Main Street Capital CORP

Previous wording

MSC Adviser I, LLC (the “External Investment Manager”) was formed in November 2013 as a wholly-owned subsidiary of Main Street to provide investment management and other services to parties other than Main Street (“External Parties”) and earns fee income for such services. MSCC has been granted no-action relief by the SEC to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary in Main Street’s consolidated financial statements.

Current wording

MSC Adviser I, LLC dba Main Street Capital Partners (the “External Investment Manager”) was formed in November 2013 as a wholly-owned subsidiary of Main Street to provide investment management and other services to parties other than Main Street (“External Parties”) and earns fee income for such services. MSCC has been granted no-action relief by the SEC to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary in Main Street’s consolidated financial statements.

Previous wording

Our principal investment objective is to maximize our Investment Portfolio’s total return by generating current income from our debt investments and current income and capital appreciation from our equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. We seek to achieve our investment objective primarily through our LMM and Private Loan investment strategies. Our LMM investment strategy involves investments in companies that generally have annual revenues between $10 million and $150 million and annual earnings before interest, tax, depreciation and amortization expenses (“EBITDA”) between $3 million and $20 million. Our LMM portfolio investments generally range in size from $5 million to $125 million. Our Private Loan investment strategy involves investments in companies that generally have annual revenues between $25 million and $500 million and annual EBITDA between $7.5 million and $50 million. Our Private Loan investments generally range in size from $10 million to $100 million.

Current wording

Our principal investment objective is to (i) maximize our Investment Portfolio’s total return by generating current income from our debt investments and current income and capital appreciation from our equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company and (ii) generate additional net investment income and shareholder returns by serving as the investment adviser to third-party clients through our External Investment Manager’s asset management business (as described below). We seek to achieve our investment objective primarily through our LMM and Private Loan investment strategies. Our LMM investment strategy involves investments in companies that generally have annual revenues between $10 million and $150 million and annual earnings before interest, tax, depreciation and amortization expenses (“EBITDA”) between $3 million and $20 million. Our LMM portfolio investments generally range in size from $5 million to $125 million. Our Private Loan investment strategy involves investments in companies that generally have annual revenues between $25 million and $500 million and annual EBITDA between $7.5 million and $50 million. Our Private Loan investments generally range in size from $10 million to $100 million.

Previous wording

Because we are internally managed, we do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing investment and portfolio management professionals. We believe that our internally managed structure provides us with a better alignment of interests between our management team and our employees and our stockholders and a beneficial operating expense structure when compared to other publicly traded and privately held investment firms which are externally managed, and our internally managed structure allows us the opportunity to leverage our non-interest operating expenses as we grow our Investment Portfolio and our External Investment Manager’s asset management business (as described below). The ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was 1.3% for each of the trailing twelve months ended June 30, 2026 and 2025 and for the year ended December 31, 2025. The ratio of our total operating expenses, including interest expense, as a percentage of our quarterly average total assets was 3.7% and 3.8% for the trailing twelve months ended June 30, 2026 and 2025, respectively, and 3.7% for the year ended December 31, 2025. Our ratio of expenses as a percentage of our average net asset value (“NAV”) is described in greater detail in Note F — Financial Highlights in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

Current wording

Because we are internally managed, we do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing investment and portfolio management professionals. We believe that our internally managed structure provides us with a better alignment of interests between our management team and our employees and our stockholders and a beneficial operating expense structure when compared to other publicly traded and privately held investment firms which are externally managed, and our internally managed structure allows us the opportunity to leverage our non-interest operating expenses as we grow our Investment Portfolio and our External Investment Manager’s asset management business (as described below). The ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was 1.3% for each of the trailing twelve months ended September 30, 2026 and 2025 and for the year ended December 31, 2025. The ratio of our total operating expenses, including interest expense, as a percentage of our quarterly average total assets was 3.8% for each of the trailing twelve months ended September 30, 2026 and 2025 and 3.7% for the year ended December 31, 2025. Our ratio of expenses as a percentage of our average net asset value (“NAV”) is described in greater detail in Note F — Financial Highlights in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

