the administrator for the DRP purchased 750,490 shares of common stock in the open market at an average price per share of $18.46 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP. For additional information regarding the terms of the DRP, see Note 5.

Share Repurchase Program

On October 31, 2022, the board of directors approved a renewal of the previously approved stock repurchase program. The program provided for aggregate purchases of the Company’s common stock in an amount up to $54, which was the aggregate amount remaining of the $100 amount originally approved by the board of directors. Under the program, the Company was permitted to repurchase up to $100 in the aggregate of its outstanding common stock in the open market at prices below the then-current net asset values per share.

During the three months ended March 31, 2023, the Company repurchased 1,665,317 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $18.89 (totaling $32). During the three months ended March 31, 2022, the Company repurchased 404,928 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $21.98 (totaling $9). The program has concluded since the aggregate repurchase amount that was approved by the Company's board of directors has been expended.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.3-04)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Distributions - Cash Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investment Company [Abstract]
Distributions declared per share (in USD per share)	$ 0.70	$ 0.63
Cash distributions declared	$ 196	$ 179

Consolidated Schedule of Investments (Parenthetical)
€ in Millions, £ in Millions, kr in Millions, kr in Millions, $ in Millions, $ in Millions, $ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Mar. 31, 2023

SEK (kr)

Mar. 31, 2023

EUR (€)

Mar. 31, 2023

GBP (£)

Mar. 31, 2023

AUD ($)

Mar. 31, 2023

CAD ($)

Mar. 31, 2023

NOK (kr)

Dec. 31, 2022

SEK (kr)

Dec. 31, 2022

EUR (€)

Dec. 31, 2022

GBP (£)

Dec. 31, 2022

AUD ($)

Dec. 31, 2022

CAD ($)

Dec. 31, 2022

NOK (kr)

Derivative Assets Subject to Master Netting Agreement

Value at Settlement

$ 199.7

$ 236.9

kr 27.8

€ 1.9

£ 1.9

$ 2.2

$ 1.5

kr 250.0

kr 27.8

€ 1.9

£ 6.2

$ 8.3

$ 1.5

kr 45.0

Current Value

180.0

213.3

0.4

Derivatives Available for Offset

(1.0)

Derivative asset

$ 19.7

$ 23.6

Qualifying assets, percent of total assets

76.10%

75.30%

76.10%

75.30%

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

Fair Value, beginning balance

$ 39.2

$ 2,684.1

Gross Additions

63.5

^[1]

801.5

^[2]

Gross Reductions

(5.1)

^[3]

(334.7)

^[4]

Net Realized Gain (Loss)

0.0

(71.4)

Net Change in Unrealized Appreciation (Depreciation)

10.2

(171.1)

Fair Value, ending balance

0.0

39.2

Investment Income

19.1

^[5]

58.2

^[6]

Dividend and Other Income

$ 62.9

^[5]

$ 228.7

^[6]

LIBOR

5.19%

4.77%

5.19%

4.77%

EURIBOR

3.04%

2.13%

3.04%

2.13%

CDOR

5.03%

4.94%

5.03%

4.94%

BBSY

3.77%

REIBOR

8.25%

6.55%

8.25%

6.55%

STIBOR

Sterling Interbank Offered Rate, SONIA

3.36%

2.70%

3.36%

2.70%

Secured Overnight Financing Rate (SOFR)

4.18%

3.43%

4.18%

3.43%

4.91%

4.59%

4.91%

4.59%

Pime

Euro Interbank Offer Rate (EURIBOR)

8.00%

7.50%

8.00%

7.50%

2.13%

Bank Bill Swap Bid Rate

Debt, Long-Term and Short-Term, Combined Amount

3.32%

[1]	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
[2]	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
[3]	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.
[4]	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.
[5]	Interest, PIK, fee and dividend income presented for the full three months ended March 31, 2023.
[6]	Interest, PIK, fee and dividend income presented for the full year ended December 31, 2022.

