UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 ________________________________________________
 FORM 10-K

 x
 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024
 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 FOR THE TRANSITION PERIOD FROM TO
 COMMISSION FILE NUMBER: 814-00757
 (Exact name of registrant as specified in its charter)

 Maryland

 26-1630040

 (State of Incorporation)

 (I.R.S. Employer Identification Number)

 201 Rouse Boulevard
 Philadelphia, Pennsylvania

 19112

 (Address of principal executive offices)

 (Zip Code)

 Registrant's telephone number, including area code: ( 215) 495-1150
 Securities registered pursuant to Section 12(b) of the Act:

 Common Stock, par value $0.001 per share
 FSK
 The New York Stock Exchange

 (Title of class)
 (Trading Symbol(s))
 (Name of exchange on which registered)

 Securities registered pursuant to Section 12(g) of the Act:
 None
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No.
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No x.
 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No.
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No.
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer
 x

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b)..
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes No x.
 The aggregate market value of common stock held by non-affiliates of the registrant (assuming solely for the purpose of this disclosure, but without conceding, all executive officers and directors of the registrant are "affiliates"), as of June 30, 2024, the last business day of the registrant's most recently completed second fiscal quarter, was approximately $ 5.5 billion.
 There were 280,066,433 shares of the registrant's common stock outstanding as of January 31, 2025.
 Documents Incorporated by Reference
 Portions of the registrant's definitive Proxy Statement relating to the registrant's 2024 Annual Meeting of Stockholders, to be filed with the U.S. Securities and Exchange Commission within 120 days following the end of the registrant's fiscal year ended December 31, 2024, are incorporated by reference in Part III of this annual report on Form 10-K as indicated herein.

 Page

 ITEM 1.
 BUSINESS

 ITEM 1A.
 RISK FACTORS

 ITEM 1B.
 UNRESOLVED STAFF COMMENTS

 ITEM 1C.
 CYBERSECURITY

 ITEM 2.
 PROPERTIES

 ITEM 3.
 LEGAL PROCEEDINGS

 ITEM 4.
 MINE SAFETY DISCLOSURES

 ITEM 5.
 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 ITEM 6.
 [RESERVED]

 ITEM 7.
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ITEM 7A.
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 ITEM 8.
 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 ITEM 9.
 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 ITEM 9A.
 CONTROLS AND PROCEDURES

 ITEM 9B.
 OTHER INFORMATION

 ITEM 10.
 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 ITEM 11.
 EXECUTIVE COMPENSATION

 ITEM 12.
 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 ITEM 13.
 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 ITEM 14.
 PRINCIPAL ACCOUNTANT FEES AND SERVICES

 ITEM 15.
 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 SIGNATURES

 Many of the amounts and percentages presented in Part I have been rounded for convenience of presentation.

 Item 1. Business.
 Summary
 FS KKR Capital Corp. (NYSE: FSK), or the Company, which may also be referred to as "we," "us" or "our," 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. We are 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. As such, we are required to comply with certain regulatory requirements. In addition, we have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As of December 31, 2024, we had total assets of approximately $14.2 billion.
 We are managed by FS/KKR Advisor, LLC, or the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended, or the Advisers Act, which oversees the management of our operations and is responsible for making investment decisions with respect to our portfolio. 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 earnings before interest, taxes, depreciation and amortization, or 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.
 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 "over-the-counter," or 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 nationally recognized statistical rating organization, or NRSRO, and, in such case, generally will carry a rating below investment grade (rated lower than "Baa3" by Moody's Investors Service, Inc., or Moody's, or lower than "BBB-" by Standard & Poor's Ratings Services, or 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.
 To seek to enhance our returns, we employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the maximum amount permitted by the 1940 Act. Prior to June 14, 2019, in accordance with the

 1940 Act, we were allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, following approval by our stockholders, our asset coverage requirement was reduced from 200% to 150%.
 As a BDC, we are subject to certain regulatory restrictions in making our 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 U.S. Securities and Exchange Commission, or the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. In an order dated January 5, 2021, 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 Advisors (US) LLC, or KKR Credit, with our co-investment affiliates. We believe this relief enhances our ability to further our investment objectives and strategy. We believe this relief may also increase favorable investment opportunities for us in part by allowing us to participate in larger investments, together with our co-investment affiliates, than would be available to us if such relief had not been obtained.
 About the Adviser
 The Adviser is a Delaware limited liability company, located at 201 Rouse Boulevard, Philadelphia, PA 19112, registered as an investment adviser with the SEC under the Advisers Act. The Adviser is a partnership between an affiliate of Franklin Square Holdings, L.P. (which does business as FS Investments), or FS Investments, and KKR Credit. Our chairman and chief executive officer, Michael C. Forman, serves as the Adviser's chairman and chief executive officer.
 The Adviser has significant experience in private lending and private equity investing, and has developed an expertise in using all levels of a firm's capital structure to produce income-generating investments, while focusing on risk management. The Adviser also has extensive knowledge of the managerial, operational and regulatory requirements of publicly registered alternative asset entities, such as BDCs. We believe that the active and ongoing participation by the Adviser, FS Investments, KKR Credit and their respective affiliates in the credit markets, and the depth of experience and disciplined investment approach of the Adviser, will allow the Adviser to successfully execute our investment strategies.
 Our board of directors, which is comprised of a majority of independent directors, oversees and monitors our investment performance, and beginning with the second anniversary of the effective date of the investment advisory agreement, will review the investment advisory agreement to determine, among other things, whether the fees payable under such agreement are reasonable in light of the services provided.
 About FS Investments
 FS Investments is a global alternative asset manager dedicated to delivering superior performance and innovative investment and capital solutions. The firm manages over $83 billion in assets for a wide range of clients, including institutional investors, financial professionals and individual investors. FS Investments provides access to a broad suite of alternative asset classes and strategies through its best-in-class investment teams and partners. With its diversified platform and flexible capital solutions, the firm is a valued partner to general partners, asset owners and portfolio companies. FS Investments is grounded in its high-performance culture and guided by its commitment to building value for its clients, investing in its colleagues and giving back to its communities. The firm has more than 500 employees across offices in the U.S., Europe and Asia and is headquartered in Philadelphia.
 About KKR Credit
 KKR Credit is a Delaware limited liability company, located at 555 California Street, 50th Floor, San Francisco, CA 94104, registered as an investment adviser with the SEC under the Advisers Act. It had approximately $247 billion of assets under management as of December 31, 2024 across investment funds, structured finance vehicles, specialty finance companies and separately managed accounts that invest capital in both liquid and illiquid credit strategies on behalf of some of the largest public and private pension plans, global financial institutions, university endowments and other institutional and public market investors. Its investment professionals utilize an industry and thematic approach to investing and benefit from access, where appropriate, to the broader resources and intellectual capital of KKR & Co. Inc., or KKR & Co.
 KKR Credit is a subsidiary of KKR & Co., a leading global investment firm with approximately $638 billion in assets under management as of December 31, 2024, that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR & Co. aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR & Co. portfolio companies. KKR & Co. invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business.

 Potential Market Opportunity
 We believe significant investment opportunities will continue to present themselves in the senior secured and second lien secured loan asset class, as well as investments in debt securities of middle market companies.
 Attractive Opportunities in Senior Secured and Second Lien Secured Loans
 The variable rate structure of most senior secured and second lien secured loans present significant opportunities across the asset class, particularly within a rising interest rate environment. Additionally, the strong defensive characteristics inherent to many securities across the asset class make them compelling to many investors, especially as financial conditions tighten. Because senior secured debt has priority in payment among an issuer's security holders (i.e., holders are due to receive payment before junior creditors and equity holders), they carry the least potential risk within the issuer's capital structure. Further, senior secured debt investments are secured by the issuer's assets, which may be seized in the event of a default. Senior secured loans generally also carry restrictive covenants aimed at ensuring repayment before junior creditors, including unsecured bondholders and other security holders, preserving collateral to protect against credit deterioration.
 Opportunity in Middle Market Private Companies
 In addition to investing in senior secured and second lien secured loans, we believe that the market for lending to private companies, particularly middle market private companies within the United States, presents a compelling investment opportunity. The following characteristics support our belief:
 • Large Target Market. Middle market U.S. companies have historically represented a significant portion of the growth segment of the U.S. economy. These companies also often require substantial capital investment to grow their businesses. Historically, significant private equity capital has been available for investment in middle market companies and we expect that private equity firms will continue to leverage their investments in middle market companies with senior secured and second lien secured loans.
 • Limited Investment Competition. Despite the size of the market, regulatory changes and other factors have diminished the role of traditional financial institutions in providing financing to middle market companies in favor of lending to large corporate clients and leading syndication efforts for capital markets transactions. Further, we believe a limited number of lenders are willing to hold large amounts of middle market loans. As a result, we believe our ability to eliminate syndication risk by holding middle market loans is a competitive advantage.
 Lending and originating new loans to middle market companies, which are often private, generally requires a greater dedication of a lender's time and resources compared to lending to larger companies as it is often more difficult to make investments in, and acquire information, about smaller companies. Many investment firms lack the breadth and scale necessary to identify investment opportunities, particularly directly originated investments in middle market companies, which may result in their overlooking many attractive investment opportunities. Middle market companies also may require more active monitoring and participation on the lender's part. We believe that many large financial organizations, which often have relatively high-cost structures, are not suited to deal with these factors and instead emphasize services and transactions to larger corporate clients, resulting in a reduction in the availability of financing to middle market companies.
 • Attractive Market Segment. The underserved nature of such a large segment of the market can at times create significant investment opportunities. In many environments, lending to middle market companies may offer more attractive economics than lending to larger corporations in terms of transaction pricing, up-front and ongoing fees, prepayment penalties, stricter covenants and quality collateral. In addition, middle market companies often have simpler capital structures and carry less leverage than larger companies, thus aiding the structuring and negotiation process and allowing us greater flexibility in structuring favorable transactions.
 Potential Competitive Strengths
 We believe that we offer investors the following potential competitive strengths:
 Large, scalable, global platform with seasoned investment professionals
 We believe that the breadth and depth of the experience of the Adviser and its affiliates, which are dedicated to sourcing, structuring, executing, monitoring and harvesting a broad range of private investments, provide us with a significant competitive advantage in sourcing and analyzing attractive investment opportunities. Our investment platform is supported by approximately 170 dedicated investment professionals at KKR Credit located in nine global cities. We also benefit from the expertise, network and resources of KKR & Co., which has over 710 investment professionals located in 26 global cities. The individual members of these teams have diverse investment backgrounds, with prior experience at investment banks, commercial banks, other asset managers and

 operating companies. We believe this diverse experience provides an in-depth understanding of the strategic, financial and operational challenges and opportunities of middle-market companies.
 Utilization of long-standing relationships and international capital market capabilities to source investments
 The Adviser and its affiliates have worked diligently over many years to build strategic relationships with private equity firms, banks and trading desks globally. Our and our affiliates' long history of serving as a reliable financing partner to middle-market sponsors, even during periods of significant market dislocation, has enhanced our reputation. We believe that our network of relationships will continue to produce attractive investment opportunities.
 The Adviser also leverages the intellectual capital, industry experience and global network of KKR & Co.'s Capital Markets franchise to support the origination of new private credit investment opportunities. Through KKR & Co.'s Capital Markets franchise, the Adviser benefits from expanded sources of deal flow, real-time market intelligence on pricing trends and continuous dialogue with issuers and sponsors to provide holistic financing solutions to current and prospective portfolio companies. In addition, KKR & Co.'s Capital Markets franchise gives us the ability to access and originate larger transactions and enhances the Adviser's ability to manage risk.
 Focus on larger middle-market companies and customized one-stop credit solutions
 We are focused on providing customized credit solutions to private upper middle market companies, which we generally define as companies with annual EBITDA of at least $50 million at the time of our investment. Based on its size and scale, the KKR Credit platform is able to originate, commit to and hold positions in excess of $1 billion in a given transaction. This size allows us to serve in the lead financing role for certain larger middle market companies with more than $100 million in EBITDA. We believe our ability to underwrite an entire transaction provides financial sponsors and companies with a greater degree of financing certainty and further enhances our competitive position. The KKR Credit platform also offers a variety of financing structures and has the flexibility to structure investments to meet the needs of companies. Finally, we believe that the upper end of the middle market is less competitive as fewer lenders have the requisite size and scale to provide holistic solutions for these companies.
 Long-term investment horizon
 Our long-term investment horizon gives us great flexibility, which we believe allows us to maximize returns on our investments. Unlike most private equity and venture capital funds, as well as many private debt funds, we are not required to return capital to our stockholders once we exit a portfolio investment. We believe that freedom from such capital return requirements, which allows us to invest using a longer-term focus, provides us with the opportunity to increase total returns on invested capital, compared to other private company investment vehicles.
 Disciplined, income-oriented investment philosophy
 The Adviser employs a defensive investment approach focused on long-term credit performance and preservation of principal. This investment approach involves a multi-stage selection process for each investment opportunity, as well as ongoing monitoring of each investment made, with particular emphasis on early detection of deteriorating credit conditions at portfolio companies which would result in adverse portfolio developments. This strategy is designed to maximize current income and minimize the risk of capital loss while maintaining the potential for long-term capital appreciation.
 Investment expertise across all levels of the corporate capital structure
 The Adviser believes that its broad expertise and experience investing at all levels of a company's capital structure enable us to manage risk while affording us the opportunity for significant returns on our investments. We attempt to capitalize on this expertise in an effort to produce and maintain an investment portfolio that will perform in a broad range of economic conditions.
 Ability to create bespoke financing solutions through asset-based opportunities
 The Adviser believes that there is an expansive and growing opportunity to create customized solutions in underserved asset classes, including across the aircraft, consumer finance and auto and equipment finance sectors. The Adviser will seek to identify investments with strong collateral protection, a low correlation to the broader markets and equity-like upside potential.
 Maintenance of portfolio diversification
 In addition to focusing our investments in middle-market companies, we seek to invest across various industries. The Adviser monitors our investment portfolio to ensure we have acceptable industry balance, using industry and market metrics as key indicators. By monitoring our investment portfolio for industry balance, we seek to reduce the effects of economic downturns associated with any particular industry or market sector. Notwithstanding our intent to invest across a variety of industries, we may from time to time hold securities of a single portfolio company that comprise more than 5.0% of our total assets and/or more than 10.0% of the outstanding

 voting securities of the portfolio company. For that reason, we are classified as a non-diversified management investment company under the 1940 Act.
 Investment Strategy
 Our principal focus is to invest in senior secured 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 bonds, structured products, other debt securities and derivatives. 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.
 When identifying prospective portfolio companies, we focus primarily on the attributes set forth below, which we believe will help us generate higher total returns with an acceptable level of risk. While these criteria provide general guidelines for our investment decisions, if we believe the benefits of investing are sufficiently strong, not all of these criteria necessarily will be met by each portfolio company in which we choose to invest. These attributes are:
 • Leading, defensible market positions. We seek to invest in companies that have developed strong competitive positions within their respective markets and exhibit the potential to maintain sufficient cash flows and profitability to service our debt in a range of economic environments. We seek companies that can protect their competitive advantages through scale, scope, customer loyalty, product pricing or product quality versus their competitors, thereby minimizing business risk and protecting profitability.
 • Investing in stable companies with positive cash flow. We seek to invest in established, stable companies with strong profitability and cash flows. Such companies, we believe, are well-positioned to maintain consistent cash flow to service and repay our loans and maintain growth in their businesses or market share. We do not intend to invest to any significant degree in start-up companies, turnaround situations or companies with speculative business plans.
 • Proven management teams. We focus on companies that have experienced management teams with an established track record of success. We typically prefer our portfolio companies to have proper incentives in place, which may include non-cash and performance-based compensation, to align management's goals with ours.
 • Private equity sponsorship. Often we seek to participate in transactions sponsored by what we believe to be sophisticated and seasoned private equity firms. The Adviser believes that a private equity sponsor's willingness to invest significant sums of equity capital into a company is an endorsement of the quality of the investment opportunity. Further, by co-investing with such experienced private equity firms which commit significant sums of equity capital ranking junior in priority of payment to our debt investments, we may benefit from the due diligence review performed by the private equity firm, in addition to our own due diligence review. Further, strong private equity sponsors with significant investments at risk may have both the ability and incentive to contribute additional capital in difficult economic times should operational or financial issues arise, which could provide additional protections for our investments.
 • Allocation among various issuers and industries. We seek to allocate our portfolio broadly among issuers and industries, thereby attempting to reduce the risk of a downturn in any one company or industry having a disproportionate adverse impact on the value of our portfolio.
 • Viable exit strategy. While we attempt to invest in securities that may be sold in a privately negotiated OTC market, providing us a means by which we may exit our positions, we expect that a large portion of our portfolio may not be sold on this secondary market. For any investments that are not able to be sold within this market, we focus primarily on investing in companies whose business models and growth prospects offer attractive exit possibilities, including repayment of our investments, an initial public offering of equity securities, a merger, a sale or a recapitalization, in each case with the potential for capital gains.

 Joint Venture
 We also co-invest with South Carolina Retirement Systems Group Trust, or SCRS, through Credit Opportunities Partners JV, LLC (formerly known as Strategic Credit Opportunities Partners, LLC), or COPJV, a joint venture with SCRS. 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. We and SCRS each have 50% voting control of COPJV and together are required to agree on all investment decisions as well as certain other significant actions for COPJV. As of December 31, 2024, COPJV had total capital commitments of $2.6 billion, $2.3 billion of which was from us and the remaining $0.3 billion of which was from SCRS. As of December 31, 2024, we had funded approximately $1.6 billion of our commitment. Additionally, as of December 31, 2024, COPJV had $0.4 billion of borrowing capacity. As of December 31, 2024, our investment in COPJV was approximately $1.4 billion at fair value. We do not consolidate COPJV in our consolidated financial statements.
 Investment Types
 We primarily focus on the following investment types:
 Senior Secured Loans
 Senior secured loans are situated at the top of a company's capital structure. Because these loans generally have priority in payment, they carry the least risk among all investments in a firm. Generally, our senior secured loans are expected to have maturities of three to seven years, offer some form of amortization, and have first priority security interests in the assets of the borrower. Generally, we expect that the interest rate on our senior secured loans typically will have variable rates over a standard benchmark, such as the prime rate or the Secured Overnight Financing Rate, or SOFR.
 Second Lien Secured Loans
 Second lien secured loans are immediately junior to senior secured loans and have substantially the same maturities, collateral and covenant structures as senior secured loans. Second lien secured loans, however, are granted a second priority security interest in the assets of the borrower, which means that any realization of collateral will generally be applied to pay senior secured loans in full before second lien secured loans are paid and the value of the collateral may not be sufficient to repay in full both senior secured loans and second lien secured loans. In return for this junior ranking, second lien secured loans generally offer higher returns compared to senior secured debt. These higher returns come in the form of higher interest and in some cases the potential for equity participation through warrants, though to a lesser extent than with subordinated loans. Generally, we expect these loans to carry a fixed rate, or a floating current yield over a standard benchmark. In addition, we may receive additional returns from any warrants we may receive in connection with these investments.
 Senior Secured Bonds
 Senior secured bonds are generally secured by collateral on a senior, pari passu or junior basis with other debt instruments in an issuer's capital structure and have similar maturities and covenant structures as senior secured loans. Generally, we expect these investments to carry a fixed rate.
 In addition to senior secured loans, second lien secured loans and senior secured bonds, we may invest a portion of our assets in subordinated debt. Subordinated debt investments usually rank junior in priority of payment to senior debt and are often unsecured, but are situated above preferred equity and common equity in the capital structure. In return for their junior status compared to senior debt, subordinated debt investments typically offer higher returns through both higher interest rates and possible equity ownership in the form of warrants, enabling the lender to participate in the capital appreciation of the borrower. These warrants typically require only a nominal cost to exercise. We generally target subordinated debt with interest-only payments throughout the life of the security, with the principal due at maturity. Typically, subordinated debt investments have maturities of five to ten years. Generally, we expect these securities to carry a fixed rate, or a floating current yield over a standard benchmark. In addition, we may receive additional returns from any warrants we may receive in connection with these investments. In some cases, a portion of the total interest may accrue or be paid-in-kind, or PIK.
 Equity and Equity-Related Securities
 While we intend to maintain our focus on investments in debt securities, from time to time, when we see the potential for extraordinary gain, or in connection with securing particularly favorable terms in a debt investment, we may enter into investments in preferred or common equity, typically in conjunction with a private equity sponsor we believe to be sophisticated and seasoned. In addition, we may receive the right to make equity investments in a portfolio company whose debt securities we hold in connection with the next equity financing round for that company. This right may provide us with the opportunity to further enhance our returns over time through equity investments in our portfolio companies. In addition, we may hold 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, generally obtained in conjunction with one of our debt investments or through a co-investment with a financial sponsor, such as an institutional investor or private equity firm. In the future, we may achieve liquidity through a merger or acquisition of a portfolio company, a public offering of a portfolio company's stock or by exercising our right, if any, to require a portfolio company to repurchase the equity-related securities we hold.
 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.
 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 and securities of companies in emerging markets, to the extent permitted by the 1940 Act.
 Investments in Asset-Based Opportunities
 We may invest in asset-based opportunities 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. These asset-based opportunities are expected to offer mezzanine-like structural downside protection as well as asset collateral, and equity-like upside that can be achieved through appreciation at the asset-level or, in the case of platforms, through growth of the enterprise value. Key areas of focus include, without limitation, aircraft, real estate and consumer finance.
 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. The issuers of such investment products may be structured as trusts or other types of pooled investment vehicles. Such products may also involve the deposit with or purchase by an entity of the underlying investments and the issuance by that entity of one or more classes of securities backed by, or representing interests in, the underlying investments or referencing an indicator related to such investments.
 Derivatives
 We may also invest from time to time in derivatives, including total return swaps, interest rate swaps, credit default swaps and foreign currency forward contracts. We anticipate that any use of derivatives would primarily be as a substitute for investing in conventional securities or to hedge potential risk that is identified by the Adviser.
 Investments with Third-Parties
 We may co-invest with third parties through partnerships, joint ventures or other entities, thereby acquiring jointly-controlled or non-controlling interests in certain investments in conjunction with participation by one or more third parties in such investment. Such joint venture partners or third party managers may include former personnel of the Adviser or its affiliates or associated persons.
 Cash and Cash Equivalents
 We may maintain a certain level of cash or equivalent instruments, including money market funds, to make follow-on investments, if necessary, in existing portfolio companies or to take advantage of new opportunities.
 Comparison of Targeted Debt Investments to Corporate Bonds
 Loans to private companies are debt instruments that can be compared to corporate bonds to aid an investor's understanding. As with corporate bonds, loans to private companies can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer's cash flows, the quality of assets securing debt and the degree to which such assets cover the subject company's debt obligations. As is the case in the corporate bond market, we will require greater returns for securities that we perceive to carry increased risk. The companies in which we invest may be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and, in many cases, will not be rated by national rating agencies. When our targeted debt investments do carry ratings from a NRSRO, we believe that such ratings generally will be below

 investment grade (rated lower than "Baa3" by Moody's or lower than "BBB-" by S&P). To the extent we make unrated investments, we believe that such investments would likely receive similar ratings if they were to be examined by a NRSRO. Compared to below-investment grade corporate bonds that are typically available to the public, our targeted senior secured and second lien secured loan investments are higher in the capital structure, have priority in receiving payment, are secured by the issuer's assets, allow the lender to seize collateral if necessary, and generally exhibit higher rates of recovery in the event of default. Corporate bonds, on the other hand, are often unsecured obligations of the issuer.
 The market for loans to private companies possesses several key differences compared to the corporate bond market. For instance, due to a possible lack of debt ratings for certain middle market firms, and also due to the reduced availability of information for private companies, investors must conduct extensive due diligence investigations before committing to an investment. This intensive due diligence process gives the investor significant access to management, which is often not possible in the case of corporate bondholders, who rely on underwriters, debt rating agencies and publicly available information for due diligence reviews and monitoring of corporate issuers. While holding these investments, private debt investors often receive monthly or quarterly updates on the portfolio company's financial performance, along with possible representation on the company's board of directors, which allows the investor to take remedial action quickly if conditions happen to deteriorate. Due to reduced liquidity, the relative scarcity of capital and extensive due diligence and expertise required on the part of the investor, we believe that private debt securities typically offer higher returns than corporate bonds of equivalent credit quality.
 Investment Process
 The investment professionals employed by the Adviser or its affiliates have spent their careers developing the resources necessary to invest in private companies. Our current transaction process is highlighted below.
 Our Transaction Process

 Sourcing
 The relationships of the Adviser and its affiliates provide us with access to a robust and established pipeline of investment opportunities sourced from a variety of different investment channels, including private equity sponsors, non-sponsored corporates, financial advisors, banks, brokers and family offices.
 Evaluation
 Screening. Once a potential investment has been identified, the Adviser screens the opportunity and makes a preliminary determination concerning whether to proceed with a more comprehensive deal-level due diligence review.
 Pipeline/Risk Update. Upon review of the full deal pipeline, the Adviser raises key risks and issues to determine whether or not an investment meets our basic investment criteria and offers an acceptable probability of attractive returns with identifiable downside risk. The objective is for the Adviser to identify a suitable and attractive opportunity for a more comprehensive due diligence review based on the facts and circumstances surrounding the investment.
 Deal-level Q&A: After an investment has been identified and preliminary due diligence has been completed, screening memos and a credit research analysis is prepared. These reports are reviewed by the Adviser's investment committee, or the Investment Committee, to discuss key diligence and structuring issues. Following the Adviser's review, the Investment Committee will complete any incremental due diligence prior to formal Investment Committee approval. Though each transaction may involve a somewhat different approach, the Adviser's diligence of each opportunity could include:
 • a full operational analysis to identify the key risks and opportunities of the target's business, including a detailed review of historical and projected financial results;
 • a detailed analysis of industry dynamics, competitive position, regulatory, tax and legal matters;
 • on-site visits, if deemed necessary;
 • background checks to further evaluate management and other key personnel;
 • a review by legal and accounting professionals, environmental or other industry consultants, if necessary;
 • financial sponsor due diligence, including portfolio company and lender reference checks, if necessary; and

 • a review of management's experience and track record.
 Execution
 Following any incremental due diligence, the Investment Committee is presented with a formal recommendation for approval. Once the Investment Committee has determined that the portfolio company is suitable for investment, the Adviser works with the management team of the prospective company to finalize the structure and terms of the investment. We believe that structuring transactions appropriately is a key factor to producing strong investment results. Accordingly, we will actively consider transaction structures and seek to process and negotiate terms that provide the best opportunities for superior risk-adjusted returns.
 Post-Investment Monitoring
 Portfolio Monitoring. The Adviser monitors our portfolio with a focus toward anticipating negative credit events. To maintain portfolio company performance and help to ensure a successful exit, the Adviser works closely with, as applicable, the lead equity sponsor, loan syndicator, portfolio company management, consultants, advisers and other security holders to discuss financial position, compliance with covenants, financial requirements and execution of the company's business plan. In addition, depending on the size, nature and performance of the transaction, we may occupy a seat or serve as an observer on a portfolio company's board of directors or similar governing body.
 Typically, the Adviser receives financial reports detailing operating performance, sales volumes, cost of goods sold, operating expenses, operating margins, cash flows, financial position and other key operating metrics on a quarterly basis from our portfolio companies. The Adviser uses this data, combined with due diligence gained through contact with the company's customers, suppliers, competitors, market research and other methods, to conduct an ongoing, rigorous assessment of the company's operating performance and prospects.
 In addition to various risk management and monitoring tools, the Adviser uses an investment rating system to characterize and monitor the expected level of returns on each investment in our portfolio. The Adviser uses an investment rating scale of 1 to 4. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio Asset Quality" for a description of the conditions associated with each investment rating.
 Valuation Process. Our board of directors is responsible for overseeing the valuation of our 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, our board of directors has designated the Adviser as our 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 Financial Accounting Standards Board, or 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 our 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, we undertake a multi-step valuation process each quarter, as described below:
 • our 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 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 our 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 of directors, as described above.
 Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on our 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 our 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 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.
 Our equity interests in portfolio companies for which there is no liquid public market are valued at fair value. Generally, the value of our equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price.
 When we receive 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.
 Managerial Assistance. As a BDC, we must offer, and provide upon request, managerial assistance to certain of our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. Depending on the nature of the assistance required, the Adviser will provide such managerial assistance on our

 behalf to portfolio companies that request this assistance. To the extent fees are paid for these services, we, rather than the Adviser, will retain any fees paid for such assistance.
 Exit
 While we attempt to invest in securities that may be sold in a privately negotiated OTC market, providing us a means by which we may exit our positions, we expect that a large portion of our portfolio may not be sold on this secondary market. For any investments that are not able to be sold within this market, we focus primarily on investing in companies whose business models and growth prospects offer attractive exit possibilities, including repayment of our investments, an initial public offering of equity securities, a merger, a sale or a recapitalization, in each case with the potential for capital gains to the extent we maintain an equity interest in the underlying portfolio company.
 Sustainability Policy
 The Adviser generally integrates sustainability considerations alongside traditional factors in the investment decision-making process that it, in its sole discretion, determines have—or have the potential to have—a substantial impact on an organization's ability to create or preserve economic value. The Adviser applies proprietary criteria to assess potential financial and reputational risks to issuers. An investment's sustainability-related risks and opportunities are assessed, monitored and re-evaluated on an ongoing basis. The identification of a risk related to one or more sustainability-related considerations will not necessarily exclude a particular investment that, in the Adviser's view, is otherwise suitable and attractively priced for investment. The Adviser may utilize data sources provided by third-party vendors and/or engage directly with issuers in assessing sustainability-related risks and opportunities.
 While the Adviser may consider sustainability factors when making an investment decision in the same way it considers other business-related topics that it considers most significant for maximizing and protecting value, the Company does not pursue a sustainability-based investment strategy or limit its investments to those that meet specific sustainability criteria or standards. Any reference in this Annual Report to sustainability-related considerations is not intended to qualify the Company's focus on seeking investments that it believes will generate attractive risk-adjusted returns, and sustainability is not a principal investment strategy of the Company.
 Risk Management
 We seek to limit the downside potential of our investment portfolio by, among other things:
 • applying our investment strategy guidelines for portfolio investments;
 • requiring a total return on investments (including both interest and potential appreciation) that adequately compensates us for credit risk;
 • allocating our portfolio among various issuers and industries, size permitting, with an adequate number of companies, across different industries, with different types of collateral; and
 • negotiating or seeking debt investments with covenants or features that protect us while affording portfolio companies flexibility in managing their businesses consistent with preservation of capital, which may include affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights.
 We may also enter into interest rate hedging transactions at the sole discretion of the Adviser. Such transactions will enable us to selectively modify interest rate exposure as market conditions dictate.
 Affirmative Covenants
 Affirmative covenants require borrowers to take actions that are meant to ensure the solvency of the company, facilitate the lender's monitoring of the borrower, and ensure payment of interest and loan principal due to lenders. Examples of affirmative covenants include covenants requiring the borrower to maintain adequate insurance, accounting and tax records, and to produce frequent financial reports for the benefit of the lender.
 Negative Covenants
 Negative covenants impose restrictions on the borrower and are meant to protect lenders from actions that the borrower may take that could harm the credit quality of the lender's investments. Examples of negative covenants include restrictions on the payment of dividends and restrictions on the issuance of additional debt without the lender's approval. In addition, certain covenants restrict a

 borrower's activities by requiring it to meet certain earnings interest coverage ratio and leverage ratio requirements. These covenants are also referred to as financial or maintenance covenants.
 Operating and Regulatory Structure
 Our investment activities are managed by the Adviser and supervised by our board of directors, a majority of whom are independent. Under the investment advisory agreement, we have agreed to pay the Adviser an annual base management fee based on the average weekly value of our gross assets (excluding cash and cash equivalents) and an incentive fee based on our performance. See Notes 2 and 4 to our consolidated financial statements included in this annual report on Form 10-K for a description of the fees we pay to the Adviser.
 From time to time, the Adviser may enter into sub-advisory relationships with registered investment advisers that possess skills or attributes that the Adviser believes will aid it in achieving our investment objectives. The Adviser oversees our 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, our corporate operations and required administrative services, which includes being responsible for the financial records that we are required to maintain and preparing reports for our stockholders and reports filed with the SEC. In addition, the Adviser assists us in calculating our net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to our stockholders, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others.
 Pursuant to our administration agreement, dated April 9, 2018, or the administration agreement, we reimburse the Adviser for expenses necessary to perform services related to our administration and operations, including the Adviser's allocable portion of the compensation and related expenses of certain personnel of FS Investments and KKR Credit providing administrative services to us on behalf of the Adviser. We reimburse 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 us based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. Our board of directors reviews the methodology employed in determining how the expenses are allocated to us and the proposed allocation of administrative expenses among us and certain affiliates of the Adviser. Our board of directors then assesses the reasonableness of such reimbursements for expenses allocated to us based on the breadth, depth and quality of such services as compared to the estimated cost to us of obtaining similar services from third-party service providers known to be available. In addition, our 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, our board of directors compares the total amount paid to the Adviser for such services as a percentage of our net assets to the same ratio as reported by other comparable BDCs.
 We have contracted with State Street Bank and Trust Company to provide various accounting and administrative services, including, but not limited to, preparing preliminary financial information for review by the Adviser, preparing and monitoring expense budgets, maintaining accounting and corporate books and records, processing trade information provided by us and performing testing with respect to RIC compliance.
 As a BDC, we are required to comply with certain regulatory requirements. Also, while we are permitted to finance investments using debt, our ability to use debt will be limited in certain significant respects pursuant to the 1940 Act. Within the limits of existing regulation, we will adjust our use of debt, according to market conditions, to the level we believe will allow us to generate maximum risk-adjusted returns. See "—Regulation." We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under the Code.
 Regulation as a BDC
 We have elected to be regulated as a BDC under the 1940 Act and as a RIC under the Code. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates, principal underwriters and affiliates of those affiliates or underwriters, as described below. The 1940 Act also requires that a majority of our directors be persons other than "interested persons," as that term is defined in the 1940 Act. In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by a majority of our outstanding voting securities. The 1940 Act defines "a majority of the outstanding voting securities" as the lesser of (i) 67% or more of the voting securities present at a meeting if the holders of more than 50% of our outstanding voting securities are present or represented by proxy or (ii) 50% of our outstanding voting securities.
 We will generally not be able to issue and sell our common stock at a price per share, after deducting underwriting commissions and discounts, that is below our net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value of our common stock if our board of directors determines that such sale is in our best interests and the best interests of our stockholders, and our stockholders approve such sale. At the 2024 annual stockholders meeting, our stockholders approved the sale of shares of our common stock at a price below the then-current net

 asset value per share, subject to certain conditions, during the period beginning on August 16, 2024 and expiring on August 16, 2025. We currently do not intend to utilize this authority to sell shares of our common stock at a price below the then-current net asset value per share. In addition, we may generally issue new shares of our common stock at a price below net asset value per share in rights offerings to existing stockholders, in payment of dividends and in certain other limited circumstances.
 As a BDC, we are subject to certain regulatory restrictions in making our 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. In an order dated January 5, 2021, 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. Under the terms of this relief, a "required majority" (as defined in Section 57(o) of the 1940 Act) of our independent directors must make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned and (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objectives and strategy and any criteria established by our board of directors.
 Under the 1940 Act, we may only invest up to 30% of our portfolio in entities that are not considered "eligible portfolio companies" under the 1940 Act, including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the 1940 Act and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the 1940 Act.
 We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. Our intention is to not write (sell) or buy put or call options to manage risks associated with the publicly traded securities of our portfolio companies. We may enter into hedging transactions to manage the risks associated with interest rate and currency fluctuations. We may purchase or otherwise receive warrants or options to purchase the common stock of our portfolio companies in connection with acquisition financings or other investments. In connection with such an acquisition, we may acquire rights to require the issuers of acquired securities or their affiliates to repurchase them under certain circumstances.
 We also do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, we generally cannot acquire more than 3% of the voting stock of any investment company (as defined in the 1940 Act), invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the value of our total assets in the securities of investment companies in the aggregate. With regard to that portion of our portfolio invested in securities issued by investment companies, it should be noted that such investments might subject our stockholders to additional expenses.
 On June 14, 2019, our stockholders approved the application of the modified asset coverage requirement set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, we are permitted, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance, 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 equity) to a maximum of 2.0x (equivalent to $2 of debt outstanding for each $1 of equity). In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary purposes without regard to asset coverage.
 During 2024, compliance with material governmental regulation applicable to us did not have a material effect on our capital expenditures, earnings, or competitive position.
 Securities Exchange Act and Sarbanes-Oxley Act Compliance
 We are subject to the reporting and disclosure requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, including the filing of quarterly, annual and current reports, proxy statements and other required items. In addition, we are subject to the Sarbanes-Oxley Act, which imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:
 • pursuant to Rule 13a-14 promulgated under the Exchange Act, our chief executive officer and chief financial officer are required to certify the accuracy of the financial statements contained in our periodic reports;
 • pursuant to Item 307 of Regulation S-K, our periodic reports are required to disclose our conclusions about the effectiveness of our disclosure controls and procedures;

