0001628280-26-011734 | 10-K | XBRL Viewer

Level 3—Significant unobservable inputs

$ 13,008.6

^[1]

$ 13,490.4

^[2]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

$ 11,005.0

$ 12,035.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.046

0.058

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.099

0.113

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.047

0.048

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.038

0.043

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.249

0.238

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.151

0.154

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.437

0.417

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.201

0.248

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.104

0.106

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.124

0.127

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.126

0.128

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.121

0.143

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.8

0.7

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

2.8

7.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

1.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

4.5

0.7

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

15.1

11.3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

15.1

7.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

1.3

1.4

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

25.5

16.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

9.5

8.6

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

7.9

7.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

1.1

1.2

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Waterfall | Illiquidity Discount | Minimum | Asset Based Finance

9.9

8.3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Waterfall | Illiquidity Discount | Minimum | Equity/Other

0.100

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Waterfall | Illiquidity Discount | Maximum | Asset Based Finance

0.100

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Waterfall | Illiquidity Discount | Maximum | Equity/Other

0.100

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Waterfall | Illiquidity Discount | Weighted Average | Asset Based Finance

0.150

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Waterfall | Illiquidity Discount | Weighted Average | Equity/Other

0.100

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.112

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.069

0.230

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.069

0.230

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.069

0.230

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Debt | Waterfall

$ 6,500.0

$ 7,115.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Debt | Cost

1,400.0

1,376.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Senior Debt | Other

202.0

14.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

14.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Subordinated Debt | Waterfall

112.0

188.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3—Significant unobservable inputs | Subordinated Debt | Other

14.0

33.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

12.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

1,103.0

1,513.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

429.0

516.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

49.0

41.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

112.0

30.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

1.0

2.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

457.0

538.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

607.0

625.0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 19.0

$ 18.0

[1]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.
[2]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

Financial Highlights

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Financial Highlights

The following is a schedule of financial highlights of the Company for the years ended December 31, 2025, 2024, 2023, 2022 and 2021:


	Year Ended December 31,
	2025			2024			2023			2022			2021
Per Share Data:
Net asset value, beginning of year	$	23.64		$	24.46		$	24.89		$	27.17		$	25.02
Results of operations(1)
Net investment income (loss)	2.34			2.90			3.18			3.05			2.76
Net realized gain (loss) and unrealized appreciation (depreciation)	(2.29)			(0.82)			(0.70)			(2.74)			4.28
Net increase (decrease) in net assets resulting from operations	0.05			2.08			2.48			0.31			7.04
Stockholder distributions(2)
Distributions from net investment income	(2.80)			(2.90)			(2.95)			(2.66)			(2.47)
Distributions from net realized gain on investments	—			—			—			—			—
Net decrease in net assets resulting from stockholder distributions	(2.80)			(2.90)			(2.95)			(2.66)			(2.47)
Capital share transactions
Issuance of common stock(3)	—			—			—			—			(2.20)
Repurchases of common stock(4)	—			—			0.04			0.07			0.01
Deduction of deferred costs(5)	—			—			—			—			(0.23)


Net increase (decrease) in net assets resulting from capital share transactions	—			—			0.04			0.07			(2.42)
Net asset value, end of period	$	20.89		$	23.64		$	24.46		$	24.89		$	27.17
Per share market value, end of year	$	14.81		$	21.72		$	19.97		$	17.50		$	20.94
Shares outstanding, end of year	280,066,433			280,066,433			280,066,433			281,731,750			284,543,091
Total return based on net asset value(6)	0.21		%	8.50		%	10.12		%	1.40		%	18.47		%
Total return based on market value(7)	(20.31)		%	25.29		%	32.45		%	(4.61)		%	41.45		%
Ratio/Supplemental Data:
Net assets, end of year	$	5,849		$	6,622		$	6,849		$	7,012		$	7,730
Ratio of net investment income to average net assets(8)	10.22		%	11.90		%	12.67		%	11.42		%	10.36		%



Ratio of total operating expenses to average net assets(8)	13.52		%	13.29		%	13.32		%	10.96		%	9.35		%

Ratio of net operating expenses to average net assets(8)	13.52		%	13.29		%	13.32		%	10.17		%	8.82		%
Portfolio turnover	41.19		%	33.38		%	12.14		%	28.61		%	49.82		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	7,620		$	7,385		$	8,223		$	8,731		$	9,179
Asset coverage per unit(9)	1.77			1.90			1.83			1.80			1.84

_______________

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

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

(3)During the year ended December 31, 2021, the issuance of common stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of shares of common stock pursuant to the 2021 Merger at the fair value of FSK’s common stock issued based on the shares outstanding resulting from the 2021 Merger.

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

(5)Represents the impact on NAV of merger accounting by the permanent write-off of the Company’s deferred merger costs and FSKR’s deferred costs and prepaid assets as well as the mark-to-market of FSKR’s 4.25% Notes due 2025.

(6)The total return based on net asset value for each year presented was calculated by taking the net asset value per share as of the end of the applicable year, adding the distributions per share that were declared during the applicable calendar year and dividing the total by the net

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

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

(8)Weighted average net assets during the applicable period are used for this calculation. The following is a schedule of supplemental ratios for the years ended December 31, 2025, 2024, 2023, 2022 and 2021:


	Year Ended December 31,
	2025		2024		2023		2022		2021

Ratio of subordinated income incentive fees to average net assets	2.13	%	2.45	%	2.57	%	1.31	%	0.83	%
Ratio of interest expense to average net assets	7.25	%	6.81	%	6.63	%	4.82	%	4.10	%
Ratio of excise taxes to average net assets	0.34	%	0.34	%	0.31	%	0.25	%	0.21	%

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

Financing Arrangements - Senior Secured Revolving Credit Facility (Details) - Senior Secured Revolving Credit Facility - Line of Credit - USD ($) $ in Millions	Jul. 16, 2025	Dec. 31, 2025	Aug. 09, 2018
Debt Instrument [Line Items]
Debt service coverage ratio, minimum (as percent)			150.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 4,700
Line of credit facility accordion feature increase limit	2,350
Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	240	$ 400
Line of credit facility accordion feature increase limit	$ 400
Current borrowing capacity		$ 21
Lender Other Than Non-Extending Lenders, Alternate Base Rate, Greater Than Or Equal To \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing rate test threshold	160.00%
Basis spread on variable rate (as percent)	0.65%
Lender Other Than Non-Extending Lenders, Alternate Base Rate, Greater Than Or Equal To \| Revolving Credit Facility \| Overnight Bank Funding Rate
Debt Instrument [Line Items]
Basis spread on alternative base rate (as percent)	0.50%
Lender Other Than Non-Extending Lenders, Alternate Base Rate, Greater Than Or Equal To \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on alternative base rate (as percent)	1.00%
Lender Other Than Non-Extending Lenders, Alternate Base Rate, Less Than \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing rate test threshold	160.00%
Basis spread on variable rate (as percent)	0.775%
Lender Other Than Non-Extending Lenders, Term Benchmark, Greater Than Or Equal To \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing rate test threshold	160.00%
Basis spread on variable rate (as percent)	1.65%
Lender Other Than Non-Extending Lenders, Term Benchmark, Less Than \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing rate test threshold	160.00%
Basis spread on variable rate (as percent)	1.775%
Non-Extending Lenders, Alternate Base Rate, Greater Than Or Equal To \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing rate test threshold	160.00%
Basis spread on variable rate (as percent)	0.75%
Non-Extending Lenders, Alternate Base Rate, Less Than \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing rate test threshold	160.00%
Basis spread on variable rate (as percent)	0.875%
Non-Extending Lenders, Term Benchmark, Greater Than Or Equal To \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing rate test threshold	160.00%
Basis spread on variable rate (as percent)	1.75%
Non-Extending Lenders, Term Benchmark, Less Than \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing rate test threshold	160.00%
Basis spread on variable rate (as percent)	1.875%

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Quarterly Results of Operations

The following is the quarterly results of operations for the years ended December 31, 2025 and 2024. The following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.


	Quarter Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Investment income	$	348	$	373	$	398	$	400
Operating expenses
Net expenses and excise taxes	213		214		225		213
Net investment income	135		159		173		187
Realized and unrealized gain (loss)	(249)		55		(382)		(67)
Net increase (decrease) in net assets resulting from operations	$	(114)	$	214	$	(209)	$	120
Per share information-basic and diluted
Net investment income	$	0.48	$	0.57	$	0.62	$	0.67
Net increase (decrease) in net assets resulting from operations	$	(0.41)	$	0.76	$	(0.75)	$	0.43
Weighted average shares outstanding	280,066,433		280,066,433		280,066,433		280,066,433

	Quarter Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Investment income	$	407	$	441	$	439	$	434
Operating expenses
Net expenses and excise taxes	236		226		224		222
Net investment income	171		215		215		212
Realized and unrealized gain (loss)	(24)		(55)		(110)		(39)
Net increase (decrease) in net assets resulting from operations	$	147	$	160	$	105	$	173
Per share information-basic and diluted
Net investment income	$	0.61	$	0.77	$	0.77	$	0.76
Net increase (decrease) in net assets resulting from operations	$	0.52	$	0.57	$	0.37	$	0.62
Weighted average shares outstanding	280,066,433		280,066,433		280,066,433		280,066,433

Distributions - Cash Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Distribution [Line Items]
Total Dividends Declared (in dollars per share)	$ 2.80	$ 2.90	$ 2.95
O 2025 M2 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)	0.64
Supplemental (in dollars per share)	0.06
O 2025 M5 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)	0.64
Supplemental (in dollars per share)	0.06
O 2025 M7 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)	0.64
Supplemental (in dollars per share)	0.06
O 2025 M10 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)	0.64
Supplemental (in dollars per share)	$ 0.06
O 2023 M11 First Dividends
Schedule of Distribution [Line Items]
Special (in dollars per share)		0.05
O 2024 M2 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)		0.64
Supplemental (in dollars per share)		0.06
O 2023 M11 Second Dividends
Schedule of Distribution [Line Items]
Special (in dollars per share)		0.05
O 2024 M5 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)		0.64
Supplemental (in dollars per share)		0.06
O 2024 M7 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)		0.64
Supplemental (in dollars per share)		0.06
O 2024 M10 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)		0.64
Supplemental (in dollars per share)		$ 0.06
O 2023 M2 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)			0.64
Supplemental (in dollars per share)			0.06
O 2023 M5 First Dividends
Schedule of Distribution [Line Items]
Special (in dollars per share)			0.05
Base (in dollars per share)			0.64
Supplemental (in dollars per share)			0.06
O 2023 M5 Second Dividends
Schedule of Distribution [Line Items]
Special (in dollars per share)			0.05
O 2023 M8 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)			0.64
Supplemental (in dollars per share)			0.06
O 2023 M5 Third Dividends
Schedule of Distribution [Line Items]
Special (in dollars per share)			0.05
O 2023 M11 Aggregate Dividends
Schedule of Distribution [Line Items]
Base (in dollars per share)			0.64
Supplemental (in dollars per share)			$ 0.06

Investment Portfolio - Balance Sheet Information for COPJV (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Investment Company, Nonconsolidated Subsidiary [Line Items]

Total investments, at fair value

$ 13,008.6

^[1]

$ 13,490.4

^[2]

Total assets

13,729.0

14,219.0

Total liabilities

7,880.0

7,597.0

Member’s equity

5,849.0

6,622.0

$ 6,849.0

$ 7,012.0

$ 7,730.0

Credit Opportunities Partners JV, LLC

Investment Company, Nonconsolidated Subsidiary [Line Items]

Total investments, at fair value

5,058.0

3,295.5

Cash and other assets

196.6

363.8

Total assets

5,254.6

3,659.3

Debt

2,764.9

1,828.6

Other liabilities

240.6

272.6

Total liabilities

3,005.5

2,101.2

Member’s equity

$ 2,249.1

$ 1,558.1

[1]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.
[2]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

Amount of asset recognized for present right to economic benefit.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Consolidated Schedule of Investments (Additional Information - Interest Rate Swaps) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

$ 13,740.8

$ 14,044.0

13,008.6

^[1]

13,490.4

^[2]

(739.0)

(508.0)

Interest Rate Swap

1,700.0

1,300.0

59.0

(15.0)

0.0

$ 44.0

$ (15.0)

Interest Rate Swap One

6.875%

2.754%

$ 200.0

8.0

(5.0)

0.0

$ 3.0

$ (5.0)

Interest Rate Swap Two

6.875%

2.788%

$ 400.0

16.0

(10.0)

0.0

$ 6.0

$ (10.0)

Interest Rate Swap Three

6.125%

2.137%

$ 600.0

27.0

0.0

0.0

$ 27.0

$ 0.0

Interest Rate Swap Four

6.125%

2.061%

$ 100.0

5.0

0.0

0.0

$ 5.0

$ 0.0

Interest Rate Swap Five

6.125%

2.748%

$ 400.0

3.0

0.0

Derivative Instruments and Hedging Activities Disclosure [Abstract]

$ 3.0

[1]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.
[2]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Summary of The Fair Value And Balance Sheet Location of Company's Derivative Instruments

The following is a summary of the fair value and location of the Company’s derivative instruments not designated as a qualifying hedge accounting relationship in the consolidated balance sheets held as of December 31, 2025 and 2024:


Derivative Instrument	Statement Location	December 31, 2025		December 31, 2024


Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts	$	—	$	3
Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts	(10)		(1)
Total		$	(10)	$	2

The following is a summary of the fair value and location of the Company’s derivative instruments in the consolidated balance sheets held as of December 31, 2025:


Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Statement Location
Interest rate swap(1)	$	200	8/15/2029	$	8	$	—	Prepaid expenses and other assets
Interest rate swap(1)	$	400	8/15/2029	16		—		Prepaid expenses and other assets
Interest rate swap(2)	$	600	1/15/2030	27		—		Prepaid expenses and other assets
Interest rate swap(2)	$	100	1/15/2030	5		—		Prepaid expenses and other assets
Interest rate swap(3)	$	400	1/15/2031	3		—		Prepaid expenses and other assets
Total				$	59	$	—

___________

(1)The asset related to the fair value of the interest rate swaps was offset by a $24 increase to the carrying value of the 6.875% Notes due 2029.

(2)The asset related to the fair value of the interest rate swaps was offset by a $32 increase to the carrying value of the 6.125% Notes due 2030.

(3)The asset related to the fair value of the interest rate swap was offset by a $3 increase to the carrying value of the 6.125% Notes due 2031.

Summary of Net Realized and Unrealized Gain (Loss) on Derivative Instruments

Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recorded by the Company for the years ended December 31, 2025 and 2024 are in the following locations in the consolidated statements of operations:


Derivative Instrument	Statement Location	December 31, 2025		December 31, 2024
Foreign currency forward contracts	Net realized gain (loss) on foreign currency forward contracts	$	(9)	$	19
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	(12)		(7)
Total		$	(21)	$	12

Summary of Offsetting Assets

The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of December 31, 2025 and 2024:


	December 31, 2025
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	—	$	—	$	—	$	—	$	—

Total	$	—	$	—	$	—	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(10)	$	—	$	—	$	—	$	(10)

Total	$	(10)	$	—	$	—	$	—	$	(10)

	December 31, 2024
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	3	$	(1)	$	—	$	—	$	2
Total	$	3	$	(1)	$	—	$	—	$	2
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(1)	$	1	$	—	$	—	$	—
Total	$	(1)	$	1	$	—	$	—	$	—

___________

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

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

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

Summary of Offsetting Liabilities


	December 31, 2025
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	—	$	—	$	—	$	—	$	—

Total	$	—	$	—	$	—	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(10)	$	—	$	—	$	—	$	(10)

Total	$	(10)	$	—	$	—	$	—	$	(10)

	December 31, 2024
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	3	$	(1)	$	—	$	—	$	2
Total	$	3	$	(1)	$	—	$	—	$	2
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(1)	$	1	$	—	$	—	$	—
Total	$	(1)	$	1	$	—	$	—	$	—

___________

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

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

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

Share Transactions - Shares Of The Company’s Common Stock (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Issues of Common Stock (in shares)	0	0	0
Issuance of Common Stock	$ 0	$ 0	$ 0
Net Proceeds from Share Transactions (in shares)	0	0	(1,665,317)
Net Proceeds from Share Transactions	$ 0	$ 0	$ (32)
Stock Repurchase Program
Class of Stock [Line Items]
Stock Repurchase Program (in shares)	0	0	(1,665,317)
Stock Repurchase Program	$ 0	$ 0	$ (32)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Investment Portfolio (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Nonconsolidated Subsidiary Portfolio

Summary of Investments

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of December 31, 2025 and 2024:


	December 31, 2025						December 31, 2024
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	7,819	$	7,523	57.8	%	$	7,995	$	7,795	57.8	%
Senior Secured Loans—Second Lien	598		539		4.2	%	690		693		5.1	%
Other Senior Secured Debt	65		55		0.4	%	130		123		0.9	%
Subordinated Debt	122		126		1.0	%	214		233		1.7	%
Asset Based Finance	1,831		1,694		13.0	%	2,232		2,102		15.6	%
Credit Opportunities Partners JV, LLC	2,202		1,968		15.1	%	1,572		1,363		10.1	%
Equity/Other	1,104		1,104		8.5	%	1,211		1,181		8.8	%
Total	$	13,741	$	13,009	100.0	%	$	14,044	$	13,490	100.0	%

________________

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

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of December 31, 2025 and 2024:


	December 31, 2025				December 31, 2024
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Automobiles & Components	$	—	—		$	4	0.0	%
Banks	—		—		5		0.0	%
Capital Goods	1,542		11.9	%	1,712		12.7	%
Commercial & Professional Services	1,726		13.3	%	1,733		12.8	%
Consumer Discretionary Distribution & Retail	60		0.5	%	174		1.3	%
Consumer Durables & Apparel	306		2.4	%	229		1.7	%
Consumer Services	263		2.0	%	244		1.8	%
Consumer Staples Distribution & Retail	99		0.8	%	102		0.8	%
Credit Opportunities Partners JV, LLC	1,968		15.1	%	1,363		10.1	%
Energy	24		0.2	%	89		0.7	%
Equity Real Estate Investment Trusts (REITs)	264		2.0	%	278		2.1	%
Financial Services	836		6.4	%	998		7.4	%
Food, Beverage & Tobacco	56		0.4	%	113		0.8	%
Health Care Equipment & Services	1,668		12.8	%	1,667		12.4	%
Household & Personal Products	112		0.9	%	134		1.0	%
Insurance	547		4.2	%	735		5.4	%
Materials	276		2.1	%	334		2.5	%
Media & Entertainment	508		3.9	%	699		5.2	%
Pharmaceuticals, Biotechnology & Life Sciences	217		1.7	%	298		2.2	%
Real Estate Management & Development	1		0.0	%	27		0.2	%

Software & Services	2,134		16.4	%	2,187		16.2	%
Technology Hardware & Equipment	2		0.0	%	2		0.0	%
Telecommunication Services	109		0.8	%	69		0.5	%
Transportation	291		2.2	%	294		2.2	%
Total	$	13,009	100.0	%	$	13,490	100.0	%

Below is selected balance sheet information for COPJV as of December 31, 2025 and 2024:


	As of
	December 31, 2025		December 31, 2024
Selected Balance Sheet Information
Total investments, at fair value	$	5,058.0	$	3,295.5
Cash and other assets	196.6		363.8
Total assets	5,254.6		3,659.3
Debt	2,764.9		1,828.6
Other liabilities	240.6		272.6
Total liabilities	3,005.5		2,101.2
Member’s equity	$	2,249.1	$	1,558.1

Below is selected statement of operations information for COPJV for the years ended December 31, 2025 and 2024:


	For the Year Ended
	December 31, 2025		December 31, 2024
Selected Statement of Operation Information
Total investment income	$	400.0	$	349.2
Expenses
Interest expense	133.6		120.9
Custodian and accounting fees	1.5		1.6
Administrative services	11.1		9.3
Professional services	0.7		0.6
Other	2.6		1.0
Total expenses	149.5		133.4
Net investment income	250.5		215.8
Net realized and unrealized losses	(26.7)		(22.1)
Net increase in net assets resulting from operations	$	223.8	$	193.7

Selected Quarterly Financial Data (Unaudited) - Narrative (Details)	12 Months Ended
	Dec. 31, 2025
Quarterly Financial Information Disclosure [Abstract]
Percentage of distributions qualified as interest related dividends	71.90%
Percentage of distributions qualified as excess interest income	89.50%

Financial Instruments - Net Realized And Unrealized Gains And Losses On Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net realized gain (loss) on foreign currency forward contracts	$ (9)	$ 19	$ 8
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	(12)	(7)	$ (15)
Foreign Exchange Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net realized gain (loss) on foreign currency forward contracts	(9)	19
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	(12)	(7)
Total	$ (21)	$ 12

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

Summary of Common Stock Transactions

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 11	$ 585	$ 696
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(5,107)	(4,731)	(1,817)
Paid-in-kind interest	(224)	(203)	(144)
Proceeds from sales and repayments of investments	5,343	5,974	2,570
Net realized (gain) loss on investments	339	486	343
Net change in unrealized (appreciation) depreciation on investments	178	(217)	(166)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	12	7	15
Realized loss on extinguishment of debt	7	0	0
Accretion of discount	(39)	(61)	(58)
Amortization of deferred financing costs and discount	24	19	16
Net change in unrealized (appreciation) depreciation on foreign currency translation	98	(36)	17
(Increase) decrease in receivable for investments sold and repaid	(127)	60	(34)
(Increase) decrease in income receivable	80	14	(63)
(Increase) decrease in prepaid expenses and other assets	6	(8)	1
Increase (decrease) in payable for investments purchased	6	2	(14)
Increase (decrease) in management fees payable	(3)	(3)	(3)
Increase (decrease) in subordinated income incentive fees payable	(7)	(6)	14
Increase (decrease) in administrative services expense payable	(2)	(2)	(1)
Increase (decrease) in interest payable	(31)	10	8
Increase (decrease) in other accrued expenses and liabilities	28	11	4
Net cash provided by (used in) operating activities	592	1,901	1,384
Cash flows from financing activities
Repurchases of common stock	0	0	(32)
Stockholder distributions	(784)	(1,008)	(823)
Borrowings under financing arrangements	8,208	4,957	2,169
Repayments of financing arrangements	(8,070)	(5,759)	(2,697)
Deferred financing costs paid	(33)	(26)	(21)
Net cash provided by (used in) financing activities	(679)	(1,836)	(1,404)
Effect of exchange rate changes on cash	(1)	0	0
Total increase (decrease) in cash	(88)	65	(20)
Cash and foreign currency at beginning of year	296	231	251
Cash and foreign currency at end of year	208	296	231
Supplemental disclosure
Federal income taxes paid during the year	14	3	1
Interest paid during the year	$ 471	$ 437	$ 443

Share Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Below is a summary of transactions with respect to shares of the Company’s common stock during the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	Shares	Amount	Shares	Amount	Shares	Amount





Stock Repurchase Program	—	—	—	—	(1,665,317)	$	(32)

Issuance of Common Stock	—	—	—	—	—	—
Net Proceeds from Share Transactions	—	—	—	—	(1,665,317)	$	(32)

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

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Summary of Fair Value Hierarchy Investments

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

As of December 31, 2025 and 2024, the Company’s investments were categorized as follows in the fair value hierarchy:



Valuation Inputs	December 31, 2025		December 31, 2024

Level 1—Price quotations in active markets	$	22	$	1
Level 2—Significant other observable inputs	14		91
Level 3—Significant unobservable inputs	11,005		12,035
Investments measured at net asset value(1)	1,968		1,363
	$	13,009	$	13,490

___________

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

Summary of Reconciliation Fair Value, Assets

The following is a reconciliation for the years ended December 31, 2025 and 2024 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Year Ended December 31, 2025
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	7,780	$	693	$	46	$	233	$	2,102	$	1,181	$	12,035
Accretion of discount (amortization of premium)	28		5		—		2		1		3		39
Net realized gain (loss)	(211)		(6)		(8)		(7)		4		(117)		(345)
Net change in unrealized appreciation (depreciation)	(96)		(63)		(3)		(14)		(7)		26		(157)
Purchases	4,157		—		47		147		889		354		5,594
Paid-in-kind interest	110		1		3		9		40		70		233
Sales and repayments	(4,256)		(92)		(33)		(244)		(1,335)		(434)		(6,394)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	7,512	$	538	$	52	$	126	$	1,694	$	1,083	$	11,005
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(185)	$	(71)	$	(7)	$	(21)	$	1	$	(33)	$	(316)


	For the Year Ended December 31, 2024
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	8,429	$	1,090	$	21	$	322	$	2,077	$	1,134	$	13,073
Accretion of discount (amortization of premium)	44		8		—		2		2		3		59
Net realized gain (loss)	(308)		(107)		(3)		—		(11)		(41)		(470)
Net change in unrealized appreciation (depreciation)	136		71		1		4		30		(15)		227
Purchases	3,859		56		25		30		1,046		83		5,099
Paid-in-kind interest	100		2		2		23		15		150		292
Sales and repayments	(4,488)		(427)		—		(148)		(1,057)		(133)		(6,253)
Transfers into Level 3	8		—		—		—		—		—		8
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	7,780	$	693	$	46	$	233	$	2,102	$	1,181	$	12,035
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(32)	$	(23)	$	(1)	$	2	$	(41)	$	(59)	$	(154)

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

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of December 31, 2025 and 2024 were as follows:

Type of Investment

Fair Value at

December 31, 2025

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

6,500

Discounted Cash Flow

Discount Rate

4.6% - 24.9% (10.4%)

Decrease

1,400

Waterfall

EBITDA Multiple

0.8x - 15.1x (9.5x)

Increase

202

Cost

Subordinated Debt

112

Discounted Cash Flow

Discount Rate

9.9% - 15.1% (12.4%)

Decrease

Waterfall

EBITDA Multiple

2.8x - 15.1x (7.9x)

Increase

Asset Based Finance

1,103

Discounted Cash Flow

Discount Rate

4.7% - 43.7% (12.6%)

Decrease

429

Waterfall

EBITDA Multiple

1.0x - 1.3x (1.1x)

Increase

Illiquidity Discount

10.0% - 10.0% (10.0%)

Decrease

112

Other(3)

Cost

Indicative Dealer Quotes

6.9% - 6.9% (6.9%)

Increase

Equity/Other

607

Waterfall

EBITDA Multiple

4.5x - 25.5x (9.9x)

Increase

Illiquidity Discount

10.0% - 15.0% (11.2%)

Decrease

457

Discounted Cash Flow

Discount Rate

3.8% - 20.1% (12.1%)

Decrease

Other(3)

Total

11,005

Type of Investment

Fair Value at

December 31, 2024

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

7,115

Discounted Cash Flow

Discount Rate

5.8% - 23.8% (10.6%)

Decrease

1,376

Waterfall

EBITDA Multiple

0.7x - 11.3x (8.6x)

Increase

Other(3)

Cost

Subordinated Debt

188

Discounted Cash Flow

Discount Rate

11.3% - 15.4% (12.7%)

Decrease

Waterfall

EBITDA Multiple

7.0x - 7.0x (7.0x)

Increase

Other(3)

Asset Based Finance

1,513

Discounted Cash Flow

Discount Rate

4.8% - 41.7% (12.8%)

Decrease

516

Waterfall

EBITDA Multiple

1.0x - 1.4x (1.2x)

Increase

Cost

Other(3)

Indicative Dealer Quotes

23.0% - 23.0% (23.0%)

Increase

Equity/Other

625

Waterfall

EBITDA Multiple

0.7x - 16.0x (8.3x)

Increase

538

Discounted Cash Flow

Discount Rate

4.3% - 24.8% (14.3%)

Decrease

Other(3)

Total

12,035

_______________

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

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

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

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Subordinated income incentive fees

$ 224.0

$ 203.0

$ 144.0

Total investment income

1,519.0

1,721.0

1,830.0

Operating expenses

Management fees

206.0

216.0

226.0

^[1]

136.0

167.0

181.0

Administrative services expenses

10.0

12.0

Accounting and administrative fees

4.0

Interest expense

^[2]

464.0

465.0

467.0

Other general and administrative expenses

23.0

26.0

Total operating expenses

843.0

885.0

916.0

Net investment income before taxes

676.0

836.0

914.0

Excise taxes

22.0

23.0

22.0

654.0

813.0

892.0

Net realized gain (loss) on foreign currency forward contracts

(339.0)

(486.0)

(343.0)

(9.0)

19.0

8.0

Net change in unrealized appreciation (depreciation) on investments:

(178.0)

217.0

166.0

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

(12.0)

(7.0)

(15.0)

Net change in unrealized gain (loss) on foreign currency

(58.0)

38.0

(21.0)

Total net realized and unrealized gain (loss)

(624.0)

(228.0)

(193.0)

Provision for taxes on realized and unrealized gains on investments

(12.0)

0.0

(3.0)

Realized loss on extinguishment of debt

(7.0)

0.0

Net increase (decrease) in net assets resulting from operations

$ 11.0

$ 585.0

$ 696.0

Per share information—basic and diluted

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

$ 0.04

$ 2.09

$ 2.48

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

$ 0.04

$ 2.09

$ 2.48

Weighted average shares outstanding - basic (in shares)

280,066,433

280,276,768

Weighted average shares outstanding - diluted (in shares)

280,066,433

280,276,768

Non-controlled/unaffiliated

Interest income

$ 844.0

$ 1,059.0

$ 1,183.0

Dividend and other income

69.0

67.0

108.0

Fee income

31.0

53.0

30.0

35.0

26.0

14.0

Net realized gain (loss) on foreign currency

(263.0)

(448.0)

(147.0)

(28.0)

(9.0)

12.0

Net change in unrealized appreciation (depreciation) on investments:

14.0

255.0

30.0

Non-controlled/affiliated

Interest income

30.0

42.0

25.0

Dividend and other income

66.0

^[3]

49.6

^[4]

39.0

Fee income

3.6

^[3]

1.1

^[4]

1.0

23.6

^[3]

15.5

^[4]

28.0

Net change in unrealized appreciation (depreciation) on investments:

(2.3)

(60.7)

(21.0)

(86.2)

134.4

9.0

Controlled/affiliated

Interest income

43.0

71.0

87.0

Dividend and other income

88.5

^[5]

93.5

^[6]

45.0

Fee income

1.1

^[5]

9.3

^[6]

4.0

283.4

^[5]

232.5

^[6]

266.0

Net change in unrealized appreciation (depreciation) on investments:

(73.7)

23.2

(175.0)

$ (105.8)

$ (171.6)

$ 127.0

[1]	See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.
[2]	See Note 9 for a discussion of the Company’s financing arrangements.
[3]	Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2025.
[4]	Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2024.
[5]	Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2025.
[6]	Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2024.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying audited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Company has evaluated the impact of subsequent events through the date the consolidated financial statements were issued and filed with the U.S. Securities and Exchange Commission, or the SEC. The Company has concluded that there are no subsequent events that would require adjustment or disclosure in the consolidated financial statements.
Use of Estimates	Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Segment Reporting	Segment Reporting: In accordance with ASC Topic 280, Segment Reporting, or ASC 280, the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. All cash balances are maintained with high credit quality financial institutions, which are members of the Federal Deposit Insurance Corporation. The Company’s cash and cash equivalents are held with major financial institutions and generally may exceed federally insured limits.
Valuation of Portfolio Investments	Valuation of Portfolio Investments: The Company’s board of directors, or the Board or the Board of Directors, is responsible for overseeing the valuation of the Company’s portfolio investments at fair value as determined in good faith pursuant to the Adviser’s valuation policy. As permitted by Rule 2a-5 of the 1940 Act, the Board has designated the Adviser as its valuation designee with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser’s valuation policy. 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. The Adviser determines the fair value of the Company’s investment portfolio each quarter. Securities that are publicly-traded with readily available market prices will be valued at the reported closing price on the valuation date. Securities that are not publicly-traded with readily available market prices will be valued at fair value as determined in good faith by the Adviser. In connection with that determination, the Adviser will prepare portfolio company valuations which are based on relevant inputs, including, but not limited to, indicative dealer quotes, values of like securities, recent portfolio company financial statements and forecasts, and valuations prepared by independent third-party pricing and valuation services. With respect to investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below: •the Company’s quarterly fair valuation process begins by the Adviser facilitating the delivery of updated quarterly financial and other information relating to each investment to an independent third-party pricing or valuation service; •the independent third-party pricing or valuation service then reviews and analyzes the information, along with relevant market and economic data, and determines proposed valuations for each portfolio company or investment according to the valuation methodologies in the Adviser’s valuation policy and communicates the information to the Adviser in the form of a valuation range for Level 2 and Level 3 assets; •the Adviser then reviews the preliminary valuation information for each portfolio company or investment and provides feedback about the accuracy, completeness and timeliness of the valuation-related inputs considered by the independent third-party pricing or valuation service and any suggested revisions thereto prior to the independent third-party pricing or valuation service finalizing its valuation range; •the Adviser then provides the valuation committee with its valuation determinations and valuation-related information for each portfolio company or investment, along with any applicable supporting materials; and other information that is relevant to the fair valuation process as required by the Adviser’s board reporting obligations; •the valuation committee meets with the Adviser to receive the relevant quarterly reporting from the Adviser and to discuss any questions from the valuation committee in connection with the valuation committee’s role in overseeing the fair valuation process; and •following the completion of its fair value oversight activities, the valuation committee (with the assistance of the Adviser) provides the Board of Directors with a report regarding the quarterly valuation process. In circumstances where the Adviser deems appropriate, the Adviser’s internal valuation team values certain investments. When performing the internal valuations, the Adviser utilizes similar valuation techniques as an independent third-party pricing service would use. Such valuations are approved by an internal valuation committee of the Adviser, as well as the valuation committee of the Board, as described above. Determination of fair value involves subjective judgments and estimates. Accordingly, these notes to the Company’s audited consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on the Company’s consolidated financial statements. In making its determination of fair value, the Adviser may use any independent third-party pricing or valuation services for which it has performed the appropriate level of due diligence. However, the Adviser is not required to determine fair value in accordance with the valuation provided by any single source, and may use any relevant data, including information sourced by the Adviser or provided by any independent third-party valuation or pricing service that the Adviser deems to be reliable in determining fair value under the circumstances. Below is a description of factors that the Adviser and any independent third-party valuation services may consider when determining the fair value of the Company’s investments. The valuation methods utilized for each portfolio company may vary depending on industry and company-specific considerations. Typically, the first step is to make an assessment as to the enterprise value of the portfolio company’s business in order to establish whether the portfolio company’s enterprise value is greater than the amount of its debt as of the valuation date. This analysis helps to determine a risk profile for the applicable portfolio company and its related investments, and the appropriate valuation methodology to utilize as part of the security valuation analysis. The enterprise valuation may be determined using a market or income approach. Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market prices, the Adviser may incorporate these factors into discounted cash flow models to arrive at fair value. Various methods may be used to determine the appropriate discount rate in a discounted cash flow model. Other factors that may be considered include the borrower’s ability to adequately service its debt, the fair market value of the borrower in relation to the face amount of its outstanding debt and the quality of collateral securing the Company’s debt investments. For convertible debt securities, fair value generally approximates the fair value of the debt plus the fair value of an option to purchase the underlying security (i.e., the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used. The Company’s equity interests in portfolio companies for which there is no liquid public market are valued at fair value. Generally, the value of the Company’s equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price. When the Company receives warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. The Adviser subsequently values these warrants or other equity securities received at their fair value. The Company values certain investments at their net asset value in accordance with practical expedient under ASC Topic 820.
Derivative Instruments	Derivative Instruments: The Company’s derivative instruments include foreign currency forward contracts and interest rate swaps. The Company has designated certain interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in and recognized as components of interest expense in the Company’s consolidated statements of operations. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the corresponding fixed rate debt. For all other derivatives, the Company does not utilize hedge accounting and recognizes such derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Changes in fair value of derivative contracts entered into by the Company, which have not been designated as hedging instruments, are recognized through the net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized gains and losses on the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations.
Revenue Recognition	Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company holds investments in certain preferred securities that accumulate paid-in-kind interest income, or PIK income, to be paid upon the redemption, liquidation or maturity of the underlying investment. Such PIK income is accumulated onto the principal balance of the respective security. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. When a PIK income-paying investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.
Net Realized Gains or Losses, Net Change in Unrealized Appreciation or Depreciation and Net Change in Unrealized Gains or Losses on Foreign Currency	Net Realized Gains or Losses, Net Change in Unrealized Appreciation or Depreciation and Net Change in Unrealized Gains or Losses on Foreign Currency: Gains or losses on the sale of investments are calculated by using the specific identification method. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized. Net change in unrealized gains or losses on foreign currency reflects the change in the value of receivables or accruals during the reporting period due to the impact of foreign currency fluctuations.
Capital Gains Incentive Fee	Capital Gains Incentive Fee: Pursuant to the terms of the Advisory Agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement). This fee equals 20.0% of the Company’s incentive fee capital gains, which will equal the realized capital gains of Corporate Capital Trust, Inc., or CCT, (as predecessor-by-merger to the Company), FS KKR Capital Corp. II, or FSKR, (as predecessor-by-merger to the Company) and the Company (without duplication) on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation (without duplication) on a cumulative basis, less the aggregate amount of any capital gain incentive fees previously paid by CCT, FSKR and the Company. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
Subordinated Income Incentive Fee	Subordinated Income Incentive Fee: Pursuant to the terms of the Advisory Agreement, the Adviser may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the Advisory Agreement, which is calculated and payable quarterly in arrears, equals 17.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.75% per quarter, or an annualized hurdle rate of 7.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.75%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.12%, or 8.48% annually, of net assets. Thereafter, the Adviser will be entitled to receive 17.5% of pre-incentive fee net investment income.
Income Taxes	Income Taxes: The Company has elected to be treated, and intends to qualify annually, as a RIC for U.S. federal income tax purposes under Subchapter M of the Code. To qualify for and maintain qualification as a RIC for U.S. federal income tax purposes, the Company must, among other things, meet certain source-of-income and asset diversification requirements, as well as distribute to its stockholders, for each tax year, at least 90% of its “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, determined without regard to any deduction for distributions paid. As a RIC, the Company will not have to pay corporate-level U.S. federal income taxes on any income that it distributes to its stockholders. The Company intends to make distributions in an amount sufficient to qualify for and maintain its RIC tax status each tax year and to not pay any U.S. federal income taxes on income so distributed. The Company is also subject to nondeductible federal excise taxes if it does not distribute an amount at least equal to the sum of 98% of net ordinary income of that calendar year, 98.2% of any capital gain net income for the one-year period ending October 31 of that calendar year, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes.
Income Tax Uncertainties	The Company evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax benefits or liabilities in the Company’s consolidated financial statements. Recognition of a tax benefit or liability with respect to an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Company recognizes interest and penalties, if any, related to unrecognized tax liabilities as income tax expense in its consolidated statements of operations. During the years ended December 31, 2025, 2024 and 2023, the Company did not incur any interest or penalties. The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years, and has concluded that no provision for income tax for uncertain tax positions is required in the Company’s financial statements. The Company’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Distributions	Distributions: Distributions to the Company’s stockholders are recorded as of the record date. Subject to the discretion of the Company’s Board of Directors and applicable legal restrictions, the Company intends to declare and pay such distributions on a quarterly basis. Net realized capital gains, if any, are distributed or deemed distributed at least annually.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU 2023-09, which requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, or ASU 2024-03, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Investment Portfolio

12 Months Ended

Dec. 31, 2025

Investment Portfolio

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of December 31, 2025 and 2024:


	December 31, 2025						December 31, 2024
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	7,819	$	7,523	57.8	%	$	7,995	$	7,795	57.8	%
Senior Secured Loans—Second Lien	598		539		4.2	%	690		693		5.1	%
Other Senior Secured Debt	65		55		0.4	%	130		123		0.9	%
Subordinated Debt	122		126		1.0	%	214		233		1.7	%
Asset Based Finance	1,831		1,694		13.0	%	2,232		2,102		15.6	%
Credit Opportunities Partners JV, LLC	2,202		1,968		15.1	%	1,572		1,363		10.1	%
Equity/Other	1,104		1,104		8.5	%	1,211		1,181		8.8	%
Total	$	13,741	$	13,009	100.0	%	$	14,044	$	13,490	100.0	%

________________

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

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

As of December 31, 2025, the Company held investments in thirty-four portfolio companies of which it is deemed to “control.” As of December 31, 2025, the Company held investments in ten portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the consolidated schedule of investments as of December 31, 2025.

As of December 31, 2024, the Company held investments in thirty-one portfolio companies of which it is deemed to “control.” As of December 31, 2024, the Company held investments in eleven portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the consolidated schedule of investments as of December 31, 2024.

The Company’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of December 31, 2025, the Company had unfunded debt investments with aggregate unfunded commitments of $1,447.4, unfunded equity/other commitments of $87.5 and unfunded commitments of $245.0 to Credit Opportunities Partners JV, LLC, or COPJV. As of December 31, 2024, the Company had unfunded debt investments with aggregate unfunded commitments of $1,534.1, unfunded equity/other commitments of $387.1 and unfunded commitments of $735.2 to COPJV. The Company maintains sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise. For additional details regarding the Company’s unfunded debt investments, see the Company’s consolidated schedule of investments as of December 31, 2025 and 2024.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of December 31, 2025 and 2024:


	December 31, 2025				December 31, 2024
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Automobiles & Components	$	—	—		$	4	0.0	%
Banks	—		—		5		0.0	%
Capital Goods	1,542		11.9	%	1,712		12.7	%
Commercial & Professional Services	1,726		13.3	%	1,733		12.8	%
Consumer Discretionary Distribution & Retail	60		0.5	%	174		1.3	%
Consumer Durables & Apparel	306		2.4	%	229		1.7	%
Consumer Services	263		2.0	%	244		1.8	%
Consumer Staples Distribution & Retail	99		0.8	%	102		0.8	%
Credit Opportunities Partners JV, LLC	1,968		15.1	%	1,363		10.1	%
Energy	24		0.2	%	89		0.7	%
Equity Real Estate Investment Trusts (REITs)	264		2.0	%	278		2.1	%
Financial Services	836		6.4	%	998		7.4	%
Food, Beverage & Tobacco	56		0.4	%	113		0.8	%
Health Care Equipment & Services	1,668		12.8	%	1,667		12.4	%
Household & Personal Products	112		0.9	%	134		1.0	%
Insurance	547		4.2	%	735		5.4	%
Materials	276		2.1	%	334		2.5	%
Media & Entertainment	508		3.9	%	699		5.2	%
Pharmaceuticals, Biotechnology & Life Sciences	217		1.7	%	298		2.2	%
Real Estate Management & Development	1		0.0	%	27		0.2	%

Software & Services	2,134		16.4	%	2,187		16.2	%
Technology Hardware & Equipment	2		0.0	%	2		0.0	%
Telecommunication Services	109		0.8	%	69		0.5	%
Transportation	291		2.2	%	294		2.2	%
Total	$	13,009	100.0	%	$	13,490	100.0	%

Credit Opportunities Partners JV, LLC

COPJV is a joint venture between the Company and South Carolina Retirement Systems Group Trust, or SCRS. COPJV’s second amended and restated limited liability company agreement, or the COPJV Agreement, requires the Company and SCRS to provide capital to COPJV of up to $2,800 in the aggregate where the Company and SCRS would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of the COPJV Agreement, the Company and SCRS each have 50% voting control of COPJV and are required to agree on all investment decisions as well as certain other significant actions for COPJV. COPJV invests its capital in a range of investments, including senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans, equity, warrants and other investments. As of December 31, 2025, the Company and SCRS have funded approximately $2,520.0 to COPJV, of which $2,205.0 was from the Company.