Previous wording

The External Investment Manager earns management fees based on the assets of the funds and accounts under management and may earn incentive fees, or a carried interest, based on the performance of the funds and accounts managed. For the three months ended June 30, 2026 and 2025, the External Investment Manager earned $6.2 million and $5.7 million in base management fees, respectively, $3.0 million and $3.7 million in incentive fees, net of waivers, respectively, and $0.2 million of administrative service fee income for each of the three months ended June 30, 2026 and 2025. For the six months ended June 30, 2026 and 2025, the External Investment Manager earned $12.3 million and $11.5 million in base management fees, respectively, $6.0 million and $6.4 million in incentive fees, net of waivers, respectively, and $0.4 million and $0.3 million of administrative service fee income, respectively. For the three and six months ended June 30, 2026, the External Investment Manager waived $0.3 million and $1.2 million, respectively, of incentive fees on income related to MSC Income. As of June 30, 2026, MSC Income had an expense accrual of $5.1 million of incentive fees on capital gains to the External Investment Manager. However, no capital gains incentive fees were currently contractually payable to the External Investment Manager as of June 30, 2026 and as a result no amounts were accrued by the External Investment Manager.

Current wording

The External Investment Manager earns management fees based on the assets of the funds and accounts under management and may earn incentive fees, or a carried interest, based on the performance of the funds and accounts managed. For the three months ended September 30, 2026 and 2025, the External Investment Manager earned $6.2 million and $5.6 million in base management fees, respectively, $2.9 million and $3.9 million in incentive fees, net of waivers, respectively, and $0.2 million of administrative service fee income for each of the three months ended September 30, 2026 and 2025. For the nine months ended September 30, 2026 and 2025, the External Investment Manager earned $18.5 million and $17.1 million in base management fees, respectively, $8.9 million and $10.3 million in incentive fees, net of waivers, respectively, and $0.6 million and $0.5 million of administrative service fee income, respectively. For the three and nine months ended September 30, 2026, the External Investment Manager waived $0.6 million and $1.9 million, respectively, of incentive fees on income related to MSC Income. As of September 30, 2026, MSC Income had an expense accrual of $6.0 million of incentive fees on capital gains to the External Investment Manager. However, no capital gains incentive fees were currently contractually payable to the External Investment Manager as of September 30, 2026 and as a result no amounts were accrued by the External Investment Manager.

Previous wording

We have entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income and its other clients. Through this agreement, we share employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities, and we allocate the related expenses to the External Investment Manager pursuant to the sharing agreement. Our total expenses for the three months ended June 30, 2026 and 2025 are net of expenses allocated to the External Investment Manager of $6.6 million and $5.9 million, respectively. Our total expenses for the six months ended June 30, 2026 and 2025 are net of expenses allocated to the External Investment Manager of $12.1 million and $11.2 million, respectively

Current wording

We have entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income and its other clients. Through this agreement, we share employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities, and we allocate the related expenses to the External Investment Manager pursuant to the sharing agreement. Our total expenses for the three months ended September 30, 2026 and 2025 are net of expenses allocated to the External Investment Manager of $5.8 million and $5.7 million, respectively. Our total expenses for the nine months ended September 30, 2026 and 2025 are net of expenses allocated to the External Investment Manager of $17.9 million and $17.0 million, respectively.

Previous wording

The total contribution of the External Investment Manager to our net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. For the three months ended June 30, 2026 and 2025, dividends earned by us from the External Investment Manager were $2.1 million and $2.8 million, respectively. For each of the three months ended June 30, 2026 and 2025, the total contribution of the External Investment Manager to our net investment income was $8.7 million. For the six months ended June 30, 2026 and 2025, dividends earned by us from the External Investment Manager were $5.0 million and $5.3 million, respectively. For the six months ended June 30, 2026 and 2025, the total contribution of the External Investment Manager to our net investment income was $17.0 million and $16.6 million, respectively.

Current wording

The total contribution of the External Investment Manager to our net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. For the three months ended September 30, 2026 and 2025, dividends earned by us from the External Investment Manager were $2.6 million and $3.0 million, respectively. For the three months ended September 30, 2026 and 2025, the total contribution of the External Investment Manager to our net investment income was $8.4 million and $8.8 million, respectively. For the nine months ended September 30, 2026 and 2025, dividends earned by us from the External Investment Manager were $7.5 million and $8.4 million, respectively. For each of the nine months ended September 30, 2026 and 2025, the total contribution of the External Investment Manager to our net investment income was $25.4 million.

