DEF 14A of FS KKR Capital Corp, Apr 30, 2026

DEF 14A of FS KKR Capital Corp

Filed Apr 30, 20260001104659-26-052920

Open on EDGAR

  1. PROPOSAL 1: ELECTION OF DIRECTOR NOMINEES

    PROPOSAL 1: ELECTION OF DIRECTOR NOMINEES Pursuant to the bylaws of the Company, the number of directors on the Board may not be fewer than one, as required by the Maryland General Corporation Law, or greater than twelve. The Board is currently comprised of 11 directors, each of whom will hold office for the term to which he or she was elected and until his or her successor is duly elected and qualifies. The directors of the Company are divided into three classes, designated Class A, Class B and Class C. Each class of directors holds office for a three-year term. The current Class B directors hold office for a term expiring at the 2027 annual meeting. The current Class C directors hold office for a term expiring at the 2028 annual meeting. The current Class A directors hold office for a term expiring at the Annual Meeting. At the Annual Meeting, stockholders of the Company are being asked to consider the election of Michael J. Hagan, Jeffrey K. Harrow, James H. Kropp and Elizabeth J. Sandler as Class A directors. Each of Messrs. Hagan, Harrow and Kropp and Ms. Sandler have been nominated for re-election for a three-year term expiring at the 2029 annual meeting of the stockholders. Each director nominee has agreed to serve as a director if re-elected and has consented to being named as a nominee. No person being nominated as a director is being proposed for election pursuant to any agreement or understanding between such person and the Company. A stockholder can vote for, or withhold his or her vote from, any or all of the director nominees. In the absence of instructions to the contrary, it is the intention of the persons named as proxies to vote such proxy FOR the election of each of the director nominees named above. If any of the director nominees should decline or be unable to serve as a director, the persons named as proxies will vote for such other nominee as may be proposed by the Board’s Nominating and Corporate Governance Committee. The Board has no reason to believe that any of the persons named as director nominees will be unable or unwilling to serve. If the stockholders of the Company do not affirmatively vote for a director nominee such that the director nominee does not receive the affirmative vote of a majority of the votes cast at the Annual Meeting in person or by proxy, such director will continue to serve as a director until his or her successor is duly elected and qualifies.

  2. Information about the Board and Director Nominees

    Information about the Board and Director Nominees The role of the Board is to provide general oversight of the Company’s business affairs and to exercise all of the Company’s powers except those reserved for the stockholders. The responsibilities of the Board also include, among other things, the oversight of the Company’s investment activities, the quarterly valuation of the Company’s assets, and oversight of the Company’s financing arrangements and corporate governance activities. A majority of the members of the Board are not “interested persons,” as defined in Section 2(a)(19) of the 1940 Act, of the Company or FS/KKR Advisor, LLC, the Company’s investment adviser (the “Advisor”), and are “independent” as required by Rule 303A.00 in the NYSE Listed Company Manual. These individuals are referred to as the Company’s “independent directors”. Section 2(a)(19) of the 1940 Act defines an “interested person” to include, among other things, any person who has, or within the last two years had, a material business or professional relationship with the Company. The members of the Board who are not independent directors are referred to as “interested directors”. The Board is currently comprised of 11 directors, nine of whom are independent directors. The Board has determined that the following directors are independent directors: Messrs. Ford, Goldstein, Hagan, Harrow, Hopkins, Kropp, Imasogie and Mses. Adams and Sandler. Based upon information requested from each director and director nominee concerning his or her background, employment and affiliations, the Board has affirmatively determined that none of the independent directors has, or within the last two years had, a material business or professional relationship with the Company, other than in his or her capacity as a member of the Board or any Board committee or as a stockholder. In considering each director and the composition of the Board as a whole, the Board seeks a diverse group of experiences, characteristics, attributes and skills, including diversity in gender, ethnicity and race that the Board believes enables a director to make a significant contribution to the Board, the Company and its stockholders. These experiences, characteristics, attributes and skills, which are more fully described below, include, but are not limited to, management experience, independence, financial expertise and experience serving as directors or trustees of other entities. The Board may also consider such other experiences, characteristics, attributes and skills as it deems appropriate, given the then-current needs of the Board and the Company. These experiences, characteristics, attributes and skills relate directly to the management and operations of the Company. Success in each of these categories is a key factor in the Company’s overall operational success and creating stockholder value. The Company believes that directors and director nominees who possess these experiences, characteristics, attributes and skills are better able to provide oversight of the Company’s management and the Company’s long-term and strategic objectives. Below is a description of the experience, characteristics, attributes and skills of each director that led the Board to conclude that each such person should serve as a director. The Board also considered the specific experience described in each director’s biographical information, as disclosed below. The following tables set forth certain information regarding the director nominees and the Company’s other independent directors and interested directors.