During the year ended December 31, 2025, the Company sold investments with a cost of $1,805.4 for proceeds of $1,829.2 to COPJV and recognized a net realized gain (loss) of $23.8 in connection with the transactions. As of December 31, 2025, $242.4 of these sales to COPJV are included in receivable for investments sold in the consolidated statements of assets and liabilities. As administrative agent of COPJV, the Company performs certain day-to-day management responsibilities on behalf of COPJV and is entitled to a fee of 0.25% of COPJV’s assets under administration, calculated and payable quarterly in arrears. For the years ended December 31, 2025 and 2024, the Company earned $11.1 and $9.3 of administrative services fees, respectively.

Below is selected balance sheet information for COPJV as of December 31, 2025 and 2024:


	As of
	December 31, 2025		December 31, 2024
Selected Balance Sheet Information
Total investments, at fair value	$	5,058.0	$	3,295.5
Cash and other assets	196.6		363.8
Total assets	5,254.6		3,659.3
Debt	2,764.9		1,828.6
Other liabilities	240.6		272.6
Total liabilities	3,005.5		2,101.2
Member’s equity	$	2,249.1	$	1,558.1

Below is selected statement of operations information for COPJV for the years ended December 31, 2025 and 2024:


	For the Year Ended
	December 31, 2025		December 31, 2024
Selected Statement of Operation Information
Total investment income	$	400.0	$	349.2
Expenses
Interest expense	133.6		120.9
Custodian and accounting fees	1.5		1.6
Administrative services	11.1		9.3
Professional services	0.7		0.6
Other	2.6		1.0
Total expenses	149.5		133.4
Net investment income	250.5		215.8
Net realized and unrealized losses	(26.7)		(22.1)
Net increase in net assets resulting from operations	$	223.8	$	193.7

Financing Arrangements - Unsecured Notes (Details) - Unsecured Notes - USD ($)	Feb. 14, 2025	Feb. 01, 2025	Apr. 30, 2020	Dec. 31, 2025	Sep. 25, 2025	Dec. 31, 2024	Dec. 27, 2024	Nov. 20, 2024	Jun. 06, 2024	Dec. 31, 2023	Nov. 21, 2023	Dec. 31, 2022	Jan. 18, 2022	Oct. 12, 2021	Jun. 17, 2021	Jun. 16, 2021	Dec. 10, 2020	Dec. 17, 2019	Nov. 20, 2019
4.125% Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (as percent)				4.125%		4.125%				4.125%									4.125%
Debt instrument, face amount																		$ 45,000,000	$ 425,000,000
Debt instrument, redemption price		100.00%
4.250% Unsecured Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (as percent)						4.25%						4.25%				4.25%
Debt instrument, face amount																$ 475,000,000
Debt instrument, redemption price	100.00%
8.625% Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (as percent)			8.625%	8.625%		8.625%				8.625%
Debt instrument, face amount			$ 250,000,000
Debt instrument, redemption price			100.00%
3.400% Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (as percent)				3.40%		3.40%				3.40%							3.40%
Debt instrument, face amount																	$ 1,000,000,000
2.625% Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (as percent)				2.625%		2.625%				2.625%					2.625%
Debt instrument, face amount															$ 400,000,000
3.250% Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (as percent)				3.25%		3.25%				3.25%			3.25%
Debt instrument, face amount													$ 500,000,000
3.125% Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (as percent)				3.125%		3.125%				3.125%				3.125%
Debt instrument, face amount														$ 750,000,000
7.875% Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (as percent)				7.875%		7.875%				7.875%	7.875%
Debt instrument, face amount											$ 400,000,000
6.875% Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (as percent)				6.875%		6.875%			6.875%	6.875%
Debt instrument, face amount									$ 600,000,000
6.875% Notes due 2029 \| Interest Rate Swap
Debt Instrument [Line Items]
Stated interest rate (as percent)				6.875%					6.875%
6.125% Notes due 2030
Debt Instrument [Line Items]
Stated interest rate (as percent)				6.125%		6.125%	6.125%	6.125%
Debt instrument, face amount							$ 100,000,000	$ 600,000,000
Additional amount issued							$ 100,000,000
6.125% Notes due 2030 \| Interest Rate Swap
Debt Instrument [Line Items]
Stated interest rate (as percent)				6.125%			6.125%	6.125%	6.125%
6.125% Notes due 2031
Debt Instrument [Line Items]
Stated interest rate (as percent)				6.125%	6.125%	6.125%			6.125%	6.125%
Debt instrument, face amount					$ 400,000,000				$ 400,000,000
6.125% Notes due 2031 \| Interest Rate Swap
Debt Instrument [Line Items]
Stated interest rate (as percent)				6.125%					6.125%

Distributions - Cash Distributions on Common Stock (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Distribution Amount

Offering proceeds

$ 0

Borrowings

Short-term capital gains proceeds from the sale of assets

784

812

827

Long-term capital gains proceeds from the sale of assets

Non-capital gains proceeds from the sale of assets

Distributions on account of preferred and common equity

Total

^[1]

$ 784

$ 812

$ 827

Percentage

Offering proceeds

0.00%

Borrowings

0.00%

Short-term capital gains proceeds from the sale of assets

100.00%

0.00%

Long-term capital gains proceeds from the sale of assets

0.00%

Non-capital gains proceeds from the sale of assets

0.00%

Distributions on account of preferred and common equity

0.00%

Total

100.00%

Gross investment income attributable to cash income earned

83.40%

85.20%

86.60%

Gross investment income attributable to non-cash accretion of discount

1.80%

2.50%

2.90%

Gross investment income attributable to paid-in-kind interest

14.80%

12.30%

10.50%

[1]	See Note 5 for a discussion of the sources of distributions paid by the Company.

Distributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 19, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Distributions [Line Items]
Distribution (in dollars per share)		$ 2.80	$ 2.90	$ 2.95
Percent of market price		95.00%
Tax-basis net investment income		$ 652	$ 735	$ 943
Distributable ordinary income		464	525	600
Accumulated capital losses on a tax basis		(3,107)	(2,703)	$ (2,068)
Income tax purposes		14,440	14,760
Net unrealized appreciation (depreciation)		(1,431)	(1,270)
Subsequent Event
Schedule of Distributions [Line Items]
Distribution (in dollars per share)	$ 0.48
Base distribution declared (in dollars per share)	0.45
Supplemental distribution declared (in dollars per share)	$ 0.03
Subsidiaries
Schedule of Distributions [Line Items]
Gross deferred tax liability		1
Deferred tax liability		0
Deferred tax asset		124
Deferred tax asset offset by valuation allowance		123
Current income tax		12
Additional Paid-in Capital
Schedule of Distributions [Line Items]
Tax reclassification, increase (decrease)		(85)	(153)
Realized Gain (Loss) on Investments and Gain (Loss) on Foreign Currency \| Retained Earnings
Schedule of Distributions [Line Items]
Tax reclassification, increase (decrease)		8	(43)
Net Investment Income \| Retained Earnings
Schedule of Distributions [Line Items]
Tax reclassification, increase (decrease)		$ 77	$ 196

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Assets

Cash and cash equivalents

$ 13,008.6

^[1]

$ 13,490.4

^[2]

181.0

278.0

Foreign currency, at fair value (cost—$27 and $17, respectively)

27.0

18.0

Receivable for investments sold and repaid

313.0

186.0

Income receivable

98.0

187.0

Unrealized appreciation on foreign currency forward contracts

0.0

3.0

Deferred financing costs

32.0

26.0

Prepaid expenses and other assets

69.0

31.0

Total assets

13,729.0

14,219.0

Liabilities

Payable for investments purchased

8.0

2.0

Debt

^[3]

7,634.0

7,351.0

Unrealized depreciation on foreign currency forward contracts

10.0

1.0

Stockholder distributions payable

0.0

Management and investment adviser fees payable

50.0

53.0

Subordinated income incentive fees payable

^[4]

28.0

35.0

Administrative services expense payable

1.0

3.0

Interest payable

77.0

108.0

Other accrued expenses and liabilities

72.0

44.0

Total liabilities

7,880.0

7,597.0

Commitments and contingencies

^[5]

Stockholders’ equity

Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding

0.0

Common stock, $0.001 par value, 750,000,000 shares authorized, 280,066,433 and 280,066,433 shares issued and outstanding, respectively

0.0

Capital in excess of par value

9,199.0

9,284.0

Retained earnings (accumulated deficit)

^[6]

(3,350.0)

(2,662.0)

Total stockholders’ equity

5,849.0

6,622.0

Total liabilities and stockholders’ equity

$ 13,729.0

$ 14,219.0

Net asset value per share of common stock at year end (in dollars per share)

$ 20.89

$ 23.64

Non-controlled/unaffiliated

Assets

Non-controlled/affiliated

$ 8,164.0

$ 8,573.0

Assets

854.6

1,140.0

Controlled/affiliated

Assets

Derivative Instruments and Hedging Activities Disclosure [Abstract]

$ 3,990.5

$ 3,776.7

[1]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.
[2]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.
[3]	See Note 9 for a discussion of the Company’s financing arrangements.
[4]	See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.
[5]	See Note 10 for a discussion of the Company’s commitments and contingencies.
[6]	See Note 5 for a discussion of the sources of distributions paid by the Company.

Financial Instruments

12 Months Ended

Dec. 31, 2025

Financial Instruments


Derivative Instrument	Statement Location	December 31, 2025		December 31, 2024


Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts	$	—	$	3
Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts	(10)		(1)
Total		$	(10)	$	2


Derivative Instrument	Statement Location	December 31, 2025		December 31, 2024
Foreign currency forward contracts	Net realized gain (loss) on foreign currency forward contracts	$	(9)	$	19
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	(12)		(7)
Total		$	(21)	$	12

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of December 31, 2025 and 2024:


	December 31, 2025
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	—	$	—	$	—	$	—	$	—

Total	$	—	$	—	$	—	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(10)	$	—	$	—	$	—	$	(10)

Total	$	(10)	$	—	$	—	$	—	$	(10)

	December 31, 2024
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
JP Morgan Chase Bank	$	3	$	(1)	$	—	$	—	$	2
Total	$	3	$	(1)	$	—	$	—	$	2
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Liabilities(3)
JP Morgan Chase Bank	$	(1)	$	1	$	—	$	—	$	—
Total	$	(1)	$	1	$	—	$	—	$	—

___________

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

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

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

Foreign Currency Forward Contracts and Cross Currency Swaps

The Company may enter into foreign currency forward contracts and cross currency swaps from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward

rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts. The Company attempts to limit counterparty risk by only dealing with well-known counterparties.

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

The average notional balance for foreign currency forward contracts during the year ended December 31, 2025 and 2024 was $193.0 and $166.9, respectively. See consolidated schedules of investments for the Company’s open foreign currency forward contracts.

Interest Rate Swaps

In connection with the Company’s issuance on June 6, 2024 of $600 aggregate principal amount of its 6.875% Notes due 2029, or the 6.875% Notes due 2029, the Company entered into interest rate swap agreements for a total notional amount of $600 that mature on August 15, 2029 to reduce the exposure to changes in fair value associated with the 6.875% Notes due 2029. Under an interest rate swap agreement, entered into on June 13, 2024, the Company receives a fixed interest rate of 6.875% and pays a floating interest rate of one-month SOFR plus 2.754% on a notional amount of $200; and under an interest rate swap agreement, entered into on June 27, 2024, the Company receives a fixed interest rate of 6.875% and pays a floating interest rate of one-month SOFR plus 2.788% on a notional amount of $400. As of December 31, 2025, the counterparty to the interest rate swap agreements was ING Capital Markets LLC. The Company designated these interest rate swaps and the 6.875% Notes due 2029 as a qualifying fair value hedge accounting relationship. See Note 9 for more information on the 6.875% Notes due 2029.

In connection with the Company’s issuance on each of November 20, 2024 and December 27, 2024 of $600 aggregate principal amount and $100 aggregate principal amount, respectively, of its 6.125% Notes due 2030, or the 6.125% Notes due 2030, the Company entered into interest rate swap agreements for a total notional amount of $700 that mature on January 15, 2030 to reduce the exposure to changes in fair value associated with the 6.125% Notes due 2030. Under an interest rate swap agreement, entered into on November 13, 2024, the Company receives a fixed interest rate of 6.125% and pays a floating interest rate of daily compounded SOFR plus 2.1374% on a notional amount of $600; and under an interest rate swap agreement, entered into on December 20, 2024, the Company receives a fixed interest rate of 6.125% and pays a floating interest rate of daily compounded SOFR plus 2.0614% on a notional amount of $100. As of December 31, 2025, the counterparty to the interest rate swap agreements was ING Capital Markets LLC. The Company designated these interest rate swaps and the 6.125% Notes due 2030 as a qualifying fair value hedge accounting relationship. See Note 9 for more information on the 6.125% Notes due 2030.

In connection with the Company’s issuance on September 25, 2025 of $400 aggregate principal amount of its 6.125% Notes due 2031, or the 6.125% Notes due 2031, the Company entered into an interest rate swap agreement for a total notional amount of $400 that matures on January 15, 2031 to reduce the exposure to changes in fair value associated with the 6.125% Notes due 2031. Under the interest rate swap agreement, entered into on September 18, 2025, the Company receives a fixed interest rate of 6.125% and pays a floating interest rate of one-month SOFR plus 2.748% on a notional amount of $400. As of December 31, 2025, the counterparty to the interest rate swap agreement was Royal Bank of Canada. The Company designated this interest rate swap and the 6.125% Notes due 2031 as a qualifying fair value hedge accounting relationship. See Note 9 for more information on the 6.125% Notes due 2031.

As a result of the Company’s designation of the interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instruments and the related hedged items, with the changes

in the fair value of each being recorded in interest expense. The following is a summary of the fair value and location of the Company’s derivative instruments in the consolidated balance sheets held as of December 31, 2025:


Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Statement Location
Interest rate swap(1)	$	200	8/15/2029	$	8	$	—	Prepaid expenses and other assets
Interest rate swap(1)	$	400	8/15/2029	16		—		Prepaid expenses and other assets
Interest rate swap(2)	$	600	1/15/2030	27		—		Prepaid expenses and other assets
Interest rate swap(2)	$	100	1/15/2030	5		—		Prepaid expenses and other assets
Interest rate swap(3)	$	400	1/15/2031	3		—		Prepaid expenses and other assets
Total				$	59	$	—

___________

(1)The asset related to the fair value of the interest rate swaps was offset by a $24 increase to the carrying value of the 6.875% Notes due 2029.

(2)The asset related to the fair value of the interest rate swaps was offset by a $32 increase to the carrying value of the 6.125% Notes due 2030.

(3)The asset related to the fair value of the interest rate swap was offset by a $3 increase to the carrying value of the 6.125% Notes due 2031.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

Commitments and Contingencies Disclosure [Abstract]

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Principal Business and Organization	12 Months Ended
Principal Business and Organization	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Principal Business and Organization FS KKR Capital Corp. (NYSE: FSK), or the Company, was incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and formally commenced investment operations on January 2, 2009. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. The Company has various wholly-owned subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies. The consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of December 31, 2025. All intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company’s portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle-market U.S. companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. In addition, a portion of the Company’s portfolio may be comprised of equity and equity-related securities, corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps. The Company is externally managed by FS/KKR Advisor, LLC, or the Adviser, pursuant to an investment advisory agreement, dated as of June 16, 2021, or the Advisory Agreement.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies

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

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

Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated balance sheets. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of December 31, 2025, the Company’s unfunded commitments consisted of the following:


Category / Company(1)	Commitment Amount
Senior Secured Loans—First Lien
3Pillar Global Inc	$	6.0
48Forty Solutions LLC	2.1
Aareon AG	11.3
Advanced Dermatology & Cosmetic Surgery	3.1
Affordable Care Inc	0.1
AGS Health LLC	6.0
AGS Health LLC	2.1
Alacrity Solutions Group LLC	1.7
Alacrity Solutions Group LLC	2.3
A-Lign Assurance LLC	3.2
A-Lign Assurance LLC	1.5
Alpha Financial Markets Consulting PLC	2.3
American Vision Partners	4.7
Amerivet Partners Management Inc	8.4
Apex Service Partners LLC	3.8
Arcfield Acquisition Corp	6.0
Arcwood Environmental (fka Heritage Environmental Services Inc)	8.0
Area Wide Protective Inc	12.1
Avetta LLC	1.8
Avetta LLC	0.8
Avetta LLC	3.7
BGB Group LLC	3.2
BGB Group LLC	4.8
Bonterra LLC	14.4
Cadence Education LLC	8.5
Cadence Education LLC	4.0
Cambrex Corp	7.8
Cambrex Corp	9.4
Cambrex Corp	5.6
Carrier Fire Protection	1.8
Carrier Fire Protection	2.1
Circana Group (f.k.a. NPD Group)	4.3
Civica Group Ltd	5.1


Category / Company(1)	Commitment Amount
Civica Group Ltd	$	4.4
Clarience Technologies LLC	12.4
Clarience Technologies LLC	27.5
Clarience Technologies LLC	1.9
CLEAResult Consulting Inc	4.5
CLEAResult Consulting Inc	3.0
ClubCorp Club Operations Inc	5.7
ClubCorp Club Operations Inc	3.4
Com Laude Group Ltd	3.1
Com Laude Group Ltd	1.3
Com Laude Group Ltd	3.0
Community Brands Inc	4.1
Community Brands Inc	7.1
Consilium Safety Group AB	10.5
CSafe Global	9.2
Cyncly Refinancing	3.2
Cyncly Refinancing	4.7
Dental365 LLC	4.6
Dental365 LLC	3.6
DOXA Insurance Holdings LLC	2.9
DOXA Insurance Holdings LLC	18.8
DuBois Chemicals Inc	14.7
DuBois Chemicals Inc	4.3
Eagle Railcar Services Roscoe Inc	10.8
Eagle Railcar Services Roscoe Inc	12.0
Envirotainer Ltd	2.8
Excelitas Technologies Corp	2.4
Excelitas Technologies Corp	22.6
Flexera Software LLC	6.5
Follett Software Co	5.6
Fortnox AB	9.0
Foundation Consumer Brands LLC	7.7
Foundation Risk Partners Corp	8.9
Foundation Risk Partners Corp	6.6
Frontline Road Safety LLC	15.7
Frontline Road Safety LLC	14.3
Fullsteam Holdings LLC	11.0
Fullsteam Holdings LLC	3.7
Galaxy Universal LLC	11.4
Galway Partners Holdings LLC	10.7
Galway Partners Holdings LLC	6.7
Gigamon Inc	5.6
Granicus Inc	2.3
Granicus Inc	0.5
Heniff Transportation Systems LLC	3.4


Category / Company(1)	Commitment Amount
Higginbotham Insurance Agency Inc	$	1.0
Highgate Hotels Inc	4.2
Highgate Hotels Inc	3.9
HM Dunn Co Inc	6.0
Homrich & Berg Inc	0.7
Horizon CTS Buyer LLC	15.2
Horizon CTS Buyer LLC	2.2
Inhabit IQ	3.6
Inhabit IQ	2.2
iNova Pharmaceuticals (Australia) Pty Limited	2.5
Insight Global LLC	36.6
Insightsoftware.Com Inc	25.8
Insightsoftware.Com Inc	3.4
Integrity Marketing Group LLC	0.1
Integrity Marketing Group LLC	0.7
J S Held LLC	6.9
J S Held LLC	10.8
Jeppesen Holdings LLC	2.4
Keystone Agency Partners LLC	8.5
Keystone Agency Partners LLC	3.8
Laboratoires Vivacy SAS	0.6
Lazer Logistics Inc	1.9
Lazer Logistics Inc	2.3
Learning Experience Corp/The	3.5
Legends Hospitality LLC	9.3
Legends Hospitality LLC	1.2
Lloyd's Register Quality Assurance Ltd	5.6
Magna Legal Services LLC	2.2
MAI Capital Management LLC	2.7
MAI Capital Management LLC	4.3
MB2 Dental Solutions LLC	23.2
MB2 Dental Solutions LLC	8.8
Med-Metrix	37.2
Med-Metrix	34.1
Mercer Advisors Inc	4.5
Model N Inc	6.1
Model N Inc	3.2
NAVEX Global Inc	0.3
NAVEX Global Inc	6.7
NeoGov Newt Holdco Inc	1.1
NeoGov Newt Holdco Inc	2.4
NeoGov Newt Holdco Inc	4.9
Net Documents	3.6
Netsmart Technologies Inc	6.2
Netsmart Technologies Inc	6.3


Category / Company(1)	Commitment Amount
New Era Technology Inc	$	2.3
OEConnection LLC	0.6
OEConnection LLC	2.4
OEConnection LLC	6.4
OEConnection LLC	6.3
Orion Services Group	4.0
Oxford Global Resources LLC	7.6
PartsSource Inc	0.7
PCI Pharma Services	25.8
PCI Pharma Services	2.0
PCI Pharma Services	11.7
Pike Corp	6.6
Pike Corp	4.4
Premise Health Holding Corp	0.5
Premise Health Holding Corp	2.3
PROS Holdings Inc	1.3
PSC Group	1.4
PSC Group	1.5
Radwell International LLC	5.8
Railpros Inc	0.8
Railpros Inc	0.4
Resa Power LLC	12.2
Resa Power LLC	8.6
Revere Superior Holdings Inc	3.3
Rialto Capital Management LLC	1.0
Rockefeller Capital Management LP	8.8
Safe-Guard Products International LLC	8.8
SAMBA Safety Inc	0.6
SAMBA Safety Inc	0.9
Service Express Inc	10.7
Service Express Inc	12.3
Service Logic LLC	8.0
Service Logic LLC	4.0
Sphera Solutions Inc	6.4
Sphera Solutions Inc	3.4
Sphera Solutions Inc	20.0
Spins LLC	3.2
Spotless Brands LLC	5.3
STV Group Inc	8.3
STV Group Inc	11.9
Sweeping Corp of America LLC	4.5
Time Manufacturing Co	1.3
Time Manufacturing Co	14.0
Trackunit ApS	32.9
Turnpoint Services Inc	0.9


Category / Company(1)	Commitment Amount
Turnpoint Services Inc	$	2.5
USIC Holdings Inc	3.0
USIC Holdings Inc	8.1
Veriforce LLC	2.1
Veriforce LLC	3.7
Vermont Information Processing Inc	9.6
Vermont Information Processing Inc	2.9
Version1 Software Ltd	13.0
VetCor Professional Practices LLC	5.9
VetCor Professional Practices LLC	20.8
Vitu	9.1
Waste Services Group Pty Ltd	4.8
Wealth Enhancement Group LLC	2.8
Wealth Enhancement Group LLC	13.9
Wedgewood Weddings	5.8
Wedgewood Weddings	5.8
West Star Aviation Inc	9.5

West Star Aviation Inc	30.1
Woolpert Inc	6.9
Woolpert Inc	15.9
Worldwise Inc	0.8
Xylem Kendall	15.9
Xylem Kendall	1.2
Zellis Holdings Ltd	4.4
Zendesk Inc	5.0
Zendesk Inc	6.0
Zeus Industrial Products Inc	11.6
Zeus Industrial Products Inc	7.7


Subordinated Debt
Cyncly Refinancing	1.6
Asset Based Finance
Bond Aviation Holdings LLC, Term Loan	13.6
Bond Aviation Holdings LLC, Term Loan	5.3
Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver	20.7
GreenSky Holdings LLC, Term Loan	3.0
Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver	14.8
Philippine Airlines 777, Term Loan	1.1
Philippine Airlines 777, Term Loan	1.1
Sallie Mae Levered, Term Loan	0.3
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	5.2
Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver	15.0
TPSI Receivables LLC (Tropicana Products Inc), Revolver	6.0
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	12.8
Equity/Other
Kestra Financial Inc, Preferred Equity	9.2


Category / Company(1)	Commitment Amount
Total	$	1,447.4
Unfunded Asset Based Finance/Other commitments	$	87.5

_____________

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

As of December 31, 2025, the Company’s debt commitments are comprised of $721.1 revolving credit facilities and $726.3 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $(3.8). The Company’s unfunded Asset Based Finance/Other commitments generally require certain conditions to be met or actual approval from the Adviser prior to funding.

The Senior Secured Revolving Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $400, subject to increase or reduction from time to time pursuant to the terms of the Senior Secured Revolving Credit Facility. As of December 31, 2025, $50 of such letters of credit have been issued.

As of December 31, 2025, the Company also has an unfunded commitment to provide $245.0 of capital to COPJV. The capital commitment can be satisfied with contributions of cash and/or investments. The capital commitments cannot be drawn without an affirmative vote by both the Company’s and SCRS’s representatives on COPJV’s board of managers.

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

In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company has no such guarantees outstanding at December 31, 2025 and December 31, 2024.

Financial Instruments - Derivative Instruments Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative Assets Subject to Master Netting Agreement	$ 0	$ 3
Derivative Liabilities Subject to Master Netting Agreement	(10)	(1)
Total	(10)	2
Unrealized appreciation on foreign currency forward contracts \| Foreign Exchange Forward
Derivative [Line Items]
Derivative Assets Subject to Master Netting Agreement	0	3
Unrealized depreciation on foreign currency forward contracts \| Foreign Exchange Forward
Derivative [Line Items]
Derivative Liabilities Subject to Master Netting Agreement	$ (10)	$ (1)

Fair value, after effect of master netting arrangement, of financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative subject to master netting arrangement not elected or qualified to offset. Excludes derivative not subject to master netting arrangement or similar agreement.

Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.

Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

Related Party Transactions

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Compensation of the Investment Adviser

Pursuant to the Advisory Agreement, the Adviser is entitled to a base management fee calculated at an annual rate of 1.50% of the average weekly value of the Company’s gross assets excluding cash and cash equivalents (gross assets equal the total assets of the Company as set forth on the Company’s consolidated balance sheets) and an incentive fee based on the Company’s performance. Effective June 15, 2019, in connection with stockholder approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150%, the Adviser reduced (by permanent waiver) the annual base management fee payable under the Advisory Agreement from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt-to-equity. The base management fee is payable quarterly in arrears. All or any part of the base management fee not taken as to any quarter will be deferred without interest and may be taken in such other quarter as the Adviser determines. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that the Adviser may be entitled to under the Advisory Agreement.

The Adviser has agreed to exclude from the calculation of the subordinated incentive fee on income and the incentive fee on capital gains any changes to the fair value recorded for the assets and liabilities of FSKR resulting solely from the new cost basis of the acquired FSKR investments determined in accordance with Accounting Standards Codification Topic 805-50, Business Combinations—Related Issues as a result of the June 16, 2021 merger, or the 2021 Merger, of FSKR, a BDC that was also advised by the Adviser, with and into the Company, with the Company continuing as the surviving company.

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

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

The following table describes the fees and expenses accrued under the Advisory Agreement and the Administration Agreement, as applicable, during the years ended December 31, 2025, 2024 and 2023:


			Year Ended December 31,
Related Party	Source Agreement	Description	2025		2024		2023
The Adviser	Advisory Agreement	Base Management Fee(1)	$	206	$	216	$	226

The Adviser	Advisory Agreement	Subordinated Incentive Fee on Income(2)	$	136	$	167	$	181
The Adviser	Administration Agreement	Administrative Services Expenses(3)	$	10	$	10	$	12

________________

(1)During the years ended December 31, 2025, 2024 and 2023, $209, $219, and $229, respectively, in base management fees were paid to the Adviser. As of December 31, 2025, $50 in base management fees were payable to the Adviser.

(2)During the years ended December 31, 2025, 2024 and 2023, $143, $173 and $167, respectively, of subordinated incentive fees on income were paid to the Adviser. As of December 31, 2025, $28 in subordinated incentive fees on income were payable to the Adviser.

(3)During the years ended December 31, 2025, 2024 and 2023, $8, $9 and $11, respectively, of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $0.9 for the year ended December 31, 2025. The Company paid $12, $12 and $13, respectively, in administrative services expenses to the Adviser during the years ended December 31, 2025, 2024 and 2023.

Potential Conflicts of Interest

Affiliated Transactions

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. We may also be prohibited under the 1940 Act from conducting certain transactions with our affiliates without the prior approval of a majority of our directors who are not interested persons.

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

On June 16, 2025, the Company applied for streamlined co-investment exemptive relief, which, if granted by the SEC, would supersede the existing co-investment exemptive relief, except to the extent the Company continues to rely on the FS Order solely with respect to any transaction in which the Company participated in reliance on the FS Order prior to April 9, 2018. The streamlined co-investment relief would similarly permit co-investments with certain affiliates, but would simplify certain of the conditions under the current order and provide more flexibility than the current order.

Affiliated Purchaser Program

As previously disclosed, certain affiliates of the owners of the Adviser committed $100 to a $350 investment vehicle that may invest from time to time in shares of the Company’s common stock. In August 2023 and March 2024, that investment vehicle entered into written trading plans with a third-party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act to facilitate the sale of shares of the Company’s common stock pursuant to the terms and conditions of such plan. The Company is not a party to any transaction with the investment vehicle.

Affiliated Borrowing

The Company is permitted to borrow from an affiliate of the Adviser. Such borrowings do not accrue interest, are unsecured and are repaid within 1-2 days. As of December 31, 2025, no borrowings are outstanding under this arrangement.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Investment Company, Nonconsolidated Subsidiary [Line Items]

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Jul. 16, 2025	Dec. 31, 2024
Letter of Credit \| Senior Secured Revolving Credit Facility \| Line of Credit
Other Commitments [Line Items]
Amount outstanding	$ 400.0	$ 240.0
Letters of credit	50.0
Debt Securities, Revolving Credit Facility
Other Commitments [Line Items]
Unfunded commitments	721.1
Debt Securities, Delayed Draw Term Loan
Other Commitments [Line Items]
Unfunded commitments	726.3
Debt Securities
Other Commitments [Line Items]
Unrealized appreciation (depreciation) on unfunded commitments	(3.8)
Partnership Interest
Other Commitments [Line Items]
Unfunded commitments	245.0		$ 735.2
Partnership Interest \| Credit Opportunities Partners JV, LLC
Other Commitments [Line Items]
Unfunded commitments	$ 245.0

Investment Portfolio - Investment Portfolio, at Fair Value and Percentage (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Percentage of Portfolio | Industry Concentration Risk

$ 13,008.6

^[1]

$ 13,490.4

^[2]

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

100.00%

Automobiles & Components

Automobiles & Components | Percentage of Portfolio | Industry Concentration Risk

$ 0.0

$ 4.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

0.00%

Banks

Banks | Percentage of Portfolio | Industry Concentration Risk

$ 0.0

$ 5.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

0.00%

Capital Goods

Capital Goods | Percentage of Portfolio | Industry Concentration Risk

$ 1,542.0

$ 1,712.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Commercial & Professional Services

11.90%

12.70%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Commercial & Professional Services | Percentage of Portfolio | Industry Concentration Risk

$ 1,726.0

$ 1,733.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Consumer Discretionary Distribution & Retail

13.30%

12.80%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Consumer Discretionary Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk

$ 60.0

$ 174.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Consumer Durables & Apparel

0.50%

1.30%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Consumer Durables & Apparel | Percentage of Portfolio | Industry Concentration Risk

$ 306.0

$ 229.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

2.40%

1.70%

Consumer Services

Consumer Services | Percentage of Portfolio | Industry Concentration Risk

$ 263.0

$ 244.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Consumer Staples Distribution & Retail

2.00%

1.80%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Consumer Staples Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk

$ 99.0

$ 102.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Credit Opportunities Partners JV, LLC

0.80%

Investment Company, Nonconsolidated Subsidiary [Line Items]

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

$ 1,968.0

$ 1,363.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

15.10%

10.10%

Energy

Energy | Percentage of Portfolio | Industry Concentration Risk

$ 24.0

$ 89.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Equity Real Estate Investment Trusts (REITs)

0.20%

0.70%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Equity Real Estate Investment Trusts (REITs) | Percentage of Portfolio | Industry Concentration Risk

$ 264.0

$ 278.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

2.00%

2.10%

Financial Services

Financial Services | Percentage of Portfolio | Industry Concentration Risk

$ 836.0

$ 998.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

6.40%

7.40%

Food, Beverage & Tobacco

Food, Beverage & Tobacco | Percentage of Portfolio | Industry Concentration Risk

$ 56.0

$ 113.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Health Care Equipment & Services

0.40%

0.80%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Health Care Equipment & Services | Percentage of Portfolio | Industry Concentration Risk

$ 1,668.0

$ 1,667.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Household & Personal Products

12.80%

12.40%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Household & Personal Products | Percentage of Portfolio | Industry Concentration Risk

$ 112.0

$ 134.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

0.90%

1.00%

Insurance

Insurance | Percentage of Portfolio | Industry Concentration Risk

$ 547.0

$ 735.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

4.20%

5.40%

Materials

Materials | Percentage of Portfolio | Industry Concentration Risk

$ 276.0

$ 334.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

2.10%

2.50%

Media & Entertainment

Media & Entertainment | Percentage of Portfolio | Industry Concentration Risk

$ 508.0

$ 699.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Pharmaceuticals, Biotechnology & Life Sciences

3.90%

5.20%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Pharmaceuticals, Biotechnology & Life Sciences | Percentage of Portfolio | Industry Concentration Risk

$ 217.0

$ 298.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Real Estate Management & Development

1.70%

2.20%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Real Estate Management & Development | Percentage of Portfolio | Industry Concentration Risk

$ 1.0

$ 27.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

0.00%

0.20%

Software & Services

Software & Services | Percentage of Portfolio | Industry Concentration Risk

$ 2,134.0

$ 2,187.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Technology Hardware & Equipment

16.40%

16.20%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Technology Hardware & Equipment | Percentage of Portfolio | Industry Concentration Risk

$ 2.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Telecommunication Services

0.00%

Investment Company, Nonconsolidated Subsidiary [Line Items]

Telecommunication Services | Percentage of Portfolio | Industry Concentration Risk

$ 109.0

$ 69.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Investment Company, Nonconsolidated Subsidiary [Line Items]

0.80%

0.50%

Transportation

Transportation | Percentage of Portfolio | Industry Concentration Risk

$ 291.0

$ 294.0

Investment Company, Nonconsolidated Subsidiary [Line Items]

Fair Value of Financial Instruments

2.20%

[1]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.
[2]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

Distributions

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Distributions

The following table reflects the distributions per share that the Company has declared on its common stock during the years ended December 31, 2025, 2024 and 2023:

For the Year Ended

December 31, 2025

Date Declared

Dividend

Record Date

Payment Date

Dividend per Share

February 25, 2025

Base

March 19, 2025

April 2, 2025

0.64

February 25, 2025

Supplemental

March 19, 2025

April 2, 2025

0.06

May 5, 2025

Base

June 18, 2025

July 2, 2025

0.64

May 5, 2025

Supplemental

June 18, 2025

July 2, 2025

0.06

July 31, 2025

Base

September 17, 2025

October 2, 2025

0.64

July 31, 2025

Supplemental

September 17, 2025

October 2, 2025

0.06

October 8, 2025

Base

December 3, 2025

December 17, 2025

0.64

October 8, 2025

Supplemental

December 3, 2025

December 17, 2025

0.06

Total Dividends Declared

2.80

For the Year Ended

December 31, 2024

Date Declared

Dividend

Record Date

Payment Date

Dividend per Share

November 2, 2023

Special

February 14, 2024

February 28, 2024

0.05

February 20, 2024

Base

March 13, 2024

April 2, 2024

0.64

February 20, 2024

Supplemental

March 13, 2024

April 2, 2024

0.06

November 2, 2023

Special

May 15, 2024

May 29, 2024

0.05

May 2, 2024

Base

June 12, 2024

July 2, 2024

0.64

May 2, 2024

Supplemental

June 12, 2024

July 2, 2024

0.06

July 31, 2024

Base

September 11, 2024

October 2, 2024

0.64

July 31, 2024

Supplemental

September 11, 2024

October 2, 2024

0.06

October 8, 2024

Base

December 4, 2024

December 18, 2024

0.64

October 8, 2024

Supplemental

December 4, 2024

December 18, 2024

0.06

Total Dividends Declared

2.90

For the Year Ended

December 31, 2023

Date Declared

Dividend

Record Date

Payment Date

Dividend per Share

February 21, 2023

Base

March 15, 2023

April 3, 2023

0.64

February 21, 2023

Supplemental

March 15, 2023

April 3, 2023

0.06

May 4, 2023

Special

May 17, 2023

May 31, 2023

0.05

May 4, 2023

Base

June 14, 2023

July 5, 2023

0.64

May 4, 2023

Supplemental

June 14, 2023

July 5, 2023

0.06

May 4, 2023

Special

August 16, 2023

August 30, 2023

0.05

August 3, 2023

Base

September 13, 2023

October 3, 2023

0.64

August 3, 2023

Supplemental

September 13, 2023

October 3, 2023

0.06

May 4, 2023

Special

November 15, 2023

November 29, 2023

0.05

November 2, 2023

Base

December 13, 2023

January 3, 2024

0.64

November 2, 2023

Supplemental

December 13, 2023

January 3, 2024

0.06

Total Dividends Declared

2.95

On February 19, 2026, the Board of Directors declared a regular quarterly distribution of $0.48 per share consisting of a $0.45 base distribution and a $0.03 supplemental distribution, which will be paid on or about April 2, 2026 to stockholders of record as of the close of business on March 18, 2026. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Board of Directors.

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

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

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

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

The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025				2024				2023
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage		Distribution Amount		Percentage
Offering proceeds	$	—	—		$	—	—		$	—	—
Borrowings	—		—		—		—		—		—
Net investment income(1)	784		100	%	812		100	%	827		100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—		—		—
Non-capital gains proceeds from the sale of assets	—		—		—		—		—		—
Distributions on account of preferred and common equity	—		—		—		—		—		—
Total	$	784	100	%	$	812	100	%	$	827	100	%

________________

(1)During the years ended December 31, 2025, 2024 and 2023, 83.4%, 85.2% and 86.6%, respectively, of the Company’s gross investment income was attributable to cash income earned, 1.8%, 2.5% and 2.9%, respectively, was attributable to non-cash accretion of discount and 14.8%, 12.3% and 10.5%, respectively, was attributable to paid-in-kind, or PIK, interest.

The Company’s net investment income on a tax basis for the years ended December 31, 2025, 2024 and 2023 was $652, $735 and $943, respectively. As of December 31, 2025, 2024 and 2023, the Company had $464, $525 and $600, respectively, of undistributed net investment income and $3,107, $2,703 and $2,068, respectively, of accumulated capital losses on a tax basis.

The Company’s undistributed net investment income on a tax basis may be adjusted following the filing of the Company’s tax returns. The adjustment is in general due to tax-basis income received by the Company differing from GAAP-basis income on account of certain collateralized securities, interests in foreign entity structures, and interests in partnerships and the reclassification of realized gains and losses upon the sale of certain collateralized securities held in its investment portfolio during such period.

The difference between the Company’s GAAP-basis net investment income and its tax-basis net investment income is primarily due to the reclassification of unamortized original issue discount and prepayment fees recognized upon prepayment of loans from income for GAAP purposes to realized gains or deferred to future periods for tax purposes, accounting for income from foreign investments, the impact of consolidating certain subsidiaries for purposes of computing GAAP-basis net investment income but not for purposes of computing tax-basis net investment income, the reversal of non-deductible excise taxes and income recognized for tax purposes on certain transactions but not recognized for GAAP purposes.

The following table sets forth a reconciliation between GAAP-basis net investment income and tax-basis net investment income during the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
GAAP-basis net investment income	$	654	$	813	$	892


Income subject to tax not recorded for GAAP	86		(35)		74
GAAP accretion from merger not recognized for tax	(24)		(33)		(46)
Excise taxes	22		23		22
GAAP versus tax-basis impact of consolidation of certain subsidiaries	1		6		6
Reclassification of unamortized original issue discount and prepayment fees	(13)		(21)		(3)
Other miscellaneous differences	(74)		(18)		(2)
Tax-basis net investment income	$	652	$	735	$	943

The Company may make certain adjustments to the classification of stockholders’ equity as a result of permanent book-to-tax differences.

During the year ended December 31, 2025, the Company increased accumulated undistributed net realized gain (loss) on investments and gain (loss) on foreign currency by $8, decreased capital in excess of par value by $85 and increased accumulated undistributed (distributions in excess of) net investment income by $77, respectively. During the year ended December 31, 2024, the Company increased accumulated undistributed net realized gain (loss) on investments and gain (loss) on foreign currency by $196 and decreased capital in excess of par value and accumulated undistributed (distributions in excess of) net investment income by $153 and $43, respectively.

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. The actual tax characteristics of distributions to stockholders are reported to stockholders annually, as appropriate, on Form 1099-DIV.

As of December 31, 2025 and 2024, the components of accumulated earnings on a tax basis were as follows:


	Year Ended December 31,
	2025		2024
Distributable ordinary income	$	464	$	525
Distributable realized gains (accumulated capital losses)(1)	(3,107)		(2,703)


Other temporary differences	32		24
Net unrealized appreciation (depreciation)(2)	(739)		(508)
Total	$	(3,350)	$	(2,662)

________________

(1)Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of December 31, 2025, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $3,107. The capital loss carryforward includes amounts from prior reorganizations that may be limited in their use. Any unused balances resulting from such limitations may be carried forward into future years indefinitely.

(2)As of December 31, 2025 and 2024, the gross unrealized appreciation was $1,138 and $1,254, respectively. As of December 31, 2025 and 2024, the gross unrealized depreciation was $1,877 and $1,762, respectively.

The aggregate cost of the Company’s investments for U.S. federal income tax purposes totaled $14,440 and $14,760 as of December 31, 2025 and 2024, respectively. The aggregate net unrealized appreciation (depreciation) on a tax basis was $(1,431) and $(1,270) as of December 31, 2025 and 2024, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from merger accounting, foreign currency forward contracts and foreign currency transactions.

As of December 31, 2025, the Company had a gross deferred tax liability of $1 and net deferred tax liability of $0 resulting from unrealized appreciation on investments held by the Company’s wholly-owned taxable subsidiaries and a deferred tax asset of $124 resulting from a combination of unrealized depreciation on investments held by and net operating losses and other tax attributes of the Company’s wholly-owned taxable subsidiaries. As of December 31, 2025, certain wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their unrealized depreciation on investments, net operating losses and other tax attributes, therefore the deferred tax asset was offset by a valuation allowance of $123. During the year ended December 31, 2025, the Company recorded a provision for taxes related to wholly-owned taxable subsidiaries of $12 related to current taxes.