Previous wording

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of June 30, 2026, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of June 30, 2026. The weighted-average annual effective yield on our debt portfolio as of June 30, 2026, including debt investments on non-accrual status, was 12.1% for our LMM portfolio investments and 9.6% for our Private Loan portfolio investments. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on their investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.

Current wording

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of September 30, 2026, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of September 30, 2026. The weighted-average annual effective yield on our debt portfolio as of September 30, 2026, including debt investments on non-accrual status, was 12.2% for our LMM portfolio investments and 9.9% for our Private Loan portfolio investments. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on their investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.

Previous wording

(c)The average EBITDA is calculated using a simple average for the LMM portfolio companies and a weighted-average for the Private Loan portfolio companies. These calculations exclude certain portfolio companies, including six LMM portfolio companies and five Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.

Current wording

(c)The average EBITDA is calculated using a simple average for the LMM portfolio companies and a weighted-average for the Private Loan portfolio companies. These calculations exclude certain portfolio companies, including five LMM portfolio companies and five Private Loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.

Previous wording

As of June 30, 2026, we had Other Portfolio investments in 34 entities, spread across 13 investment managers, collectively totaling $141.3 million in fair value and $150.8 million in cost basis, which comprised 2.5% and 3.0% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, we had Other Portfolio investments in 33 entities, spread across 13 investment managers, collectively totaling $134.1 million in fair value and $141.6 million in cost basis, which comprised 2.4% and 3.0% of our Investment Portfolio at fair value and cost, respectively.

Current wording

As of September 30, 2026, we had Other Portfolio investments in 32 entities across 12 investment managers, collectively totaling $146.7 million in fair value and $156.7 million in cost basis, which comprised 2.5% and 3.2% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, we had Other Portfolio investments in 33 entities across 13 investment managers, collectively totaling $134.1 million in fair value and $141.6 million in cost basis, which comprised 2.4% and 3.0% of our Investment Portfolio at fair value and cost, respectively.

Previous wording

As of June 30, 2026, we had Middle Market portfolio investments in 11 portfolio companies, collectively totaling $83.1 million in fair value and $123.1 million in cost basis, which comprised 1.4% and 2.5% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, we had Middle Market portfolio investments in 11 portfolio companies, collectively totaling $83.5 million in fair value and $120.1 million in cost basis, which comprised 1.5% and 2.5% of our Investment Portfolio at fair value and cost, respectively.

Current wording

As of September 30, 2026, we had Middle Market portfolio investments in nine portfolio companies, collectively totaling $73.5 million in fair value and $113.0 million in cost basis, which comprised 1.3% and 2.3% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, we had Middle Market portfolio investments in 11 portfolio companies, collectively totaling $83.5 million in fair value and $120.1 million in cost basis, which comprised 1.5% and 2.5% of our Investment Portfolio at fair value and cost, respectively.

Previous wording

As previously discussed in Note A.1. — Organization and Basis of Presentation — Organizationin the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q, we hold an investment in the External Investment Manager, a wholly-owned subsidiary that is treated as a portfolio investment. As of June 30, 2026, this investment had a fair value of $225.2 million and a cost basis of $29.5 million, which comprised 3.9% and 0.6% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, this investment had a fair value of $255.0 million and a cost basis of $29.5 million, which comprised 4.6% and 0.6% of our Investment Portfolio at fair value and cost, respectively.

Current wording

As previously discussed in Note A.1. — Organization and Basis of Presentation — Organizationin the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q, we hold an investment in the External Investment Manager, a wholly-owned subsidiary that is treated as a portfolio investment. As of September 30, 2026, this investment had a fair value of $222.7 million and a cost basis of $29.5 million, which comprised 3.8% and 0.6% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, this investment had a fair value of $255.0 million and a cost basis of $29.5 million, which comprised 4.6% and 0.6% of our Investment Portfolio at fair value and cost, respectively.

Previous wording

For the three months ended June 30, 2026 and 2025, we achieved an annualized total return on investments of 17.3% and 16.4%, respectively. For the six months ended June 30, 2026 and 2025, we achieved an annualized total return on investments of 13.2% and 16.2%, respectively. For the year ended December 31, 2025, we achieved a total return on investments of 16.4%. Total return on investments equals the total interest, dividend and fee income plus realized and unrealized changes in the fair value of the Investment Portfolio divided by the average quarterly Investment Portfolio balance at cost, in each case for the specified period. Our total return on investments is not reflective of what an investor in shares of our common stock will realize on their investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.