 • pursuant to Rule 13a-15 promulgated under the Exchange Act, our management is required to prepare a report regarding its assessment of our internal control over financial reporting; and
 • pursuant to Item 308 of Regulation S-K, our auditors must attest to, and report on, our management's assessment of our internal control over financial reporting.
 The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and take actions necessary to ensure that we are in compliance therewith.
 The New York Stock Exchange Corporate Governance Regulations
 The New York Stock Exchange, or NYSE, has adopted corporate governance regulations with which listed companies must comply. We believe we currently are in compliance with such corporate governance listing standards. We intend to monitor our compliance with all future listing standards and to take reasonably necessary actions to ensure that we stay in compliance.
 Taxation as a RIC
 We have elected to be subject to tax as a RIC under Subchapter M of the Code. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we timely distribute each tax year as distributions to our stockholders. To qualify for and maintain our qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, in order to maintain RIC tax treatment, we must distribute to our stockholders, for each tax year, distributions generally of an amount at least equal to 90% of our "investment company taxable income," which is generally the sum of our 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, or the Annual Distribution Requirement.
 If we:
 • qualify as a RIC; and
 • satisfy the Annual Distribution Requirement,
 then we will not be subject to U.S. federal income tax on the portion of our income or capital gains we distribute (or are deemed to distribute) as distributions to our stockholders. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) as distributions to our stockholders.
 As a RIC, we will be subject to a 4% nondeductible federal excise tax on certain undistributed income unless we distribute distributions in a timely manner to our stockholders generally of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income, which is the excess of capital gains in excess of capital losses, or "capital gain net income" (as adjusted for certain ordinary losses), for the one-year period ending October 31 of that calendar year and (3) any net ordinary income and capital gain net income for the preceding years that were not distributed during such years and on which we paid no U.S. federal income tax, or the Excise Tax Avoidance Requirement. Any distribution declared by us during October, November or December of any calendar year, payable to stockholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by us, as well as received by our U.S. stockholders, on December 31 of the calendar year in which the distribution was declared.
 We have previously incurred, and may incur in the future, such excise tax on a portion of our income and capital gains. While we intend to distribute income and capital gains to minimize exposure to the 4% excise tax, we may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, we generally will be liable for the excise tax only on the amount by which we do not meet the excise tax avoidance requirement.
 In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:
 • continue to qualify as a BDC under the 1940 Act at all times during each tax year;
 • derive in each tax year at least 90% of our gross income from dividends, interest, payments with respect to certain securities, loans, gains from the sale of stock or other securities, net income from certain "qualified publicly-traded partnerships," or other income derived with respect to our business of investing in such stock or other securities, or the 90% Income Test; and
 • diversify our holdings so that at the end of each quarter of the tax year:

 at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other 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 is 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," or the Diversification Tests.
 A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If our expenses in a given tax year exceed our investment company taxable income, we may experience a net operating loss for that tax year. However, a RIC is not permitted to carry forward net operating losses to subsequent tax years and such net operating losses do not pass through to its stockholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and use them to offset future capital gains, indefinitely. Due to these limits on deductibility of expenses and net capital losses, we may for tax purposes have aggregate taxable income for several years that we are required to distribute and that is taxable to our stockholders even if such taxable income is greater than the net income we actually earn during those years.
 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, if we hold 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), we must include in income each tax year a portion of the original issue discount that accrues over the life of the obligation, 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 have elected to amortize market discount and include such amounts in our taxable income in the current tax year, instead of upon their disposition, as an election not to do so would limit our ability to deduct interest expense for tax purposes.
 We invest a portion of our net assets in below investment grade instruments. Investments in these types of instruments 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 instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt instruments in a bankruptcy or workout context are taxable. We will address these and other issues to the extent necessary in order to seek to ensure that we distribute sufficient income to avoid any material U.S. federal income or excise tax.
 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 maintain RIC tax treatment under Subchapter M of the Code. We may have to sell or otherwise dispose of 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.
 Although we do not presently expect to do so, we are authorized to borrow funds and to sell or otherwise dispose of assets in order to satisfy distribution requirements. However, under the 1940 Act, we are not permitted to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. See "—Regulation—Senior Securities." Moreover, our ability to sell or otherwise dispose of assets to meet the Annual Distribution Requirement may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC, including the Diversification Tests. If we sell or otherwise dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous.
 A portfolio company in which we invest may face financial difficulties that require us to work-out, modify or otherwise restructure our investment in the portfolio company. Any such transaction could, depending upon the specific terms of the transaction, result in unusable capital losses and future non-cash income. Any such transaction could also result in our receiving assets that give rise to non-qualifying income for purposes of the 90% Income Test or otherwise would not count toward satisfying the Diversification Tests.
 Some of the income that we might otherwise earn, such as fees for providing managerial assistance, certain fees earned with respect to our investments, income recognized in a work-out or restructuring of a portfolio investment, or income recognized from an

 equity investment in an operating partnership, may not satisfy the 90% Income Test. To manage the risk that such income might disqualify us as a RIC for failure to satisfy the 90% Income Test, one or more subsidiary entities treated as U.S. corporations for entity-level income tax purposes may be employed to earn such income and (if applicable) hold the related asset. Such subsidiary entities will be required to pay U.S. federal income tax on their earnings, which ultimately will reduce the yield to our stockholders on such fees and income.
 Competition
 Our primary competitors for investments include other BDCs and investment funds (including private equity funds, mezzanine funds and CLO funds). In addition, alternative investment vehicles, such as hedge funds, have begun to invest in areas in which they have not traditionally invested, including making investments in middle market private U.S. companies. We also compete with traditional financial services companies such as commercial banks. We believe we will be able to compete with these entities for financing opportunities on the basis of, among other things, the experience of the Adviser and its affiliates.
 Some of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we have and may not be subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the restrictions that the Code imposes on us as a RIC. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than us.
 Employees
 We do not currently have any employees. Each of our executive officers is a principal, officer or employee of the Adviser or its affiliates, which manages and oversees our investment operations. In the future, the Adviser may directly retain personnel based upon its needs.
 Available Information
 We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Exchange Act. This information is available free of charge by calling us collect at (215) 495-1150 or on our website at www.fskkradvisor.com. Information contained on our website is not incorporated into this annual report on Form 10-K and you should not consider such information to be part of this annual report on Form 10-K. Such information is also available from the EDGAR database on the SEC's web site at www.sec.gov.

 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.
 Risks Related to Our Business and Structure
 • If our investment 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.
 • The inability of the Adviser to generate investment opportunities through relationships with private equity sponsors, investment banks and commercial banks could adversely affect our business.
 • We operate in a highly competitive market for investment opportunities.
 • The Small Business Credit Availability Act, or SBCA Act, allows us to incur additional leverage.
 • Failure to safeguard the security of our data could compromise our ability to conduct business.
 Risks Related to the Adviser and its Affiliates
 • The Adviser and its affiliates face conflicts of interest as a result of arrangements between us and the Adviser and related to obligations the Adviser and its affiliates have to our affiliates and to other clients.
 • We may be obligated to pay the Adviser incentive compensation on income that we have not received.
 • 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.
 Risks Related to Business Development Companies and RICs
 • Failure to maintain our status as a BDC would reduce our operating flexibility.
 • Our ability to acquire investments may be adversely affected if we cannot obtain financing.
 • 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.
 Risks Related to our Investments
 • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
 • Our investments in prospective portfolio companies may be risky, and we could lose all of our investment.
 • Our investments in private investment funds subject us indirectly to the underlying risks of such private investment funds and additional fees and expenses.
 • 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 there is a default, the value of any collateral securing our debt investments may not be sufficient to repay in full both the other creditors and us.
 • 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 derivative transactions which expose us to certain risks.
 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 agreements governing our debt financing arrangements contain various covenants which, if not complied with, could have a material adverse effect on our ability to meet our investment obligations.
 Risks Related to an Investment in Our Common Stock
 • There is a risk that investors in our common stock may not receive distributions.
 • Portions of the distributions that we make may represent a return of capital to stockholders.
 • Our shares of common stock may trade at a discount to net asset value and we may issue shares at prices below our then-current net asset value.
 • We may pay distributions from offering proceeds, borrowings or the sale of assets.
 • 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 issue will have the right to elect members of the board of directors.
 General Risk Factors
 • 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, including public health crises, 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 federal government initiatives 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 agreement with the Adviser 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 investment advisory agreement and administration agreement with the Adviser has termination provisions that allow the parties to terminate the agreements without penalty. The investment 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 investment 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.
 If the Adviser fails to maintain its existing relationships with private equity sponsors, investment banks and commercial banks on which it relies to provide us with potential investment opportunities, 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 has relationships generally 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 SBCA Act allows us to incur additional leverage.
 On March 23, 2018, the SBCA Act became law. The SBCA Act, among other things, amends Section 61(a) of the 1940 Act to add a new Section 61(a)(2) which reduces the asset coverage requirements for senior securities applicable to BDCs from 200% to 150% provided that certain disclosure and approval requirements are met. Effective June 15, 2019, following approval by our stockholders, 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 (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."
 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 its 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 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. Cybersecurity risks have significantly increased in recent years and, while we have not experienced any material losses relating to cyber-attacks or other information security breaches, we could suffer such losses in the future. 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.
 Recent technological advances in AI pose risks to the Company, the Adviser, and our portfolio investments. The Company and our portfolio investments could also be exposed to the risks of AI if third-party service providers or any counterparties, whether or not known to the Company, also use AI in their business activities. We and our portfolio companies may not be in a position to control the use of AI technology in third-party products or services.
 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.
 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
 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 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.
 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 FS Investments 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 FS Investments 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.
 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 money for and managing another investment entity that makes 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.

 The Adviser's liability is limited under each of the investment 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 investment 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 investment 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 investment 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.
 Risks Related to Business Development Companies
 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" unless, at the time of 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 an order dated January 5, 2021, 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
 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.
 Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.
 Our investments in senior secured loans, second lien secured loans, senior secured bonds, 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.
 Senior Secured Loans, Second Lien 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. In addition, second lien secured debt is granted a second priority security interest in collateral, which means that any realization of collateral will generally be applied to pay senior secured debt in full before second lien secured debt is paid. 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.
 Subordinated Debt. Our subordinated debt investments 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 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.
 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 and securities of companies in emerging markets, to the extent permitted by the 1940 Act. Because evidences of ownership of such securities usually are 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 investors 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.
 Investments in Asset-Based Opportunities. We may invest in asset-based opportunities 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 stock. We may not be able to promptly withdraw our investment in these asset-based opportunities, which may result in a loss to us and adversely affect our investment returns.
 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. We may invest from time to time in derivatives, including total return swaps, interest rate swaps, credit default swaps and foreign currency forward contracts. Derivative investments have risks, including: 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 possible default of the other party 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. Certain of the 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 owning such instruments. 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.
 Below Investment Grade Risk. In addition, we 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.
 International investments create additional risks.
 We expect to make investments in portfolio companies that are domiciled outside of the United States. We anticipate that up to 30% of our investments may be in these types of assets. Our investments in foreign portfolio companies are deemed "non-qualifying assets," which means, as required by the 1940 Act, they, along with other non-qualifying assets, may not constitute more than 30% of our total assets at the time of our acquisition of any asset, after giving effect to the acquisition. Notwithstanding the limitation on our ownership of foreign portfolio companies, such investments subject us to many of the same risks as our domestic investments, as well as certain additional risks, including the following:
 • foreign governmental laws, rules and policies, including those restricting the ownership of assets in the foreign country or the repatriation of profits from the foreign country to the United States;
 • foreign currency devaluations that reduce the value of and returns on our foreign investments;
 • adverse changes in the availability, cost and terms of investments due to the varying economic policies of a foreign country in which we invest;
 • adverse changes in tax rates, the tax treatment of transaction structures and other changes in operating expenses of a particular foreign country in which we invest;
 • the assessment of foreign-country taxes (including withholding taxes, transfer taxes and value added taxes, any or all of which could be significant) on income or gains from our investments in the foreign country;
 • adverse changes in foreign-country laws, including those relating to taxation, bankruptcy and ownership of assets;
 • changes that adversely affect the social, political and/or economic stability of a foreign country in which we invest;
 • high inflation in the foreign countries in which we invest, which could increase the costs to us of investing in those countries;
 • deflationary periods in the foreign countries in which we invest, which could reduce demand for our assets in those countries and diminish the value of such investments and the related investment returns to us; and
 • legal and logistical barriers in the foreign countries in which we invest that materially and adversely limit our ability to enforce our contractual rights with respect to those investments.
 In addition, we may make investments in countries whose governments or economies may prove unstable. Certain of the countries in which we may invest may have political, economic and legal systems that are unpredictable, unreliable or otherwise inadequate with respect to the implementation, interpretation and enforcement of laws protecting asset ownership and economic interests. In some of the countries in which we may invest, there may be a risk of nationalization, expropriation or confiscatory taxation, which may have an adverse effect on our portfolio companies in those countries and the rates of return that we are able to achieve on such investments. We may also lose the total value of any investment which is nationalized, expropriated or confiscated. The financial results and investment opportunities available to us, particularly in developing countries and emerging markets, may be materially and adversely affected by any or all of these political, economic and legal risks.
 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.
 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.
 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.
 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. 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.
 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. As 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 investment 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.
 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 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.

 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 its 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 its 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.
 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) $19.3 billion in total assets, (ii) a weighted average cost of funds of 5.51 %, (iii) $11.8 billion in debt outstanding and (iv) $6.6 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)%

 —%

 5%

 10%

 Corresponding return to stockholders

 ( 39.09)
 %

 ( 24.47)
 %

 ( 9.85)
 %

 4.77
 %

 19.39
 %

 Similarly, assuming (i) $19.3 billion in total assets, (ii) a weighted average cost of funds of 5.51 % and (iii) $11.8 billion in debt outstanding, our assets would need to yield an annual return (net of expenses) of approximately 3.37% in order to cover the annual interest payments on our outstanding debt.

 The agreements governing our 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 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 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 sell assets pledged as collateral under our financing arrangements in order to satisfy amounts due thereunder. These occurrences could have a material adverse impact on our liquidity, financial condition, results of operations 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.
 Risks Related to an Investment in Our Common Stock
 There is a risk that investors in our common stock may not receive distributions.
 We cannot assure stockholders that we will achieve investment results that will allow us to make a specified level of cash distributions. 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 are 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 16, 2025. 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 16, 2025.

 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 750,000,000 shares of common 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 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; (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;
 • operating performance of companies comparable to us;
 • 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 16, 2025. 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. 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 deductible to an individual only to the extent they exceed 2% of such a stockholder's adjusted gross income for the taxable years after 2025 and are entirely not deductible against gross income before 2026, are not deductible for alternative minimum tax purposes and are subject to the overall limitation on itemized deductions imposed by the Code. Although we believe that we are currently considered a publicly offered regulated investment company, as defined in the Code, there can be no assurance, however, 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 war between Russia and Ukraine and conflicts in the Middle East. Sanctions imposed by the U.S. and other countries in connection with hostilities between Russia and Ukraine and the tensions between China and Taiwan 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 have also been magnified as a

 result of the 2024 U.S. presidential and congressional 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, including public health crises, 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 pandemics or other 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, 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.
 We are currently operating in a period of capital markets disruption and economic uncertainty.
 The success of our activities is affected by general economic and market conditions, including, among others, interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and trade barriers. These factors could affect the level and volatility of securities prices and the liquidity of our investments. Volatility or illiquidity could impair our profitability or result in losses. These factors also could adversely affect the availability or cost of our leverage, which would result in lower returns. In addition, the U.S. capital markets have experienced extreme volatility and disruption including, as a result of the COVID-19 pandemic, certain regional bank failures, and an inflationary economic environment. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets.
 These and future market disruptions and/or illiquidity would be expected to have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events have limited and could continue to limit our investment originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and equity investments.
 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 federal government initiatives 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. Recent events, including the 2024 U.S. presidential election, have created 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, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. 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 the current conflict in Ukraine and Russia and the conflicts in 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 have driven 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.
 In addition, deterioration in the economic conditions in the Eurozone and other regions or countries globally and the resulting instability in global financial markets may pose a risk to our business. 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 of several countries in Europe and in emerging markets jurisdictions, levels of non performing loans on the balance sheets of European banks, instability in the Chinese 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 Europe and 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 in Europe or other regions affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe or elsewhere 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 trade tensions between the United States and China, other uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, economic and other policies with other countries, the ongoing war between Russia and Ukraine and conflicts in the Middle East and health epidemics and pandemics, could adversely affect our business, financial condition or results of operations. Additionally, following the 2024 U.S. election, 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.
 The ongoing invasion of Ukraine by Russia and related sanctions have increased global political and economic uncertainty. Because Russia is a major exporter of oil and natural gas, the invasion and related economic sanctions have reduced the supply, and increased the price, of energy, which has a material effect on inflation and may continue to exacerbate ongoing supply chain issues. There is also the ongoing risk of retaliatory actions by Russia against countries which have enacted sanctions, including cyberattacks against financial and governmental institutions, which could result in business disruptions and further economic turbulence. Although the Company has no direct exposure to Russia or Ukraine, the broader consequences of the invasion may have a material adverse impact on the Company's portfolio and the value of an investment in the Company. Moreover, sanctions and export control laws and regulations are complex, frequently changing, and increasing in number, and they may impose additional legal compliance costs or business risks associated with our operations.
 Similarly, conflicts in the Middle East, including the conflict between Israel and Hamas, 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 Middle East or the immediate surrounding areas.
 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.
 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. 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. 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.
 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.

 Item 1B. Unresolved Staff Comments.
 None.

 Item 1C. Cybersecurity.
 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 FS Investments. The Company also relies on the communications and systems of other third-party service providers. FS Investments has implemented a cybersecurity program that applies to all of its subsidiaries and affiliates, including the Company and its operations.
 Cybersecurity Program Overview
 FS Investments 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. FS Investments 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 FS Investments 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 FS Investments 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 FS Investments' third-party risk management, legal, information technology, and compliance personnel of the Adviser and FS Investments, including the Chief Information Security Officer, or the CISO, of FS Investments, when identifying and overseeing risks from cybersecurity threats associated with our use of such entities.
 Board Oversight of Cybersecurity Risks
 The audit committee of the board of directors 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 FS Investments CISO and the Company's Chief Compliance Officer, or the CCO, regarding the overall state of the FS Investments cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting the Company.
 Management's Role in Cybersecurity Risk Management
 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 FS Investments CISO to assist with assessing and managing material risks from cybersecurity threats. The CISO has over fifteen years of experience in activity 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 FS Investments.

 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.

 Item 2. Properties.
 We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112. We believe that our office facilities are suitable and adequate for our business as it is presently conducted.

 Item 3. Legal Proceedings.
 We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of any current legal proceedings cannot be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

 Item 4. Mine Safety Disclosures.
 Not applicable.

 Many of the amounts and percentages presented in Part II have been rounded for convenience of presentation, and all dollar amounts, excluding share and per share amounts, are presented in millions unless otherwise noted.

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
 Market Information
 Our common stock has been listed on the NYSE since April 16, 2014. Our common stock traded under the ticker symbol "FSIC" until December 19, 2018 and has traded under the ticker symbol "FSK" since December 20, 2018. Prior to April 16, 2014, there was no public market for our common stock. Our shares of common stock have historically traded at prices both above and below our net asset value per share. It is not possible to predict whether shares of our common stock will trade at, above or below our net asset value in the future. See "Risk Factors—Risks Related to an Investment in Our Common Stock—Our shares of common stock may trade at a discount to net asset value."
 As of January 31, 2025, we had 9,457 record holders of our common stock which does not include beneficial owners of shares of common stock held in "street name" by brokers and other institutions on behalf of stockholders.
 Distributions
 Subject to applicable legal restrictions and the sole discretion of our board of directors, we intend to declare and pay regular distributions on a quarterly basis. From time to time, we may also pay special interim distributions in the form of cash or shares of our common stock at the discretion of our board of directors. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of our board of directors.
 The following table reflects the distributions per share that we have declared on our common stock during the years ended December 31, 2024, 2023 and 2022:

 February 14, 2024
 February 28, 2024
 $
 0.05

 Base
 0.64

 0.06

 May 15, 2024
 May 29, 2024
 0.05

 Base
 0.64

 0.06

 Base
 0.64

 0.06

 Base
 0.64

 0.06

 $
 2.90

 Base
 $
 0.64

 0.06

 May 17, 2023
 May 31, 2023
 0.05

 Base
 0.64

 0.06

 August 16, 2023
 August 30, 2023
 0.05

 Base
 0.64

 0.06

 November 15, 2023
 November 29, 2023
 0.05

 Base
 0.64

 0.06

 $
 2.95

 December 31, 2022

 Base
 $
 0.60

 0.03

 Base
 0.60

 0.08

 Base
 0.61

 0.06

 Base
 0.61

 0.07

 $
 2.66

 See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—RIC Status and Distributions" and Note 5 to our consolidated financial statements contained in this annual report on Form 10-K for additional information regarding our distributions and our distribution reinvestment plan.
 Stock Repurchase Programs
 Stock Repurchase Program
 In November 2020, the Company's board of directors authorized a stock purchase program, or the Stock Repurchase Program. The Stock Repurchase Program went into effect in September 2021 following the consummation of the June 16, 2021 merger, or the 2021 Merger, of FS KKR Capital Corp. II, or FSKR, a BDC that was also advised by the Adviser, with and into the Company, with the Company continuing as the surviving company. Under the Stock Repurchase Program, originally approved by the Company's board of directions on November 18, 2020, the Company was permitted to repurchase up to $100 in the aggregate of its outstanding common stock in the open market at prices below the then-current net asset value per share. On September 15, 2022, the program expired and was terminated pursuant to the terms of the program. On October 31, 2022, the board of directors approved a renewal of the Stock Repurchase Program. The program provided for the aggregate purchases of the Company's common stock in amounts up to $54, which was the aggregate amount remaining of the $100 amount originally approved by the board of directors. The program has concluded since the aggregate repurchase amount that was approved by the Company's board of directors has been expended.
 Affiliated Purchaser Programs
 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. In September 2021, that investment vehicle entered into a written trading plan with a third-party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act, or the September 2021 Affiliated Purchaser Program, to facilitate the purchase of shares of our common stock pursuant to the terms and conditions of such plan. The September 2021 Affiliated Purchaser Program provided for the purchase of up to $100 worth of shares of our common stock, subject to the limitations provided therein. The September 2021 Affiliated Purchaser Program has concluded since the aggregate repurchase amount that was approved by the Company's board of directors has been expended.

 In December 2021, that investment vehicle entered into a written trading plan with a third-party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act, or the December 2021 Affiliated Purchaser Program and, together with the September 2021 Affiliated Purchaser Program, the Affiliated Purchaser Program, to facilitate the purchase of shares of our common stock pursuant to the terms and conditions of such plan. The December 2021 Affiliated Purchaser Program provided for the purchase of up to $70 worth of shares of our common stock, subject to the limitations provided therein. The December 2021 Affiliated Purchaser Program has concluded since the aggregate repurchase amount under the plan has been expended.
 In September 2022, that investment vehicle entered into a written trading plan with a third-party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act, or the September 2022 Affiliated Seller Program, to facilitate the sale of shares of our common stock pursuant to the terms and conditions of such plan. The September 2022 Affiliated Seller Program provided for the sale of up to 18.7 million shares of our common stock, subject to the limitations provided therein.
 In August 2023, that investment vehicle entered into a written trading plan with a third-party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act, or the August 2023 Affiliated Seller Program, to facilitate the sale of shares of our common stock pursuant to the terms and conditions of such plan. The August 2023 Affiliated Seller Program provided for the sale of up to 16.4 million shares of our common stock, subject to the limitations provided therein.
 In March 2024, that investment vehicle entered into a written trading plan with a third-party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act, or the March 2024 Affiliated Seller Program, to facilitate the sale of shares of our common stock pursuant to the terms and conditions of such plan. The March 2024 Affiliated Seller Program provided for the sale of up to 3.8 million shares of our common stock, subject to the limitations provided therein. The March 2024 Affiliated Seller Program has concluded since the aggregate sale amount under the plan has been expended.
 The table below provides information concerning purchases of our shares of common stock by or on behalf of the Company or any "affiliated purchaser," as defined by Rule 10b-18(a)(3) promulgated under the Exchange Act during the quarterly period ended December 31, 2024. Dollar amounts in the table below and the related notes are presented in millions, except for share and per share amounts.

 Period
 Total Number of Shares Purchased
 Average Price Paid per Share(1)

 Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)

 Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs

 October 1, 2024 through October 31, 2024

 —
 $
 —
 —
 $
 —

 November 1, 2024 through November 30, 2024

 —
 —
 —
 —

 December 1, 2024 through December 31, 2024

 —
 —
 —
 —

 —
 $
 —
 —

 (1)Amount includes commissions paid.
 (2)Includes amounts pursuant to the Stock Repurchase Program and the Affiliated Purchaser Program.

 Stock Performance Graph
 This performance graph shall not be deemed "soliciting material" or to be "filed" with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of FS KKR Capital Corp. under the Securities Act.
 The following graph shows a comparison from April 16, 2014 (the date our shares of common stock commenced trading on the NYSE) through December 31, 2024 of the cumulative total return for our common stock, the S&P 500 Index, the Russell 2000 Financial Services Index and the MVIS US Business Development Companies Index. The graph assumes that $100 was invested at the market close on April 16, 2014 in our common stock, the S&P 500 Index, the Russell 2000 Financial Services Index and the MVIS US Business Development Companies Index, is based on historical stock prices and assumes all dividends or distributions are reinvested on the respective dividend or distribution payment dates without commissions. The stock price performance reflected by the following graph is not necessarily indicative of future stock price performance.

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

 The information contained in this section should be read in conjunction with our consolidated financial statements and related notes thereto appearing elsewhere in this annual report on Form 10-K.
 Forward-Looking Statements
 Some of the statements in this annual report on Form 10-K constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this annual report on Form 10-K may include statements as to:
 • our future operating results;
 • our business prospects and the prospects of the companies in which we may invest;
 • the impact of the investments that we expect to make;
 • the ability of our portfolio companies to achieve their objectives;
 • our current and expected financings and investments;
 • receiving and maintaining corporate credit ratings and changes in the general interest rate environment;
 • the elevated levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;
 • the adequacy of our cash resources, financing sources and working capital;
 • the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;
 • our contractual arrangements and relationships with third parties;

 • actual and potential conflicts of interest with the other funds managed by the Adviser, FS Investments, KKR Credit or any of their respective affiliates;
 • the dependence of our future success on the general economy and its effect on the industries in which we may invest;
 • general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;
 • our use of financial leverage;
 • the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;
 • the ability of the Adviser or its affiliates to attract and retain highly talented professionals;
 • our ability to maintain our qualification as a RIC and as a BDC;
 • the impact on our business of U.S. and international financial reform legislation, rules and regulations;
 • the effect of changes to tax legislation on us and the portfolio companies in which we may invest and our and their tax position; and
 • the tax status of the enterprises in which we may invest.
 Words such as "anticipate," "believe," "expect" and "intend" indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this annual report on Form 10-K are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause our actual results to differ materially from those expressed or forecasted in the forward-looking statements for any reason, including those factors set forth in "Item 1A. Risk Factors." Factors that could cause actual results to differ materially include changes relating to those set forth above and the following, among others:
 • changes in the economy;
 • geo-political risks;
 • risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters or pandemics;
 • future changes in laws or regulations and conditions in our operating areas; and
 • the price at which shares of our common stock may trade on the NYSE.
 We have based the forward-looking statements included in this annual report on Form 10-K on information available to us on the date of this annual report on Form 10-K. You should not place undue reliance on these forward-looking statements. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Stockholders are advised to consult any additional disclosures that we may make directly to stockholders or through reports that we may file in the future with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements and projections contained in this annual report on Form 10-K are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act.

 Overview
 We were incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and formally commenced investment operations on January 2, 2009. We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act and has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code.
 We are externally managed by the Adviser pursuant to the investment advisory agreement and supervised by our board of directors, a majority of whom are independent.
 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.
 Revenues
 The principal measure of our financial performance is net increase in net assets resulting from operations, which includes net investment income, net realized gain or loss on investments, net realized gain or loss on foreign currency, net unrealized appreciation or depreciation on investments and net unrealized gain or loss on foreign currency. Net investment income is the difference between our income from interest, dividends, fees and other investment income and our operating and other expenses. Net realized gain or loss on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost, including the respective realized gain or loss on foreign currency for those foreign denominated investment transactions. Net realized gain or loss on foreign currency is the portion of realized gain or loss attributable to foreign currency fluctuations. Net unrealized appreciation or depreciation on investments is the net change in the fair value of our investment portfolio, including the respective unrealized gain or loss on foreign currency for those foreign denominated investments. Net unrealized gain or loss on foreign currency is the net change in the value of receivables or accruals due to the impact of foreign currency fluctuations.
 We principally generate revenues in the form of interest income on the debt investments we hold. In addition, we generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, monitoring fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees. We may also generate revenues in the form of dividends and other distributions on the equity or other securities we hold.
 Expenses
 Our primary operating expenses include the payment of management and incentive fees and other expenses under the investment advisory agreement and the administration agreement, interest expense from financing arrangements and other indebtedness, and other expenses necessary for our operations. The management and incentive fees compensate the Adviser for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments.
 The Adviser oversees our 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, our corporate operations and required administrative services, which includes being responsible for the financial records that we are required to maintain and preparing reports for our stockholders and reports filed with the SEC. In addition, the Adviser assists us in calculating our net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to our stockholders, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others.

 Pursuant to the administration agreement, we reimburse the Adviser for expenses necessary to perform services related to our administration and operations, including the Adviser's allocable portion of the compensation and related expenses of certain personnel of FS Investments and KKR Credit providing administrative services to us on behalf of the Adviser. We reimburse 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 us based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. Our board of directors reviews the methodology employed in determining how the expenses are allocated to us and the proposed allocation of administrative expenses among us and certain affiliates of the Adviser. Our board of directors then assesses the reasonableness of such reimbursements for expenses allocated to us based on the breadth, depth and quality of such services as compared to the estimated cost to us of obtaining similar services from third-party service providers known to be available. In addition, our 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, our board of directors compares the total amount paid to the Adviser for such services as a percentage of our net assets to the same ratio as reported by other comparable BDCs.
 We bear all other expenses of our operations and transactions, including (without limitation) fees and expenses relating to:
 • corporate and organization expenses relating to offerings of our securities, subject to limitations included in the investment advisory agreement;
 • the cost of calculating our net asset value, including the cost of any third-party pricing or valuation services;
 • the cost of effecting sales and repurchases of shares of our common stock and other securities;
 • investment advisory fees;
 • fees payable to third parties relating to, or associated with, making investments and valuing investments, including fees and expenses associated with performing due diligence reviews of prospective investments;
 • interest payments on our debt or related obligations;
 • transfer agent and custodial fees;
 • research and market data (including news and quotation equipment and services, and any computer hardware and connectivity hardware (e.g., telephone and fiber optic lines) incorporated into the cost of obtaining such research and market data);
 • fees and expenses associated with marketing efforts;
 • federal and state registration fees;
 • federal, state and local taxes;
 • fees and expenses of directors not also serving in an executive officer capacity for us or the Adviser;
 • costs of proxy statements, stockholders' reports, notices and other filings;
 • fidelity bond, directors and officers/errors and omissions liability insurance and other insurance premiums;
 • direct costs such as printing, mailing, long distance telephone and staff;
 • fees and expenses associated with accounting, corporate governance, government and regulatory affairs activities, independent audits and outside legal costs;
 • costs associated with our reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws, including compliance with the Sarbanes-Oxley Act;
 • brokerage commissions for our investments; and
 • all other expenses incurred by the Adviser or us in connection with administering our business, including expenses incurred by the Adviser in performing administrative services for us and administrative personnel paid by the Adviser, to the extent they are not controlling persons of the Adviser or any of its affiliates, subject to the limitations included in the investment advisory agreement and the administration agreement.
 In addition, we have contracted with State Street Bank and Trust Company to provide various accounting and administrative services, including, but not limited to, preparing preliminary financial information for review by the Adviser, preparing and monitoring expense budgets, maintaining accounting and corporate books and records, processing trade information provided by us and performing testing with respect to RIC compliance.

 Portfolio Investment Activity for the Years Ended December 31, 2024 and 2023
 Total Portfolio Activity
 The following tables present certain selected information regarding our portfolio investment activity for the years ended December 31, 2024 and 2023:

 Net Investment Activity

 $
 4,731
 $
 1,817

 Sales and Repayments
 (5,974)
 (2,570)

 Net Portfolio Activity
 $
 (1,243)
 $
 (753)

 New Investment Activity by Asset Class
 Sales and Repayments
 Sales and Repayments

 $
 3,572
 %
 $
 (4,237)
 %
 $
 1,220
 %
 $
 (1,981)
 %

 %
 (398)
 %
 %
 (132)
 %

 %
 —
 —
 %
 (32)
 %

 %
 (149)
 %
 %
 —
 —

 1,046
 %
 (1,058)
 %
 %
 (321)
 %

 —
 —
 —
 —
 —
 —
 —
 —

 Equity/Other(1)

 %
 (132)
 %
 %
 (104)
 %

 Total
 $
 4,731
 %
 $
 (5,974)
 %
 $
 1,817
 %
 $
 (2,570)
 %

 (1) Equity/Other includes investments in preferred equity investments. During the year ended December 31, 2024, purchases of preferred equity investments were $0 and sales and repayments of preferred equity investments were $86.