Share Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 09, 2025	Oct. 31, 2022	Oct. 30, 2022
Distribution Reinvestment Plan
Class of Stock [Line Items]
Stock repurchased and distributed (in shares)	1,654,093	3,918,188
Average cost per share of stock repurchased and distributed (in dollars per share)	$ 17.64	$ 20.29
Reinvestment of stockholder distributions	$ 29	$ 80
Equity Distribution Agreements
Class of Stock [Line Items]
Amount of stock authorized to sell				$ 750
Sale of stock, sales commission (as percent)				1.50%
Stock Repurchase Program
Class of Stock [Line Items]
Outstanding common stock					$ 54	$ 100
Share repurchased (in shares)	0	0	1,665,317
Average price per share (in dollars per share)			$ 18.89
Shares repurchased	$ 0	$ 0	$ 32

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Feb. 23, 2026	Feb. 19, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Distribution (in dollars per share)			$ 2.80	$ 2.90	$ 2.95
Amount funded to joint venture			$ 2,520.0
Credit Opportunities Partners JV, LLC
Subsequent Event [Line Items]
Cost basis of investments sold			1,805.4
Aggregate credit opportunities partners			2,800.0
FS KKR Capital Corp.
Subsequent Event [Line Items]
Amount funded to joint venture			$ 2,205.0
Contributed capital to committed capital ratio (as percent)			87.50%
SCRS
Subsequent Event [Line Items]
Contributed capital to committed capital ratio (as percent)			12.50%
Subsequent Event
Subsequent Event [Line Items]
Distribution (in dollars per share)		$ 0.48
Base distribution declared (in dollars per share)		0.45
Supplemental distribution declared (in dollars per share)		$ 0.03
Amount funded to joint venture	$ 2,975.0
Subsequent Event \| Credit Opportunities Partners JV, LLC
Subsequent Event [Line Items]
Cost basis of investments sold	189.0
Aggregate credit opportunities partners	175.0
Subsequent Event \| FS KKR Capital Corp.
Subsequent Event [Line Items]
Amount funded to joint venture	$ 2,450.0
Contributed capital to committed capital ratio (as percent)	78.90%
Subsequent Event \| SCRS
Subsequent Event [Line Items]
Amount funded to joint venture	$ 525.0
Contributed capital to committed capital ratio (as percent)	21.10%

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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

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

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

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

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

As of December 31, 2025 and 2024, the Company’s investments were categorized as follows in the fair value hierarchy:



Valuation Inputs	December 31, 2025		December 31, 2024

Level 1—Price quotations in active markets	$	22	$	1
Level 2—Significant other observable inputs	14		91
Level 3—Significant unobservable inputs	11,005		12,035
Investments measured at net asset value(1)	1,968		1,363
	$	13,009	$	13,490

___________

In addition, the Company had foreign currency forward contracts and interest rate swaps, as described in Note 7, which were categorized as Level 2 in the fair value hierarchy as of December 31, 2025 and 2024.

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

The Company’s investments consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company’s equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if the Adviser determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, the Adviser typically values the Company’s other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by independent third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy.

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

The following is a reconciliation for the years ended December 31, 2025 and 2024 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Year Ended December 31, 2025
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	7,780	$	693	$	46	$	233	$	2,102	$	1,181	$	12,035
Accretion of discount (amortization of premium)	28		5		—		2		1		3		39
Net realized gain (loss)	(211)		(6)		(8)		(7)		4		(117)		(345)
Net change in unrealized appreciation (depreciation)	(96)		(63)		(3)		(14)		(7)		26		(157)
Purchases	4,157		—		47		147		889		354		5,594
Paid-in-kind interest	110		1		3		9		40		70		233
Sales and repayments	(4,256)		(92)		(33)		(244)		(1,335)		(434)		(6,394)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	7,512	$	538	$	52	$	126	$	1,694	$	1,083	$	11,005
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(185)	$	(71)	$	(7)	$	(21)	$	1	$	(33)	$	(316)


	For the Year Ended December 31, 2024
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	8,429	$	1,090	$	21	$	322	$	2,077	$	1,134	$	13,073
Accretion of discount (amortization of premium)	44		8		—		2		2		3		59
Net realized gain (loss)	(308)		(107)		(3)		—		(11)		(41)		(470)
Net change in unrealized appreciation (depreciation)	136		71		1		4		30		(15)		227
Purchases	3,859		56		25		30		1,046		83		5,099
Paid-in-kind interest	100		2		2		23		15		150		292
Sales and repayments	(4,488)		(427)		—		(148)		(1,057)		(133)		(6,253)
Transfers into Level 3	8		—		—		—		—		—		8
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	7,780	$	693	$	46	$	233	$	2,102	$	1,181	$	12,035
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(32)	$	(23)	$	(1)	$	2	$	(41)	$	(59)	$	(154)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of December 31, 2025 and 2024 were as follows:

Type of Investment

Fair Value at

December 31, 2025

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

6,500

Discounted Cash Flow

Discount Rate

4.6% - 24.9% (10.4%)

Decrease

1,400

Waterfall

EBITDA Multiple

0.8x - 15.1x (9.5x)

Increase

202

Cost

Subordinated Debt

112

Discounted Cash Flow

Discount Rate

9.9% - 15.1% (12.4%)

Decrease

Waterfall

EBITDA Multiple

2.8x - 15.1x (7.9x)

Increase

Asset Based Finance

1,103

Discounted Cash Flow

Discount Rate

4.7% - 43.7% (12.6%)

Decrease

429

Waterfall

EBITDA Multiple

1.0x - 1.3x (1.1x)

Increase

Illiquidity Discount

10.0% - 10.0% (10.0%)

Decrease

112

Other(3)

Cost

Indicative Dealer Quotes

6.9% - 6.9% (6.9%)

Increase

Equity/Other

607

Waterfall

EBITDA Multiple

4.5x - 25.5x (9.9x)

Increase

Illiquidity Discount

10.0% - 15.0% (11.2%)

Decrease

457

Discounted Cash Flow

Discount Rate

3.8% - 20.1% (12.1%)

Decrease

Other(3)

Total

11,005

Type of Investment

Fair Value at

December 31, 2024

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

7,115

Discounted Cash Flow

Discount Rate

5.8% - 23.8% (10.6%)

Decrease

1,376

Waterfall

EBITDA Multiple

0.7x - 11.3x (8.6x)

Increase

Other(3)

Cost

Subordinated Debt

188

Discounted Cash Flow

Discount Rate

11.3% - 15.4% (12.7%)

Decrease

Waterfall

EBITDA Multiple

7.0x - 7.0x (7.0x)

Increase

Other(3)

Asset Based Finance

1,513

Discounted Cash Flow

Discount Rate

4.8% - 41.7% (12.8%)

Decrease

516

Waterfall

EBITDA Multiple

1.0x - 1.4x (1.2x)

Increase

Cost

Other(3)

Indicative Dealer Quotes

23.0% - 23.0% (23.0%)

Increase

Equity/Other

625

Waterfall

EBITDA Multiple

0.7x - 16.0x (8.3x)

Increase

538

Discounted Cash Flow

Discount Rate

4.3% - 24.8% (14.3%)

Decrease

Other(3)

Total

12,035

_______________

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

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

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Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2025
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, long-term capital appreciation. The chief operating decision maker, or CODM, is comprised of the Company’s chief executive officer and chief investment officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations, or net income. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheets as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Distributions - Components Of Accumulated Earnings On A Tax Basis (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Distributable ordinary income

$ 464

$ 525

$ 600

Distributable realized gains (accumulated capital losses)

(3,107)

(2,703)

Other temporary differences

Net unrealized appreciation (depreciation)

(739)

(508)

Total

^[1]

(3,350)

(2,662)

Accumulated capital loss carryforward

(3,107)

Unrealized appreciation

1,138

1,254

Unrealized depreciation

$ 1,877

$ 1,762

[1]	See Note 5 for a discussion of the sources of distributions paid by the Company.

Amount of accumulated undistributed earnings (deficit).

Financing Arrangements - Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 25, 2025	Dec. 27, 2024	Nov. 20, 2024	Jun. 06, 2024	Nov. 21, 2023	Jan. 18, 2022	Oct. 12, 2021	Jun. 17, 2021	Dec. 10, 2020	Apr. 30, 2020	Nov. 20, 2019	Dec. 02, 2015
Short-Term Debt [Line Items]
Direct Interest Expense	$ 440	$ 446	$ 451
Amortization of Deferred Financing Costs and Discount / Premium	24	19	16
Total Interest Expense	$ 464	$ 465	$ 467
CCT Tokyo Funding Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Stated interest rate (as percent)															0.50%
4.625% Notes due 2024 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	4.625%	4.625%	4.625%
Direct Interest Expense	$ 0	$ 10	$ 19
Amortization of Deferred Financing Costs and Discount / Premium	0	1	1
Total Interest Expense	$ 0	$ 11	$ 20
1.650% Notes due 2024 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	1.65%	1.65%	1.65%
Direct Interest Expense	$ 0	$ 6	$ 8
Amortization of Deferred Financing Costs and Discount / Premium	0	3	2
Total Interest Expense	$ 0	$ 9	$ 10
4.125% Notes due 2025 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	4.125%	4.125%	4.125%											4.125%
Direct Interest Expense	$ 2	$ 19	$ 19
Amortization of Deferred Financing Costs and Discount / Premium	0	2	1
Total Interest Expense	$ 2	$ 21	$ 20
4.250% Notes due 2025 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	4.25%	4.25%	4.25%
Direct Interest Expense	$ 2	$ 20	$ 20
Amortization of Deferred Financing Costs and Discount / Premium	(1)	(7)	(7)
Total Interest Expense	$ 1	$ 13	$ 13
8.625% Notes due 2025 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	8.625%	8.625%	8.625%										8.625%
Direct Interest Expense	$ 4	$ 22	$ 22
Amortization of Deferred Financing Costs and Discount / Premium	1	1	1
Total Interest Expense	$ 5	$ 23	$ 23
3.400% Notes due 2026 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	3.40%	3.40%	3.40%									3.40%
Direct Interest Expense	$ 34	$ 34	$ 34
Amortization of Deferred Financing Costs and Discount / Premium	6	4	4
Total Interest Expense	$ 40	$ 38	$ 38
2.625% Notes due 2027 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	2.625%	2.625%	2.625%								2.625%
Direct Interest Expense	$ 11	$ 11	$ 11
Amortization of Deferred Financing Costs and Discount / Premium	0	1	2
Total Interest Expense	$ 11	$ 12	$ 13
3.250% Notes due 2027 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	3.25%	3.25%	3.25%						3.25%
Direct Interest Expense	$ 16	$ 16	$ 16
Amortization of Deferred Financing Costs and Discount / Premium	1	2	2
Total Interest Expense	$ 17	$ 18	$ 18
3.125% Notes due 2028 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	3.125%	3.125%	3.125%							3.125%
Direct Interest Expense	$ 23	$ 23	$ 23
Amortization of Deferred Financing Costs and Discount / Premium	1	1	3
Total Interest Expense	$ 24	$ 24	$ 26
7.875% Notes due 2029 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	7.875%	7.875%	7.875%					7.875%
Direct Interest Expense	$ 32	$ 32	$ 4
Amortization of Deferred Financing Costs and Discount / Premium	1	2	0
Total Interest Expense	$ 33	$ 34	$ 4
6.875% Notes due 2029 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	6.875%	6.875%	6.875%				6.875%
Direct Interest Expense	$ 43	$ 27	$ 0
Amortization of Deferred Financing Costs and Discount / Premium	4	1	0
Total Interest Expense	$ 47	$ 28	0
6.125% Notes due 2030 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	6.125%	6.125%			6.125%	6.125%
Direct Interest Expense	$ 46	$ 4	0
Amortization of Deferred Financing Costs and Discount / Premium	1	0	0
Total Interest Expense	$ 47	$ 4	$ 0
6.125% Notes due 2031 \| Unsecured Notes
Short-Term Debt [Line Items]
Stated interest rate (as percent)	6.125%	6.125%	6.125%	6.125%			6.125%
Direct Interest Expense	$ 7	$ 0	$ 0
Amortization of Deferred Financing Costs and Discount / Premium	1	0	0
Total Interest Expense	8	0	0
CLO-1 Notes \| Unsecured Notes
Short-Term Debt [Line Items]
Direct Interest Expense	9	20	25
Amortization of Deferred Financing Costs and Discount / Premium	1	1	1
Total Interest Expense	10	21	26
CLO-2 Notes \| Unsecured Notes
Short-Term Debt [Line Items]
Direct Interest Expense	17	0	0
Amortization of Deferred Financing Costs and Discount / Premium	0	0	0
Total Interest Expense	17	0	0
CLO-3 Notes \| Unsecured Notes
Short-Term Debt [Line Items]
Direct Interest Expense	1	0	0
Amortization of Deferred Financing Costs and Discount / Premium	0	0	0
Total Interest Expense	1	0	0
Revolving Credit Facility \| Ambler Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	12	14	11
Amortization of Deferred Financing Costs and Discount / Premium	0	0	1
Total Interest Expense	12	14	12
Revolving Credit Facility \| Callowhill Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	13	0	0
Amortization of Deferred Financing Costs and Discount / Premium	0	0	0
Total Interest Expense	13	0	0
Revolving Credit Facility \| CCT Tokyo Funding Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	6	18	19
Amortization of Deferred Financing Costs and Discount / Premium	1	0	0
Total Interest Expense	7	18	19
Revolving Credit Facility \| Darby Creek Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	16	57	43
Amortization of Deferred Financing Costs and Discount / Premium	1	2	1
Total Interest Expense	17	59	44
Revolving Credit Facility \| Dunlap Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	0	0	10
Amortization of Deferred Financing Costs and Discount / Premium	0	0	0
Total Interest Expense	0	0	10
Revolving Credit Facility \| Meadowbrook Run Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	18	22	20
Amortization of Deferred Financing Costs and Discount / Premium	1	0	1
Total Interest Expense	19	22	21
Revolving Credit Facility \| Senior Secured Revolving Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	128	91	147
Amortization of Deferred Financing Costs and Discount / Premium	5	5	3
Total Interest Expense	133	96	150
Prime Brokerage Facility \| Burholme Prime Brokerage Facility \| Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	0	0	0
Amortization of Deferred Financing Costs and Discount / Premium	0	0	0
Total Interest Expense	$ 0	$ 0	$ 0

Financing Arrangements - Narrative (Details) - USD ($)						12 Months Ended
Financing Arrangements - Narrative (Details) - USD ($)	Dec. 17, 2025	Jun. 02, 2025	Nov. 22, 2019	Dec. 02, 2015	Feb. 20, 2014	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 14, 2022	Dec. 31, 2021	Jun. 15, 2019	Jun. 14, 2019
Debt Instrument [Line Items]
Asset coverage per ratio (as percent)						177.00%	190.00%	183.00%	180.00%		184.00%
Amount outstanding						$ 7,620,000,000	$ 7,385,000,000	$ 8,223,000,000	$ 8,731,000,000		$ 9,179,000,000
Amount outstanding						$ 8,069,000,000	$ 8,088,000,000
Average outstanding						5.45%	5.51%
Debt instrument, interest rate, effective percentage						5.08%	5.45%
Realized loss on extinguishment of debt						$ 7,000,000	$ 0	$ 0
CCT Tokyo Funding Credit Facility
Debt Instrument [Line Items]
Non usage fee (as percent)										0.50%
CCT Tokyo Funding Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)				1.00%
CCT Tokyo Funding Credit Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)				0.00%
CCT Tokyo Funding Credit Facility \| Base Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)				1.05%
Line of Credit \| Ambler Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Amount outstanding							$ 133,000,000
Realized loss on extinguishment of debt	$ 2,000,000
Basis spread on variable rate (as percent)							2.25%
Line of Credit \| Callowhill Street Funding LLC \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 400,000,000
Basis spread on variable rate (as percent)		1.75%
Line of credit facility, commitment fee		0.50%
Line of Credit \| CCT Tokyo Funding Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 300,000,000
Stated interest rate (as percent)				0.50%
Line of Credit \| CCT Tokyo Funding Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Amount outstanding						$ 45,000,000	$ 147,000,000
Line of credit facility, maximum borrowing capacity				$ 100,000,000
Line of Credit \| CCT Tokyo Funding Credit Facility \| Term Loan Advances
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 200,000,000
Line of Credit \| CCT Tokyo Funding Credit Facility \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)						1.90%	1.90%
Line of Credit \| CCT Tokyo Funding Credit Facility \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)						2.05%	2.05%
Line of Credit \| CCT Tokyo Funding Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage				1.90%
Basis spread on variable rate (as percent)				2.05%
Line of Credit \| CCT Tokyo Funding Credit Facility \| Base Rate \| Term Loan Advances
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage				0.90%
Line of Credit \| Darby Creek Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Amount outstanding							$ 500,000,000
Realized loss on extinguishment of debt	$ 3,000,000
Basis spread on variable rate (as percent)							2.65%
Debt instrument, face amount					$ 750,000,000
Line of Credit \| Darby Creek Credit Facility \| London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)					2.65%
Stated interest rate (as percent)					2.90%
Line of Credit \| Meadowbrook Run Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Amount outstanding						$ 265,000,000	$ 200,000,000
Line of credit facility, maximum borrowing capacity			$ 400,000,000
Basis spread on variable rate (as percent)						1.95%	2.70%
Debt instrument, face amount			$ 300,000,000
Line of Credit \| Meadowbrook Run Credit Facility \| London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)			1.95%
Line of credit facility, commitment fee			70.00%
Stated interest rate (as percent)			2.45%
Line of Credit \| Meadowbrook Run Credit Facility \| London Interbank Offered Rate (LIBOR) \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Non usage fee (as percent)			0.25%
Line of Credit \| Meadowbrook Run Credit Facility \| London Interbank Offered Rate (LIBOR) \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Non usage fee (as percent)			0.65%
Investment Advisory Agreement \| FS/KKR Advisor, LLC
Debt Instrument [Line Items]
Asset coverage per ratio (as percent)												150.00%	200.00%

Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Unfunded Dent Securities
Other Commitments [Line Items]
Unfunded commitments	$ 1,447.4	$ 1,534.1
Unfunded Asset Based Finance/Other commitments
Other Commitments [Line Items]
Unfunded commitments	87.5
Investment, Identifier [Axis]: 3Pillar Global Inc
Other Commitments [Line Items]
Unfunded commitments	6.0
Investment, Identifier [Axis]: 48Forty Solutions LLC
Other Commitments [Line Items]
Unfunded commitments	2.1
Investment, Identifier [Axis]: A-Lign Assurance LLC 1
Other Commitments [Line Items]
Unfunded commitments	3.2
Investment, Identifier [Axis]: A-Lign Assurance LLC 2
Other Commitments [Line Items]
Unfunded commitments	1.5
Investment, Identifier [Axis]: AGS Health LLC 1
Other Commitments [Line Items]
Unfunded commitments	6.0
Investment, Identifier [Axis]: AGS Health LLC 2
Other Commitments [Line Items]
Unfunded commitments	2.1
Investment, Identifier [Axis]: Aareon AG
Other Commitments [Line Items]
Unfunded commitments	11.3
Investment, Identifier [Axis]: Advanced Dermatology & Cosmetic Surgery
Other Commitments [Line Items]
Unfunded commitments	3.1
Investment, Identifier [Axis]: Affordable Care Inc
Other Commitments [Line Items]
Unfunded commitments	0.1
Investment, Identifier [Axis]: Alacrity Solutions Group LLC 1
Other Commitments [Line Items]
Unfunded commitments	1.7
Investment, Identifier [Axis]: Alacrity Solutions Group LLC 2
Other Commitments [Line Items]
Unfunded commitments	2.3
Investment, Identifier [Axis]: Alpha Financial Markets Consulting PLC
Other Commitments [Line Items]
Unfunded commitments	2.3
Investment, Identifier [Axis]: American Vision Partners
Other Commitments [Line Items]
Unfunded commitments	4.7
Investment, Identifier [Axis]: Amerivet Partners Management Inc
Other Commitments [Line Items]
Unfunded commitments	8.4
Investment, Identifier [Axis]: Apex Service Partners LLC
Other Commitments [Line Items]
Unfunded commitments	3.8
Investment, Identifier [Axis]: Arcfield Acquisition Corp
Other Commitments [Line Items]
Unfunded commitments	6.0
Investment, Identifier [Axis]: Arcwood Environmental (fka Heritage Environmental Services Inc)
Other Commitments [Line Items]
Unfunded commitments	8.0
Investment, Identifier [Axis]: Area Wide Protective Inc
Other Commitments [Line Items]
Unfunded commitments	12.1
Investment, Identifier [Axis]: Avetta LLC 1
Other Commitments [Line Items]
Unfunded commitments	1.8
Investment, Identifier [Axis]: Avetta LLC 2
Other Commitments [Line Items]
Unfunded commitments	0.8
Investment, Identifier [Axis]: Avetta LLC 3
Other Commitments [Line Items]
Unfunded commitments	3.7
Investment, Identifier [Axis]: BGB Group LLC 1
Other Commitments [Line Items]
Unfunded commitments	3.2
Investment, Identifier [Axis]: BGB Group LLC 2
Other Commitments [Line Items]
Unfunded commitments	4.8
Investment, Identifier [Axis]: Bond Aviation Holdings LLC, Term Loan 1
Other Commitments [Line Items]
Unfunded commitments	13.6
Investment, Identifier [Axis]: Bond Aviation Holdings LLC, Term Loan 2
Other Commitments [Line Items]
Unfunded commitments	5.3
Investment, Identifier [Axis]: Bonterra LLC
Other Commitments [Line Items]
Unfunded commitments	14.4
Investment, Identifier [Axis]: CLEAResult Consulting Inc 1
Other Commitments [Line Items]
Unfunded commitments	4.5
Investment, Identifier [Axis]: CLEAResult Consulting Inc 2
Other Commitments [Line Items]
Unfunded commitments	3.0
Investment, Identifier [Axis]: CSafe Global
Other Commitments [Line Items]
Unfunded commitments	9.2
Investment, Identifier [Axis]: Cadence Education LLC 1
Other Commitments [Line Items]
Unfunded commitments	8.5
Investment, Identifier [Axis]: Cadence Education LLC 2
Other Commitments [Line Items]
Unfunded commitments	4.0
Investment, Identifier [Axis]: Cambrex Corp 1
Other Commitments [Line Items]
Unfunded commitments	7.8
Investment, Identifier [Axis]: Cambrex Corp 2
Other Commitments [Line Items]
Unfunded commitments	9.4
Investment, Identifier [Axis]: Cambrex Corp 3
Other Commitments [Line Items]
Unfunded commitments	5.6
Investment, Identifier [Axis]: Carrier Fire Protection 1
Other Commitments [Line Items]
Unfunded commitments	1.8
Investment, Identifier [Axis]: Carrier Fire Protection 2
Other Commitments [Line Items]
Unfunded commitments	2.1
Investment, Identifier [Axis]: Circana Group (f.k.a. NPD Group)
Other Commitments [Line Items]
Unfunded commitments	4.3
Investment, Identifier [Axis]: Civica Group Ltd 1
Other Commitments [Line Items]
Unfunded commitments	5.1
Investment, Identifier [Axis]: Civica Group Ltd 2
Other Commitments [Line Items]
Unfunded commitments	4.4
Investment, Identifier [Axis]: Clarience Technologies LLC 1
Other Commitments [Line Items]
Unfunded commitments	12.4
Investment, Identifier [Axis]: Clarience Technologies LLC 2
Other Commitments [Line Items]
Unfunded commitments	27.5
Investment, Identifier [Axis]: Clarience Technologies LLC 3
Other Commitments [Line Items]
Unfunded commitments	1.9
Investment, Identifier [Axis]: ClubCorp Club Operations Inc 1
Other Commitments [Line Items]
Unfunded commitments	5.7
Investment, Identifier [Axis]: ClubCorp Club Operations Inc 2
Other Commitments [Line Items]
Unfunded commitments	3.4
Investment, Identifier [Axis]: Com Laude Group Ltd 1
Other Commitments [Line Items]
Unfunded commitments	3.1
Investment, Identifier [Axis]: Com Laude Group Ltd 2
Other Commitments [Line Items]
Unfunded commitments	1.3
Investment, Identifier [Axis]: Com Laude Group Ltd 3
Other Commitments [Line Items]
Unfunded commitments	3.0
Investment, Identifier [Axis]: Community Brands Inc 1
Other Commitments [Line Items]
Unfunded commitments	4.1
Investment, Identifier [Axis]: Community Brands Inc 2
Other Commitments [Line Items]
Unfunded commitments	7.1
Investment, Identifier [Axis]: Consilium Safety Group AB
Other Commitments [Line Items]
Unfunded commitments	10.5
Investment, Identifier [Axis]: Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver
Other Commitments [Line Items]
Unfunded commitments	20.7
Investment, Identifier [Axis]: Cyncly Refinancing 1
Other Commitments [Line Items]
Unfunded commitments	3.2
Investment, Identifier [Axis]: Cyncly Refinancing 2
Other Commitments [Line Items]
Unfunded commitments	4.7
Investment, Identifier [Axis]: Cyncly Refinancing 3
Other Commitments [Line Items]
Unfunded commitments	1.6
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC 1
Other Commitments [Line Items]
Unfunded commitments	2.9
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC 2
Other Commitments [Line Items]
Unfunded commitments	18.8
Investment, Identifier [Axis]: Dental365 LLC 1
Other Commitments [Line Items]
Unfunded commitments	4.6
Investment, Identifier [Axis]: Dental365 LLC 2
Other Commitments [Line Items]
Unfunded commitments	3.6
Investment, Identifier [Axis]: DuBois Chemicals Inc 1
Other Commitments [Line Items]
Unfunded commitments	14.7
Investment, Identifier [Axis]: DuBois Chemicals Inc 2
Other Commitments [Line Items]
Unfunded commitments	4.3
Investment, Identifier [Axis]: Eagle Railcar Services Roscoe Inc 1
Other Commitments [Line Items]
Unfunded commitments	10.8
Investment, Identifier [Axis]: Eagle Railcar Services Roscoe Inc 2
Other Commitments [Line Items]
Unfunded commitments	12.0
Investment, Identifier [Axis]: Envirotainer Ltd
Other Commitments [Line Items]
Unfunded commitments	2.8
Investment, Identifier [Axis]: Excelitas Technologies Corp 1
Other Commitments [Line Items]
Unfunded commitments	2.4
Investment, Identifier [Axis]: Excelitas Technologies Corp 2
Other Commitments [Line Items]
Unfunded commitments	22.6
Investment, Identifier [Axis]: Flexera Software LLC
Other Commitments [Line Items]
Unfunded commitments	6.5
Investment, Identifier [Axis]: Follett Software Co
Other Commitments [Line Items]
Unfunded commitments	5.6
Investment, Identifier [Axis]: Fortnox AB
Other Commitments [Line Items]
Unfunded commitments	9.0
Investment, Identifier [Axis]: Foundation Consumer Brands LLC
Other Commitments [Line Items]
Unfunded commitments	7.7
Investment, Identifier [Axis]: Foundation Risk Partners Corp 1
Other Commitments [Line Items]
Unfunded commitments	8.9
Investment, Identifier [Axis]: Foundation Risk Partners Corp 2
Other Commitments [Line Items]
Unfunded commitments	6.6
Investment, Identifier [Axis]: Frontline Road Safety LLC 1
Other Commitments [Line Items]
Unfunded commitments	15.7
Investment, Identifier [Axis]: Frontline Road Safety LLC 2
Other Commitments [Line Items]
Unfunded commitments	14.3
Investment, Identifier [Axis]: Fullsteam Holdings LLC 1
Other Commitments [Line Items]
Unfunded commitments	11.0
Investment, Identifier [Axis]: Fullsteam Holdings LLC 2
Other Commitments [Line Items]
Unfunded commitments	3.7
Investment, Identifier [Axis]: Galaxy Universal LLC
Other Commitments [Line Items]
Unfunded commitments	11.4
Investment, Identifier [Axis]: Galway Partners Holdings LLC 1
Other Commitments [Line Items]
Unfunded commitments	10.7
Investment, Identifier [Axis]: Galway Partners Holdings LLC 2
Other Commitments [Line Items]
Unfunded commitments	6.7
Investment, Identifier [Axis]: Gigamon Inc
Other Commitments [Line Items]
Unfunded commitments	5.6
Investment, Identifier [Axis]: Granicus Inc 1
Other Commitments [Line Items]
Unfunded commitments	2.3
Investment, Identifier [Axis]: Granicus Inc 2
Other Commitments [Line Items]
Unfunded commitments	0.5
Investment, Identifier [Axis]: GreenSky Holdings LLC, Term Loan
Other Commitments [Line Items]
Unfunded commitments	3.0
Investment, Identifier [Axis]: HM Dunn Co Inc
Other Commitments [Line Items]
Unfunded commitments	6.0
Investment, Identifier [Axis]: Heniff Transportation Systems LLC
Other Commitments [Line Items]
Unfunded commitments	3.4
Investment, Identifier [Axis]: Higginbotham Insurance Agency Inc
Other Commitments [Line Items]
Unfunded commitments	1.0
Investment, Identifier [Axis]: Highgate Hotels Inc 1
Other Commitments [Line Items]
Unfunded commitments	4.2
Investment, Identifier [Axis]: Highgate Hotels Inc 2
Other Commitments [Line Items]
Unfunded commitments	3.9
Investment, Identifier [Axis]: Homrich & Berg Inc
Other Commitments [Line Items]
Unfunded commitments	0.7
Investment, Identifier [Axis]: Horizon CTS Buyer LLC 1
Other Commitments [Line Items]
Unfunded commitments	15.2
Investment, Identifier [Axis]: Horizon CTS Buyer LLC 2
Other Commitments [Line Items]
Unfunded commitments	2.2
Investment, Identifier [Axis]: Inhabit IQ 1
Other Commitments [Line Items]
Unfunded commitments	3.6
Investment, Identifier [Axis]: Inhabit IQ 2
Other Commitments [Line Items]
Unfunded commitments	2.2
Investment, Identifier [Axis]: Insight Global LLC
Other Commitments [Line Items]
Unfunded commitments	36.6
Investment, Identifier [Axis]: Insightsoftware.Com Inc 1
Other Commitments [Line Items]
Unfunded commitments	25.8
Investment, Identifier [Axis]: Insightsoftware.Com Inc 2
Other Commitments [Line Items]
Unfunded commitments	3.4
Investment, Identifier [Axis]: Integrity Marketing Group LLC 1
Other Commitments [Line Items]
Unfunded commitments	0.1
Investment, Identifier [Axis]: Integrity Marketing Group LLC 2
Other Commitments [Line Items]
Unfunded commitments	0.7
Investment, Identifier [Axis]: J S Held LLC 1
Other Commitments [Line Items]
Unfunded commitments	6.9
Investment, Identifier [Axis]: J S Held LLC 2
Other Commitments [Line Items]
Unfunded commitments	10.8
Investment, Identifier [Axis]: Jeppesen Holdings LLC
Other Commitments [Line Items]
Unfunded commitments	2.4
Investment, Identifier [Axis]: Kestra Financial Inc, Preferred Equity
Other Commitments [Line Items]
Unfunded commitments	9.2
Investment, Identifier [Axis]: Keystone Agency Partners LLC 1
Other Commitments [Line Items]
Unfunded commitments	8.5
Investment, Identifier [Axis]: Keystone Agency Partners LLC 2
Other Commitments [Line Items]
Unfunded commitments	3.8
Investment, Identifier [Axis]: Laboratoires Vivacy SAS
Other Commitments [Line Items]
Unfunded commitments	0.6
Investment, Identifier [Axis]: Lazer Logistics Inc 1
Other Commitments [Line Items]
Unfunded commitments	1.9
Investment, Identifier [Axis]: Lazer Logistics Inc 2
Other Commitments [Line Items]
Unfunded commitments	2.3
Investment, Identifier [Axis]: Learning Experience Corp/The
Other Commitments [Line Items]
Unfunded commitments	3.5
Investment, Identifier [Axis]: Legends Hospitality LLC 1
Other Commitments [Line Items]
Unfunded commitments	9.3
Investment, Identifier [Axis]: Legends Hospitality LLC 2
Other Commitments [Line Items]
Unfunded commitments	1.2
Investment, Identifier [Axis]: Lloyd's Register Quality Assurance Ltd
Other Commitments [Line Items]
Unfunded commitments	5.6
Investment, Identifier [Axis]: MAI Capital Management LLC 1
Other Commitments [Line Items]
Unfunded commitments	2.7
Investment, Identifier [Axis]: MAI Capital Management LLC 2
Other Commitments [Line Items]
Unfunded commitments	4.3
Investment, Identifier [Axis]: MB2 Dental Solutions LLC 1
Other Commitments [Line Items]
Unfunded commitments	23.2
Investment, Identifier [Axis]: MB2 Dental Solutions LLC 2
Other Commitments [Line Items]
Unfunded commitments	8.8
Investment, Identifier [Axis]: Magna Legal Services LLC
Other Commitments [Line Items]
Unfunded commitments	2.2
Investment, Identifier [Axis]: Med-Metrix 1
Other Commitments [Line Items]
Unfunded commitments	37.2
Investment, Identifier [Axis]: Med-Metrix 2
Other Commitments [Line Items]
Unfunded commitments	34.1
Investment, Identifier [Axis]: Mercer Advisors Inc
Other Commitments [Line Items]
Unfunded commitments	4.5
Investment, Identifier [Axis]: Model N Inc 1
Other Commitments [Line Items]
Unfunded commitments	6.1
Investment, Identifier [Axis]: Model N Inc 2
Other Commitments [Line Items]
Unfunded commitments	3.2
Investment, Identifier [Axis]: NAVEX Global Inc 1
Other Commitments [Line Items]
Unfunded commitments	0.3
Investment, Identifier [Axis]: NAVEX Global Inc 2
Other Commitments [Line Items]
Unfunded commitments	6.7
Investment, Identifier [Axis]: NeoGov Newt Holdco Inc 1
Other Commitments [Line Items]
Unfunded commitments	1.1
Investment, Identifier [Axis]: NeoGov Newt Holdco Inc 2
Other Commitments [Line Items]
Unfunded commitments	2.4
Investment, Identifier [Axis]: NeoGov Newt Holdco Inc 3
Other Commitments [Line Items]
Unfunded commitments	4.9
Investment, Identifier [Axis]: Net Documents
Other Commitments [Line Items]
Unfunded commitments	3.6
Investment, Identifier [Axis]: Netsmart Technologies Inc 1
Other Commitments [Line Items]
Unfunded commitments	6.2
Investment, Identifier [Axis]: Netsmart Technologies Inc 2
Other Commitments [Line Items]
Unfunded commitments	6.3
Investment, Identifier [Axis]: New Era Technology Inc
Other Commitments [Line Items]
Unfunded commitments	2.3
Investment, Identifier [Axis]: Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver
Other Commitments [Line Items]
Unfunded commitments	14.8
Investment, Identifier [Axis]: OEConnection LLC 1
Other Commitments [Line Items]
Unfunded commitments	0.6
Investment, Identifier [Axis]: OEConnection LLC 2
Other Commitments [Line Items]
Unfunded commitments	2.4
Investment, Identifier [Axis]: OEConnection LLC 3
Other Commitments [Line Items]
Unfunded commitments	6.4
Investment, Identifier [Axis]: OEConnection LLC 4
Other Commitments [Line Items]
Unfunded commitments	6.3
Investment, Identifier [Axis]: Orion Services Group
Other Commitments [Line Items]
Unfunded commitments	4.0
Investment, Identifier [Axis]: Oxford Global Resources LLC
Other Commitments [Line Items]
Unfunded commitments	7.6
Investment, Identifier [Axis]: PCI Pharma Services 1
Other Commitments [Line Items]
Unfunded commitments	25.8
Investment, Identifier [Axis]: PCI Pharma Services 2
Other Commitments [Line Items]
Unfunded commitments	2.0
Investment, Identifier [Axis]: PCI Pharma Services 3
Other Commitments [Line Items]
Unfunded commitments	11.7
Investment, Identifier [Axis]: PROS Holdings Inc
Other Commitments [Line Items]
Unfunded commitments	1.3
Investment, Identifier [Axis]: PSC Group 1
Other Commitments [Line Items]
Unfunded commitments	1.4
Investment, Identifier [Axis]: PSC Group 2
Other Commitments [Line Items]
Unfunded commitments	1.5
Investment, Identifier [Axis]: PartsSource Inc
Other Commitments [Line Items]
Unfunded commitments	0.7
Investment, Identifier [Axis]: Philippine Airlines 777, Term Loan 1
Other Commitments [Line Items]
Unfunded commitments	1.1
Investment, Identifier [Axis]: Philippine Airlines 777, Term Loan 2
Other Commitments [Line Items]
Unfunded commitments	1.1
Investment, Identifier [Axis]: Pike Corp 1
Other Commitments [Line Items]
Unfunded commitments	6.6
Investment, Identifier [Axis]: Pike Corp 2
Other Commitments [Line Items]
Unfunded commitments	4.4
Investment, Identifier [Axis]: Premise Health Holding Corp 1
Other Commitments [Line Items]
Unfunded commitments	0.5
Investment, Identifier [Axis]: Premise Health Holding Corp 2
Other Commitments [Line Items]
Unfunded commitments	2.3
Investment, Identifier [Axis]: Radwell International LLC
Other Commitments [Line Items]
Unfunded commitments	5.8
Investment, Identifier [Axis]: Railpros Inc 1
Other Commitments [Line Items]
Unfunded commitments	0.8
Investment, Identifier [Axis]: Railpros Inc 2
Other Commitments [Line Items]
Unfunded commitments	0.4
Investment, Identifier [Axis]: Resa Power LLC 1
Other Commitments [Line Items]
Unfunded commitments	12.2
Investment, Identifier [Axis]: Resa Power LLC 2
Other Commitments [Line Items]
Unfunded commitments	8.6
Investment, Identifier [Axis]: Revere Superior Holdings Inc
Other Commitments [Line Items]
Unfunded commitments	3.3
Investment, Identifier [Axis]: Rialto Capital Management LLC
Other Commitments [Line Items]
Unfunded commitments	1.0
Investment, Identifier [Axis]: Rockefeller Capital Management LP
Other Commitments [Line Items]
Unfunded commitments	8.8
Investment, Identifier [Axis]: SAMBA Safety Inc 1
Other Commitments [Line Items]
Unfunded commitments	0.6
Investment, Identifier [Axis]: SAMBA Safety Inc 2
Other Commitments [Line Items]
Unfunded commitments	0.9
Investment, Identifier [Axis]: SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver
Other Commitments [Line Items]
Unfunded commitments	5.2
Investment, Identifier [Axis]: STV Group Inc 1
Other Commitments [Line Items]
Unfunded commitments	8.3
Investment, Identifier [Axis]: STV Group Inc 2
Other Commitments [Line Items]
Unfunded commitments	11.9
Investment, Identifier [Axis]: Safe-Guard Products International LLC
Other Commitments [Line Items]
Unfunded commitments	8.8
Investment, Identifier [Axis]: Sallie Mae Levered, Term Loan
Other Commitments [Line Items]
Unfunded commitments	0.3
Investment, Identifier [Axis]: Service Express Inc 1
Other Commitments [Line Items]
Unfunded commitments	10.7
Investment, Identifier [Axis]: Service Express Inc 2
Other Commitments [Line Items]
Unfunded commitments	12.3
Investment, Identifier [Axis]: Service Logic LLC 1
Other Commitments [Line Items]
Unfunded commitments	8.0
Investment, Identifier [Axis]: Service Logic LLC 2
Other Commitments [Line Items]
Unfunded commitments	4.0
Investment, Identifier [Axis]: Sphera Solutions Inc 1
Other Commitments [Line Items]
Unfunded commitments	6.4
Investment, Identifier [Axis]: Sphera Solutions Inc 2
Other Commitments [Line Items]
Unfunded commitments	3.4
Investment, Identifier [Axis]: Sphera Solutions Inc 3
Other Commitments [Line Items]
Unfunded commitments	20.0
Investment, Identifier [Axis]: Spins LLC
Other Commitments [Line Items]
Unfunded commitments	3.2
Investment, Identifier [Axis]: Spotless Brands LLC
Other Commitments [Line Items]
Unfunded commitments	5.3
Investment, Identifier [Axis]: Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver
Other Commitments [Line Items]
Unfunded commitments	15.0
Investment, Identifier [Axis]: Sweeping Corp of America LLC
Other Commitments [Line Items]
Unfunded commitments	4.5
Investment, Identifier [Axis]: TPSI Receivables LLC (Tropicana Products Inc), Revolver
Other Commitments [Line Items]
Unfunded commitments	6.0
Investment, Identifier [Axis]: Time Manufacturing Co 1
Other Commitments [Line Items]
Unfunded commitments	1.3
Investment, Identifier [Axis]: Time Manufacturing Co 2
Other Commitments [Line Items]
Unfunded commitments	14.0
Investment, Identifier [Axis]: Trackunit ApS
Other Commitments [Line Items]
Unfunded commitments	32.9
Investment, Identifier [Axis]: Turnpoint Services Inc 1
Other Commitments [Line Items]
Unfunded commitments	0.9
Investment, Identifier [Axis]: Turnpoint Services Inc 2
Other Commitments [Line Items]
Unfunded commitments	2.5
Investment, Identifier [Axis]: USIC Holdings Inc 1
Other Commitments [Line Items]
Unfunded commitments	3.0
Investment, Identifier [Axis]: USIC Holdings Inc 2
Other Commitments [Line Items]
Unfunded commitments	8.1
Investment, Identifier [Axis]: Veriforce LLC 1
Other Commitments [Line Items]
Unfunded commitments	2.1
Investment, Identifier [Axis]: Veriforce LLC 2
Other Commitments [Line Items]
Unfunded commitments	3.7
Investment, Identifier [Axis]: Vermont Information Processing Inc 1
Other Commitments [Line Items]
Unfunded commitments	9.6
Investment, Identifier [Axis]: Vermont Information Processing Inc 2
Other Commitments [Line Items]
Unfunded commitments	2.9
Investment, Identifier [Axis]: Version1 Software Ltd
Other Commitments [Line Items]
Unfunded commitments	13.0
Investment, Identifier [Axis]: VetCor Professional Practices LLC 1
Other Commitments [Line Items]
Unfunded commitments	5.9
Investment, Identifier [Axis]: VetCor Professional Practices LLC 2
Other Commitments [Line Items]
Unfunded commitments	20.8
Investment, Identifier [Axis]: Vitu
Other Commitments [Line Items]
Unfunded commitments	9.1
Investment, Identifier [Axis]: Waste Services Group Pty Ltd
Other Commitments [Line Items]
Unfunded commitments	4.8
Investment, Identifier [Axis]: Wealth Enhancement Group LLC 1
Other Commitments [Line Items]
Unfunded commitments	2.8
Investment, Identifier [Axis]: Wealth Enhancement Group LLC 2
Other Commitments [Line Items]
Unfunded commitments	13.9
Investment, Identifier [Axis]: Wedgewood Weddings 1
Other Commitments [Line Items]
Unfunded commitments	5.8
Investment, Identifier [Axis]: Wedgewood Weddings 2
Other Commitments [Line Items]
Unfunded commitments	5.8
Investment, Identifier [Axis]: West Star Aviation Inc 1
Other Commitments [Line Items]
Unfunded commitments	9.5
Investment, Identifier [Axis]: West Star Aviation Inc 2
Other Commitments [Line Items]
Unfunded commitments	30.1
Investment, Identifier [Axis]: Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver
Other Commitments [Line Items]
Unfunded commitments	12.8
Investment, Identifier [Axis]: Woolpert Inc 1
Other Commitments [Line Items]
Unfunded commitments	6.9
Investment, Identifier [Axis]: Woolpert Inc 2
Other Commitments [Line Items]
Unfunded commitments	15.9
Investment, Identifier [Axis]: Worldwise Inc
Other Commitments [Line Items]
Unfunded commitments	0.8
Investment, Identifier [Axis]: Xylem Kendall 1
Other Commitments [Line Items]
Unfunded commitments	15.9
Investment, Identifier [Axis]: Xylem Kendall 2
Other Commitments [Line Items]
Unfunded commitments	1.2
Investment, Identifier [Axis]: Zellis Holdings Ltd
Other Commitments [Line Items]
Unfunded commitments	4.4
Investment, Identifier [Axis]: Zendesk Inc 1
Other Commitments [Line Items]
Unfunded commitments	5.0
Investment, Identifier [Axis]: Zendesk Inc 2
Other Commitments [Line Items]
Unfunded commitments	6.0
Investment, Identifier [Axis]: Zeus Industrial Products Inc 1
Other Commitments [Line Items]
Unfunded commitments	11.6
Investment, Identifier [Axis]: Zeus Industrial Products Inc 2
Other Commitments [Line Items]
Unfunded commitments	7.7
Investment, Identifier [Axis]: iNova Pharmaceuticals (Australia) Pty Limited
Other Commitments [Line Items]
Unfunded commitments	$ 2.5