  3. Information about the Board and Director Nominees

    | Nominees for Class A Directors — New Term to Expire in 2029 | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | Michael J. Hagan Age: 63 Director and Lead Independent Director | Class A Director; Term expires in 2029; Director since 2011 | Michael J. Hagan has served on the Company’s Board of Directors since 2011 and serves on the board of trustees of KKR FS Income Trust (“K-FIT”) and KKR FS Income Trust Select (“K-FITS”). Mr. Hagan was also a member of the board of directors of FS KKR Capital Corp. II (“FSKR”) until its merger with FSK in June 2021 (the “Merger”). He is a co-founder of Hawk Capital Partners, a private equity firm, where he currently serves as Managing Partner, and has served in such capacity since December 2014. Prior to co-founding Hawk Capital Partners, Mr. Hagan served as the President of LifeShield, Inc. (“LifeShield”) from June 2013 to May 2014, a leading wireless home security company which was acquired by and became a division of DirecTV in 2013. He previously served as the Chairman, President and Chief Executive Officer of LifeShield from December 2009 to May 2013. Prior to his employment by LifeShield, Mr. Hagan served as Chairman of NutriSystem, Inc. (“NutriSystem”) from 2002 to November 2008, as Chief Executive Officer of NutriSystem from 2002 to May 2008 and as President of NutriSystem from July 2006 to September 2007. Prior to joining NutriSystem, Mr. Hagan was the co-founder of Verticalnet Inc. “Verticalnet”) and held a number of executive positions at Verticalnet since its founding in 1995, including Chairman of the Board from 2002 to 2005, President and Chief Executive Officer from 2001 to 2002, Executive Vice President and Chief Operating Officer from 2000 to 2001 and Senior | FSKR; K-FIT; K-FITS |

  4. Information about the Board and Director Nominees

    | Nominees for Class A Directors — New Term to Expire in 2029 | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | | | Vice President prior to that time. Mr. Hagan served on the board of directors of NutriSystem from February 2021 to September 2025, and from 2012 to 2019, where he presided in the role of Chairman of the Board. Mr. Hagan previously served as a Director of NutriSystem from 2002 to November 2008, Verticalnet from 1995 to January 2008 and Actua Corporation (formerly known as ICG Group, Inc.) from June 2007 to February 2018. Mr. Hagan also served as a member of the board of trustees of American Financial Realty Trust from 2003 to June 2007. Mr. Hagan holds a B.S. in Accounting from Saint Joseph’s University and he is an inactive Certified Public Accountant. Mr. Hagan has significant experience as an entrepreneur and senior executive at public and private organizations. Mr. Hagan also has extensive experience in corporate finance, private equity, financial reporting and accounting and controls. This experience has provided Mr. Hagan, in the opinion of the Board, with experience and insight which is beneficial to the Company. | | | Jeffrey K. Harrow Age: 69 Independent Director | Class A Director; Term expires in 2029; Director since 2010 | Jeffrey K. Harrow has served on the Company’s Board of Directors since 2010 and serves on the board of trustees for K-FIT and K-FITS. Mr. Harrow was also a member of the board of directors of FSKR until the Merger. Mr. Harrow previously served as Co-Chairman of Sparks Marketing Group, Inc. (“Sparks”), a global brand experience agency, from 2001 to 2023. Prior to joining Sparks, Mr. Harrow served as President and Chief Executive Officer of CMPExpress.com from 1999 to 2000. Mr. Harrow created the strategy that allowed CMPExpress.com to move from a Business-to-Consumer marketplace into the Business-to-Business sector. In 2000, Mr. Harrow successfully negotiated the sale of CMPExpress.com to Cyberian Outpost (NASDAQ ticker: COOL). From 1982 through 1998, Mr. Harrow was the President, Chief Executive Officer and a Director of Travel One, a national travel management company. Mr. Harrow was responsible for growing the company from a single office location to more than 100 offices in over 40 cities and to its rank as the 6th largest travel management company in | FSKR; K-FIT; K-FITS |

  5. Information about the Board and Director Nominees

    | Nominees for Class A Directors — New Term to Expire in 2029 | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | | | the United States. Under his sales strategy, annual revenues grew from $8 million to just under $1 billion. During this time, Mr. Harrow purchased nine travel companies in strategic cities to complement Travel One’s organic growth. In 1998, Mr. Harrow and his partners sold Travel One to American Express. Mr. Harrow’s past directorships include service as a Director of the Dean’s Board of Advisors of The George Washington University School of Business. Mr. Harrow is a graduate of The George Washington University School of Government and Business Administration, where he received his B.B.A. in 1979. Mr. Harrow has served in a senior executive capacity at various companies, as well as a member of various boards. This experience has provided Mr. Harrow, in the opinion of the Board, with experience and insight which is beneficial to the Company. | | | James H. Kropp Age: 77 Independent Director | Class A Director; Term expires in 2029; Director since 2018 | James H. Kropp has served on the Company’s Board of Directors since 2018 and serves on the board of trustees for K-FIT and K-FITS. Mr. Kropp was also a member of the board of directors of FSKR until the Merger. Mr. Kropp served as an independent director of Corporate Capital Trust, Inc. (“CCT”)_from 2011 until the merger of FSK and CCT in 2018, and served as an independent trustee for Corporate Capital Trust II (“CCT II”) from 2015 until its merger with FSKR in 2019. Mr. Kropp previously served as Chief Investment Officer of SLKW Investments LLC, a position he held from 2009 until his retirement in 2019 and was Chief Financial Officer of Microproperties LLC from 2012 to 2019. From 1998 to 2021, Mr. Kropp was a Director and Chair of the Compensation Committee and member of the Nominating/ Corporate Governance committee of PS Business Parks, Inc., a public real estate investment trust whose shares were listed on the NYSE until its acquisition. Mr. Kropp became an independent trustee of NYSE-listed American Homes 4 Rent since its founding in November 2012. He served as Chairman of its audit committee from November 2012 to May 2023, and currently serves on its nominating and governance committee since | American Homes 4 Rent; FSKR; KKR Real Estate Select Trust; K-FIT; K-FITS; KKR Asset Based Income Fund; KKR US Direct Lending Fund — U Inc.; KKR Enhanced Direct Lending Fund — L Inc. |