 The following table summarizes the composition of our investment portfolio at cost and fair value as of December 31, 2024 and 2023:

Cost(1)

of Portfolio
Cost(1)

of Portfolio

 $
 7,995
 $
 7,795
 57.8
 %
 $
 8,890
 $
 8,529
 58.2
 %

 5.1
 %
 1,158
 1,090
 7.5
 %

 0.9
 %
 0.7
 %

 1.7
 %
 2.2
 %

 2,232
 2,102
 15.6
 %
 2,237
 2,077
 14.2
 %

 1,572
 1,363
 10.1
 %
 1,572
 1,397
 9.5
 %

 Equity/Other(2)

 1,211
 1,181
 8.8
 %
 1,149
 1,134
 7.7
 %

 Total
 $
 14,044
 $
 100.0
 %
 $
 15,420
 $
 100.0
 %

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

 (2) As of December 31, 2024, Equity/Other included $886 of preferred equity investments at fair value.

 The following table presents certain selected information regarding the composition of our investment portfolio as of December 31, 2024 and 2023:

 Number of Portfolio Companies

 % Variable Rate Debt Investments (based on fair value)(1)(2)

 65.8%
 66.0%

 % Fixed Rate Debt Investments (based on fair value)(1)(2)

 9.5%
 7.9%

 % Other Income Producing Investments (based on fair value)(3)

 16.4%
 15.2%

 % Non-Income Producing Investments (based on fair value)(2)

 6.1%
 5.4%

 % of Investments on Non-Accrual (based on fair value)
 2.2%
 5.5%

 Weighted Average Annual Yield on Accruing Debt Investments(2)(4)

 11.3%
 12.7%

 Weighted Average Annual Yield on All Debt Investments(5)

 10.7%
 11.2%

 ____________________
 (1)"Debt Investments" means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar stated return.
 (2)Does not include investments on non-accrual status.
 (3)"Other Income Producing Investments" means investments that pay or are expected to pay interest, dividends or other income to the Company on an ongoing basis but do not have a stated interest rate, stated dividend rate or other similar stated return.
 (4)The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of December 31, 2024, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of December 31, 2024.
 (5)The Weighted Average Annual Yield on All Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of December 31, 2024, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of December 31, 2024.

 For the year ended December 31, 2024, our total return based on net asset value was 8.50% and our total return based on market value was 25.29%. For the year ended December 31, 2023, our total return based on net asset value was 10.12% and our total return based on market value was 32.45%. See footnotes 7 and 8 to the table included in Note 12 to our audited consolidated financial statements included herein for information regarding the calculation of our total return based on net asset value and total return based on market value, respectively.

 Direct Originations
 We define Direct Originations as any investment where the Adviser or its affiliates negotiates the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These Direct Originations 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. The following table presents certain selected information regarding our Direct Originations as of December 31, 2024 and 2023:

 Characteristics of All Direct Originations held in Portfolio

 Number of Portfolio Companies

 % of Investments on Non-Accrual (based on fair value)
 0.8%
 4.5%

 Total Cost of Direct Originations
 $13,494.8
 $14,797.5

 Total Fair Value of Direct Originations
 $13,010.9
 $14,176.1

 % of Total Investments, at Fair Value
 96.4%
 96.8%

 Weighted Average Annual Yield on Accruing Debt Investments(1)

 11.3%
 12.7%

 Weighted Average Annual Yield on All Debt Investments(2)

 10.9%
 11.4%

 (1)The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Does not include Debt Investments on non-accrual status. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of December 31, 2024, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of December 31, 2024.
 (2)The Weighted Average Annual Yield on All Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group

 as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of December 31, 2024, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of December 31, 2024.

 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 $2,640 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 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. As of December 31, 2024, the Company and SCRS have funded approximately $1,799.8 to COPJV, of which $1,574.8 was from the Company.
 Below is a summary of COPJV's portfolio as of December 31, 2024 and 2023:

 As of

 Total debt investments(1)

 $
 3,019.6
 $
 3,131.6

 Weighted average annual yield on debt investments(2)

 10.3
 %
 11.6
 %

 Number of portfolio companies in COPJV

 Largest investment in a single portfolio company(1)

 $
 126.4
 $
 134.2

 Unfunded commitments(1)

 $
 45.6
 $
 24.7

 ____________
 (1)"Debt Investments" means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar stated return.
 (2)The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of December 31, 2024, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of December 31, 2024.

 Portfolio Composition by Industry Classification
 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, 2024 and 2023:

 Industry Classification
 Fair
Value
 Fair
Value

 $
 0.0
 %
 $
 0.0
 %

 Banks
 0.0
 %
 0.1
 %

 1,712
 12.7
 %
 1,970
 13.5
 %

 1,733
 12.8
 %
 1,826
 12.5
 %

 1.3
 %
 1.8
 %

 1.7
 %
 1.3
 %

 1.8
 %
 1.6
 %

 0.8
 %
 0.7
 %

 1,363
 10.1
 %
 1,397
 9.5
 %

 0.7
 %
 1.1
 %

 2.1
 %
 2.0
 %

 7.4
 %
 6.7
 %

 0.8
 %
 1.2
 %

 1,667
 12.4
 %
 1,709
 11.7
 %

 1.0
 %
 1.1
 %

 5.4
 %
 5.7
 %

 2.5
 %
 1.6
 %

 5.2
 %
 4.9
 %

 2.2
 %
 2.0
 %

 0.2
 %
 0.5
 %

 2,187
 16.2
 %
 2,472
 16.9
 %

 0.0
 %
 0.0
 %

 0.5
 %
 0.5
 %

 2.2
 %
 3.1
 %

 Total
 $
 100.0
 %
 $
 100.0
 %

 Portfolio Asset Quality
 In addition to various risk management and monitoring tools, the Adviser uses an investment rating system to characterize and monitor the expected level of returns on each investment in our portfolio. The Adviser uses an investment rating scale of 1 to 4. The following is a description of the conditions associated with each investment rating:

 Investment
Rating
 Summary Description

 Performing Investment—generally executing in accordance with plan and there are no concerns about the portfolio company's performance or ability to meet covenant requirements.

 Performing investment—no concern about repayment of both interest and our cost basis but company's recent performance or trends in the industry require closer monitoring.

 Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment.

 Underperforming investment—concerns about the recoverability of principal or interest.

 The following table shows the distribution of our investments on the 1 to 4 investment rating scale at fair value as of December 31, 2024 and 2023:

 Investment Rating
 Fair
Value
 Fair
Value

 $
 9,316
 %
 $
 10,429
 %

 3,454
 %
 3,165
 %

 %
 %

 %
 %

 Total
 $
 %
 $
 %

 The amount of the portfolio in each grading category may vary substantially from period to period resulting primarily from changes in the composition of the portfolio as a result of new investment, repayment and exit activities. In addition, changes in the grade of investments may be made to reflect our expectation of performance and changes in investment values.

 Results of Operations
 Comparison of the Years Ended December 31, 2024, 2023 and 2022
 Revenues
 Our investment income for the years ended December 31, 2024, 2023 and 2022 was as follows:

 2024
 2023
 2022

 Percentage of Total Income
 Percentage of Total Income
 Percentage of Total Income

 Interest income
 $
 1,172
 68.1
 %
 $
 1,295
 70.8
 %
 $
 1,106
 67.6
 %

 Paid-in-kind interest income
 12.2
 %
 10.5
 %
 10.0
 %

 Fee income
 3.7
 %
 1.9
 %
 4.9
 %

 Dividend income
 16.0
 %
 16.8
 %
 17.5
 %

 Total investment income(1)

 $
 1,721
 100.0
 %
 $
 1,830
 100.0
 %
 $
 1,635
 100.0
 %

 ____________
 (1)Such revenues represent $1,467, $1,584 and $1,398 of cash income earned as well as $254, $246 and $237 in non-cash portions relating to accretion of discount and PIK interest for the years ended December 31, 2024, 2023 and 2022, respectively. Cash flows related to such non-cash revenues may not occur for a number of reporting periods or years after such revenues are recognized.
 The level of interest income we receive is generally related to the balance of income-producing investments, multiplied by the weighted average yield of our investments. Fee income is transaction based, and typically consists of prepayment fees and structuring fees. As such, fee income is generally dependent on new Direct Origination investments and the occurrence of events at existing portfolio companies resulting in such fees.
 The decrease in combined interest and PIK income during the year ended December 31, 2024 compared to the year ended December 31, 2023 can primarily be attributed to the lower interest rate environment, the repayment of higher yielding investments, the renegotiation of certain investments to lower rates, and lower average debt utilization. Additionally, certain assets either were restructured or placed on non-accrual status during the year ended December 31, 2024, which also contributed to the reduction in combined interest and PIK income.
 PIK income increased during the year ended December 31, 2024, as the number of investments paying PIK interest during the year increased. The increase in interest and PIK income during the year ended December 31, 2023 compared to the year ended December 31, 2022 can primarily be attributed to the rising interest rate environment.
 The increase in fee income during the year ended December 31, 2024 compared to the year ended December 31, 2023 can primarily be attributed to increased origination activity during the year ended December 31, 2024. The decrease in fee income during the year ended December 31, 2023 compared to the year ended December 31, 2022 can primarily be attributed to reduced structuring fees and repayment activity during the year ended December 31, 2023.

 The decrease in dividend income during the year ended December 31, 2024 compared to the year ended December 31, 2023 can be primarily attributed to lower dividends on certain asset based finance investments during the year ended December 31, 2024. The increase in dividend income during the year ended December 31, 2023 compared to the year ended December 31, 2022 can be primarily attributed to the increase in dividends paid in respect to our investment in COPJV.
 Expenses
 Our operating expenses, together with excise taxes, for the years ended December 31, 2024, 2023 and 2022 were as follows:

 2024
 2023
 2022

 Management fees
 $
 $
 $

 Subordinated income incentive fees

 Administrative services expenses

 Accounting and administrative fees

 Interest expense

 Other expenses

 Total operating expenses
 $
 $
 $

 Incentive fee waiver
 —
 —
 (60)

 Net operating expenses before taxes

 Excise taxes

 Total net expenses, including excise taxes
 $
 $
 $

 The following table reflects selected expense ratios as a percent of average net assets for the years ended December 31, 2024, 2023 and 2022:

 2024
 2023
 2022

 Ratio of operating expenses and excise taxes to average net assets
 13.29
 %
 13.32
 %
 10.96
 %

 Ratio of incentive fee waiver to average net assets(1)

 —
 —
 (0.79)
 %

 Ratio of net operating expenses to average net assets
 13.29
 %
 13.32
 %
 10.17
 %

 Ratio of incentive fees, interest expense and excise taxes to average net assets(1)

 9.59
 %
 9.51
 %
 6.38
 %

 Ratio of net operating expenses, excluding certain expenses, to average net assets
 3.70
 %
 3.81
 %
 3.79
 %

 (1)Ratio data may be rounded in order to recompute the ending ratio of net operating expenses, excluding certain expenses, to average net assets.
 The decrease in expenses during the year ended December 31, 2024 compared to the year ended December 31, 2023 can primarily be attributed to a decrease in subordinated income incentive fees and management fees as a result of the lower asset base and lower investment income, as discussed above.
 Incentive fees and interest expense, among other things, may increase or decrease our expense ratios relative to comparative periods depending on portfolio performance and changes in amounts outstanding under our financing arrangements and benchmark interest rates such as SOFR, among other factors.
 Net Investment Income
 Our net investment income totaled $813 ($2.90 per share), $892 ($3.18 per share) and $865 ($3.05 per share) for the years ended December 31, 2024, 2023 and 2022, respectively.
 The decrease in net investment income during the year ended December 31, 2024 compared to the year ended December 31, 2023 can primarily be attributed to lower investment income during the year ended December 31, 2024, as discussed above. The increase in net investment income during the year ended December 31, 2023 compared to the year ended December 31, 2022 can primarily be attributed to higher investment income during the respective year ended December 31, 2023, as discussed above.

 Net Realized Gains or Losses
 Our net realized gains (losses) on investments, financial instruments and foreign currency for the years ended December 31, 2024, 2023 and 2022 were as follows:

 2024
 2023
 2022

 Net realized gain (loss) on investments(1)

 $
 (486)
 $
 (343)
 $

 Net realized gain (loss) on foreign currency forward contracts

 Net realized gain (loss) on foreign currency
 (9)

 Total net realized gain (loss)
 $
 (476)
 $
 (323)
 $

 (1)We sold investments and received principal repayments, respectively, of $1,892 and $4,082 during the year ended December 31, 2024, $1,659 and $911 during the year ended December, 31, 2023 and $2,076 and $2,665 during the year ended December 31, 2022.
 Provision for Taxes on Realized and Unrealized Gains on Investments
 We recorded a provision for taxes on realized and unrealized gains with respect to two of our equity investments of $0 and $(3) and $(5) during the years ended December 31, 2024, 2023 and 2022, respectively.
 Our net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and unrealized gain (loss) on foreign currency for the years ended December 31, 2024, 2023 and 2022 were as follows:

 2024
 2023
 2022

 Net change in unrealized appreciation (depreciation) on investments
 $
 $
 $
 (981)

 Net change in unrealized appreciation (depreciation) on foreign currency forward contracts
 (7)
 (15)

 Net change in unrealized gain (loss) on foreign currency
 (21)

 Total net change in unrealized appreciation (depreciation)
 $
 $
 $
 (950)

 During the year ended December 31, 2024, the net losses and change in unrealized appreciation (depreciation) was driven primarily by reduced valuations of certain portfolio companies during the year, including Miami Beach Medical Group, Production Resources Group, Maverick Natural Resources and Bowery Farming. During the year ended December 31, 2023, the net change in unrealized appreciation (depreciation) was driven primarily by the conversion of unrealized depreciation to realized losses on several specific assets in the portfolio. During the year ended December 31, 2022, the net change in unrealized appreciation (depreciation) on our investments was driven primarily by a general widening of credit spreads.
 Net Increase (Decrease) in Net Assets Resulting from Operations
 For the years ended December 31, 2024, 2023 and 2022, the net increase (decrease) in net assets resulting from operations was $585 ($2.09 per share), $696 ($2.48 per share) and $92 ($0.32 per share), respectively.

 Financial Condition, Liquidity and Capital Resources
 Overview
 As of December 31, 2024, we had $296 in cash, cash equivalents and foreign currency, which we or our wholly-owned financing subsidiaries held in custodial accounts, and $4,363 in borrowings available under our financing arrangements, subject to borrowing base and other limitations. As of December 31, 2024, we also had broadly syndicated investments and opportunistic investments that could be sold to create additional liquidity. As of December 31, 2024, we 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 of COPJV. We maintain sufficient cash on hand, available borrowings and liquid securities to fund such unfunded commitments should the need arise.

 We currently generate cash primarily from cash flows from fees, interest and dividends earned from our investments, as well as principal repayments and proceeds from sales of our investments. To seek to enhance our returns, we also employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the maximum amount permitted by the 1940 Act. Prior to June 14, 2019, in accordance with the 1940 Act, we were allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of December 31, 2024, the aggregate amount outstanding of the senior securities issued by us was $7.4 billion. As of December 31, 2024, our asset coverage was 190%. See "—Financing Arrangements."
 Prior to investing in securities of portfolio companies, we invest the cash received from fees, interest and dividends earned from our investments and principal repayments and proceeds from sales of our investments primarily in cash, cash equivalents, including money market funds, U.S. government securities, repurchase agreements and high-quality debt instruments maturing in one year or less from the time of investment, consistent with our BDC election and our election to be taxed as a RIC.
 Financing Arrangements
 The following table presents summary information with respect to our outstanding financing arrangements as of December 31, 2024:

 Arrangement
 Type of Arrangement
 Rate
Outstanding
Available

 Ambler Credit Facility(2)

 SOFR+2.25%(1)

 $
 $
 November 13, 2029

 CCT Tokyo Funding Credit Facility(2)

 SOFR+1.90% - 2.05%(1)(3)

 —
 June 2, 2026

 Darby Creek Credit Facility(2)

 SOFR+2.65%(1)

 February 26, 2027

 Meadowbrook Run Credit Facility(2)

 SOFR+2.70%(1)

 November 22, 2026

 Senior Secured Revolving Credit Facility(2)

 SOFR+1.75% - 1.88%(1)(4)

 628(5)

 3,946(6)

 October 31, 2028

 4.125% Notes due 2025(7)

 4.13%
 —
 February 1, 2025

 4.250% Notes due 2025(7)

 4.25%
 —
 February 14, 2025

 8.625% Notes due 2025(7)

 8.63%
 —
 May 15, 2025

 3.400% Notes due 2026(7)

 3.40%
 1,000
 —
 January 15, 2026

 2.625% Notes due 2027(7)

 2.63%
 —
 January 15, 2027

 3.250% Notes due 2027(7)

 3.25%
 —
 July 15, 2027

 3.125% Notes due 2028(7)

 3.13%
 —
 October 12, 2028

 7.875% Notes due 2029(7)

 7.88%
 —
 January 15, 2029

 6.875% Notes due 2029(7)(8)

 6.88%
 —
 August 15, 2029

 6.125% Notes due 2029(7)(8)

 6.13%
 —
 January 15, 2030

 CLO-1 Notes(2)(9)

 Collateralized Loan Obligation
 3.01% - SOFR+1.85%(1)

 —
 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%.
 (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, 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.
 (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, 2024, $21 of such Letters of Credit have been issued.
 (7)As of December 31, 2024, the fair value of the 4.125% notes, the 4.250% notes, the 8.625% notes, the 3.400% notes, the 2.625% notes, the 3.250% notes, the 3.125% notes, the 7.875% notes, the 6.875% notes and the 6.125% notes 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 and 6.125% notes 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%.

 See Note 9 to our consolidated financial statements included herein for additional information regarding our financing arrangements.

 RIC Status and Distributions
 We have elected to be subject to tax as a RIC under Subchapter M of the Code. In order to qualify for RIC tax treatment, we must, among other things, make distributions of an amount at least equal to 90% of our investment company taxable income, determined without regard to any deduction for distributions paid, each tax year. As long as the distributions are declared by the later of the fifteenth day of the tenth month following the close of a tax year or the due date of the tax return for such tax year, including extensions, distributions paid up to twelve months after the current tax year can be carried back to the prior tax year for determining the distributions paid in such tax year. We intend to make sufficient distributions to our stockholders to qualify for and maintain our RIC tax status each tax year. We are also subject to a 4% nondeductible federal excise tax on certain undistributed income unless we make distributions in a timely manner to our stockholders generally of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income, which is the excess of capital gains in excess of capital losses, or "capital gain net income" (adjusted for certain ordinary losses), for the one-year period ending October 31 of that calendar year and (3) any net ordinary income and capital gain net income for the preceding years that were not distributed during such years and on which we paid no U.S. federal income tax. Any distribution declared by us during October, November or December of any calendar year, payable to stockholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by us, as well as received by our stockholders, on December 31 of the calendar year in which the distribution was declared. We can offer no assurance that we will achieve results that will permit us to pay any cash distributions. If we issue senior securities, we will be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings.
 Subject to applicable legal restrictions and the sole discretion of our board of directors, we intend to authorize, declare and pay regular cash distributions on a quarterly basis. We will calculate each stockholder's specific distribution amount for the period using record and declaration dates and each stockholder's distributions will begin to accrue on the date that shares of our common stock are issued to such stockholder. From time to time, we may also pay special interim distributions in the form of cash or shares of our common stock at the discretion of our board of directors.
 During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a stockholder's investment rather than a return of earnings or gains derived from our investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions will be mailed to our stockholders. No portion of the distributions paid during the tax years ended December 31, 2024, 2023 or 2022 represented a return of capital.
 We intend to make our regular distributions in the form of cash, out of assets legally available for distribution, except for those stockholders who receive their distributions in the form of shares of our common stock under our distribution reinvestment plan. Any distributions reinvested under the plan will nevertheless remain taxable to a U.S. stockholder.
 The following tables reflect the distributions per share that we have declared on our common stock during the years ended December 31, 2024, 2023 and 2022:

 February 14, 2024
 February 28, 2024
 $
 0.05

 Base
 0.64

 0.06

 May 15, 2024
 May 29, 2024
 0.05

 Base
 0.64

 0.06

 Base
 0.64

 0.06

 Base
 0.64

 0.06

 $
 2.90

 Base
 $
 0.64

 0.06

 May 17, 2023
 May 31, 2023
 0.05

 Base
 0.64

 0.06

 August 16, 2023
 August 30, 2023
 0.05

 Base
 0.64

 0.06

 November 15, 2023
 November 29, 2023
 0.05

 Base
 0.64

 0.06

 $
 2.95

 December 31, 2022

 Base
 $
 0.60

 0.03

 Base
 0.60

 0.08

 Base
 0.61

 0.06

 Base
 0.61

 0.07

 $
 2.66

 See Note 5 to our consolidated financial statements contained in this annual report on Form 10-K for additional information regarding our distributions, including a reconciliation of our GAAP-basis net investment income to our tax-basis net investment income for the years ended December 31, 2024, 2023 and 2022.

 Recent Developments
 On February 25, 2025, our board of directors declared a regular quarterly distribution of $0.70 per share consisting of a $0.64 base distribution and a $0.06 supplemental distribution, which will be paid on or about April 2, 2025 to stockholders of record as of the close of business on March 19, 2025. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of our board of directors.
 Meadowbrook Run Credit Facility
 On January 22, 2025, Meadowbrook Run, a wholly-owned special purpose financing subsidiary of the Company, entered into a 7th Amendment to the Meadowbrook Run Credit Facility, or 7th Amendment, with 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 7th Amendment provides for an extension of the revolving period to February 22, 2025.
 8.625% Notes Due 2025
 On February 14, 2025, pursuant to the requirements of Rule 23c-2 under the 1940 Act, we filed a notice of intention to redeem securities, whereas, we will redeem our 8.625% Notes Due 2025, or 8.625% Notes, in full, on March 16, 2025, for 100% of the aggregate principal amount of the 8.625% Notes, plus the accrued and unpaid interest through, but excluding, March 16, 2025.

 Critical Accounting Policies and Estimates
 Our financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in "Note 2. Summary of Significant Accounting Policies" in our consolidated financial statements. Critical accounting policies are those that require the application of management's most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. We evaluate our critical accounting estimates and judgments required by our policies on an ongoing basis and update them as necessary based on changing conditions. We have identified one of our accounting policies, valuation of portfolio investments, specifically the valuation of Level 3 investments, as critical because it involves significant judgments and assumptions about highly complex and inherently uncertain matters, and the use of reasonably different estimates and assumptions could have a material impact on our reported results of operations or financial condition. As we execute our operating plans, we will describe additional critical accounting policies in the notes to our future financial statements in addition to those discussed below.
 Valuation of Portfolio Investments
 Our board of directors is responsible for overseeing the valuation of our 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, our board of directors has designated the Adviser as our valuation designee with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser's valuation policy.
 The Adviser determines the fair value of our 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.
 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.
 With respect to investments for which market quotations are not readily available, we undertake a multi-step valuation process each quarter, as described below:
 • our 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 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 our 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 of directors, as described above.
 Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on our 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 our 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 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.
 Our equity interests in portfolio companies for which there is no liquid public market are valued at fair value. Generally, the value of our equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price.
 When we receive 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.
 See Note 8 to our consolidated financial statements included herein for additional information regarding the fair value of our financial instruments.

 Other Contractual Obligations
 We have entered into agreements with the Adviser to provide us with investment advisory and administrative services. Payments for investment advisory services under the investment advisory agreement are equal to (a) an annual base management fee based on the average weekly value of our gross assets (excluding cash and cash equivalents) and (b) an incentive fee based on our performance. The Adviser is reimbursed for administrative expenses incurred on our behalf. See Note 4 to our consolidated financial statements included herein for a discussion of these agreements and for the amount of fees and expenses accrued under these agreements during the years ended December 31, 2024, 2023 and 2022.

 Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
 Interest Rate Risk
 We are subject to financial market risks, including changes in interest rates. As of December 31, 2024, 65.8% of our portfolio investments (based on fair value) were debt investments paying variable interest rates and 9.5% were debt investments paying fixed interest rates while 16.4% were other income producing investments, 6.1% consisted of non-income producing investments, and the remaining 2.2% consisted of investments on non-accrual status. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to any variable rate investments we hold and to declines in the value of any fixed rate investments we hold. However, many of our variable rate investments provide for an interest rate floor, which may prevent our interest income from increasing until benchmark interest rates increase beyond a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the subordinated incentive fee on income, and may result in a substantial increase in our net investment income and to the amount of incentive fees payable to the Adviser with respect to our increased pre-incentive fee net investment income. Previously, the U.S. Federal Reserve and other central banks reduced certain interest rates in response to the COVID-19 pandemic and market conditions. A prolonged reduction in interest rates may reduce our net investment income.
 Pursuant to the terms of the Ambler Credit Facility, CCT Tokyo Funding Credit Facility, Darby Creek Credit Facility, Meadowbrook Run Credit Facility, Senior Secured Revolving Credit Facility and the CLO-1 Notes, we borrow at a floating rate based on a benchmark interest rate. Under the indentures governing the 4.125% notes, the 4.250% notes, the 8.625% notes, the 3.400% notes, the 2.625% notes, the 3.250% notes, the 3.125% notes, the 7.875% notes, the 6.875% notes and the 6.125% notes, we pay interest to the holders of such notes at a fixed rate. To the extent that any present or future credit facilities or other financing arrangements that we or any of our subsidiaries enter into are based on a floating interest rate, we will be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we or our subsidiaries have such debt outstanding, or financing arrangements in effect, our interest expense would increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments. To hedge the risks associated with a changing interest rate environment, the Company utilizes interest rate swap strategies. For more information on the Company's swap strategies, please see Note 2 and Note 7 to our audited consolidated financial statements included herein.
 The following table shows the effect over a twelve month period of changes in interest rates on our interest income, interest expense and net interest income, assuming no changes in the composition of our investment portfolio, including the accrual status of our investments, and our financing arrangements in effect as of December 31, 2024 (dollar amounts are presented in millions):
 Basis Point Change in Interest Rates
 (Decrease)
 in Interest
 Income(1)

(Decrease)
in Interest
Expense
(Decrease) in
Net Interest
Income
Change in Net
Interest Income

 Down 250 basis points

 $(224)
 $(79)
 $(145)
 (18.5)%

 Down 200 basis points

 $(180)
 $(63)
 $(117)
 (14.8)%

 Down 150 basis points

 $(135)
 $(47)
 $(88)
 (11.1)%

 Down 100 basis points
 $(90)
 $(32)
 $(58)
 (7.3)%

 Down 50 basis points
 (45)
 (16)
 (29)
 (3.7)%

 Up 50 basis points
 3.7%

 Up 100 basis points
 7.3%

 Up 150 basis points
 11.1%

 Up 200 basis points
 14.8%

 Up 250 basis points
 18.5%

 (1)Assumes no defaults or prepayments by portfolio companies over the next twelve months.
 We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. 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.
 Foreign Currency Risk
 From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements.

 The table below presents the effect that a 10% immediate, unfavorable change in the foreign currency exchange rates (i.e. strengthening of the U.S. dollar) would have on the fair value of our investments denominated in foreign currencies as of December 31, 2024, by foreign currency, all other valuation assumptions remaining constant. In addition, the table below presents the par value of our investments denominated in foreign currencies and the notional amount of foreign currency forward contracts in local currency in place as of December 31, 2024 to hedge against foreign currency risks.

 Investments Denominated in Foreign Currencies

 Economically Hedged

 Cost in Local Currency
 Cost
in US$
 Reduction in Fair Value as of December 31, 2024 if 10% Adverse Change in Exchange Rate(1)

 Net Foreign Currency Hedge Amount in Local Currency
 Net Foreign Currency Hedge Amount in U.S. Dollars

 Australian Dollars
 A$
 7.1
 $
 4.4
 $
 4.2
 $
 0.4
 A$
 0.0
 $
 —

 British Pounds Sterling

 176.1
 220.5
 218.9
 21.9

 46.7
 58.4

 Canadian Dollars
 $
 3.3
 2.3
 2.1
 0.2
 $
 0.6
 0.4

 Euros

 495.0
 512.3
 450.4
 45.0

 11.2
 11.5

 Swedish Krona
 SEK
 1,505.4
 136.0
 119.5
 12.0
 SEK
 847.1
 76.5

 Total
 $
 875.5
 $
 795.1
 $
 79.5
 $
 146.8

 (1)Excludes effect, if any, of any foreign currency hedges.
 As illustrated in the table above, we use derivative instruments from time to time, including foreign currency forward contracts and cross currency swaps, to manage the impact of fluctuations in foreign currency exchange rates. In addition, we have the ability to borrow in foreign currencies under our Senior Secured Revolving Credit Facility, which provides a natural hedge with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to foreign exchange rate differences. We are typically a net receiver of these foreign currencies as related for our international investment positions, and, as a result, our investments denominated in foreign currencies, to the extent not hedged, benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar.
 As of December 31, 2024, the net contractual amount of our foreign currency forward contracts totaled $146.8, all of which related to hedging of our foreign currency denominated debt investments. As of December 31, 2024, we had outstanding borrowings denominated in foreign currencies of 455, CAD3, 165 and AUD4 under our Senior Secured Revolving Credit Facility.
 In addition, we may have risk regarding portfolio valuation. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Valuation of Portfolio Investments."

 Item 8. Financial Statements and Supplementary Data.
 Index to Financial Statements

 Page

 Management's Report on Internal Control over Financial Reporting

 Reports of Independent Registered Public Accounting Firm (PCAOB ID 34)

 Consolidated Balance Sheets as of December 31, 2024 and 2023

 Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Changes in Net Assets for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

 Consolidated Schedules of Investments as of December 31, 2024 and 2023

 Notes to Consolidated Financial Statements

 MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
 Our management is responsible for establishing and maintaining adequate internal control over financial reporting. In connection with the preparation of our annual financial statements, management has conducted an assessment of the effectiveness of our internal control over financial reporting based on the framework set forth in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013 ("COSO"). Management's assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of those controls. Based on this evaluation, we have concluded that, as of December 31, 2024, our internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Our internal control over financial reporting as of December 31, 2024 has been audited by our independent registered public accounting firm.

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the Stockholders and the Board of Directors of FS KKR Capital Corp.
 Opinion on Internal Control over Financial Reporting
 We have audited the internal control over financial reporting of FS KKR Capital Corp. and subsidiaries (the "Company") as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024 of the Company and our report dated February 26, 2025, expressed an unqualified opinion on those financial statements.
 Basis for Opinion
 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
 Definition and Limitations of Internal Control over Financial Reporting
 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 /s/ DELOITTE & TOUCHE LLP
 San Francisco, California
 February 26, 2025

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the Stockholders and the Board of Directors of FS KKR Capital Corp.
 Opinion on the Financial Statements and Financial Highlights
 We have audited the accompanying consolidated balance sheets of FS KKR Capital Corp. and subsidiaries (the "Company"), including the consolidated schedules of investments, as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2024, the financial highlights for each of the five years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations, changes in net assets, and its cash flows for each of the three years in the period ended December 31, 2024, and the financial highlights for each of the five years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 26, 2025 expressed an unqualified opinion on the Company's internal control over financial reporting.
 Basis for Opinion
 These financial statements and financial highlights are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights.
 Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2024 and 2023, by correspondence with the custodian, loan agents, and borrowers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 Critical Audit Matter
 The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
 Fair Value — Level 3 Investments — Refer to Notes 2, 6, and 8 to the financial statements
 Critical Audit Matter Description
 The Company held investments classified as Level 3 investments under accounting principles generally accepted in the United States of America. These investments included less liquid corporate bonds and loans, unlisted equity securities, and derivatives that lack observable market prices. The valuation techniques used in estimating the fair value of these investments vary and certain significant inputs used were unobservable.
 We identified the valuation of Level 3 investments as a critical audit matter because of the judgments necessary for management to select valuation techniques and to use significant unobservable inputs, such as selected discount rates, projected future cash flows, and comparable company multiples, to estimate the fair value as of December 31, 2024. This required a high degree of auditor judgment and extensive audit effort, including the need to involve fair value specialists who possess significant valuation experience, to evaluate

 the appropriateness of the valuation techniques and the significant unobservable inputs, when performing audit procedures to audit management's estimate of fair value of Level 3 investments.
 How the Critical Audit Matter Was Addressed in the Audit
 Our audit procedures related to valuation techniques and unobservable inputs used by management to estimate the fair value of Level 3 investments included the following, among others:
 • We tested the effectiveness of controls over management's valuation of Level 3 investments, including those related to valuation techniques and significant unobservable inputs.
 • We evaluated the appropriateness of the valuation techniques used for Level 3 investments and tested the related significant unobservable inputs by comparing these inputs to external sources. We evaluated the reasonableness of any significant changes in valuation techniques or significant unobservable inputs. For a selected sample of Level 3 investments, we performed these procedures with the assistance of our fair value specialists.
 • In instances where the selection of valuation techniques or significant unobservable inputs were more subjective, with the assistance of our fair value specialists, we developed an independent estimate of the fair value and compared our estimates to management's estimates.
 • We evaluated management's ability to reasonably estimate fair value by comparing management's historical estimates to subsequent transactions, taking into account changes in market or investment specific conditions, where applicable.

 /s/ Deloitte & Touche LLP
 San Francisco, California
 February 26, 2025
 We have served as the auditor of one or more investment companies within the group of investment companies since 2019.

 Part I—FINANCIAL INFORMATION
 Consolidated Balance Sheets

 December 31,

 2024
 2023

 Assets

 Investments, at fair value

 Non-controlled/unaffiliated investments (amortized cost—$ 8,830 and 11,078, respectively)

 $
 8,573
 $
 10,568

 Non-controlled/affiliated investments (amortized cost—$ 1,128 and $ 868, respectively)

 1,140

 Controlled/affiliated investments (amortized cost—$ 4,086 and $ 3,474, respectively)

 3,777
 3,336

 Total investments, at fair value (amortized cost—$ 14,044 and $ 15,420, respectively)

 Cash

 Foreign currency, at fair value (cost—$ 17 and $ 8, respectively)

 Receivable for investments sold and repaid

 Income receivable

 Unrealized appreciation on foreign currency forward contracts

 Deferred financing costs

 Total assets
 $
 14,219
 $
 15,469

 Liabilities

 Payable for investments purchased
 $
 $
 —

 Debt (net of deferred financing costs and discount of $ 49 and $ 36, respectively)(1)

 7,351
 8,187

 Unrealized depreciation on foreign currency forward contracts

 Stockholder distributions payable
 —

 Management and investment adviser fees payable

 Subordinated income incentive fees payable(2)

 Administrative services expense payable

 Interest payable

 Other accrued expenses and liabilities

 Total liabilities
 7,597
 8,620

 Commitments and contingencies(3)

 Stockholders' equity

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

 —
 —

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

 Capital in excess of par value
 9,284
 9,437

 Retained earnings (accumulated deficit)(4)

 ( 2,662)
 ( 2,588)

 Total stockholders' equity
 6,622
 6,849

 Total liabilities and stockholders' equity
 $
 14,219
 $
 15,469

 Net asset value per share of common stock at year end
 $
 23.64
 $
 24.46

 (1) See Note 9 for a discussion of the Company's financing arrangements.
 (2) See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.
 (3) See Note 10 for a discussion of the Company's commitments and contingencies.
 (4) See Note 5 for a discussion of the sources of distributions paid by the Company.