Current wording

For the three months ended September 30, 2026 and 2025, we achieved an annualized total return on investments of 14.8% and 16.9%, respectively. For the nine months ended September 30, 2026 and 2025, we achieved an annualized total return on investments of 13.7% and 16.4%, respectively. For the year ended December 31, 2025, we achieved a total return on investments of 16.4%. Total return on investments equals the total interest, dividend and fee income plus realized and unrealized changes in the fair value of the Investment Portfolio divided by the average quarterly Investment Portfolio balance at cost, in each case for the specified period. Our total return on investments is not reflective of what an investor in shares of our common stock will realize on their investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.

Previous wording

The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our Investment Portfolio and the related amounts of unrealized appreciation and depreciation. We consider this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of both June 30, 2026 and December 31, 2025, our Investment Portfolio valued at fair value represented 97% of our total assets. We are required to report our investments at fair value. We follow the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. See Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolioin the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a detailed discussion of our Valuation Procedures (as defined below).

Current wording

The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our Investment Portfolio and the related amounts of unrealized appreciation and depreciation. We consider this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of September 30, 2026 and December 31, 2025, our Investment Portfolio valued at fair value represented 96% and 97% of our total assets, respectively. We are required to report our investments at fair value. We follow the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. See Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolioin the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a detailed discussion of our Valuation Procedures (as defined below).

Previous wording

We hold certain debt and preferred equity instruments in our Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (see Note B.10. — Summary of Significant Accounting Policies — Income Taxes in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though we may not have collected the PIK interest and cumulative dividends in cash. We stop accruing PIK interest and cumulative dividends and write off any accrued and uncollected interest and dividends in arrears when we determine that such PIK interest and dividends in arrears are no longer collectible. For the three months ended June 30, 2026 and 2025, (i) 2.9% and 2.3%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.7% and 0.9%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the six months ended June 30, 2026 and 2025, 2.8% and 2.6%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash. For each of the six months ended June 30, 2026 and 2025, 0.7% of our total investment income was attributable to cumulative dividend income not paid currently in cash.

Current wording

We hold certain debt and preferred equity instruments in our Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (see Note B.10. — Summary of Significant Accounting Policies — Income Taxes in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though we may not have collected the PIK interest and cumulative dividends in cash. We stop accruing PIK interest and cumulative dividends and write off any accrued and uncollected interest and dividends in arrears when we determine that such PIK interest and dividends in arrears are no longer collectible. For the three months ended September 30, 2026 and 2025, (i) 3.7% and 3.0%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.8% and 0.7%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2026 and 2025, 3.1% and 2.7%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash. For the nine months ended September 30, 2026 and 2025, 0.8% and 0.7%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash.

Previous wording

As of June 30, 2026, investments on non-accrual status were $65.2 million at fair value and $198.5 million at cost and comprised 1.1% and 4.0% of our total Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, investments on non-accrual status were $56.3 million at fair value and $155.3 million at cost and comprised 1.0% and 3.3% of our total Investment Portfolio at fair value and cost, respectively.

Current wording

As of September 30, 2026, investments on non-accrual status were $54.7 million at fair value and $175.1 million at cost and comprised 0.9% and 3.5% of our total Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, investments on non-accrual status were $56.3 million at fair value and $155.3 million at cost and comprised 1.0% and 3.3% of our total Investment Portfolio at fair value and cost, respectively.

Previous wording

(a)The increase in interest income was primarily attributable to higher average levels of income producing Investment Portfolio debt investments, partially offset by (i) a decrease in interest rates, primarily resulting from decreases in benchmark index interest rates on floating rate Investment Portfolio debt investments, and (ii) the negative impact from Investment Portfolio debt investments on non-accrual status.

Current wording

(a)The increase in interest income was primarily attributable to higher average levels of income producing Investment Portfolio debt investments, partially offset by (i) the negative impact from Investment Portfolio debt investments on non-accrual status and (ii) a decrease in interest rates, primarily resulting from decreases in benchmark index interest rates on floating rate Investment Portfolio debt investments.

Previous wording

(b)The decrease in dividend income was primarily a result of dividend income decreases of (i) $8.8 million from our LMM portfolio companies, (ii) $0.8 million from our External Investment Manager and (iii) $0.5 million from our Other Portfolio investments.