Financial Instruments - Narrative (Details) - USD ($)	12 Months Ended
Financial Instruments - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Sep. 25, 2025	Sep. 18, 2025	Dec. 27, 2024	Dec. 20, 2024	Nov. 20, 2024	Nov. 13, 2024	Jun. 27, 2024	Jun. 13, 2024	Jun. 06, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 220,000,000.0	$ 146,800,000
6.875% Notes due 2029 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, face amount											$ 600,000,000
Stated interest rate (as percent)	6.875%	6.875%									6.875%	6.875%
6.125% Notes due 2030 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, face amount					$ 100,000,000		$ 600,000,000
Stated interest rate (as percent)	6.125%	6.125%			6.125%		6.125%
6.125% Notes due 2031 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, face amount			$ 400,000,000								$ 400,000,000
Stated interest rate (as percent)	6.125%	6.125%	6.125%								6.125%	6.125%
Foreign Exchange Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average notional balance	$ 193,000,000.0	$ 166,900,000
Interest Rate Swap \| 6.875% Notes due 2029 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Stated interest rate (as percent)	6.875%										6.875%
Notional amount											$ 600,000,000
Interest Rate Swap \| 6.125% Notes due 2030 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Stated interest rate (as percent)	6.125%				6.125%		6.125%				6.125%
Notional amount					$ 700,000,000
Interest Rate Swap \| 6.125% Notes due 2031 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Stated interest rate (as percent)	6.125%										6.125%
Notional amount											$ 400,000,000
Interest Rate Swap One
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 200,000,000
Fixed interest rate (as percent)	6.875%	6.875%
Interest Rate Swap One \| 6.875% Notes due 2029 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount										$ 200,000,000
Fixed interest rate (as percent)										6.875%
Variable interest rate (as percent)										2.754%
Interest Rate Swap One \| 6.125% Notes due 2031 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				$ 400,000,000
Fixed interest rate (as percent)				6.125%
Variable interest rate (as percent)				2.748%
Interest Rate Swap Two
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 400,000,000
Fixed interest rate (as percent)	6.875%	6.875%
Interest Rate Swap Two \| 6.875% Notes due 2029 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount									$ 400,000,000
Fixed interest rate (as percent)									6.875%
Variable interest rate (as percent)									2.788%
Interest Rate Swap Three
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 600,000,000
Fixed interest rate (as percent)	6.125%	6.125%
Interest Rate Swap Three \| 6.125% Notes due 2030 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount								$ 600,000,000
Fixed interest rate (as percent)								6.125%
Variable interest rate (as percent)								2.1374%
Interest Rate Swap Four
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 100,000,000
Fixed interest rate (as percent)	6.125%	6.125%
Interest Rate Swap Four \| 6.125% Notes due 2030 \| Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount						$ 100,000,000
Fixed interest rate (as percent)						6.125%
Variable interest rate (as percent)						2.0614%

Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Financial Highlights

The following is a schedule of financial highlights of the Company for the years ended December 31, 2025, 2024, 2023, 2022 and 2021:


	Year Ended December 31,
	2025			2024			2023			2022			2021
Per Share Data:
Net asset value, beginning of year	$	23.64		$	24.46		$	24.89		$	27.17		$	25.02
Results of operations(1)
Net investment income (loss)	2.34			2.90			3.18			3.05			2.76
Net realized gain (loss) and unrealized appreciation (depreciation)	(2.29)			(0.82)			(0.70)			(2.74)			4.28
Net increase (decrease) in net assets resulting from operations	0.05			2.08			2.48			0.31			7.04
Stockholder distributions(2)
Distributions from net investment income	(2.80)			(2.90)			(2.95)			(2.66)			(2.47)
Distributions from net realized gain on investments	—			—			—			—			—
Net decrease in net assets resulting from stockholder distributions	(2.80)			(2.90)			(2.95)			(2.66)			(2.47)
Capital share transactions
Issuance of common stock(3)	—			—			—			—			(2.20)
Repurchases of common stock(4)	—			—			0.04			0.07			0.01
Deduction of deferred costs(5)	—			—			—			—			(0.23)


Net increase (decrease) in net assets resulting from capital share transactions	—			—			0.04			0.07			(2.42)
Net asset value, end of period	$	20.89		$	23.64		$	24.46		$	24.89		$	27.17
Per share market value, end of year	$	14.81		$	21.72		$	19.97		$	17.50		$	20.94
Shares outstanding, end of year	280,066,433			280,066,433			280,066,433			281,731,750			284,543,091
Total return based on net asset value(6)	0.21		%	8.50		%	10.12		%	1.40		%	18.47		%
Total return based on market value(7)	(20.31)		%	25.29		%	32.45		%	(4.61)		%	41.45		%
Ratio/Supplemental Data:
Net assets, end of year	$	5,849		$	6,622		$	6,849		$	7,012		$	7,730
Ratio of net investment income to average net assets(8)	10.22		%	11.90		%	12.67		%	11.42		%	10.36		%



Ratio of total operating expenses to average net assets(8)	13.52		%	13.29		%	13.32		%	10.96		%	9.35		%

Ratio of net operating expenses to average net assets(8)	13.52		%	13.29		%	13.32		%	10.17		%	8.82		%
Portfolio turnover	41.19		%	33.38		%	12.14		%	28.61		%	49.82		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	7,620		$	7,385		$	8,223		$	8,731		$	9,179
Asset coverage per unit(9)	1.77			1.90			1.83			1.80			1.84

_______________

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

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

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


	Year Ended December 31,
	2025		2024		2023		2022		2021

Ratio of subordinated income incentive fees to average net assets	2.13	%	2.45	%	2.57	%	1.31	%	0.83	%
Ratio of interest expense to average net assets	7.25	%	6.81	%	6.63	%	4.82	%	4.10	%
Ratio of excise taxes to average net assets	0.34	%	0.34	%	0.31	%	0.25	%	0.21	%

Summary of Supplemental Ratios

The following is a schedule of supplemental ratios for the years ended December 31, 2025, 2024, 2023, 2022 and 2021:


	Year Ended December 31,
	2025		2024		2023		2022		2021

Ratio of subordinated income incentive fees to average net assets	2.13	%	2.45	%	2.57	%	1.31	%	0.83	%
Ratio of interest expense to average net assets	7.25	%	6.81	%	6.63	%	4.82	%	4.10	%
Ratio of excise taxes to average net assets	0.34	%	0.34	%	0.31	%	0.25	%	0.21	%

Financing Arrangements - Outstanding Financing Arrangements (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 GBP (£)	Dec. 31, 2025 AUD ($)	Sep. 25, 2025	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 AUD ($)	Dec. 31, 2024 CAD ($)	Dec. 27, 2024	Nov. 20, 2024	Jun. 06, 2024	Dec. 31, 2023 USD ($)	Nov. 21, 2023	Dec. 31, 2022 USD ($)	Jan. 18, 2022	Dec. 31, 2021 USD ($)	Oct. 12, 2021	Jun. 17, 2021	Jun. 16, 2021	Dec. 10, 2020	Apr. 30, 2020	Nov. 20, 2019	Dec. 02, 2015
Debt Instrument [Line Items]
Senior securities issued		$ 7,620,000,000	$ 7,385,000,000												$ 8,223,000,000		$ 8,731,000,000		$ 9,179,000,000
Amount Available		3,268,000,000	4,363,000,000
Derivatives before offset		0	$ 3,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Derivatives before offset		$ 59,000,000
Callowhill Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.75%
Senior securities issued		$ 284,000,000
Amount Available		116,000,000
Ambler Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)			2.25%
Senior securities issued			$ 133,000,000
Amount Available			$ 67,000,000
Floor on benchmark rate (as percent)			0.00%
CCT Tokyo Funding Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Stated interest rate (as percent)																										0.50%
CCT Tokyo Funding Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Senior securities issued		45,000,000	$ 147,000,000
Amount Available		$ 0	$ 0
Floor on benchmark rate (as percent)		0.00%	0.00%
CCT Tokyo Funding Credit Facility \| Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.90%	1.90%
CCT Tokyo Funding Credit Facility \| Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		2.05%	2.05%
Darby Creek Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)			2.65%
Senior securities issued			$ 500,000,000
Amount Available			$ 250,000,000
Floor on benchmark rate (as percent)			0.00%
Meadowbrook Run Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.95%	2.70%
Senior securities issued		$ 265,000,000	$ 200,000,000
Amount Available		$ 35,000,000	$ 100,000,000
Floor on benchmark rate (as percent)		0.00%	0.00%
Senior Secured Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Senior securities issued								€ 455	£ 165	$ 4	$ 3
Senior Secured Revolving Credit Facility \| Revolving Credit Facility \| United States of America, Dollars
Debt Instrument [Line Items]
Exchange rate			1.04					1.04	1.04	1.04	1.04
Senior Secured Revolving Credit Facility \| Revolving Credit Facility \| United Kingdom, Pounds
Debt Instrument [Line Items]
Basis spread on variable rate, credit spread adjustment (as percent)		0.0326%	0.0326%
Exchange rate			1.25					1.25	1.25	1.25	1.25
Senior Secured Revolving Credit Facility \| Revolving Credit Facility \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Exchange rate			1.00					1.00	1.00	1.00	1.00
Senior Secured Revolving Credit Facility \| Revolving Credit Facility \| Canada, Dollars
Debt Instrument [Line Items]
Exchange rate			0.69					0.69	0.69	0.69	0.69
Senior Secured Revolving Credit Facility \| Revolving Credit Facility \| Australia, Dollars
Debt Instrument [Line Items]
Exchange rate			0.62					0.62	0.62	0.62	0.62
Senior Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Senior securities issued		$ 1,533,000,000	$ 628,000,000	€ 361	£ 180	$ 3
Amount Available		$ 3,117,000,000	$ 3,946,000,000
Floor on benchmark rate (as percent)		0.00%	0.00%
Senior Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| United States of America, Dollars
Debt Instrument [Line Items]
Basis spread on variable rate, credit spread adjustment (as percent)		0.10%	0.10%
Senior Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| United Kingdom, Pounds
Debt Instrument [Line Items]
Exchange rate		1.34		1.34	1.34	1.34
Senior Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Exchange rate		1.17		1.17	1.17	1.17
Senior Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Australia, Dollars
Debt Instrument [Line Items]
Exchange rate		0.67		0.67	0.67	0.67
Senior Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.75%	1.75%
Senior Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.88%	1.88%
Senior Secured Revolving Credit Facility \| Line of Credit \| Standby Letters of Credit
Debt Instrument [Line Items]
Long-term line of credit		$ 50,000,000	$ 21,000,000
1.650% Notes due 2024 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		1.65%	1.65%	1.65%	1.65%	1.65%		1.65%	1.65%	1.65%	1.65%				1.65%
4.125% Notes due 2025 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		4.125%	4.125%	4.125%	4.125%	4.125%		4.125%	4.125%	4.125%	4.125%				4.125%										4.125%
Senior securities issued			$ 470,000,000
Fair value			$ 469,000,000
4.250% Unsecured Notes due 2025 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)			4.25%					4.25%	4.25%	4.25%	4.25%						4.25%					4.25%
Senior securities issued			$ 475,000,000
Fair value			$ 474,000,000
8.625% Notes due 2025 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		8.625%	8.625%	8.625%	8.625%	8.625%		8.625%	8.625%	8.625%	8.625%				8.625%									8.625%
Senior securities issued			$ 250,000,000
Fair value			$ 251,000,000
3.400% Notes due 2026 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		3.40%	3.40%	3.40%	3.40%	3.40%		3.40%	3.40%	3.40%	3.40%				3.40%								3.40%
Senior securities issued		$ 1,000,000,000	$ 1,000,000,000
Fair value		$ 1,000,000,000	$ 981,000,000
2.625% Notes due 2027 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		2.625%	2.625%	2.625%	2.625%	2.625%		2.625%	2.625%	2.625%	2.625%				2.625%						2.625%
Senior securities issued		$ 400,000,000	$ 400,000,000
Fair value		$ 389,000,000	$ 379,000,000
3.250% Notes due 2027 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		3.25%	3.25%	3.25%	3.25%	3.25%		3.25%	3.25%	3.25%	3.25%				3.25%			3.25%
Senior securities issued		$ 500,000,000	$ 500,000,000
Fair value		$ 483,000,000	$ 474,000,000
3.125% Notes due 2028 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		3.125%	3.125%	3.125%	3.125%	3.125%		3.125%	3.125%	3.125%	3.125%				3.125%					3.125%
Senior securities issued		$ 750,000,000	$ 750,000,000
Fair value		$ 692,000,000	$ 680,000,000
7.875% Notes due 2029 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		7.875%	7.875%	7.875%	7.875%	7.875%		7.875%	7.875%	7.875%	7.875%				7.875%	7.875%
Senior securities issued		$ 400,000,000	$ 400,000,000
Fair value		$ 414,000,000	$ 426,000,000
6.875% Notes due 2029 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		6.875%	6.875%	6.875%	6.875%	6.875%		6.875%	6.875%	6.875%	6.875%			6.875%	6.875%
Senior securities issued		$ 600,000,000	$ 600,000,000
Fair value		$ 624,000,000	615,000,000
6.875% Notes due 2029 \| Unsecured Notes \| Interest Rate Swap
Debt Instrument [Line Items]
Stated interest rate (as percent)		6.875%		6.875%	6.875%	6.875%								6.875%
Derivatives before offset		$ 24,000,000	$ 15,000,000
6.125% Notes due 2030 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		6.125%	6.125%	6.125%	6.125%	6.125%		6.125%	6.125%	6.125%	6.125%	6.125%	6.125%
Senior securities issued		$ 700,000,000	$ 700,000,000
Fair value		$ 732,000,000	700,000,000
6.125% Notes due 2030 \| Unsecured Notes \| Interest Rate Swap
Debt Instrument [Line Items]
Stated interest rate (as percent)		6.125%		6.125%	6.125%	6.125%						6.125%	6.125%	6.125%
Derivatives before offset		$ 32,000,000	$ 0
6.125% Notes due 2031 \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		6.125%	6.125%	6.125%	6.125%	6.125%	6.125%	6.125%	6.125%	6.125%	6.125%			6.125%	6.125%
Senior securities issued		$ 400,000,000
Fair value		$ 403,000,000
6.125% Notes due 2031 \| Unsecured Notes \| Interest Rate Swap
Debt Instrument [Line Items]
Stated interest rate (as percent)		6.125%		6.125%	6.125%	6.125%								6.125%
Derivatives before offset		$ 3,000,000
CLO-1 Notes \| Collateralized Loan Obligations
Debt Instrument [Line Items]
Senior securities issued		$ 380,000,000	$ 232,000,000
Floor on benchmark rate (as percent)		0.00%	0.00%
CLO-1 Notes \| Collateralized Loan Obligations \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	3.01%	1.48%
CLO-1 Notes \| Collateralized Loan Obligations \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.85%	2.15%
CLO-2 Notes \| Collateralized Loan Obligations
Debt Instrument [Line Items]
Senior securities issued		$ 363,000,000
CLO-2 Notes \| Collateralized Loan Obligations \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.47%
CLO-2 Notes \| Collateralized Loan Obligations \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		2.10%
1.90% Term Loan Outstanding
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.90%	1.90%
Term loan outstanding		$ 30,000,000	$ 98,000,000
2.05% Commitments Outstanding
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		2.05%	2.05%
2.05% Commitments Outstanding \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving commitment outstanding		$ 15,000,000	$ 49,000,000
1.48% Class A-1 Notes Outstanding \| Unsecured Notes
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.48%
Senior securities issued		$ 160,000,000.0
1.48% Class A-1L Notes Outstanding \| Unsecured Notes
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.48%
Senior securities issued		$ 100,000,000.0
1.48% Class A-1W Notes Outstanding \| Unsecured Notes
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.48%
Senior securities issued		$ 30,000,000.0
1.60% Class A-2L Notes Outstanding \| Unsecured Notes
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.60%
Senior securities issued		$ 20,000,000.0
Class B Notes Outstanding \| Unsecured Notes
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.75%
Senior securities issued		$ 30,000,000.0
Class C Notes Outstanding \| Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate (as percent)		2.15%		2.15%	2.15%	2.15%
Senior securities issued		$ 40,000,000.0
1.47 % Class A-1 Notes Outstanding \| Unsecured Notes
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.47%
Senior securities issued		$ 125,500,000
1.65% Class A-2 Notes Outstanding \| Unsecured Notes
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.65%
Senior securities issued		$ 19,000,000.0
1.80% Class B Notes Outstanding \| Unsecured Notes
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.80%
Senior securities issued		$ 35,600,000
2.10% Class A-C Notes Outstanding \| Unsecured Notes
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		2.10%
Senior securities issued		$ 33,200,000
1.85% Class A-1R Notes Outstanding \| Collateralized Loan Obligations
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)			1.85%
Senior securities issued			$ 161,800,000
2.25% Class A-2R Notes Outstanding \| Collateralized Loan Obligations
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)			2.25%
Senior securities issued			$ 20,500,000
2.60% Class B-1R Notes Outstanding \| Collateralized Loan Obligations
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)			2.60%
Senior securities issued			$ 32,400,000
3.011% Class B-2R Notes Outstanding \| Collateralized Loan Obligations
Debt Instrument [Line Items]
Stated interest rate (as percent)			3.011%					3.011%	3.011%	3.011%	3.011%
Senior securities issued			$ 17,400,000
1.47% Class A-1 Senior Floating Rate Loans \| Unsecured Notes
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.47%
Senior securities issued		$ 150,000,000.0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California
Auditor Firm ID	34

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity The Company has effective processes in place to assess, identify, and manage material risks from cybersecurity threats. The Company’s business is dependent on the communications and information systems of the Adviser, as an affiliate of Future Standard. The Company also relies on the communications and systems of other third-party service providers. Future Standard has implemented a cybersecurity program that applies to all of its subsidiaries and affiliates, including the Company and its operations. Cybersecurity Program Overview Future Standard has instituted a cybersecurity program designed to identify, assess, and manage cyber risks applicable to the Company. The cyber risk management program involves, inter alia, risk assessments, implementation of security measures, and ongoing monitoring of systems and networks, including networks on which the Company relies. Future Standard actively monitors the current threat landscape in an effort to identify material risks arising from new and evolving cybersecurity threats, including material risks faced by the Company. The Company relies on Future Standard to engage external experts, including cybersecurity assessors, consultants, and auditors to evaluate cybersecurity measures and risk management processes, including those applicable to the Company. The Company is also included in the Future Standard risk management program and processes, which include cyber risk assessments. The Company depends on and engages various third parties, including suppliers, vendors, and service providers, to operate its business. The Company relies on the expertise of Future Standard’ third-party risk management, legal, information technology, and compliance personnel of the Adviser and Future Standard, including the Chief Information Security Officer, or the CISO, of Future Standard, when identifying and overseeing risks from cybersecurity threats associated with our use of such entities. Assessment of Cybersecurity Risk The potential impact of risks from cybersecurity threats on the Company are assessed on an ongoing basis, and how such risks could materially affect the Company’s business strategy, operational results, and financial condition are regularly evaluated. During the reporting period, the Company has not identified any impact from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Company believes have materially affected, or are reasonably likely to materially affect, the Company, including its business strategy, operational results, and financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company has effective processes in place to assess, identify, and manage material risks from cybersecurity threats. The Company’s business is dependent on the communications and information systems of the Adviser, as an affiliate of Future Standard. The Company also relies on the communications and systems of other third-party service providers. Future Standard has implemented a cybersecurity program that applies to all of its subsidiaries and affiliates, including the Company and its operations.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The audit committee of the Board of the Company, or the Audit Committee, provides strategic oversight on cybersecurity matters, including risks associated with cybersecurity threats. The Audit Committee receives periodic updates from the Future Standard CISO and the Company’s Chief Compliance Officer, or the CCO, regarding the overall state of the Future Standard cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting the Company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee of the Board of the Company, or the Audit Committee, provides strategic oversight on cybersecurity matters, including risks associated with cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives periodic updates from the Future Standard CISO and the Company’s Chief Compliance Officer, or the CCO, regarding the overall state of the Future Standard cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting the Company.
Cybersecurity Risk Role of Management [Text Block]	The Company’s management, including the Company’s CCO, is responsible for assessing and managing material risks from cybersecurity threats. The CCO oversees the Company’s risk management function generally and relies on the Future Standard CISO to assist with assessing and managing material risks from cybersecurity threats. The CISO has over fifteen years of experience in actively managing cybersecurity and information security programs for financial services companies with complex information systems. The CCO has been responsible for this oversight function as CCO to the Company for ten years and has worked in the financial services industry for over 40 years, during which the CCO has gained expertise in assessing and managing risk applicable to the Company. Management of the Company is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Company, including through the receipt of notifications from service providers and reliance on communications with risk management, legal, information technology, and/or compliance personnel of the Adviser and Future Standard.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company’s management, including the Company’s CCO, is responsible for assessing and managing material risks from cybersecurity threats. The CCO oversees the Company’s risk management function generally and relies on the Future Standard CISO to assist with assessing and managing material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO has over fifteen years of experience in actively managing cybersecurity and information security programs for financial services companies with complex information systems. The CCO has been responsible for this oversight function as CCO to the Company for ten years and has worked in the financial services industry for over 40 years, during which the CCO has gained expertise in assessing and managing risk applicable to the Company.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Management of the Company is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Company, including through the receipt of notifications from service providers and reliance on communications with risk management, legal, information technology, and/or compliance personnel of the Adviser and Future Standard.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Selected Quarterly Financial Data (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Investment income	$ 348	$ 373	$ 398	$ 400	$ 407	$ 441	$ 439	$ 434	$ 1,519	$ 1,721	$ 1,830
Net expenses and excise taxes	213	214	225	213	236	226	224	222
Net investment income	135	159	173	187	171	215	215	212	654	813	892
Realized and unrealized gain (loss)	(249)	55	(382)	(67)	(24)	(55)	(110)	(39)	(624)	(228)	(193)
Net increase (decrease) in net assets resulting from operations	$ (114)	$ 214	$ (209)	$ 120	$ 147	$ 160	$ 105	$ 173	$ 11	$ 585	$ 696
Net investment income (in dollars per share)	$ 0.48	$ 0.57	$ 0.62	$ 0.67	$ 0.61	$ 0.77	$ 0.77	$ 0.76	$ 2.34	$ 2.90	$ 3.18	$ 3.05	$ 2.76
Net increase (decrease) in net assets resulting from operations - basic (in dollars per share)	(0.41)	0.76	(0.75)	0.43	0.52	0.57	0.37	0.62	0.04	2.09	2.48
Net increase (decrease) in net assets resulting from operations - diluted (in dollars per share)	$ (0.41)	$ 0.76	$ (0.75)	$ 0.43	$ 0.52	$ 0.57	$ 0.37	$ 0.62	$ 0.04	$ 2.09	$ 2.48
Weighted average shares outstanding - basic (in shares)	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,276,768
Weighted average shares outstanding - diluted (in shares)	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,066,433	280,276,768

Financing Arrangements

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Financial Instruments

Financing Arrangements

Prior to June 14, 2019, in accordance with the 1940 Act, the Company was allowed to borrow amounts such that its asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, the Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of December 31, 2025, the aggregate amount outstanding of the senior securities issued by the Company was $7,620. As of December 31, 2025, the Company’s asset coverage was 177%.

The following tables present summary information with respect to the Company’s outstanding financing arrangements as of December 31, 2025 and 2024:


	As of December 31, 2025
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date


Callowhill Credit Facility(2)	Revolving Credit Facility	SOFR+1.75%(1)	$	284	$	116	June 2, 2030
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	SOFR+1.90% - 2.05%(1)(3)	45		—		June 2, 2026

Meadowbrook Run Credit Facility(2)	Revolving Credit Facility	SOFR+1.95%(1)	265		35		November 22, 2028
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	SOFR+1.75% - 1.88%(1)(4)	1,533(5)		3,117(6)		July 16, 2030




3.400% Notes due 2026(7)	Unsecured Notes	3.40%	1,000		—		January 15, 2026
2.625% Notes due 2027(7)	Unsecured Notes	2.63%	400		—		January 15, 2027
3.250% Notes due 2027(7)	Unsecured Notes	3.25%	500		—		July 15, 2027
3.125% Notes due 2028(7)	Unsecured Notes	3.13%	750		—		October 12, 2028
7.875% Notes due 2029(7)	Unsecured Notes	7.88%	400		—		January 15, 2029
6.875% Notes due 2029(7)(8)	Unsecured Notes	6.88%	600		—		August 15, 2029
6.125% Notes due 2030(7)(8)	Unsecured Notes	6.13%	700		—		January 15, 2030
6.125% Notes due 2031(7)(8)	Unsecured Notes	6.13%	400		—		January 15, 2031
CLO-2 Notes(2)(9)	Collateralized Loan Obligation	SOFR+1.48% - 2.15%(1)	380		—		April 15, 2037
CLO-3 Notes(2)(10)	Collateralized Loan Obligation	SOFR+1.47% - 2.10%(1)	363		—		January 15, 2038
Total			$	7,620	$	3,268

___________

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

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

(3)As of December 31, 2025, there was $30 term loan outstanding at SOFR+1.90% and $15 revolving commitment outstanding at SOFR+2.05%.

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

(5)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €361 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.17 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £180 has been converted to U.S dollars at an exchange rate of £1.00 to $1.34 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD3 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.67 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars.

(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2025, $50 of such letters of credit have been issued.

(7)As of December 31, 2025, the fair value of the 3.400% Notes due 2026, 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 and the 6.125% Notes due 2031 was approximately $1,000, $389, $483, $692, $414, $624, $732 and $403, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.

(8)As of December 31, 2025, the carrying values of the 6.875% Notes due 2029, the 6.125% Notes due 2030 and the 6.125% due 2031 include a $24, $32 and $3 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.

(9)As of December 31, 2025, there were $160.0 of Class A-1 notes outstanding at SOFR+1.48%, $100.0 of Class A-1L notes outstanding at SOFR+1.48%, $30.0 of Class A-1W notes outstanding at SOFR+1.48%, $20.0 of Class A-2L notes outstanding at SOFR+1.60%, $30.0 of Class B notes outstanding at SOFR+1.75% and $40.0 of Class C notes outstanding at SOFR+2.15%.

(10)As of December 31, 2025, there were $125.5 of Class A-1 Notes outstanding at SOFR+1.47%, $150.0 of Class A-1 Loans outstanding at SOFR+1.47%, $19.0 of Class A-2 Notes outstanding at SOFR+1.65%, $35.6 of Class B Notes outstanding at SOFR+1.80% and $33.2 of Class C Notes outstanding at SOFR+2.10%.


	As of December 31, 2024
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date
Ambler Credit Facility(2)	Revolving Credit Facility	SOFR+2.25%(1)	$	133	$	67	November 13, 2029
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	SOFR+1.90% - 2.05%(1)(3)	147		—		June 2, 2026
Darby Creek Credit Facility(2)	Revolving Credit Facility	SOFR+2.65%(1)	500		250		February 26, 2027

Meadowbrook Run Credit Facility(2)	Revolving Credit Facility	SOFR+2.70%(1)	200		100		November 22, 2026
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	SOFR+1.75% - 1.88%(1)(4)	628(5)		3,946(6)		October 31, 2028
4.125% Notes due 2025(7)	Unsecured Notes	4.13%	470		—		February 1, 2025
4.250% Notes due 2025(7)	Unsecured Notes	4.25%	475		—		February 14, 2025
8.625% Notes due 2025(7)	Unsecured Notes	8.63%	250		—		May 15, 2025
3.400% Notes due 2026(7)	Unsecured Notes	3.40%	1,000		—		January 15, 2026
2.625% Notes due 2027(7)	Unsecured Notes	2.63%	400		—		January 15, 2027
3.250% Notes due 2027(7)	Unsecured Notes	3.25%	500		—		July 15, 2027
3.125% Notes due 2028(7)	Unsecured Notes	3.13%	750		—		October 12, 2028
7.875% Notes due 2029(7)	Unsecured Notes	7.88%	400		—		January 15, 2029
6.875% Notes due 2029(7)(8)	Unsecured Notes	6.88%	600		—		August 15, 2029
6.125% Notes due 2030(7)(8)	Unsecured Notes	6.13%	700		—		January 15, 2030
CLO-1 Notes(2)(9)	Collateralized Loan Obligation	3.01% - SOFR+1.85%(1)	232		—		January 15, 2031
Total			$	7,385	$	4,363

____________

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

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

(3)As of December 31, 2024, there was $98 term loan outstanding at SOFR+1.90% and $49 revolving commitment outstanding at SOFR+2.05%.

(5)Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of €455 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.04 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD3 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.69 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £165 has been converted to U.S dollars at an exchange rate of £1.00 to $1.25 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD4 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.62 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars.

(7)As of December 31, 2024, the fair value of the 4.125% Notes due 2025, the 4.250% Notes due 2025, the 8.625% Notes due 2025, the 3.400% Notes due 2026, 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 and the 6.125% Notes due 2030 was approximately $469, $474, $251, $981, $379, $474, $680, $426, $615 and $700, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.

(8)As of December 31, 2024, the carrying values of the 6.875% Notes due 2029 and 6.125% Notes due 2030 include a $15 and $0 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.

(9)As of December 31, 2024, there were $161.8 of Class A-1R Notes outstanding at SOFR+1.85%, $20.5 of Class A-2R Notes outstanding at SOFR+2.25%, $32.4 of Class B-1R Notes outstanding at SOFR+2.60% and $17.4 of Class B-2R Notes outstanding at 3.011%.

For the years ended December 31, 2025, 2024 and 2023, the components of total interest expense for the Company’s financing arrangements were as follows:


	Year Ended December 31,
	2025						2024						2023
Arrangement(1)	Direct Interest Expense		Amortization of Deferred Financing Costs and Discount / Premium		Total Interest Expense		Direct Interest Expense		Amortization of Deferred Financing Costs and Discount / Premium		Total Interest Expense		Direct Interest Expense		Amortization of Deferred Financing Costs and Discount / Premium		Total Interest Expense
Ambler Credit Facility(2)	$	12	$	0	$	12	$	14	$	0	$	14	$	11	$	1	$	12
Burholme Prime Brokerage Facility(2)	—		—		—		—		—		—		—		—		—
Callowhill Credit Facility(2)	13		0		13		—		—		—		—		—		—
CCT Tokyo Funding Credit Facility(2)	6		1		7		18		0		18		19		0		19
Darby Creek Credit Facility(2)	16		1		17		57		2		59		43		1		44
Dunlap Credit Facility(2)	—		—		—		—		—		—		10		0		10


Meadowbrook Run Credit Facility(2)	18		1		19		22		0		22		20		1		21
Senior Secured Revolving Credit Facility(2)	128		5		133		91		5		96		147		3		150


4.625% Notes due 2024	—		—		—		10		1		11		19		1		20
1.650% Notes due 2024	—		—		—		6		3		9		8		2		10
4.125% Notes due 2025	2		0		2		19		2		21		19		1		20
4.250% Notes due 2025	2		(1)		1		20		(7)		13		20		(7)		13
8.625% Notes due 2025	4		1		5		22		1		23		22		1		23
3.400% Notes due 2026	34		6		40		34		4		38		34		4		38
2.625% Notes due 2027	11		0		11		11		1		12		11		2		13
3.250% Notes due 2027	16		1		17		16		2		18		16		2		18
3.125% Notes due 2028	23		1		24		23		1		24		23		3		26
7.875% Notes due 2029	32		1		33		32		2		34		4		0		4
6.875% Notes due 2029(3)	43		4		47		27		1		28		—		—		—
6.125% Notes due 2030(3)	46		1		47		4		0		4		—		—		—
6.125% Notes due 2031(3)	7		1		8		—		—		—		—		—		—
CLO-1 Notes	9		1		10		20		1		21		25		1		26
CLO-2 Notes	17		0		17		—		—		—		—		—		—
CLO-3 Notes	1		0		1		—		—		—		—		—		—
Total	$	440	$	24	$	464	$	446	$	19	$	465	$	451	$	16	$	467

___________

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

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

(3)Direct interest expense includes the impact of interest rate swaps.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the year ended December 31, 2025 were $8,069 and 5.45%, respectively. As of December 31, 2025, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.08%.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the year ended December 31, 2024 were $8,088 and 5.51%, respectively. As of December 31, 2024, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.45%.

Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of December 31, 2025 and December 31, 2024.

Ambler Credit Facility

On November 22, 2019, Ambler Funding LLC, or Ambler Funding, a wholly-owned special-purpose financing subsidiary of the Company, entered into a revolving credit facility, or as subsequently amended, the Ambler Credit Facility, with Ally Bank, as administrative agent and arranger, Wells Fargo, as collateral administrator and collateral custodian, and the lenders from time to time party thereto.

On December 17, 2025, Ambler Funding terminated the committed facility arrangement with Ally Bank, which resulted in a realized loss on the extinguishment of debt of $2.

Burholme Prime Brokerage Facility

On October 17, 2014, Burholme Funding LLC, or Burholme Funding, a wholly-owned financing subsidiary of the Company, entered into a committed facility arrangement, or as subsequently amended, the Burholme Prime Brokerage Facility, with BNP Paribas Prime Brokerage International, Ltd., or BNPP.

On June 8, 2023, Burholme Funding terminated the committed facility arrangement with BNPP.

Callowhill Credit Facility

On June 2, 2025, or the Callowhill Closing Date, Callowhill Street Funding LLC, or Callowhill, a wholly-owned, special purpose financing subsidiary of the Company, entered into a revolving credit facility, or the Callowhill Credit Facility, pursuant to a Loan and Security Agreement, the Loan Agreement, by and among Callowhill, as borrower, Canadian Imperial Bank of Commerce, or CIBC, as administrative agent, each of the lenders from time to time party thereto, and Computershare Trust Company, N.A., as securities intermediary, collateral agent, collateral administrator and collateral custodian. The Callowhill Credit Facility provides for, among other things, borrowings in an initial aggregate amount of up to $400.

The revolving period during which Callowhill is permitted to borrow, repay and re-borrow advances will terminate on June 2, 2028. Advances under the Callowhill Credit Facility are subject to satisfaction of certain conditions, including maintenance of the required borrowing base. Any amounts borrowed under the Callowhill Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on June 3, 2030.

Borrowings under the Callowhill Credit Facility accrue interest at a rate equal to a spread of 1.75% per annum plus (i) in the case of borrowings in Dollars, at the option of Callowhill either (x) Daily Simple SOFR or (y) Term SOFR, as applicable, (ii) in the case of borrowings in Sterling, Daily Simple SONIA, (iii) in the case of borrowings in Australian Dollars, BBSY and (iv) in the case of borrowings in Canadian Dollars, Term CORRA. In addition, Callowhill will pay a non-usage fee on the unused facility amount, for each day following the three-month anniversary of the Callowhill Closing Date, equal to the sum of the products of (i) 0.50% and (ii) the positive difference, if any, of the aggregate commitments minus the greater of (x) the advances outstanding and (y) the minimum utilization.

CCT Tokyo Funding Credit Facility

On December 2, 2015, CCT Tokyo Funding LLC, or CCT Tokyo Funding, a wholly owned special purpose financing subsidiary of the Company, entered into a revolving credit facility, or as subsequently amended, the CCT Tokyo Funding Credit Facility, pursuant to a loan and servicing agreement with Sumitomo Mitsui Banking Corporation, or SMBC, as the administrative agent, collateral agent, and lender, and the Company, which succeeded CCT as the servicer and transferor.

The CCT Tokyo Funding Credit Facility provides for borrowings in an aggregate principal amount up to $300, including a $200 funded term loan and a $100 committed revolving credit facility. The end of the reinvestment period and the maturity date for the CCT Tokyo Funding Credit Facility are December 1, 2023 and June 2, 2026, respectively. CCT Tokyo Funding may elect to extend both the reinvestment period and maturity date by up to an additional one year to December 1, 2024 and June 2, 2027, respectively, subject to satisfaction of certain conditions. Advances under the CCT Tokyo Funding Credit Facility are subject to a borrowing base test.

Advances outstanding under the CCT Tokyo Funding Credit Facility bear interest at a rate equal to (i) for loans for which CCT Tokyo Funding elects the base rate option, the higher of (A) the “Prime Rate” (as publicly announced by SMBC), (B) the sum of (x) federal funds effective rate plus (y) 0.50%, (C) three-month Term SOFR plus 1% per annum, and (D) 0% plus an applicable margin of (x) 0.90% per annum in the case of term loan advances and (y) 1.05% per annum in the case of revolving advances, or (ii) for loans for which CCT Tokyo Funding elects the term SOFR option, the greater of (a) three-month term SOFR and (b) 0%, plus an applicable

margin of (x) 1.90% in the case of term loan advances and (y) 2.05% in the case of revolving advances. Effective November 14, 2022, through the end of the reinvestment period, CCT Tokyo Funding pays a non-usage fee of 0.50% per annum (based on the immediately preceding quarter’s average usage) on the unused portion of the revolving credit facility.

In connection with the CCT Tokyo Funding Credit Facility, CCT Tokyo Funding has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The CCT Tokyo Funding Credit Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuance of an event of default, the administrative agent may declare the outstanding advances and all other obligations under the CCT Tokyo Funding Credit Facility immediately due and payable.

CCT Tokyo Funding’s obligations to SMBC under the CCT Tokyo Funding Credit Facility are secured by a first priority security interest in substantially all of the assets of CCT Tokyo Funding, including its portfolio of assets. The obligations of CCT Tokyo Funding under the CCT Tokyo Credit Facility are non-recourse to the Company.

Darby Creek Credit Facility

On February 20, 2014, Darby Creek LLC, or Darby Creek, a wholly-owned special-purpose financing subsidiary of the Company, entered into a revolving credit facility, or as subsequently amended, the Darby Creek Credit Facility, with Deutsche Bank AG, New York Branch, or Deutsche Bank, as administrative agent, each of the lenders from time to time party thereto, the other agents party thereto and Wells Fargo, as collateral agent and collateral custodian. The Darby Creek Credit Facility provided for borrowings in U.S. dollars and certain agreed upon foreign currencies in an aggregate principal amount up to $750 on a committed basis. The end of the reinvestment period and the maturity date for the Darby Creek Credit Facility were February 26, 2025 and February 26, 2027, respectively. Borrowings under the Darby Creek Credit Facility were subject to compliance with a borrowing base test.

On June 5, 2025, Darby Creek repaid all outstanding borrowings under, and terminated the loan financing and servicing agreement, which resulted in a realized loss on the extinguishment of debt of $3.

Under the Darby Creek Credit Facility, borrowings bore interest at the rate of SOFR (or the relevant reference rate for any foreign currency borrowings) plus, during the reinvestment period, 2.65% per annum, and after the reinvestment period, 2.90% per annum. Interest was payable quarterly in arrears.

Dunlap Credit Facility

On December 2, 2014, Dunlap Funding LLC, or Dunlap Funding, a wholly-owned special-purpose financing subsidiary of the Company, entered into a revolving credit facility, or as subsequently amended, the Dunlap Credit Facility, with Deutsche Bank, as administrative agent, each of the lenders from time to time party thereto, and Wells Fargo, as collateral agent and collateral custodian.

On April 27, 2023, Dunlap Funding merged with and into Darby Creek, or the Darby Creek Merger, pursuant to an Agreement and Plan of Merger, with Darby Creek surviving the Merger.

Upon consummation of the Darby Creek Merger, the Dunlap Credit Facility was terminated and all outstanding borrowings were assumed into the Darby Creek Credit Facility.

Meadowbrook Run Credit Facility

On November 22, 2019, Meadowbrook Run LLC, or Meadowbrook Run, a wholly-owned special-purpose financing subsidiary of the Company, entered into a revolving credit facility, or as subsequently amended, the Meadowbrook Run Credit Facility, with Morgan Stanley Senior Funding, Inc., or Morgan Stanley, as administrative agent, Wells Fargo, as collateral agent, account bank and collateral custodian, and the lenders from time to time party thereto. The Meadowbrook Run Credit Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an initial aggregate principal amount up to $300 on a committed basis. Meadowbrook Run may elect at one or more times, subject to certain conditions, including the consent of Morgan Stanley, to increase the maximum committed amount up to $400. The end of the reinvestment period and the maturity date for the Meadowbrook Run Credit Facility are November 22, 2026 and November 22, 2028, respectively. Borrowings under the Meadowbrook Run Credit Facility are subject to compliance with a borrowing base test.

Under the Meadowbrook Run Credit Facility, borrowings bear interest at the rate of Term SOFR (or the relevant reference rate for any foreign currency borrowings) plus, during the reinvestment period, 1.95% per annum, and after the reinvestment period, 2.45%

per annum. Interest is payable quarterly in arrears. After the initial four-month ramp-up period and prior to the end of the reinvestment period, Meadowbrook Run is required to utilize a minimum of 70% of the committed facility amount, or the Minimum Utilization Amount. Any unborrowed amounts below the Minimum Utilization Amount accrue interest at a rate equal to the applicable margin in effect for such period. In addition, Meadowbrook Run is subject to (i) during the reinvestment period, a non-usage fee on the average daily unborrowed portion of the committed facility amount in excess of the Minimum Utilization Amount, equal to, during the ramp-up period, 0.25% per annum, and thereafter until the end of the reinvestment period, 0.65% per annum.

Under the Meadowbrook Run Credit Facility, Meadowbrook Run has made certain representations and warranties and must comply with various covenants, reporting requirements and other requirements customary for facilities of this type. The Meadowbrook Run Credit Facility contains events of default customary for similar financing transactions. Upon the occurrence and during the continuation of an event of default, Morgan Stanley may declare the outstanding advances and all other obligations under the Meadowbrook Run Credit Facility immediately due and payable.

Meadowbrook Run’s obligations under the Meadowbrook Run Credit Facility are secured by a first priority security interest in substantially all of the assets of Meadowbrook Run, including its portfolio of assets. The obligations of Meadowbrook Run under the Meadowbrook Run Credit Facility are non-recourse to the Company, and the Company’s exposure under the Meadowbrook Run Credit Facility is limited to the value of its investment in Meadowbrook Run.