 Consolidated Statements of Operations

 2024
 2023
 2022

 Investment income

 From non-controlled/unaffiliated investments:

 Interest income
 $
 1,059
 $
 1,183
 $
 1,020

 Paid-in-kind interest income

 Fee income

 Dividend and other income

 From non-controlled/affiliated investments:

 Interest income

 Paid-in-kind interest income

 Fee income

 Dividend and other income

 From controlled/affiliated investments:

 Interest income

 Paid-in-kind interest income

 Fee income
 —

 Dividend and other income

 Total investment income
 1,721
 1,830
 1,635

 Operating expenses

 Management fees

 Subordinated income incentive fees(1)

 Administrative services expenses

 Accounting and administrative fees

 Interest expense(2)

 Other general and administrative expenses

 Total operating expenses

 Incentive fee waiver(1)

 —
 —
 ( 60)

 Net expenses

 Net investment income before taxes

 Excise taxes

 Realized and unrealized gain/loss

 Net realized gain (loss) on investments:

 Non-controlled/unaffiliated investments
 ( 448)
 ( 147)

 Non-controlled/affiliated investments
 ( 61)
 ( 21)

 Controlled/affiliated investments
 ( 175)
 ( 71)

 Net realized gain (loss) on foreign currency forward contracts

 Net realized gain (loss) on foreign currency
 ( 9)

 Net change in unrealized appreciation (depreciation) on investments:

 Non-controlled/unaffiliated investments
 ( 679)

 Non-controlled/affiliated investments
 ( 131)

 Controlled/affiliated investments
 ( 172)
 ( 171)

 Net change in unrealized appreciation (depreciation) on foreign currency forward contracts
 ( 7)
 ( 15)

 Net change in unrealized gain (loss) on foreign currency
 ( 21)

 Total net realized and unrealized gain (loss)
 ( 228)
 ( 193)
 ( 768)

 Provision for taxes on realized and unrealized gains on investments
 —
 ( 3)
 ( 5)

 $
 $
 $

 Consolidated Statements of Operations (continued)

 2024
 2023
 2022

 Per share information—basic and diluted

 Net increase (decrease) in net assets resulting from operations (Earnings per Share)
 $
 2.09
 $
 2.48
 $
 0.32

 Weighted average shares outstanding
 280,276,768
 283,508,494

 (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.

 Consolidated Statements of Changes in Net Assets
 (in millions)

 2024
 2023
 2022

 Operations

 $
 $
 $

 Net realized gain (loss) on investments, foreign currency forward contracts, foreign currency, provision for taxes on realized gains on investments and extinguishment of debt
 ( 476)
 ( 326)

 Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts(1)

 ( 965)

 Net change in unrealized gain (loss) on foreign currency
 ( 21)

 Stockholder distributions(2)

 Distributions to stockholders
 ( 812)
 ( 827)
 ( 754)

 Net decrease in net assets resulting from stockholder distributions
 ( 812)
 ( 827)
 ( 754)

 Capital share transactions(3)

 Repurchases of common stock
 —
 ( 32)
 ( 56)

 Net increase (decrease) in net assets resulting from capital share transactions
 —
 ( 32)
 ( 56)

 Total increase (decrease) in net assets
 ( 227)
 ( 163)
 ( 718)

 Net assets at beginning of year
 6,849
 7,012
 7,730

 Net assets at end of year
 $
 6,622
 $
 6,849
 $
 7,012

 (1) See Note 7 for a discussion of the Company's financial instruments.
 (2) See Note 5 for a discussion of the sources of distributions paid by the Company.
 (3) See Note 3 for a discussion of the Company's capital share transactions.

 Consolidated Statements of Cash Flows
 (in millions)

 2024
 2023
 2022

 Cash flows from operating activities

 $
 $
 $

 Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

 Purchases of investments

 ( 4,731)
 ( 1,817)
 ( 4,642)

 Paid-in-kind interest
 ( 203)
 ( 144)
 ( 120)

 Proceeds from sales and repayments of investments
 5,974
 2,570
 4,741

 Net realized (gain) loss on investments
 ( 149)

 Net change in unrealized (appreciation) depreciation on investments

 ( 217)
 ( 166)

 Net change in unrealized (appreciation) depreciation on foreign currency forward contracts
 ( 16)

 Accretion of discount
 ( 61)
 ( 58)
 ( 87)

 Amortization of deferred financing costs and discount

 Unrealized (gain)/loss on borrowings in foreign currency
 ( 36)
 ( 30)

 (Increase) decrease in receivable for investments sold and repaid
 ( 34)

 (Increase) decrease in income receivable
 ( 63)
 ( 74)

 (Increase) decrease in prepaid expenses and other assets
 ( 8)
 ( 4)

 Increase (decrease) in payable for investments purchased
 ( 14)

 Increase (decrease) in management fees payable
 ( 3)
 ( 3)
 ( 1)

 Increase (decrease) in subordinated income incentive fees payable
 ( 6)

 Increase (decrease) in administrative services expense payable
 ( 2)
 ( 1)

 Increase (decrease) in interest payable

 Increase (decrease) in other accrued expenses and liabilities

 Net cash provided by (used in) operating activities
 1,901
 1,384
 1,107

 Cash flows from financing activities

 Repurchases of common stock
 —
 ( 32)
 ( 56)

 Stockholder distributions
 ( 1,008)
 ( 823)
 ( 738)

 Borrowings under financing arrangements

 4,957
 2,169
 3,243

 Repayments of financing arrangements

 ( 5,759)
 ( 2,697)
 ( 3,661)

 Deferred financing costs paid
 ( 26)
 ( 21)
 ( 21)

 Net cash provided by (used in) financing activities
 ( 1,836)
 ( 1,404)
 ( 1,233)

 Total increase (decrease) in cash
 ( 20)
 ( 126)

 Cash and foreign currency at beginning of year

 Cash and foreign currency at end of year
 $
 $
 $

 Supplemental disclosure

 Federal income taxes paid during the year

 $
 $
 $
 —

 Interest paid during the year

 $
 $
 $

 Consolidated Schedule of Investments

 Floor

Cost
 Fair

 Senior Secured Loans—First Lien— 117.7 %

 (v)

 0.8 %
 11/23/26
 $
 1.2
 $
 1.2
 $
 1.1

 (i)(k)(v)

 0.8 %
 11/23/27
 123.4
 122.8
 117.9

 (x)

 0.8 %
 11/23/26
 8.0
 8.0
 7.6

 (ac)(f)(k)(t)(v)
 2.0 %, SF+ 410 PIK (SF+ 410 Max PIK)

 1.0 %
 11/30/29
 174.4
 173.6
 148.5

 1.0 %
 11/30/29
 4.6
 4.6
 3.9

 1.0 %
 11/30/29
 6.1
 6.1
 5.2

 Aareon AG
 E+ 475, 0.0 % PIK ( 1.8 % Max PIK)

 0.0 %
 10/1/31

 60.0
 66.2
 61.6

 Aareon AG
 E+ 475, 0.0 % PIK ( 1.8 % Max PIK)

 0.0 %
 9/30/31
 13.6
 15.1
 15.1

 (ab)(k)
 SF+ 1,000, 0.0 % PIK ( 10.0 % Max PIK)

 2.0 %
 4/19/25
 $
 0.7
 0.6
 0.7

 (k)

 2.0 %
 4/19/25
 2.6
 2.5
 2.6

 (k)(y)(z)
 SF+ 100, 5.9 % PIK ( 5.9 % Max PIK)

 1.0 %
 5/18/26
 7.7
 7.7
 2.1

 (ab)(x)
 SF+ 1,000, 0.0 % PIK ( 10.0 % Max PIK)

 2.0 %
 4/19/25
 0.4
 0.4
 0.4

 (v)

 1.0 %
 5/7/26
 0.3
 0.3
 0.3

 (m)(t)(v)

 1.0 %
 5/7/27
 45.4
 44.3
 45.5

 (x)

 1.0 %
 5/7/26
 3.3
 3.3
 3.3

 SA+ 550

 0.0 %
 6/2/31

 51.4
 65.0
 64.4

 SR+ 550

 0.0 %
 6/2/31
 SEK
 161.1
 14.9
 14.7

 E+ 500

 0.0 %
 6/2/31

 5.0
 5.4
 5.2

 SF+ 550, 0.0 % PIK ( 3.3 % Max PIK)

 0.8 %
 8/2/27
 $
 1.3
 1.3
 1.3

 (ac)(m)(v)
 SF+ 550, 0.0 % PIK ( 3.3 % Max PIK)

 0.8 %
 8/2/28
 56.3
 56.2
 56.2

 SF+ 550, 0.0 % PIK ( 3.3 % Max PIK)

 0.8 %
 8/2/27
 11.6
 11.6
 11.5

 0.8 %
 10.8
 10.7
 7.7

 (m)(y)(z)

 0.8 %
 12/22/28
 11.8
 11.7
 8.5

 0.8 %
 31.1
 31.0
 31.1

 (v)

 0.8 %
 7.2
 7.1
 7.3

 (x)

 0.8 %
 0.4
 0.4
 0.4

 0.0 %
 8/16/31
 10.3
 10.1
 10.2

 E+ 525, 0.0 % PIK ( 1.8 % Max PIK)

 0.0 %
 8/16/31

 4.7
 5.1
 4.8

 Floor

Cost
 Fair

 SA+ 525, 0.0 % PIK ( 1.8 % Max PIK)

 0.0 %

 8.8
 $
 11.3
 $
 10.8

 SA+ 525

 0.0 %
 8/16/31
 4.5
 5.8
 5.8

 (v)

 0.8 %
 $
 5.0
 5.0
 5.0

 0.8 %
 90.5
 90.2
 89.9

 (x)

 0.8 %
 2.8
 2.8
 2.8

 (v)

 0.8 %
 2/25/28
 67.6
 67.4
 67.6

 (x)

 0.8 %
 2/25/28
 8.4
 8.4
 8.4

 Apex Group Limited
 SF+ 375

 0.5 %
 7/27/28
 2.4
 2.4
 2.5

 (v)

 1.0 %
 10/24/29
 3.5
 3.5
 3.5

 (v)

 1.0 %
 9.0
 9.0
 9.0

 (v)

 1.0 %
 93.7
 92.8
 93.8

 (x)

 1.0 %
 10/24/29
 1.6
 1.6
 1.6

 (x)

 1.0 %
 22.1
 22.1
 22.2

 Arcfield Acquisition Corp
 (x)

 0.5 %
 10/28/31
 6.0
 6.0
 6.0

 (m)
 SF+ 300, 3.3 % PIK ( 3.3 % Max PIK)

 1.0 %
 4/20/28
 12.9
 12.8
 11.9

 (x)

 1.0 %
 4/20/27
 4.5
 4.5
 4.2

 Area Wide Protective Inc

 1.0 %
 12/23/30
 19.2
 19.1
 19.2

 Area Wide Protective Inc
 (x)

 1.0 %
 12/23/30
 12.1
 12.1
 12.1

 Arrotex Australia Group Pty Ltd
 B+ 575

 0.5 %
 6/30/28
 A$
 7.1
 4.6
 4.3

 Arrotex Australia Group Pty Ltd
 B+ 575

 0.5 %
 6/30/28
 3.7
 2.5
 2.4

 SF+ 600 PIK (SF+ 600 Max PIK)

 1.0 %
 $
 15.3
 15.3
 15.3

 (ad)(s)(v)(w)
 SF+ 700 PIK (SF+ 700 Max PIK)

 1.0 %
 50.6
 50.6
 50.6

 (ad)(s)(v)(w)
 SF+ 650 PIK (SF+ 650 Max PIK)

 0.8 %
 37.0
 36.4
 37.0

 (ad)(w)(x)
 SF+ 600 PIK (SF+ 600 Max PIK)

 1.0 %
 5.4
 5.4
 5.4

 (v)
 SF+ 450, 0.0 % PIK ( 2.3 % Max PIK)

 0.5 %
 7/26/31
 15.0
 14.8
 14.9

 (x)

 0.5 %
 7/26/30
 2.6
 2.6
 2.6

 (x)
 SF+ 450, 0.0 % PIK ( 2.3 % Max PIK)

 0.5 %
 7/26/31
 3.7
 3.7
 3.7

 BDO USA PA
 (v)

 2.0 %
 8/31/28
 28.1
 27.6
 28.1

 15.0 %

 7/23/29
 29.4
 29.4
 29.5

 (f)(i)(k)(m)(t)

 1.0 %
 108.9
 108.3
 107.7

 (x)

 1.0 %
 7.4
 7.4
 7.3

 Floor

Cost
 Fair

 (x)

 1.0 %
 $
 19.9
 $
 19.9
 $
 19.7

 Bloom Fresh International Limited
 E+ 525

 0.0 %
 8/9/30

 7.4
 7.9
 7.7

 Bowery Farming Inc

 1.0 %
 9/10/26
 $
 70.5
 54.2
 —

 Bowery Farming Inc
 9/10/26
 15.6
 14.7
 7.2

 Bowery Farming Inc
 9/10/26
 6.2
 5.9
 2.8

 (v)

 0.8 %
 5/1/31
 4.6
 4.6
 4.6

 (x)

 0.8 %
 5/1/30
 8.5
 8.5
 8.5

 (x)

 0.8 %
 5/1/31
 9.8
 9.8
 9.8

 (v)

 0.5 %
 9.7
 9.7
 9.7

 (v)

 0.5 %
 7/1/30
 0.3
 0.3
 0.3

 (v)
 E+ 500, 0.0 % PIK ( 3.0 % Max PIK)

 0.5 %

 2.4
 2.6
 2.5

 (x)

 0.5 %
 $
 2.6
 2.6
 2.6

 (x)

 0.5 %
 7/1/30
 2.3
 2.3
 2.3

 CFC Underwriting Ltd
 SA+ 495, 0.0 % PIK ( 2.5 % Max PIK)

 0.0 %
 5/16/29

 4.7
 5.7
 5.7

 (v)

 0.8 %
 12/21/27
 $
 0.2
 0.2
 0.2

 0.8 %
 12/1/28
 19.6
 19.6
 19.8

 (x)

 0.8 %
 12/21/27
 0.8
 0.8
 0.8

 SA+ 525, 0.0 % PIK ( 2.1 % Max PIK)

 0.0 %

 2.5
 3.2
 3.1

 SA+ 525, 0.0 % PIK ( 2.1 % Max PIK)

 0.0 %
 5.0
 6.4
 6.4

 SA+ 525, 0.0 % PIK ( 5.5 % Max PIK)

 0.0 %
 3.6
 4.4
 4.6

 SF+ 575, 0.0 % PIK ( 2.5 % Max PIK)

 0.8 %
 $
 158.9
 157.5
 160.5

 (x)

 0.8 %
 2/13/30
 21.7
 21.7
 21.7

 (x)
 SF+ 575, 0.0 % PIK ( 2.5 % Max PIK)

 0.8 %
 21.7
 21.7
 21.9

 SF+ 500, 0.0 % PIK ( 2.5 % Max PIK)

 0.8 %
 8/27/31
 18.2
 18.0
 18.0

 (v)

 0.8 %
 8/27/31
 1.4
 1.4
 1.4

 (x)
 SF+ 500, 0.0 % PIK ( 2.5 % Max PIK)

 0.8 %
 8/27/31
 4.5
 4.5
 4.5

 (x)

 0.8 %
 8/27/31
 1.7
 1.7
 1.7

 (k)(t)

 0.8 %
 39.9
 39.5
 39.9

 (x)

 0.8 %
 15.7
 15.7
 15.7

 Consilium Safety Group AB
 E+ 600, 0.0 % PIK ( 0.0 % Max PIK)

 0.0 %
 4/7/31

 25.0
 26.5
 25.8

 Floor

Cost
 Fair

 Consilium Safety Group AB
 E+ 600

 0.0 %
 4/7/31

 9.8
 $
 10.5
 $
 10.1

 Corsearch Intermediate Inc

 1.0 %
 4/19/28
 $
 30.1
 29.0
 30.1

 0.8 %
 12/14/28
 87.7
 87.6
 88.6

 (v)
 SA+ 575

 0.8 %
 12/14/28

 15.4
 19.7
 19.5

 (v)

 0.8 %
 3/8/29
 $
 8.1
 8.1
 8.1

 (x)

 0.8 %
 3/8/29
 3.5
 3.5
 3.5

 Dechra Pharmaceuticals Ltd
 SF+ 625, 0.0 % PIK ( 3.3 % Max PIK)

 0.8 %
 1/24/31
 3.7
 3.6
 3.7

 Dechra Pharmaceuticals Ltd
 E+ 625, 0.0 % PIK ( 3.3 % Max PIK)

 0.0 %
 1/24/31

 3.3
 3.4
 3.5

 Dental Care Alliance Inc
 SF+ 641

 0.8 %
 4/3/28
 $
 109.7
 107.6
 107.3

 (v)

 0.8 %
 5/5/28
 0.5
 0.5
 0.5

 0.8 %
 8/5/28
 21.5
 21.5
 21.5

 (v)

 0.8 %
 8/7/28
 5.1
 5.1
 5.1

 (x)

 0.8 %
 5/5/28
 4.6
 4.6
 4.6

 (x)

 0.8 %
 8/7/28
 8.6
 8.6
 8.6

 0.0 %
 10/27/28

 11.6
 11.4
 12.0

 0.0 %
 10/27/28
 2.4
 2.3
 2.5

 (v)

 0.8 %
 12/20/30
 $
 29.2
 29.1
 29.5

 (x)

 0.8 %
 12/20/29
 3.3
 3.3
 3.3

 (x)

 0.8 %
 12/20/30
 0.5
 0.5
 0.5

 (x)

 0.8 %
 12/20/30
 22.6
 22.6
 22.8

 (f)(t)(v)

 0.8 %
 6/13/31
 43.7
 43.5
 43.8

 (x)

 0.8 %
 6/13/31
 14.7
 14.7
 14.7

 (x)

 0.8 %
 6/13/31
 14.7
 14.7
 14.7

 Envirotainer Ltd
 E+ 500, 0.0 % PIK ( 3.0 % Max PIK)

 0.0 %
 7/30/29

 2.7
 2.7
 2.8

 (v)

 0.8 %
 8/12/29
 $
 1.9
 1.9
 1.9

 (x)

 0.8 %
 8/12/28
 2.4
 2.4
 2.4

 (x)

 0.8 %
 8/12/29
 23.4
 23.4
 23.5

 (f)(k)(t)

 0.8 %
 8/31/28
 72.2
 71.7
 72.9

 (x)

 0.8 %
 8/31/27
 9.9
 9.9
 9.9

 (f)(m)(v)

 1.0 %
 2/12/29
 65.3
 63.6
 65.3

 (x)

 1.0 %
 2/12/29
 6.6
 6.6
 6.6

 0.8 %
 10/29/30
 78.7
 78.1
 79.0

 (x)

 0.8 %
 10/29/29
 11.8
 11.8
 11.8

 (x)

 0.8 %
 10/29/30
 6.3
 6.3
 6.4

 Floor

Cost
 Fair

 1.0 %
 11/12/26
 $
 86.3
 $
 86.3
 $
 86.3

 1.0 %
 18.6
 18.5
 18.5

 (v)

 0.8 %
 1.1
 1.0
 1.1

 (v)
 SF+ 450, 0.0 % PIK ( 1.3 % Max PIK)

 0.8 %
 0.2
 0.2
 0.2

 SF+ 450, 0.0 % PIK ( 1.0 % Max PIK)

 0.8 %
 77.0
 76.1
 77.0

 (x)

 0.8 %
 11.9
 11.9
 11.9

 (x)
 SF+ 450, 0.0 % PIK ( 1.3 % Max PIK)

 0.8 %
 8.2
 8.2
 8.2

 General Datatech LP

 1.0 %
 6/18/27
 124.5
 123.9
 124.0

 Gigamon Inc
 (v)

 0.8 %
 3/10/28
 9.3
 9.3
 9.1

 Gigamon Inc

 1.0 %
 3/9/29
 105.0
 104.4
 102.1

 Gracent LLC
 12.0 % PIK ( 12.0 % Max PIK)

 2/28/27
 31.9
 29.5
 29.6

 (v)
 SF+ 350, 2.3 % PIK ( 2.3 % Max PIK)

 0.8 %
 1/17/31
 16.3
 16.2
 16.5

 (v)
 SF+ 300, 2.3 % PIK ( 2.3 % Max PIK)

 0.8 %
 1/17/31
 5.0
 5.0
 5.0

 (x)

 0.8 %
 1/17/31
 2.3
 2.3
 2.3

 (x)
 SF+ 475, 0.0 % PIK ( 2.3 % Max PIK)

 0.8 %
 1/17/31
 1.0
 1.0
 1.0

 (f)(k)(m)(v)

 1.0 %
 12/3/26
 93.3
 89.8
 93.3

 (v)

 1.0 %
 12/3/26
 11.7
 11.6
 11.7

 (x)

 1.0 %
 12/3/26
 6.1
 6.1
 6.1

 0.8 %
 53.1
 52.7
 53.6

 (v)

 0.8 %
 7.5
 7.5
 7.6

 (x)

 0.8 %
 1/31/30
 8.0
 8.0
 8.0

 (x)

 0.8 %
 4.0
 4.0
 4.0

 Hibu Inc

 1.0 %
 5/4/27
 89.3
 86.9
 89.3

 Hibu Inc

 1.0 %
 5/4/27
 24.5
 24.3
 24.7

 Hibu Inc
 (v)

 1.0 %
 5/4/27
 20.0
 19.8
 20.4

 (v)

 1.0 %
 11/24/28
 5.3
 5.3
 5.3

 (x)

 1.0 %
 11/24/28
 12.9
 12.9
 12.9

 (v)

 1.0 %
 11/5/29
 33.6
 33.3
 34.0

 (x)

 1.0 %
 11/5/29
 4.2
 4.2
 4.2

 HKA
 (m)(w)
 SF+ 575, 0.0 % PIK ( 1.8 % Max PIK)

 0.5 %
 8/9/29
 3.5
 3.4
 3.5

 1.0 %
 34.8
 34.8
 34.8

 1.0 %
 3.4
 3.4
 3.4

 Floor

Cost
 Fair

 (ad)(x)

 1.0 %
 $
 1.5
 $
 1.5
 $
 1.5

 (v)

 0.8 %
 8/18/31
 0.1
 0.1
 0.1

 (f)

 0.8 %
 11/17/31
 6.3
 6.3
 6.3

 (x)

 0.8 %
 8/18/31
 1.4
 1.4
 1.4

 (x)

 0.8 %
 11/17/31
 7.6
 7.6
 7.5

 (v)

 1.0 %
 74.6
 73.4
 74.8

 (x)

 1.0 %
 1.7
 1.7
 1.7

 Industria Chimica Emiliana Srl
 E+ 475, 2.5 % PIK ( 2.5 % Max PIK)

 0.0 %
 9/27/26

 89.0
 104.0
 86.6

 Industry City TI Lessor LP
 10.8 %, 1.0 % PIK ( 1.0 % Max PIK)

 $
 15.6
 15.6
 16.1

 iNova Pharmaceuticals (Australia) Pty Limited
 B+ 475, 0.0 % PIK ( 1.8 % Max PIK)

 0.5 %
 11/15/31
 A$
 3.9
 2.5
 2.7

 0.8 %
 $
 63.0
 62.6
 63.0

 (x)

 0.8 %
 28.5
 28.5
 28.5

 (x)

 0.8 %
 7.6
 7.6
 7.6

 (v)

 0.8 %
 5/25/28
 1.6
 1.6
 1.6

 (v)

 1.0 %
 5/25/28
 16.6
 16.6
 16.7

 (x)

 0.8 %
 5/25/28
 5.5
 5.5
 5.5

 (x)

 1.0 %
 5/25/28
 5.3
 5.3
 5.3

 (v)

 0.8 %
 8/25/28
 98.6
 98.6
 98.6

 (x)

 0.8 %
 8/28/28
 0.1
 0.1
 0.1

 (x)

 0.8 %
 8/28/28
 1.5
 1.5
 1.5

 1.0 %
 6/1/28
 88.9
 88.5
 89.2

 (x)

 1.0 %
 6/1/28
 6.9
 6.9
 6.9

 (x)

 1.0 %
 6/1/28
 14.7
 14.7
 14.8

 (v)

 2.0 %
 94.2
 93.1
 94.2

 (v)

 2.0 %
 7.3
 7.2
 7.3

 (ad)(m)(s)(v)
 SF+ 540 PIK (SF+ 540 Max PIK)

 1.0 %
 11/6/28
 201.6
 197.5
 201.6

 (ad)(m)(s)(v)
 SF+ 815 PIK (SF+ 815 Max PIK)

 1.0 %
 11/6/28
 89.8
 88.2
 87.7

 (ad)(x)
 SF+ 540 PIK (SF+ 540 Max PIK)

 1.0 %
 11/6/28
 5.5
 5.5
 5.5

 E+ 670, 0.0 % PIK ( 2.4 % Max PIK)

 0.0 %

 0.1
 0.1
 0.1

 E+ 670, 0.0 % PIK ( 2.4 % Max PIK)

 0.0 %
 0.5
 0.6
 0.5

 (k)(m)(v)

 1.0 %
 $
 67.1
 66.1
 67.1

 (v)

 1.0 %
 2.8
 2.7
 2.8

 Floor

Cost
 Fair

 (x)

 1.0 %
 $
 4.0
 $
 4.0
 $
 4.0

 0.8 %
 24.1
 24.0
 24.3

 (x)

 0.8 %
 5/4/29
 1.9
 1.9
 1.9

 (x)

 0.8 %
 5.7
 5.7
 5.7

 (v)
 SF+ 500, 0.0 % PIK ( 2.5 % Max PIK)

 0.8 %
 8/22/30
 1.4
 1.4
 1.4

 (f)(k)(t)
 SF+ 275, 2.8 % PIK ( 2.8 % Max PIK)

 0.8 %
 8/22/31
 118.0
 116.9
 117.7

 (x)
 SF+ 500, 0.0 % PIK ( 2.5 % Max PIK)

 0.8 %
 8/22/30
 12.4
 12.4
 12.4

 (x)
 SF+ 275, 2.8 % PIK ( 2.8 % Max PIK)

 0.8 %
 8/22/31
 6.9
 6.9
 6.9

 (v)

 1.0 %
 1.3
 1.3
 1.3

 (i)(k)(m)(v)

 1.0 %
 117.2
 115.0
 118.3

 (x)

 1.0 %
 7.1
 7.1
 7.1

 (x)

 1.0 %
 28.6
 28.6
 28.9

 Lionbridge Technologies Inc
 (f)(i)(k)(s)(t)(v)

 1.0 %
 12/29/25
 96.3
 95.2
 96.3

 Lipari Foods LLC

 1.0 %
 10/31/28
 99.3
 98.4
 98.2

 SA+ 525, 0.0 % PIK ( 3.0 % Max PIK)

 0.0 %
 12/4/28

 13.7
 17.9
 17.2

 SA+ 525, 0.0 % PIK ( 3.0 % Max PIK)

 0.0 %
 12/4/28
 1.4
 2.1
 2.1

 SA+ 525, 0.0 % PIK ( 2.6 % Max PIK)

 0.0 %
 12/4/28
 10.0
 12.7
 12.7

 (v)

 0.8 %
 11/21/29
 $
 4.5
 4.5
 4.5

 0.8 %
 11/22/29
 23.2
 23.0
 23.5

 (x)

 0.8 %
 2.2
 2.2
 2.2

 (x)

 0.8 %
 11/21/29
 8.9
 8.9
 8.9

 (v)
 SF+ 475, 0.0 % PIK ( 2.4 % Max PIK)

 0.8 %
 2.1
 2.1
 2.1

 (v)

 0.8 %
 0.3
 0.3
 0.3

 (x)
 SF+ 475, 0.0 % PIK ( 2.4 % Max PIK)

 0.8 %
 4.6
 4.6
 4.6

 (x)

 0.8 %
 2.2
 2.2
 2.2

 (k)(t)(v)

 0.8 %
 139.6
 138.6
 140.9

 (x)

 0.8 %
 38.5
 38.5
 38.8

 (x)

 0.8 %
 10.7
 10.7
 10.7

 Medallia Inc
 SF+ 250, 4.0 % PIK ( 4.0 % Max PIK)

 0.8 %
 10/29/28
 226.0
 224.5
 220.9

 (i)(m)(t)(v)

 1.0 %
 118.7
 118.5
 120.3

 (x)

 1.0 %
 7.8
 7.8
 7.8

 Floor

Cost
 Fair

 Mercer Advisors Inc

 0.8 %
 10/4/30
 $
 17.0
 $
 17.0
 $
 17.1

 Mercer Advisors Inc
 (x)

 0.8 %
 10/4/30
 25.8
 25.8
 25.9

 1.0 %
 9/13/29
 1.0
 1.0
 1.0

 1.0 %
 9/13/29
 0.6
 0.6
 0.6

 (v)

 0.8 %
 6/27/31
 29.8
 29.6
 29.8

 (x)

 0.8 %
 6/27/31
 6.1
 6.1
 6.1

 (x)

 0.8 %
 6/27/31
 3.2
 3.2
 3.2

 3/30/25
 10.1
 10.1
 10.1

 1.0 %
 3/31/25
 32.7
 30.7
 5.4

 NCI Inc
 SF+ 750, 0.0 % PIK ( 7.5 % Max PIK)

 1.0 %
 8/15/28
 32.1
 32.3
 32.1

 (v)

 1.0 %
 7/2/29
 1.8
 1.8
 1.8

 (v)

 1.0 %
 7/2/29
 32.9
 32.8
 33.3

 (x)

 1.0 %
 7/2/29
 2.6
 2.6
 2.6

 (v)
 SF+ 250, 2.7 % PIK ( 2.7 % Max PIK)

 0.8 %
 8/25/31
 46.8
 46.6
 46.8

 (x)
 SF+ 250, 2.7 % PIK ( 2.7 % Max PIK)

 0.8 %
 8/25/31
 6.2
 6.2
 6.2

 (x)

 0.8 %
 8/25/31
 6.3
 6.3
 6.3

 New Era Technology Inc
 (i)(k)

 1.0 %
 10/31/26
 24.9
 24.4
 24.4

 New Era Technology Inc
 (v)

 1.0 %
 10/31/26
 4.7
 4.7
 4.6

 Nordic Climate Group Holding AB
 SR+ 590

 0.0 %
 6/10/31
 SEK
 487.4
 44.9
 43.5

 Nordic Climate Group Holding AB
 E+ 575

 0.0 %
 6/10/31

 30.6
 31.9
 31.2

 Nordic Climate Group Holding AB
 SR+ 590

 0.0 %
 6/10/31
 SEK
 53.5
 5.2
 4.8

 0.0 %
 4/5/30

 3.7
 3.9
 3.7

 0.0 %
 4/5/30
 1.0
 1.1
 1.1

 (v)

 0.8 %
 4/22/31
 $
 9.0
 9.0
 8.9

 (x)

 0.8 %
 4/22/31
 10.3
 10.3
 10.2

 (x)

 0.8 %
 4/22/31
 6.4
 6.4
 6.3

 (x)
 SF+ 500, 0.0 % PIK ( 1.3 % Max PIK)

 0.8 %
 4/22/31
 6.3
 6.3
 6.2

 (aa)(ac)(v)

 0.8 %
 4/22/27
 4.8
 4.7
 4.7

 1.0 %
 92.9
 92.4
 92.9

 (v)

 1.0 %
 8.4
 8.4
 8.6

 (x)

 1.0 %
 7.6
 7.6
 7.6

 (v)

 0.8 %
 8/21/26
 2.9
 2.8
 2.9

 (v)

 0.8 %
 8/23/28
 72.0
 71.4
 72.0

 (x)

 0.8 %
 8/21/26
 1.4
 1.4
 1.4

 Floor

Cost
 Fair

 (x)

 0.8 %
 8/23/28
 $
 16.9
 $
 16.9
 $
 16.9

 Performance Health Holdings Inc

 1.0 %
 7/12/27
 93.2
 92.6
 93.2

 3.0 %, SF+ 500 PIK (SF+ 500 Max PIK)

 1.0 %
 8/21/29
 202.4
 202.4
 208.5

 3.0 %, SF+ 1,100 PIK (SF+ 1,100 Max PIK)

 0.3 %
 8/21/29
 192.0
 192.0
 195.9

 3.0 %, SF+ 250 PIK (SF+ 250 Max PIK)

 1.0 %
 8/21/29
 0.3
 0.2
 0.3

 3.0 %, SF+ 500 PIK (SF+ 500 Max PIK)

 1.0 %
 8/21/29
 3.6
 3.6
 3.8

 (v)

 0.8 %
 4/3/30
 1.7
 1.7
 1.7

 (v)

 0.8 %
 4/3/31
 15.9
 15.8
 16.0

 (x)

 0.8 %
 4/3/30
 0.7
 0.7
 0.7

 (x)

 0.8 %
 4/3/31
 3.3
 3.3
 3.3

 PSKW LLC (dba ConnectiveRx)
 (k)(t)(v)

 1.0 %
 3/9/28
 102.3
 102.3
 102.3

 (v)

 0.8 %
 4/1/28
 1.4
 1.4
 1.4

 (i)(k)(m)

 0.8 %
 4/1/29
 66.7
 66.7
 66.7

 (x)

 0.8 %
 4/1/28
 5.5
 5.5
 5.5

 (x)

 0.8 %
 4/1/29
 61.6
 61.6
 61.6

 0.0 %
 2/28/26
 44.6
 43.5
 43.7

 (s)(v)(y)(z)
 SF+ 625, 0.0 % PIK ( 8.3 % Max PIK)

 0.0 %
 2/28/26
 49.9
 42.2
 15.8

 (x)

 0.0 %
 2/28/26
 2.1
 2.1
 2.0

 1.0 %
 10/1/29
 42.2
 41.6
 42.1

 (x)

 1.0 %
 10/1/29
 3.8
 3.8
 3.8

 Rialto Capital Management LLC
 (v)

 0.8 %
 12/5/30
 14.3
 14.2
 14.2

 Rialto Capital Management LLC
 (x)

 0.8 %
 12/5/30
 0.5
 0.5
 0.5

 Rockefeller Capital Management LP
 (v)

 0.5 %
 4/4/31
 23.8
 23.6
 24.0

 Rockefeller Capital Management LP
 (x)

 0.5 %
 4/4/31
 6.9
 6.9
 6.9

 (i)(k)(v)