Label

Element

Value

us-gaap_DebtLongtermAndShorttermCombinedAmount

$ 1,936,000,000

Debt, Long-Term and Short-Term, Combined Amount

us-gaap_DebtLongtermAndShorttermCombinedAmount

$ 1,913,400,000

Investment Company, Number Of Portfolio Companies

fsk_InvestmentCompanyNumberOfPortfolioCompanies

122

Investment Company, Number Of Portfolio Companies

fsk_InvestmentCompanyNumberOfPortfolioCompanies

122

Realized And Unrealized Gain (Loss), Investment, Derivative, And Foreign Currency Transaction, Before Tax

fsk_RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionBeforeTax

$ (30,000,000)

Realized And Unrealized Gain (Loss), Investment, Derivative, And Foreign Currency Transaction, Before Tax

fsk_RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionBeforeTax

5,000,000

Revenues

us-gaap_Revenues

93,100,000

Revenues

us-gaap_Revenues

60,900,000

Other Liabilities

us-gaap_OtherLiabilities

280,400,000

Other Liabilities

us-gaap_OtherLiabilities

276,400,000

Increase (Decrease) In Accrued Professional Fees

fsk_IncreaseDecreaseInAccruedProfessionalFees

2,000,000

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents

us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

369,000,000

Increase (Decrease) in Interest Payable, Net

us-gaap_IncreaseDecreaseInInterestPayableNet

(4,000,000)

Payments of Ordinary Dividends, Common Stock

us-gaap_PaymentsOfDividendsCommonStock

176,000,000

Transfer to Investments

us-gaap_TransferToInvestments

242,000,000

Increase (Decrease) in Other Accrued Liabilities

us-gaap_IncreaseDecreaseInOtherAccruedLiabilities

(13,000,000)

Transfer from Investments

us-gaap_TransferOfInvestments

242,000,000

Net Cash Provided by (Used in) Operating Activities

us-gaap_NetCashProvidedByUsedInOperatingActivities

(520,000,000)

Unrealized Gain (Loss) on Derivatives Including Effects From Merger

fsk_UnrealizedGainLossOnDerivativesIncludingEffectsFromMerger

1,000,000

Payments for Repurchase of Common Stock

us-gaap_PaymentsForRepurchaseOfCommonStock

9,000,000

Foreign Currency Transaction Gain (Loss), Realized

us-gaap_ForeignCurrencyTransactionGainLossRealized

1,000,000

Foreign Currency Transaction Gain (Loss), Realized

us-gaap_ForeignCurrencyTransactionGainLossRealized

1,000,000

Income Taxes Paid

us-gaap_IncomeTaxesPaid

11,000,000

Repayments of Long-Term Debt

us-gaap_RepaymentsOfLongTermDebt

907,000,000

^[1]

Amortization of Debt Issuance Costs and Discounts

us-gaap_AmortizationOfFinancingCostsAndDiscounts

3,000,000

Foreign Currency Transaction Gain (Loss), Unrealized Gain (Loss) On Borrowings

fsk_ForeignCurrencyTransactionGainLossUnrealizedGainLossOnBorrowings

6,000,000

Proceeds from Issuance of Long-Term Debt

us-gaap_ProceedsFromIssuanceOfLongTermDebt

1,613,000,000

^[1]

Noninterest Expense Transfer Agent and Custodian Fees

us-gaap_NoninterestExpenseTransferAgentAndCustodianFees

400,000

Noninterest Expense Transfer Agent and Custodian Fees

us-gaap_NoninterestExpenseTransferAgentAndCustodianFees

400,000

Increase (Decrease) in Interest and Dividends Receivable

us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable

23,000,000

Payments of Debt Issuance Costs

us-gaap_PaymentsOfDebtIssuanceCosts

9,000,000

Increase (Decrease) in Prepaid Expense and Other Assets

us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets

Net Cash Provided by (Used in) Financing Activities

us-gaap_NetCashProvidedByUsedInFinancingActivities

512,000,000

fsk_AdministrativeServicesExpenses

2,400,000

Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net

fsk_AdministrativeServicesExpenses

2,400,000

us-gaap_InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciationNet

2,800,000

Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net

us-gaap_InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciationNet

11,900,000

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect

us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect

(8,000,000)