Senior Secured Revolving Credit Facility

On August 9, 2018, the Company entered into a senior secured revolving credit facility, or as subsequently amended and restated, the Senior Secured Revolving Credit Facility, with FSKR (formerly known as FS Investment Corporation II, as a borrower in its own right and as successor by merger to FS Investment Corporation III), (and prior to the 2018 Merger, CCT), as borrowers, JPMorgan, as administrative agent, ING Capital LLC, or ING, as collateral agent and the lenders party thereto. The Senior Secured Revolving Credit Facility provides for the Company to succeed to all of the rights and obligations thereunder as the sole borrower upon the consummation of the 2021 Merger.

The Senior Secured Revolving Credit Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an aggregate amount of up to $4,700 with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $2,350 of additional commitments. The Senior Secured Revolving Credit Facility provides for a sublimit for the issuance of letters of credit in an aggregate face amount of up to $400 (including commitments from certain lenders to issue letters of credit in an aggregate face amount of up to $240), in each case, subject to increase or reduction from time to time pursuant to the terms of the Senior Secured Revolving Credit Facility. As of December 31, 2025, $21 of such letters of credit have been issued.

Availability under the Senior Secured Revolving Credit Facility will terminate on July 16, 2029, or the Commitment Termination Date, and the outstanding loans under the Senior Secured Revolving Credit Facility will mature on July 16, 2030. The Senior Secured Revolving Credit Facility also requires mandatory prepayment of interest and principal upon certain events during the term-out period commencing on the Commitment Termination Date.

Borrowings under the Senior Secured Revolving Credit Facility are subject to compliance with a borrowing base test. With respect to lenders other than non-extending lenders, interest under the Senior Secured Revolving Credit Facility for (i) alternate base rate loans, or ABR Loans, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or the Combined Debt Amount, is payable at an “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by the Wall Street Journal, (b) the sum of (x) the greater of (I) the federal funds effective rate and (II) the overnight bank funding rate plus (y) 0.5%, and (c) the one month Adjusted Term SOFR Rate plus 1%), plus 0.650% per annum, and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.775% per annum; and (ii) Term Benchmark Loans or RFR Loans (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to the applicable benchmark rate plus 1.650% per annum, and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to the applicable benchmark rate plus 1.775% per annum. With respect to non-extending lenders, interest under the Senior Secured Revolving Credit Facility for (i) ABR Loans, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or the Combined Debt Amount, is payable at the alternative base rate, plus 0.750% per annum, and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.875% per annum; and (ii) Term Benchmark Loans or RFR Loans (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to the applicable

benchmark rate plus 1.750% per annum, and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to the applicable benchmark rate plus 1.875% per annum.

In connection with the Senior Secured Revolving Credit Facility, the Company has made certain representations and warranties and must comply with various covenants and reporting requirements customary for facilities of this type. In addition, the Company must comply with the following financial covenants: (a) the Company must maintain a minimum shareholders’ equity, measured as of each fiscal quarter end; and (b) the Company must maintain at all times a 150% asset coverage ratio (or, if greater, the statutory requirement then applicable to the Company).

The Senior Secured Revolving Credit Facility contains events of default customary for facilities of this type. Upon the occurrence of an event of default, JPMorgan, at the instruction of the lenders, may terminate the commitments and declare the outstanding advances and all other obligations under the Senior Secured Revolving Credit Facility immediately due and payable.

The Company’s obligations under the Senior Secured Revolving Credit Facility are guaranteed by certain of the Company’s subsidiaries. The Company’s obligations under the Senior Secured Revolving Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.

Unsecured Notes

4.125% Notes due 2025

On November 20, 2019, the Company issued $425 aggregate principal amount of 4.125% Notes due 2025, or the 4.125% Notes due 2025. On December 17, 2019, the Company issued an additional $45 aggregate principal amount of the 4.125% Notes due 2025. The 4.125% Notes due 2025 matured on February 1, 2025 and were redeemed in full for 100% of the aggregate principal amount, plus the accrued and unpaid interest through, but excluding, February 1, 2025. The 4.125% Notes due 2025 bore interest at a rate of 4.125% per year and were payable semi-annually.

4.250% Notes due 2025

On June 16, 2021, the Company assumed $475 aggregate principal amount of 4.250% Notes due 2025, or the 4.250% Notes due 2025 in the 2021 Merger. The 4.250% Notes due 2025 matured on February 14, 2025 and were redeemed in full for 100% of the aggregate principal amount, plus the accrued and unpaid interest through, but excluding, February 14, 2025. The 4.250% Notes due 2025 bore interest at a rate of 4.250% per year, payable semi-annually.

8.625% Notes due 2025

On April 30, 2020, the Company issued $250 aggregate principal amount of 8.625% Notes due 2025, or the 8.625% Notes due 2025. On March 16, 2025, the Company exercised its option to redeem the 8.625% Notes due 2025 in full for 100% of the aggregate principal amount, plus the accrued and unpaid interest through, but excluding, March 16, 2025.

3.400% Notes due 2026

On December 10, 2020, the Company issued $1,000 aggregate principal amount of 3.400% Notes due 2026, or the 3.400% Notes due 2026. The 3.400% Notes due 2026 will mature on January 15, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the 3.400% Notes due 2026. The 3.400% Notes due 2026 bear interest at a rate of 3.400% per year, payable semi-annually.

2.625% Notes due 2027

On June 17, 2021, the Company issued $400 aggregate principal amount of 2.625% Notes due 2027, or the 2.625% Notes due 2027. The 2.625% Notes will mature on January 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the issuance of the 2.625% Notes due 2027. The 2.625% Notes due 2027 bear interest at a rate of 2.625% per year, payable semi-annually.

3.250% Notes due 2027

On January 18, 2022, the Company issued $500 aggregate principal amount of 3.250% Notes due 2027, or the 3.250% Notes due 2027. The 3.250% Notes due 2027 will mature on July 15, 2027 and may be redeemed in whole or in part at the Company’s

option at any time or from time to time at the redemption prices set forth in the indenture governing the issuance of the 3.250% Notes due 2027. The 3.250% Notes due 2027 bear interest at a rate of 3.250% per year, payable semi-annually.

3.125% Notes due 2028

On October 12, 2021, the Company issued $750 aggregate principal amount of its 3.125% Notes due 2028, or the 3.125% Notes due 2028.

The 3.125% Notes due 2028 will mature on October 12, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the issuance of the 3.125% Notes due 2028. The 3.125% Notes due 2028 bear interest at a rate of 3.125% per year, payable semi-annually.

7.875% Notes due 2029

On November 21, 2023, the Company issued $400 aggregate principal amount of 7.875% Notes due 2029, or the 7.875% Notes due 2029.

The 7.875% Notes due 2029 will mature on January 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the issuance of the 7.875% Notes due 2029. The 7.875% Notes due 2029 bear interest at a rate of 7.875% per year, payable semi-annually.

6.875% Notes due 2029

On June 6, 2024, the Company issued $600 aggregate principal amount of 6.875% Notes due 2029. The 6.875% Notes due 2029 will mature on August 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the issuance of the 6.875% Notes due 2029. The 6.875% Notes due 2029 bear interest at a rate of 6.875% per year, payable semi-annually.

In connection with the issuance of the 6.875% Notes due 2029, the Company entered into interest rate swap agreements that mature on August 15, 2029. See Note 7 for further information on the interest rate swap agreements.

6.125% Notes due 2030

On November 20, 2024, the Company issued $600 aggregate principal amount of 6.125% Notes due 2030. On December 27, 2024, the Company issued an additional $100 aggregate principal amount of the 6.125% Notes due 2030.

The 6.125% Notes due 2030 will mature on January 15, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the issuance of the 2030 6.125% Notes due 2030. The 6.125% Notes due 2030 bear interest at a rate of 6.125% per year, payable semi-annually.

In connection with the issuance of the 6.125% Notes due 2030, the Company entered into interest rate swap agreements that mature on January 15, 2030. See Note 7 for further information on the interest rate swap agreements.

6.125% Notes due 2031

On September 25, 2025, the Company issued of $400 aggregate principal amount of 6.125% Notes due 2031 or the 6.125% Notes due 2031.

The 6.125% Notes due 2031 will mature on January 15, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the issuance of the 6.125% Notes due 2031. The 6.125% Notes due 2030 bear interest at a rate of 6.125% per year payable semi-annually.

CLO-1 Notes

On June 25, 2019, FS KKR MM CLO 1 LLC, a Delaware limited liability company and a wholly owned and consolidated special purpose financing subsidiary of the Company, or the CLO 1 Issuer, completed a $378.7 term debt securitization, or the CLO Transaction. The notes offered by the CLO 1 Issuer in the CLO 1 Transaction, originally and then as refinanced with the CLO Reset Notes (as described below), or the CLO-1 Notes, are secured by a diversified portfolio of the Issuer consisting primarily of middle market loans and participation interests in middle market loans and may also include some broadly syndicated loans.

On December 22, 2020, the Issuer refinanced the CLO 1 Transaction through a private placement of $383.7 of senior secured notes consisting of: (i) $281.4 of Class A-1R Senior Secured Floating Rate Notes, which bore interest at SOFR plus 1.85% per annum; (ii) $20.5 of Class A-2R Senior Secured Floating Rate Notes, which bore interest at SOFR plus 2.25% per annum; (iii) $32.4 of Class B-1R Senior Secured Floating Rate Notes, which bore interest at SOFR plus 2.60% per annum; (iv) $17.4 of Class B-2R Senior Secured Fixed Rate Notes, which bore interest at 3.011% per annum; and (v) $32.0 of Class C-R Secured Deferrable Floating Rate Notes, or the Class C Notes, which bear interest at SOFR plus 3.10% per annum, or collectively, the CLO Reset Notes.

On December 18, 2025, the Company redeemed the CLO-1 Notes in full, which resulted in a realized loss on the extinguishment of debt of $2.

CLO-2 Notes

On March 28, 2025, KKR – FSK CLO 2 LLC, or the CLO 2 Issuer, a Delaware limited liability company and a wholly owned and consolidated special purpose financing subsidiary of the Company, completed a $380 term debt securitization, or the CLO 2 Transaction. The debt offered by the CLO 2 Issuer in the CLO 2 Transaction, or the CLO 2 Debt, is secured by a diversified portfolio of the CLO 2 Issuer consisting primarily of middle market loans and participation interests in middle market loans and may also include some broadly syndicated loans and permitted non-loan assets. The CLO 2 Transaction was executed through a private placement of: (i) $160 of Class A-1 Senior Secured Floating Rate Notes, or the Class A-1 Notes, which bear interest at Term SOFR for a tenor of three months plus 1.48%; (ii) $100 of Class A-1L Senior Secured Floating Rate Loans, or CLO 2 class A1-L Floating Rate Loans, which bear interest at Term SOFR plus 1.48% and which are convertible to Class A-1 Notes; (iii) $30 of Class A-1W Senior Secured Floating Rate Loans, or CLO 2 Class A-1W Floating Rate Loans, which bear interest at Term SOFR plus 1.48% and which are convertible to CLO 2 Class A-1 Notes; (iv) $0 of Class A-2 Senior Secured Floating Rate Notes, or the CLO 2 Class A-2 Notes, which bear interest at Term SOFR plus 1.60%; (v) $20 of Class A-2L Senior Secured Floating Rate Loans, or CLO 2 Class A-2L Floating Rate Loans, which bear interest at Term SOFR plus 1.60% and which are convertible to CLO 2 Class A-2 Notes; (vi) $30 of Class B Senior Secured Floating Rate Notes, or CLO 2 Class B Floating Rate Notes, which bear interest at Term SOFR plus 1.75%; and (vii) $40 of Class C Secured Deferrable Floating Rate Notes, or CLO 2 Class C Floating Rate Notes, which bear interest at Term SOFR plus 2.15%. The Company has held 100% of the membership interests, or the CLO 2 Membership Interests, in the CLO 2 Issuer since the CLO 2 Issuer’s formation on January 15, 2025. The CLO 2 Membership Interests do not bear interest and had a nominal value of approximately $121.2 at closing of the CLO 2 Transaction. The CLO 2 Debt is scheduled to mature on April 15, 2037. The CLO 2 Class-A1 Notes, the CLO 2 Class A-2 Notes and the CLO 2 Class B Floating Rate Notes were issued pursuant to an indenture, and the CLO 2 Class A-1L Floating Rate Loans and CLO 2 Class A-2L Secured Floating Rate Loans were issued pursuant to credit agreements.

CLO-3 Notes

On December 18, 2025, or the CLO 3 Closing Date, KKR - FSK CLO 3 LLC, or the CLO 3 Issuer, a Delaware limited liability company and a wholly owned and consolidated special purpose financing subsidiary of the Company, completed a $389.5 term debt securitization, or the CLO 3 Transaction. The debt offered by the Issuer in the CLO 3 Transaction, or the CLO 3 Debt, is secured by a diversified portfolio of the CLO 3 Issuer consisting primarily of middle market loans and participation interests in middle market loans and may also include some broadly syndicated loans and permitted non-loan assets. The CLO 3 Transaction was executed through a private placement of: (i) $125.5 of Class A-1 Senior Secured Floating Rate Notes, or the CLO 3 Class A-1 Notes, which bear interest at Term SOFR for a tenor of three months plus 1.47%; (ii) $150.0 of Class A-1 Senior Secured Floating Rate Loans, or the CLO 3 Class A-1 Senior Floating Rate Loans, which bear interest at Term SOFR plus 1.47% and which are convertible to CLO 3 Class A-1 Notes; (iii) $19.0 of Class A-2 Senior Secured Floating Rate Notes, or the CLO 3 Class A-2 Notes, which bear interest at Term SOFR plus 1.65%; (iv) $35.6 of Class B Senior Secured Floating Rate Notes, or the CLO 3 Class B Notes, which bear interest at Term SOFR plus 1.80%; (v) $33.3 of Class C Secured Deferrable Floating Rate Notes or the CLO 3 Class C Notes, which bear interest at Term SOFR plus 2.10%; and (vi) $26.1 of Class D Secured Deferrable Floating Rate Notes, or the CLO 3 Class D Notes, which bear interest at Term SOFR plus 3.15%. The Company has held 100% of the membership interests, or the CLO 3 Membership Interests, in the CLO 3 Issuer since the CLO 3 Issuer’s formation on September 11, 2025. The CLO 3 Membership Interests do not bear interest and had a nominal value of approximately $87.1 as of the CLO 3 Closing Date. The CLO 3 Debt is scheduled to mature on January 15, 2038. The CLO 3 Class A-1 Notes, the CLO 3 Class A-2 Notes, the CLO 3 Class B Notes, the CLO 3 Class C Notes and the CLO 3 Class D Notes were issued pursuant to an indenture, and the CLO 3 Class A-1 Senior Floating Rate Loans were issued pursuant to credit agreements.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Unfunded Commitments

As of December 31, 2025, the Company’s unfunded commitments consisted of the following:


Category / Company(1)	Commitment Amount
Senior Secured Loans—First Lien
3Pillar Global Inc	$	6.0
48Forty Solutions LLC	2.1
Aareon AG	11.3
Advanced Dermatology & Cosmetic Surgery	3.1
Affordable Care Inc	0.1
AGS Health LLC	6.0
AGS Health LLC	2.1
Alacrity Solutions Group LLC	1.7
Alacrity Solutions Group LLC	2.3
A-Lign Assurance LLC	3.2
A-Lign Assurance LLC	1.5
Alpha Financial Markets Consulting PLC	2.3
American Vision Partners	4.7
Amerivet Partners Management Inc	8.4
Apex Service Partners LLC	3.8
Arcfield Acquisition Corp	6.0
Arcwood Environmental (fka Heritage Environmental Services Inc)	8.0
Area Wide Protective Inc	12.1
Avetta LLC	1.8
Avetta LLC	0.8
Avetta LLC	3.7
BGB Group LLC	3.2
BGB Group LLC	4.8
Bonterra LLC	14.4
Cadence Education LLC	8.5
Cadence Education LLC	4.0
Cambrex Corp	7.8
Cambrex Corp	9.4
Cambrex Corp	5.6
Carrier Fire Protection	1.8
Carrier Fire Protection	2.1
Circana Group (f.k.a. NPD Group)	4.3
Civica Group Ltd	5.1


Category / Company(1)	Commitment Amount
Civica Group Ltd	$	4.4
Clarience Technologies LLC	12.4
Clarience Technologies LLC	27.5
Clarience Technologies LLC	1.9
CLEAResult Consulting Inc	4.5
CLEAResult Consulting Inc	3.0
ClubCorp Club Operations Inc	5.7
ClubCorp Club Operations Inc	3.4
Com Laude Group Ltd	3.1
Com Laude Group Ltd	1.3
Com Laude Group Ltd	3.0
Community Brands Inc	4.1
Community Brands Inc	7.1
Consilium Safety Group AB	10.5
CSafe Global	9.2
Cyncly Refinancing	3.2
Cyncly Refinancing	4.7
Dental365 LLC	4.6
Dental365 LLC	3.6
DOXA Insurance Holdings LLC	2.9
DOXA Insurance Holdings LLC	18.8
DuBois Chemicals Inc	14.7
DuBois Chemicals Inc	4.3
Eagle Railcar Services Roscoe Inc	10.8
Eagle Railcar Services Roscoe Inc	12.0
Envirotainer Ltd	2.8
Excelitas Technologies Corp	2.4
Excelitas Technologies Corp	22.6
Flexera Software LLC	6.5
Follett Software Co	5.6
Fortnox AB	9.0
Foundation Consumer Brands LLC	7.7
Foundation Risk Partners Corp	8.9
Foundation Risk Partners Corp	6.6
Frontline Road Safety LLC	15.7
Frontline Road Safety LLC	14.3
Fullsteam Holdings LLC	11.0
Fullsteam Holdings LLC	3.7
Galaxy Universal LLC	11.4
Galway Partners Holdings LLC	10.7
Galway Partners Holdings LLC	6.7
Gigamon Inc	5.6
Granicus Inc	2.3
Granicus Inc	0.5
Heniff Transportation Systems LLC	3.4


Category / Company(1)	Commitment Amount
Higginbotham Insurance Agency Inc	$	1.0
Highgate Hotels Inc	4.2
Highgate Hotels Inc	3.9
HM Dunn Co Inc	6.0
Homrich & Berg Inc	0.7
Horizon CTS Buyer LLC	15.2
Horizon CTS Buyer LLC	2.2
Inhabit IQ	3.6
Inhabit IQ	2.2
iNova Pharmaceuticals (Australia) Pty Limited	2.5
Insight Global LLC	36.6
Insightsoftware.Com Inc	25.8
Insightsoftware.Com Inc	3.4
Integrity Marketing Group LLC	0.1
Integrity Marketing Group LLC	0.7
J S Held LLC	6.9
J S Held LLC	10.8
Jeppesen Holdings LLC	2.4
Keystone Agency Partners LLC	8.5
Keystone Agency Partners LLC	3.8
Laboratoires Vivacy SAS	0.6
Lazer Logistics Inc	1.9
Lazer Logistics Inc	2.3
Learning Experience Corp/The	3.5
Legends Hospitality LLC	9.3
Legends Hospitality LLC	1.2
Lloyd's Register Quality Assurance Ltd	5.6
Magna Legal Services LLC	2.2
MAI Capital Management LLC	2.7
MAI Capital Management LLC	4.3
MB2 Dental Solutions LLC	23.2
MB2 Dental Solutions LLC	8.8
Med-Metrix	37.2
Med-Metrix	34.1
Mercer Advisors Inc	4.5
Model N Inc	6.1
Model N Inc	3.2
NAVEX Global Inc	0.3
NAVEX Global Inc	6.7
NeoGov Newt Holdco Inc	1.1
NeoGov Newt Holdco Inc	2.4
NeoGov Newt Holdco Inc	4.9
Net Documents	3.6
Netsmart Technologies Inc	6.2
Netsmart Technologies Inc	6.3


Category / Company(1)	Commitment Amount
New Era Technology Inc	$	2.3
OEConnection LLC	0.6
OEConnection LLC	2.4
OEConnection LLC	6.4
OEConnection LLC	6.3
Orion Services Group	4.0
Oxford Global Resources LLC	7.6
PartsSource Inc	0.7
PCI Pharma Services	25.8
PCI Pharma Services	2.0
PCI Pharma Services	11.7
Pike Corp	6.6
Pike Corp	4.4
Premise Health Holding Corp	0.5
Premise Health Holding Corp	2.3
PROS Holdings Inc	1.3
PSC Group	1.4
PSC Group	1.5
Radwell International LLC	5.8
Railpros Inc	0.8
Railpros Inc	0.4
Resa Power LLC	12.2
Resa Power LLC	8.6
Revere Superior Holdings Inc	3.3
Rialto Capital Management LLC	1.0
Rockefeller Capital Management LP	8.8
Safe-Guard Products International LLC	8.8
SAMBA Safety Inc	0.6
SAMBA Safety Inc	0.9
Service Express Inc	10.7
Service Express Inc	12.3
Service Logic LLC	8.0
Service Logic LLC	4.0
Sphera Solutions Inc	6.4
Sphera Solutions Inc	3.4
Sphera Solutions Inc	20.0
Spins LLC	3.2
Spotless Brands LLC	5.3
STV Group Inc	8.3
STV Group Inc	11.9
Sweeping Corp of America LLC	4.5
Time Manufacturing Co	1.3
Time Manufacturing Co	14.0
Trackunit ApS	32.9
Turnpoint Services Inc	0.9


Category / Company(1)	Commitment Amount
Turnpoint Services Inc	$	2.5
USIC Holdings Inc	3.0
USIC Holdings Inc	8.1
Veriforce LLC	2.1
Veriforce LLC	3.7
Vermont Information Processing Inc	9.6
Vermont Information Processing Inc	2.9
Version1 Software Ltd	13.0
VetCor Professional Practices LLC	5.9
VetCor Professional Practices LLC	20.8
Vitu	9.1
Waste Services Group Pty Ltd	4.8
Wealth Enhancement Group LLC	2.8
Wealth Enhancement Group LLC	13.9
Wedgewood Weddings	5.8
Wedgewood Weddings	5.8
West Star Aviation Inc	9.5

West Star Aviation Inc	30.1
Woolpert Inc	6.9
Woolpert Inc	15.9
Worldwise Inc	0.8
Xylem Kendall	15.9
Xylem Kendall	1.2
Zellis Holdings Ltd	4.4
Zendesk Inc	5.0
Zendesk Inc	6.0
Zeus Industrial Products Inc	11.6
Zeus Industrial Products Inc	7.7


Subordinated Debt
Cyncly Refinancing	1.6
Asset Based Finance
Bond Aviation Holdings LLC, Term Loan	13.6
Bond Aviation Holdings LLC, Term Loan	5.3
Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver	20.7
GreenSky Holdings LLC, Term Loan	3.0
Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver	14.8
Philippine Airlines 777, Term Loan	1.1
Philippine Airlines 777, Term Loan	1.1
Sallie Mae Levered, Term Loan	0.3
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	5.2
Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver	15.0
TPSI Receivables LLC (Tropicana Products Inc), Revolver	6.0
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	12.8
Equity/Other
Kestra Financial Inc, Preferred Equity	9.2


Category / Company(1)	Commitment Amount
Total	$	1,447.4
Unfunded Asset Based Finance/Other commitments	$	87.5

_____________

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

Investment Portfolio - Narrative (Details) $ in Millions		12 Months Ended
Investment Portfolio - Narrative (Details) $ in Millions	Jun. 18, 2021	Dec. 31, 2025 USD ($) company	Dec. 31, 2024 USD ($) company	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Amount funded to joint venture		$ 2,520.0
Net realized gain (loss) on investments:		(339.0)	$ (486.0)	$ (343.0)
Receivable for investments sold and repaid		313.0	186.0
Credit Opportunities Partners JV, LLC
Schedule of Investments [Line Items]
Aggregate credit opportunities partners		2,800.0
Cost basis of investments sold		1,805.4
Proceeds from sale of investments		1,829.2
Net realized gain (loss) on investments:		23.8
Receivable for investments sold and repaid		242.4
Credit opportunities partners JV, LLC, entitled to a fee percentage	0.25%
Administrative services		$ 11.1	9.3
FS KKR Capital Corp.
Schedule of Investments [Line Items]
Contributed capital to committed capital ratio (as percent)		87.50%
Joint venture voting control, percentage		50.00%
Amount funded to joint venture		$ 2,205.0
SCRS
Schedule of Investments [Line Items]
Contributed capital to committed capital ratio (as percent)		12.50%
Joint venture voting control, percentage		50.00%
Unfunded Dent Securities
Schedule of Investments [Line Items]
Unfunded commitments		$ 1,447.4	1,534.1
Unfunded Equity/Other Commitments
Schedule of Investments [Line Items]
Unfunded commitments		87.5	387.1
Partnership Interest
Schedule of Investments [Line Items]
Unfunded commitments		$ 245.0	$ 735.2
Controlled/affiliated
Schedule of Investments [Line Items]
Number of investments in portfolio companies \| company		34	31
Net realized gain (loss) on investments:		$ (73.7)	$ 23.2	(175.0)
Non-controlled/affiliated
Schedule of Investments [Line Items]
Number of investments in portfolio companies \| company		10	11
Net realized gain (loss) on investments:		$ (2.3)	$ (60.7)	$ (21.0)

Distributions (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Cash Distributions Paid on Common Stock Including Tax Basis

The following table reflects the distributions per share that the Company has declared on its common stock during the years ended December 31, 2025, 2024 and 2023:

For the Year Ended

December 31, 2025

Date Declared

Dividend

Record Date

Payment Date

Dividend per Share

February 25, 2025

Base

March 19, 2025

April 2, 2025

0.64

February 25, 2025

Supplemental

March 19, 2025

April 2, 2025

0.06

May 5, 2025

Base

June 18, 2025

July 2, 2025

0.64

May 5, 2025

Supplemental

June 18, 2025

July 2, 2025

0.06

July 31, 2025

Base

September 17, 2025

October 2, 2025

0.64

July 31, 2025

Supplemental

September 17, 2025

October 2, 2025

0.06

October 8, 2025

Base

December 3, 2025

December 17, 2025

0.64

October 8, 2025

Supplemental

December 3, 2025

December 17, 2025

0.06

Total Dividends Declared

2.80

For the Year Ended

December 31, 2024

Date Declared

Dividend

Record Date

Payment Date

Dividend per Share

November 2, 2023

Special

February 14, 2024

February 28, 2024

0.05

February 20, 2024

Base

March 13, 2024

April 2, 2024

0.64

February 20, 2024

Supplemental

March 13, 2024

April 2, 2024

0.06

November 2, 2023

Special

May 15, 2024

May 29, 2024

0.05

May 2, 2024

Base

June 12, 2024

July 2, 2024

0.64

May 2, 2024

Supplemental

June 12, 2024

July 2, 2024

0.06

July 31, 2024

Base

September 11, 2024

October 2, 2024

0.64

July 31, 2024

Supplemental

September 11, 2024

October 2, 2024

0.06

October 8, 2024

Base

December 4, 2024

December 18, 2024

0.64

October 8, 2024

Supplemental

December 4, 2024

December 18, 2024

0.06

Total Dividends Declared

2.90

For the Year Ended

December 31, 2023

Date Declared

Dividend

Record Date

Payment Date

Dividend per Share

February 21, 2023

Base

March 15, 2023

April 3, 2023

0.64

February 21, 2023

Supplemental

March 15, 2023

April 3, 2023

0.06

May 4, 2023

Special

May 17, 2023

May 31, 2023

0.05

May 4, 2023

Base

June 14, 2023

July 5, 2023

0.64

May 4, 2023

Supplemental

June 14, 2023

July 5, 2023

0.06

May 4, 2023

Special

August 16, 2023

August 30, 2023

0.05

August 3, 2023

Base

September 13, 2023

October 3, 2023

0.64

August 3, 2023

Supplemental

September 13, 2023

October 3, 2023

0.06

May 4, 2023

Special

November 15, 2023

November 29, 2023

0.05

November 2, 2023

Base

December 13, 2023

January 3, 2024

0.64

November 2, 2023

Supplemental

December 13, 2023

January 3, 2024

0.06

Total Dividends Declared

2.95

The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025				2024				2023
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage		Distribution Amount		Percentage
Offering proceeds	$	—	—		$	—	—		$	—	—
Borrowings	—		—		—		—		—		—
Net investment income(1)	784		100	%	812		100	%	827		100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—		—		—
Non-capital gains proceeds from the sale of assets	—		—		—		—		—		—
Distributions on account of preferred and common equity	—		—		—		—		—		—
Total	$	784	100	%	$	812	100	%	$	827	100	%

________________

Summary of Reconciliation of Net Investment Income and Tax-basis Net Investment Income

The following table sets forth a reconciliation between GAAP-basis net investment income and tax-basis net investment income during the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
GAAP-basis net investment income	$	654	$	813	$	892


Income subject to tax not recorded for GAAP	86		(35)		74
GAAP accretion from merger not recognized for tax	(24)		(33)		(46)
Excise taxes	22		23		22
GAAP versus tax-basis impact of consolidation of certain subsidiaries	1		6		6
Reclassification of unamortized original issue discount and prepayment fees	(13)		(21)		(3)
Other miscellaneous differences	(74)		(18)		(2)
Tax-basis net investment income	$	652	$	735	$	943

Summary of Components of Accumulated Earnings

As of December 31, 2025 and 2024, the components of accumulated earnings on a tax basis were as follows:


	Year Ended December 31,
	2025		2024
Distributable ordinary income	$	464	$	525
Distributable realized gains (accumulated capital losses)(1)	(3,107)		(2,703)


Other temporary differences	32		24
Net unrealized appreciation (depreciation)(2)	(739)		(508)
Total	$	(3,350)	$	(2,662)

________________

Share Transactions

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Share Transactions

Below is a summary of transactions with respect to shares of the Company’s common stock during the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	Shares	Amount	Shares	Amount	Shares	Amount





Stock Repurchase Program	—	—	—	—	(1,665,317)	$	(32)

Issuance of Common Stock	—	—	—	—	—	—
Net Proceeds from Share Transactions	—	—	—	—	(1,665,317)	$	(32)

During the year ended December 31, 2025, the administrator for the Company’s distribution reinvestment plan, or DRP, purchased 1,654,093 shares of common stock in the open market at an average price per share of $17.64 (totaling $29) pursuant to the DRP, and distributed such shares to participants in the DRP. During the year ended December 31, 2024, the administrator for the DRP purchased 3,918,188 shares of common stock in the open market at an average price per share of $20.29 (totaling $80) pursuant to the DRP, and distributed such shares to participants in the DRP. For additional information regarding the terms of the DRP, see Note 5.

“At the Market” Offering

On May 9, 2025, the Company and the Adviser 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., or the Sales Agents. The Equity Distribution Agreements provide that the Company may, from time to time, issue and sell shares of its common stock, having an aggregate offering price of up to $750 through the Sales Agents or to them as principals for their own respective accounts, in an “at the market offering” (as defined in Rule 415 under the Securities Act of 1933, as amended, or

the Securities Act), or the ATM Program. Sales of shares in the ATM Program, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act, including sales made directly on The New York Stock Exchange or a similar securities exchange or sales made to or through a market maker other than on an exchange and by any other method permitted by law, which may include block trades, at prices related to prevailing market prices or negotiated prices.

The Sales Agents will receive a commission from the Company of up to 1.5% of the gross sales price of any shares sold through such Sales Agent in the ATM Program under the Equity Distribution Agreements. The offering price per share of shares less commissions payable under the Equity Distribution Agreements and discounts, if any, will not be less than the net asset value per share of the Company’s common stock at the time of such sale, provided, that the Adviser may, but is not obligated to, from time to time, in its sole discretion, pay some or all of the commissions payable under the Equity Distribution Agreements or make additional supplemental payments to ensure that the sales price per share of any shares sold in the offering will not be less than the Company’s then-current net asset value per share. Any such payments made by the Adviser will not be subject to reimbursement by the Company.

During the year ended December 31, 2025, the Company did not issue or sell shares of its common stock under the Equity Distribution Agreements.

Stock Repurchase Program

On October 31, 2022, the Board of Directors approved a renewal of the previously approved Stock Repurchase Program. The program provided for aggregate purchases of the Company’s common stock in an amount up to $54, which was the aggregate amount remaining of the $100 amount originally approved by the Board of Directors.

During the year ended December 31, 2023, the Company repurchased 1,665,317 shares of common stock pursuant to the Stock Repurchase Program at an average price per share (inclusive of commissions paid) of $18.89 (totaling $32). The program has concluded since the aggregate repurchase amount that was approved by the Board of Directors has been expended.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Subordinated Incentive Fee on Income

Financial Instruments - Derivative Instruments of Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Sep. 25, 2025	Sep. 18, 2025	Dec. 31, 2024	Dec. 27, 2024	Dec. 20, 2024	Nov. 20, 2024	Nov. 13, 2024	Jun. 27, 2024	Jun. 13, 2024	Jun. 06, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 220.0			$ 146.8
Derivative Assets Subject to Master Netting Agreement	0.0			3.0
Gross Amount of Recognized Liabilities	$ 10.0			$ 1.0
6.875% Notes due 2029 \| Unsecured Notes
Derivative [Line Items]
Stated interest rate (as percent)	6.875%			6.875%							6.875%	6.875%
6.125% Notes due 2030 \| Unsecured Notes
Derivative [Line Items]
Stated interest rate (as percent)	6.125%			6.125%	6.125%		6.125%
6.125% Notes due 2031 \| Unsecured Notes
Derivative [Line Items]
Stated interest rate (as percent)	6.125%	6.125%		6.125%							6.125%	6.125%
Interest Rate Swap
Derivative [Line Items]
Derivative Assets Subject to Master Netting Agreement	$ 59.0
Gross Amount of Recognized Liabilities	0.0
Interest Rate Swap \| 6.875% Notes due 2029 \| Unsecured Notes
Derivative [Line Items]
Notional Amount											$ 600.0
Derivative Assets Subject to Master Netting Agreement	$ 24.0			$ 15.0
Stated interest rate (as percent)	6.875%										6.875%
Interest Rate Swap \| 6.125% Notes due 2030 \| Unsecured Notes
Derivative [Line Items]
Notional Amount					$ 700.0
Derivative Assets Subject to Master Netting Agreement	$ 32.0			$ 0.0
Stated interest rate (as percent)	6.125%				6.125%		6.125%				6.125%
Interest Rate Swap \| 6.125% Notes due 2031 \| Unsecured Notes
Derivative [Line Items]
Notional Amount											$ 400.0
Derivative Assets Subject to Master Netting Agreement	$ 3.0
Stated interest rate (as percent)	6.125%										6.125%
Interest Rate Swap One
Derivative [Line Items]
Notional Amount	$ 200.0
Derivative Assets Subject to Master Netting Agreement	8.0
Gross Amount of Recognized Liabilities	0.0
Interest Rate Swap One \| 6.875% Notes due 2029 \| Unsecured Notes
Derivative [Line Items]
Notional Amount										$ 200.0
Interest Rate Swap One \| 6.125% Notes due 2031 \| Unsecured Notes
Derivative [Line Items]
Notional Amount			$ 400.0
Interest Rate Swap Two
Derivative [Line Items]
Notional Amount	400.0
Derivative Assets Subject to Master Netting Agreement	16.0
Gross Amount of Recognized Liabilities	0.0
Interest Rate Swap Two \| 6.875% Notes due 2029 \| Unsecured Notes
Derivative [Line Items]
Notional Amount									$ 400.0
Interest Rate Swap Three
Derivative [Line Items]
Notional Amount	600.0
Derivative Assets Subject to Master Netting Agreement	27.0
Gross Amount of Recognized Liabilities	0.0
Interest Rate Swap Three \| 6.125% Notes due 2030 \| Unsecured Notes
Derivative [Line Items]
Notional Amount								$ 600.0
Interest Rate Swap Four
Derivative [Line Items]
Notional Amount	100.0
Derivative Assets Subject to Master Netting Agreement	5.0
Gross Amount of Recognized Liabilities	0.0
Interest Rate Swap Four \| 6.125% Notes due 2030 \| Unsecured Notes
Derivative [Line Items]
Notional Amount						$ 100.0
Interest Rate Swap Five
Derivative [Line Items]
Notional Amount	400.0
Derivative Assets Subject to Master Netting Agreement	3.0
Gross Amount of Recognized Liabilities	$ 0.0

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Base Management Fee

$ 206.0

$ 216.0

$ 226.0

^[1]

136.0

167.0

181.0

Administrative Services Expenses

4.0

Management and investment adviser fees payable

50.0

53.0

Subordinated income incentive fees payable

^[2]

28.0

35.0

FS/KKR Advisor, LLC

Base Management Fee

206.0

216.0

226.0

Subordinated Incentive Fee on Income

136.0

167.0

181.0

Administrative Services Expenses

10.0

12.0

Base management fees

209.0

219.0

229.0

Management and investment adviser fees payable

50.0

Incentive fee paid

143.0

173.0

167.0

Subordinated income incentive fees payable

28.0

Allocation of costs of administrative personnel for services rendered

8.0

9.0

11.0

Broken deal cost

0.9

Payment for administrative services expenses

$ 12.0

$ 13.0

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

Financial Highlights - Schedule Of Financial Highlights (Details) $ / shares in Units, $ in Millions		3 Months Ended								12 Months Ended
	Jun. 15, 2020	Dec. 31, 2025 USD ($) $ / shares shares	Sep. 30, 2025 $ / shares	Jun. 30, 2025 $ / shares	Mar. 31, 2025 $ / shares	Dec. 31, 2024 USD ($) $ / shares shares	Sep. 30, 2024 $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 16, 2021
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of year (in dollars per share)					$ 23.64				$ 24.46	$ 23.64	$ 24.46	$ 24.89	$ 27.17	$ 25.02
Results of operations
Net investment income (loss) (in dollars per share)		$ 0.48	$ 0.57	$ 0.62	$ 0.67	$ 0.61	$ 0.77	$ 0.77	$ 0.76	2.34	2.90	3.18	3.05	2.76
Net realized gain (loss) and unrealized appreciation (depreciation) (in dollars per share)										(2.29)	(0.82)	(0.70)	(2.74)	4.28
Net increase (decrease) in net assets resulting from operations (in dollars per share)										0.05	2.08	2.48	0.31	7.04
Stockholder distributions
Distributions from net investment income (in dollars per share)										(2.80)	(2.90)	(2.95)	(2.66)	(2.47)
Distributions from net realized gain on investments (in dollars per share)										0	0	0	0	0
Net decrease in net assets resulting from stockholder distributions (in dollars per share)										(2.80)	(2.90)	(2.95)	(2.66)	(2.47)
Capital share transactions
Issuance of common stock (in dollars per share)										0	0	0	0	(2.20)
Repurchases of common stock (in dollars per share)										0	0	0.04	0.07	0.01
Deduction of deferred costs (in dollars per share)										0	0	0	0	(0.23)
Net increase (decrease) in net assets resulting from capital share transactions (in dollars per share)										0	0	0.04	0.07	(2.42)
Net asset value, end of year (in dollars per share)		20.89				23.64				20.89	23.64	24.46	24.89	27.17
Per share market value, end of year (in dollars per share)		$ 14.81				$ 21.72				$ 14.81	$ 21.72	$ 19.97	$ 17.50	$ 20.94
Shares outstanding, end of year (in shares) \| shares		280,066,433				280,066,433				280,066,433	280,066,433	280,066,433	281,731,750	284,543,091
Total return based on net asset value (as percent)										0.21%	8.50%	10.12%	1.40%	18.47%
Total return based on market value (as percent)										(20.31%)	25.29%	32.45%	(4.61%)	41.45%
Ratio/Supplemental Data:
Net assets, end of year \| $		$ 5,849				$ 6,622				$ 5,849	$ 6,622	$ 6,849	$ 7,012	$ 7,730
Ratio of net investment income to average net assets (as percent)										10.22%	11.90%	12.67%	11.42%	10.36%
Ratio of total operating expenses to average net assets (as percent)										13.52%	13.29%	13.32%	10.96%	9.35%
Ratio of net operating expenses to average net assets (as percent)										13.52%	13.29%	13.32%	10.17%	8.82%
Portfolio turnover										41.19%	33.38%	12.14%	28.61%	49.82%
Total amount of senior securities outstanding, exclusive of treasury securities \| $		$ 7,620				$ 7,385				$ 7,620	$ 7,385	$ 8,223	$ 8,731	$ 9,179
Asset coverage per ratio (as percent)		177.00%				190.00%				177.00%	190.00%	183.00%	180.00%	184.00%
Stock split conversion ratio	0.25
4.250% Unsecured Notes due 2025 \| Unsecured Notes
Ratio/Supplemental Data:
Total amount of senior securities outstanding, exclusive of treasury securities \| $						$ 475					$ 475
Stated interest rate (as percent)						4.25%					4.25%		4.25%		4.25%

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Assets
Investment owned, cost	$ 13,740.8	$ 14,044.0
Foreign currency, cost	27.0	17.0
Liabilities
Debt financing costs	$ 45.0	$ 49.0
Stockholders’ equity
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	280,066,433	280,066,433
Common stock, shares outstanding (in shares)	280,066,433	280,066,433
Non-controlled/unaffiliated
Assets
Investment owned, cost	$ 8,406.0	$ 8,830.0
Non-controlled/affiliated
Assets
Investment owned, cost	929.0	1,128.0
Controlled/affiliated
Assets
Investment owned, cost	$ 4,406.0	$ 4,086.0

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

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

Level 1—Price quotations in active markets

$ 13,008.6

^[1]

$ 13,490.4

^[2]

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

Level 2—Significant other observable inputs

22.0

1.0

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

Level 3—Significant unobservable inputs

14.0

91.0

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

Investments measured at net asset value

11,005.0

12,035.0

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

$ 1,968.0

$ 1,363.0

[1]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.
[2]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

Fair value of investment in security owned.