Current wording

(b)The decrease in dividend income was primarily a result of dividend income decreases of (i) $6.9 million from our LMM portfolio companies and (ii) $0.5 million from our External Investment Manager, partially offset by an increase of $1.8 million from our Private Loan portfolio companies.

Previous wording

(d)The increase in total investment income includes a net increase of $1.4 million in certain income considered less consistent or non-recurring, including increases of (i) $3.1 million in such fee income and (ii) $0.8 million in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments, partially offset by a decrease of $2.5 million in such dividend income.

Current wording

(c)The increase in total investment income includes a net increase of $1.8 million in certain income considered less consistent or non-recurring, including increases of (i) $1.4 million in such dividend income and (ii) $0.7 million in such fee income, partially offset by a decrease of $0.2 million in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.

Previous wording

Total expenses for the three months ended June 30, 2026 were $55.8 million, a 10% increase from the $50.6 million in the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:

Current wording

Total expenses for the three months ended September 30, 2026 were $57.0 million, a 13% increase from the $50.3 million in the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:

Previous wording

(b)The increase in interest expense was primarily related to an increase in average borrowings outstanding used to fund a portion of the growth of our Investment Portfolio, partially offset by a decreased weighted-average interest rate on our Credit Facilities (as defined in the Liquidity and Capital Resources section below) due to decreases in benchmark index rates.

Current wording

(a)The increase in interest expense was primarily related to (i) an increase in average borrowings outstanding used to fund a portion of the growth of our Investment Portfolio and (ii) an increased weighted-average interest rate on our unsecured debt obligations resulting from borrowing and refinancing activities, partially offset by a decreased weighted-average interest rate on our Credit Facilities (as defined in the Liquidity and Capital Resources section below) due to decreases in benchmark index rates.

Previous wording

Net investment income for the three months ended June 30, 2026 increased 2% to $90.3 million, or $0.97 per share, compared to $88.2 million, or $0.99 per share, in the corresponding period of 2025. The increase in net investment income is the result of (i) the increase in total investment income, as discussed above, and (ii) the decrease in net investment income related tax expenses, as discussed below, partially offset by the increase in the total expenses, as discussed above. The decrease in net investment income per share reflects the increase in net investment income after the impact of the increase in weighted-average shares outstanding for the three months ended June 30, 2026, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) at-the-market offering program (the “ATM Program”), (ii) dividend reinvestment plan (“DRIP”) and (iii) equity incentive compensation plans. The decrease in net investment income on a per share basis is after a net increase of $0.01 per share resulting from an increase in investment income considered less consistent or non-recurring in nature, as discussed above.

Current wording

Net investment income for the three months ended September 30, 2026 decreased 3% to $83.8 million, or $0.89 per share, compared to $86.5 million, or $0.97 per share, in the corresponding period of 2025. The decrease in net investment income is the result of the increase in the total expenses, as discussed above, partially offset by (i) the increase in total investment income, as discussed above, and (ii) the decrease in net investment income related tax expenses, as discussed below. The decrease in net investment income per share reflects the decrease in net investment income after the impact of the increase in weighted-average shares outstanding for the three months ended September 30, 2026, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) at-the-market offering program (the “ATM Program”), (ii) dividend reinvestment plan (“DRIP”) and (iii) equity incentive compensation plans. The decrease in net investment income on a per share basis is after a net increase of $0.02 per share resulting from an increase in investment income considered less consistent or non-recurring in nature, as discussed above.

Previous wording

Distributable net investment income for the six months ended June 30, 2026 increased 2% to $188.2 million, or $2.05 per share, compared to $185.3 million, or $2.08 per share, in the corresponding period of 2025. The increase in distributable net investment income was primarily due to the increase in net investment income, as discussed above, excluding the negative impact of increases in (i) deferred compensation expense and (ii) share-based compensation expense. The decrease in distributable net investment income per share reflects the increase in distributable net investment income after the impact of the increase in weighted-average shares outstanding for the six months ended June 30, 2026, as discussed above. The decrease in distributable net investment income on a per share basis is after a $0.03 per share increase in investment income considered less consistent or non-recurring in nature, as discussed above.

