FS KKR Capital Corp

Previous wording

Portfolio Investment Activity for the Three and Six Months Ended June 30, 2026 and for the Year Ended December 31, 2025

Current wording

Portfolio Investment Activity for the Three and Nine Months Ended September 30, 2026 and for the Year Ended December 31, 2025

Previous wording

The following tables present certain selected information regarding our portfolio investment activity for the three and six months ended June 30, 2026 and the year ended December 31, 2025:

Current wording

The following tables present certain selected information regarding our portfolio investment activity for the three and nine months ended September 30, 2026:

Previous wording

For the six months ended June 30, 2026, our total return based on net asset value was (8.09)% and our total return based on market value was (22.98)%. For the year ended December 31, 2025, our total return based on net asset value was 0.21% and our total return based on market value was (20.31)%. See footnotes 5 and 6 to the table included in Note 11 to our unaudited consolidated financial statements included herein for information regarding the calculation of our total return based on net asset value and total return based on market value, respectively.

Current wording

For the nine months ended September 30, 2026, our total return based on net asset value was (6.08)% and our total return based on market value was (16.20)%. For the year ended December 31, 2025, our total return based on net asset value was 0.21% and our total return based on market value was (20.31)%. See footnotes 5 and 6 to the table included in Note 11 to our unaudited consolidated financial statements included herein for information regarding the calculation of our total return based on net asset value and total return based on market value, respectively.

Previous wording

Comparison of the Three and Six Months Ended June 30, 2026 and June 30, 2025

Current wording

Comparison of the Three and Nine Months Ended September 30, 2026 and September 30, 2025

Previous wording

Our investment income for the three and six months ended June 30, 2026 and 2025 was as follows:

Current wording

Our investment income for the three and nine months ended September 30, 2026 and 2025 was as follows:

Previous wording

(1)Such revenues represent $244 and $337 of cash income earned as well as $46 and $61 in non-cash portions relating to accretion of discount and PIK interest for the three months ended June 30, 2026 and 2025, respectively, and $506 and $667 of cash income earned as well as $88 and$131 in non-cash portions relating to accretion of discount and PIK interest for the six months ended June 30, 2026 and 2025, respectively. Cash flows related to such non-cash revenues may not occur for a number of reporting periods or years after such revenues are recognized.

Current wording

(1)Such revenues represent $243 and $311 of cash income earned as well as $51 and $62 in non-cash portions relating to accretion of discount and PIK interest for the three months ended September 30, 2026 and 2025, respectively, and $749 and $978 of cash income earned as well as $139 and$193 in non-cash portions relating to accretion of discount and PIK interest for the nine months ended September 30, 2026 and 2025, respectively. Cash flows related to such non-cash revenues may not occur for a number of reporting periods or years after such revenues are recognized.

Previous wording

The decrease in interest and PIK income during the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 is primarily attributable to a reduction in the size of our investment portfolio, in addition to the Company placing certain assets on non-accrual status during the three and six months ended June 30, 2026.

Current wording

The decrease in interest and PIK income during the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 is primarily attributable to a reduction in the size of our investment portfolio, in addition to the Company placing certain assets on non-accrual status during the three and nine months ended September 30, 2026.

Previous wording

The decrease in dividend income during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is primarily attributable to the decrease in dividends paid in respect to certain equity and asset based finance investments, and the decrease in dividends on our investment in COPJV during the three months ended June 30, 2026. The decrease in dividend income during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is primarily attributable to the decrease in dividends paid in respect to certain equity and asset based finance investments during the six months ended June 30, 2026. On February 23, 2026, we reduced our equity interests in COPJV to approximately 79% from 87.5%.

Current wording

The decrease in dividend income during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 is primarily attributable to the decrease in dividends paid in respect to certain equity and asset based finance investments during the nine months ended September 30, 2026. On February 23, 2026, we reduced our equity interests in COPJV to approximately 79% from 87.5%.

Previous wording

Our operating expenses for the three and six months ended June 30, 2026 and 2025 were as follows:

Current wording

Our operating expenses for the three and nine months ended September 30, 2026 and 2025 were as follows:

Previous wording

The decrease in expenses during the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 can primarily be attributed to a decrease in management fees and interest expense as a result of the lower asset base and leverage during the three and six months ended June 30, 2026, in addition to the reduction in subordinated income incentive fees as a result of lower investment income as discussed above and the partial waiver of such subordinated income incentive fee during the three months ended June 30, 2026.