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions				12 Months Ended
	Jun. 15, 2019	Jun. 14, 2019	Dec. 20, 2018	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Asset coverage per ratio (as percent)				177.00%	190.00%	183.00%	180.00%	184.00%
Investment Advisory Agreement \| FS/KKR Advisor, LLC
Related Party Transaction [Line Items]
Management and service fees, base rate (as percent)	1.00%	1.50%	1.50%
Asset coverage per ratio (as percent)	150.00%	200.00%
Affiliated Purchaser Program \| FS/KKR Advisor, LLC
Related Party Transaction [Line Items]
Commitment to investment vehicle				$ 100
Investment vehicle				$ 350

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Excise taxes	$ 22	$ 23	$ 22
Federal income taxes paid during the year	$ 25	27	20
FS/KKR Advisor, LLC \| Investment Advisory Agreement - Incentive Rate, Realized Capital Gains
Related Party Transaction [Line Items]
Incentive fee (as percent)	20.00%
FS/KKR Advisor, LLC \| Investment Advisory Agreement - Incentive Rate, Quarterly In Arrears Catch-up Threshold
Related Party Transaction [Line Items]
Incentive fee (as percent)	17.50%
FS/KKR Advisor, LLC \| Investment Advisory Agreement - Incentive Rate, Quarterly Catch-up Threshold
Related Party Transaction [Line Items]
Incentive fee (as percent)	1.75%
FS/KKR Advisor, LLC \| Investment Advisory Agreement - Incentive Rate, Annualized Hurdle Rate
Related Party Transaction [Line Items]
Incentive fee (as percent)	7.00%
FS/KKR Advisor, LLC \| Investment Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold
Related Party Transaction [Line Items]
Incentive fee (as percent)	2.12%
FS/KKR Advisor, LLC \| Investment Advisory Agreement - Incentive Rate, Annualized Catch-Up Threshold
Related Party Transaction [Line Items]
Incentive fee (as percent)	8.48%
Structuring Fees
Related Party Transaction [Line Items]
Structuring fee revenue	$ 20	$ 31	$ 20

Investment Portfolio - Investment Portfolio At Cost And Fair Value (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

$ 13,740.8

$ 14,044.0

Senior Secured Loans—First Lien

13,008.6

^[1]

13,490.4

^[2]

7,819.4

7,995.1

Senior Secured Loans—Second Lien

7,523.4

^[1]

7,794.9

^[2]

598.0

690.0

Other Senior Secured Debt

539.0

692.8

^[2]

65.0

130.0

55.0

123.0

Subordinated Debt

122.0

214.0

126.0

233.0

Asset Based Finance

1,830.9

2,231.9

Credit Opportunities Partners JV, LLC

1,693.7

^[1]

2,101.7

^[2]

2,201.9

1,571.7

1,967.9

^[1]

1,363.3

^[2]

Equity/Other

1,104.0

1,211.0

Percentage of Portfolio | Customer Concentration Risk

$ 1,104.0

$ 1,181.0

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

100.00%

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

57.80%

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

4.20%

5.10%

Percentage of Portfolio | Customer Concentration Risk | Subordinated Debt

0.40%

0.90%

Percentage of Portfolio | Customer Concentration Risk | Asset Based Finance

1.00%

1.70%

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

13.00%

15.60%

Percentage of Portfolio | Customer Concentration Risk | Equity/Other

15.10%

10.10%

Summary of Outstanding Financing Arrangements

8.50%

8.80%

[1]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.
[2]	See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

The following tables present summary information with respect to the Company’s outstanding financing arrangements as of December 31, 2025 and 2024:


	As of December 31, 2025
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date


Callowhill Credit Facility(2)	Revolving Credit Facility	SOFR+1.75%(1)	$	284	$	116	June 2, 2030
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	SOFR+1.90% - 2.05%(1)(3)	45		—		June 2, 2026

Meadowbrook Run Credit Facility(2)	Revolving Credit Facility	SOFR+1.95%(1)	265		35		November 22, 2028
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	SOFR+1.75% - 1.88%(1)(4)	1,533(5)		3,117(6)		July 16, 2030




3.400% Notes due 2026(7)	Unsecured Notes	3.40%	1,000		—		January 15, 2026
2.625% Notes due 2027(7)	Unsecured Notes	2.63%	400		—		January 15, 2027
3.250% Notes due 2027(7)	Unsecured Notes	3.25%	500		—		July 15, 2027
3.125% Notes due 2028(7)	Unsecured Notes	3.13%	750		—		October 12, 2028
7.875% Notes due 2029(7)	Unsecured Notes	7.88%	400		—		January 15, 2029
6.875% Notes due 2029(7)(8)	Unsecured Notes	6.88%	600		—		August 15, 2029
6.125% Notes due 2030(7)(8)	Unsecured Notes	6.13%	700		—		January 15, 2030
6.125% Notes due 2031(7)(8)	Unsecured Notes	6.13%	400		—		January 15, 2031
CLO-2 Notes(2)(9)	Collateralized Loan Obligation	SOFR+1.48% - 2.15%(1)	380		—		April 15, 2037
CLO-3 Notes(2)(10)	Collateralized Loan Obligation	SOFR+1.47% - 2.10%(1)	363		—		January 15, 2038
Total			$	7,620	$	3,268

___________

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

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

(3)As of December 31, 2025, there was $30 term loan outstanding at SOFR+1.90% and $15 revolving commitment outstanding at SOFR+2.05%.


	As of December 31, 2024
Arrangement	Type of Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date
Ambler Credit Facility(2)	Revolving Credit Facility	SOFR+2.25%(1)	$	133	$	67	November 13, 2029
CCT Tokyo Funding Credit Facility(2)	Revolving Credit Facility	SOFR+1.90% - 2.05%(1)(3)	147		—		June 2, 2026
Darby Creek Credit Facility(2)	Revolving Credit Facility	SOFR+2.65%(1)	500		250		February 26, 2027

Meadowbrook Run Credit Facility(2)	Revolving Credit Facility	SOFR+2.70%(1)	200		100		November 22, 2026
Senior Secured Revolving Credit Facility(2)	Revolving Credit Facility	SOFR+1.75% - 1.88%(1)(4)	628(5)		3,946(6)		October 31, 2028
4.125% Notes due 2025(7)	Unsecured Notes	4.13%	470		—		February 1, 2025
4.250% Notes due 2025(7)	Unsecured Notes	4.25%	475		—		February 14, 2025
8.625% Notes due 2025(7)	Unsecured Notes	8.63%	250		—		May 15, 2025
3.400% Notes due 2026(7)	Unsecured Notes	3.40%	1,000		—		January 15, 2026
2.625% Notes due 2027(7)	Unsecured Notes	2.63%	400		—		January 15, 2027
3.250% Notes due 2027(7)	Unsecured Notes	3.25%	500		—		July 15, 2027
3.125% Notes due 2028(7)	Unsecured Notes	3.13%	750		—		October 12, 2028
7.875% Notes due 2029(7)	Unsecured Notes	7.88%	400		—		January 15, 2029
6.875% Notes due 2029(7)(8)	Unsecured Notes	6.88%	600		—		August 15, 2029
6.125% Notes due 2030(7)(8)	Unsecured Notes	6.13%	700		—		January 15, 2030
CLO-1 Notes(2)(9)	Collateralized Loan Obligation	3.01% - SOFR+1.85%(1)	232		—		January 15, 2031
Total			$	7,385	$	4,363

____________

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

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

(3)As of December 31, 2024, there was $98 term loan outstanding at SOFR+1.90% and $49 revolving commitment outstanding at SOFR+2.05%.

Summary of Interest Expense

For the years ended December 31, 2025, 2024 and 2023, the components of total interest expense for the Company’s financing arrangements were as follows:


	Year Ended December 31,
	2025						2024						2023
Arrangement(1)	Direct Interest Expense		Amortization of Deferred Financing Costs and Discount / Premium		Total Interest Expense		Direct Interest Expense		Amortization of Deferred Financing Costs and Discount / Premium		Total Interest Expense		Direct Interest Expense		Amortization of Deferred Financing Costs and Discount / Premium		Total Interest Expense
Ambler Credit Facility(2)	$	12	$	0	$	12	$	14	$	0	$	14	$	11	$	1	$	12
Burholme Prime Brokerage Facility(2)	—		—		—		—		—		—		—		—		—
Callowhill Credit Facility(2)	13		0		13		—		—		—		—		—		—
CCT Tokyo Funding Credit Facility(2)	6		1		7		18		0		18		19		0		19
Darby Creek Credit Facility(2)	16		1		17		57		2		59		43		1		44
Dunlap Credit Facility(2)	—		—		—		—		—		—		10		0		10


Meadowbrook Run Credit Facility(2)	18		1		19		22		0		22		20		1		21
Senior Secured Revolving Credit Facility(2)	128		5		133		91		5		96		147		3		150


4.625% Notes due 2024	—		—		—		10		1		11		19		1		20
1.650% Notes due 2024	—		—		—		6		3		9		8		2		10
4.125% Notes due 2025	2		0		2		19		2		21		19		1		20
4.250% Notes due 2025	2		(1)		1		20		(7)		13		20		(7)		13
8.625% Notes due 2025	4		1		5		22		1		23		22		1		23
3.400% Notes due 2026	34		6		40		34		4		38		34		4		38
2.625% Notes due 2027	11		0		11		11		1		12		11		2		13
3.250% Notes due 2027	16		1		17		16		2		18		16		2		18
3.125% Notes due 2028	23		1		24		23		1		24		23		3		26
7.875% Notes due 2029	32		1		33		32		2		34		4		0		4
6.875% Notes due 2029(3)	43		4		47		27		1		28		—		—		—
6.125% Notes due 2030(3)	46		1		47		4		0		4		—		—		—
6.125% Notes due 2031(3)	7		1		8		—		—		—		—		—		—
CLO-1 Notes	9		1		10		20		1		21		25		1		26
CLO-2 Notes	17		0		17		—		—		—		—		—		—
CLO-3 Notes	1		0		1		—		—		—		—		—		—
Total	$	440	$	24	$	464	$	446	$	19	$	465	$	451	$	16	$	467

___________

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

(3)Direct interest expense includes the impact of interest rate swaps.

N-2 - $ / shares

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Cover [Abstract]

Entity Central Index Key

0001422183

Amendment Flag

false

Securities Act File Number

814-00757

Document Type

10-K

Entity Registrant Name

FS KKR Capital Corp.

Entity Address, Address Line One

3025 JFK Boulevard

Entity Address, Address Line Two

OFC 500

Entity Address, City or Town

Philadelphia

Entity Address, State or Province

Entity Address, Postal Zip Code

19104

City Area Code

215

Local Phone Number

495-1150

Entity Well-known Seasoned Issuer

Yes

Entity Emerging Growth Company

false

Investment Objectives and Practices [Text Block]

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by:

•utilizing the experience and expertise of the management team of the Adviser;

•employing a defensive investment approach focused on long-term credit performance and preservation of principal;

•focusing primarily on debt investments in a broad array of private U.S. companies, including middle-market companies, which we define as companies with annual EBITDA of $50 million to $150 million at the time of investment;

•investing primarily in established, stable enterprises with positive cash flows; and

•maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio, such as an event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company.

We pursue our investment objective by investing primarily in the debt of middle market U.S. companies with a focus on originated transactions sourced through the network of the Adviser and its affiliates. We define direct originations as any investment where the Company’s investment adviser, sub-adviser or their affiliates had negotiated the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These directly originated transactions include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions.

Our portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle market U.S. companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. Although we do not expect a significant portion of our portfolio to be comprised of subordinated loans, there is no limit on the amount of such loans in which we may invest. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the OTC market or directly from our target companies as primary market or directly originated investments. In connection with our debt investments, we may on occasion receive equity interests such as warrants or options as additional consideration. We may also purchase or otherwise acquire interests in the form of common or preferred equity or equity-related securities, such as rights and warrants that may be converted into or exchanged for common stock or other equity or the cash value of common stock or other equity, including through a co-investment with a financial sponsor or possibly

the restructuring of an investment. In addition, a portion of our portfolio may be comprised of corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps. The Adviser will seek to tailor our investment focus as market conditions evolve. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structures of our portfolio companies or otherwise make opportunistic investments, such as where the market price of loans, bonds or other securities reflects a lower value than deemed warranted by the Adviser’s fundamental analysis. Such investment opportunities may occur due to general dislocations in the markets, a misunderstanding by the market of a particular company or an industry being out of favor with the broader investment community and may include event driven investments, anchor orders and structured products.

The senior secured loans, second lien secured loans and senior secured bonds in which we invest generally have stated terms of three to seven years and subordinated debt investments that we make generally have stated terms of up to ten years, but the expected average life of such securities is generally three to four years. However, we may invest in loans and securities with any maturity or duration. Our debt investments may be rated by a NRSRO and, in such case, generally will carry a rating below investment grade (rated lower than “Baa3” by Moody’s or lower than “BBB-” by S&P). We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by a NRSRO.

Risk Factors [Table Text Block]

Item 1A. Risk Factors

Investing in our securities involves a number of significant risks. In addition to the other information contained in this annual report on Form 10-K, investors should consider carefully the following information before making an investment in our securities. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, the net asset value and market price of our common stock could decline or the value of our debt or equity investments may decline, and investors may lose all or part of their investment.

Summary of Risk Factors

The following is a summary of the principal risk factors associated with an investment in the Company. Further details regarding each risk included in the below summary list can be found further below.

•Our ability to achieve our investment objectives depends on the Adviser’s ability to manage and support our investment process and if our Advisory Agreement were to be terminated, or if the Adviser loses any members of its senior management team, our ability to achieve our investment objectives could be significantly harmed.

•Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

•We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

•If we, our affiliates and our and their respective third-party service providers are unable to maintain the availability of electronic data systems and safeguard the security of data, our ability to conduct business may be compromised, which could impair our liquidity, disrupt our business, damage our reputation or otherwise adversely affect our business.

•The Adviser and its affiliates, including our officers and some of our directors, face conflicts of interest as a result of compensation arrangements between us and the Adviser, which could result in actions that are not in the best interest of our stockholders.

•We may be obligated to pay the Adviser incentive compensation on income that we have not received.

•The timeframe and resources that the Adviser and individuals employed by the Adviser devote to us may be diverted and we may face additional competition because employees of the Adviser are not prohibited from raising money for or managing another entity that makes the same types of investments that we target.

•Failure to maintain our status as a BDC would reduce our operating flexibility.

•We are uncertain of our sources for funding our future capital needs and if we cannot obtain debt or equity financing on acceptable terms, or at all, our ability to acquire investments and to expand our operations will be adversely affected.

•The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.

•Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.

•Our investments in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities, subject us indirectly to the underlying risks of such private investment funds and additional fees and expenses.

•Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

•There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

•Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.

•Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies.

•Declines in market values or fair market values of our investments could result in significant net unrealized depreciation of our portfolio, which in turn would reduce our net asset value.

•A significant portion of our investment portfolio does not have a readily available market price and is and will be recorded at fair value in accordance with policies and procedures approved by our Board of Directors and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

•We are exposed to risks associated with changes in interest rates.

•Our investments may include original issue discount and PIK instruments.

•We may from time to time enter into total return swaps, credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.

•We currently incur indebtedness to make investments, which magnifies the potential for gain or loss on amounts invested in our common stock and may increase the risk of investing in our common stock.

•The agreements governing our or our subsidiaries’ debt financing arrangements contain, and agreements governing future debt financing arrangements may contain, various covenants which, if not complied with, could have a material adverse effect on our ability to meet our investment obligations and to pay distributions to our stockholders.

•There is a risk that investors in our common stock may not receive distributions or that distributions may not increase, or may decrease, over time.

•Our distribution proceeds may exceed our earnings. Therefore, portions of the distributions that we make may represent a return of capital to stockholders, which will lower their tax basis in their shares of common stock.

•Our shares of common stock may trade at a discount to net asset value, and such discount may be significant.

•We may pay distributions from offering proceeds, borrowings or the sale of assets to the extent our cash flows from operations, net investment income or earnings are not sufficient to fund declared distributions.

•Certain provisions of our charter and bylaws as well as provisions of the Maryland General Corporation Law, or the MGCL, could deter takeover attempts and have an adverse impact on the value of our common stock.

•Holders of any preferred stock that we may issue will have the right to elect members of the Board of Directors and have class voting rights on certain matters.

•Capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.

•Future economic recessions or downturns could impair our portfolio companies and harm our operating results.

•Events outside of our control could negatively affect our portfolio companies and our results of operations.

•If a period of capital market disruption and instability continues for an extended period of time, there is a risk that investors in our equity securities may not receive distributions consistent with historical levels or at all or that our distributions may not grow over time and a portion of our distributions may be a return of capital.

•Uncertainty about U.S. federal government initiatives, including tariffs and global trade negotiations, could negatively impact our business, financial condition and results of operations.

•Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.

Risks Related to Our Business and Structure

Our ability to achieve our investment objectives depends on the Adviser’s ability to manage and support our investment process and if our Advisory Agreement were to be terminated, or if the Adviser loses any members of its senior management team, our ability to achieve our investment objectives could be significantly harmed.

Because we have no employees, we depend on the investment expertise, skill and network of business contacts of the Adviser. The Adviser evaluates, negotiates, structures, executes, monitors and services our investments. Our future success depends to a

significant extent on the continued service of the Adviser, as well as its senior management team. The departure of any members of the Adviser’s senior management team could have a material adverse effect on our ability to achieve our investment objectives.

Our ability to achieve our investment objectives depends on the Adviser’s ability to identify, analyze, invest in, finance and monitor companies that meet our investment criteria. The Adviser’s capabilities in structuring the investment process, providing competent, attentive and efficient services to us, and facilitating access to financing on acceptable terms depend on the employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of transactions. To achieve our investment objectives, the Adviser may need to hire, train, supervise and manage new investment professionals to participate in our investment selection and monitoring process. The Adviser may not be able to find investment professionals in a timely manner or at all. Failure to support our investment process could have a material adverse effect on our business, financial condition and results of operations.

In addition, each of our Advisory Agreement and Administration Agreement with the Adviser has termination provisions that allow the parties to terminate the agreements without penalty. The Advisory Agreement and Administration Agreement may each be terminated at any time, without penalty, by the Adviser, upon 60 days’ notice to us. If the Advisory Agreement is terminated, it may adversely affect the quality of our investment opportunities. In addition, in the event such agreement is terminated, it may be difficult for us to replace the Adviser and the termination of such agreement may adversely impact the terms of any existing or future financing arrangement, which could have a material adverse effect on our business and financial condition.

Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

The Adviser depends on its broader organization’s relationships with private equity sponsors, investment banks and commercial banks, and we rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Adviser or its broader organization fails to maintain their existing relationships or develop new relationships with other sponsors or sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser or its broader organization have relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us.

We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

A number of entities compete with us to make the types of investments that we plan to make and we believe that recent market trends have increased the number of competitors seeking to invest in loans to private, middle market companies in the United States. We compete with public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors have access to funding sources that are not available to us. In addition, some of our competitors could have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a business development company or the source of income, asset diversification and distribution requirements we must satisfy to maintain our qualification as a RIC. The competitive pressures we face could have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we can provide no assurance that we will be able to take advantage of attractive investment opportunities that arise from time to time, and we can provide no assurance that we will be able to identify and make investments that are consistent with our investment objective.

The amount of capital in the private debt markets and overall competition for loans could result in short term returns for us that are lower than our long-term targets. If there is a decrease in the number of new investment opportunities in U.S. middle market companies like there was as a result of the COVID-19 pandemic during 2020, and if such conditions continue for an extended amount of time, they could have a material adverse effect on our business, financial condition and results of operations.

Identifying, structuring and consummating investments involves competition among capital providers and market and transaction uncertainty. The Adviser can provide no assurance that it will be able to identify a sufficient number of suitable investment opportunities or to avoid prepayment of existing investments to satisfy our investment objectives, including as necessary to effectively structure credit facilities or other forms of leverage. The loan origination market is very competitive, which can result in loan terms that are more favorable to borrowers, and conversely less favorable to lenders, such as lower interest rates and fees, weaker borrower financial and other covenants, borrower rights to cure defaults, and other terms more favorable to borrowers than current or historical norms. Increased competition could cause us to make more loans that are “cov-lite” in nature and, in a distressed scenario, there can be no assurance that these loans will retain the same value as loans with a full package of covenants. As a result of these conditions, the market for leveraged loans could become less advantageous than expected for us, and this could increase default rates, decrease recovery rates or otherwise harm our returns. The risk of prepayment is also higher in the current competitive environment if borrowers are offered more favorable terms by other lenders. The financial markets have experienced substantial fluctuations in prices

and liquidity for leveraged loans. Any further disruption in the credit and other financial markets could have substantial negative effects on general economic conditions, the availability of required capital for companies and the operating performance of such companies. These conditions also could result in increased default rates and credit downgrades, and affect the liquidity and pricing of the investments made by us. Conversely, periods of economic stability and increased competition among capital providers could increase the difficulty of locating investments that are desirable for us.

With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors could make loans with interest rates that will be lower than the rates we offer. In the secondary market for acquiring existing loans, we compete generally on the basis of pricing terms. With respect to all investments, we could lose some investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we could experience decreased net interest income, lower yields and increased risk of credit loss. We could also compete for investment opportunities with accounts managed or sponsored by the Adviser or its affiliates. Although the Adviser allocates opportunities in accordance with its allocation policy, allocations to such other accounts will reduce the amount and frequency of opportunities available to us and thus not necessarily be in the best interests of us and our securityholders. Moreover, the performance of investments will not be known at the time of allocation.

Our Board of Directors may change our operating policies and strategies without prior notice or stockholder approval.

Our Board of Directors has the authority to modify or waive our current operating policies, investment criteria and strategies without prior notice and without stockholder approval. Moreover, we have significant investment flexibility within our investment strategies. Therefore, we may invest our assets in ways with which investors may not agree. We also cannot predict the effect any changes to our current operating policies, investment criteria and strategies would have on our business, net asset value, operating results and the value of our stock. However, the effects might be adverse, which could negatively impact our ability to pay stockholders distributions and cause them to lose all or part of their investment.

Changes in laws or regulations governing our operations or the operations of our business partners may adversely affect our business or cause us to alter our business strategy.

We, our portfolio companies and our business partners are subject to regulation at the local, state and federal level. New legislation may be enacted, amended or repealed or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make and the deductibility of interest expense by our portfolio companies, potentially with retroactive effect. For example, certain provisions of the Dodd-Frank Act, which influences many aspects of the financial services industry, have been amended or repealed and the Code has been substantially amended and reformed. New or repealed legislation, interpretations, rulings or regulations could require changes to certain business practices of us or our portfolio companies, negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In addition, any changes to the laws and regulations governing our operations, including with respect to permitted investments, may cause us to alter our investment strategy to avail ourselves of new or different opportunities or make other changes to our business. Such changes could result in material differences to our strategies and plans as set forth in this annual report on Form 10-K and may result in our investment focus shifting from the areas of expertise of the Adviser to other types of investments in which the Adviser may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of a stockholder’s investment.

The Small Business Credit Availability Act allows us to incur additional leverage.

Effective June 15, 2019, following approval by our stockholders pursuant to Section 61(a) of the 1940 Act, our asset coverage requirement was reduced from 200% to 150%, such that the Company’s maximum debt to equity ratio increased from a prior maximum of 1.0x (equivalent of $1 of debt outstanding for each $1 of equity) to a maximum of 2.0x permitted by the Small Business Credit Availability Act (equivalent to $2 of debt outstanding for each $1 of equity). As a result, we are able to incur substantial additional indebtedness, and, therefore the risk of an investment in us may increase. See “Risks Related to Debt Financing—We currently incur indebtedness to make investments, which magnifies the potential for gain or loss on amounts invested in our common stock and may increase the risk of investing in our common stock.”

Any failure by the Adviser to manage and support our investment process may hinder the achievement of our investment objectives.

The Adviser is an investment adviser jointly operated by KKR Credit and by an affiliate of Future Standard. The 1940 Act and the Code impose numerous constraints on the operations of BDCs that do not apply to other investment vehicles. KKR Credit’s and Future Standard’s individual track records and achievements are not necessarily indicative of the future results they will achieve as a joint investment adviser to the Company. Accordingly, we can offer no assurance that we will replicate the historical performance of other investment companies with which KKR Credit and Future Standard have been affiliated, and we caution that our investment returns could be lower than the returns achieved by such other companies, including any other BDCs.

We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.

We may use derivative instruments including, in particular, swaps and other similar transactions, in seeking to achieve our investment objective or for other reasons, such as cash management, financing activities or to hedge its positions. Accordingly, these derivatives may be used in limited instances as a form of leverage or to seek to enhance returns, including speculation on changes in credit spreads, interest rates or other characteristics of the market, individual securities or groups of securities. If we invest in a derivative for speculative purposes, we will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The use of derivatives may involve substantial leverage. The use of derivatives may subject us to various risks, including counterparty risk, currency risk, leverage risk, liquidity risk, correlation risk, index risk and regulatory risk.

Furthermore, our ability to successfully use derivatives depends on the Adviser’s ability to predict pertinent securities prices, interest rates, currency exchange rates and other economic factors, which cannot be assured. Additionally, segregated liquid assets, amounts paid by us as premiums and cash or other assets held in margin accounts with respect to derivatives are not otherwise available to us for investment purposes.

Rule 18f-4 under the 1940 Act, or the Derivatives Rule, provides a comprehensive framework for the use of derivatives by business development companies. The Derivatives Rule permits business development companies, subject to various conditions described below, to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act.

Business development companies that don’t qualify as “limited derivatives users” as defined below, are required by the Derivatives Rule to, among other things, (i) adopt and implement a derivatives risk management program, or DRMP, and new testing requirements; (ii) comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk, or VaR; and (iii) comply with new requirements related to board and SEC reporting. The DRMP is administered by a “derivatives risk manager,” who is appointed by the Company’s Board of Directors and periodically reviews the DRMP and reports to the Company’s Board of Directors.

The Derivatives Rule provides an exception from the DRMP, VaR limit and certain other requirements for a business development company that limits its “derivatives exposure” to no more than 10% of its net assets (as calculated in accordance with the Derivatives Rule) (a “limited derivatives user”), provided that the business development company establishes appropriate policies and procedures reasonably designed to manage derivatives risks, including the risk of exceeding the 10% “derivatives exposure” threshold. The Company currently classifies itself as a “limited derivatives user” under the Derivatives Rule and has adopted written policies and procedures reasonably designed to manage the Company’s derivatives risks, as required by the Derivatives Rule for “limited derivatives users.”

The requirements of the Derivatives Rule may limit our ability to engage in derivatives transactions as part of our investment strategies. These requirements may also increase the cost of our investments and cost of doing business, which could adversely affect the value of our investments and/or our performance. The rule also may not be effective to limit our risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in our derivatives or other investments. There may be additional regulation of the use of derivatives transactions by business development companies, which could significantly affect our use. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives transactions may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.

As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us.

As a public company, we incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act, and other rules implemented by the SEC and the listing standards of the NYSE. Our management is required to report on our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act and rules and regulations of the SEC thereunder. In particular, our management is required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. Section 404 of the Sarbanes-Oxley Act also generally requires an attestation from our independent registered public accounting firm on the effectiveness of our internal control over financial reporting.

We incur significant expenses in connection with our compliance with the Sarbanes-Oxley Act and other regulations applicable to public companies, which may negatively impact our financial performance and our ability to make distributions. Compliance with such regulations also requires a significant amount of our management’s time and attention. For example, we cannot be certain as to the timing of the completion of our Sarbanes-Oxley mandated evaluations, testings and remediation actions, if any, or the impact of

the same on our operations, and we may not be able to ensure that the process is effective or that our internal control over financial reporting are or will be deemed effective in the future. In the event that we are unable to maintain an effective system of internal control and maintain compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected.

We may experience fluctuations in our quarterly results.

We could experience fluctuations in our quarterly operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the debt securities we acquire, the level of our expenses, variations in and the timing of fee income and the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

If we, our affiliates and our and their respective third-party service providers are unable to maintain the availability of electronic data systems and safeguard the security of data, our ability to conduct business may be compromised, which could impair our liquidity, disrupt our business, damage our reputation or otherwise adversely affect our business.

Cybersecurity refers to the combination of technologies, processes, and procedures established to protect information technology systems and data from unauthorized access, attack, or damage. We, our affiliates and our and their respective third-party service providers are subject to cybersecurity risks. Our business operations rely upon secure information technology systems for data processing, storage and reporting. We depend on the effectiveness of the information and cybersecurity policies, procedures and capabilities maintained by our affiliates and our and their respective third-party service providers to protect their computer and telecommunications systems and the data that reside on or are transmitted through them. There has been an increase in the frequency and sophistication of the cyber and security threats faced, with attacks ranging from those common to businesses to those that are more advanced and persistent, which may target us or our service providers because we or our service providers hold a significant amount of confidential and sensitive information about investors, portfolio companies or obligors (as applicable) and potential investments. As a result, there is a heightened risk of a security breach or disruption with respect to this information.

Our, our affiliates and our and their respective third-party service providers’ computer systems, software and networks may be vulnerable to unauthorized access, computer viruses or other malicious code and other events that could have a security impact, as well as cyber-attacks that do not have a security impact but may nonetheless cause harm, such as causing denial-of-service attacks (i.e., efforts to make network services unavailable to intended users) on websites, servers or other online systems. If one or more of such events occur, it potentially could jeopardize confidential and other information, including nonpublic personal information and sensitive business data, processed and stored in, and transmitted through, computer systems and networks, or otherwise cause interruptions or malfunctions in our operations or the operations of our affiliates and our and their respective third-party service providers. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations.

Substantial costs may be incurred in order to prevent any cyber incidents in the future. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. There is no assurance that any efforts to mitigate cybersecurity risks undertaken by us, our affiliates, or our or their respective third-party service providers will be effective. If we fail to comply with the relevant laws and regulations, we could suffer financial losses, a disruption of our business, liability to investors, regulatory intervention or reputational damage.

We are subject to risks associated with artificial intelligence and machine learning technology.

Artificial intelligence, including machine learning and similar tools and technologies that collect, aggregate, analyze or generate data or other materials, or collectively, AI, and its current and potential future applications including in the private investment and financial industries, as well as the legal and regulatory frameworks within which AI operates, continue to rapidly evolve.

In the current period of technological and commercial innovation, startup and other companies have found success disrupting traditional approaches to industry or market practices, and the frequency of such disruptions is expected to increase. Such disruptions could negatively impact us and our investments, alter market practices on which our investment strategy depends to create investment returns, significantly disrupt the market in which we operate, or subject us to increased competition.

Use of AI could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by other third-party AI applications and users. While the Adviser does not currently use AI to make investment recommendations, the use of AI could also exacerbate or create new and unpredictable risks to our business, the Adviser’s business, and the business of our portfolio companies, including by potentially significantly disrupting the markets in which we and our portfolio companies operate or subjecting us, our portfolio

companies and the Adviser to increased competition and regulation, which could materially and adversely affect the business, financial condition or results of operations of us, our portfolio companies and the Adviser. In addition, the use of AI by bad actors could heighten the sophistication and effectiveness of cyber and security attacks experienced by our portfolio companies and the Adviser.

Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that AI technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error—potentially materially so—and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of AI technology. To the extent that we or our portfolio investments are exposed to the risks of AI use, any such inaccuracies or errors could have adverse impacts on the Company or our investments.

AI technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments.

We and the Adviser could be the target of litigation.

We and the Adviser could become the target of securities class action litigation or other similar claims if our common stock price fluctuates significantly or for other reasons. The proceedings could continue without resolution for long periods of time and the outcome of any such proceedings could materially adversely affect our business, financial condition, and/or operating results. Any litigation or other similar claims could consume substantial amounts of our management’s time and attention, and that time and attention and the devotion of associated resources could, at times, be disproportionate to the amounts at stake. Litigation and other claims are subject to inherent uncertainties, and a material adverse impact on our financial statements could occur for the period in which the effect of an unfavorable final outcome in litigation or other similar claims becomes probable and reasonably estimable. In addition, we could incur expenses associated with defending ourselves against litigation and other similar claims, and these expenses could be material to our earnings in future periods.

In addition, the Adviser’s and its affiliates’ business is subject to extensive regulation, legislative focus and regulatory scrutiny, and their respective compliance with laws and regulations is subject to frequent examinations, inquiries and investigations by U.S. federal and state as well as non-U.S. governmental agencies and regulators and self-regulatory organizations in the various jurisdictions in which the Adviser and/or its affiliates operate around the world.

Any of these governmental and regulatory authorities may challenge the Adviser’s, its affiliates’ and their respective employees’ compliance with any applicable laws and regulations, and the Adviser, its affiliates and its employees could become subject to civil or criminal proceedings or other sanctions brought by them for such noncompliance.

For instance, on January 14, 2025, the Antitrust Division of the U.S. Department of Justice, or the DOJ, filed a civil antitrust complaint, or the DOJ Complaint, in the U.S. District Court for the Southern District of New York against KKR & Co. and various KKR-sponsored investment entities, or the KKR Defendants, alleging violations of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, or the HSR Act. The DOJ Complaint requests various relief for the alleged violations of the HSR Act by the KKR Defendants, including civil penalties in an amount to be determined and various equitable relief, including disgorgement and enjoining future violations of the HSR Act. On January 14, 2025, KKR & Co. and its subsidiaries filed a complaint, or the KKR Complaint, in the U.S. District Court for the District of Columbia against Doha Mekki in her official capacity as Acting Assistant Attorney General of the United States for the Antitrust Division, the DOJ, the Federal Trade Commission, or the FTC, and the United States of America pertaining to the HSR-related investigations conducted by the DOJ. On January 16, 2025, KKR & Co. voluntarily dismissed the KKR Complaint filed in the U.S. District Court for the District of Columbia and re-filed it in the U.S. District Court for the Southern District of New York as related to the DOJ Complaint. The KKR Complaint requests various forms of relief, including declaratory judgments that: (i) KKR & Co. did not violate the HSR Act; (ii) the DOJ’s and FTC’s interpretations of the HSR Act are unconstitutionally vague; and (iii) the DOJ seeks an excessive fine in violation of the U.S. Constitution. KKR & Co. intends to vigorously defend against the DOJ Complaint and filed a motion to dismiss the DOJ Complaint on April 17, 2025. The DOJ filed its motion to dismiss the KKR Complaint on April 23, 2025, and KKR & Co. and the DOJ agreed to dismiss one count of the KKR Complaint and to stay the rest of the DOJ’s motion to dismiss pending resolution of KKR & Co.’s motion to dismiss the DOJ Complaint. The DOJ has continued its investigations into certain of KKR & Co.’s past HSR filings, and KKR & Co. continues to cooperate in connection with these investigations. The DOJ may initiate additional civil or criminal proceedings or take other actions against KKR & Co., its employees or portfolio companies, which could include further antitrust investigations into past HSR filings or transactions or other purported violations of law. There can be no certainty as to the possible outcome of the DOJ Complaint, the KKR Complaint, the DOJ’s investigations, or such other proceedings or other actions, any of which could result in a range of adverse financial and non-financial consequences to KKR & Co. Even in the event that the parties are able to settle the pending litigation, it is possible that any such settlement could involve significant monetary penalties and/or other possible remedial measures.

Any resolution of claims brought by a governmental and regulatory authority may also require an admission of wrongdoing or result in adverse limitations or prohibitions on the Adviser’s ability to conduct its business. In addition, the adverse publicity, costs relating to legal defenses, and reputational harm relating to the regulatory activity or imposition of these sanctions could be significant.

It may be difficult to bring suit or foreclosure in non-U.S. countries.

Because the effectiveness of the judicial systems in the countries in which the Company may invest varies, the Company (or any portfolio company) may have difficulty in foreclosing or successfully pursuing claims in the courts of such countries, as compared to the United States or other countries. Further, to the extent the Company or a portfolio company may obtain a judgment but is required to seek its enforcement in the courts of one of these countries in which the Company invests, there can be no assurance that such courts will enforce such judgment. The laws of other countries often lack the sophistication and consistency found in the United States with respect to foreclosure, bankruptcy, corporate reorganization or creditors’ rights.

Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined pursuant to policies adopted by the Adviser and subject to the oversight of our Board of Directors. Decreases in the market value or fair value of our investments relative to amortized cost are and will be recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. In addition, decreases in the market value or fair value of our investments will reduce our NAV.

We may not be able to obtain all required state licenses.

We may be required to obtain various state licenses in order to, among other things, originate commercial loans. Applying for and obtaining required licenses can be costly and take several months. There is no assurance that we will obtain all of the licenses that we need on a timely basis. Furthermore, we are and will be subject to various information and other requirements in order to obtain and maintain these licenses, and there is no assurance that we will satisfy those requirements. Our failure to obtain or maintain licenses might restrict investment options and have other adverse consequences.

Our business and operations could be negatively affected if we become subject to stockholder activism, which could cause us to incur significant expense, hinder the execution of our investment strategy or impact our stock price.

Stockholder activism, which could take many forms, including making public demands that we consider certain strategic alternatives for the Company, engaging in public campaigns to attempt to influence our corporate governance and/or our management, and commencing proxy contests to attempt to elect the activists’ representatives or others to our Board of Directors, or arise in a variety of situations, has been increasing in the BDC space recently. While we are currently not subject to any stockholder activism, because of potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of stockholder activism. Stockholder activism could result in substantial costs and divert management’s and our Board of Directors’ attention and resources from our business. Additionally, such stockholder activism could give rise to perceived uncertainties as to our future and adversely affect our relationships with service providers and our portfolio companies. Also, we may be required to incur significant legal and other expenses related to any activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any stockholder activism.

Increasing scrutiny from stakeholders and regulators with respect to sustainability matters may impose additional costs and expose us to additional risks.

The Adviser will assess sustainability-related risks on an investment-by-investment basis. The likely impacts of sustainability-related risks on the returns of the Company will depend on the Company’s exposure to investments that are vulnerable to sustainability-related risks and the magnitude of the sustainability-related risks. The nature and scope of the Adviser’s sustainability-related diligence, if any, will vary depending on the investment opportunity but may include a review of, among other things, environmental management, social management, sponsor reputation, financial controls, committed management, organizational structure and litigation issues. The negative impacts of sustainability-related risks on the Company may be mitigated by the Adviser’s approach to integrating sustainability-related risks in its investment decision-making. However, there is no guarantee that these measures will mitigate or prevent sustainability-related risks from materializing in respect of the Company.

The likely impact on the returns of the Company from an actual or potential significant decline in the value of an investment due to a sustainability-related event or condition will vary and depend on several factors including, but not limited to, the type, extent, complexity and duration of the event or condition, prevailing market conditions and the existence of any mitigating factors.

The sustainability information used to evaluate sustainability-related risks may be provided by third-party sources and is based on backward-looking analysis. The subjective nature of non-financial sustainability criteria means a wide variety of outcomes are

possible. The data may not adequately address significant sustainability factors. The risk analysis is also dependent on companies disclosing relevant data and the availability of this data can be limited. Selecting and evaluating sustainability factors is subjective by nature, and there is no guarantee that the criteria utilized or judgment exercised by our Adviser or a third-party sustainability specialist (if any) will reflect the beliefs, values, internal policies or preferred practices of any particular investor or align with the beliefs or values or preferred practices of other asset managers or with market trends. Further, sustainability considerations are continuously evolving, including from an assessment, regulatory and compliance standpoint, and our Adviser may not accurately or fully anticipate such evolution.

Although we view our sustainable investing approach as a tool for value creation and value protection, different stakeholder groups have divergent views on the merits of integrating sustainability considerations into the investment process. Increasing governmental, investor and societal attention to sustainability-related matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change, human capital, labor and risk oversight, could expand the nature, scope, and complexity of matters that we are required to control, assess and report. These factors may alter the environment in which we do business and may increase the ongoing costs of compliance and adversely impact our results of operations and cash flows. If we are unable to adequately address such sustainability-related matters or we fail or are perceived to fail to comply with all laws, regulations, policies and related interpretations, it could negatively impact our reputation and our business results.

Risks Related to the Adviser and its Affiliates; Conflicts of Interest

The Adviser and its affiliates, including our officers and some of our directors, face conflicts of interest as a result of compensation arrangements between us and the Adviser, which could result in actions that are not in the best interests of our stockholders.

The Adviser and its affiliates receive substantial fees from us in return for their services, and these fees could influence the advice provided to us. We pay to the Adviser an incentive fee that is based on the performance of our portfolio and an annual base management fee that is based on the average weekly value of our gross assets. Because the incentive fee is based on the performance of our portfolio, the Adviser may be incentivized to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive fee is determined may also encourage the Adviser to use leverage to increase the return on our investments. In addition, because the base management fee is based upon the average weekly value of our gross assets, which includes any borrowings for investment purposes, the Adviser may be incentivized to recommend the use of leverage or the issuance of additional equity to make additional investments and increase the average weekly value of our gross assets. Under certain circumstances, the use of leverage may increase the likelihood of default, which could disfavor holders of our common stock. Our compensation arrangements could therefore result in our making riskier or more speculative investments, or relying more on leverage to make investments, than would otherwise be the case. This could result in higher investment losses, particularly during cyclical economic downturns.

We may be obligated to pay the Adviser incentive compensation on income that we have not received.

Any incentive fee payable by us that relates to our net investment income may be computed and paid on income that may include interest that has been accrued but not yet received. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously included in the calculation of the incentive fee will become uncollectible. The Adviser is not under any obligation to reimburse us for any part of the incentive fee it received that was based on accrued income that we never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and such circumstances would result in our paying an incentive fee on income we never received.

For U.S. federal income tax purposes, we are required to recognize taxable income (such as deferred interest that is accrued as original issue discount) in some circumstances in which we do not receive a corresponding payment in cash. Under such circumstances, we may have difficulty meeting the Annual Distribution Requirement necessary to qualify for and maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that we are required to pay an incentive fee with respect to such accrued income. As a result, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

We may be obligated to pay the Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.

Our Advisory Agreement entitles the Adviser to receive a portion of our pre-incentive fee net investment income regardless of any capital losses. In such case, we may be required to pay the Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter.

In addition, any incentive fees on pre-incentive fee net investment income may be computed and paid on income that may include interest that has been accrued but not yet received. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously included in the calculation of the incentive fee will become uncollectible. The Adviser is not under any obligation to reimburse us for any part of the incentive fee it received that was based on accrued income that we never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and such circumstances would result in our paying an incentive fee on income we never received.

There may be conflicts of interest related to obligations the Adviser’s senior management and investment teams have to our affiliates and to other clients.

The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do, or of investment vehicles managed by the same personnel. For example, the Adviser is also investment adviser to KKR FS Income Trust and KKR FS Income Trust Select, or together with the Company, the Fund Complex, and the officers, managers and other personnel of the Adviser serve and may serve in the future in similar or other capacities for the investment advisers to future investment vehicles affiliated with Future Standard or KKR Credit. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in our best interests or in the best interest of our stockholders. Our investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For example, we rely on the Adviser to manage our day-to-day activities and to implement our investment strategy. The Adviser and certain of its affiliates are presently, and plan in the future to continue to be, involved with activities which are unrelated to us. As a result of these activities, the Adviser, its employees and certain of its affiliates will have conflicts of interest in allocating their time between us and other activities in which they are or may become involved, including the management of other entities affiliated with Future Standard or KKR Credit. The Adviser and its employees will devote only as much of its or their time to our business as the Adviser and its employees, in their judgment, determine is reasonably required, which may be substantially less than their full time.

We rely, in part, on the Adviser to assist with identifying investment opportunities and making investment recommendations to the Company. The Adviser and its affiliates are not restricted from forming additional investment funds, entering into other investment advisory relationships or engaging in other business activities. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of the Adviser, its affiliates and their officers and employees may not be devoted exclusively to our business, but may be allocated between us and such other business activities of the Adviser and its affiliates in a manner that the Adviser deems necessary and appropriate.

The time and resources that the Adviser and individuals employed by the Adviser devote to us may be diverted and we may face additional competition due to the fact that the Adviser and individuals employed by the Adviser are not prohibited from raising money for or managing another entity that makes the same types of investments that we target.

Neither the Adviser, nor persons providing services to us on behalf of the Adviser, are prohibited from raising capital for and managing other investment entities that make the same types of investments as those we target. As a result, the time and resources that these individuals may devote to us may be diverted. In addition, we may compete with any such investment entity for the same investors and investment opportunities. We may participate in certain transactions originated by the Adviser or its affiliates under the Co-Investment Exemptive Order, which will permit us, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser or KKR Credit, with our co-investment affiliates. To the extent the Company makes co-investments with investment accounts managed by the Adviser or its affiliates, these co-investment opportunities may give rise to conflicts of interest or perceived conflicts of interest among the Company and the other participating accounts. In addition, conflicts of interest or perceived conflicts of interest may also arise in determining which investment opportunities should be presented to the Company and other participating accounts. While the terms of the Co-Investment Exemptive Order require that the Adviser will be given the opportunity to cause us to participate in certain transactions originated by affiliates of the Adviser, the Adviser may determine that we not participate in those transactions and for certain other transactions (as set forth in guidelines approved by the Board of Directors) the Adviser may not have the opportunity to cause us to participate.