  6. Information about the Board and Director Nominees

    | Nominees for Class A Directors — New Term to Expire in 2029 | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | | | May 2023. Mr. Kropp became lead independent director of KKR Real Estate Select Trust at its founding in 2021. Mr. Kropp also serves on the board and audit committees of KKR Asset Based Income Fund since May 2023, KKR US Direct Lending Fund — U Inc. since October 2023, and KKR Enhanced Direct Lending Fund — L Inc. since April 2024. Mr. Kropp received a B.B.A. Finance from St. Francis College and completed the MBA/CPA preparation program from New York University. Mr. Kropp has, in the past, been licensed to serve in a variety of supervisory positions (including financial, options and compliance principal) by the National Association of Securities Dealers. He is a member of the American Institute of CPAs and a Board Leadership Fellow for the National Association of Corporate Directors. Mr. Kropp has direct experience with investments as a portfolio manager and registered investment adviser, as well as accounting, auditing and finance experience. This experience has provided Mr. Kropp, in the opinion of the Board, with experience and insight which is beneficial to the Company. | | | Elizabeth J. Sandler Age: 55 Independent Director | Class A Director; Term expires in 2029; Director since 2019 | Elizabeth Sandler has served on the Company’s Board of Directors since 2019 and serves on the board of trustees of K-FIT and K-FITS. Ms. Sandler was also a member of the board of directors of FSKR until the Merger. Ms. Sandler serves as Chief Operating Officer at the luxury hospitality owner, Mohari Hospitality. She is a seasoned senior executive with 26 years of experience as a Head of Strategy and Chief Operating Officer for multi-national divisions of global financial services organizations. Most recently, Ms. Sandler was a COO for Blackstone Real Estate Debt Strategies (BREDS), the private equity firm’s $30 billion AUM real estate debt fund, mortgage REIT (NYSE: BXMT) and real estate securities hedge fund business. Ms. Sandler also serves on the board of essensys PLC. Before Blackstone, Ms. Sandler spent 16 years at Deutsche Bank as COO of Group Risk and a member of the Bank’s Global Operating Committee. Prior to joining Deutsche Bank, she worked at a number of companies in the financial services industry. Ms. Sandler | FSKR; K-FIT; K-FITS; essensys PLC |

  7. Information about the Board and Director Nominees

    | Nominees for Class A Directors — New Term to Expire in 2029 | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | | | received a B.A. from Duke University and an M.B.A. from The Wharton School of the University of Pennsylvania. Ms. Sandler has extensive experience in the financial services industry. This experience has provided Ms. Sandler, in the opinion of the Board, with experience and insight which is beneficial to the Company. | |

  8. Information about the Board and Director Nominees

    | DIRECTORS (other than Nominees for Class A Directors) | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | Brian R. Ford Age: 77 Independent Director | Class B Director; Term to expire in 2027; Director since 2018 | Brian R. Ford has served on the Company’s Board of Directors since 2018 and serves on the board of trustees for K-FIT and K-FITS. Mr. Ford was also a member of the board of directors of FSKR until the Merger. Mr. Ford currently also serves on the boards of FS Credit Income Fund, Clearway Energy, Inc., Bayada, a home healthcare nonprofit corporation, and Drexel University. Mr. Ford was previously the Chief Executive Officer of Washington Philadelphia Partners, LP, a real estate investment company, from July 2008 to April 2010. Mr. Ford retired as a partner and CPA of Ernst & Young LLP, a multinational professional services firm, in July 2008, where he was employed since 1971. Mr. Ford received his B.S. in Economics from Rutgers University. He is a Certified Public Accountant. Mr. Ford has extensive financial accounting experience and service on the boards of public companies. This experience has provided Mr. Ford, in the opinion of the Board, with experience and insight which is beneficial to the Company. | Clearway Energy, Inc.; FS Energy Total Return Fund; FS Credit Income Fund; FS Multi-Alternative Income Fund; FSKR; K-FIT; and K-FITS | | Richard I. Goldstein Age: 65 Independent Director | Class B Director; Term to expire in 2027; Director since 2018 | Richard I. Goldstein has served on the Company’s Board of Directors since 2018 and serves on the board of trustees of K-FIT and K-FITS. Mr. Goldstein was also a member of the board of directors of FSKR until the Merger. Mr. Goldstein has served as Chief Operating Officer of Radius Global Infrastructure Inc. (“Radius Global”) since 2020 and has previously served as a Managing Director of Associated | FS Specialty Lending Fund (f/k/a FS Energy and Power Fund); FSKR; K-FIT; K-FITS |