Current wording

The decrease in expenses during the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 can primarily be attributed to a decrease in management fees and interest expense as a result of the lower asset base and leverage, in addition to the reduction in subordinated income incentive fees as a result of lower investment income as discussed above and the partial waiver of such subordinated income incentive fee (beginning with the fiscal quarter ending June 30, 2026).

Previous wording

The following table reflects selected expense ratios as a percent of average net assets for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table reflects selected expense ratios as a percent of average net assets for the three and nine months ended September 30, 2026 and 2025:

Previous wording

(2)Ratio of incentive fees, interest expense and excise taxes to average net assets, excluding the effect of incentive fee waivers, was 2.34% and 4.57% for the three and six months ended June 30, 2026, respectively. There was no incentive fee waiver in effect for the three and six months ended June 30, 2025.

Current wording

(2)Ratio of incentive fees, interest expense and excise taxes to average net assets, excluding the effect of incentive fee waivers, was 2.43% and 7.00% for the three and nine months ended September 30, 2026, respectively. There was no incentive fee waiver in effect for the three and nine months ended September 30, 2025.

Previous wording

(3)Ratio of net operating expenses, excluding certain expenses, to average net assets, excluding the effect of incentive fee waivers, was 1.24% and 2.22% for the three and six months ended June 30, 2026, respectively.

Current wording

(3)Ratio of net operating expenses, excluding certain expenses, to average net assets, excluding the effect of incentive fee waivers, was 1.31% and 3.52% for the three and nine months ended September 30, 2026, respectively.

Previous wording

Our net investment income totaled $122 ($0.44 per share) and $173 ($0.62 per share) for the three months ended June 30, 2026 and 2025, respectively. Our net investment income totaled $239 ($0.85 per share) and $360 ($1.29 per share) for the six months ended June 30, 2026 and 2025, respectively.

Current wording

Our net investment income totaled $127 ($0.46 per share) and $159 ($0.57 per share) for the three months ended September 30, 2026 and 2025, respectively. Our net investment income totaled $366 ($1.31 per share) and $519 ($1.86 per share) for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

The decrease in net investment income during the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 can primarily be attributed to lower investment income during the three and six months ended June 30, 2026 as discussed above.

Current wording

The decrease in net investment income during the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 can primarily be attributed to lower investment income during the three and nine months ended September 30, 2026 as discussed above.

Previous wording

Our net realized gains (losses) on investments, foreign currency forward contracts and foreign currency for the three and six months ended June 30, 2026 and 2025 were as follows:

Current wording

Our net realized gains (losses) on investments, foreign currency forward contracts and foreign currency for the three and nine months ended September 30, 2026 and 2025 were as follows:

Previous wording

(1)We sold investments and received principal repayments, respectively, of $755 and $579 during the three months ended June 30, 2026 and $498 and $858 during the three months ended June 30, 2025. We sold investments and received principal repayments, respectively, of $1,340 and $704 during the six months ended June 30, 2026 and $1,379 and $1,384 during the six months ended June 30, 2025.

Current wording

(1)We sold investments and received principal repayments, respectively, of $237 and $205 during the three months ended September 30, 2026 and $641 and $705 during the three months ended September 30, 2025. We sold investments and received principal repayments, respectively, of $1,577 and $909 during the nine months ended September 30, 2026 and $2,020 and $2,089 during the nine months ended September 30, 2025.

Previous wording

Our net change in unrealized appreciation (depreciation) on investments, foreign forward currency forward contracts and unrealized gain (loss) on foreign currency for the three and six months ended June 30, 2026 and 2025 were as follows:

Current wording

Our net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and unrealized gain (loss) on foreign currency for the three and nine months ended September 30, 2026 and 2025 were as follows:

Previous wording

The net change in unrealized appreciation (depreciation) on investments during the three months ended June 30, 2026 was driven primarily by reduced valuations of certain portfolio companies during the three months ended June 30, 2026, including COPJV and Production Resources Group. The net change in unrealized appreciation (depreciation) on investments during the six months ended June 30, 2026 was driven primarily by reduced valuations of certain portfolio companies during the six months ended June 30, 2026, including COPJV, Production Resources Group and Medallia Inc. The net change in unrealized appreciation (depreciation) on investments during the three and six months ended June 30, 2025 was driven primarily by reduced valuations of certain portfolio companies during the year, including Production Resources Group, 48Forty Solutions and Kellermeyer Bergensons Services LLC.