 0.8 %
 187.9
 184.1
 189.5

 (x)

 0.8 %
 14.9
 14.9
 15.0

 (x)

 0.8 %
 9.7
 9.6
 9.7

 Safe-Guard Products International LLC
 (f)(t)(v)

 0.8 %
 4/3/30
 42.2
 41.9
 42.5

 Safe-Guard Products International LLC
 (x)

 0.8 %
 4/3/30
 8.8
 8.8
 8.8

 (m)

 1.0 %
 5.5
 5.5
 5.5

 (v)

 1.0 %
 0.5
 0.5
 0.5

 (x)

 1.0 %
 1.4
 1.4
 1.4

 (v)
 SF+ 475, 0.0 % PIK ( 2.4 % Max PIK)

 0.5 %
 8/15/31
 31.3
 31.2
 31.2

 (v)

 0.5 %
 8/15/31
 0.6
 0.6
 0.6

 Floor

Cost
 Fair

 (x)
 SF+ 475, 0.0 % PIK ( 2.4 % Max PIK)

 0.5 %
 8/15/31
 $
 7.5
 $
 7.5
 $
 7.4

 (x)

 0.5 %
 8/15/31
 3.6
 3.6
 3.6

 (v)

 0.5 %
 10/30/29
 28.5
 28.3
 27.9

 (x)

 0.5 %
 10/30/29
 3.4
 3.4
 3.3

 SitusAMC Holdings Corp
 (k)

 1.0 %
 15.9
 15.9
 16.1

 Source Code LLC
 (v)

 1.0 %
 3.6
 3.6
 3.6

 Source Code LLC
 (k)(t)

 1.0 %
 7/30/27
 49.5
 49.0
 49.5

 (m)(s)(t)(v)

 1.0 %
 64.2
 62.9
 64.2

 (x)

 1.0 %
 9.1
 9.1
 9.1

 (x)

 1.0 %
 7.9
 7.9
 7.9

 (v)

 1.0 %
 30.8
 30.4
 31.0

 (v)

 1.0 %
 19.6
 19.6
 19.6

 (x)

 1.0 %
 16.3
 16.3
 16.3

 (v)

 0.8 %
 1.2
 1.2
 1.2

 (f)

 0.8 %
 3/20/31
 9.9
 9.8
 10.0

 (x)

 0.8 %
 7.1
 7.1
 7.1

 (x)

 0.8 %
 3/20/31
 11.9
 11.9
 11.9

 Summit Interconnect Inc

 1.0 %
 134.3
 133.6
 122.4

 1.0 %
 15.6
 15.1
 15.6

 SF+ 575 PIK (SF+ 575 Max PIK)

 1.0 %
 30.3
 30.3
 30.3

 (x)

 1.0 %
 5.7
 5.7
 5.7

 Tangoe LLC
 (m)(s)(v)
 SF+ 499, 1.7 % PIK ( 1.7 % Max PIK)

 1.0 %
 168.8
 163.4
 155.6

 Tangoe LLC
 (m)(s)(v)(y)(z)
 12.5 % PIK ( 12.5 % Max PIK)

 16.7
 8.9
 —

 Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd)
 4/4/25

 43.5
 40.1
 4.0

 ThreeSixty Group
 SF+ 500, 2.5 % PIK ( 2.5 % Max PIK)

 1.5 %
 9/30/25
 $
 91.5
 92.7
 90.8

 (v)
 SF+ 450, 2.0 % PIK ( 2.0 % Max PIK)

 0.8 %
 45.3
 44.7
 41.2

 (v)

 0.8 %
 4.8
 4.8
 4.4

 (v)
 E+ 450, 2.0 % PIK ( 2.0 % Max PIK)

 0.8 %

 13.7
 14.4
 12.9

 (x)

 0.8 %
 $
 19.0
 19.0
 17.3

 0.0 %
 4/29/30

 4.6
 5.0
 4.8

 E+ 500

 0.0 %
 4/29/30
 4.2
 4.0
 4.3

 E+ 500

 0.0 %
 4/29/30
 6.1
 7.5
 7.4

 Floor

Cost
 Fair

 (v)

 0.8 %
 6/17/31
 $
 12.9
 $
 12.8
 $
 12.8

 (x)

 0.8 %
 6/17/30
 1.6
 1.6
 1.6

 (x)

 0.8 %
 6/17/31
 2.5
 2.5
 2.5

 SF+ 375

 0.5 %
 8/3/29
 1.7
 1.7
 1.7

 0.8 %
 9/10/31
 119.7
 119.1
 120.3

 (v)

 0.8 %
 9/10/31
 3.5
 3.5
 3.5

 (x)

 0.8 %
 9/10/31
 6.6
 6.6
 6.6

 (x)

 0.8 %
 9/10/31
 11.7
 11.7
 11.7

 (f)(k)(t)(w)

 0.8 %
 11/21/31
 37.1
 36.9
 36.9

 SA+ 500

 0.8 %
 11/21/31

 13.6
 16.9

 0.8 %
 11/21/31
 $
 4.7
 4.7
 4.7

 0.8 %
 11/21/31
 3.7
 3.7
 3.7

 E+ 515, 0.0 % PIK ( 1.7 % Max PIK)

 0.0 %
 7/11/29

 2.0
 2.2
 2.1

 E+ 515, 0.0 % PIK ( 1.7 % Max PIK)

 0.0 %
 7/11/29
 11.7
 12.6
 12.3

 0.8 %
 $
 67.9
 67.4
 67.9

 (v)

 0.8 %
 8.4
 8.4
 8.4

 (x)

 0.8 %
 6.7
 6.7
 6.7

 (x)

 0.8 %
 34.3
 34.1
 34.3

 Vytalogy Wellness LLC (fka Jarrow Formulas Inc)
 (f)(i)(k)(m)(t)(v)

 1.0 %
 112.4
 109.8
 109.9

 (v)

 1.0 %
 —
 0.0
 0.0

 (v)

 1.0 %
 1.0
 1.0
 1.0

 (x)

 1.0 %
 2.8
 2.8
 2.8

 (x)

 1.0 %
 0.4
 0.4
 0.4

 (x)

 1.0 %
 20.0
 20.0
 19.9

 0.1 % 5.9 % PIK ( 5.9 % Max PIK)

 12/29/28

 53.8
 57.7
 54.1

 (v)

 1.0 %
 4/5/29
 $
 0.6
 0.6
 0.6

 1.0 %
 4/5/30
 72.6
 72.6
 73.5

 (x)

 1.0 %
 4/5/29
 17.9
 17.9
 17.9

 (x)

 1.0 %
 4/5/30
 31.2
 31.2
 31.6

 SF+ 400 PIK (SF+ 400 Max PIK)

 2.0 %
 3/29/30
 19.1
 19.1
 19.1

 (ad)(x)
 SF+ 500 PIK (SF+ 500 Max PIK)

 2.0 %
 3/29/32
 1.7
 1.7
 1.7

 Zellis Holdings Ltd
 SA+ 550, 0.0 % PIK ( 5.5 % Max PIK)

 0.0 %
 8/13/31

 6.3
 8.0
 7.9

 Floor

Cost
 Fair

 0.8 %
 $
 59.5
 $
 59.0
 $
 60.0

 (x)

 0.8 %
 14.5
 14.4
 14.7

 (x)

 0.8 %
 6.0
 6.0
 6.0

 (v)
 SF+ 550, 0.0 % PIK ( 2.8 % Max PIK)

 0.8 %
 2/28/31
 82.7
 82.1
 83.5

 (v)

 0.8 %
 2/28/31
 5.4
 5.4
 5.5

 (x)

 0.8 %
 2/28/30
 11.6
 11.6
 11.6

 (x)

 0.8 %
 2/28/31
 10.0
 10.0
 10.2

 Total Senior Secured Loans—First Lien
 9,245.0
 9,044.8

 ( 1,249.9)
 ( 1,249.9)

 Net Senior Secured Loans—First Lien
 7,995.1
 7,794.9

 Senior Secured Loans—Second Lien— 10.5 %

 SF+ 900, 0.0 % PIK ( 9.0 % Max PIK)

 1.0 %
 12/31/28
 7.0
 6.8
 7.0

 Cubic Corp
 (v)
 SF+ 763

 0.8 %
 5/25/29
 44.8
 42.7
 34.4

 Peraton Corp
 SF+ 800

 1.0 %
 2/1/29
 175.0
 168.2
 168.5

 Peraton Corp
 (v)
 SF+ 775

 0.8 %
 2/1/29
 129.8
 125.4
 124.1

 SF+ 650, 0.0 % PIK ( 6.5 % Max PIK)

 1.0 %
 7/11/27
 7.1
 7.1
 7.1

 SF+ 650, 0.0 % PIK ( 6.5 % Max PIK)

 1.0 %
 7/19/27
 7.4
 7.4
 7.4

 Solera LLC
 (v)

 1.0 %
 6/4/29
 335.9
 323.8
 335.9

 (m)(v)(y)
 3/12/34
 8.3
 4.5
 4.8

 (m)(v)(y)
 3/12/36
 24.0
 —
 —

 E+ 750

 0.0 %
 10/1/30

 3.8
 4.1
 3.7

 E+ 750

 0.0 %
 10/1/30
 2.3
 3.0
 2.9

 Total Senior Secured Loans—Second Lien
 693.0
 695.8

 ( 3.0)
 ( 3.0)

 Net Senior Secured Loans—Second Lien
 690.0
 692.8

 Other Senior Secured Debt— 1.9 %

 JW Aluminum Co
 (aa)(ad)(s)(v)
 10.3 %

 6/1/26
 $
 76.5
 76.1
 76.6

 8.5 % PIK ( 8.5 % Max PIK)

 11/1/28
 30.2
 29.0
 25.1

 TIBCO Software Inc
 (aa)(v)
 6.5 %

 3/31/29
 0.7
 0.6
 0.7

 Warren Resources Inc
 (v)
 4.0 %

 12/1/26
 24.3
 24.3
 21.0

 Total Other Senior Secured Debt
 130.0
 123.4

 Floor

Cost
 Fair

 Subordinated Debt— 3.5 %

 (v)
 14.3 % PIK ( 14.3 % Max PIK)

 4/23/31
 $
 7.4
 $
 7.4
 $
 7.3

 (v)
 14.3 % PIK ( 14.3 % Max PIK)

 4/23/31
 15.3
 15.0
 15.0

 (ad)(s)(v)(w)(y)(z)

 9/1/28
 43.0
 21.4
 32.9

 Colosseum Dental Group
 8.5 % PIK ( 8.5 % Max PIK)

 4/23/29

 11.6
 12.1
 11.7

 Leia Acquisition Ltd. (fka Swift Worldwide Resources Holdco Ltd)
 (v)

 7/1/29
 $
 0.1
 0.1
 0.1

 1.0 %
 2/18/25
 18.3
 18.3
 11.5

 4/1/30
 12.1
 8.9
 11.9

 4/1/30
 47.2
 32.0
 42.0

 0.5 %
 1/31/30
 62.9
 61.4
 62.8

 SF+ 900 PIK (SF+ 900 Max PIK)

 0.5 %
 38.0
 37.5
 37.5

 Total Subordinated Debt
 214.1
 232.7

 Floor

Cost
 Fair

 Asset Based Finance— 31.7 %

 801 5th Ave, Seattle, ABF Equity
 8,516,891
 $
 14.0
 $
 —

 801 5th Ave, Seattle, Structured Mezzanine
 8.0 %, 3.0 % PIK ( 3.0 % Max PIK)

 12/19/29
 $
 62.5
 61.0
 54.5

 Abacus JV, ABF Equity
 35,754,604
 35.1
 24.6

 Accelerator Investments Aggregator LP, ABF Equity
 1,339,253
 1.5
 0.9

 Altavair AirFinance, ABF Equity
 (ac)(v)(w)
 121,521,801
 122.5
 128.2

 SF+ 1,000

 0.0 %
 1/12/30
 $
 6.1
 6.1
 6.1

 SF+ 1,000

 0.0 %
 1/12/30
 $
 3.7
 3.7
 3.7

 Australis Maritime II, ABF Equity
 19,724,089
 19.7
 19.8

 Australis Maritime, Common Stock
 11,611,124
 11.6
 11.3

 Auxilior Capital Partners Inc, Preferred Equity
 (v)
 5.0 %, 9.5 % PIK ( 9.5 % Max PIK)

 4/30/30
 $
 16.9
 16.9
 16.9

 Avenue One PropCo, ABF Equity
 10,339,283
 10.3
 10.2

 Avenue One PropCo, Term Loan
 7.0 % PIK ( 7.0 % Max PIK)

 3/15/34
 $
 32.3
 32.3
 32.3

 Avida Holding AB, Common Stock
 720,108,628
 74.9
 60.4

 Avida Holding AB, Subordinated Bond
 SR+ 925

 0.0 %
 1/27/34
 SEK
 15.0
 1.3
 1.3

 Floor

Cost
 Fair

 Bankers Healthcare Group LLC, Term Loan
 22.0 %

 11/8/27
 $
 8.8
 $
 8.8
 $
 8.6

 SF+ 665

 1.0 %
 1/28/28
 $
 60.0
 60.0
 60.0

 SF+ 665

 1.0 %
 1/28/28
 $
 60.0
 60.0
 60.0

 Byrider Finance LLC, ABF Equity
 (u)(v)(y)
 54,407
 —
 —

 Callodine Commercial Finance LLC, 2L Term Loan A
 (v)

 1.0 %
 $
 88.4
 86.2
 88.4

 (v)

 1.0 %
 $
 12.0
 12.0
 12.0

 (x)

 1.0 %
 $
 36.1
 36.1
 36.1

 Capital Automotive LP, ABF Equity
 20,061,940
 22.1
 32.9

 Capital Automotive LP, Structured Mezzanine
 11.0 %

 12/22/28
 $
 40.1
 39.6
 40.1

 1.0 %
 11/20/26
 $
 3.5
 3.5
 3.5

 C+ 675

 1.0 %
 C$
 2.3
 1.6
 1.6

 E+ 675

 1.0 %

 2.2
 2.1
 2.2

 1.0 %
 11/20/26
 $
 8.6
 8.6
 8.6

 C+ 675

 1.0 %
 C$
 1.7
 1.4
 1.4

 E+ 675

 1.0 %

 1.8
 2.1
 2.1

 Curia Global Inc, Revolver

 1.0 %
 1/29/29
 $
 62.0
 62.0
 62.0

 Curia Global Inc, Revolver

 1.0 %
 1/29/29
 $
 21.3
 21.3
 21.3

 Discover Financial Services, ABF Equity
 20,909,405
 20.9
 21.7

 Discover Financial Services, Subordinated Loan
 15.0 %
 9/6/34
 $
 38.8
 38.8
 38.8

 Discover Financial Services, Subordinated Loan
 (ad)(w)(x)
 15.0 %
 9/6/34
 $
 0.1
 0.1
 0.1

 Drive Revel, ABF Equity
 7,488,885
 8.1
 9.1

 Global Jet Capital LLC, Preferred Stock
 425,557,318
 242.9
 175.1

 Global Lending Services LLC, ABF Equity
 1,222,206
 1.4
 2.5

 Global Lending Services LLC, ABF Equity
 5,810,719
 5.8
 5.6

 Global Lending Services LLC, ABF Equity
 53,899,361
 53.9
 57.2

 Global Lending Services LLC, ABF Equity
 84,797
 0.1
 0.1

 Global Lending Services LLC, Bond
 12.5 % PIK ( 12.5 % Max PIK)

 12/31/32
 $
 0.3
 0.3
 0.3

 GreenSky Holdings LLC, ABF Equity
 10,662,084
 10.7
 14.9

 GreenSky Holdings LLC, ABF Equity
 20,592,578
 20.6
 22.3

 Floor

Cost
 Fair

 GreenSky Holdings LLC, Term Loan
 9.3 % PIK ( 9.3 % Max PIK)

 3/14/34
 $
 33.5
 $
 33.5
 $
 33.5

 GreenSky Holdings LLC, Term Loan
 9.3 % PIK ( 9.3 % Max PIK)

 3/14/34
 $
 3.0
 3.0
 3.0

 Kilter Finance, ABF Equity
 536,709
 0.5
 0.5

 Kilter Finance, Preferred Stock
 12.0 %
 $
 85.4
 85.4
 85.4

 KKR Altitude II Offshore Aggregator LP, Partnership Interest
 137,454,388
 137.5
 146.7

 KKR Central Park Leasing Aggregator L.P., Partnership Interest
 (ad)(v)(w)(y)(z)
 14.3 %
 5/31/26
 $
 39.1
 39.1
 15.8

 KKR Chord IP Aggregator LP, Partnership Interest
 35,894
 —
 0.1

 KKR Rocket Loans Aggregator LLC, Partnership Interest
 4,899,123
 4.9
 4.3

 KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest
 2,899,042
 2.6
 7.2

 Lennar Corp, ABF Equity
 15,896,685
 15.9
 16.4

 Lennar Corp, Term Loan
 10.8 %, 0.0 % PIK ( 10.8 % Max PIK)

 8/30/29
 $
 13.7
 13.7
 13.7

 Lennar Corp, Term Loan
 10.8 %, 0.0 % PIK ( 10.8 % Max PIK)

 8/30/29
 $
 1.0
 1.0
 1.0

 My Community Homes PropCo 2, ABF Equity
 20,284,091
 20.3
 15.6

 My Community Homes PropCo 2, Term Loan
 7.5 % PIK ( 7.5 % Max PIK)

 3/15/34
 $
 64.4
 64.4
 64.4

 NewStar Clarendon 2014-1A Class D
 1/25/27
 $
 8.3
 0.4
 1.9

 Norway_France, ABF Equity
 10,696,355
 11.9
 11.1

 Optio Invest, ABF Equity
 3,672,725
 4.7
 5.7

 PayPal Europe Sarl et Cie SCA, ABF Equity
 70,197,743
 76.2
 78.1

 Powin Energy Corp/NV, Revolver
 (v)
 13.5 %, 0.0 % PIK ( 13.5 % Max PIK)

 $
 12.6
 12.6
 12.6

 Powin Energy Corp/NV, Revolver
 (x)
 13.5 %, 0.0 % PIK ( 13.5 % Max PIK)

 $
 17.4
 17.4
 17.4

 Powin Energy Corp/NV, Warrants
 (l)(y)

 210,667
 —
 —

 Powin Energy Corp/NV, Warrants
 (l)(y)

 823,011
 —
 —

 Powin Energy Corp/NV, Warrants

 (l)(y)

 823,011
 —
 —

 Powin Energy Corp/NV, Warrants

 (l)(y)

 210,667
 —
 —

 Prime ST LLC, ABF Equity
 5,612,193
 8.9
 —

 Prime ST LLC, Structured Mezzanine
 5.0 %, 6.0 % PIK ( 6.0 % Max PIK)

 3/12/30
 $
 62.4
 61.0
 27.6

 Residential Opportunities I LLC, ABF Equity
 (v)
 —
 0.1

 Roemanu LLC (FKA Toorak Capital Partners LLC), ABF Equity
 220,778,388
 236.5
 238.9

 Floor

Cost
 Fair

 Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine
 18.0 %
 7/25/30
 $
 3.4
 $
 2.4
 $
 2.9

 Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine
 10/25/53
 5,199,630
 8.5
 7.5

 Star Mountain Diversified Credit Income Fund III, LP, ABF Equity
 (o)(w)
 23,500,000
 23.5
 23.4

 SunPower Financial, ABF Equity
 3,690,938
 3.7
 4.6

 Synovus Financial Corp, ABF Equity
 Banks
 4,253,710
 4.3
 4.6

 SA+ 700

 1.5 %
 9/5/26

 34.2
 42.7
 42.8

 SA+ 700

 1.5 %
 9/5/26

 9.2
 11.8
 11.8

 TDC LLP, ABF Equity
 1,576,060
 2.0
 1.9

 8.0 %

 29.3
 37.3
 36.8

 Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver

 1.0 %
 1/18/28
 $
 58.5
 58.5
 58.9

 Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver

 1.0 %
 1/18/28
 $
 58.5
 58.5
 58.8

 Vehicle Secured Funding Trust, ABF Equity
 21,111,425
 21.1
 23.1

 Vehicle Secured Funding Trust, Term Loan
 15.0 % PIK ( 15.0 % Max PIK)

 1/25/46
 $
 63.3
 63.3
 63.3

 1.0 %
 12/19/26
 $
 26.2
 26.2
 26.4

 1.0 %
 12/19/26
 $
 57.1
 57.1
 57.5

 Total Asset Based Finance
 2,514.2
 2,384.0

 Unfunded Asset Based Finance Commitments
 ( 282.3)
 ( 282.3)

 Net Asset Based Finance
 2,231.9
 2,101.7

 Credit Opportunities Partners JV, LLC— 20.6 %

 $
 1,637.3
 1,571.7
 1,363.3

 Total Credit Opportunities Partners JV, LLC
 1,571.7
 1,363.3

 Floor
Cost
 Fair

 Equity/Other— 17.8 %(e)

 48Forty Solutions LLC, Common Stock
 (ac)(f)(k)(t)(v)(y)
 25,122
 $
 —
 $
 —

 Affordable Care Inc, Preferred Stock
 11.8 % PIK ( 11.8 % Max PIK)

 72,920
 67.9
 73.1

 American Vision Partners, Private Equity
 2,655,491
 2.7
 2.0

 Floor
Cost
 Fair

 Amerivet Partners Management Inc, Preferred Stock
 (v)
 11.5 % PIK ( 11.5 % Max PIK)

 17,560
 $
 17.2
 $
 14.1

 Arcos LLC/VA, Preferred Stock
 (v)
 SF+ 950 PIK (SF+ 950 Max PIK)

 1.0 %
 4/30/31
 24,310
 20.7
 22.2

 Arena Energy LP, Warrants
 (v)
 68,186,525
 0.4
 0.1

 Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock
 (n)(p)(y)
 10,193
 9.6
 2.9

 Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim
 (n)(p)(y)
 866,071
 17.7
 24.5

 athenahealth Inc, Preferred Stock
 10.8 % PIK ( 10.8 % Max PIK)

 364,715
 348.7
 361.3

 ATX Networks Corp, Class B-1 Common Stock
 5.0
 —

 ATX Networks Corp, Class B-2 Common Stock
 4.0
 —

 ATX Networks Corp, Common Stock
 (ad)(s)(v)(w)(y)
 6,516
 9.9
 —

 1,050,031
 17.6
 27.1

 Borden (New Dairy Opco), Common Stock
 (ad)(h)(n)(y)
 11,167,000
 —
 18.4

 Bowery Farming Inc, Common Stock
 1,058,391
 10.0
 —

 Bowery Farming Inc, Warrant
 147,815,378
 —
 —

 Bowery Farming Inc, Warrants
 9/10/28
 161,828
 —
 —

 Bowery Farming Inc, Warrants
 9/10/28
 1,918,831
 —
 —

 CDS US Intermediate Holdings Inc, Warrant
 2,023,714
 —
 14.9

 Cengage Learning, Inc, Common Stock
 227,802
 7.5
 4.3

 Constellis Holdings LLC, Preferred Stock
 12/31/28
 69,653
 3.2
 3.4

 Constellis Holdings LLC, Private Equity
 (ac)(f)(v)(y)
 849,702
 10.3
 —

 Cubic Corp, Preferred Stock
 11.0 % PIK ( 11.0 % Max PIK)

 62,289
 55.5
 42.0

 Galaxy Universal LLC, Common Stock
 (ac)(n)(y)
 228,806
 35.4
 49.2

 Galaxy Universal LLC, Preferred Stock
 (ac)(n)
 15.9 % PIK ( 15.9 % Max PIK)

 3,240
 4.9
 7.2

 Galaxy Universal LLC, Trade Claim
 7,701,195
 2.5
 1.9

 Gracent LLC, Class A Common Stock
 —
 —

 Gracent LLC, Preferred Equity
 1,000
 8.2
 5.0

 Gracent LLC, Preferred Stock B
 —
 —

 HM Dunn Co Inc, Preferred Stock, Series A
 (ad)(s)(v)(y)
 85,385
 7.1
 0.1

 HM Dunn Co Inc, Preferred Stock, Series B
 (ad)(s)(v)(y)
 15,000
 —
 —

 Imagine Communications Corp, Common Stock
 33,034
 3.8
 0.7

 JW Aluminum Co, Common Stock
 (ad)(j)(u)(v)(y)
 2,105
 —
 2.5

 JW Aluminum Co, Preferred Stock
 (ad)(j)(u)(v)(y)(z)
 0.0 % PIK ( 12.5 % Max PIK)

 2/15/28
 15,279
 214.5
 152.3

 Floor
Cost
 Fair

 Kellermeyer Bergensons Services LLC, Common Stock
 (ad)(m)(s)(v)(y)
 26,230,661
 $
 —
 $
 —

 Kellermeyer Bergensons Services LLC, Preferred Stock
 (ad)(m)(s)(v)(y)
 26,230,661
 48.3
 15.1

 Lipari Foods LLC, Common Stock
 7,944,319
 7.9
 4.2

 Magna Legal Services LLC, Common Stock
 (h)(y)
 4,938,192
 4.9
 7.1

 Maverick Natural Resources LLC, Common Stock
 (n)(o)
 259,211
 61.2
 37.4

 Med-Metrix, Common Stock
 (h)
 29,403
 1.5
 4.2

 Med-Metrix, Preferred Stock
 (h)
 8.0 % PIK ( 8.0 % Max PIK)

 29,403
 1.5
 1.5

 Misys Ltd, Preferred Stock
 L+ 1,225 PIK (L+ 1,225 Max PIK)

 0.0 %
 89,639
 85.6
 86.8

 NCI Inc, Class A-1 Common Stock
 42,923
 0.0
 —

 NCI Inc, Class B-1 Common Stock
 30,121
 —
 —

 NCI Inc, Class C Common Stock
 49,406
 20.2
 33.1

 NCI Inc, Class I-1 Common Stock
 42,923
 —
 —

 One Call Care Management Inc, Common Stock
 34,872
 2.1
 1.9

 One Call Care Management Inc, Preferred Stock A
 371,992
 22.8
 20.7

 One Call Care Management Inc, Preferred Stock B
 9.0 % PIK ( 9.0 % Max PIK)

 10/25/2029
 12,174
 10.4
 12.2

 Polyconcept North America Inc, Class A - 1 Units
 (v)
 30,000
 3.0
 4.3

 PRG III LLC, Preferred Stock, Series A PIK
 434,250
 18.1
 67.2

 PRG III LLC, Preferred Stock, Series B PIK
 —
 —

 Proserv Acquisition LLC, Class A Preferred Units
 837,780
 3.1
 2.2

 Quoizel, LLC, Common Stock
 4,563
 8.3
 6.1

 Quorum Health Corp, Private Equity
 4,600,940
 4.6
 10.1

 Quorum Health Corp, Trade Claim
 8,301,000
 0.7
 0.9

 Quorum Health Corp, Trust Initial Funding Units
 143,400
 0.2
 0.1

 Saturn Oil & Gas Inc, Common Stock
 (aa)(j)(u)(v)(w)(y)
 355,993
 0.7
 0.5

 Sorenson Communications LLC, Common Stock
 42,731
 7.0
 15.1

 Stuart Weitzman Inc, Common Stock
 5,451
 —
 —

 Ultra Electronics Holdings PLC, Private Equity
 454,343,603
 4.8
 7.8

 Ultra Electronics Holdings PLC, Private Equity
 1,272,105
 1.3
 2.2

 Wittur Holding GmbH, Common Stock
 11,630
 8.0
 10.9

 Worldwise Inc, Common Stock
 9,765
 0.6
 0.7

 Total Equity/Other
 1,211.1
 1,181.5

 TOTAL INVESTMENTS— 203.7 %

 $
 14,044.0
 13,490.4

 LIABILITIES IN EXCESS OF OTHER ASSETS—( 103.7 %)

 ( 6,868.2)

 NET ASSETS—100%
 $
 6,622.2

 Foreign Currency
 Settlement Date
 Amount and Transaction
 US$ Value at Settlement Date
 US$ Value at December 31, 2024

 Unrealized Appreciation (Depreciation)

 CAD
 3/25/2026
 C$
 0.6
 Sold
 $
 0.4
 $
 0.4
 $
 —

 EUR
 2/15/2028

 4.6
 Sold
 5.2
 5.0
 0.2

 EUR
 12/28/2029

 5.7
 Sold
 6.6
 6.5
 0.1

 GBP
 4/3/2025

 1.5
 Sold
 1.9
 1.9
 —

 GBP
 1/20/2026

 6.2
 Sold
 7.5
 7.7

 GBP
 3/31/2026

 13.5
 Sold
 16.6
 16.9

 GBP
 4/2/2026

 3.5
 Sold
 4.4
 4.4
 —

 GBP
 8/28/2026

 4.8
 Sold
 6.0
 6.0
 —

 GBP
 8/28/2026

 8.6
 Sold
 10.8
 10.8
 —

 GBP
 2/15/2028

 8.6
 Sold
 11.1
 10.7
 0.4

 SEK
 10/27/2025
 SEK
 529.3
 Sold
 49.5
 48.6
 0.9

 SEK
 4/14/2027
 SEK
 167.0
 Sold
 16.4
 15.7
 0.7

 SEK
 6/21/2027
 SEK
 69.8
 Sold
 6.7
 6.6
 0.1

 SEK
 12/28/2029
 SEK
 57.3
 Sold
 5.7
 5.6
 0.1

 Total
 $
 148.8
 $
 146.8
 $
 2.0

 Interest rate swaps

 Description
 Hedged Item
 Company Receives
 Company Pays
 Notional Amount
 Upfront Payments/Receipts
 Change in Unrealized Appreciation/(Depreciation)

 Interest Rate Swap
 6.875% Notes
 6.875 %
 SOFR + 2.754 %

 ING Capital Markets LLC
 8/15/2029
 $
 $
 ( 5)
 $
 —
 $
 ( 5)

 Interest Rate Swap
 6.875% Notes
 6.875 %
 SOFR + 2.788 %

 ING Capital Markets LLC
 8/15/2029
 ( 10)
 —
 ( 10)

 Interest Rate Swap
 6.125% Notes
 6.125 %
 SOFR + 2.137 %

 ING Capital Markets LLC
 1/15/2030
 —

 Interest Rate Swap
 6.125% Notes
 6.125 %
 SOFR + 2.061 %

 ING Capital Markets LLC
 1/15/2030
 —

 Total
 $
 1,300
 $
 ( 15)
 $
 —
 $
 ( 15)

 (a) Security may be an obligation of one or more entities affiliated with the named company.
 (b) Certain variable rate securities in the Company's portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2024, the three-month London Interbank Offered Rate, or LIBOR or "L", was 4.85 %, the Euro Interbank Offered Rate, or EURIBOR or "E", was 2.71 %, Canadian Dollar Offer Rate, or CDOR or "C", was 4.97 %, the Australian Bank Bill Swap Bid Rate, or BBSY or "B", was 4.47 %, the Stockholm Interbank Offered Rate, or STIBOR or "SR", was 2.54 %, the Sterling Interbank Offered Rate, or SONIA or "SA", was 4.62 %, and the Secured Overnight Financing Rate, or SOFR or "SF", was 4.31 %. PIK means paid-in-kind. PIK income accruals may be adjusted based on the performance of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.
 (c) Denominated in U.S. dollars unless otherwise noted.
 (d) See Note 8 for additional information regarding the fair value of the Company's financial instruments.
 (e) Listed investments may be treated as debt for GAAP or tax purposes.
 (f) Security or portion thereof held within Ambler Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Ally Bank (see Note 9).