  9. Information about the Board and Director Nominees

    | DIRECTORS (other than Nominees for Class A Directors) | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | | | Partners, a private investment partnership focusing on creating, operating and investing in wireless communications companies, since its inception in 2006. He also serves as the chief operating officer of AP WIP Investments. Mr. Goldstein currently also serves as lead independent director of FS Specialty Lending Fund, a position he has held since March 2015. Prior to joining Associated Partners, Mr. Goldstein was vice president of The Associated Group, Inc. (“AGI”), a publicly-traded owner and operator of communications-related businesses and assets. While at AGI, he was responsible for operating AGI’s cellular telephone operations. Mr. Goldstein has served as a director of Ubicquia since 2017. Mr. Goldstein served as a director of Intellon Corporation prior to its acquisition by Atheros Communications, Inc. Mr. Goldstein received a Bachelor of Science in Business and Economics from Carnegie Mellon University and received training at the Massachusetts Institute of Technology in Management Information Systems. Mr. Goldstein has extensive experience as a senior executive and in negotiating investment transactions in a variety of industries, including the energy industry. Mr. Goldstein has extensive experience as a senior executive and in negotiating investment transactions in a variety of industries. This experience has provided Mr. Goldstein, in the opinion of the Board, with experience and insight which is beneficial to the Company. | | | Osagie Imasogie Age: 64 Independent Director | Class B Director; Term to expire in 2027; Director since 2019 | Osagie Imasogie has served on the Company’s Board of Directors since 2019 and serves on the board of trustees for K-FIT and K-FITS. Mr. Imasogie was also a member of the board of directors of FSKR until the Merger. Mr. Imasogie has over 31 years of experience in the fields of law, finance, business management, healthcare and the pharmaceutical industry. He is a co-founder and the Senior Managing Partner of PIPV Capital, a private equity firm that is focused on the life sciences vertical. Prior to co-founding PIPV Capital, Mr. Imasogie conceptualized and established GlaxoSmithKline Ventures and was its founding Vice President. Mr. Imasogie has held senior | FSKR; K-FIT; K-FITS; Zelira Therapeutics; Ibere Pharmaceuticals |

  10. Information about the Board and Director Nominees

    | DIRECTORS (other than Nominees for Class A Directors) | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | | | commercial and R&D positions within pharmaceutical companies such as GSK, SmithKline, DuPont Merck and Endo, where he was the founding General Counsel and Senior Vice President for corporate development. Mr. Imasogie has also been a Price Waterhouse corporate finance partner as well as a practicing attorney with a leading US law firm. Mr. Imasogie is a serial entrepreneur and investor. He was the founder and Chairman of Iroko Pharmaceuticals, Ception Therapeutics Inc. and Trigenesis Therapeutics Inc. In addition, he serves on the board of a number of financial institutions such as Haverford Trust and StoneRidge Investment and is the Non-Executive Chairman of Quoin Capital. In addition, Mr. Imasogie is an advisor to Brown Advisory. In 2023, Mr. Imasogie was appointed by President Biden as an inaugural member of the President’s Advisory Council on African Diaspora Engagement in the United States. Mr. Imasogie is a Trustee of the University of Pennsylvania and a member of the Board of Advisors of the University of Pennsylvania Law School, where he is an adjunct professor of Law. Mr. Imasogie also serves on the board of the Philadelphia Orchestra and the Philadelphia Museum of Art. Mr. Imasogie holds post-graduate degrees from the University of Pennsylvania Law School and the London School of Economics. Mr. Imasogie has served in a senior executive capacity at various companies, as well as a member of various boards. This experience has provided Mr. Imasogie, in the opinion of the Board, with experience and insight which is beneficial to the Company. | | | Daniel Pietrzak(3) Age: 51 Interested Director, President, and Chief Investment Officer | Class B Director; Term to expire in 2027; Director since 2022 | Daniel Pietrzak has served as the Company’s President since 2025, the Company’s Co-President from 2019 to 2025 and as Chief Investment Officer since April 2018. He also serves as President, Chief Investment Officer, and a member of the board of trustees of K-FIT and K-FITS and previously served as Co-President from each entity’s inception through 2025. Mr. Pietrzak also serves as President, Chief Investment Officer, and a member of the board of directors of the Advisor. He previously served | Toorak Capital Partners, LLC; Pepper Group Limited; K-FIT; K-FITS |

  11. Information about the Board and Director Nominees

    | DIRECTORS (other than Nominees for Class A Directors) | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | | | as the Co-President and Chief Investment Officer of FSKR until the Merger. Mr. Pietrzak joined KKR Credit Advisors (US) LLC (“KKR Credit”) in 2016 and is a member of KKR Credit and Global Head of Private Credit. Mr. Pietrzak is a portfolio manager for KKR Credit’s private credit funds and portfolios and a member of the Global Private Credit Investment Committee, Europe Direct Lending Investment Committee and KKR Credit Portfolio Management Committee. Prior to joining KKR Credit, Mr. Pietrzak was a Managing Director and the Co-Head of Deutsche Bank’s Structured Finance business across the Americas and Europe. Previously, Mr. Pietrzak was based in New York and held various roles in the structured finance and credit businesses of Société Générale and CIBC World Markets. Mr. Pietrzak started his career at PricewaterhouseCoopers in New York and is a Certified Public Accountant. Mr. Pietrzak holds an M.B.A. in Finance from The Wharton School of the University of Pennsylvania and a B.S. in Accounting from Lehigh University. Mr. Pietrzak has extensive experience in private credit investing and has served in a leadership role at various companies, including the Company and the Advisor. The Board believes Mr. Pietrzak’s experience and his positions as the Company’s and the Advisor’s President and Chief Investment Officer make him a significant asset to the Company. | | | Barbara Adams Age: 74 Independent Director | Class C Director; Term expires in 2028; Director since 2018 | Barbara Adams has served on the Company’s Board of Directors since 2018 and serves on the board of trustees for K-FIT and K-FITS. Ms. Adams was also a member of the board of directors of FSKR until the Merger. Ms. Adams served as the Executive Vice President — legal affairs and General Counsel of the Philadelphia Housing Authority from August 2011 to April 2016, and as a trustee of each of the Philadelphia Housing Authority Retirement Income Trust and the Philadelphia Housing Authority Defined Contribution Pension Plan from November 2011 to April 2016. She served as the General Counsel of the Commonwealth of Pennsylvania (the “Commonwealth”) from 2005 until January 2011. As General Counsel to the Commonwealth, Ms. Adams led a staff of more | FSKR; K-FIT; K-FITS; Federal Home Loan Bank of Pittsburgh |