Current wording

Distributable net investment income for the three months ended September 30, 2026 decreased 3% to $89.9 million, or $0.96 per share, compared to $92.7 million, or $1.03 per share, in the corresponding period of 2025. The decrease in distributable net investment income was primarily due to the decrease in net investment income, as discussed above, excluding the positive impact of the decrease in deferred compensation expense and the negative impact of the increase in share-based compensation expense. The decrease in distributable net investment income per share reflects the decrease in distributable net investment income after the impact of the increase in weighted-average shares outstanding for the three months ended September 30, 2026, as discussed above. The decrease in distributable net investment income on a per share basis is after a $0.02 per share increase in investment income considered less consistent or non-recurring in nature, as discussed above.

Previous wording

A summary of the primary components of the total net realized gain on investments of $32.8 million for the three months ended June 30, 2026 is as follows:

Current wording

A summary of the primary components of the total net realized loss on investments of $27.6 million for the three months ended September 30, 2026 is as follows:

Previous wording

A summary of the total net unrealized appreciation of $32.2 million for the three months ended June 30, 2026 is as follows:

Current wording

A summary of the total net unrealized appreciation of $68.5 million for the three months ended September 30, 2026 is as follows:

Previous wording

(a)Includes unrealized appreciation on 38 LMM portfolio investments and unrealized depreciation on 28 LMM portfolio investments.

Current wording

(a)Includes unrealized appreciation on 46 LMM portfolio investments and unrealized depreciation on 23 LMM portfolio investments.

Previous wording

(b)Includes $7.9 million of unrealized depreciation related to the External Investment Manager.

Current wording

(b)Includes $2.5 million of unrealized depreciation related to the External Investment Manager.

Previous wording

The net increase in net assets resulting from operations for the three months ended June 30, 2026 increased 20% to $147.6 million, or $1.58 per share, compared to $122.5 million, or $1.37 per share, for the three months ended June 30, 2025. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Current wording

The net increase in net assets resulting from operations for the three months ended September 30, 2026 decreased 5% to $117.1 million, or $1.25 per share, compared to $123.7 million, or $1.38 per share, for the three months ended September 30, 2025. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025.

Previous wording

Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income and distributable net investment income before taxes for the six months ended June 30, 2026 and 2025.

Current wording

Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income and distributable net investment income before taxes for the nine months ended September 30, 2026 and 2025.

Previous wording

Total investment income for the six months ended June 30, 2026 was $289.7 million, a 3% increase from the $281.0 million for the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:

Current wording

Total investment income for the nine months ended September 30, 2026 was $432.2 million, a 3% increase from the $420.9 million for the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:

Previous wording

(b)The decrease in dividend income was primarily a result of decreases of (i) $16.9 million from our LMM portfolio companies and (ii) $1.0 million from our Private Loan portfolio companies.

Current wording

(b)The decrease in dividend income was primarily a result of a decrease of $23.8 million from our LMM portfolio companies.

Previous wording

(c)The increase in fee income was primarily due to increases of (i) $4.1 million related to increased investment activity and (ii) $3.8 million from increased refinancing and repayment of Investment Portfolio debt investments.

Current wording

(c)The increase in fee income was primarily due to increases of (i) $4.5 million from increased refinancing and repayment of Investment Portfolio debt investments and (ii) $3.2 million related to increased investment activity.

Previous wording

(d)The increase in total investment income includes a net increase of $3.1 million in certain income considered less consistent or non-recurring, including increases of (i) $4.1 million increase in such fee income and (ii) $0.9 million in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments, partially offset by a decrease of $1.8 million in such dividend income.

Current wording

(d)The increase in total investment income includes a net increase of $5.0 million in certain income considered less consistent or non-recurring, including increases of (i) $4.8 million in such fee income and (ii) $0.7 million in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments, partially offset by a decrease of $0.5 million in such dividend income.

Previous wording

Total expenses for the six months ended June 30, 2026 were $108.0 million, a 10% increase from the $97.9 million in the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:

Current wording

Total expenses for the nine months ended September 30, 2026 were $165.0 million, an 11% increase from the $148.2 million in the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:

Previous wording

(b)The increase in interest expense was primarily related to an increase in average borrowings outstanding used to fund a portion of the growth of our Investment Portfolio, partially offset by a decreased weighted-average interest rate on our Credit Facilities due to decreases in benchmark index rates and a decreased weighted-average interest rate on our unsecured debt borrowings as a result of borrowing and refinancing activities.