 (g)Security or portion thereof was held within CCT Dublin Funding Limited
 (h) Security held within CCT Holdings II, LLC, a wholly-owned subsidiary of the Company.
 (i) Security or portion thereof was held within CCT Tokyo Funding LLC and was pledged as collateral supporting the amounts outstanding under the revolving credit facility with Sumitomo Mitsui Banking Corporation (see Note 9).
 (j) Security or portion thereof held within Cobbs Creek LLC and is pledged as collateral supporting the amounts outstanding under the senior secured revolving credit facility (see Note 9).
 (k) Security or portion thereof held within Darby Creek LLC and is pledged as collateral supporting the amounts outstanding under a revolving credit facility with Deutsche Bank AG, New York Branch (see Note 9).
 (l) Security held within IC Northern Investments, LLC, a wholly-owned subsidiary of the Company.
 (m) Security or portion thereof was held within FSK CLO as of December 31, 2024.
 (n) Security held within FSIC II Investments, Inc., a wholly-owned subsidiary of the Company.
 (o) Security held within FSIC Investments, Inc., a wholly-owned subsidiary of the Company.
 (p) Security held within IC American Energy Investments, Inc., a wholly-owned subsidiary of the Company.
 (q)Security held within IC Arches Investments LLC, a wholly-owned subsidiary of the Company.
 (r)Not used.
 (s) Security or portion thereof held within Juniata River LLC and is pledged as collateral supporting the amounts outstanding under a term loan credit facility with JPMorgan Chase Bank, N.A. (see Note 9).
 (t) Security or portion thereof held within Meadowbrook Run LLC and is pledged as collateral supporting the amounts outstanding under a revolving credit facility with Morgan Stanley Senior Funding, Inc. (see Note 9).
 (u) Security or portion thereof held within Race Street Funding LLC. Security is available as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).
 (v) Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).
 (w) The investment is not a qualifying asset under the Investment Company Act of 1940, as amended. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. As of December 31, 2024, 73.2 % of the Company's total assets represented qualifying assets.
 (x) Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.
 (y) Security is non-income producing.
 (z) Asset is on non-accrual status.
 (aa) Security is classified as Level 1 or Level 2 in the Company's fair value hierarchy (see Note 8).
 (ab) Position or portion thereof unsettled as of unsettled as of December 31, 2024.
 (ac) Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an "affiliated person" of a portfolio company if it owns 5% or more of the portfolio company's voting securities and generally is deemed to "control" a portfolio company if it owns more than 25% of the portfolio company's voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" but is not deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person for the year ended December 31, 2024:

 48Forty Solutions LLC(4)

 $
 —
 $
 184.4
 $
 ( 10.7)
 $
 $
 ( 25.1)
 $
 148.5
 $
 16.0
 $
 4.4
 $
 —
 $
 —

 48Forty Solutions LLC(4)

 —
 8.8
 ( 4.2)
 —
 3.0
 1.0
 —
 —
 —

 35.6
 6.6
 ( 7.4)
 —
 0.4
 35.2
 4.2
 —
 —
 —

 7.3
 14.9
 —
 0.1
 22.2
 1.8
 —
 0.1
 —

 13.2
 —
 ( 16.7)
 ( 18.9)
 22.4
 —
 —
 —
 —

 20.0
 —
 ( 21.9)
 0.1
 1.8
 —
 1.9
 —
 —
 —

 —
 30.0
 ( 0.6)
 —
 0.1
 29.5
 2.0
 —
 0.9
 —

 15.1
 0.2
 ( 15.1)
 0.3
 —
 1.6
 —
 0.1
 —

 $
 86.4
 $
 —
 $
 $
 —
 $
 0.7
 $
 86.3
 $
 10.2
 $
 —
 $
 —
 $
 —

 18.1
 —
 —
 —
 0.4
 18.5
 2.0
 —
 —
 —

 4.2
 —
 —
 —
 0.5
 4.7
 0.6
 —
 —
 —

 —
 —
 ( 3.5)
 4.2
 —
 —
 —
 —
 —

 9.0
 0.3
 ( 9.9)
 ( 3.5)
 4.1
 —
 1.7
 —
 —
 —

 —
 6.8
 —
 —
 0.2
 7.0
 0.1
 —
 —
 —

 20.6
 2.7
 —
 —
 1.8
 25.1
 —
 2.4
 —
 —

 Accelerator Investments Aggregator LP, Private Equity4)

 2.5
 —
 0.1
 0.9
 —
 —
 —
 —

 Altavair AirFinance, Private Equity

 133.9
 —
 ( 7.4)
 —
 1.7
 128.2
 —
 —
 —
 15.5

 GreenSky Holdings LLC, ABF Equity
 —
 10.7
 —
 —
 4.2
 14.9
 —
 —
 —
 —

 GreenSky Holdings LLC, ABF Equity
 —
 20.6
 —
 —
 1.7
 22.3
 —
 —
 —
 —

 GreenSky Holdings LLC, Term Loan
 —
 33.5
 —
 —
 —
 33.5
 —
 2.4
 —
 —

 Home Partners JV 2, Structured Mezzanine
 11.4
 1.4
 ( 12.8)
 —
 —
 —
 —
 1.0
 —
 —

 Home Partners JV 2, ABF Equity
 0.2
 —
 —
 —
 —
 —
 —
 —
 —

 Home Partners JV 2, ABF Equity
 4.2
 —
 ( 4.1)
 0.2
 —
 —
 —
 —
 —

 48Forty Solutions LLC, Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Affordable Care Inc, Preferred Stock
 50.0
 19.8
 —
 —
 3.3
 73.1
 —
 6.4
 —
 —

 athenahealth Inc, Preferred Stock
 252.6
 86.5
 —
 —
 22.2
 361.3
 —
 31.9
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 17.6
 —
 —
 9.5
 27.1
 —
 —
 —
 —

 Borden (New Dairy Opco), Common Stock(4)

 11.2
 —
 ( 4.9)
 —
 ( 6.3)
 —
 —
 —
 —
 —

 Constellis Holdings LLC, Private Equity
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Constellis Holdings LLC, Preferred Equity
 —
 3.2
 —
 —
 0.2
 3.4
 —
 —
 —
 —

 Fronton BV, Common Stock
 1.8
 —
 ( 1.7)
 1.7
 ( 1.8)
 —
 —
 —
 —
 —

 Galaxy Universal LLC, Common Stock
 0.5
 —
 —
 —
 48.7
 49.2
 —
 —
 —
 —

 Galaxy Universal LLC, Trade Claim
 1.0
 —
 —
 —
 0.9
 1.9
 —
 —
 —
 —

 Galaxy Universal LLC, Preferred Stock
 5.5
 0.9
 —
 —
 0.8
 7.2
 —
 0.5
 —
 —

 One Call Care Management Inc, Preferred Stock A
 18.5
 —
 —
 —
 2.2
 20.7
 —
 —
 —
 —

 One Call Care Management Inc, Common Stock
 1.9
 —
 —
 —
 —
 1.9
 —
 —
 —
 —

 One Call Care Management Inc, Preferred Stock B
 7.7
 2.4
 —
 —
 2.1
 12.2
 —
 0.6
 —
 —

 Proserv Acquisition LLC, Class A Common Units
 $
 3.5
 $
 —
 $
 ( 7.3)
 $
 ( 26.2)
 $
 30.0
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —

 Proserv Acquisition LLC, Class A Preferred Units
 9.5
 —
 ( 2.3)
 —
 ( 5.0)
 2.2
 —
 —
 —
 —

 ThermaSys Corp, Common Stock
 —
 —
 —
 ( 10.2)
 10.2
 —
 —
 —
 —
 —

 Total
 $
 745.4
 $
 451.3
 $
 ( 130.4)
 $
 ( 60.7)
 $
 134.4
 $
 1,140.0
 $
 42.2
 $
 49.6
 $
 1.1
 $
 15.5

 (1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
 (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
 (3) Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2024.
 (4) The Company held this investment as of December 31, 2023 but it was not deemed to be an "affiliated person" of the portfolio company as of December 31, 2023. Transfers in or out have been presented at amortized cost.

 (ad) Under the Investment Company Act of 1940, as amended, the Company generally is deemed to "control" a portfolio company if it owns more than 25% of the portfolio company's voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" and deemed to "control". During the year ended December 31, 2024, the Company disposed of investments in portfolio companies of which it was deemed to be an "affiliated person" and deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control for the year ended December 31, 2024:

 $
 65.1
 $
 36.3
 $
 ( 101.4)
 $
 —
 $
 —
 $
 —
 $
 1.8
 $
 5.8
 $
 —
 $
 —

 —
 36.4
 —
 —
 0.6
 37.0
 —
 0.8
 —
 —

 —
 15.3
 —
 —
 —
 15.3
 —
 1.0
 —
 —

 —
 50.6
 —
 —
 —
 50.6
 —
 4.0
 —
 —

 Gracent LLC
 24.5
 4.8
 —
 —
 0.3
 29.6
 —
 4.8
 —
 —

 H.M. Dunn Co., Inc., L+875
 35.8
 —
 ( 1.0)
 —
 —
 34.8
 4.1
 —
 —
 —

 H.M. Dunn Co., 15%
 1.0
 2.4
 —
 —
 —
 3.4
 0.2
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 198.9
 ( 1.4)
 —
 4.1
 201.6
 —
 17.2
 —
 —

 —
 88.2
 —
 —
 87.7
 —
 9.3
 —
 —

 NCI Inc
 32.2
 1.0
 ( 1.1)
 —
 —
 32.1
 2.1
 2.1
 —
 —

 168.6
 30.0
 —
 ( 2.0)
 195.9
 13.4
 20.9
 5.3
 —

 0.1
 0.1
 —
 —
 0.1
 0.3
 —
 —
 —
 —

 63.6
 6.8
 —
 ( 1.1)
 67.7
 5.0
 4.3
 —
 —

 34.8
 3.0
 —
 0.2
 37.2
 3.0
 2.4
 —
 —

 —
 105.3
 ( 1.0)
 —
 3.1
 107.4
 3.0
 5.6
 4.0
 —

 Warren Resources Inc
 18.8
 —
 ( 19.0)
 0.5
 —
 1.0
 0.1
 —
 —

 $
 —
 $
 57.7
 $
 —
 $
 —
 $
 ( 3.6)
 $
 54.1
 $
 0.1
 $
 2.6
 $
 —
 $
 —

 —
 19.1
 —
 —
 —
 19.1
 0.1
 —
 —
 —

 6.5
 0.6
 —
 —
 —
 7.1
 0.2
 0.6
 —
 —

 6.8
 0.6
 —
 —
 —
 7.4
 0.3
 0.6
 —
 —

 JW Aluminum Co
 77.1
 0.2
 —
 —
 76.6
 8.1
 —
 —
 —

 32.9
 1.9
 —
 —
 ( 1.9)
 32.9
 —
 0.7
 —
 —

 801 5th Ave, Seattle, Structure Mezzanine
 52.7
 2.0
 —
 —
 54.5
 5.1
 1.8
 —
 —

 801 5th Ave, Seattle, ABF Equity
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Abacus JV, ABF Equity
 48.5
 —
 ( 11.3)
 0.3
 ( 12.9)
 24.6
 —
 —
 —
 —

 Australis Maritime, Common Stock
 35.8
 —
 ( 23.8)
 —
 11.3
 —
 —
 —
 0.3

 Australis Maritime II, ABF Equity
 12.2
 10.4
 —
 ( 1.2)
 19.8
 —
 —
 —
 2.2

 Avenue One PropCo, ABF Equity
 38.8
 —
 ( 37.9)
 —
 —
 —
 —
 —
 —

 Avenue One PropCo, ABF Equity
 —
 10.3
 —
 —
 10.2
 —
 —
 —
 —

 Avenue One PropCo, Term Loan
 —
 32.3
 —
 —
 —
 32.3
 0.1
 1.7
 —
 —

 Avida Holding AB, Common Stock
 42.9
 25.0
 —
 —
 ( 7.5)
 60.4
 —
 —
 —
 —

 Avida Holding AB, Subordinated Bond
 1.5
 —
 —
 —
 1.3
 0.2
 —
 —
 —

 Capital Automotive LP, ABF Equity
 32.4
 —
 ( 1.1)
 —
 1.6
 32.9
 —
 —
 —
 2.9

 Capital Automotive LP, Structured Mezzanine
 41.5
 0.1
 ( 1.4)
 —
 40.1
 4.6
 —
 —
 —

 Discover Financial Services, Subordinated Loan
 —
 38.8
 —
 —
 —
 38.8
 1.3
 —
 —
 —

 Discover Financial Services, ABF Equity
 —
 20.9
 —
 —
 0.8
 21.7
 —
 —
 —
 —

 Kilter Finance, Preferred Stock
 99.7
 1.5
 ( 15.8)
 0.8
 85.4
 12.0
 —
 —
 —

 Kilter Finance, ABF Equity
 0.5
 —
 —
 —
 —
 0.5
 —
 —
 —
 —

 KKR Altitude II Offshore Aggregator LP, Partnership Interest
 65.6
 74.2
 —
 —
 6.9
 146.7
 —
 —
 —
 6.6

 KKR Central Park Leasing Aggregator L.P., Partnership Interest
 15.3
 —
 —
 —
 0.5
 15.8
 —
 —
 —
 —

 KKR Chord IP Aggregator LP, Partnership Interest
 99.9
 —
 ( 120.3)
 30.7
 ( 10.2)
 0.1
 —
 —
 —
 0.5

 KKR Rocket Loans Aggregator LLC, Partnership Interest
 8.3
 —
 ( 4.3)
 —
 0.3
 4.3
 —
 —
 —
 0.3

 KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest
 11.8
 —
 ( 9.0)
 0.3
 4.1
 7.2
 —
 —
 —
 2.6

 My Community Homes PropCo 2, ABF Equity
 78.8
 —
 ( 81.1)
 —
 2.3
 —
 —
 —
 —
 —

 My Community Homes PropCo 2, ABF Equity
 $
 —
 $
 20.3
 $
 —
 $
 —
 $
 ( 4.7)
 $
 15.6
 $
 —
 $
 —
 $
 —
 $
 —

 My Community Homes PropCo 2, Term Loan
 —
 64.4
 —
 —
 —
 64.4
 0.1
 3.7
 —
 —

 Prime St LLC, ABF Equity
 —
 1.6
 —
 —
 —
 —
 —
 —
 —

 Prime St LLC, Structured Mezzanine
 33.1
 3.8
 —
 —
 ( 9.3)
 27.6
 3.2
 3.5
 —
 —

 Roemanu LLC (FKA Toorak Capital Partners LLC), ABF Equity
 241.0
 —
 —
 —
 ( 2.1)
 238.9
 —
 —
 —
 4.8

 27.8
 22.2
 ( 11.5)
 0.3
 ( 2.0)
 36.8
 1.8
 —
 —
 —

 2.0
 —
 —
 —
 1.9
 —
 —
 —
 —

 1,396.9
 —
 —
 —
 ( 33.6)
 1,363.3
 —
 —
 —
 212.3

 ATX Networks Corp, Common Stock
 25.9
 —
 —
 —
 ( 25.9)
 —
 —
 —
 —
 —

 ATX Networks Corp, Class B-1 Common Stock
 2.5
 —
 —
 —
 ( 2.5)
 —
 —
 —
 —
 —

 ATX Networks Corp, Class B-2 Common Stock
 0.8
 —
 —
 —
 —
 —
 —
 —
 —

 Borden (New Dairy Opco), Common Stock
 —
 4.9
 ( 5.3)
 0.4
 18.4
 18.4
 —
 —
 —
 —

 Gracent LLC, Preferred Stock A
 —
 —
 —
 ( 8.0)
 8.0
 —
 —
 —
 —
 —

 Gracent LLC, Preferred Stock B
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Gracent LLC, Class A Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Gracent LLC, Preferred Equity
 3.8
 —
 —
 —
 1.2
 5.0
 —
 —
 —
 —

 HM Dunn Co Inc, Preferred Stock, Series A
 25.1
 —
 —
 —
 ( 25.0)
 0.1
 —
 —
 —
 —

 HM Dunn Co Inc, Preferred Stock, Series B
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 JW Aluminum Co, Common Stock
 2.5
 —
 —
 —
 —
 2.5
 —
 —
 —
 —

 JW Aluminum Co, Preferred Stock
 148.7
 —
 —
 —
 3.6
 152.3
 —
 —
 —
 —

 Kellermeyer Bergensons Services LLC, Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Kellermeyer Bergensons Services LLC, Preferred Stock
 —
 48.3
 —
 —
 ( 33.2)
 15.1
 —
 —
 —
 —

 NCI Inc, Class A-1 Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 NCI Inc, Class B-1 Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 NCI Inc, Class C Common Stock
 19.7
 —
 —
 —
 13.4
 33.1
 —
 —
 —
 —

 NCI Inc, Class I-1 Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Production Resource Group LLC, Preferred Stock, Series A PIK
 120.7
 —
 —
 —
 ( 53.5)
 67.2
 —
 —
 —
 —

 Production Resource Group LLC, Preferred Stock, Series B PIK
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Quoizel, LLC, Common Stock
 10.2
 —
 —
 —
 ( 4.1)
 6.1
 —
 —
 —
 —

 Quorum Health Corp, Trade Claim
 0.9
 —
 —
 —
 —
 0.9
 —
 —
 —
 —

 Quorum Health Corp, Trust Initial Funding Units
 $
 0.1
 $
 —
 $
 —
 $
 —
 $
 —
 $
 0.1
 $
 —
 $
 —
 $
 —
 $
 —

 Quorum Health Corp, Private Equity
 7.7
 3.7
 —
 —
 ( 1.3)
 10.1
 —
 —
 —
 —

 Warren Resources Inc, Common Stock
 12.3
 —
 ( 10.7)
 ( 2.1)
 0.5
 —
 —
 —
 —
 —

 Wittur Holding GmbH, Common Stock
 —
 8.0
 —
 —
 2.9
 10.9
 —
 —
 —
 —

 Worldwise Inc, Common Stock
 —
 0.6
 —
 —
 0.1
 0.7
 —
 —
 —
 —

 Total
 $
 3,335.7
 $
 1,052.5
 $
 ( 463.1)
 $
 23.2
 $
 ( 171.6)
 $
 3,776.7
 $
 70.8
 $
 93.5
 $
 9.3
 $
 232.5

 (1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
 (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
 (3) Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2024.
 (4)The Company held this investment as of December 31, 2023 but it was not deemed to be an "control" of the portfolio company as of December 31, 2023. Transfers in or out have been presented at amortized cost.

 Consolidated Schedule of Investments

 Floor

Cost
 Fair

 Senior Secured Loans—First Lien— 124.5 %

 (v)

 0.8 %
 11/23/26
 $
 2.2
 $
 2.2
 $
 2.2

 (i)(k)(v)

 0.8 %
 11/23/27
 124.7
 124.0
 122.7

 (x)

 0.8 %
 11/23/26
 6.9
 6.9
 6.8

 1.0 %
 180.9
 179.7
 171.6

 (v)

 1.0 %
 6.4
 6.4
 6.0

 (x)

 1.0 %
 4.2
 4.2
 4.0

 5 Arch Income Fund 2 LLC
 (q)(r)(w)(y)(z)
 9.0 %

 3/31/24
 84.2
 61.7
 19.5

 Aareon AG
 E+ 625

 0.8 %
 8/19/30

 35.9
 38.2
 38.7

 (aa)(k)
 SF+ 525, 1.6 % PIK ( 1.6 % Max PIK)

 1.0 %
 5/18/26
 $
 7.5
 7.5
 6.2

 (m)(t)(v)

 1.0 %
 5/7/27
 38.1
 36.7
 37.5

 (v)

 1.0 %
 5/7/27
 7.8
 7.8
 7.7

 (x)

 1.0 %
 5/7/26
 3.6
 3.6
 3.5

 SR+ 610, 0.0 % PIK ( 3.3 % Max PIK)

 0.0 %
 4/28/28
 SEK
 933.6
 106.7
 91.4

 R+ 610, 0.0 % PIK ( 3.3 % Max PIK)

 0.0 %
 4/28/28
 ISK
 1,345.8
 10.2
 9.8

 SF+ 550, 0.0 % PIK ( 1.3 % Max PIK)

 0.8 %
 8/2/27
 $
 1.9
 1.9
 1.9

 (ac)(m)(v)

 0.8 %
 8/2/28
 13.7
 13.6
 13.5

 0.8 %
 8/2/28
 28.0
 28.0
 27.7

 SF+ 550, 0.0 % PIK ( 1.3 % Max PIK)

 0.8 %
 8/2/27
 10.9
 10.9
 10.8

 0.8 %
 8/2/28
 15.3
 15.3
 15.2

 (v)

 0.8 %
 4.6
 4.5
 4.6

 (m)

 0.8 %
 12/22/28
 11.9
 11.8
 11.8

 (x)

 0.8 %
 6.1
 6.1
 6.1

 0.8 %
 31.4
 31.3
 31.4

 (x)

 0.8 %
 7.6
 7.6
 7.5

 (v)

 0.8 %
 4.4
 4.4
 4.2

 0.8 %
 91.4
 91.0
 88.0

 (x)

 0.8 %
 3.4
 3.4
 3.3

 (v)

 0.8 %
 2/25/28
 68.3
 68.0
 67.8

 (x)

 0.8 %
 2/25/28
 8.4
 8.4
 8.3

 Apex Group Limited
 SF+ 375

 0.5 %
 7/27/28
 2.5
 2.4
 2.5

 Apex Group Limited
 E+ 400

 0.0 %
 7/27/28

 2.0
 2.3
 2.2

 (v)

 1.0 %
 10/24/29
 $
 0.4
 0.4
 0.4

 (v)
 SF+ 500, 2.0 % PIK ( 2.0 % Max PIK)

 1.0 %
 80.7
 79.8
 79.7

 Floor

Cost
 Fair

 (x)

 1.0 %
 10/24/29
 $
 4.7
 $
 4.7
 $
 4.7

 (x)
 SF+ 500, 2.0 % PIK ( 2.0 % Max PIK)

 1.0 %
 12.0
 12.0
 11.8

 Arcfield Acquisition Corp
 (f)(i)(t)(v)

 0.8 %
 8/4/29
 85.0
 84.6
 85.0

 Arcfield Acquisition Corp
 (x)

 0.8 %
 8/4/28
 10.6
 10.6
 10.6

 (m)
 SF+ 300, 3.3 % PIK ( 3.3 % Max PIK)

 1.0 %
 4/20/28
 12.5
 12.3
 11.2

 (x)

 1.0 %
 4/20/27
 4.5
 4.5
 4.0

 SA+ 725

 0.8 %
 7/14/26

 0.8
 1.0
 1.0

 E+ 725

 1.0 %
 7/14/26

 19.0
 19.3
 20.9

 0.8 %
 7/14/26
 $
 9.9
 9.4
 9.8

 0.8 %
 7/14/26
 9.9
 9.9
 9.8

 (ad)(s)(v)(w)
 SF+ 750

 1.0 %
 65.1
 65.1
 65.1

 (ad)(w)(x)
 SF+ 750

 1.0 %
 63.0
 63.0
 63.0

 Barbri Inc

 0.8 %
 4/28/28
 130.5
 127.0
 126.9

 BDO USA PA
 (v)

 2.0 %
 8/31/28
 28.4
 27.8
 28.1

 (aa)(ac)(v)
 P+ 650

 2.0 %
 7/31/25
 21.9
 21.8
 20.0

 (aa)(ac)(v)(y)(z)
 5.0 %, 8.0 % PIK ( 8.0 % Max PIK)

 7/31/25
 70.9
 35.6
 13.2

 (f)(i)(k)(m)(t)

 1.0 %
 110.0
 109.2
 107.5

 (x)

 1.0 %
 19.9
 19.9
 19.5

 Bloom Fresh International Limited
 E+ 575

 0.0 %
 8/9/30

 7.4
 7.9
 8.0

 Bowery Farming Inc

 1.0 %
 9/10/26
 $
 67.5
 61.7
 35.4

 Caldic BV
 SF+ 375

 0.5 %
 2/26/29
 1.4
 1.4
 1.4

 Caldic BV
 E+ 350

 0.0 %
 2/26/29

 0.8
 0.9
 0.9

 Careismatic Brands Inc
 (v)

 1.0 %
 3/9/25
 $
 11.5
 11.5
 11.5

 Careismatic Brands Inc
 (x)

 1.0 %
 3/9/25
 18.5
 18.5
 18.5

 CFC Underwriting Ltd
 SA+ 500, 0.0 % PIK ( 2.8 % Max PIK)

 0.0 %
 5/16/29

 4.7
 5.7
 5.8

 (v)

 0.8 %
 $
 0.2
 0.2
 0.2

 SF+ 350, 2.8 % PIK ( 2.8 % Max PIK)

 0.8 %
 12/1/28
 19.5
 19.5
 19.7

 (x)

 0.8 %
 0.8
 0.8
 0.8

 SA+ 625, 0.0 % PIK ( 2.1 % Max PIK)

 0.0 %

 17.7
 21.8
 22.1

 BW+ 625, 0.0 % PIK ( 2.1 % Max PIK)

 0.0 %
 A$
 1.0
 0.6
 0.7

 Floor

Cost
 Fair

 SA+ 625, 0.0 % PIK ( 2.1 % Max PIK)

 0.0 %

 7.5
 $
 9.6
 $
 9.4

 (f)(i)(k)(m)(s)(v)

 1.0 %
 12/14/26
 $
 225.5
 221.1
 225.5

 (x)

 1.0 %
 12/13/24
 25.4
 25.4
 25.4

 (v)

 0.8 %
 2/24/28
 32.4
 31.9
 31.9

 (x)

 0.8 %
 2/24/28
 3.9
 3.8
 3.8

 (x)

 0.8 %
 2/24/28
 1.9
 1.9
 1.9

 SF+ 775

 1.0 %
 9/27/25
 15.1
 14.6
 15.1

 Corsearch Intermediate Inc

 1.0 %
 4/19/28
 30.1
 28.7
 29.9

 (v)

 0.8 %
 12/23/26
 7.0
 7.0
 6.9

 (f)(i)(k)(m)(t)(v)

 1.0 %
 12/23/27
 184.9
 180.5
 184.2

 (v)

 1.0 %
 12/23/27

 26.9
 35.6
 34.1

 1.0 %
 8/13/28
 11.7
 11.7
 11.6

 (x)

 0.8 %
 12/23/26
 27.9
 27.9
 27.8

 Dental Care Alliance Inc
 SF+ 641

 0.8 %
 4/3/28
 98.7
 96.2
 97.7

 Dental Care Alliance Inc
 (v)
 SF+ 641

 0.8 %
 4/3/28
 12.1
 12.1
 12.0

 0.0 %
 10/27/28

 23.1
 22.6
 25.3

 0.0 %
 10/28/28
 2.4
 2.3
 2.4

 (v)

 0.8 %
 12/31/30
 $
 15.3
 15.2
 15.2

 (x)

 0.8 %
 12/20/29
 3.3
 3.3
 3.3

 (x)

 0.8 %
 12/31/30
 14.6
 14.6
 14.4

 Element Materials Technology Group US Holdings Inc
 SF+ 425

 0.5 %
 7/6/29
 1.4
 1.4
 1.4

 Element Materials Technology Group US Holdings Inc
 E+ 425

 0.0 %
 7/6/29

 0.3
 0.4
 0.4

 Encora Digital LLC
 (v)
 SF+ 508

 0.8 %
 12/20/28
 $
 19.6
 19.3
 19.6

 Encora Digital LLC
 (v)
 SF+ 508, 0.0 % PIK ( 2.3 % Max PIK)

 0.8 %
 12/20/28
 65.1
 64.2
 65.1

 Envirotainer Ltd
 E+ 575, 0.0 % PIK ( 3.0 % Max PIK)

 0.0 %
 7/30/29

 2.7
 2.7
 2.7

 (v)

 0.8 %
 8/12/28
 $
 1.5
 1.5
 1.4

 (v)

 0.8 %
 8/12/29
 2.3
 2.3
 2.3

 (x)

 0.8 %
 8/12/28
 0.9
 0.9
 0.9

 (x)

 0.8 %
 8/12/29
 0.8
 0.8
 0.8

 (f)(k)(t)

 0.8 %
 8/31/28
 72.9
 72.4
 72.8

 (x)

 0.8 %
 8/31/27
 9.9
 9.9
 9.8

 (f)(m)(v)

 1.0 %
 2/12/27
 69.6
 67.1
 69.6

 Floor

Cost
 Fair

 (x)

 1.0 %
 2/12/27
 $
 6.6
 $
 6.6
 $
 6.6

 0.8 %
 10/29/28
 54.2
 53.5
 54.2

 (x)

 0.8 %
 10/29/27
 7.0
 6.9
 7.0

 (x)

 0.8 %
 10/29/28
 18.5
 18.5
 18.2

 1.0 %
 11/12/26
 87.1
 87.1
 86.4

 1.0 %
 18.6
 18.5
 18.1

 SF+ 525, 0.0 % PIK ( 1.3 % Max PIK)

 0.8 %
 86.5
 85.3
 85.7

 (x)
 SF+ 525, 0.0 % PIK ( 1.3 % Max PIK)

 0.8 %
 12.0
 11.8
 11.8

 General Datatech LP

 1.0 %
 6/18/27
 131.6
 130.7
 128.5

 Gigamon Inc

 1.0 %
 3/9/29
 106.1
 105.4
 105.6

 Gigamon Inc
 (x)

 0.8 %
 3/10/28
 9.3
 9.3
 9.3

 Gracent LLC
 SF+ 1,200 PIK (SF+ 1,200 Max PIK)

 1.0 %
 2/28/27
 28.3
 24.7
 24.5

 Greystone Equity Member Corp

 3.8 %
 4/1/26
 194.8
 187.5
 194.8

 (v)

 1.0 %
 12/3/24
 6.8
 6.7
 6.8

 (f)(k)(m)(v)

 1.0 %
 12/3/26
 94.3
 89.3
 94.3

 (x)

 1.0 %
 12/3/24
 11.0
 11.0
 11.0

 Hibu Inc

 1.0 %
 5/4/27
 94.5
 91.2
 95.4

 (v)

 1.0 %
 11/24/28
 10.3
 10.2
 10.2

 (v)

 1.0 %
 11/24/28
 6.9
 6.6
 6.8

 (v)

 1.0 %
 11/5/29
 34.0
 33.6
 33.6

 (x)

 1.0 %
 11/5/29
 4.2
 4.2
 4.2

 HKA
 (m)(v)(w)
 SF+ 575, 0.0 % PIK ( 1.8 % Max PIK)

 0.5 %
 8/9/29
 4.6
 4.5
 4.4

 1.0 %
 35.8
 35.8
 35.8

 1.0 %
 1.0
 1.0
 1.0

 (ad)(x)

 1.0 %
 1.0
 1.0
 1.0

 (v)

 1.0 %
 71.3
 69.9
 69.9

 (x)

 1.0 %
 5.8
 5.8
 5.7

 (x)

 1.0 %
 5.9
 5.9
 5.8

 Industria Chimica Emiliana Srl
 E+ 725

 0.0 %
 9/27/26

 71.2
 82.3
 75.4

 Industria Chimica Emiliana Srl
 E+ 725

 0.0 %
 9/27/26
 17.6
 20.6
 18.7

 Industry City TI Lessor LP
 10.8 %, 1.0 % PIK ( 1.0 % Max PIK)

 $
 20.9
 20.9
 21.4

 Floor

Cost
 Fair

 iNova Pharmaceuticals (Australia) Pty Limited
 B+ 650

 0.8 %
 10/30/28
 A$
 0.9
 $
 0.5
 $
 0.6

 iNova Pharmaceuticals (Australia) Pty Limited
 B+ 650

 0.8 %
 10/30/28
 2.6
 1.7
 1.6

 0.8 %
 $
 176.4
 175.1
 176.4

 (x)

 0.8 %
 9/22/27
 21.1
 21.1
 21.1

 (x)

 0.8 %
 26.8
 26.8
 26.8

 (v)

 0.8 %
 8/27/26
 0.2
 0.2
 0.2

 (v)
 SF+ 602

 0.8 %
 8/27/26
 98.4
 98.4
 98.2

 (x)

 0.8 %
 8/27/26
 2.3
 2.3
 2.3

 (x)

 1.0 %
 8/27/26
 0.1
 0.1
 0.1

 (f)(i)(v)

 1.0 %
 86.0
 85.2
 85.4

 (v)

 1.0 %
 5.1
 5.0
 5.0

 1.0 %
 63.2
 63.2
 62.8

 (x)

 1.0 %
 9.0
 9.0
 9.0

 (x)

 1.0 %
 2.5
 2.5
 2.5

 (v)

 2.0 %
 49.8
 48.2
 49.8

 (v)

 2.0 %
 5.5
 5.4
 5.5

 (v)

 1.0 %
 36.1
 35.7
 36.1

 (m)(s)(v)

 1.0 %
 11/7/26
 165.7
 160.6
 165.7

 (m)(s)(v)(y)(z)
 SF+ 100, 7.0 % PIK ( 7.0 % Max PIK)

 0.8 %
 11/7/26
 200.4
 197.6
 135.3

 E+ 675, 0.0 % PIK ( 2.4 % Max PIK)

 0.0 %
 9/30/30

 7.8
 8.0
 8.4

 E+ 675, 0.0 % PIK ( 2.4 % Max PIK)

 0.0 %
 9/30/30
 0.6
 0.7
 0.6

 Lakefield Veterinary Group
 (v)

 0.8 %
 11/23/28
 $
 37.7
 37.7
 36.8

 Lakefield Veterinary Group

 0.8 %
 11/23/28
 80.4
 79.8
 78.5

 (k)(m)

 1.0 %
 30.9
 29.6
 30.8

 1.0 %
 36.9
 36.9
 36.8

 (x)

 1.0 %
 6.8
 6.8
 6.8

 (v)

 0.8 %
 18.2
 18.0
 18.5

 0.8 %
 3.3
 3.3
 3.3

 (x)

 0.8 %
 5/4/29
 1.9
 1.9
 1.9

 (x)

 0.8 %
 8.6
 8.6
 8.4

 (v)

 1.0 %
 2.9
 2.9
 2.9

 (i)(k)(m)(v)

 1.0 %
 116.8
 114.2
 118.6

 (x)

 1.0 %
 5.5
 5.5
 5.5

 Lionbridge Technologies Inc
 (f)(i)(k)(s)(t)(v)

 1.0 %
 12/29/25
 109.5
 107.1
 109.5

 Floor

Cost
 Fair

 Lipari Foods LLC

 1.0 %
 10/31/28
 $
 100.6
 $
 99.4
 $
 99.8

 Lipari Foods LLC
 (x)

 1.0 %
 10/31/28
 15.0
 15.0
 14.9

 SA+ 600, 0.0 % PIK ( 2.9 % Max PIK)

 0.0 %
 12/2/28

 11.3
 14.3
 14.1

 SA+ 600, 0.0 % PIK ( 2.9 % Max PIK)

 0.0 %
 12/2/28
 3.7
 5.7
 5.6

 0.8 %
 11/22/29
 $
 18.3
 18.1
 18.3

 (v)

 0.8 %
 11/22/29
 5.1
 5.1
 5.1

 (v)

 0.8 %
 11/21/29
 0.5
 0.5
 0.5

 (x)

 0.8 %
 2.2
 2.2
 2.2

 (x)

 0.8 %
 11/21/29
 12.9
 12.9
 12.8

 1.0 %
 1/29/27
 220.2
 214.8
 220.2

 Medallia Inc
 SF+ 250, 4.0 % PIK ( 4.0 % Max PIK)

 0.8 %
 10/29/28
 217.0
 215.2
 216.1

 (i)(m)(t)(v)

 1.0 %
 69.1
 68.7
 69.1

 (x)

 1.0 %
 11.4
 11.4
 11.4

 (x)

 1.0 %
 7.8
 7.8
 7.8

 (m)(v)(y)(z)

 1.0 %
 12/14/27
 114.6
 106.5
 68.9

 1.0 %
 12/14/27
 19.0
 17.5
 11.4

 1.0 %
 9/13/29
 0.4
 0.4
 0.4

 1.0 %
 9/13/29
 1.1
 1.1
 1.1

 Motion Recruitment Partners LLC
 (f)(i)(t)(v)

 1.0 %
 12/22/25
 114.5
 112.1
 111.3

 3/31/24
 10.1
 10.1
 10.1

 1.0 %
 3/31/24
 32.7
 30.7
 9.8

 L+ 550

 1.0 %
 4/26/24
 44.3
 38.7
 —

 NCI Inc
 SF+ 750 PIK (SF+ 750 Max PIK)

 1.0 %
 8/15/28
 32.2
 32.4
 32.2

 (v)

 1.0 %
 7/2/27
 33.0
 32.8
 33.0

 (v)

 1.0 %
 7/2/27
 1.5
 1.5
 1.5

 (x)

 1.0 %
 7/2/27
 1.5
 1.5
 1.5

 New Era Technology Inc
 (i)(k)

 1.0 %
 10/31/26
 25.2
 24.5
 24.9

 New Era Technology Inc
 (x)

 1.0 %
 10/31/26
 4.7
 4.7
 4.6

 E+ 700

 0.0 %
 5/30/30

 4.0
 4.1
 4.3

 E+ 700

 0.0 %
 5/30/30
 4.7
 4.9
 4.9

 Novotech Pty Ltd

 0.5 %
 1/13/28
 $
 5.7
 5.6
 5.6

 Omnimax International Inc
 (f)(i)(k)(m)(v)
 SF+ 800

 1.0 %
 10/8/26
 121.2
 117.3
 120.3

 (aa)(ac)(v)

 0.8 %
 4/22/27
 4.9
 4.7
 4.2

 1.0 %
 93.9
 93.3
 94.8

 Floor

Cost
 Fair

 (x)

 1.0 %
 $
 8.0
 $
 8.0
 $
 8.1

 (x)

 1.0 %
 7.6
 7.6
 7.6

 Parts Town LLC
 SF+ 598

 0.8 %
 11/1/28
 74.5
 74.0
 74.3

 (v)

 0.8 %
 8/21/26
 1.3
 1.3
 1.3

 (v)

 0.8 %
 8/23/28
 69.2
 68.5
 68.7

 (x)

 0.8 %
 8/21/26
 3.0
 3.0
 2.9

 (x)

 0.8 %
 8/23/28
 20.5
 20.5
 20.3

 Performance Health Holdings Inc

 1.0 %
 7/12/27
 93.2
 92.5
 92.9

 SF+ 500, 3.1 % PIK ( 3.1 % Max PIK)

 1.0 %
 95.5
 94.3
 98.4

 SF+ 300, 5.5 % PIK ( 5.5 % Max PIK)