  12. Information about the Board and Director Nominees

    | DIRECTORS (other than Nominees for Class A Directors) | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | | | than 500 lawyers in representing then Pennsylvania Governor Edward G. Rendell and more than 30 executive and independent agencies and commissions in litigation, transactions, regulatory, legislative and criminal justice matters. Prior to her appointment as General Counsel to the Commonwealth, Ms. Adams was a partner at the law firm of Duane Morris LLP in Philadelphia, focusing her practice on taxable and tax-exempt public finance, affordable housing development matters, state and local government law, energy law and campaign finance law. From 2022 through 2025, Ms. Adams served on the Board of Directors of the Federal Home Loan Bank of Pittsburgh and was a member and ultimately Vice-Chair of its audit committee, and a member and Vice-Chair of membership, credit and community investment committee (formerly known as the affordable housing, products and services committee). She also currently serves as an executive committee member and Vice Chair of the board of directors of the Committee of Seventy and has served as a board member of the Philadelphia Energy Authority since 2011. Ms. Adams has served on the boards of a number of other charitable and public organizations, including a term as Commissioner of the Philadelphia Gas Commission, as a Commissioner and Secretary of the Independent Charter Commission of the City of Philadelphia, and on the boards of the Pennsylvania Association of Bond Lawyers, the Philadelphia Association of Community Development Corporations, the People’s Emergency Center (now, HopePHL) and the Reading Terminal Market Corporation. Ms. Adams is a graduate of Temple University School of Law and a graduate of Smith College. She is NACD (National Association of Corporate Directors) Directorship Certified™. The NACD Directorship Certification® program equips directors with the foundation of knowledge sought by boards to effectively contribute in the boardroom. NACD Directorship Certified directors pass a foundational exam developed by experienced directors and, via continuing recertification requirements, commit to continuing education on governance and emerging issues impacting the businesses they | |

  13. Information about the Board and Director Nominees

    | DIRECTORS (other than Nominees for Class A Directors) | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | | | serve in order to elevate the profession of directorship. Ms. Adams also has an Advanced Management Program Certificate from the Wharton School of the University of Pennsylvania Aresty School of Executive Education and the NACD/Carnegie Melon CERT Certificate in Cybersecurity Oversight. Ms. Adams has extensive service in the private and public sectors as legal counsel and as a member of a number of boards. This experience has provided Ms. Adams, in the opinion of the Board, with experience and insight which is beneficial to the Company. | | | Michael C. Forman(3) Age: 65 Interested Director, Chairman of the Board and Chief Executive Officer | Class C Director; Term expires in 2028; Director since 2007 | Michael C. Forman is the Chairman of the Board and the Company’s Chief Executive Officer. He is also Chairman and Chief Executive Officer K-FIT, K-FITS, and Future Standard (f/k/a FS Investments). Mr. Forman has been leading Future Standard since its founding in 2007. He has served as the Chairman and Chief Executive Officer of the Advisor since its inception. Mr. Forman also previously served as Chairman, President and/or Chief Executive Officer of FSKR until the Merger. He currently serves as Chairman, President and/or Chief Executive Officer of other funds sponsored by Future Standard and its affiliates. Prior to founding Future Standard, Mr. Forman founded a private equity and real estate investment firm. He started his career as an attorney in the Corporate and Securities Department at the Philadelphia based law firm of Klehr Harrison Harvey Branzburg LLP. In addition to his career as an attorney and investor, Mr. Forman has been an active entrepreneur and has founded several companies, including companies engaged in the gaming, specialty finance and asset management industries. Mr. Forman is a member of a number of civic and charitable boards, including The Philadelphia Equity Alliance, Drexel University and the Philadelphia Center City District Foundation. Mr. Forman received his B.A., summa cum laude, from the University of Rhode Island, where he was elected Phi Beta Kappa, and received his J.D. from Rutgers University. Mr. Forman has extensive experience in corporate and securities law and has founded and served in a leadership role at various companies, | FS Specialty Lending Fund (f/k/a FS Energy and Power Fund); FS Credit Opportunities Corp. (f/k/a FS Global Credit Opportunities Fund); FS Credit Real Estate Income Trust; FS Credit Income Fund; FS Energy Total Return Fund; FS Series Trust; FS Multi- Alternative Income Fund; FSKR; K-FIT; K-FITS |

