FS KKR Capital Corp. (NYSE: FSK) and FS KKR Capital Corp. II (NYSE: FSKR), two leading business development companies managed and advised by FS/KKR Advisor, LLC, announced today certain preliminary estimates of financial results for the fourth quarter ended December 31, 2020. The Companies also are providing information on earnings releases and conference calls to discuss fourth quarter and fiscal year ended December 31, 2020 financial results. The Companies are providing these preliminary estimates of results to give investors timely information in conjunction with the proposed merger of FSK and FSKR, which was announced on November 24, 2020.

Daniel Pietrzak, Co-President and CIO of each Company, described the quarter's investment activity as, "The fourth quarter was active from an investment perspective as both financial and strategic buyers took advantage of an improved operating environment still coupled with record low interest rates. Our strong relationships provided our investment teams with what we believe were numerous high quality investment opportunities and allowed us to be selective in our transaction approval process. We look forward to discussing the details of our activity during the quarter, as well as our outlook for 2021, on our earnings conference calls on March 2, 2021."

FSK Preliminary Estimated Financial Results for Fourth Quarter Ended December 31, 2020(1)

FSK's net asset value per share is estimated to be between $24.95 and $25.05 as of December 31, 2020, compared to $24.46 as of September 30, 2020. Net investment income per share for the fourth quarter is estimated to be between $0.59 and $0.61 as compared to FSK's guidance of $0.57. Adjusted net investment income per share is estimated to be between $0.68 and $0.70 as compared to FSK's guidance of $0.64.(2) Net debt-to-equity, adjusted for available cash, receivables for investments sold, and payables for investments purchased, is estimated to approximate 1.19x as of December 31, 2020, compared to 1.20x at September 30, 2020.

FSKR Preliminary Estimated Financial Results for Fourth Quarter Ended December 31, 2020(1)

FSKR's net asset value per share is estimated to be between $25.00 and $25.10 as of December 31, 2020, compared to $24.66 as of September 30, 2020. Net investment income per share for the fourth quarter is estimated to be between $0.57 and $0.59 as compared to FSKR's guidance range of $0.52 to $0.55 per share. Adjusted net investment income per share is estimated to be between $0.59 and $0.61 as compared to FSKR's guidance range of $0.52 to $0.55.(2) Net debt-to-equity, adjusted for available cash, receivables for investments sold, and payables for investments purchased, is estimated to approximate 0.85x as of December 31, 2020, compared to 0.73x at September 30, 2020.

Please note that the preliminary estimates above for both FSK and FSKR are subject to change as each Company's financial closing procedures are finalized. In addition, neither Deloitte & Touche LLP, each Company's independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled, or performed any procedures with respect to the accompanying preliminary financial data.

FSK Earnings Release and Conference Call Information

FSK plans to release its fourth quarter and full year 2020 results after the close of trading on the New York Stock Exchange on Monday, March 1, 2021.

FSK will host a conference call at 8:00am (Eastern Time) on Tuesday, March 2, 2021, to discuss its fourth quarter and full year 2020 financial and operating results. All interested parties are welcome to participate and can access the conference call by dialing (833) 818-6808 and using the conference ID 7480289 approximately 10 minutes prior to the call. The conference call also will be webcast, which can be accessed from the Investor Relations section of FSK's website at www.fskkradvisor.com/fsk, under Events and Presentations.

An investor presentation containing certain financial information will be available by visiting the Investor Relations section of FSK's website at www.fskkradvisor.com/fsk, under Events and Presentations after the close of trading on the New York Stock Exchange on Monday, March 1, 2021.

A replay of the call will be available shortly after the end of the call by visiting the Investor Relations section of FSK's website, under Events and Presentations or by dialing (855) 859-2056 and using conference ID 7480289.

FSKR Earnings Release and Conference Call Information

FSKR plans to release its fourth quarter and full year 2020 results after the close of trading on the New York Stock Exchange on Monday, March 1, 2021.

FSKR will host a conference call at 10:00am (Eastern Time) on Tuesday, March 2, 2021, to discuss its fourth quarter and full year 2020 financial and operating results. All interested parties are welcome to participate and can access the conference call by dialing (833) 519-1290 and using the conference ID 3992843 approximately 10 minutes prior to the call. The conference call also will be webcast, which can be accessed from the Investor Relations section of FSKR's website at www.fskkradvisor.com/fskr, under Events and Presentations.

An investor presentation containing certain financial information will be available by visiting the Investor Relations section of FSKR's website at www.fskkradvisor.com/fskr, under Events and Presentations after the close of trading on the New York Stock Exchange on Monday, March 1, 2021.

A replay of the call will be available shortly after the end of the call by visiting the Investor Relations section of FSKR's website, under Events and Presentations or by dialing (855) 859-2056 and using conference ID 3992843.

About FS/KKR Advisor, LLC

FS/KKR Advisor, LLC (FS/KKR) is a partnership between FS Investments and KKR Credit that serves as the investment adviser to BDCs with approximately $15 billion in assets under management as of September 30, 2020. The BDCs managed by FS/KKR are FS KKR Capital Corp. (NYSE: FSK) and FS KKR Capital Corp. II (NYSE: FSKR).

FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth, and focuses on setting industry standards for investor protection, education and transparency. FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Leawood, KS. Visit www.fsinvestments.com to learn more.

KKR Credit is a subsidiary of KKR & Co. Inc., a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.