Current wording

The net change in unrealized appreciation (depreciation) on investments during the three months ended September 30, 2026 was driven primarily by appreciation on specific assets in the portfolio. The net change in unrealized appreciation (depreciation) on investments during the nine months ended September 30, 2026 was driven primarily by reduced valuations of certain portfolio companies during the nine months ended September 30, 2026, including COPJV, Production Resource Group and Kellermeyer Bergensons Services LLC. The net change in unrealized appreciation (depreciation) on investments during the three months ended September 30, 2025 was driven primarily by appreciation on several specific assets in the portfolio. The net change in unrealized appreciation (depreciation) on investments during the nine months ended September 30, 2025 was driven primarily by reduced valuations of certain portfolio companies during the year, including Production Resource Group, 48Forty Solutions and Kellermeyer Bergensons Services LLC.

Previous wording

During the three and six months ended June 30, 2026 and 2025, we recorded a provision for taxes on realized gains with respect to one of our equity investments of $0 and $(11), respectively.

Current wording

During the nine months ended September 30, 2026 and 2025, we recorded a provision for taxes on realized gains with respect to one of our equity investments of $0 and $(11), respectively.

Previous wording

During the three and six months ended June 30, 2026 and 2025, we recorded a net realized loss from the extinguishment of debt of $(2) and $(3), respectively.

Current wording

During the nine months ended September 30, 2026 and 2025, we recorded a net realized loss from the extinguishment of debt of $(2) and $(3), respectively.

Previous wording

For the three months ended June 30, 2026, the net decrease in net assets resulting from operations was $(34) ($(0.13) per share) compared to a net increase in net assets resulting from operations of $(209) ($(0.75) per share) during the three months ended June 30, 2025.

Current wording

For the three months ended September 30, 2026, the net increase in net assets resulting from operations was $73 ($0.27 per share of common stock) compared to a net increase in net assets resulting from operations of $214 ($0.76 per share of common stock) during the three months ended September 30, 2025.

Previous wording

For the six months ended June 30, 2026, the net decrease in net assets resulting from operations was $(475) ($(1.70) per share) compared to a net increase in net assets resulting from operations of $(89) ($(0.32) per share) during the six months ended June 30, 2025.

Current wording

For the nine months ended September 30, 2026, the net decrease in net assets resulting from operations was $(402) ($(1.44) per share of common stock) compared to a net increase in net assets resulting from operations of $125 ($0.45 per share of common stock) during the nine months ended September 30, 2025.

Previous wording

As of June 30, 2026, we had $109 in cash, cash equivalents, including money market funds, restricted cash and foreign currency, which we or our wholly-owned financing subsidiaries held in custodial accounts, and $3,052 in borrowings available under our financing arrangements, subject to borrowing base and other limitations. As of June 30, 2026, we also had broadly syndicated investments and opportunistic investments that could be sold to create additional liquidity. As of June 30, 2026, we had unfunded debt investments with aggregate unfunded commitments of $1,110.5, unfunded equity/other commitments of $70.7 and unfunded commitments of $434.0 to COPJV. We maintain sufficient cash on hand, available borrowings and liquid securities to fund such unfunded commitments should the need arise.

Current wording

As of September 30, 2026, we had $111 in cash, cash equivalents, including money market funds, and foreign currency, which we or our wholly-owned financing subsidiaries held in custodial accounts, and $3,197 in borrowings available under our financing arrangements, subject to borrowing base and other limitations. As of September 30, 2026, we also had broadly syndicated investments and opportunistic investments that could be sold to create additional liquidity. As of September 30, 2026, we had unfunded debt investments with aggregate unfunded commitments of $1,041.1, unfunded equity/other commitments of $70.3 and unfunded commitments of $434.0 to COPJV. We maintain sufficient cash on hand, available borrowings and liquid securities to fund such unfunded commitments should the need arise.