 0.3 %
 165.3
 162.7
 168.6

 SF+ 550 PIK (SF+ 550 Max PIK)

 1.0 %
 0.1
 0.1
 0.1

 PSKW LLC (dba ConnectiveRx)
 (i)(k)(m)(s)(t)(v)

 1.0 %
 3/9/26
 242.8
 237.9
 242.8

 Pure Fishing Inc
 (v)

 0.0 %
 12/22/25
 33.4
 33.0
 30.0

 Radwell International LLC/PA
 (v)

 0.8 %
 4/1/28
 1.4
 1.4
 1.4

 Radwell International LLC/PA
 (m)
 SF+ 653

 0.8 %
 4/1/29
 1.0
 1.0
 1.0

 Radwell International LLC/PA
 (i)(k)

 0.8 %
 4/1/29
 66.4
 66.4
 67.7

 Radwell International LLC/PA
 (x)

 0.8 %
 4/1/28
 5.5
 5.5
 5.5

 (s)(v)(y)(z)
 SF+ 625, 0.0 % PIK ( 6.3 % Max PIK)

 0.0 %
 2/28/26
 44.0
 42.7
 0.4

 0.0 %
 3/2/26
 44.0
 42.2
 39.7

 1.0 %
 33.1
 32.7
 33.1

 (x)

 1.0 %
 3.2
 3.2
 3.2

 Rise Baking Company
 (k)(m)(v)

 1.0 %
 8/13/27
 28.3
 27.8
 28.3

 Rise Baking Company
 (x)

 1.0 %
 8/13/27
 5.3
 5.2
 5.3

 (i)(k)(v)

 0.8 %
 187.2
 183.4
 186.5

 (x)

 0.8 %
 7.7
 7.6
 7.7

 Safe-Guard Products International LLC
 (f)

 0.5 %
 1/27/27
 0.1
 0.1
 0.1

 (m)

 1.0 %
 6.0
 6.0
 6.0

 (v)

 1.0 %
 1.8
 1.8
 1.8

 (x)

 1.0 %
 0.6
 0.6
 0.6

 SavATree LLC
 (v)

 0.8 %
 10/12/28
 9.4
 9.4
 9.3

 SavATree LLC
 (v)

 0.8 %
 10/12/28
 0.4
 0.3
 0.4

 SavATree LLC
 (x)

 0.8 %
 10/12/28
 6.0
 6.0
 5.9

 Sequel Youth & Family Services LLC
 3.0 %

 2/28/25
 57.2
 8.9
 0.3

 (v)

 0.5 %
 10/30/29
 28.8
 28.5
 28.6

 Floor

Cost
 Fair

 (x)

 0.5 %
 10/30/29
 $
 3.4
 $
 3.4
 $
 3.4

 SitusAMC Holdings Corp
 (k)

 1.0 %
 28.2
 28.0
 28.2

 Solina France SASU
 (m)(v)(w)

 0.0 %
 7/28/28
 19.5
 19.0
 19.7

 (aa)(f)(k)(t)

 0.8 %
 3/17/26
 29.6
 28.4
 29.5

 Source Code LLC
 (k)(t)(v)

 1.0 %
 56.0
 55.3
 56.0

 (m)(s)(t)(v)

 1.0 %
 57.4
 55.6
 57.4

 (x)

 1.0 %
 16.5
 16.5
 16.5

 (x)

 1.0 %
 7.9
 7.9
 7.9

 (v)

 1.0 %
 12.4
 12.1
 12.4

 (x)

 1.0 %
 18.7
 18.4
 19.0

 Summit Interconnect Inc

 1.0 %
 135.4
 134.5
 125.3

 (m)(v)(y)(z)

 1.0 %
 71.5
 69.8
 53.1

 1.0 %
 5.6
 5.5
 4.1

 (x)(y)(z)

 1.0 %
 0.1
 0.1
 0.1

 Tangoe LLC
 (m)(s)(v)

 1.0 %
 11/28/25
 179.5
 169.1
 155.4

 Tangoe LLC
 (m)(s)(v)(y)(z)
 12.5 % PIK ( 12.5 % Max PIK)

 11/28/25
 9.8
 8.4
 0.0

 TeamSystem SpA
 E+ 625

 0.0 %
 2/15/28

 19.8
 19.0
 21.9

 Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd)
 4/4/24
 39.8
 40.1
 4.3

 ThreeSixty Group
 SF+ 500, 2.5 % PIK ( 2.5 % Max PIK)

 1.5 %
 4/30/24
 $
 46.0
 45.9
 44.0

 ThreeSixty Group
 SF+ 500, 2.5 % PIK ( 2.5 % Max PIK)

 1.5 %
 4/30/24
 45.8
 45.7
 43.8

 TIBCO Software Inc
 (aa)(v)

 0.5 %
 3/30/29
 15.1
 13.9
 14.7

 (v)

 0.8 %
 45.1
 44.4
 42.1

 (v)

 0.8 %
 7.1
 7.1
 6.7

 (v)

 0.8 %

 13.6
 14.4
 14.1

 (x)

 0.8 %
 $
 15.0
 15.0
 14.0

 Transaction Services Group Ltd
 B+ 550

 0.0 %
 10/14/26
 A$
 48.3
 34.7
 33.0

 Transaction Services Group Ltd
 (f)(i)(v)(w)

 0.0 %
 10/14/26
 $
 126.2
 123.7
 126.2

 0.0 %
 5/2/30

 9.6
 10.4
 10.5

 0.5 %
 5/2/30
 $
 8.6
 8.4
 8.5

 0.0 %
 5/2/30

 2.8
 3.1
 3.1

 SF+ 350

 0.5 %
 8/6/29
 $
 1.8
 1.7
 1.7

 E+ 325

 0.0 %
 8/6/29

 1.4
 1.6
 1.5

 E+ 575, 0.0 % PIK ( 1.7 % Max PIK)

 0.0 %
 7/11/29

 1.1
 1.1
 1.2

 SA+ 575, 0.0 % PIK ( 1.7 % Max PIK)

 0.0 %
 7/11/29

 1.1
 1.3
 1.4

 Floor

Cost
 Fair

 E+ 625

 0.0 %
 7/31/30

 13.7
 $
 14.80
 $
 14.30

 0.8 %
 $
 68.3
 67.7
 68.0

 (x)

 0.8 %
 6.7
 6.6
 6.7

 (x)

 0.8 %
 8.4
 8.4
 8.5

 Vytalogy Wellness LLC (fka Jarrow Formulas Inc)
 (v)

 1.0 %
 9/21/26
 5.3
 5.3
 5.1

 Vytalogy Wellness LLC (fka Jarrow Formulas Inc)
 (f)(i)(k)(m)(t)(v)

 1.0 %
 116.4
 112.6
 113.4

 Warren Resources Inc
 SF+ 900, 1.0 % PIK ( 1.0 % Max PIK)

 1.0 %
 5/22/24
 18.8
 18.5
 18.8

 1.0 %
 10/4/27
 5.3
 5.2
 5.3

 1.0 %
 10/4/27
 0.9
 0.9
 0.9

 1.0 %
 10/29/27
 2.1
 2.1
 2.1

 12/31/28

 1.6
 1.7
 1.7

 12/31/28
 19.6
 21.4
 21.4

 1.0 %
 4/5/28
 $
 157.9
 152.8
 157.9

 (x)

 1.0 %
 4/5/28
 3.7
 3.7
 3.7

 (v)
 SF+ 625, 0.5 % PIK ( 0.5 % Max PIK)

 1.0 %
 3/29/28
 40.9
 40.8
 37.5

 (v)
 SF+ 675, 0.0 % PIK ( 0.5 % Max PIK)

 1.0 %
 3/29/28
 5.7
 5.7
 5.2

 (x)
 SF+ 625, 0.5 % PIK ( 0.5 % Max PIK)

 1.0 %
 3/29/28
 28.0
 28.0
 25.7

 (x)
 SF+ 675, 0.0 % PIK ( 0.5 % Max PIK)

 1.0 %
 3/29/28
 8.5
 8.5
 7.8

 SF+ 350, 3.5 % PIK ( 3.5 % Max PIK)

 0.8 %
 59.6
 59.1
 59.5

 (x)
 SF+ 625, 0.0 % PIK ( 3.5 % Max PIK)

 0.8 %
 6.0
 6.0
 6.0

 (x)
 SF+ 625, 0.0 % PIK ( 3.5 % Max PIK)

 0.8 %
 14.5
 14.4
 14.5

 Total Senior Secured Loans—First Lien
 9,697.2
 9,336.2

 ( 807.1)
 ( 807.1)

 Net Senior Secured Loans—First Lien
 8,890.1
 8,529.1

 Senior Secured Loans—Second Lien— 15.9 %

 Apex Group Limited

 0.5 %
 7/27/29
 55.0
 54.1
 53.9

 (ac)(v)(y)(z)

 7/31/25
 31.2
 4.2
 —

 Caldic BV

 0.5 %
 2/25/30
 40.0
 39.1
 39.6

 Floor

Cost
 Fair

 SF+ 1,100, 0.0 % PIK ( 5.0 % Max PIK)

 1.0 %
 3/27/26
 $
 13.6
 $
 13.1
 $
 9.0

 Cubic Corp
 (v)
 SF+ 763

 0.8 %
 5/25/29
 44.8
 42.4
 42.8

 Ellucian Inc
 (v)
 SF+ 800

 1.0 %
 10/9/28
 179.2
 171.9
 181.0

 6/14/28
 5.6
 3.6
 —

 (v)

 0.5 %
 9/25/27
 76.1
 75.8
 75.7

 Peraton Corp
 SF+ 800

 1.0 %
 2/1/29
 175.0
 167.1
 175.0

 Peraton Corp
 (v)
 SF+ 775

 0.8 %
 2/1/29
 129.8
 124.8
 129.5

 SF+ 650 PIK (SF+ 650 Max PIK)

 1.0 %
 7/11/27
 6.5
 6.5
 6.5

 SF+ 650 PIK (SF+ 650 Max PIK)

 1.0 %
 7/19/27
 6.8
 6.8
 6.8

 Solera LLC
 (v)

 1.0 %
 6/4/29
 335.9
 322.1
 335.9

 E+ 750

 0.0 %
 10/1/29

 3.8
 4.1
 3.5

 E+ 750

 0.0 %
 10/1/29
 2.3
 3.0
 2.6

 (v)(w)(y)(z)
 E+ 850, 1.0 % PIK ( 1.0 % Max PIK)

 0.0 %
 10/4/27
 114.5
 122.5
 31.0

 Total Senior Secured Loans—Second Lien
 1,161.1
 1,092.8

 ( 3.0)
 ( 3.0)

 Net Senior Secured Loans—Second Lien
 1,158.1
 1,089.8

 Other Senior Secured Debt— 1.5 %

 Angelica Corp
 (h)(y)(z)

 12/31/24
 $
 65.1
 2.7
 0.7

 JW Aluminum Co
 (aa)(ad)(s)(v)
 10.3 %

 6/1/26
 76.5
 75.9
 77.1

 8.5 % PIK ( 8.5 % Max PIK)

 11/1/28
 27.8
 26.3
 20.6

 TIBCO Software Inc
 (aa)(v)
 6.5 %

 3/31/29
 0.7
 0.6
 0.7

 Total Other Senior Secured Debt
 105.5
 99.1

 Subordinated Debt— 4.7 %

 (v)
 14.3 % PIK ( 14.3 % Max PIK)

 4/23/31
 13.3
 13.0
 13.0

 (x)
 14.3 % PIK ( 14.3 % Max PIK)

 4/23/31
 6.5
 6.5
 6.3

 11.5 %, 0.0 % PIK ( 12.8 % Max PIK)

 1/15/27
 1.0
 1.0
 1.0

 (ad)(s)(v)(w)

 9/1/28
 32.9
 19.5
 32.9

 Element Materials Technology Group US Holdings Inc
 SF+ 850 PIK (SF+ 850 Max PIK)

 0.5 %
 7/9/31
 77.5
 76.3
 74.1

 Floor

Cost
 Fair

 Encora Digital LLC
 (v)
 9.8 % PIK ( 9.8 % Max PIK)

 12/13/29
 $
 26.2
 $
 25.6
 $
 25.1

 (v)

 1.0 %
 5/24/24
 6.3
 6.3
 6.4

 (x)

 1.0 %
 5/24/24
 20.0
 20.0
 20.2

 4/1/30
 11.0
 8.9
 10.4

 4/1/30
 43.6
 32.0
 36.0

 0.5 %
 1/31/30
 62.9
 61.2
 61.0

 SF+ 900 PIK (SF+ 900 Max PIK)

 0.5 %
 66.1
 64.5
 62.7

 Total Subordinated Debt
 334.8
 349.1

 ( 26.5)
 ( 26.5)

 Net Subordinated Debt
 308.3
 322.6

 Floor

Cost
 Fair

 Asset Based Finance— 30.3 %

 801 5th Ave, Seattle, Private Equity
 8,516,891
 $
 14.0
 $
 —

 801 5th Ave, Seattle, Structure Mezzanine
 8.0 %, 3.0 % PIK ( 3.0 % Max PIK)

 12/19/29
 $
 60.6
 59.0
 52.7

 Abacus JV, Private Equity
 47,045,141
 46.1
 48.5

 Accelerator Investments Aggregator LP, Private Equity
 2,778,491
 3.2
 2.5

 Altavair AirFinance, Private Equity
 (ac)(v)(w)
 128,878,615
 129.9
 133.9

 SF+ 1,000

 0.0 %
 1/12/30
 $
 4.9
 4.9
 4.8

 SF+ 1,000

 0.0 %
 1/12/30
 $
 4.9
 4.9
 4.8

 Australis Maritime II, Private Equity
 10,877,686
 10.9
 12.2

 Australis Maritime, Common Stock
 35,450,153
 35.4
 35.8

 Avenue One PropCo, Private Equity
 37,850,611
 37.9
 38.8

 Avida Holding AB, Common Stock
 444,962,569
 49.9
 42.9

 Avida Holding AB, Subordinated Bond
 SR+ 925

 0.0 %
 1/27/34
 SEK
 15.0
 1.3
 1.5

 Bankers Healthcare Group LLC, Term Loan
 22.0 %

 11/8/27
 $
 9.0
 9.0
 9.0

 SF+ 665

 1.0 %
 1/28/28
 $
 70.0
 70.0
 70.0

 SF+ 665

 1.0 %
 1/28/28
 $
 50.0
 50.0
 50.0

 Byrider Finance LLC, Private Equity
 (u)(v)(y)
 54,407
 —
 —

 Byrider Finance LLC, Term Loan
 (u)(v)(y)
 11/26/26
 5,000,000
 5.0
 —

 Callodine Commercial Finance LLC, 2L Term Loan A
 (v)

 1.0 %
 $
 125.0
 121.0
 126.0

 Floor

Cost
 Fair

 (v)

 1.0 %
 $
 12.0
 $
 12.0
 $
 12.1

 (x)

 1.0 %
 $
 36.1
 36.1
 36.4

 Capital Automotive LP, Private Equity
 21,190,090
 23.2
 32.4

 Capital Automotive LP, Structured Mezzanine
 11.0 %

 12/22/28
 $
 41.5
 40.9
 41.5

 1.0 %
 11/20/26
 $
 14.1
 14.1
 14.1

 C+ 675

 1.0 %
 C$
 1.8
 1.3
 1.3

 E+ 675

 1.0 %

 2.0
 2.1
 2.3

 1.0 %
 11/20/26
 $
 5.9
 5.9
 5.9

 C+ 675

 1.0 %
 C$
 2.2
 1.7
 1.8

 E+ 675

 1.0 %

 2.0
 2.1
 2.0

 Drive Revel, Private Equity
 1,853,796
 2.0
 2.2

 Global Jet Capital LLC, Preferred Stock
 149,494,590
 69.4
 —

 Global Jet Capital LLC, Preferred Stock
 (j)(u)(v)(y)(z)
 9.0 % PIK ( 9.0 % Max PIK)

 10/1/28
 $
 494.5
 309.4
 256.5

 Global Jet Capital LLC, Structured Mezzanine
 (j)(u)(v)(w)
 15.0 % PIK ( 15.0 % Max PIK)

 12/4/25
 $
 18.7
 15.6
 18.7

 Global Jet Capital LLC, Structured Mezzanine
 (j)(u)(v)(w)
 15.0 % PIK ( 15.0 % Max PIK)

 12/9/25
 $
 13.7
 11.2
 13.7

 Global Jet Capital LLC, Structured Mezzanine
 (j)(u)(v)(w)
 15.0 % PIK ( 15.0 % Max PIK)

 1/29/26
 $
 1.6
 1.3
 1.6

 Global Lending Services LLC, Private Equity
 3,839,633
 4.4
 4.5

 Global Lending Services LLC, Private Equity
 7,193,212
 7.2
 6.9

 Global Lending Services LLC, Private Equity
 32,850,984
 32.9
 34.5

 Home Partners JV 2, Private Equity
 4,471,509
 4.4
 4.2

 Home Partners JV 2, Private Equity
 168,710
 0.2
 0.2

 Home Partners JV 2, Structured Mezzanine
 (ac)(v)(w)
 11.0 % PIK ( 11.0 % Max PIK)

 $
 11.4
 11.4
 11.4

 Jet Edge International LLC, Structured Mezzanine
 (v)
 10.0 %, 2.0 % PIK ( 2.0 % Max PIK)

 4/2/26
 $
 46.0
 46.0
 46.9

 Jet Edge International LLC, Structured Mezzanine
 (x)
 10.0 %, 2.0 % PIK ( 2.0 % Max PIK)

 4/2/26
 $
 0.7
 0.7
 0.7

 Kilter Finance, Preferred Stock
 12.0 %

 99,700,000
 98.9
 99.7

 Kilter Finance, Private Equity
 536,709
 0.5
 0.5

 Floor

Cost
 Fair

 KKR Altitude II Offshore Aggregator LP, Partnership Interest
 63,265,438
 $
 63.3
 $
 65.6

 KKR Central Park Leasing Aggregator L.P., Partnership Interest
 (ad)(v)(w)(y)(z)
 14.3 %

 5/31/26
 $
 39.1
 39.1
 15.3

 KKR Chord IP Aggregator LP, Partnership Interest
 89,492,619
 89.6
 99.9

 KKR Residential Opportunities I LLC, Private Equity
 (v)
 6,285,920
 6.3
 7.3

 KKR Rocket Loans Aggregator LLC, Partnership Interest
 9,221,222
 9.2
 8.3

 KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest
 11,976,417
 11.3
 11.8

 My Community Homes PropCo 2, Private Equity
 81,136,364
 81.1
 78.8

 NewStar Clarendon 2014-1A Class D
 2.0 %

 1/25/27
 $
 8.3
 2.4
 2.2

 Opendoor Labs Inc, Structured Mezzanine
 10.0 %

 4/1/26
 $
 42.6
 42.6
 40.9

 Optio Invest, Private Equity
 810,922
 1.0
 1.0

 PayPal Europe Sarl et Cie SCA, Private Equity
 55,605,051
 59.8
 59.6

 Prime ST LLC, Private Equity
 5,612,193
 7.3
 —

 Prime ST LLC, Structured Mezzanine
 5.0 %, 6.0 % PIK ( 6.0 % Max PIK)

 3/12/30
 $
 58.9
 57.2
 33.1

 Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity
 220,778,388
 236.5
 241.0

 Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine
 18.0 %

 7/25/30
 $
 3.4
 2.4
 2.7

 Star Mountain Diversified Credit Income Fund III, LP, Private Equity
 (o)(w)
 23,500,000
 23.5
 24.4

 SunPower Financial, Private Equity
 3,690,938
 3.7
 4.5

 Synovus Financial Corp, Private Equity
 Banks
 8,345,434
 8.3
 8.4

 SA+ 700

 1.5 %
 9/5/26

 33.1
 41.6
 42.1

 SA+ 700

 1.5 %
 9/5/26

 10.3
 13.0
 12.9

 8.0 %

 21.7
 26.3
 27.8

 TDC LLP, Private Equity
 1,576,060
 2.0
 2.0

 Vehicle Secured Funding Trust, Private Equity
 94,927,993
 94.9
 94.9

 1.0 %
 12/19/26
 $
 21.8
 21.8
 21.8

 1.0 %
 12/19/26
 $
 44.9
 44.9
 44.9

 Total Asset Based Finance
 2,396.4
 2,236.6

 Unfunded Asset Based Finance Commitments
 ( 159.3)
 ( 159.3)

 Net Asset Based Finance
 2,237.1
 2,077.3

 Floor

Cost
 Fair

 Credit Opportunities Partners JV, LLC— 20.4 %

 $
 1,637.3
 $
 1,571.7
 $
 1,396.9

 Total Credit Opportunities Partners JV, LLC
 1,571.7
 1,396.9

 Floor
Cost
 Fair

 Equity/Other— 16.6 %(e)

 Abaco Energy Technologies LLC, Common Stock
 3,055,556
 $
 0.2
 $
 0.6

 Abaco Energy Technologies LLC, Preferred Stock
 12,734,481
 1.5
 4.5

 Affordable Care Inc, Preferred Stock
 11.8 % PIK ( 11.8 % Max PIK)

 49,073,000
 48.1
 50.0

 American Vision Partners, Private Equity
 2,655,491
 2.7
 1.8

 Amerivet Partners Management Inc, Preferred Stock
 (v)
 11.5 % PIK ( 11.5 % Max PIK)

 12,702,290
 12.3
 8.8

 Arcos LLC/VA, Preferred Stock
 (v)
 SF+ 950 PIK (SF+ 950 Max PIK)

 1.0 %
 4/30/31
 15,000,000
 14.1
 12.5

 Arena Energy LP, Warrants
 (v)
 68,186,525
 0.4
 0.3

 Ascent Resources Utica Holdings LLC / ARU Finance Corp
 (p)(y)
 866,071
 19.4
 22.9

 Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock
 (p)(y)
 10,193
 9.7
 2.7

 athenahealth Inc, Preferred Stock
 10.8 % PIK ( 10.8 % Max PIK)

 267,493
 262.2
 252.6

 ATX Networks Corp, Class B-1 Common Stock
 5.0
 2.5

 ATX Networks Corp, Class B-2 Common Stock
 4.0
 0.8

 ATX Networks Corp, Common Stock
 (ad)(s)(v)(w)(y)
 5,578
 9.9
 25.9

 94,950
 —
 —

 Borden (New Dairy Opco), Common Stock
 (ac)(h)(n)(y)
 6,044,502
 4.9
 11.2

 Bowery Farming Inc, Common Stock
 1,058,391
 10.0
 3.1

 Bowery Farming Inc, Warrants
 9/10/28
 161,828
 —
 0.1

 Bowery Farming Inc, Warrants
 9/10/28
 1,058,391
 —
 —

 CDS US Intermediate Holdings Inc, Warrant
 2,023,714
 —
 6.3

 Cengage Learning, Inc, Common Stock
 227,802
 7.5
 3.6

 Constellis Holdings LLC, Private Equity
 (ac)(f)(v)(y)
 849,702
 10.3
 —

 CTI Foods Holding Co LLC, Common Stock
 5,892
 0.7
 —

 Cubic Corp, Preferred Stock
 (v)
 11.0 % PIK ( 11.0 % Max PIK)

 42,141,600
 39.7
 33.9

 Fox Head Inc, Common Stock
 (j)(v)(y)
 10,000,000
 2.9
 —

 Floor
Cost
 Fair

 Fronton BV, Common Stock
 (ac)(o)(y)
 14,943
 $
 —
 $
 1.8

 Galaxy Universal LLC, Common Stock
 (ac)(n)(y)
 228,806
 35.4
 0.5

 Galaxy Universal LLC, Preferred Stock
 (ac)(n)
 15.9 % PIK ( 15.9 % Max PIK)

 2,068,400
 4.0
 5.5

 Galaxy Universal LLC, Trade Claim
 7,701,195
 2.5
 1.0

 Gracent LLC, Class A Common Stock
 —
 —

 Gracent LLC, Preferred Equity
 1,000
 8.2
 3.8

 Gracent LLC, Preferred Stock A
 8.0
 —

 Gracent LLC, Preferred Stock B
 —
 —

 Harvey Industries Inc, Common Stock
 5,000,000
 2.2
 7.3

 HM Dunn Co Inc, Preferred Stock, Series A
 (ad)(s)(v)(y)
 85,385
 7.1
 25.1

 HM Dunn Co Inc, Preferred Stock, Series B
 (ad)(s)(v)(y)
 15,000
 —
 —

 Imagine Communications Corp, Common Stock
 33,034
 3.8
 2.4

 Jones Apparel Holdings, Inc., Common Stock
 5,451
 0.9
 —

 JW Aluminum Co, Common Stock
 (ad)(j)(u)(v)(y)
 2,105
 —
 2.5

 JW Aluminum Co, Preferred Stock
 (ad)(j)(u)(v)(y)(z)
 0.0 % PIK ( 12.5 % Max PIK)

 2/15/28
 15,279
 214.5
 148.7

 Lipari Foods LLC, Common Stock
 7,944,319
 8.0
 5.6

 Magna Legal Services LLC, Common Stock
 (h)(y)
 4,938,192
 4.9
 5.0

 Maverick Natural Resources LLC, Common Stock
 (n)(o)
 259,211
 61.3
 84.4

 Med-Metrix, Common Stock
 (h)(y)
 29,403
 1.5
 3.7

 Med-Metrix, Preferred Stock
 (h)
 8.0 % PIK ( 8.0 % Max PIK)

 29,403
 1.5
 1.5

 Misys Ltd, Preferred Stock
 L+ 1,125 PIK (L+ 1,125 Max PIK)

 0.0 %
 75,534,743
 71.5
 71.2

 NCI Inc, Class A-1 Common Stock
 42,923
 —
 —

 NCI Inc, Class B-1 Common Stock
 30,121
 —
 —

 NCI Inc, Class C Common Stock
 49,406
 20.2
 19.7

 NCI Inc, Class I-1 Common Stock
 42,923
 —
 —

 Nine West Holdings Inc, Common Stock
 5,451
 6.4
 —

 One Call Care Management Inc, Common Stock
 34,872
 2.1
 1.9

 One Call Care Management Inc, Preferred Stock A
 371,992
 22.8
 18.5

 One Call Care Management Inc, Preferred Stock B
 9.0 % PIK ( 9.0 % Max PIK)

 10/25/29
 7,672,347
 8.0
 7.7

 Petroplex Acidizing Inc, Trade Claim
 589,656
 0.6
 0.3

 Polyconcept North America Inc, Class A - 1 Units
 30,000
 3.0
 7.1

 PRG III LLC, Preferred Stock, Series A PIK
 434,250
 18.1
 120.7

 Floor
Cost
 Fair

 PRG III LLC, Preferred Stock, Series B PIK
 $
 —
 $
 —

 Proserv Acquisition LLC, Class A Common Units
 2,635,005
 33.5
 3.5

 Proserv Acquisition LLC, Class A Preferred Units
 837,780
 5.4
 9.5

 Quoizel, LLC, Common Stock
 4,563
 8.3
 10.2

 Quorum Health Corp, Private Equity
 920,188
 0.9
 7.7

 Quorum Health Corp, Trade Claim
 8,301,000
 0.7
 0.9

 Quorum Health Corp, Trust Initial Funding Units
 143,400
 0.2
 0.1

 Saturn Oil & Gas Inc, Common Stock
 (aa)(j)(u)(v)(w)(y)
 355,993
 0.7
 0.6

 Sorenson Communications LLC, Common Stock
 (j)(u)(v)
 42,731
 7.1
 2.9

 Stuart Weitzman Inc, Common Stock
 5,451
 —
 —

 Swift Worldwide Resources Holdco Ltd, Common Stock
 1,250,000
 1.2
 1.1

 ThermaSys Corp, Common Stock
 (ac)(u)(v)(y)
 17,383,026
 10.2
 —

 TIBCO Software Inc, Preferred Stock
 (v)
 SF+ 1,200 PIK (SF+ 1,200 Max PIK)

 0.5 %
 76,878,880
 73.5
 82.6

 Ultra Electronics Holdings PLC, Private Equity
 683,240,044
 7.2
 10.4

 Ultra Electronics Holdings PLC, Private Equity
 1,272,105
 1.3
 1.9

 Warren Resources Inc, Common Stock
 3,483,788
 12.8
 12.3

 Worldwise Inc, Class A Private Equity
 32,109
 1.6
 —

 Worldwise Inc, Class B Private Equity
 43,974
 2.1
 —

 Worldwise Inc, Preferred Equity
 (v)
 20.0 % PIK ( 20.0 % Max PIK)

 830,617
 0.3
 0.8

 Total Equity/Other
 1,149.0
 1,134.5

 TOTAL INVESTMENTS— 213.9 %

 $
 15,419.8
 14,649.3

 LIABILITIES IN EXCESS OF OTHER ASSETS—( 113.9 %)

 ( 7,800.3)

 NET ASSETS—100%
 $
 6,849.0

 Foreign Currency
 Settlement Date
 Amount and Transaction
 US$ Value at Settlement Date
 US$ Value at December 31, 2023

 Unrealized Appreciation (Depreciation)

 AUD
 10/21/2024
 A$
 8.3
 Sold
 $
 5.2
 $
 5.7
 $

 AUD
 10/21/2024
 A$
 2.2
 Sold
 1.5
 1.5
 —

 AUD
 10/21/2024
 A$
 2.3
 Sold
 1.5
 1.6

 CAD
 11/18/2024
 C$
 1.1
 Sold
 0.8
 0.8
 —

 GBP

 1.4
 Sold
 1.7
 1.8

 GBP

 3.4
 Sold
 4.1
 4.3

 GBP

 1.7
 Sold
 2.1
 2.2

 GBP

 5.0
 Sold
 6.0
 6.3

 GBP

 1.9
 Sold
 2.3
 2.5

 GBP
 1/20/2026

 6.2
 Sold
 7.5
 7.9
 ( 0.4)

 GBP
 3/31/2026

 13.5
 Sold
 16.6
 17.3

 GBP
 4/2/2026

 3.5
 Sold
 4.3
 4.5

 SEK
 5/10/2024
 SEK
 503.0
 Sold
 60.1
 50.5
 9.6

 SEK
 5/10/2024
 SEK
 34.5
 Sold
 4.1
 3.4
 0.7

 SEK
 5/10/2024
 SEK
 250.0
 Sold
 26.3
 25.0
 1.3

 SEK
 8/8/2025
 SEK
 119.3
 Sold
 13.3
 12.1
 1.2

 SEK
 8/8/2025
 SEK
 27.8
 Sold
 3.1
 2.8
 0.3

 SEK
 4/14/2027
 SEK
 167.0
 Sold
 16.4
 17.3

 Total
 $
 176.9
 $
 167.5
 $
 9.4

 (a) Security may be an obligation of one or more entities affiliated with the named company.
 (b) Certain variable rate securities in the Company's portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2023, the three-month London Interbank Offered Rate, or LIBOR or "L", was 5.59 %, the Euro Interbank Offered Rate, or EURIBOR or "E", was 3.91 %, Canadian Dollar Offer Rate, or CDOR or "C", was 5.45 %, the Australian Bank Bill Swap Bid Rate, or BBSY or "B", was 4.41 %, the Reykjavik Interbank Offered Rate, or REIBOR or "R", was 9.91 %, the Stockholm Interbank Offered Rate, or STIBOR or "SR", was 4.05 %, the Sterling Interbank Offered Rate, or SONIA or "SA", was 5.21 %, the Secured Overnight Financing Rate, or SOFR or "SF", was 5.33 %, the U.S. Prime Lending Rate, or Prime or "P", was 8.50 %, and the Australian Bank Bill Swap Rate, or BBSW or "BW", was 4.36 %. PIK means paid-in-kind. PIK income accruals may be adjusted based on the performance of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.
 (c) Denominated in U.S. dollars unless otherwise noted.
 (d) See Note 8 for additional information regarding the fair value of the Company's financial instruments.
 (e) Listed investments may be treated as debt for GAAP or tax purposes.
 (f) Security or portion thereof held within Ambler Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Ally Bank (see Note 9).
 (g)Security or portion thereof was held within CCT Dublin Funding Limited.
 (h) Security held within CCT Holdings II, LLC, a wholly-owned subsidiary of the Company.
 (i) Security or portion thereof was held within CCT Tokyo Funding LLC and was pledged as collateral supporting the amounts outstanding under the revolving credit facility with Sumitomo Mitsui Banking Corporation (see Note 9).
 (j) Security or portion thereof held within Cobbs Creek LLC and is pledged as collateral supporting the amounts outstanding under the senior secured revolving credit facility (see Note 9).
 (k) Security or portion thereof held within Darby Creek LLC and is pledged as collateral supporting the amounts outstanding under a revolving credit facility with Deutsche Bank AG, New York Branch (see Note 9).