The Adviser’s liability is limited under each of the Advisory Agreement and the Administration Agreement, and we are required to indemnify it against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.

Pursuant to each of the Advisory Agreement and the Administration Agreement, the Adviser and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of, the Adviser will not be liable to us for their acts under the Advisory Agreement or the Administration Agreement, as applicable, absent willful misfeasance, bad faith or gross negligence in the performance of their duties. We have agreed to indemnify, defend and protect the Adviser and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated

with, or acting on behalf of, the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser not arising out of willful misfeasance, bad faith or gross negligence in the performance of their duties under the Advisory Agreement or the Administration Agreement, as applicable. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.

Our shares may be purchased by the Adviser or its affiliates.

The Adviser and its affiliates may purchase our shares. The Adviser and its affiliates will not acquire any shares with the intention to resell or re-distribute such shares. The purchase of shares by the Adviser and its affiliates could create certain risks, including, but not limited to, the following:

•the Adviser and its affiliates may have an interest in disposing of our assets at an earlier date so as to recover their investment in our shares; and

•substantial purchases of shares by the Adviser and its affiliates may limit the Adviser’s ability to fulfill any financial obligations that it may have to us or incurred on our behalf.

The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.

Our future success depends, to a significant extent, on the continued services of the officers and employees of the Adviser or its affiliates. The loss of services of one or more members of the Adviser’s senior management team, including personnel of KKR Credit or Future Standard, could adversely affect our financial condition, business and results of operations.

Risks Related to Business Development Companies and RICs

Failure to maintain our status as a BDC would reduce our operating flexibility.

If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions under the 1940 Act and correspondingly decrease our operating flexibility.

We are uncertain of our sources for funding our future capital needs and if we cannot obtain debt or equity financing on acceptable terms, or at all, our ability to acquire investments and to expand our operations will be adversely affected.

Any working capital reserves we maintain may not be sufficient for investment purposes, and we may require debt or equity financing to operate. We may also need to access the capital markets to refinance existing debt obligations to the extent maturing obligations are not repaid with cash flows from operations. In order to maintain RIC tax treatment, we must distribute distributions to our stockholders each tax year on a timely basis generally of an amount at least equal to 90% of our investment company taxable income, determined without regard to any deduction for distributions paid, and the amounts of such distributions will therefore not be available to fund investment originations or to repay maturing debt. In addition, with certain limited exceptions, we are only allowed to borrow amounts or issue debt securities or preferred stock, which we refer to collectively as “senior securities,” such that our asset coverage, as calculated pursuant to the 1940 Act, equals at least 150% immediately after such borrowing, which, in certain circumstances, may restrict our ability to borrow or issue debt securities or preferred stock. In the event that we develop a need for additional capital in the future for investments or for any other reason, and we cannot obtain debt or equity financing on acceptable terms, or at all, our ability to acquire investments and to expand our operations will be adversely affected. As a result, we would be less able to allocate our portfolio among various issuers and industries and achieve our investment objectives, which may negatively impact our results of operations and reduce our ability to make distributions to our stockholders.

The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.

As a BDC, we may not acquire any assets other than “qualifying assets,” as listed in Section 55(a) of the 1940 Act, unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. Therefore, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets. Similarly, these rules could prevent us from making additional investments in existing portfolio companies, which could result in the dilution of our position, or could require us to dispose of investments at an inopportune time to comply with the 1940 Act. If we were forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments. Conversely, if we fail to invest a sufficient portion of our assets in qualifying assets, we could lose our status as a BDC, which would subject us to substantially more regulatory restrictions and significantly decrease our operating flexibility.

Regulations governing our operation as a BDC and a RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.

As a result of our need to satisfy the Annual Distribution Requirement in order to maintain RIC tax treatment under Subchapter M of the Code, we may need to periodically access the capital markets to raise cash to fund new investments. We may issue “senior securities,” as defined in the 1940 Act, including issuing preferred stock, borrowing money from banks or other financial institutions, or issuing debt securities only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such incurrence or issuance. Our ability to issue certain other types of securities is also limited. Under the 1940 Act, we are also generally prohibited from issuing or selling our common stock at a price per share, after deducting underwriting commissions, that is below our net asset value per share, without first obtaining approval for such issuance from our stockholders and our independent directors. Compliance with these limitations on our ability to raise capital may unfavorably limit our investment opportunities. These limitations may also reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend.

In addition, because we incur indebtedness for investment purposes, if the value of our assets declines, we may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit us from paying distributions and, as a result, could cause us to be subject to corporate-level tax on our income and capital gains, regardless of the amount of distributions paid. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous.

Our ability to enter into transactions with our affiliates is restricted.

We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of the independent members of our Board of Directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from or to such affiliate, absent the prior approval of our Board of Directors. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our Board of Directors and, in some cases, the SEC. In the Co-Investment Exemptive Order, the SEC granted exemptive relief permitting us, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser or KKR Credit, with our co-investment affiliates. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons to the extent not covered by the exemptive relief, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their respective affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any portfolio company of a fund managed by the Adviser without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us.

Risks Related to Our Investments

Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.

Our investments in first lien, senior secured loans, senior secured bonds, asset based finance investments and, to a lesser extent, subordinated debt and equity of private U.S. companies, including middle-market companies, may be risky and there is no limit on the amount of any such investments in which we may invest.

First Lien, Senior Secured Loans and Senior Secured Bonds. There is a risk that any collateral pledged by portfolio companies in which we have taken a security interest may decrease in value over time or lose its entire value, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. To the extent our debt investment is collateralized by the securities of a portfolio company’s subsidiaries, such securities may lose some or all of their value in the event of the bankruptcy or insolvency of the portfolio company. Also, in some circumstances, our security interest may be contractually or structurally subordinated to claims of other creditors. In addition, deterioration in a portfolio company’s financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt. Secured debt that is under-collateralized involves a greater risk of loss. Consequently, the fact that debt is secured does not guarantee that we will receive principal and interest payments according to the debt’s terms, or at all, or that we will be able to collect on the debt should we be forced to enforce our remedies.

Investments in Asset-Based Finance Opportunities. We may invest in asset-based finance investments through joint ventures, investment platforms, private investment funds or other business entities that provide one or more of the following services: origination or sourcing of potential investment opportunities, due diligence and negotiation of potential investment opportunities and/or servicing, development and management (including turnaround) and disposition of investments. Such investments may be in or

alongside existing or newly formed operators, consultants and/or managers that pursue such opportunities and may or may not include capital and/or assets contributed by third party investors. Such investments may include opportunities to direct-finance physical assets, such as airplanes and ships, and/or operating assets, such as financial service entities, as opposed to investment securities, or to invest in origination and/or servicing platforms directly. In valuing our investments, we rely primarily on information provided by operators, consultants and/or managers. Valuations of illiquid securities involve various judgments and consideration of factors that may be subjective. There is a risk that inaccurate valuations could adversely affect the value of our common shares. We may not be able to promptly withdraw our investment in these asset-based finance investment opportunities, which may result in a loss to us and adversely affect our investment returns.

Subordinated Debt. Any subordinated debt investments we make will generally rank junior in priority of payment to senior debt and will generally be unsecured. This may result in a heightened level of risk and volatility or a loss of principal, which could lead to the loss of the entire investment. These investments may involve additional risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject us and our stockholders to non-cash income. Because we will not receive any principal repayments prior to the maturity of some of our subordinated debt investments, such investments will be of greater risk than amortizing loans.

Equity and Equity-Related Securities. We may make select equity investments. In addition, in connection with our debt investments, we on occasion may receive equity interests such as warrants or options as additional consideration. The equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

Convertible Securities. We may invest in convertible securities, such as bonds, debentures, notes, preferred stocks or other securities that may be converted into, or exchanged for, a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security held by us is called for redemption, it will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on our ability to achieve our investment objective.

Preferred Securities. Investments in preferred securities involve certain risks. Certain preferred securities contain provisions that allow an issuer under certain conditions to skip or defer distributions. If the Company owns a preferred security that is deferring its distribution, the Company may be required to include the amount of the deferred distribution in its taxable income for tax purposes although it does not currently receive such amount in cash. In order to receive the special treatment accorded to RICs and their shareholders under the Code and to avoid U.S. federal income and/or excise taxes at the Company level, the Company may be required to distribute this income to shareholders in the tax year in which the income is recognized (without a corresponding receipt of cash). Therefore, the Company may be required to pay out as an income distribution in any such tax year an amount greater than the total amount of cash income the Company actually received, and to sell portfolio securities, including at potentially disadvantageous times or prices, to obtain cash needed for these income distributions. Preferred securities often are subject to legal provisions that allow for redemption in the event of certain tax or legal changes or at the issuer’s call. In the event of redemption, the Company may not be able to reinvest the proceeds at comparable rates of return. Preferred securities are subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt securities. Preferred securities may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities, such as common stocks, corporate debt securities and U.S. government securities.

Non-U.S. Securities. We may invest in non-U.S. securities, which may include securities denominated in U.S. dollars or in non-U.S. currencies, to the extent permitted by the 1940 Act. Because evidence of ownership of such securities usually is held outside the United States, we would be subject to additional risks if we invested in non-U.S. securities, which include possible adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions, which might adversely affect or restrict the payment of principal and interest on the non-U.S. securities to shareholders located outside the country of the issuer, whether from currency blockage or otherwise. Because non-U.S. securities may be purchased with and payable in foreign currencies, the value of these assets as measured in U.S. dollars may be affected unfavorably by changes in currency rates and exchange control regulations. In addition, investing in securities of companies in emerging markets involves many risks, including potential inflationary economic environments, regulation by foreign governments, different accounting standards, political uncertainties and economic, social, political, financial, tax and security conditions in the applicable emerging market, any of which could negatively affect the value of companies in emerging markets or investments in their securities.

Structured Products. We may invest in structured products, which may include collateralized debt obligations, collateralized bond obligations, collateralized loan obligations, structured notes and credit-linked notes. When investing in structured products, we may invest in any level of the subordination chain, including subordinated (lower-rated) tranches and residual interests (the lowest tranche). Structured products may be highly levered and therefore, the junior debt and equity tranches that we may invest in are

subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. In addition, we will generally have the right to receive payments only from the issuer or counterparty, and will generally not have direct rights against the underlying borrowers or entities. Furthermore, the investments we make in structured products are at times thinly traded or have only a limited trading market. As a result, investments in such structured products may be characterized as illiquid securities.

Derivatives and Other Similar Investments. We may invest from time to time in derivatives and other similar instruments (referred to collectively in this section as “derivatives”), including total return swaps, interest rate swaps, credit default swaps and foreign currency forward contracts. Derivative investments have risks, including but not limited to: the imperfect correlation between the value of such instruments and our underlying assets, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in our portfolio; the loss of principal; the risk from potential adverse market movements in relation to our derivatives positions, or the risk that markets could experience a change in volatility that adversely impacts our portfolio returns and our obligations and exposures; the possible default of the counterparty to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, we may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding, or may not recover at all. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If we are owed this fair market value in the termination of the derivative contract and our claim is unsecured, we will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. Counterparty risk also refers to the related risks of having concentrated exposure to such a counterparty. Derivative investments in which we may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of loss. The ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. In addition, amounts paid by us as premiums and cash or other assets held in margin accounts with respect to our derivative investments would not be available to it for other investment purposes, which may result in lost opportunities for gain. Changes in the value of a derivative may also create margin delivery or settlement payment obligations. Derivative investments are also subject to operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human errors. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

Below Investment Grade Risk. In addition, we intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be difficult to value and illiquid. The major risks of below investment grade securities include:

•Below investment grade securities may be issued by less creditworthy issuers. Issuers of below investment grade securities may have a larger amount of outstanding debt relative to their assets than issuers of investment grade securities. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of holders of below investment grade securities, leaving few or no assets available to repay holders of below investment grade securities.

•Prices of below investment grade securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of below investment grade securities than on other higher-rated fixed-income securities.

•Issuers of below investment grade securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing.

•Below investment grade securities will frequently have redemption features that permit an issuer to repurchase the security from us before it matures. If the issuer redeems below investment grade securities, we may have to invest the proceeds in securities with lower yields and may lose income.

•Below investment grade securities may be less liquid than higher-rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the below investment grade securities market, and there may be significant differences in the prices quoted by the dealers. Judgment may play a greater role in valuing these securities and we may be unable to sell these securities at an advantageous time or price.

•We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer.

•The credit rating of a high-yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.

“Covenant-lite” Obligations. We may invest in, or obtain exposure to, obligations that may be “covenant-lite,” which means such obligations lack certain financial maintenance covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower, as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement. Should a loan we hold begin to deteriorate in quality, our ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay our ability to seek to recover its investment.

Asset-backed securities and structured products present additional risks.

We may invest in opportunities to directly finance certain financial and hard assets including asset-backed securities, or ABSs, and other structured products, which are securities and instruments backed by mortgages, including commercial mortgage-backed securities, trade claims, installment sale contracts, credit card receivables or other assets and which include collateralized debt obligations. The investment characteristics of ABSs differ from traditional debt securities. Among the major differences are that interest and principal payments are often made more frequently, for example monthly, and that the principal can be prepaid at any time because the underlying loans or other assets generally can be prepaid at any time. ABSs are not secured by an interest in the related collateral. Credit card receivables, for example, are generally unsecured and the debtors are entitled to the protection of a number of consumer loan laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most issuers of ABSs backed by automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related ABSs. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the ABSs could not have a proper security interest in all of the obligations backing such ABSs. Therefore, there is a possibility that recoveries on repossessed collateral will not, in some cases, be available to support payments on these securities. The risk of investing in ABSs is ultimately dependent upon payment of consumer loans by the debtor. The collateral supporting ABSs is of shorter maturity than certain other types of loans and is less likely to experience substantial prepayments. ABSs are often backed by pools of any variety of assets, including, for example, leases, mobile home loans and aircraft leases, which represent the obligations of a number of different parties and use credit enhancement techniques such as letters of credit, guarantees or preference rights. The value of an ABS is affected by changes in the market’s perception of the asset backing the security and the creditworthiness of the servicing agent for the loan pool, the originator of the loans or the financial institution providing any credit enhancement as well as by the expiration or removal of any credit enhancement.

In addition, investments in subordinated ABSs involve greater credit risk of default than the senior classes of the issue or series. Default risks are further pronounced in the case of ABSs secured by, or evidencing an interest in, a relatively small or less diverse pool of underlying loans. Certain subordinated securities absorb all losses from default before any other class of securities is at risk, particularly if such securities have been issued with little or no credit enhancement equity. Such securities, therefore, possess some of the attributes typically associated with equity investments.

Our investments in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities, subject us indirectly to the underlying risks of such private investment funds and additional fees and expenses.

We may invest in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities which would be required to register as investment companies but for an exemption under Sections 3(c)(1) and 3(c)(7) of the 1940 Act. Our investments in private funds are subject to substantial risks. Investments in such private investment funds expose us to the risks associated with the businesses of such funds or entities as well as such private investment funds’ portfolio companies. These private investment funds may or may not be registered investment companies and, thus, may not be subject to protections afforded by the 1940 Act, covering, among other areas, liquidity requirements, governance by an independent board, affiliated transaction restrictions, leverage limitations, public disclosure requirements and custody requirements.

We rely primarily on information provided by managers of private investment funds in valuing our investments in such funds. There is a risk that inaccurate valuations provided by managers of private investment funds could adversely affect the value of our common stock. In addition, there can be no assurance that a manager of a private investment fund will provide advance notice of any material change in such private investment fund’s investment program or policies and thus, our investment portfolio may be subject to additional risks which may not be promptly identified by the Adviser. Moreover, we may not be able to withdraw our investments in certain private investment funds promptly after we make a decision to do so, which may result in a loss to us and adversely affect our investment returns.

Investments in the securities of private investment funds may also involve duplication of advisory fees and certain other expenses. By investing in private investment funds indirectly through us, you bear a pro rata portion of our advisory fees and other expenses, and also indirectly bear a pro rata portion of the advisory fees, performance-based allocations and other expenses borne by us as an investor in the private investment funds. In addition, the purchase of the shares of some private investment funds requires the

payment of sales loads and (in the case of closed-end investment companies) sometimes substantial premiums above the value of such investment companies’ portfolio securities.

In addition, certain private investment funds may not provide us with the liquidity we require and would thus subject us to liquidity risk. Further, even if an investment in a private investment fund is deemed liquid at the time of investment, the private investment fund may, in the future, alter the nature of our investments and cease to be a liquid investment fund, subjecting us to liquidity risk.

Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.

Conditions in the medium- and large-sized U.S. corporate debt market may deteriorate, which may cause pricing levels to similarly decline or be volatile. During the most recent financial crisis, many institutions were forced to raise cash by selling their interests in performing assets in order to satisfy margin requirements or the equivalent of margin requirements imposed by their lenders and/or, in the case of hedge funds and other investment vehicles, to satisfy widespread redemption requests. This resulted in a forced deleveraging cycle of price declines, compulsory sales and further price declines, with falling underlying credit values, and other constraints resulting from the credit crisis generating further selling pressure. If similar events occurred in the medium- and large-sized U.S. corporate debt market, our NAV could decline through an increase in unrealized depreciation and incurrence of realized losses in connection with the sale of our investments, which could have a material adverse impact on our business, financial condition and results of operations.

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

Certain of our portfolio companies are in industries that may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.

We may enter into securities lending agreements.

We may from time to time make secured loans of our marginable securities to brokers, dealers and other financial institutions if our asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such loan. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. However, such loans will be made only to brokers and other financial institutions that are believed by the Adviser to be of high credit standing. Securities loans are made to broker-dealers pursuant to agreements requiring that loans be continuously secured by collateral consisting of U.S. government securities, cash or cash equivalents (e.g., negotiable certificates of deposit, bankers’ acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. If the Company enters into a securities lending arrangement, the Adviser, as part of its responsibilities under the Advisory Agreement, will invest the Company’s cash collateral in accordance with the Company’s investment objectives and strategies. The Company will pay the borrower of the securities a fee based on the amount of the cash collateral posted in connection with the securities lending program. The borrower will pay to the Company, as the lender, an amount equal to any dividends or interest received on the securities lent.

The Company may invest the cash collateral received only in accordance with its investment objectives, subject to the Company’s agreement with the borrower of the securities. In the case of cash collateral, the Company expects to pay a rebate to the borrower. The reinvestment of cash collateral will result in a form of effective leverage for the Company.

Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Company, as the lender, will retain the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Company if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. The Company may also call such loans in order to sell the securities involved. When engaged in securities lending, the Company’s performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of interest through investment of cash collateral by the Company in permissible investments.

We may acquire various structured financial instruments for purposes of “hedging” or reducing our risks, which may be costly and ineffective and could reduce the cash available to service debt or for distribution to stockholders.

We may seek to hedge against interest rate and currency exchange rate fluctuations and credit risk by using structured financial instruments such as futures, options, swaps and forward contracts, subject to the requirements of the 1940 Act. Use of structured financial instruments for hedging purposes may present significant risks, including the risk of loss of the amounts invested. Defaults

by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result in losses both on the hedging transaction and on the instrument being hedged. Use of hedging activities may not prevent significant losses and could increase our losses. Further, hedging transactions may reduce cash available to service our debt or pay distributions to our stockholders.

Investing in middle-market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.

Investments in middle-market companies involve some of the same risks that apply generally to investments in larger, more established companies. However, such investments have more pronounced risks in that they:

•may have limited financial resources and may be unable to meet the obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral pledged under such securities and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

•have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tends to render them more vulnerable to competitors’ actions and changing market conditions, as well as general economic downturns;

•are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

•generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, our executive officers and directors and members of the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; and

•may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.

Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any proceeds. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

Any investments in securities or assets of publicly traded companies are subject to the risks inherent in investing in public securities.

We may invest a portion of our portfolio in publicly traded assets. To the extent we invest in publicly traded assets, it is not expected that we will be able to negotiate additional financial covenants or other contractual rights, which we might otherwise be able to obtain in making privately negotiated investments. In addition, by investing in publicly traded securities or assets, we will be subject to U.S. federal and state securities laws, as well as non-U.S. securities laws, that may, among other things, restrict or prohibit our ability to make or sell an investment. Moreover, we may not have the same access to information in connection with investments in public securities, either when investigating a potential investment or after making an investment, as compared to privately negotiated investments. Furthermore, we may be limited in its ability to make investments and to sell existing investments in public securities because the Adviser or its affiliates may be deemed to have material, non-public information regarding the issuers of those securities or as a result of other internal policies. The inability to sell public securities in these circumstances could materially adversely affect our investment results. In addition, an investment may be sold by us to a public company where the consideration received is a combination of cash and stock of the public company, which may, depending on the securities laws of the relevant jurisdiction, be subject to lock-up periods.

There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

If one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might recharacterize our debt investment and subordinate all or a portion of our claim to that of other creditors. In situations where a bankruptcy carries a high degree of political significance, our legal rights may be subordinated to other creditors. We may also be subject to lender liability claims for actions taken by us with respect to a borrower’s business or in instances where we exercise control over the borrower or render significant managerial assistance.

Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.

Certain debt investments that we make in portfolio companies may be secured on a second priority basis by the same collateral securing first priority debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by such company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against such company’s remaining assets, if any.

We may also make unsecured debt investments in portfolio companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on any such portfolio company’s collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured debt agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any.

The rights we may have with respect to the collateral securing the debt investments we make in our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.

We generally will not control our portfolio companies.

We do not expect to control most of our portfolio companies, even though we may have board representation or board observation rights, and our debt agreements with such portfolio companies may contain certain restrictive covenants. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors. Due to the lack of liquidity for our investments in non-traded companies, we may not be able to dispose of our interests in our portfolio companies as readily as we would like or at an appropriate valuation. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings.

Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies.

There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from

such impacted jurisdictions. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on our business, financial condition and results of operations.

Declines in market values or fair market values of our investments could result in significant net unrealized depreciation of our portfolio, which in turn would reduce our net asset value.

Under the 1940 Act, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value, in accordance with policies and procedures approved by our Board of Directors. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity) and impairments of the market values or fair market values of our investments, even if unrealized, must be reflected in our financial statements for the applicable period as unrealized depreciation, which could result in a significant reduction to our net asset value for a given period.

A significant portion of our investment portfolio does not have a readily available market price and is and will be recorded at fair value in accordance with policies and procedures approved by our Board of Directors and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value, in accordance with policies and procedures approved by our Board of Directors. There is not a public market for the securities of the privately held companies in which we invest. Most of our investments are not publicly traded or actively traded on a secondary market but are, instead, traded on a privately negotiated OTC secondary market for institutional investors or are not traded at all. The fair value of such instruments could be difficult to determine. As a result, the Adviser, with oversight from our Board of Directors, will value these securities quarterly at fair value.

Pursuant to Rule 2a-5 under the 1940 Act, our Board has designated the Adviser to perform, subject to Board oversight, fair value determinations of our investments. Certain factors that may be considered in determining the fair value of our investments include dealer quotes for securities traded on the secondary market for institutional investors, the nature and realizable value of any collateral, the portfolio company’s earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to comparable publicly traded companies, discounted cash flows and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these non-traded securities existed. Due to this uncertainty, our fair value determinations may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize upon the sale of one or more of our investments, and may have a material adverse effect on the market value of our securities.

We are exposed to risks associated with changes in interest rates.

We are subject to financial market risks, including changes in interest rates. General interest rate fluctuations may have a substantial negative impact on our investments, investment opportunities and cost of capital and, accordingly, may have a material adverse effect on our investment objectives, our rate of return on invested capital and our ability to service our debt and make distributions to our stockholders. Any reduction in the level of interest rates on new investments relative to interest rates on our current investments could also adversely impact our net investment income. In addition, an increase in interest rates would make it more expensive to use debt for our financing needs, if any.

Our investment portfolio primarily consists of senior secured debt with maturities typically ranging from three to seven years. The longer the duration of these securities, generally, the more susceptible they are to changes in market interest rates. When market interest rates have increased, those securities with a lower yield-at-cost have experienced a mark-to-market unrealized loss. An impairment of the fair market value of our investments, even if unrealized, must be reflected in our financial statements for the applicable period and may therefore have a material adverse effect on our results of operations for that period. A reduction in interest rates may result in both lower interest rates on new investments and higher repayments on current investments with high interest rates, which may have an adverse impact on our net investment income and results of operations.

Because we incur indebtedness to make investments, our net investment income is dependent, in part, upon the difference between the rate at which we borrow funds or pay interest on outstanding debt securities and the rate at which we invest these funds. The recent increases in interest rates have made it more expensive to use debt to finance our investments and to refinance our current financing arrangements. In addition, certain of our financing arrangements provide for adjustments in the loan interest rate along with changes in market interest rates. Therefore, in periods of rising interest rates, our cost of funds will increase, which could materially reduce our net investment income. Any reduction in the level of interest rates on new investments relative to interest rates on our current investments could also adversely impact our net investment income.

We have and may continue to structure the majority of our debt investments with floating interest rates to position our portfolio more favorably for rate increases. However, there can be no assurance that this will successfully mitigate our exposure to interest rate risk. For example, in rising interest rate environments, payments under floating rate debt instruments generally will rise and there may be a significant number of issuers of such floating rate debt instruments that will be unable or unwilling to pay such increased interest costs and may otherwise be unable to repay their loans. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Investments in floating rate debt instruments may also decline in value in response to rising interest rates if the interest rates of such investments do not rise as much, or as quickly, as market interest rates in general. Similarly, during periods of rising interest rates, our fixed rate investments may decline in value because the fixed rate of interest paid thereunder may be below market interest rates.

Furthermore, because a rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments, an increase in interest rates would make it easier for us to meet or exceed the incentive fee hurdle rate in the Advisory Agreement and may result in a substantial increase of the amount of incentive fees payable to the Adviser with respect to pre-incentive fee net investment income.

Conversely, in a period of declining interest rates, we would expect certain obligations to be paid off by the obligor more quickly than originally anticipated, and we could have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments has historically tended to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, we would expect reinvestment of the prepayment proceeds by us to generally be at lower rates of return than the return on the assets that were prepaid.

A covenant breach by our portfolio companies may harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company’s ability to meet its obligations under the debt or equity securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company.

Our portfolio companies may be highly leveraged.

Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

We may not realize gains from our equity investments.

Certain investments that we may make may include equity related securities, such as rights and warrants that may be converted into or exchanged for common stock or the cash value of the common stock. In addition, we may make direct equity investments in portfolio companies. The equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We may also be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests. We may be unable to exercise any put rights we acquire, which grant us the right to sell our equity securities back to the portfolio company, for the consideration provided in our investment documents if the issuer is in financial distress.

An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies.

Our investments are primarily in privately held companies. Investments in private companies pose significantly greater risks than investments in public companies. First, private companies have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. As a result, these companies, which may present greater credit risk than public companies, may be unable to meet the obligations under their debt securities that we hold. Second, the investments themselves often may be illiquid. The securities of most of the companies in which we invest are not publicly traded or actively traded on the secondary market and are, instead, traded on a privately negotiated OTC secondary market for institutional investors. In addition, such securities may be subject to legal and other restrictions on resale. As such, we may have difficulty exiting an investment promptly or at a desired price prior to maturity or outside of a normal amortization schedule. In addition, in a restructuring, we may receive substantially different securities than our original investment in a portfolio company, including securities in a different part of the

capital structure. These investments may also be difficult to value because little public information generally exists about private companies, requiring an experienced due diligence team to analyze and value the potential portfolio company. Finally, these companies often may not have third-party debt ratings or audited financial statements. We must therefore rely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act and other rules and regulations that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

A lack of liquidity in certain of our investments may adversely affect our business.

We invest in certain companies whose securities are not publicly traded or actively traded on the secondary market and are, instead, traded on a privately negotiated OTC secondary market for institutional investors and whose securities are subject to legal and other restrictions on resale or are otherwise less liquid than publicly traded securities. The illiquidity of certain of our investments may make it difficult for us to sell these investments when desired. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. The reduced liquidity of our investments may make it difficult for us to dispose of them at a favorable price or at all, and, as a result, we may suffer losses.

We may not have the funds or ability to make additional investments in our portfolio companies.

We may not have the funds or ability to make additional investments in our portfolio companies. After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation or may reduce the expected return on the investment.

Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.

We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments, net of prepayment fees, could negatively impact our return on equity.

Our investments may include original issue discount and PIK instruments.

To the extent that we invest in original issue discount or PIK instruments and the accretion of original issue discount or PIK interest income constitutes a portion of our income, we will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

•The higher interest rates on PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans;

•Original issue discount and PIK instruments may have unreliable valuations because the accruals require judgments about collectability of the deferred payments and the value of any associated collateral;

•An election to defer PIK interest payments by adding them to the principal on such instruments increases our future investment income which increases our gross assets and, as such, increases the Adviser’s future base management fees which, thus, increases the Adviser’s future income incentive fees at a compounding rate;

•Market prices of PIK instruments and other zero coupon instruments are affected to a greater extent by interest rate changes, and may be more volatile than instruments that pay interest periodically in cash. While PIK instruments are usually less volatile than zero coupon debt instruments, PIK instruments are generally more volatile than cash pay securities;

•The deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

•Even if the conditions for income accrual under GAAP are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan;

•For accounting purposes, cash distributions to investors representing original issue discount income are not derived from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of original issue discount income may come from the cash invested by investors, the 1940 Act does not require that investors be given notice of this fact;

•Tax legislation requires that income be recognized for tax purposes no later than when recognized for financial reporting purposes;

•The required recognition of PIK interest for U.S. federal income tax purposes may have a negative impact on liquidity, as it represents a non-cash component of our investment company taxable income that may require cash distributions to stockholders in order to maintain our ability to be subject to tax as a RIC; and

•Original issue discount may create a risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

We may use a wide range of investment techniques that could expose us to a diverse range of risks.

The Adviser may employ investment techniques or invest in instruments that it believes will help achieve our investment objectives, whether or not such investment techniques or instruments are specifically described herein, so long as such investments are consistent with our investment strategies and objectives and subject to applicable law. Such investment techniques or instruments may not be thoroughly tested in the market before being employed and may have operational or theoretical shortcomings which could result in unsuccessful investments and, ultimately, losses to us. In addition, any such investment technique or instrument may be more speculative than other investment techniques or instruments specifically described herein and may involve material and unanticipated risks. There can be no assurance that the Adviser will be successful in implementing any such investment technique. Furthermore, the diversification and type of investments may differ substantially from our prior investments.

We may from time to time enter into total return swaps, credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.

We may from time to time enter into total return swaps, credit default swaps or other derivative transactions that seek to modify or replace the investment performance of a particular reference security or other asset. These transactions are typically individually negotiated, non-standardized agreements between two parties to exchange payments, with payments generally calculated by reference to a notional amount or quantity. Swap contracts and similar derivative contracts are not traded on exchanges; rather, banks and dealers act as principals in these markets. These investments may present risks in excess of those resulting from the referenced security or other asset. Because these transactions are not an acquisition of the referenced security or other asset itself, the investor has no right directly to enforce compliance with the terms of the referenced security or other asset and has no voting or other consensual rights of ownership with respect to the referenced security or other asset. In the event of insolvency of a counterparty, we will be treated as a general creditor of the counterparty and will have no claim of title with respect to the referenced security or other asset.

A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the referenced security or other assets underlying the total return swap during a specified period, in return for periodic payments based on a fixed or variable interest rate.

A total return swap is subject to market risk, liquidity risk and risk of imperfect correlation between the value of the total return swap and the debt obligations underlying the total return swap. In addition, we may incur certain costs in connection with a total return swap that could in the aggregate be significant.

A credit default swap is a contract in which one party buys or sells protection against a credit event with respect to an issuer, such as an issuer’s failure to make timely payments of interest or principal on its debt obligations, bankruptcy or restructuring during a specified period. Generally, if we sell credit protection using a credit default swap, we will receive fixed payments from the swap counterparty and if a credit event occurs with respect to the applicable issuer, we will pay the swap counterparty par for the issuer’s defaulted debt securities and the swap counterparty will deliver the defaulted debt securities to us. Generally, if we buy credit protection using a credit default swap, we will make fixed payments to the counterparty and if a credit event occurs with respect to the applicable issuer, we will deliver the issuer’s defaulted securities underlying the swap to the swap counterparty and the counterparty will pay us par for the defaulted securities. Alternatively, a credit default swap may be cash settled and the buyer of protection would receive the difference between the par value and the market value of the issuer’s defaulted debt securities from the seller of protection.

Credit default swaps are subject to the credit risk of the underlying issuer. If we are selling credit protection, there is a risk that we will not properly assess the risk of the underlying issuer, a credit event will occur and we will have to pay the counterparty. If we

are buying credit protection, there is a risk that we will not properly assess the risk of the underlying issuer, no credit event will occur and we will receive no benefit for the premium paid.

A derivative transaction is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty. In some cases, we may post collateral to secure our obligations to the counterparty, and we may be required to post additional collateral upon the occurrence of certain events such as a decrease in the value of the reference security or other asset. In some cases, the counterparty may not collateralize any of its obligations to us.

Derivative investments effectively add leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. In addition to the risks described above, such arrangements are subject to risks similar to those associated with the use of leverage.

Technological innovations and industry disruptions may negatively impact us.

Current trends in the market generally have been toward disrupting a traditional approach to an industry with technological innovation, and multiple young companies have been successful where this trend toward disruption in markets and market practices has been critical to their success. In this period of rapid technological and commercial innovation, new businesses and approaches may be created that will compete with the Company and/or its investments or alter the market practices the Company’s strategy has been designed to function within and depend on for investment returns. Any of these new approaches could damage the Company’s investments, significantly disrupt the market in which it operates and subject it to increased competition, which could materially and adversely affect its business, financial condition and results of investments.

We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, and investments in which we have a non-controlling interest may involve risks specific to third-party management of those investments.

We may co-invest with third parties through partnerships, joint ventures or other entities, such as COPJV, thereby acquiring jointly-controlled or non-controlling interests in certain investments in conjunction with participation by one or more third parties in such investment. We may have interests or objectives that are inconsistent with those of the third-party partners or co-venturers. Although we may not have full control over these investments and therefore, may have a limited ability to protect our position therein, we expect that we will negotiate appropriate rights to protect our interests. Nevertheless, such investments may involve risks not present in investments where a third party is not involved, including the possibility that a third-party partner or co-venturer may have financial difficulties, resulting in a negative impact on such investment, may have economic or business interests or goals which are inconsistent with ours, or may be in a position to take (or block) action in a manner contrary to the our investment objectives or the increased possibility of default by, diminished liquidity or insolvency of, the third party, due to a sustained or general economic downturn. Third-party partners or co-venturers may opt to liquidate an investment at a time during which such liquidation is not optimal for us. In addition, we may in certain circumstances be liable for the actions of our third-party partners or co-venturers. In those circumstances where such third parties involve a management group, such third parties may receive compensation arrangements relating to such investments, including incentive compensation arrangements.

Syndication of Co-Investments.

From time to time, the Company may make an investment with the expectation of offering a portion of its interests therein as a co-investment opportunity to third-party investors. There can be no assurance that the Company will be successful in syndicating any such co-investment, in whole or in part, that the closing of such co-investment will be consummated in a timely manner, that any syndication will take place on terms and conditions that will be preferable for the Company or that expenses incurred by the Company with respect to any such syndication will not be substantial. In the event that the Company is not successful in syndicating any such co-investment, in whole or in part, the Company may consequently hold a greater concentration and have more exposure in the related investment than initially was intended, which could make the Company more susceptible to fluctuations in value resulting from adverse economic and/or business conditions with respect thereto. Moreover, an investment by the Company that is not syndicated to co-investors as originally anticipated could significantly reduce the Company’s overall investment returns.

Risks Related to Debt Financing

We currently incur indebtedness to make investments, which magnifies the potential for gain or loss on amounts invested in our common stock and may increase the risk of investing in our common stock.

The use of borrowings and other types of financing, also known as leverage, magnifies the potential for gain or loss on amounts invested and, therefore, increases the risks associated with investing in our common stock. When we use leverage to partially finance our investments, through borrowing from banks and other lenders or issuing debt securities, we, and therefore our stockholders, will experience increased risks of investing in our common stock. Any lenders and debt holders would have fixed dollar claims on our assets that are senior to the claims of our stockholders. If the value of our assets increases, then leverage would cause the net asset

value attributable to our common stock to increase more sharply than it would have had we not utilized leverage. Conversely, if the value of our assets decreases, leverage would cause net asset value to decline more sharply than it otherwise would have had we not utilized leverage. Similarly, any increase in our income in excess of interest payable on our indebtedness would cause our net investment income to increase more than it would without leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not utilized leverage. Such a decline could negatively affect our ability to make distributions to stockholders. Leverage is generally considered a speculative investment technique.

In addition, the decision to utilize leverage will increase our assets and, as a result, will increase the amount of base management fees payable to the Adviser. See “Risks Related to the Adviser and its Affiliates—The Adviser and its affiliates, including our officers and some of our directors, face conflicts of interest as a result of compensation arrangements between us and the Adviser, which could result in actions that are not in the best interests of our stockholders.”

Illustration. The following table illustrates the effect of leverage on returns from an investment in shares of our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation assumes (i) $16.9 billion in total assets, (ii) a weighted average cost of funds of 5.45%, (iii) $10.9 billion in debt outstanding and (iv) $5.8 billion in stockholders’ equity. In order to compute the “Corresponding return to stockholders,” the “Assumed Return on Our Portfolio (net of expenses)” is multiplied by the assumed total assets to obtain an assumed return to us. From this amount, the interest expense is calculated by multiplying the assumed weighted average cost of funds times the assumed debt outstanding, and the product is subtracted from the assumed return to us in order to determine the return available to stockholders. The return available to stockholders is then divided by our stockholders’ equity to determine the “Corresponding return to stockholders.” Actual interest payments may be different.


Assumed Return on Our Portfolio (net of expenses)	(10)%			(5)%			0%			5%			10%
Corresponding return to stockholders		(39.38)	%		(24.81)	%		(10.24)	%		4.33	%		18.90	%

Similarly, assuming (i) $16.9 billion in total assets, (ii) a weighted average cost of funds of 5.45% and (iii) $10.9 billion in debt outstanding, our assets would need to yield an annual return (net of expenses) of approximately 3.52% in order to cover the annual interest payments on our outstanding debt.

The agreements governing our or our subsidiaries’ debt financing arrangements contain, and agreements governing future debt financing arrangements may contain, various covenants which, if not complied with, could have a material adverse effect on our ability to meet our investment obligations and to pay distributions to our stockholders.

The agreements governing certain of our or our subsidiaries’ debt financing arrangements contain, and agreements governing future debt financing arrangements may contain, certain financial and operational covenants. These covenants require us and our subsidiaries to, among other things, maintain certain financial ratios, including asset coverage and minimum stockholders’ equity. Compliance with these covenants depends on many factors, some of which are beyond our and their control. In the event of deterioration in the capital markets and pricing levels subsequent to this period, net unrealized depreciation in our and our subsidiaries’ portfolios may increase in the future and could result in non-compliance with certain covenants, or our taking actions which could disrupt our business and impact our ability to meet our investment objectives.

There can be no assurance that we and our subsidiaries will continue to comply with the covenants under our or our subsidiaries’ financing arrangements. Failure to comply with these covenants could result in a default which, if we and our subsidiaries were unable to obtain a waiver, consent or amendment from the debt holders, could accelerate repayment under any or all of our and their debt instruments and thereby force us to liquidate investments at a disadvantageous time and/or at a price which could result in losses, or allow our lenders to assume control of the disposition of assets pledged as collateral under our or our subsidiaries’ financing arrangements, including the selection of such assets to be disposed and the timing of such disposition, in order to satisfy amounts due thereunder. These occurrences could have a material adverse impact on our business, liquidity, financial condition, results of operations, cash flows and ability to pay distributions. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources” for a more detailed discussion of the terms of our debt financings.

Provisions in a credit facility may limit our investment discretion.

A credit facility may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We or any of our special purpose vehicle subsidiaries may pledge up to 100% of our or their assets and may grant a security interest in all of our or their assets under the terms of any debt instrument we enter into with lenders. Any security interests we grant are set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the

terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In connection with one or more credit facilities entered into by the Company, distributions to shareholders may be subordinated to payments required in connection with any indebtedness contemplated thereby.

In addition, any security interests and/or negative covenants required by a credit facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under a credit facility were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.

In addition, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our liquidity and cash flow and impair our ability to grow our business.

Changes in interest rates may affect our cost of capital and net investment income.

Since we use debt to finance a portion of our investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates when we have debt outstanding, our cost of funds will increase, which could reduce our net investment income. Any reduction in the level of interest rates on new investments relative to interest rates on our current investments could also adversely impact our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. Also, we have limited experience in entering into hedging transactions, and we will initially have to purchase or develop such expertise.

A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates would make it easier for us to meet or exceed the incentive fee hurdle rate and may result in a substantial increase in the amount of incentive fees payable to the Adviser with respect to pre-incentive fee net investment income.

We have formed and may in the future form one or more CLOs, which may subject us to certain structured financing risks.

To finance investments, we have securitized and may in the future securitize certain of our secured loans or other investments, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments. This involves contributing a pool of assets to a special purpose entity, and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers. It is possible that an interest in any such CLO held by us may be considered a “non-qualifying” portfolio investment for purposes of the 1940 Act.

In connection with any CLO we have formed or may form in the future, we will depend in part on distributions from such CLO’s assets out of its earnings and cash flows to enable us to make distributions to shareholders. The ability of a CLO to make distributions is subject to various limitations, including the terms and covenants of the debt it issues. Also, a CLO may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the CLO’s debt, which could impact our ability to receive distributions from the CLO. If we do not receive cash flow from any such CLO that is necessary to satisfy the annual distribution requirement for maintaining RIC status, and we are unable to obtain cash from other sources necessary to satisfy this requirement, we may not maintain our qualification as a RIC, which would have a material adverse effect on an investment in the shares.

In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a CLO to sell certain assets at a loss, reducing their

earnings and, in turn, cash potentially available for distribution to us for distribution to shareholders. To the extent that any losses are incurred by the CLO in respect of any collateral, such losses will be borne first by us as owner of equity interests in the CLO.

The manager for a CLO that we create may be the Company, the Adviser or an affiliate, and such manager may be entitled to receive compensation for structuring and/or management services. To the extent the Adviser or an affiliate other than the Company serves as manager and the Company is obligated to compensate the Adviser or the affiliate for such services, we, the Adviser or the affiliate will implement offsetting arrangements to assure that we, and indirectly, our shareholders, pay no additional management fees to the Adviser or the affiliate in connection therewith. To the extent we serve as manager, we will waive any right to receive fees for such services from the Company (and indirectly its shareholders) or any affiliate.

Risks Related to an Investment in Our Common Stock

There is a risk that investors in our common stock may not receive distributions or that distributions may not increase, or may decrease, over time.