Previous wording

In addition, our ability to pay dividends or distributions (other than dividends payable in our common stock) to holders of any class of our capital stock, or to purchase any such capital stock, would be restricted if our “senior securities representing indebtedness” fail to have an asset coverage of at least 150% (measured at the time of declaration of such distribution or at the time of any such purchase, and accounting for such distribution or purchase price). The 1940 Act does not apply this limitation to privately arranged debt that is not intended to be publicly distributed, unless this limitation is specifically negotiated by the lender. In addition, our ability to pay dividends or distributions (other than dividends payable in our common stock) to our common stockholders, or to purchase any shares of our common stock, would be restricted if our “senior securities that are stock” fail to have an asset coverage of at least 150% (measured at the time of declaration of such distribution, or at the time of any such purchase, and accounting for such distribution or purchase price). If the value of our assets declines, we might be unable to satisfy these asset coverage requirements. To satisfy the 150% asset coverage requirement in the event that we are seeking to pay a distribution, for example, we might either have to (i) liquidate a portion of our portfolio to repay a portion of our indebtedness or (ii) issue common stock. This may occur at a time when a sale of a portfolio asset may be disadvantageous, or when we have limited access to capital markets on agreeable terms. In addition, any amounts that we use to service our indebtedness or outstanding preferred stock, or for offering costs, will not be available for distributions to our stockholders. If we are unable to regain the requisite asset coverage through these methods, we may be forced to suspend the payment of such dividends or distributions. As of June 30, 2026, the aggregate amount outstanding of the senior securities issued by us was $6.6 billion. As of June 30, 2026, our asset coverage on our “senior securities representing indebtedness” was 179% and our asset coverage on our “senior securities that are stock” was 177%. See Note 9 for a discussion of the Company’s financing arrangements.

Current wording

In addition, our ability to pay dividends or distributions (other than dividends payable in our common stock) to holders of any class of our capital stock, or to purchase any such capital stock, would be restricted if our “senior securities representing indebtedness” fail to have an asset coverage of at least 150% (measured at the time of declaration of such distribution or at the time of any such purchase, and accounting for such distribution or purchase price). The 1940 Act does not apply this limitation to privately arranged debt that is not intended to be publicly distributed, unless this limitation is specifically negotiated by the lender. In addition, our ability to pay dividends or distributions (other than dividends payable in our common stock) to our common stockholders, or to purchase any shares of our common stock, would be restricted if our “senior securities that are stock” fail to have an asset coverage of at least 150% (measured at the time of declaration of such distribution, or at the time of any such purchase, and accounting for such distribution or purchase price). If the value of our assets declines, we might be unable to satisfy these asset coverage requirements. To satisfy the 150% asset coverage requirement in the event that we are seeking to pay a distribution, for example, we might either have to (i) liquidate a portion of our portfolio to repay a portion of our indebtedness or (ii) issue common stock. This may occur at a time when a sale of a portfolio asset may be disadvantageous, or when we have limited access to capital markets on agreeable terms. In addition, any amounts that we use to service our indebtedness or outstanding preferred stock, or for offering costs, will not be available for distributions to our stockholders. If we are unable to regain the requisite asset coverage through these methods, we may be forced to suspend the payment of such dividends or distributions. As of September 30, 2026, the aggregate amount outstanding of the senior securities issued by us was $6.5 billion. As of September 30, 2026, our asset coverage on our “senior securities representing indebtedness” was 179% and our asset coverage on our “senior securities that are stock” was 177%. See Note 9 for a discussion of the Company’s financing arrangements.

Previous wording

(4)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €348 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.14 as of June 30, 2026 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £73 has been converted to U.S dollars at an exchange rate of £1.00 to $1.33 as of June 30, 2026 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD6 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.69 as of June 30, 2026 to reflect total amount outstanding in U.S. dollars.

Current wording

(4)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €351 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.13 as of September 30, 2026 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £64 has been converted to U.S dollars at an exchange rate of £1.00 to $1.33 as of September 30, 2026 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD6 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.70 as of September 30, 2026 to reflect total amount outstanding in U.S. dollars.

Previous wording

(5)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of June 30, 2026, $51 of such letters of credit have been issued.

Current wording

(5)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of September 30, 2026, $50 of such letters of credit have been issued.

Previous wording

(6)As of June 30, 2026, the fair value of the 2.625% Notes due 2027, the 3.250% Notes due 2027, the 3.125% Notes due 2028, the 7.875% Notes due 2029, the 6.875% Notes due 2029, the 6.125% Notes due 2030, the 6.125% Notes due 2031 and the 7.500% Notes due 2031 was approximately $393, $487, $706, $411, $612, $718, $400 and $900, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.