  14. Information about the Board and Director Nominees

    | DIRECTORS (other than Nominees for Class A Directors) | | | | | Name, Address, Age and Position(s) with Company(1) | Term of Office and Length of Time Served(2) | Principal Occupation(s) During Past Five Years | Other Public Directorships Held by Director During the Past Five Years† | | | | including the Company and the Advisor. The Board believes Mr. Forman’s experience and his positions as the Company’s and the Advisor’s Chief Executive Officer make him a significant asset to the Company. | | | Jerel A. Hopkins Age: 54 Independent Director | Class C Director; Term expires in 2028; Director since 2018 | Jerel Hopkins has served on the Company’s Board of Directors since 2018 and serves on the board of trustees for K-FIT and K-FITS. Mr. Hopkins was also a member of the board of directors of FSKR until the Merger. Mr. Hopkins has served as General Counsel of National Philanthropic Trust, a non-profit company, since January 2026. Prior to joining National Philanthropic Trust, Mr. Hopkins served as General Counsel and Corporate Secretary of Hershey Trust Company since July 2023. Prior to joining Hershey Trust Company, Mr. Hopkins served as a Managing Director and Associate General Counsel of Delaware Management Holdings, Inc., a diversified asset management firm and an affiliate of Macquarie, from November 2004 to July 2023. Mr. Hopkins served as an attorney in the corporate and securities department of the law firm Klehr Harrison from January 2000 to November 2004. Mr. Hopkins served as counsel in the division of enforcement and litigation of the Pennsylvania Securities Commission from August 1997 to December 1999 and as lead counsel of the internet fraud unit from January 1999 to December 1999. In addition, Mr. Hopkins served as special counsel on behalf of the Pennsylvania Securities Commission to the North American Securities Administrators Association, Inc. from January 1999 to December 1999. Mr. Hopkins has also served on the board of trustees of the Philadelphia College of Osteopathic Medicine from February 2012 until 2024, most recently as Vice-Chairman of the Board. Mr. Hopkins received his B.S. from the Wharton School of the University of Pennsylvania and his J.D. from Villanova University School of Law. Mr. Hopkins has significant experience in corporate and securities law matters and has served as a member of a number of boards. This experience has provided Mr. Hopkins, in the opinion of the Board, with experience and insight which is beneficial to the Company. | FSKR; K-FIT; K-FITS |

  15. Information about the Board and Director Nominees

    ‡ Includes directorships held in (1) any investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act and (3) any company subject to the requirements of Section 15(d) of the Exchange Act, in each case, other than with respect to the Company. The address for each director is c/o FS KKR Capital Corp., 3025 JFK Boulevard, OFC 500, Philadelphia, Pennsylvania 19104. (2) Directors serve until the expiration of their respective term and until his or her successor is duly elected and qualifies. (3) “Interested person” of the Company as defined in Section 2(a)(19) of the 1940 Act. Mr. Forman is an “interested person” because of his affiliation with the Company and the Advisor. Mr. Pietrzak is an “interested person” because of his affiliation with the Company and the Advisor.

  16. Information about Executive Officers Who Are Not Directors

    Information about Executive Officers Who Are Not Directors The following table sets forth certain information regarding the executive officers of the Company who are not directors of the Company, as well as the Company’s Co-Chief Operating Officers, Treasurer and Vice President, who are not executive officers of the Company. Each executive officer holds his office until his successor is chosen and qualified, or until his earlier resignation or removal.

  17. Information about Executive Officers Who Are Not Directors

    | Name, Address and Age(1) | Position(s) with Company | Length of Time Served | Principal Occupation(s) During Past Five Years | | Zach Chalfant Age: 42 | Treasurer | Since 2020 | Zach Chalfant has served as the Treasurer of the Company since June 2020. Mr. Chalfant has also served as the Treasurer of K-FIT and K-FITS since each entity’s inception. Mr. Chalfant has also previously served as the Treasurer of FSKR until the Merger. He is a Managing Director of Future Standard, which he joined in September 2012. Previously, Mr. Chalfant was a Director of Portfolio Management at Future Standard, where his responsibilities were focused on reporting and liability management. Prior to joining Future Standard, Mr. Chalfant worked in various roles at JPMorgan Chase and City of London Investment Management. Mr. Chalfant holds a B.S. in Finance from the University of Maryland. | | William Goebel Age: 51 | Chief Accounting Officer | Since 2011 | William Goebel has served as the Chief Accounting Officer of the Company since October 2019. Mr. Goebel has also served as the Chief Accounting Officer of K-FIT and K-FITS since each entity’s inception. Previously, Mr. Goebel served as the Company’s treasurer from April 2018 to June 2020 and the Company’s chief financial officer from March 2011 to October 2019. Mr. Goebel also previously served as chief accounting officer of FSKR until the Merger and he continues to serve as chief financial officer and/or treasurer of other funds sponsored by Future Standard. Mr. Goebel is also a Managing Director of Future Standard. Prior to joining Future Standard, Mr. Goebel held a senior manager audit position with Ernst & Young LLP in the firm’s asset management practice from 2003 to January 2011, where he was responsible for the audits of regulated investment companies, private investment partnerships, investment advisers and |