We cannot assure stockholders that we will achieve investment results that will allow us to make a specified level of cash distributions, or that will allow us to increase or maintain distribution levels over time. All distributions will be paid at the discretion of our Board of Directors and will depend on our earnings, our net investment income, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations and such other factors as our Board of Directors may deem relevant from time to time. Furthermore, we are permitted to issue senior securities, including multiple classes of debt and one class of stock senior to our shares of common stock. If any such senior securities are outstanding, we may be prohibited from paying distributions to holders of shares of our common stock unless we meet the applicable asset coverage ratios at the time of distribution. As a result, we may be limited in our ability to make distributions.

Our distribution proceeds may exceed our earnings. Therefore, portions of the distributions that we make may represent a return of capital to stockholders, which will lower their tax basis in their shares of common stock.

The tax treatment and characterization of our distributions may vary significantly from time to time due to the nature of our investments. The ultimate tax characterization of our distributions made during a tax year may not finally be determined until after the end of that tax year. We may make distributions during a tax year that exceed our investment company taxable income and net capital gains for that tax year. In such a situation, the amount by which our total distributions exceed investment company taxable income and net capital gains generally would be treated as a return of capital up to the amount of a stockholder’s tax basis in the shares, with any amounts exceeding such tax basis treated as a gain from the sale or exchange of such shares. 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. Moreover, we may pay all or a substantial portion of our distributions from the proceeds of the sale of shares of our common stock or from borrowings in anticipation of future cash flow, which could constitute a return of stockholders’ capital and will lower such stockholders’ tax basis in our shares, which may result in increased tax liability to stockholders when they sell such shares.

Our shares of common stock may trade at a discount to net asset value, and such discount may be significant.

Shares of closed-end investment companies, including BDCs, may trade at a market price that is less than the net asset value that is attributable to those shares. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share may decline. It is not possible to predict whether shares of our common stock will trade at, above, or below net asset value. If our common stock is trading at a price below its net asset value per share, we will generally not be able to issue additional shares of our common stock at their market price without first obtaining approval for such issuance from our stockholders and our independent directors. In past years, we obtained the approval of our stockholders to issue shares of common stock at prices below the then-current net asset value of our common stock, subject to certain conditions, during the twelve-month periods beginning on the dates of such approvals. The current authorization expires on August 15, 2026. We may again seek the approval of our stockholders to issue shares of our common stock at prices below the then-current net asset value per share for a twelve-month period following stockholder approval. However, we may not obtain the necessary approvals to sell shares of common stock below net asset value after August 15, 2026.

We may pay distributions from offering proceeds, borrowings or the sale of assets to the extent our cash flows from operations, net investment income or earnings are not sufficient to fund declared distributions.

We may fund distributions from the uninvested proceeds of a securities offering and borrowings, and we have not established limits on the amount of funds we may use from such proceeds or borrowings to make any such distributions. We have paid and may continue to pay distributions from the sale of assets to the extent distributions exceed our earnings or cash flows from operations. Distributions from offering proceeds or from borrowings could reduce the amount of capital we ultimately invest in our portfolio companies.

A stockholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.

Our investors do not have preemptive rights to any shares we issue in the future. Our charter authorizes us to issue up to 750,000,000 shares of common stock and up to 50,000,000 shares of preferred stock. Pursuant to our charter, a majority of our entire Board of Directors may amend our charter to increase the number of authorized shares of stock without stockholder approval. After an investor purchases shares, our Board of Directors may elect to sell additional shares in the future, issue equity interests in private offerings or issue share-based awards to our independent directors or employees of the Adviser. To the extent we issue additional equity interests after an investor purchases our shares, an investor’s percentage ownership interest in us will be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of our investments, an investor may also experience dilution in the book value and fair value of his or her shares.

Stockholders may experience dilution in their ownership percentage if they do not participate in our distribution reinvestment plan.

Stockholders who do not participate in our distribution reinvestment plan may experience accretion to the net asset value of their shares if our shares are trading at a premium to net asset value and dilution if our shares are trading at a discount to net asset value. The level of accretion or discount would depend on various factors, including the proportion of our stockholders who participate in the plan, the level of premium or discount at which our shares are trading and the amount of the distribution payable to a stockholder.

Certain provisions of our charter and bylaws as well as provisions of the MGCL could deter takeover attempts and have an adverse impact on the value of our common stock.

The MGCL and our charter and bylaws contain certain provisions that may have the effect of discouraging, delaying or making difficult a change in control of our company or the removal of our incumbent directors. Under the Business Combination Act of the MGCL, certain business combinations between us and an “interested stockholder” (defined generally to include any person who beneficially owns 10% or more of the voting power of our outstanding shares) or an affiliate thereof is prohibited for five years and thereafter is subject to special stockholder voting requirements, to the extent that such statute is not superseded by applicable requirements of the 1940 Act. However, our Board of Directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any person to the extent that such business combination receives the prior approval of our Board of Directors, including a majority of our directors who are not “interested persons” as defined in the 1940 Act. Under the Maryland Control Share Acquisition Act, or the MCSAA, “control shares” acquired in a “control share acquisition” have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter, excluding shares owned by the acquirer, by officers or by directors who are employees of the corporation. Our bylaws contain a provision exempting from the MCSAA any and all acquisitions by any person of shares of our common stock, but such provision may be repealed at any time (before or after a control share acquisition). However, we will amend our bylaws to repeal such provision (so as to be subject to the MCSAA) only if our Board of Directors determines that it would be in our best interests and if the staff of the SEC does not object to our determination that our being subject to the MCSAA does not conflict with the 1940 Act. The Business Combination Act (if our Board of Directors should repeal the resolution) and the MCSAA (if we amend our bylaws to be subject to that Act) may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our charter: (a) classifying our Board of Directors into three classes serving staggered three-year terms, (b) providing that a director may be removed only for cause and only by vote of at least two-thirds of the votes entitled to be cast, and (c) authorizing our Board of Directors to (i) classify or reclassify unissued shares of our stock into one or more classes or series, (ii) cause the issuance of additional shares of our stock, and (iii) amend our charter from time to time, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may discourage, delay, defer, make more difficult or prevent a transaction or a change in control that might otherwise be in the best interest of our stockholders.

Recent court decisions have created uncertainty surrounding the application of MCSAA.

The Company is subject to the MCSAA. Pursuant to the Company’s bylaws, the MSCAA does not apply to acquisitions by any person of shares of our common stock. However, some uncertainty around the general application under the 1940 Act of state control share statutes exists due to recent court decisions and, in some circumstances, uncertainty may also exist in how to enforce the control share restrictions contained in state control share statutes against beneficial owners who hold their shares through financial intermediaries.

The net asset value of our common stock may fluctuate significantly.

The net asset value and liquidity, if any, of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors

include: (i) changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs; (ii) loss of RIC or BDC status; (iii) changes in earnings or variations in operating results, including the earnings and operating results of peers; (iv) changes in the value of our portfolio of investments; (v) changes in accounting guidelines governing valuation of our investments; (vi) any shortfall in revenue or net income or any increase in losses from levels expected by investors; (vii) departure of our investment adviser or certain of its key personnel; (viii) general economic trends and other external factors; and (ix) loss of a major funding source.

The market price of our common stock may fluctuate significantly.

The market price and liquidity of the market for our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

•significant volatility in the market price and trading volume of securities of publicly traded RICs, BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies;

•price and volume fluctuations in the overall stock market from time to time;

•changes in law, regulatory policies or tax guidelines, or interpretations thereof, particularly with respect to RICs or BDCs;

•loss of our BDC or RIC status;

•changes in our earnings or variations in our operating results;

•changes in the value of our portfolio of investments;

•any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

•departure of the Adviser’s key personnel;

•earnings and operating performance of peers and competitor companies;

•short-selling pressure with respect to shares of our common stock or BDCs generally;

•future sales of our securities convertible into or exchangeable or exercisable for our common stock or the conversion of such securities;

•uncertainty surrounding the strength of the economy;

•general economic trends and other external factors; and

•loss of a major funding source.

In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. If the market price of our common stock fluctuates significantly, we may be the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management’s attention and resources from our business. See “Risks Related to Our Business and Structure—We and the Adviser could be the target of litigation.”

Future sales of our common stock in the public market or the issuance of securities senior to our common stock could adversely affect the trading price of our common stock and our ability to raise funds in new stock offerings.

Future sales of substantial amounts of our common stock or equity-related securities in the public market, or the perception that such sales could occur, could adversely affect prevailing trading prices of our common stock and could impair our ability to raise capital through future offerings of equity or equity-related securities. No prediction can be made as to the effect, if any, that future sales of shares of common stock or the availability of shares of common stock for future sale, will have on the trading price of our common stock.

If we issue preferred stock, debt securities or convertible debt securities, the net asset value and market value of our common stock may become more volatile.

We also cannot assure you that the issuance of preferred stock, debt securities or convertible debt securities would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock, debt securities or convertible debt securities would likely cause the net asset value and market value of our common stock to become more volatile. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock, or the interest

rate on the debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of common stock than if we had not issued the preferred stock or debt securities. Any decline in the net asset value of our investment would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of our common stock than if we were not leveraged through the issuance of preferred stock. This decline in net asset value would also tend to cause a greater decline in the market price for our common stock.

There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios which may be required by the preferred stock, debt securities, convertible debt or units or of a downgrade in the ratings of the preferred stock, debt securities, convertible debt or units or our current investment income might not be sufficient to meet the dividend requirements on the preferred stock or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund redemption of some or all of the preferred stock, debt securities or convertible debt. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, debt securities, convertible debt or any combination of these securities. Holders of preferred stock, debt securities or convertible debt may have different interests than holders of common stock and may at times have disproportionate influence over our affairs.

Holders of any preferred stock that we may issue will have the right to elect members of the Board of Directors and have class voting rights on certain matters.

The 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock, including changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred stockholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our qualification as a RIC for U.S. federal income tax purposes.

We have obtained the approval of our stockholders to issue shares of our common stock at prices below the then-current net asset value per share of our common stock, and any such issuance could materially dilute our stockholders’ interest in our common stock and reduce our net asset value per share.

We have obtained the approval of our stockholders to issue shares of our common stock at prices below the then-current net asset value of our common stock, subject to certain conditions, during the twelve-month period concluding on August 15, 2026. Any sale or other issuance of shares of our common stock at a price below net asset value per share would result in an immediate dilution to our common stock and a reduction of our net asset value per share. This dilution would occur as a result of a proportionately greater decrease in a stockholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. Such dilutive effects may be material.

Risks Related to U.S. Federal Income Tax

We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code or to satisfy the RIC annual distribution requirements.

Besides maintaining our election to be treated as a BDC under the 1940 Act, in order for us to qualify as a RIC under Subchapter M of the Code, we must meet the following annual distribution, income source and asset diversification requirements. See “Item 1. Business—Taxation as a RIC.”

•The Annual Distribution Requirement will be satisfied if we distribute to our stockholders on an annual basis at least 90% of our net ordinary income and net short-term capital gain in excess of net long-term capital loss. if any. We will be subject to a 4% nondeductible U.S. federal excise tax, however, to the extent that we do not satisfy certain additional minimum distribution requirements on a calendar year basis. Because we use debt financing, we are subject to certain asset coverage ratio requirements under the 1940 Act and are currently, and may in the future become, subject to certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the Annual Distribution Requirement. If we are unable to obtain cash from other sources, we could fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax.

•The 90% Income Test will be satisfied if we earn at least 90% of our gross income for each tax year from dividends, interest, gains from the sale of securities or similar sources.

•The Diversification Tests will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our tax year. To satisfy these requirements, at least 50% of the value of our assets must consist of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of such issuer; and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain “qualified publicly-traded partnerships.” Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

We must satisfy these tests on an ongoing basis in order to maintain RIC tax treatment, and may be required to make distributions to stockholders at times when it would be more advantageous to invest cash in our existing or other investments, or when we do not have funds readily available for distribution. Compliance with the RIC tax requirements may hinder our ability to operate solely on the basis of maximizing profits and the value of our stockholders’ investments. Also, the rules applicable to our qualification as a RIC are complex, with many areas of uncertainty. If we fail to qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure may have a material adverse effect on us and on any investment in us. The Code provides certain forms of relief from RIC disqualification due to failures of the 90% Income Test or any of the Diversification Tests, although there may be additional taxes due in such cases. We cannot assure you that we would qualify for any such relief should we fail either the 90% Income Test or any of the Diversification Tests.

Some of our investments may be subject to corporate-level income tax.

We may invest in certain debt and equity investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. Furthermore, to the extent the taxable subsidiaries have an unrealized gain or realized gain for an equity investment, we may be required to accrue and/or pay federal and state corporate income taxes related to such unrealized or realized gains. We may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.

For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, our investments may include debt instruments that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants). To the extent original issue discount or PIK interest constitutes a portion of our income, we must include in taxable income each tax year a portion of the original issue discount or PIK interest that accrues over the life of the instrument, regardless of whether cash representing such income is received by us in the same tax year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. We anticipate that a portion of our income may constitute original issue discount or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discount and include such amounts in our taxable income in the current tax year, instead of upon disposition, as not making the election would limit our ability to deduct interest expenses for tax purposes.

Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the tax year of the accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the Annual Distribution Requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for or maintain RIC tax treatment and thus become subject to corporate-level income tax.

Furthermore, we may invest in the equity securities of non-U.S. corporations (or other non-U.S. entities classified as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as “passive foreign investment companies” and/or “controlled foreign corporations.” The rules relating to investment in these types of non-U.S. entities are designed to ensure that U.S. taxpayers are either, in effect, taxed currently (or on an accelerated basis with respect to corporate level events) or taxed at increased tax rates at distribution or disposition. In certain circumstances, these rules also could require us to recognize taxable income or gains where we do not receive a corresponding payment in cash and, unless the income and

gains are related to our business of investing in stocks and securities, all or a portion of such taxable income and gains may not be considered qualifying income for purposes of the 90% Income Test.

Our portfolio investments may present special tax issues.

Investments in below-investment grade debt instruments and certain equity securities may present special tax issues for us. U.S. federal income tax rules are not entirely clear about issues such as when we may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless debt in equity securities, how payments received on obligations in default should be allocated between principal and interest income, as well as whether exchanges of debt instruments in a bankruptcy or workout context are taxable. Such matters could cause us to recognize taxable income for U.S. federal income tax purposes, even in the absence of cash or economic gain, and require us to make taxable distributions to our stockholders to maintain our RIC status or preclude the imposition of either U.S. federal corporate income or excise taxation. Additionally, because such taxable income may not be matched by corresponding cash received by us, we may be required to borrow money or dispose of other investments to be able to make distributions to our stockholders. These and other issues will be considered by us, to the extent determined necessary, in order that we minimize the level of any U.S. federal income or excise tax that we would otherwise incur. See “Item 1. Business—Taxation as a RIC.”

If we do not qualify as a “publicly offered regulated investment company,” as defined in the Code, you will be taxed as though you received a distribution of some of our expenses.

A “publicly offered regulated investment company” is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the tax year. If we do not qualify as a publicly offered regulated investment company for any tax year, a noncorporate stockholder’s allocable portion of our affected expenses, including our management fees, will be treated as an additional distribution to the stockholder and will be deductible by such stockholder only to the extent permitted under the limitations described below. For noncorporate stockholders, including individuals, trusts, and estates, significant limitations generally apply to the deductibility of certain expenses of a non-publicly offered regulated investment company, including management fees. In particular, these expenses, referred to as miscellaneous itemized deductions, are not deductible to an individual stockholder. Although we believe that we are currently considered a publicly offered regulated investment company, as defined in the Code, there can be no assurance that we will be considered a publicly offered regulated investment company in the future.

Legislative or regulatory tax changes could adversely affect investors.

At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any of those new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our stockholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our shares or the value or the resale potential of our investments.

General Risks

Capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.

From time to time, capital markets may experience periods of disruption and instability. Such disruptions may result in, amongst other things, write-offs, the re-pricing of credit risk, the failure of financial institutions or worsening general economic conditions, any of which could materially and adversely impact the broader financial and credit markets and reduce the availability of debt and equity capital for the market as a whole and financial services firms in particular. There can be no assurance these market conditions will not occur or worsen in the future, including economic and political events in or affecting the world’s major economies, such as the ongoing wars in Eastern Europe and the Middle East. Sanctions, tariffs and global trade negotiations have caused additional financial market volatility and affected the global economy. Concerns over future increases in inflation, economic recession, as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility. Market uncertainty and volatility could also be magnified as a result of U.S. presidential, congressional and other elections, and resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, economic and other policies, including with respect to treaties and tariffs.

Equity capital may be difficult to raise during such periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than net asset value without first obtaining approval for such issuance from our stockholders and our independent directors.

Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. Such conditions could make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will

be available to us in the future, if at all, may be at a higher cost, including as a result of the current interest rate environment, and on less favorable terms and conditions than what we have historically experienced. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies.

Significant disruption or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity) and impairments of the market values or fair market values of our investments, even if unrealized, must be reflected in our financial statements for the applicable period, which could result in significant reductions to our net asset value for the period. Significant disruption or volatility in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations.

Future economic recessions or downturns could impair our portfolio companies and harm our operating results.

Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans or meet other obligations during these periods. Therefore, our non-performing assets are likely to increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing our debt investments and the value of our equity investments. Economic slowdowns or recessions could lead to losses of value in our portfolio and a decrease in our revenues, net income, net worth and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. These events could prevent us from increasing investments and harm our operating results. Economic downturns or recessions may also result in a portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders, which could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its assets representing collateral for its obligations, which could trigger cross defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt that we hold and the value of any equity securities we own. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt or preferred equity, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might recharacterize our debt or equity holding and subordinate all or a portion of our claim to those of other creditors.

Events outside of our control could negatively affect our portfolio companies and our results of operations.

Periods of market volatility have occurred and could continue to occur in response to events outside of the Company’s control. The Company, the Adviser, and the portfolio companies in which the Company invests in could be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, such as acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, labor strikes, major plant breakdowns, pipeline or electricity line ruptures, failure of technology, defective design and construction, accidents, demographic changes, government macroeconomic policies, social instability, cyberattacks, etc.). Some force majeure events could adversely affect the ability of a party (including the Company, the Adviser, a portfolio company or a counterparty to the Company, the Adviser, or a portfolio company) to perform its obligations until it is able to remedy the force majeure event. In addition, force majeure events, such as the cessation of the operation of equipment for repair or upgrade, could similarly lead to the unavailability of essential equipment and technologies. These risks could, among other effects, adversely impact the cash flows available from a portfolio company, cause personal injury or loss of life, including to a senior manager of the Adviser or its affiliates, damage property, or instigate disruptions of service. In addition, the cost to a portfolio company or the Company of repairing or replacing damaged assets resulting from such force majeure event could be considerable. It will not be possible to insure against all such events, and insurance proceeds received, if any, could be inadequate to completely or even partially cover any loss of revenues or investments, any increases in operating and maintenance expenses, or any replacements or rehabilitation of property. Certain events causing catastrophic loss could be either uninsurable, or insurable at such high rates as to adversely impact the Company, the Adviser, or portfolio companies, as applicable. Force majeure events that are incapable of or are too costly to cure could have permanent adverse effects. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity generally, or in any of the countries in which the Company invests or its portfolio companies operate specifically. Such force majeure events could result in or coincide with: increased volatility in the global securities, derivatives and currency markets; a decrease in the reliability of market prices and difficulty in valuing assets; greater fluctuations in currency exchange rates; increased risk of default (by both government and private issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; less governmental regulation and supervision of the securities markets and market participants and decreased monitoring of the markets by governments

or self-regulatory organizations and reduced enforcement of regulations; limited, or limitations on, the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; inability to purchase and sell investments or otherwise settle security or derivative transactions (i.e., a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

Any of the foregoing could materially and adversely impact our value and performance of our portfolio companies as well as our ability to source, manage and divest investments and achieve our investment objectives, all of which could result in material losses. In addition, our operations could be significantly impacted, or even halted, either temporarily or on a long-term basis, as a result of some of the foregoing.

If a period of capital market disruption and instability continues for an extended period of time, there is a risk that investors in our equity securities may not receive distributions consistent with historical levels or at all or that our distributions may not grow over time and a portion of our distributions may be a return of capital.

Our ability to pay distributions consistent with our historical range or to continue to pay our distribution fully in cash rather than shares of common stock might be adversely affected by the impact of one or more of the risk factors described in this annual report on Form 10-K. If we are unable to satisfy the asset coverage test applicable to us under the 1940 Act as a business development company or if we violate certain covenants under our existing or future credit facilities or other leverage, we may also be limited in our ability to make distributions. If we declare a distribution and if more stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to sell some of our investments in order to make cash distribution payments. To the extent we make distributions to stockholders that include a return of capital, such portion of the distribution essentially constitutes a return of the stockholder’s investment. Although such return of capital may not be taxable, such distributions would generally decrease a stockholder’s basis in our common stock and may therefore increase such stockholder’s tax liability for capital gains upon the future sale of such stock. A return of capital distribution may cause a stockholder to recognize a capital gain from the sale of our common stock even if the stockholder sells its shares for less than the original purchase price.

Uncertainty about U.S. federal government initiatives, including tariffs and global trade negotiations, could negatively impact our business, financial condition and results of operations.

There is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. U.S. presidential, congressional and other elections could create a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. The presidential administration’s changes to U.S. policy may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, taxes, healthcare, the U.S. regulatory environment, inflation and other areas.

Potential deregulation of the banking industry in the United States, including a rollback of existing regulatory requirements, could adversely affect the private credit industry and, consequently, our investment strategy, portfolio performance and overall returns. The U.S. private credit market has grown significantly in part due to legislation that took effect following the 2008-2009 financial crisis that imposed onerous capital and lending requirements on banks, limiting their ability to extend credit to borrowers. If such requirements are reduced or removed, competition for lending opportunities would likely increase, and our ability to deploy capital effectively could be negatively impacted.

Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them.

Global economic, political and market conditions may adversely affect our business, results of operations and financial condition.

The current global financial market situation, as well as various social and political tensions in the United States and around the world (including with respect to tariffs, global trade negotiations and the current wars in Eastern Europe and the Middle East) may contribute to increased market volatility, may have long-term effects on the United States and worldwide financial markets and may cause economic uncertainties or deterioration in the U.S. and worldwide.

For example, concerns over the United States’ debt ceiling and budget-deficit could drive downgrades by rating agencies to the U.S. government’s credit rating. Downgrades by rating agencies to the U.S. government’s credit rating or concerns about its credit and deficit levels in general could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms. In addition, a decreased U.S. government credit rating, any default by the U.S. government on its obligations, or any prolonged U.S. government shutdown could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our

common stock. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns or a recession in the United States.

Financial markets have been affected at times by a number of global macroeconomic events, including but not limited to the following: large sovereign debts and fiscal deficits, levels of non‑performing loans on the balance sheets of national banks, instability in domestic and foreign capital markets and global health crises. Global market and economic disruptions have affected, and may in the future affect, the U.S. capital markets, which could adversely affect our business, financial condition or results of operations. We cannot assure you that market disruptions in other regions or countries, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or, if available, be sufficient to stabilize countries and markets affected by a financial crisis. To the extent uncertainty regarding any economic recovery in negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. Moreover, there is a risk of both sector-specific and broad-based corrections and/or downturns in the equity and credit markets. Any of the foregoing could have a significant impact on the markets in which we operate and could have a material adverse impact on our business prospects and financial condition.

Various social and political circumstances in the U.S. and around the world that are outside our control may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Such events, including tariffs and global trade negotiations, other uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, economic and other policies with other countries, the ongoing wars in Eastern Europe and the Middle East and health epidemics and pandemics, could adversely affect our business, financial condition or results of operations. Additionally, following U.S. presidential, congressional and other elections, legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities. The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. These market and economic disruptions could negatively impact the operating results of our portfolio companies. This could, in turn, materially reduce our net asset value and dividends and adversely affect our financial prospects and condition.

Similarly, wars in Eastern Europe and the Middle East could have a negative impact on the economy and business activity globally, and therefore could adversely impact the performance of our investments. The severity and duration of any such conflict and its future impact on global economic and market conditions (including, for example, oil prices and/or the shipping industry) are impossible to predict, and as a result, present material uncertainty and risk with respect to us, the performance of our investments and operations, and our ability to achieve our investment objectives. Similar risks exist to the extent that any portfolio companies, service providers, vendors or certain other parties have material operations or assets in the areas surrounding current or future conflicts.

The Adviser’s financial condition may be adversely affected by a significant general economic downturn and it may be subject to legal, regulatory, reputational and other unforeseen risks that could have a material adverse effect on the Adviser’s businesses and operations (including those of the Company). A recession, slowdown and/or sustained downturn in the global economy (or any particular segment thereof) could have a pronounced impact on the Company and could adversely affect the Company’s profitability, impede the ability of the Company and/or the Company’s portfolio companies to perform under or refinance their existing obligations and impair the Company’s ability to effectively deploy its capital or realize its investments on favorable terms.

Any of the foregoing events could result in substantial or total losses to the Company in respect of certain investments, which losses will likely be exacerbated by the presence of leverage in a portfolio company’s capital structure.

We and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.

Our cash is held in accounts at U.S. banking institutions. Cash held by us and our portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation insurance limits. If such banking institutions were to fail, we or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our and our portfolio companies’ business, financial condition, results of operations, or prospects.

Although we assess our portfolio companies’ banking relationships as necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our or our portfolio companies’ respective current and projected future business operations could be significantly impaired by factors that affect us or our portfolio companies, the financial institutions with which we or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the

ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us or our portfolio companies to acquire financing on acceptable terms or at all.

Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.

Economic sanction laws in the United States and other jurisdictions may prohibit us or our affiliates from transacting with certain countries, individuals and companies. In the United States, the U.S. Department of the Treasury’s Office of Foreign Assets Control administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain non-U.S. countries, territories, entities and individuals. These types of sanctions may significantly restrict or completely prohibit investment activities in certain jurisdictions, and if we, our portfolio companies or other issuers in which we invest were to violate any such laws or regulations, we may face significant legal and monetary penalties.

The Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations, as well as anti-boycott regulations, may also apply to and restrict our activities, our portfolio companies and other issuers of our investments. If an issuer or we were to violate any such laws or regulations, such issuer or we may face significant legal and monetary penalties. The U.S. government has indicated that it is particularly focused on FCPA enforcement, which may increase the risk that an issuer or we become the subject of such actual or threatened enforcement. In addition, certain commentators have suggested that private investment firms and the funds that they manage may face increased scrutiny and/or liability with respect to the activities of their underlying portfolio companies. As such, a violation of the FCPA or other applicable regulations by us or an issuer of our portfolio investments could have a material adverse effect on us. We are committed to complying with the FCPA and other anti-corruption laws and regulations, as well as anti-boycott regulations, to which it is subject. As a result, we may be adversely affected because of its unwillingness to enter into transactions that violate any such laws or regulations.

Effects of Leverage [Text Block]


Assumed Return on Our Portfolio (net of expenses)	(10)%			(5)%			0%			5%			10%
Corresponding return to stockholders		(39.38)	%		(24.81)	%		(10.24)	%		4.33	%		18.90	%

Effects of Leverage [Table Text Block]


Assumed Return on Our Portfolio (net of expenses)	(10)%			(5)%			0%			5%			10%
Corresponding return to stockholders		(39.38)	%		(24.81)	%		(10.24)	%		4.33	%		18.90	%

Return at Minus Ten [Percent]

(39.38%)

Return at Minus Five [Percent]

(24.81%)

Return at Zero [Percent]

(10.24%)

Return at Plus Five [Percent]

4.33%

Return at Plus Ten [Percent]

18.90%

Effects of Leverage, Purpose [Text Block]

The following table illustrates the effect of leverage on returns from an investment in shares of our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation assumes (i) $16.9 billion in total assets, (ii) a weighted average cost of funds of 5.45%, (iii) $10.9 billion in debt outstanding and (iv) $5.8 billion in stockholders’ equity. In order to compute the “Corresponding return to stockholders,” the “Assumed Return on Our Portfolio (net of expenses)” is multiplied by the assumed total assets to obtain an assumed return to us. From this amount, the interest expense is calculated by multiplying the assumed weighted average cost of funds times the assumed debt outstanding, and the product is subtracted from the assumed return to us in order to determine the return available to stockholders. The return available to stockholders is then divided by our stockholders’ equity to determine the “Corresponding return to stockholders.” Actual interest payments may be different.

NAV Per Share

$ 20.89

$ 23.64

$ 24.46

$ 24.89

$ 27.17

$ 25.02

Advisor’s Ability To Manage And Support Our Investment Process [Member]

Advisor's Ability To Maintain Relationships [Member]

Highly Competitive Market [Member]

Board Of Directors May Change Our Operating Policies And Strategies [Member]

We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

Change In Laws, Regulations, Or Operations Of Business Partners [Member]

Our Board of Directors may change our operating policies and strategies without prior notice or stockholder approval.

Small Business Credit Availability Act [Member]

Changes in laws or regulations governing our operations or the operations of our business partners may adversely affect our business or cause us to alter our business strategy.

Failure By The Adviser To Manage And Support Investment Process [Member]

The Small Business Credit Availability Act allows us to incur additional leverage.

Investments In Derivative And Other Assets [Member]

Any failure by the Adviser to manage and support our investment process may hinder the achievement of our investment objectives.

Regulation Not Applicable To Private Companies [Member]

We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.

Fluctuations In Our Quarterly Results [Member]

Third-Party Data Security [Member]

We may experience fluctuations in our quarterly results.

Artificial Intelligence And Machine Learning Technology [Member]

We are subject to risks associated with artificial intelligence and machine learning technology.

Litigation [Member]

Difficulty In Foreclosure In Non-U.S. Countries [Member]

We and the Adviser could be the target of litigation.

Unrealized Losses As An Indication Of Future Realized Losses [Member]

It may be difficult to bring suit or foreclosure in non-U.S. countries.

Not Able To Obtain All Required State Licenses [Member]

Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.

Stockholder Activism [Member]

We may not be able to obtain all required state licenses.

Sustainability Matters And Costs [Member]

Increasing scrutiny from stakeholders and regulators with respect to sustainability matters may impose additional costs and expose us to additional risks.

Incentive Compensation Paid On Income That Hasn't Been Received [Member]

Incentive Compensation Due To A Decline In The Value Of Portfolio [Member]

We may be obligated to pay the Adviser incentive compensation on income that we have not received.

Advisors Conflict Of Interest [Member]

We may be obligated to pay the Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.

Advisor's Time and Resources [Member]

There may be conflicts of interest related to obligations the Adviser’s senior management and investment teams have to our affiliates and to other clients.

Advisors Indemnity Against Certain Liabilities [Member]

Shares May Be Purchased By The Adviser Or Its Affiliates [Member]

Adviser Relies On Key Personnel [Member]

Our shares may be purchased by the Adviser or its affiliates.

•the Adviser and its affiliates may have an interest in disposing of our assets at an earlier date so as to recover their investment in our shares; and

•substantial purchases of shares by the Adviser and its affiliates may limit the Adviser’s ability to fulfill any financial obligations that it may have to us or incurred on our behalf.

Failure To Maintain BDC Status [Member]

The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.

Inability To Acquire Funding [Member]

Failure to maintain our status as a BDC would reduce our operating flexibility.

Requirement To Invest In Qualifying Assets [Member]

Regulations Effect Of Raising Funding [Member]

Ability To Enter Into Transactions With Affiliates [Member]

Investments In Prospective Portfolio Companies [Member]

Our ability to enter into transactions with our affiliates is restricted.

Asset-Backed Securities And Structured Products [Member]

Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.

•We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer.

Investments In Private Investment Funds [Member]

Asset-backed securities and structured products present additional risks.

Price Declines In Medium And Large-Sized U.S. Corporate Debt Market [Member]

payment of sales loads and (in the case of closed-end investment companies) sometimes substantial premiums above the value of such investment companies’ portfolio securities.

Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.

Inflation [Member]

Securities Lending Agreements [Member]

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

Cost And Effectiveness Of Hedging [Member]

We may enter into securities lending agreements.

Investments In Middle Market Companies [Member]

Portfolio Companies Acquire Senior Debt [Member]

Investing in middle-market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.

•may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

Investing In Public Securities [Member]

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.

Subordination Of Debt Investments [Member]

Any investments in securities or assets of publicly traded companies are subject to the risks inherent in investing in public securities.

Senior Creditors With First Priority [Member]

There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

Non-Controlled Portfolio Companies [Member]

Changes In United States Tariff And Import/Export Regulations [Member]

We generally will not control our portfolio companies.

Declines In Market Value Or Fair Value [Member]

Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies.

Lack Of Readily Available Market Prices [Member]

Declines in market values or fair market values of our investments could result in significant net unrealized depreciation of our portfolio, which in turn would reduce our net asset value.

Change In Interest Rates [Member]

Covenant Breach By Portfolio Company [Member]

We are exposed to risks associated with changes in interest rates.

Highly Leverage Portfolio Companies [Member]

A covenant breach by our portfolio companies may harm our operating results.

Ability To Realize Gains On Equity Investments [Member]

Our portfolio companies may be highly leveraged.

Lack Of Available Information [Member]

We may not realize gains from our equity investments.

Lack Of Liquidity In Investments [Member]

An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies.

Ability To Make Additional Investments [Member]

A lack of liquidity in certain of our investments may adversely affect our business.

Prepayment On Debt Investments [Member]

We may not have the funds or ability to make additional investments in our portfolio companies.

Original Issue Discount And PIK Instruments [Member]

Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.

Wide Range Of Investment Techniques [Member]

Our investments may include original issue discount and PIK instruments.

•The deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

•Even if the conditions for income accrual under GAAP are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan;

•Tax legislation requires that income be recognized for tax purposes no later than when recognized for financial reporting purposes;

•Original issue discount may create a risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

Derivative Instruments [Member]

We may use a wide range of investment techniques that could expose us to a diverse range of risks.

Technological Innovations And Industry Disruptions [Member]

are buying credit protection, there is a risk that we will not properly assess the risk of the underlying issuer, no credit event will occur and we will receive no benefit for the premium paid.

Third Party Management Of Joint Ventures, Partnerships, And Other Special Purpose Vehicles [Member]

Technological innovations and industry disruptions may negatively impact us.

Syndication Of Co-Investments [Member]

Incurred Indebtedness [Member]

Syndication of Co-Investments.

We currently incur indebtedness to make investments, which magnifies the potential for gain or loss on amounts invested in our common stock and may increase the risk of investing in our common stock.


Assumed Return on Our Portfolio (net of expenses)	(10)%			(5)%			0%			5%			10%
Corresponding return to stockholders		(39.38)	%		(24.81)	%		(10.24)	%		4.33	%		18.90	%

Debt Convenants [Member]

Provisions In A Credit Facility Limitations [Member]

Interest Rate Changes Affecting Cost Of Capital And Net Investment Income [Member]

Provisions in a credit facility may limit our investment discretion.

CLOs Subject To Structured Financing Risks [Member]

Changes in interest rates may affect our cost of capital and net investment income.

Risk Of Not Receiving Distributions [Member]

We have formed and may in the future form one or more CLOs, which may subject us to certain structured financing risks.

Tax Basis Reduction [Domain]

There is a risk that investors in our common stock may not receive distributions or that distributions may not increase, or may decrease, over time.

Common Stock Traded At A Discount [Member]

Funding Declared Distributions [Member]

Our shares of common stock may trade at a discount to net asset value, and such discount may be significant.

Dilution From Issuance Of Additional Shares [Member]

Dilution From Distribution Reinvestment Plan [Member]

A stockholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.

Provisions Deterring Takeover Attempts [Member]

Stockholders may experience dilution in their ownership percentage if they do not participate in our distribution reinvestment plan.

Court Decisions Creating Uncertainty Surrounding Application Of MCSAA [Member]

Certain provisions of our charter and bylaws as well as provisions of the MGCL could deter takeover attempts and have an adverse impact on the value of our common stock.

Fluctuation Of Net Asset value [Member]

Recent court decisions have created uncertainty surrounding the application of MCSAA.

Fluctuation Of Market Price [Member]

The net asset value of our common stock may fluctuate significantly.

Ability To Fund New Offerings [Member]

The market price of our common stock may fluctuate significantly.

•price and volume fluctuations in the overall stock market from time to time;

•changes in law, regulatory policies or tax guidelines, or interpretations thereof, particularly with respect to RICs or BDCs;

•loss of our BDC or RIC status;

•changes in our earnings or variations in our operating results;

•changes in the value of our portfolio of investments;

•any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

•departure of the Adviser’s key personnel;

•earnings and operating performance of peers and competitor companies;

•short-selling pressure with respect to shares of our common stock or BDCs generally;

•future sales of our securities convertible into or exchangeable or exercisable for our common stock or the conversion of such securities;

•uncertainty surrounding the strength of the economy;

•general economic trends and other external factors; and

•loss of a major funding source.

Increase Volatility Of Common Stock From Issuance Of Preferred Stock [Member]

Voting Rights For Owners Of Preferred Stock [Member]

If we issue preferred stock, debt securities or convertible debt securities, the net asset value and market value of our common stock may become more volatile.

Issuance Of Common Stock At Below Net Asset Value [Member]

Holders of any preferred stock that we may issue will have the right to elect members of the Board of Directors and have class voting rights on certain matters.

Ability To Qualify As A RIC [Member]

Corporate Level Income Tax [Member]

We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code or to satisfy the RIC annual distribution requirements.

•The 90% Income Test will be satisfied if we earn at least 90% of our gross income for each tax year from dividends, interest, gains from the sale of securities or similar sources.

Ability To Pay Require Distributions [Member]

Some of our investments may be subject to corporate-level income tax.

Special Tax Issues [Member]

We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.

gains are related to our business of investing in stocks and securities, all or a portion of such taxable income and gains may not be considered qualifying income for purposes of the 90% Income Test.

Distribution Tax [Member]

Our portfolio investments may present special tax issues.

Regulatory Tax Changes [Member]

If we do not qualify as a “publicly offered regulated investment company,” as defined in the Code, you will be taxed as though you received a distribution of some of our expenses.

Legislative or regulatory tax changes could adversely affect investors.

Capital Markets [Member]

Future Economic Recessions Or Downturns [Member]

Events Outside Of Control [Member]

Future economic recessions or downturns could impair our portfolio companies and harm our operating results.

Extended Period Of Capital Market Disruption and Instability [Member]

Events outside of our control could negatively affect our portfolio companies and our results of operations.

Uncertainty About Federal Government Initiatives [Member]

Global Economic, Political, and Market Conditions [Member]

Uncertainty about U.S. federal government initiatives, including tariffs and global trade negotiations, could negatively impact our business, financial condition and results of operations.

Cash Balances Exceeding Federally Insured Limits Risk [Member]

Global economic, political and market conditions may adversely affect our business, results of operations and financial condition.

common stock. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns or a recession in the United States.

Economic Sanction Laws [Member]

Quarterly Financial Information Disclosure [Abstract]

Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Fair Value of Financial Instruments - Roll Forward Level III (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Accretion of discount (amortization of premium)	$ 39	$ 61	$ 58
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	12,035	13,073
Accretion of discount (amortization of premium)	39	59
Purchases	5,594	5,099
Paid-in-kind interest	233	292
Sales and repayments	(6,394)	(6,253)
Transfers into Level 3	0	8
Transfers out of Level 3	0	0
Fair value at end of period	11,005	12,035	13,073
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(316)	(154)
Total \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(345)	(470)
Total \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(157)	227
Funded, Senior Secured Loans—First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	7,780	8,429
Accretion of discount (amortization of premium)	28	44
Purchases	4,157	3,859
Paid-in-kind interest	110	100
Sales and repayments	(4,256)	(4,488)
Transfers into Level 3	0	8
Transfers out of Level 3	0	0
Fair value at end of period	7,512	7,780	8,429
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(185)	(32)
Funded, Senior Secured Loans—First Lien \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(211)	(308)
Funded, Senior Secured Loans—First Lien \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(96)	136
Senior Secured Loans—Second Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	693	1,090
Accretion of discount (amortization of premium)	5	8
Purchases	0	56
Paid-in-kind interest	1	2
Sales and repayments	(92)	(427)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	538	693	1,090
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(71)	(23)
Senior Secured Loans—Second Lien \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(6)	(107)
Senior Secured Loans—Second Lien \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(63)	71
Other Senior Secured Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	46	21
Accretion of discount (amortization of premium)	0	0
Purchases	47	25
Paid-in-kind interest	3	2
Sales and repayments	(33)	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	52	46	21
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(7)	(1)
Other Senior Secured Debt \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(8)	(3)
Other Senior Secured Debt \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(3)	1
Subordinated Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	233	322
Accretion of discount (amortization of premium)	2	2
Purchases	147	30
Paid-in-kind interest	9	23
Sales and repayments	(244)	(148)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	126	233	322
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(21)	2
Subordinated Debt \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(7)	0
Subordinated Debt \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(14)	4
Asset Based Finance
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	2,102	2,077
Accretion of discount (amortization of premium)	1	2
Purchases	889	1,046
Paid-in-kind interest	40	15
Sales and repayments	(1,335)	(1,057)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	1,694	2,102	2,077
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	1	(41)
Asset Based Finance \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	4	(11)
Asset Based Finance \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(7)	30
Equity/Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	1,181	1,134
Accretion of discount (amortization of premium)	3	3
Purchases	354	83
Paid-in-kind interest	70	150
Sales and repayments	(434)	(133)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	1,083	1,181	$ 1,134
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(33)	(59)
Equity/Other \| Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(117)	(41)
Equity/Other \| Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	$ 26	$ (15)

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2025

Selected Quarterly Financial Data (Unaudited)


	Quarter Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Investment income	$	348	$	373	$	398	$	400
Operating expenses
Net expenses and excise taxes	213		214		225		213
Net investment income	135		159		173		187
Realized and unrealized gain (loss)	(249)		55		(382)		(67)
Net increase (decrease) in net assets resulting from operations	$	(114)	$	214	$	(209)	$	120
Per share information-basic and diluted
Net investment income	$	0.48	$	0.57	$	0.62	$	0.67
Net increase (decrease) in net assets resulting from operations	$	(0.41)	$	0.76	$	(0.75)	$	0.43
Weighted average shares outstanding	280,066,433		280,066,433		280,066,433		280,066,433

	Quarter Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Investment income	$	407	$	441	$	439	$	434
Operating expenses
Net expenses and excise taxes	236		226		224		222
Net investment income	171		215		215		212
Realized and unrealized gain (loss)	(24)		(55)		(110)		(39)
Net increase (decrease) in net assets resulting from operations	$	147	$	160	$	105	$	173
Per share information-basic and diluted
Net investment income	$	0.61	$	0.77	$	0.77	$	0.76
Net increase (decrease) in net assets resulting from operations	$	0.52	$	0.57	$	0.37	$	0.62
Weighted average shares outstanding	280,066,433		280,066,433		280,066,433		280,066,433

The sum of quarterly per share amounts does not necessarily equal per share amounts reported for the years ended December 31, 2025 and 2024. This is due to changes in the number of weighted-average shares outstanding and the effects of rounding for each period.

For the year ended December 31, 2025, 71.9% of distributions qualified as interest related dividends for FSK stockholders which are exempt from U.S. withholding tax applicable to non U.S. shareholders. For the year ended December 31, 2025, 89.5% of distributions qualified as excess interest income for purposes of Internal Revenue Code Section 163(j).

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Operations