Current wording

(6)As of September 30, 2026, the fair value of the 2.625% Notes due 2027, the 3.250% Notes due 2027, the 3.125% Notes due 2028, the 7.875% Notes due 2029, the 6.875% Notes due 2029, the 6.125% Notes due 2030, the 6.125% Notes due 2031 and the 7.500% Notes due 2031 was approximately $396, $486, $698, $404, $588, $690, $381 and $881, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.

Previous wording

(7)As of June 30, 2026, the carrying values of the 6.875% Notes due 2029, the 6.125% Notes due 2030, the 6.125% Notes due 2031 and the 7.500% Notes due 2031 include a $12, $18, $0 and $0 increase (decrease), respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.

Current wording

(7)As of September 30, 2026, the carrying values of the 6.875% Notes due 2029, the 6.125% Notes due 2030, the 6.125% Notes due 2031 and the 7.500% Notes due 2031 include a $(12), $(10), $(19) and $(19) increase (decrease), respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.

Previous wording

(10)The Convertible Preferred Stock will pay dividends of 5.00% cash or 7.00% PIK, at the Company’s option, in either case increasing annually by 1.00% per annum beginning on the 5.5-year anniversary of the issue date. See “Note 4. Related Party Transactions” for more information.

Current wording

(10)The Convertible Preferred Stock pays dividends of 5.00% cash or 7.00% PIK, at the Company’s option, in either case increasing annually by 1.00% per annum beginning on the 5.5-year anniversary of the issue date. See Note 4 for additional information.

Previous wording

On May 9, 2025, we entered into separate equity distribution agreements, or the Equity Distribution Agreements, with each of Truist Securities, Inc., RBC Capital Markets, LLC, KKR Capital Markets LLC, and SMBC Nikko Securities America, Inc., pursuant to which we may, from time to time, issue and sell up to an aggregate gross amount of $750 million in shares of our common stock through public or at-the-market offerings, or the ATM Program. During the six months ended June 30, 2026, the Company did not issue or sell shares of its common stock under the ATM Program. For further details regarding the ATM Program and the Equity Distribution Agreements, see “At the Market” Offering” in Note 3 to our unaudited consolidated financial statements included herein.

Current wording

On May 9, 2025, we entered into separate equity distribution agreements, or the Equity Distribution Agreements, with each of Truist Securities, Inc., RBC Capital Markets, LLC, KKR Capital Markets LLC, and SMBC Nikko Securities America, Inc., pursuant to which we may, from time to time, issue and sell up to an aggregate gross amount of $750 million in shares of our common stock through public or at-the-market offerings, or the ATM Program. During the nine months ended September 30, 2026, the Company did not issue or sell shares of its common stock under the ATM Program. For further details regarding the ATM Program and the Equity Distribution Agreements, see “At the Market” Offering” in Note 3 to our unaudited consolidated financial statements included herein.

Previous wording

On June 29, 2026, we issued and sold 6,000,000 shares of the Convertible Preferred Stock to the Purchaser pursuant to the Purchase Agreement, at a price of $25.00 per share. We intend to use the gross proceeds of $150.0 million from the sale of Convertible Preferred Stock for general corporate purposes including, without limitation, funding any repurchase program relating to shares of the our common stock or debt repayment. See “Item 2. Unregistered Sales of Equity Securities and Use of Proceeds” in Part II of this Quarterly Report on Form 10-Q for more information.

Current wording

On June 29, 2026, we issued and sold 6,000,000 shares of the Convertible Preferred Stock to the Purchaser pursuant to the Purchase Agreement, at a price of $25.00 per share. See Note 4 to our unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information regarding the Convertible Preferred Stock.

Previous wording

Holders of the Convertible Preferred Stockare entitled to receive cumulative dividends at an annual rate of 5.00% of the Liquidation Preference per share, computed on the basis of a 360-day year consisting of twelve 30-day months, payable in cash. At the Company’s option, dividends may instead be paid at an annual rate of 7.00% of the Liquidation Preference per share in additional shares of Convertible Preferred Stock, or a PIK Dividend, valued at the Liquidation Preference per share; provided that the Company is prohibited from paying dividends in additional shares if the conversion feature at the time of issuance of such additional shares is equal to or greater than 10.00% of the value of the Convertible Preferred Stock. After the 5.5-year anniversary of the issue date, both the cash dividend rate and the PIK Dividend rate will each increase by 1.00% per annum on each annual anniversary thereafter.