  18. Information about Executive Officers Who Are Not Directors

    | Name, Address and Age(1) | Position(s) with Company | Length of Time Served | Principal Occupation(s) During Past Five Years | | | | | broker-dealers. Mr. Goebel began his career at a regional public accounting firm, Tait, Weller and Baker LLP in 1997. Mr. Goebel received a B.S. in Economics from the Wharton School of the University of Pennsylvania in 1997. He is a Certified Public Accountant and holds the CFA Institute’s Chartered Financial Analyst designation. | | Steven Lilly Age: 56 | Chief Financial Officer | Since 2019 | Steven Lilly has served as the Chief Financial Officer of the Company since November 2019 and previously served as chief financial officer of FSKR until the Merger. Mr. Lilly has also served as the Chief Financial Officer of K-FIT and K-FITS since each entity’s inception. He joined Future Standard in October 2019 as a Managing Director. Mr. Lilly has a wealth of experience in the BDC space and most recently served as Chief Financial Officer and Secretary of Triangle Capital Corporation (“Triangle”), and as a member of its Board of Directors from 2006 and as its Chief Compliance Officer from 2007, prior to Triangle’s sale to Benefit Street Partners and Barings, LLC in 2018. From 2005 to 2006, Mr. Lilly served as Chief Financial Officer of Triangle Capital Partners, LLC. At Triangle, he built the company’s financial and operating infrastructure, oversaw listings on the Nasdaq and NYSE in 2007 and 2010, respectively, and led all corporate M&A and strategic processes. Prior to joining Triangle, Mr. Lilly spent seven years as Senior Vice President of Finance & Treasurer at SpectraSite Communications, a publicly traded wireless tower company, which was sold to American Tower Corporation in 2005. He began his career in the media and communications capital markets group at First Union, now part of Wells Fargo. Mr. Lilly earned a B.A. in History from Davidson College and completed the Executive Education Program at University of North Carolina at Chapel Hill. He currently serves or previously has served on the board of trustees of UNC/Rex Healthcare, Episcopal High School, Saint Mary’s School, and Historic Oakwood Cemetery in Raleigh, NC. He is also a Director at America First Multifamily Investors, LP, a publicly traded mortgage real estate investment trust, where he serves as Chairman of the Audit Committee. | | Rony Ma Age: 38 | Vice President | Since 2023 | Rony Ma has served as the Vice President of the Company, K-FIT and K-FITS since 2023. Mr. Ma joined KKR in 2011 and is a Managing Director on the Credit & Markets team. He serves as a portfolio manager for the firm’s private credit funds |

  19. Information about Executive Officers Who Are Not Directors

    | Name, Address and Age(1) | Position(s) with Company | Length of Time Served | Principal Occupation(s) During Past Five Years | | | | | and portfolios. Mr. Ma is a member of KKR’s Capital Committee, the Global Corporate Private Credit Investment Committee and the Investment Committee for the FS/KKR BDC platform. Prior to joining KKR, Mr. Ma was with Deutsche Bank where he was involved in leveraged loan and high yield transactions for private equity and corporate issuers. Mr. Ma holds a B.S. and B.A.S. from the University of Pennsylvania. | | Drew O’Toole Age: 38 | Co-Chief Operating Officer | Since 2019 | Drew O’Toole has served as the Co-Chief Operating Officer of the Company since October 2019. Mr. O’Toole has also served as the Co-Chief Operating Officer of K-FIT and K-FITS since each entity’s inception. Mr. O’Toole also previously served as the Co-Chief Operating Officer of FSKR until the Merger. He is a Managing Director of Future Standard, which he joined in April 2014. Previously, Mr. O’Toole was a Director of Corporate Strategy at Future Standard. His responsibilities were primarily focused on the design, analysis and implementation of key firm strategic initiatives. Prior to Future Standard, he worked in various roles at Cambridge Associates LLC, an institutional investment advisory and consulting firm. Mr. O’Toole graduated summa cum laude from the University of Pittsburgh with degrees in Finance and Business Management. He is also a CFA charterholder. | | Stephen S. Sypherd Age: 49 | General Counsel and Secretary | Since 2013 Since 2022 | Stephen S. Sypherd has served as General Counsel of the Company since April 2018 and Secretary since October 2022. He previously served as the Company’s Secretary and Vice President from 2013 to February 2022. Mr. Sypherd has also served as General Counsel and Secretary of K-FIT and K-FITS since each entity’s inception. Mr. Sypherd also previously served as the General Counsel and Secretary of FSKR until the Merger and he continues to serve as Secretary, General Counsel, and/or Vice President of other funds sponsored by Future Standard. Mr. Sypherd has also served in various senior officer capacities for Future Standard and its affiliated investment advisers, including as senior vice president from December 2011 to August 2014, general counsel since January 2013 and managing director since August 2014. He is responsible for legal and compliance matters across all entities and investment products of Future Standard. Prior to joining Future Standard, Mr. Sypherd served for eight years as an attorney at Skadden, Arps, Slate, Meagher & Flom LLP, where he practiced corporate and securities law. Mr. Sypherd received |