Other Expenses

us-gaap_OtherExpenses

200,000

Other Expenses

us-gaap_OtherExpenses

100,000

Operating Expenses

us-gaap_OperatingExpenses

32,500,000

Operating Expenses

us-gaap_OperatingExpenses

16,700,000

Net Investment Income

us-gaap_NetInvestmentIncome

60,600,000

Net Investment Income

us-gaap_NetInvestmentIncome

44,200,000

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

us-gaap_ProfitLoss

26,800,000

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

us-gaap_ProfitLoss

45,400,000

Cash and Cash Equivalents, at Carrying Value

us-gaap_CashAndCashEquivalentsAtCarryingValue

256,200,000

Cash and Cash Equivalents, at Carrying Value

us-gaap_CashAndCashEquivalentsAtCarryingValue

$ 259,200,000

Sterling Overnight Index Average [Member]

Investment, Variable Rate

fsk_InvestmentVariableRate

3.43%

Debt Securities [Member]

Investment Owned, Balance, Principal Amount

us-gaap_InvestmentOwnedBalancePrincipalAmount

$ 3,254,600,000

Investment Owned, Balance, Principal Amount

us-gaap_InvestmentOwnedBalancePrincipalAmount

$ 3,363,800,000

Debt Securities [Member] | Weighted Average [Member]

Investment Interest Rate

us-gaap_InvestmentInterestRate

11.30%

Investment Interest Rate

us-gaap_InvestmentInterestRate

11.00%

Debt Securities, Other Senior Secured Debt [Member]

us-gaap_InvestmentOwnedPercentOfNetAssets

1.20%

us-gaap_InvestmentOwnedPercentOfNetAssets

1.30%

Equity/Other [Member]

us-gaap_InvestmentOwnedPercentOfNetAssets

10.60%

Media & Entertainment Sector [Member]

us-gaap_InvestmentOwnedPercentOfNetAssets

11.00%

us-gaap_InvestmentOwnedAtFairValue

$ 730,000,000

Credit Opportunities Partners JV, LLC [Member]

us-gaap_InvestmentOwnedAtFairValue

695,000,000

us-gaap_InvestmentOwnedAtFairValue

1,397,000,000

Real Estate Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

1,428,000,000

us-gaap_InvestmentOwnedAtFairValue

130,000,000

Household & Personal Products Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

156,000,000

us-gaap_InvestmentOwnedAtFairValue

238,000,000

Consumer Services Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

242,000,000

us-gaap_InvestmentOwnedAtFairValue

200,000,000

Commercial And Professional Services Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

189,000,000

us-gaap_InvestmentOwnedAtFairValue

1,776,000,000

Equity Real Estate Investment Trusts (REITs) Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

1,670,000,000

us-gaap_InvestmentOwnedAtFairValue

307,000,000

Consumer Discretionary Distribution & Retail Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

336,000,000

us-gaap_InvestmentOwnedAtFairValue

282,000,000

Software & Services Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

282,000,000

us-gaap_InvestmentOwnedAtFairValue

2,525,000,000

Consumer Staples Distribution & Retail Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

2,591,000,000

us-gaap_InvestmentOwnedAtFairValue

106,000,000

Financial Services Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

103,000,000

us-gaap_InvestmentOwnedAtFairValue

801,000,000

Health Care Equipment & Services Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

844,000,000

us-gaap_InvestmentOwnedAtFairValue

1,951,000,000

Telecommunication Services Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

1,963,000,000

us-gaap_InvestmentOwnedAtFairValue

73,000,000

Materials Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

76,000,000

us-gaap_InvestmentOwnedAtFairValue

227,000,000

Capital Goods Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

197,000,000

us-gaap_InvestmentOwnedAtFairValue

2,357,000,000

Automobiles & Components Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

2,366,000,000

us-gaap_InvestmentOwnedAtFairValue

8,000,000

Food, Beverage & Tobacco Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

25,000,000

us-gaap_InvestmentOwnedAtFairValue

207,000,000

Pharmaceuticals, Biotechnology & Life Sciences Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

226,000,000

us-gaap_InvestmentOwnedAtFairValue

240,000,000

Technology Hardware & Equipment Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

231,000,000

us-gaap_InvestmentOwnedAtFairValue

2,000,000

Consumer Durables & Apparel Sector [Member]

us-gaap_InvestmentOwnedAtFairValue

1,000,000

us-gaap_InvestmentOwnedAtFairValue

239,000,000