Current wording

(b)The increase in interest expense was primarily related to (i) an increase in average borrowings outstanding used to fund a portion of the growth of our Investment Portfolio and (ii) an increased weighted-average interest rate on our unsecured debt obligations resulting from borrowing and refinancing activities, partially offset by a decreased weighted-average interest rate on our Credit Facilities due to decreases in benchmark index rates.

Previous wording

Net investment income for the six months ended June 30, 2026 increased 0.5% to $174.9 million, or $1.90 per share, compared to $174.1 million, or $1.96 per share, in the corresponding period of 2025. The increase in net investment income is the result of (i) the increase in total investment income, as discussed above, and (ii) the decrease in net investment income related tax expenses, as discussed below, partially offset by the increase in the total expenses, as discussed above. The decrease in net investment income per share reflects the increase in net investment income after the impact of the increase in weighted-average shares outstanding for the six months ended June 30, 2026, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) ATM Program, (ii) DRIP and (iii) equity incentive compensation plans. The decrease in net investment income on a per share basis is after a net increase of $0.02 per share resulting from items considered less consistent or non-recurring in nature, including a $0.03 per share increase in such investment income, as discussed above, partially offset by a $0.01 per share increase in deferred compensation expenses.

Current wording

Net investment income for the nine months ended September 30, 2026 decreased 1% to $258.7 million, or $2.80 per share, compared to $260.6 million, or $2.92 per share, in the corresponding period of 2025. The decrease in net investment income is the result of the increase in the total expenses, as discussed above, partially offset by (i) the increase in total investment income, as discussed above, and (ii) the decrease in net investment income related tax expenses, as discussed below. The decrease in net investment income per share reflects the decrease in net investment income after the impact of the increase in weighted-average shares outstanding for the nine months ended September 30, 2026, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) ATM Program, (ii) DRIP and (iii) equity incentive compensation plans. The decrease in net investment income on a per share basis is after a net increase of $0.04 per share resulting from items considered less consistent or non-recurring in nature, including a $0.05 per share increase in such investment income, as discussed above, partially offset by a $0.01 per share increase in deferred compensation expenses.

Previous wording

Distributable net investment income for the three months ended June 30, 2026 increased 3% to $97.4 million, or $1.04 per share, compared to $94.3 million, or $1.06 per share, in the corresponding period of 2025. The increase in distributable net investment income was primarily due to the increase in net investment income, as discussed above, excluding the negative impact of the increases in (i) deferred compensation expense and (ii) share-based compensation expense. The decrease in distributable net investment income per share reflects the increase in distributable net investment income after the impact of the increase in weighted-average shares outstanding for the three months ended June 30, 2026, as discussed above. The decrease in distributable net investment income on a per share basis is after a $0.01 per share increase in investment income considered less consistent or non-recurring in nature, as discussed above.

Current wording

Distributable net investment income for the nine months ended September 30, 2026 increased 0.1% to $278.1 million, or $3.00 per share, compared to $278.0 million, or $3.12 per share, in the corresponding period of 2025. The increase in distributable net investment income was primarily due to the decrease in net investment income, as discussed above, excluding the negative impact of the increases in (i) share-based compensation expense and (ii) deferred compensation expense. The decrease in distributable net investment income per share reflects the increase in distributable net investment income after the impact of the increase in weighted-average shares outstanding for the nine months ended September 30, 2026, as discussed above. The decrease in distributable net investment income on a per share basis is after a $0.05 per share increase in investment income considered less consistent or non-recurring in nature, as discussed above.

Previous wording

A summary of the primary components of the total net realized gain on investments of $50.8 million for the six months ended June 30, 2026 is as follows:

Current wording

A summary of the primary components of the total net realized gain on investments of $23.2 million for the nine months ended September 30, 2026 is as follows:

Previous wording

(a)Other activity includes realized gains and losses from transactions involving 17 portfolio companies which are not considered to be significant individually or in the aggregate.

Current wording

(a)Other activity includes realized gains and losses from transactions involving 25 portfolio companies which are not considered to be significant individually or in the aggregate.

Previous wording

(a)Includes unrealized appreciation on 42 LMM portfolio investments and unrealized depreciation on 34 LMM portfolio investments.

Current wording

(a)Includes unrealized appreciation on 47 LMM portfolio investments and unrealized depreciation on 37 LMM portfolio investments.

Previous wording

(b)Includes $29.8 million of unrealized depreciation related to the External Investment Manager.

Current wording

(b)Includes $32.3 million of unrealized depreciation related to the External Investment Manager.