  20. Information about Executive Officers Who Are Not Directors

    | Name, Address and Age(1) | Position(s) with Company | Length of Time Served | Principal Occupation(s) During Past Five Years | | | | | his B.A. in Economics from Villanova University and his J.D. from the Georgetown University Law Center, where he was an executive editor of the Georgetown Law Journal. | | James F. Volk Age: 63 | Chief Compliance Officer and Anti-Money Laundering Officer | Since 2015 | James F. Volk has served as the Chief Compliance Officer of the Company since April 2015. Mr. Volk has also served as the Chief Compliance Officer of K-FIT and K-FITS since each entity’s inception. Mr. Volk also previously served as the chief compliance officer of FSKR until the Merger and he continues to serve as chief compliance officer of other funds sponsored by Future Standard. He is responsible for all compliance and regulatory issues affecting the Company and the foregoing companies. Before joining Future Standard and its affiliated investment advisers in October 2014, Mr. Volk was the chief compliance officer, chief accounting officer and head of traditional fund operations at SEI Investment Company’s Investment Manager Services market unit. Mr. Volk was also formerly the assistant chief accountant at the SEC’s Division of Investment Management and a senior manager for PricewaterhouseCoopers. Mr. Volk graduated from the University of Delaware with a B.S. in Accounting. | | Ryan Wilson Age: 49 | Co-Chief Operating Officer | Since 2019 | Ryan Wilson has served as the Co-Chief Operating Officer of the Company since 2019. Mr. Wilson has also served as the Co-Chief Operating Officer of K-FIT and K-FITS since each entity’s inception. Mr. Wilson also previously served as the Co-Chief Operating Officer FSKR until the Merger. He joined KKR Credit in 2006 and he is currently a Managing Director of KKR. Mr. Wilson served as CCT’s Chief Operating Officer prior to its merger with FSK in 2018 and has held various roles across KKR Credit. Prior to joining KKR Credit, Mr. Wilson was with PricewaterhouseCoopers, serving a variety of clients across industries. Mr. Wilson holds a B.A. in Economics with honors from Wilfrid Laurier University and a MAcc in Accounting from the University of Waterloo. He also is a CFA charterholder, Chartered Professional Accountant and a Chartered Accountant. |

  21. Information about Executive Officers Who Are Not Directors

    The address for each officer is c/o FS KKR Capital Corp., 3025 JFK Boulevard, OFC 500, Philadelphia, Pennsylvania 19104.

  22. Director Compensation

    Director Compensation The Company does not pay compensation to its directors who also serve in an executive officer capacity for the Company or the Advisor. The Company’s directors who do not also serve in an executive officer capacity for the Company or the Advisor are entitled to receive annual cash retainer fees, annual fees for serving as a committee chairperson, and for non-chairpersons, annual retainer fees for serving on the valuation committee and/or audit committee. These directors are Mses. Adams and Sandler and Messrs. Ford, Goldstein, Hagan, Harrow, Hopkins, Kropp and Imasogie. Mr. Hagan also receives an annual retainer for his service as lead independent director. Mses. Adams and Sandler and Messrs. Goldstein, Hopkins and Imasogie also receive an annual retainer for their service on the valuation committee. Messrs. Kropp and Imasogie also receive an annual retainer for their service on the audit committee. Amounts payable under these fee arrangements are determined and paid quarterly in arrears as set forth below and allocated among each fund in the Fund Complex based upon relative gross assets. “Fund Complex” means the Company, K-FIT and K-FITS, together.

  23. Director Compensation

    | | Amount | | Annual Board Retainer | $200,000 | | Annual Lead Independent Director Retainer | $30,000 | | Annual Committee Chair Retainers(1) | | | Audit Committee | $35,000 | | Valuation Committee | $35,000 | | Nominating and Corporate Governance Committee | $15,000 | | Annual Audit Committee Member Retainer(2) | $5,000 | | Annual Valuation Committee Member Retainer(3) | $10,000 |

  24. Director Compensation

    (1) The Company does not pay compensation to the Compensation Committee Chairman. The Company does not pay this compensation to the Audit Committee Chairman. The Company does not pay this compensation to the Valuation Committee Chairman. The Company will also reimburse each of the above directors for all reasonable and authorized business expenses in accordance with its policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each in-person Board meeting and each in-person Board committee meeting not held concurrently with a Board meeting. The Company has obtained directors’ and officers’ liability insurance on behalf of its directors and officers. The Company does not have a profit-sharing or retirement plan, and directors do not receive any pension or retirement benefits. The Board of Directors reviews and determines the compensation of the Independent Directors. The table below sets forth the compensation received by each current director from (i) the Company and (ii) all of the companies in the Fund Complex, consisting of the Company, K-FIT and K-FITS in the aggregate, in each case, for service during the fiscal year ended December 31, 2025.

  25. Director Compensation

    | Name of Director | Fees Earned or Paid in Cash by the Company | Total Compensation from the Company | Total Compensation from the Fund Complex | | Michael C. Forman | $0 | $0 | $0 | | Daniel Pietrzak | $0 | $0 | $0 | | Barbara Adams | $175,105 | $175,105 | $210,000 | | Brian R. Ford | $195,950 | $195,950 | $235,000 | | Richard Goldstein | $175,105 | $175,105 | $210,000 | | Michael J. Hagan | $195,950 | $195,950 | $235,000 | | Jeffrey K. Harrow | $179,273 | $179,273 | $215,000 | | Jerel A. Hopkins | $175,105 | $175,105 | $210,000 | | Osagie Imasogie | $183,443 | $183,443 | $220,000 | | James H. Kropp | $204,288 | $204,288 | $245,000 | | Elizabeth Sandler | $175,105 | $175,105 | $210,000 |

  26. THE BOARD UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” EACH OF THE DIRECTOR NOMINEES

    THE BOARD UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” EACH OF THE DIRECTOR NOMINEES Pursuant to the Audit Committee charter, no member of the Audit Committee may serve simultaneously on the audit committees of more than three (3) public companies, unless the Board determines that such simultaneous service would not impair the ability of such member to serve on the Audit Committee effectively. The Board has determined, in consultation with and relying on the advice of counsel, that each of Brian R. Ford’s and James H. Kropp’s service on the audit committees of more than three (3) public companies, which includes the Company, does not impair the ability of Mr. Ford and Mr. Kropp to effectively serve on the Company’s Audit Committee.