Current wording

Holders of the Convertible Preferred Stockare entitled to receive cumulative dividends at an annual rate of 5.00% of the Liquidation Preference per share, computed on the basis of a 360-day year consisting of twelve 30-day months, payable in cash. At our option, dividends may instead be paid at an annual rate of 7.00% of the Liquidation Preference per share in additional shares of Convertible Preferred Stock, or a PIK Dividend, valued at the Liquidation Preference per share; provided that we are prohibited from paying dividends in additional shares if the conversion feature at the time of issuance of such additional shares is equal to or greater than 10.00% of the value of the Convertible Preferred Stock. After the 5.5-year anniversary of the issue date, both the cash dividend rate and the PIK Dividend rate will each increase by 1.00% per annum on each annual anniversary thereafter. Dividends are payable quarterly in arrears on March 31, June 30, September 30, and December 31 of each year, each, a Dividend Payment Date, or, if such date is not a business day, on the next succeeding business day. Dividends are paid to holders of record as of the close of business on the record date designated by the Board for the applicable Dividend Payment Date. Each dividend period begins on and includes a Dividend Payment Date (or, for the initial period, the issue date) and ends on, but excludes, the next succeeding Dividend Payment Date.

Previous wording

During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions will be mailed to our stockholders. No portion of the distributions paid during the six months ended June 30, 2026 or 2025 represented a return of capital.

Current wording

During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions will be mailed to our stockholders. No portion of the distributions paid during the nine months ended September 30, 2026 or 2025 represented a return of capital.

Previous wording

The following tables reflect the distributions per share that we have declared on our common stock during the six months ended June 30, 2026 and 2025:

Current wording

The following tables reflect the distributions per share that we have declared on our common stock during the nine months ended September 30, 2026 and 2025:

Previous wording

On August 5, 2026, our Board of Directors declared a regular quarterly distribution of $0.44 per share which will be paid on or about October 2, 2026 to common stockholders of record as of the close of business on September 16, 2026. The timing and amount of any future distributions to common stockholders are subject to applicable legal restrictions and the sole discretion of our Board of Directors.

Current wording

On October 7, 2026, our Board of Directors declared a regular quarterly distribution of $0.44 per share, which will be paid on or about December 24, 2026 to common stockholders of record as of the close of business on December 16, 2026. Additionally, on October 7, 2026, the Board of Directors declared a special distribution of $0.20 per share, which will be paid on or about December 15, 2026 to common stockholders of record as of the close of business on December 1, 2026. The timing and amount of any future distributions to common stockholders are subject to applicable legal restrictions and the sole discretion of our Board of Directors.

Previous wording

On July 30, 2026, our Board of Directors declared a cash dividend on the Convertible Preferred Stock for the period from June 29, 2026 through September 30, 2026 in the amount of $0.315972 per preferred share, which will be paid on or about September 30, 2026 to the holder of record as of the close of business on September 15, 2026.

Current wording

On October 28, 2026, our Board of Directors declared a cash dividend on the Convertible Preferred Stock for the period from September 30, 2026 to, but excluding, December 31, 2026 in the amount of $0.3125 per preferred share, which will be paid on or about December 31, 2026 to the holders of record as of the close of business on December 15, 2026.

Previous wording

During the period from July 1, 2026 to August 5, 2026, 2026, the Company repurchased 3,348,353 shares of common stock pursuant to the Company Share Repurchase Authorization at an average price per share (inclusive of commissions paid) of $10.75 (totaling $36). All such repurchases were made on the Company’s behalf by a third-party agent on the open market at prices below net asset value per share in transactions intended to qualify for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act.

Current wording

During the period from October 1, 2026 to October 30, 2026, 2026, we repurchased 1,546,162 shares of common stock pursuant to the Company Share Repurchase Authorization at an average price per share (inclusive of commissions paid) of $10.88 (totaling $17). All such repurchases were made on our behalf by a third-party agent on the open market at prices below net asset value per share in transactions intended to qualify for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act.

Previous wording

As of June 30, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 95.20% of our total assets, as compared to 94.76% of our total assets as of December 31, 2025.

Current wording

As of September 30, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 96.68% of our total assets, as compared to 94.76% of our total assets as of December 31, 2025.

Previous wording

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC Topic 820, issued by the FASB clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical securities; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Current wording

ASC Topic 820, Fair Value Measurements and Disclosure, or ASC Topic 820, issued by the FASB clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical securities; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.