 (l)Not used.
 (m) Security or portion thereof was held within FSK CLO as of December 31, 2023.
 (n) Security held within FSIC II Investments, Inc., a wholly-owned subsidiary of the Company.
 (o) Security held within FSIC Investments, Inc., a wholly-owned subsidiary of the Company.
 (p) Security held within IC American Energy Investments, Inc., a wholly-owned subsidiary of the Company.
 (q) Security held within IC Arches Investments LLC, a wholly-owned subsidiary of the Company.
 (r) Security held within IC II Arches Investments, LLC, a wholly-owned subsidiary of the Company.
 (s) Security or portion thereof held within Juniata River LLC and is pledged as collateral supporting the amounts outstanding under a term loan credit facility with JPMorgan Chase Bank, N.A. (see Note 9).
 (t) Security or portion thereof held within Meadowbrook Run LLC and is pledged as collateral supporting the amounts outstanding under a revolving credit facility with Morgan Stanley Senior Funding, Inc. (see Note 9).
 (u) Security or portion thereof held within Race Street Funding LLC. Security is available as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).
 (v) Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).
 (w) The investment is not a qualifying asset under the Investment Company Act of 1940, as amended. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. As of December 31, 2023, 73.1 % of the Company's total assets represented qualifying assets.
 (x) Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.
 (y) Security is non-income producing.
 (z) Asset is on non-accrual status.
 (aa) Security is classified as Level 1 or Level 2 in the Company's fair value hierarchy (see Note 8).
 (ab)Position or portion thereof unsettled as of unsettled as of December 31, 2023.
 (ac) Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an "affiliated person" of a portfolio company if it owns 5% or more of the portfolio company's voting securities and generally is deemed to "control" a portfolio company if it owns more than 25% of the portfolio company's voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" but is not deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person for the year ended December 31, 2023:

 $
 53.1
 $
 8.1
 $
 ( 26.5)
 $
 $
 1.1
 $
 35.6
 $
 4.6
 $
 0.3
 $
 0.4
 $
 —

 —
 7.4
 —
 —
 7.3
 0.3
 —
 0.1
 —

 8.8
 —
 ( 7.9)
 1.0
 11.3
 13.2
 0.2
 —
 —
 —

 19.4
 —
 —
 —
 0.6
 20.0
 3.0
 —
 —
 —

 15.0
 0.2
 —
 —
 15.1
 2.1
 —
 0.1
 —

 —
 7.5
 ( 7.5)
 —
 —
 —
 0.7
 —
 0.5
 —

 —
 88.0
 —
 86.4
 9.6
 —
 —
 —

 —
 21.7
 ( 3.2)
 —
 ( 0.4)
 18.1
 1.9
 —
 —
 —

 One Call Care Management Inc(4)

 —
 4.7
 —
 —
 4.2
 0.6
 —
 —
 —

 Sungard Availability Services Capital Inc
 0.5
 —
 ( 1.1)
 ( 4.7)
 5.3
 —
 —
 —
 —
 —

 Sungard Availability Services Capital Inc
 2.0
 —
 ( 2.0)
 —
 —
 —
 —
 —
 0.1
 —

 ThermaSys Corp
 8.6
 —
 ( 5.1)
 ( 3.2)
 —
 —
 —
 —

 $
 3.3
 $
 —
 $
 —
 $
 —
 $
 ( 3.3)
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —

 13.5
 0.3
 —
 —
 ( 4.8)
 9.0
 2.4
 —
 0.1
 —

 Sungard Availability Services Capital Inc
 —
 —
 —
 ( 13.5)
 13.5
 —
 —
 —
 —
 —

 One Call Care Management Inc(4)

 —
 26.3
 —
 —
 ( 5.7)
 20.6
 —
 2.5
 —
 —

 Altavair AirFinance, Private Equity(4)

 —
 141.2
 ( 11.3)
 —
 4.0
 133.9
 —
 —
 —
 27.9

 Accelerator Investments Aggregator LP, Private Equity4)

 —
 4.5
 ( 1.2)
 2.5
 —
 —
 —
 —

 Home Partners JV 2, Structured Mezzanine
 10.2
 1.2
 —
 —
 —
 11.4
 —
 1.1
 —
 —

 Home Partners JV 2, Private Equity
 0.2
 —
 —
 —
 —
 0.2
 —
 —
 —
 —

 Home Partners JV 2, Private Equity
 5.0
 —
 —
 —
 4.2
 —
 —
 —
 —

 Affordable Care Inc, Preferred Stock
 49.9
 —
 —
 —
 0.1
 50.0
 —
 5.5
 —
 —

 athenahealth Inc, Preferred Stock
 231.2
 —
 —
 —
 21.4
 252.6
 —
 29.2
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Borden (New Dairy Opco), Common Stock
 4.8
 —
 ( 5.2)
 1.0
 10.6
 11.2
 —
 —
 —
 —

 Constellis Holdings LLC, Private Equity
 6.3
 —
 —
 —
 ( 6.3)
 —
 —
 —
 —
 —

 Fronton BV, Common Stock
 1.0
 —
 —
 —
 0.8
 1.8
 —
 —
 —
 —

 Galaxy Universal LLC, Common Stock(4)

 —
 35.4
 —
 —
 ( 34.9)
 0.5
 —
 —
 —
 —

 Galaxy Universal LLC, Trade Claim(4)

 —
 4.6
 ( 2.1)
 —
 ( 1.5)
 1.0
 —
 —
 —
 —

 Galaxy Universal LLC, Preferred Stock
 —
 4.0
 —
 —
 1.5
 5.5
 —
 0.1
 —
 —

 One Call Care Management Inc, Preferred Stock A(4)

 —
 22.8
 —
 —
 ( 4.3)
 18.5
 —
 —
 —
 —

 One Call Care Management Inc, Common Stock(4)

 —
 2.1
 —
 —
 1.9
 —
 —
 —
 —

 One Call Care Management Inc, Preferred Stock B(4)

 —
 8.0
 —
 —
 7.7
 —
 0.7
 —
 —

 Proserv Acquisition LLC, Class A Common Units
 1.1
 —
 —
 —
 2.4
 3.5
 —
 —
 —
 —

 Proserv Acquisition LLC, Class A Preferred Units
 9.5
 —
 —
 —
 —
 9.5
 —
 —
 —
 —

 ThermaSys Corp, Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 ThermaSys Corp, Preferred Stock
 —
 —
 ( 1.5)
 1.7
 —
 —
 —
 —
 —

 Total
 $
 443.4
 $
 388.0
 $
 ( 74.2)
 $
 ( 21.2)
 $
 9.4
 $
 745.4
 $
 25.2
 $
 39.4
 $
 1.3
 $
 27.9

 (1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
 (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
 (3) Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2023.

 (4) The Company held this investment as of December 31, 2022 but it was not deemed to be an "affiliated person" of the portfolio company as of December 31, 2022. Transfers in or out have been presented at amortized cost.

 (ad) Under the Investment Company Act of 1940, as amended, the Company generally is deemed to "control" a portfolio company if it owns more than 25% of the portfolio company's voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" and deemed to "control". During the year ended December 31, 2023, the Company disposed of investments in portfolio companies of which it was deemed to be an "affiliated person" and deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control for the year ended December 31, 2023:

 Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd)
 $
 3.9
 $
 —
 $
 ( 40.1)
 $
 —
 $
 36.2
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —

 40.6
 27.9
 ( 3.4)
 —
 —
 65.1
 7.6
 —
 3.8
 —

 Gracent LLC
 —
 52.0
 ( 23.1)
 ( 4.2)
 24.5
 0.4
 2.3
 —
 —

 35.6
 1.0
 —
 —
 35.8
 2.9
 1.1
 —
 —

 —
 1.0
 —
 —
 —
 1.0
 0.1
 —
 —
 —

 NCI Inc
 28.1
 3.4
 0.3
 —
 0.4
 32.2
 —
 3.5
 —
 —

 152.5
 20.0
 ( 1.2)
 —
 ( 2.7)
 168.6
 23.8
 8.5
 —
 —

 0.1
 —
 —
 —
 —
 0.1
 —
 —
 —
 —

 68.1
 3.5
 ( 6.4)
 0.1
 ( 1.7)
 63.6
 9.6
 1.9
 —
 —

 31.3
 4.5
 —
 0.6
 34.8
 3.6
 1.1
 —
 —

 Warren Resources Inc
 18.6
 0.7
 —
 —
 18.8
 3.1
 0.2
 —
 —

 —
 6.5
 —
 —
 —
 6.5
 —
 0.3
 —
 —

 —
 6.8
 —
 —
 —
 6.8
 —
 0.4
 —
 —

 JW Aluminum Co
 78.1
 0.2
 —
 —
 ( 1.2)
 77.1
 8.0
 —
 —
 —

 21.9
 11.1
 —
 —
 32.9
 —
 3.7
 —
 —

 Hilding Anders
 —
 —
 —
 ( 99.4)
 99.4
 —
 —
 —
 —
 —

 Hilding Anders
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Hilding Anders
 —
 —
 —
 ( 26.9)
 26.9
 —
 —
 —
 —

 801 5th Ave, Seattle, Structure Mezzanine
 58.9
 2.0
 —
 —
 ( 8.2)
 52.7
 4.2
 1.8
 —
 —

 801 5th Ave, Seattle, Private Equity
 6.3
 —
 —
 —
 ( 6.3)
 —
 —
 —
 —
 —

 Abacus JV, Private Equity(4)

 —
 48.2
 ( 2.2)
 0.1
 2.4
 48.5
 —
 —
 —
 7.4

 Avenue One PropCo, Private Equity
 31.0
 7.8
 —
 —
 —
 38.8
 —
 —
 —
 —

 Australis Maritime, Common Stock(4)

 —
 53.2
 ( 19.1)
 1.3
 0.4
 35.8
 —
 —
 —
 5.9

 Australis Maritime II, Private Equity
 $
 —
 $
 10.9
 $
 —
 $
 —
 $
 1.3
 $
 12.2
 $
 —
 $
 —
 $
 —
 $
 —

 Avida Holding AB, Common Stock
 42.6
 5.3
 —
 —
 ( 5.0)
 42.9
 —
 —
 —
 —

 Avida Holding AB, Subordinated Bond
 —
 1.3
 —
 —
 0.2
 1.5
 —
 —
 —
 —

 Capital Automotive LP, Private Equity(4)

 —
 23.7
 —
 9.2
 32.4
 —
 —
 —
 3.8

 Capital Automotive LP, Structured Mezzanine(4)

 —
 41.8
 —
 0.6
 41.5
 4.7
 —
 —
 —

 Kilter Finance, Preferred Stock
 99.5
 0.3
 —
 —
 99.7
 15.0
 —
 —
 —

 Kilter Finance, Private Equity
 0.5
 —
 —
 —
 —
 0.5
 —
 —
 —
 —

 KKR Altitude II Offshore Aggregator LP, Partnership Interest
 44.4
 19.5
 ( 0.6)
 —
 2.3
 65.6
 —
 —
 —
 1.9

 KKR Central Park Leasing Aggregator L.P., Partnership Interest(4)

 —
 39.1
 —
 —
 ( 23.8)
 15.3
 —
 —
 —
 —

 KKR Chord IP Aggregator LP, Partnership Interest(4)

 —
 89.6
 —
 —
 10.3
 99.9
 —
 —
 —
 4.3

 KKR Rocket Loans Aggregator LLC, Partnership Interest
 4.3
 9.9
 ( 5.0)
 —
 8.3
 —
 —
 —
 —

 KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest(4)

 —
 23.0
 ( 11.7)
 —
 0.5
 11.8
 —
 —
 —
 —

 My Community Homes PropCo 2, Private Equity
 79.0
 —
 ( 3.2)
 —
 3.0
 78.8
 —
 —
 —
 —

 Prime ST LLC, Private Equity
 —
 —
 —
 0.1
 —
 —
 —
 —
 —

 Prime ST LLC, Structured Mezzanine
 43.5
 3.5
 —
 —
 ( 13.9)
 33.1
 3.0
 3.3
 —
 —

 Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity
 261.2
 0.1
 —
 —
 ( 20.3)
 241.0
 —
 —
 —
 14.5

 —
 26.3
 —
 —
 1.5
 27.8
 1.5
 —
 —
 —

 —
 2.0
 —
 —
 —
 2.0
 —
 —
 —
 0.1

 1,428.3
 —
 —
 —
 ( 31.4)
 1,396.9
 —
 —
 —
 228.1

 Amtek Global Technology Pte Ltd, Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Amtek Global Technology Pte Ltd, Ordinary Shares
 —
 —
 —
 ( 30.7)
 30.7
 —
 —
 —
 —
 —

 Amtek Global Technology Pte Ltd, Private Equity
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 ATX Networks Corp, Common Stock
 29.2
 8.2
 —
 —
 ( 11.5)
 25.9
 —
 —
 —
 —

 ATX Networks Corp, Class B-1 Common Stock
 5.0
 —
 —
 —
 ( 2.5)
 2.5
 —
 —
 —
 —

 ATX Networks Corp, Class B-2 Common Stock
 9.0
 —
 —
 —
 ( 8.2)
 0.8
 —
 —
 —
 —

 Gracent LLC, Preferred Stock A
 —
 8.0
 —
 —
 ( 8.0)
 —
 —
 —
 —
 —

 Gracent LLC, Preferred Stock B
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Gracent LLC, Class A Common Stock
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —

 Gracent LLC, Preferred Equity
 —
 8.2
 —
 —
 ( 4.4)
 3.8
 —
 —
 —
 —

 Hilding Anders, Class A Common Stock
 —
 —
 —
 0.1
 —
 —
 —
 —
 —

 Hilding Anders, Class B Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Hilding Anders, Class C Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Hilding Anders, Equity Options
 —
 —
 —
 ( 15.0)
 15.0
 —
 —
 —
 —
 —

 HM Dunn Co Inc, Preferred Stock, Series A
 16.9
 —
 —
 —
 8.2
 25.1
 —
 —
 —
 —

 HM Dunn Co Inc, Preferred Stock, Series B
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 JW Aluminum Co, Common Stock
 2.4
 —
 —
 —
 0.1
 2.5
 —
 —
 —
 —

 JW Aluminum Co, Preferred Stock
 112.5
 18.6
 ( 4.2)
 —
 21.8
 148.7
 —
 16.4
 —
 —

 NCI Inc, Class A-1 Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 NCI Inc, Class B-1 Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 NCI Inc, Class C Common Stock
 20.2
 —
 —
 —
 19.7
 —
 —
 —
 —

 NCI Inc, Class I-1 Common Stock
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 PRG III LLC, Preferred Stock, Series A PIK
 105.7
 —
 —
 —
 15.0
 120.7
 —
 —
 —
 —

 PRG III LLC, Preferred Stock, Series B PIK
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Quoizel, LLC, Common Stock
 —
 8.3
 —
 —
 1.9
 10.2
 —
 —
 —
 —

 Quorum Health Corp, Trade Claim(4)

 —
 0.7
 —
 —
 0.2
 0.9
 —
 —
 —
 —

 Quorum Health Corp, Trust Initial Funding Units(4)

 —
 0.2
 —
 —
 0.1
 —
 —
 —
 —

 Quorum Health Corp, Private Equity
 —
 0.9
 —
 —
 6.8
 7.7
 —
 —
 —
 —

 Warren Resources Inc, Common Stock
 29.2
 —
 —
 —
 ( 16.9)
 12.3
 —
 —
 —
 —

 Total
 $
 2,908.4
 $
 599.2
 $
 ( 123.8)
 $
 ( 174.8)
 $
 126.7
 $
 3,335.7
 $
 87.1
 $
 44.5
 $
 3.8
 $
 266.0

 (1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
 (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
 (3) Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2023.
 (4) The Company held this investment as of December 31, 2022 but it was not deemed to be in "control" of the portfolio company as of December 31, 2022. Transfers in or out have been presented at amortized cost.

 Notes to Consolidated Financial Statements

 Note 1. 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, 2024. 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 investment advisory agreement.

 Note 2. Summary of Significant Accounting Policies
 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: 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: 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: 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.
 Valuation of Portfolio Investments: The Company's 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 Company's board of directors 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,

 Note 2. Summary of Significant Accounting Policies (continued)

 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 Company's 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.

 Note 2. Summary of Significant Accounting Policies (continued)

 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: 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: 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 PIK 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 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

 Note 2. Summary of Significant Accounting Policies (continued)

 receives such amounts.
 For the years ended December 31, 2024, 2023 and 2022, the Company recognized $ 31, $ 20 and $ 38, respectively, in structuring fee revenue and included such revenue in the fee income line item on its consolidated statement of operations.
 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: Pursuant to the terms of the investment 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 investment advisory agreement). This fee equals 20.0 % of the Company's incentive fee capital gains, which shall 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: Pursuant to the terms of the investment advisory agreement, the Adviser may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the investment 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: The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. To qualify for and maintain qualification as a RIC, 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 in respect of each calendar year an amount at least equal to the sum of 98% of net ordinary income, 98.2% of any capital gain net income, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. The Company accrued $ 23, $ 22 and $ 19 in estimated excise taxes payable in respect of income received during the years ended December 31, 2024, 2023 and 2022, respectively. During the years ended December 31, 2024, 2023, and 2022, the Company paid $ 27, $ 20 and $ 15, respectively, in excise and other taxes.
 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

 Note 2. Summary of Significant Accounting Policies (continued)

 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, 2024, 2023 and 2022, 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 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: In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280), or ASU 2023-07. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and requires disclosure of the title of the chief operating decision maker, or CODM, and an explanation of how the CODM uses the reported measure of segment profit or loss to assess segment performance and allocate resources. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the adoption of this standard impacted financial statement disclosures only and did not affect the Company's financial position or results of operations.
 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 is currently assessing the impact of this guidance, however, the Company does not expect a 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.

 Note 3. Share Transactions

 Below is a summary of transactions with respect to shares of the Company's common stock during the years ended December 31, 2024, 2023 and 2022:

 2024
 2023
 2022

 Stock Repurchase Program

 —
 $
 —
 ( 1,665,317)
 $
 ( 32)
 ( 2,811,341)
 $
 ( 56)

 Issuance of Common Stock

 —
 —
 —
 —
 —
 —

 Net Proceeds from Share Transactions
 —
 $
 —
 ( 1,665,317)
 $
 ( 32)
 ( 2,811,341)
 $
 ( 56)

 During the year ended December 31, 2024, the administrator for the Company's distribution reinvestment plan, or 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. During the year ended December 31, 2023, the administrator for the DRP purchased 3,130,194 shares of common stock in the open market at an average price per share of $ 18.88 (totaling $ 59) 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.
 Stock Repurchase Program
 On October 31, 2022, the Company's 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 Company's board of directors has been expended.

 Note 4. Related Party Transactions
 Compensation of the Investment Adviser
 Pursuant to the investment 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 investment 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 investment advisory agreement.
 In connection with the entry into the investment advisory agreement, the Adviser agreed to waive income incentive fees in the amount of $ 15 per quarter for the first six full fiscal quarters of operations following the closing of the 2021 Merger, commencing on July 1, 2021, for a total waiver of $ 90. The fee waiver expired on December 31, 2022. In addition, 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 2021 Merger.
 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.

 Note 4. Related Party Transactions (continued)

 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 FS Investments, or FS Investments, 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 Company's 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 Company's 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 Company's 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 Company's 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 investment advisory agreement and the administration agreement, as applicable, during the years ended December 31, 2024, 2023 and 2022:

 Related Party
 Source Agreement
 Description
 2024
 2023
 2022

 The Adviser
 Investment advisory agreement

 Base Management Fee(1)

 $
 $
 $

 The Adviser

 Investment advisory agreement

 Subordinated Incentive Fee on Income(2)

 $
 $
 $

 The Adviser
 Administration agreement
 Administrative Services Expenses(3)

 $
 $
 $

 (1)During the years ended December 31, 2024, 2023 and 2022, $ 219, $ 229, and $ 246, respectively, in base management fees were paid to the Adviser. As of December 31, 2024, $ 53 in base management fees were payable to the Adviser.
 (2)The Adviser agreed, effective July 1, 2021, to waive up to $ 15 per quarter of the subordinated incentive fee on income to which it is entitled to under the investment advisory agreement for the first full six quarters following the closing of the 2021 Merger. During the year ended December 31, 2022, the amount shown is net of waivers of $ 60. The fee waiver expired on December 31, 2022. During the years ended December 31, 2024, 2023 and 2022, $ 173, $ 167 and $ 91, respectively, of subordinated incentive fees on income were paid to the Adviser. As of December 31, 2024, $ 35 in subordinated incentive fees on income were payable to the Adviser.
 (3) During the years ended December 31, 2024, 2023 and 2022, $ 9, $ 11 and $ 13, 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, 2024. The Company paid $ 12, $ 13 and $ 14, respectively, in administrative services expenses to the Adviser during the years ended December 31, 2024, 2023 and 2022.
 Potential Conflicts of Interest
 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 the Company does, or of investment vehicles managed by the same personnel. For example, the Adviser is the investment adviser to KKR FS Income Trust and KKR FS Income Trust Select, and the officers, managers and other personnel of the Adviser may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments 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 the Company's best interests or in the best interest of the Company's stockholders. The Company's investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.
 Exemptive Relief
 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.

 Note 4. Related Party Transactions (continued)

 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 Company's 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.
 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 September 2021 and December 2021, that investment vehicle entered into a written trading plan with a third party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act to facilitate the purchase of shares of the Company's common stock pursuant to the terms and conditions of such plan. In September 2022, August 2023 and March 2024, that investment vehicle entered into a written trading plan 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.

 Note 5. Distributions
 The following table reflects the distributions per share that the Company has declared on its common stock during the years ended December 31, 2024, 2023 and 2022:

 February 14, 2024
 February 28, 2024
 $
 0.05

 Base
 0.64

 0.06

 May 15, 2024
 May 29, 2024
 0.05

 Base
 0.64

 0.06

 Base
 0.64

 0.06

 Base
 0.64

 0.06

 $
 2.90

 Note 5. Distributions (continued)

 Base
 $
 0.64

 0.06

 May 17, 2023
 May 31, 2023
 0.05

 Base
 0.64

 0.06

 August 16, 2023
 August 30, 2023
 0.05

 Base
 0.64

 0.06

 November 15, 2023
 November 29, 2023
 0.05

 Base
 0.64

 0.06

 $
 2.95

 December 31, 2022

 Base
 $
 0.60

 0.03

 Base
 0.60

 0.08

 Base
 0.61

 0.06

 Base
 0.61

 0.07

 $
 2.66

 On February 25, 2025, the Company's board of directors declared a regular quarterly distribution of $ 0.70 per share consisting of a $ 0.64 base distribution and a $ 0.06 supplemental distribution, which will be paid on or about April 2, 2025 to stockholders of record as of the close of business on March 19, 2025. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Company's board of directors.
 Pursuant to the DRP, the Company will reinvest all cash dividends or distributions declared by the Company's board of directors on behalf of stockholders who do not elect to receive their distributions in cash. As a result, if the Company's 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

 Note 5. Distributions (continued)

 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. 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, 2024, 2023 and 2022:

 2024
 2023
 2022

 Source of Distribution
 Distribution
 Distribution
 Distribution

 Offering proceeds
 $
 —
 —
 $
 —
 —
 $
 —
 —

 Borrowings
 —
 —
 —
 —
 —
 —

 Net investment income(1)

 %
 %
 %

 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
 $
 %
 $
 %
 $
 %

 (1)During the years ended December 31, 2024, 2023 and 2022, 85.2 %, 86.6 % and 85.5 %, respectively, of the Company's gross investment income was attributable to cash income earned, 2.5 %, 2.9 % and 4.5 %, respectively, was attributable to non-cash accretion of discount and 12.3 %, 10.5 % and 10.0 %, 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, 2024, 2023 and 2022 was $ 735, $ 943 and $ 861, respectively. As of December 31, 2024, 2023 and 2022, the Company had $ 525, $ 600 and $ 446, respectively, of undistributed net investment income and $ 2,703, $ 2,068 and $ 2,036, 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 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

 Note 5. Distributions (continued)

 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, 2024, 2023 and 2022:

 2024
 2023
 2022

 GAAP-basis net investment income
 $
 $
 $

 Income subject to tax not recorded for GAAP
 ( 35)

 GAAP accretion from merger not recognized for tax
 ( 33)
 ( 46)
 ( 50)

 Excise taxes

 GAAP versus tax-basis impact of consolidation of certain subsidiaries

 Reclassification of unamortized original issue discount and prepayment fees
 ( 21)
 ( 3)
 ( 27)

 Other miscellaneous differences
 ( 18)
 ( 2)

 Tax-basis net investment income
 $
 $
 $

 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, 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. During the year ended December 31, 2023, the Company increased accumulated undistributed (distributions in excess of) net investment income and accumulated undistributed net realized gain (loss) on investments and gain (loss) on foreign currency by $ 104 and $ 37, respectively, and decreased in excess of par value by $ 141.
 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 on Form 1099-DIV.
 As of December 31, 2024 and 2023, the components of accumulated earnings on a tax basis were as follows:

 2024
 2023

 Distributable ordinary income
 $
 $

 Distributable realized gains (accumulated capital losses)(1)

 ( 2,703)
 ( 2,068)

 Other temporary differences

 Net unrealized appreciation (depreciation)(2)

 ( 508)
 ( 1,136)

 Total
 $
 ( 2,662)
 $
 ( 2,588)

 (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, 2024, the Company had capital loss carryforwards available to offset future realized capital gains of approximately. 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, 2024 and 2023, the gross unrealized appreciation was $ 1,254 and $ 1,282, respectively. As of December 31, 2024 and 2023, the gross unrealized depreciation was $ 1,762 and $ 2,418, respectively.
 The aggregate cost of the Company's investments for U.S. federal income tax purposes totaled $ 14,760 and $ 16,517 as of December 31, 2024 and 2023, respectively. The aggregate net unrealized appreciation (depreciation) on a tax basis was $( 1,270) and $( 1,868) as of December 31, 2024 and 2023, respectively. The aggregate net unrealized appreciation (depreciation) on investments on

 Note 5. Distributions (continued)

 a tax basis excludes net unrealized appreciation (depreciation) from merger accounting, foreign currency forward contracts and foreign currency transactions.
 As of December 31, 2024, the Company had a deferred tax liability of $ 2 resulting from unrealized appreciation on investments held by the Company's wholly-owned taxable subsidiaries and a deferred tax asset of $ 111 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, 2024, certain wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their generated net operating losses, therefore the deferred tax asset was offset by a valuation allowance of $ 109.

 Note 6. Investment Portfolio
 The following table summarizes the composition of the Company's investment portfolio at cost and fair value as of December 31, 2024 and 2023:

 Cost(1)

of Portfolio
 Cost(1)

of Portfolio

 $
 7,995
 $
 7,795
 57.8
 %
 $
 8,890
 $
 8,529
 58.2
 %

 5.1
 %
 1,158
 1,090
 7.5
 %

 0.9
 %
 0.7
 %

 1.7
 %
 2.2
 %

 2,232
 2,102
 15.6
 %
 2,237
 2,077
 14.2
 %

 1,572
 1,363
 10.1
 %
 1,572
 1,397
 9.5
 %

 1,211
 1,181
 8.8
 %
 1,149
 1,134
 7.7
 %

 Total
 $
 14,044
 $
 100.0
 %
 $
 15,420
 $
 100.0
 %

 (1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, 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, 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.
 As of December 31, 2023, the Company held investments in twenty-seven portfolio companies of which it is deemed to "control." As of December 31, 2023, the Company held investments in thirteen 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, 2023.
 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, 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 Credit Opportunities Partners JV, LLC. As of December 31, 2023, the Company had unfunded debt investments with aggregate unfunded commitments of $ 995.1, unfunded equity/other commitments of $ 616.4 and unfunded commitments of $ 560.2 to Credit Opportunities Partners JV, LLC. 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, 2024 and 2023.

 Note 6. Investment Portfolio (continued)

 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, 2024 and 2023:

 Industry Classification
 Fair
Value
 Fair
Value

 $
 0.0
 %
 $
 0.0
 %

 Banks
 0.0
 %
 0.1
 %

 1,712
 12.7
 %
 1,970
 13.5
 %

 1,733
 12.8
 %
 1,826
 12.5
 %

 1.3
 %
 1.8
 %

 1.7
 %
 1.3
 %

 1.8
 %
 1.6
 %

 0.8
 %
 0.7
 %

 1,363
 10.1
 %
 1,397
 9.5
 %

 0.7
 %
 1.1
 %

 2.1
 %
 2.0
 %

 7.4
 %
 6.7
 %

 0.8
 %
 1.2
 %

 1,667
 12.4
 %
 1,709
 11.7
 %

 1.0
 %
 1.1
 %

 5.4
 %
 5.7
 %

 2.5
 %
 1.6
 %

 5.2
 %
 4.9
 %

 2.2
 %
 2.0
 %

 0.2
 %
 0.5
 %

 2,187
 16.2
 %
 2,472
 16.9
 %

 0.0
 %
 0.0
 %

 0.5
 %
 0.5
 %

 2.2
 %
 3.1
 %

 Total
 $
 100.0
 %
 $
 100.0
 %

 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 $ 2,640 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, 2024, the Company and SCRS have funded approximately $ 1,799.8 to COPJV, of which $ 1,574.8 was from the Company.
 During the year ended December 31, 2024, the Company sold investments with a cost of $ 554.1 for proceeds of $ 559.6 to COPJV and recognized a net realized gain (loss) of $ 5.5 in connection with the transactions. As of December 31, 2024, $ 182.8 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, 2024 and 2023, the Company earned $ 9.3 and $ 9.3 of administrative services fees, respectively.

 Note 6. Investment Portfolio (continued)

 Below is selected balance sheet information for COPJV as of December 31, 2024 and 2023:

 As of

 Selected Balance Sheet Information

 Total investments, at fair value
 $
 3,295.5
 $
 3,470.8

 Cash and other assets
 363.8
 272.2

 Total assets
 3,659.3
 3,743.0

 Debt
 1,828.6
 1,840.1

 Other liabilities
 272.6
 306.5

 Total liabilities
 2,101.2
 2,146.6

 Member's equity

 $
 1,558.1
 $
 1,596.4

 Below is selected statement of operations information for COPJV for the years ended December 31, 2024 and 2023:

 Selected Statement of Operation Information

 Total investment income
 $
 349.2
 $
 380.8

 Expenses

 Interest expense
 120.9
 123.5

 Custodian and accounting fees
 1.6
 1.6

 Administrative services
 9.3
 9.3

 Professional services
 0.6
 0.6

 Other
 1.0
 1.1

 Total expenses
 133.4
 136.1

 215.8
 244.7

 Net realized and unrealized losses
 ( 22.1)
 ( 30.6)

 Net increase in net assets resulting from operations
 $
 193.7
 $
 214.1

 Note 7. Financial 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, 2024 and 2023:

 Derivative Instrument
 Statement Location

 Unrealized appreciation on foreign currency forward contracts
 $
 $

 Unrealized depreciation on foreign currency forward contracts
 ( 1)
 ( 4)

 Total
 $
 $

 Note 7. Financial Instruments (continued)

 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, 2024 and 2023 are in the following locations in the consolidated statements of operations:

 Derivative Instrument
 Statement Location

 Net realized gain (loss) on foreign currency forward contracts
 $
 $

 Net change in unrealized appreciation (depreciation) on foreign currency forward contracts
 ( 7)
 ( 15)

 Total
 $
 $
 ( 7)

 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, 2024 and 2023:

 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)

 $
 $
 ( 1)
 $
 —
 $
 —
 $

 Total
 $
 $
 ( 1)
 $
 —
 $
 —
 $

 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)

 $
 ( 1)
 $
 $
 —
 $
 —
 $
 —

 Total
 $
 ( 1)
 $
 $
 —
 $
 —
 $
 —

 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)

 $
 $
 ( 4)
 $
 —
 $
 —
 $

 Total
 $
 $
 ( 4)
 $
 —
 $
 —
 $

 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)

 $
 ( 4)
 $
 $
 —
 $
 —
 $
 —

 Total
 $
 ( 4)
 $
 $
 —
 $
 —
 $
 —

 (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

 Note 7. Financial Instruments (continued)

 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, 2024 and 2023 was $ 166.9 and $ 206.1, 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 of $ 600 aggregate principal amount of its 6.875 % Notes due 2029, or the 6.875 % Notes, 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. Under the first 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. Under the second 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. The Company designated these interest rate swaps and the 6.875 % Notes as a qualifying fair value hedge accounting relationship. See Note 9 for more information on the 6.875 % Notes.
 In connection with the Company's issuance of $ 700 aggregate principal amount of its 6.125 % Notes due 2030, or the 6.125 % Notes, 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. 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. 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. The Company designated these interest rate swaps and the 6.125 % Notes as a qualifying fair value hedge accounting relationship. See Note 9 for more information on the 6.125 % Notes.
 As of December 31, 2024, the counterparty to the Company's interest rate swap agreements was ING Capital Markets LLC.
 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 schedules of investments for the Company's open foreign currency forward contracts balance sheets held as of December 31, 2024:

 Derivative Instrument
 Notional Amount
 Gross Amount of Recognized Assets
 Gross Amount of Recognized Liabilities
 Statement Location

 Interest rate swap(1)

 $
 8/15/2029
 $
 $
 —

 Interest rate swap(1)

 $
 8/15/2029
 —

 Interest rate swap(2)

 $
 1/15/2030
 —

 Interest rate swap(2)

 $
 1/15/2030
 —

 Total
 $
 $
 —

 (1)The asset related to the fair value of the interest rate swaps was offset by a $ 15 increase to the carrying value of the 6.875 % Notes.
 (2)The asset related to the fair value of the interest rate swaps was offset by a $ 0 increase to the carrying value of the 6.125 % Notes.

 Note 8. Fair Value of Financial Instruments

 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, 2024 and 2023, the Company's investments were categorized as follows in the fair value hierarchy:

 Valuation Inputs

 Level 1—Price quotations in active markets
 $
 $

 Level 2—Significant other observable inputs

 Level 3—Significant unobservable inputs
 12,035
 13,073

 Investments measured at net asset value(1)

 1,363
 1,397

 $
 $

 (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.
 In addition, the Company had foreign currency forward contracts, as described in Note 7, which were categorized as Level 2 in the fair value hierarchy as of December 31, 2024 and 2023.
 The Company's 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 Company's 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.

 Note 8. Fair Value of Financial Instruments (continued)

 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, 2024 and 2023 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

 For the Year Ended December 31, 2024

 Senior Secured
 Loans—First
 Lien

 Senior Secured
 Loans—Second
 Lien

 Subordinated
Debt
 Total

 Fair value at beginning of period
 $
 8,429
 $
 1,090
 $
 $
 $
 2,077
 $
 1,134
 $
 13,073

 Accretion of discount (amortization of premium)
 —

 Net realized gain (loss)
 ( 308)
 ( 107)
 ( 3)
 —
 ( 11)
 ( 41)
 ( 470)

 Net change in unrealized appreciation (depreciation)
 ( 15)

 3,859
 1,046
 5,099

 Paid-in-kind interest

 Sales and repayments
 ( 4,488)
 ( 427)
 —
 ( 148)
 ( 1,057)
 ( 133)
 ( 6,253)

 Transfers into Level 3
 —
 —
 —
 —
 —

 Transfers out of Level 3
 —
 —
 —
 —
 —
 —
 —

 Fair value at end of period
 $
 7,780
 $
 $
 $
 $
 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)
 $
 $
 ( 41)
 $
 ( 59)
 $
 ( 154)

 For the Year Ended December 31, 2023

 Senior Secured
 Loans—First
 Lien

 Senior Secured
 Loans—Second
 Lien

 Subordinated
Debt
 Total

 Fair value at beginning of period
 $
 9,124
 $
 $
 $
 $
 1,902
 $
 1,199
 $
 13,385

 Accretion of discount (amortization of premium)

 —

 Net realized gain (loss)
 ( 25)
 ( 55)
 ( 40)
 ( 126)
 ( 97)
 ( 335)

 Net change in unrealized appreciation (depreciation)

 ( 62)
 ( 39)

 1,612
 —
 2,194

 Paid-in-kind interest

 Sales and repayments
 ( 2,351)
 ( 115)
 —
 —
 ( 300)
 ( 111)
 ( 2,877)

 Transfers into Level 3
 —
 —
 —
 —

 Transfers out of Level 3
 —
 —
 —
 —
 —
 —
 —

 Fair value at end of period
 $
 8,429
 $
 1,090
 $
 $
 $
 2,077
 $
 1,134
 $
 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

 $
 ( 83)
 $
 ( 54)
 $
 $
 $
 ( 41)
 $
 ( 28)
 $
 ( 163)

 Note 8. Fair Value of Financial Instruments (continued)

 The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of December 31, 2024 and 2023 were as follows:

 Type of Investment
 Fair Value at

 Valuation
 Technique(1)

 Unobservable
Input
 Range
 Impact to Valuation from an Increase in Input(2)

 Senior Debt
 $
 7,115
 5.8 % - 23.8 % ( 10.6 %)

 1,376
 0.7 x - 11.3 x ( 8.6 x)

 Cost

 11.3 % - 15.4 % ( 12.7 %)

 7.0 x - 7.0 x ( 7.0 x)

 1,513
 4.8 % - 41.7 % ( 12.8 %)

 1.0 x - 1.4 x ( 1.2 x)

 Cost

 Indicative Dealer Quotes
 23.0 % - 23.0 % ( 23.0 %)

 0.7 x - 16.0 x ( 8.3 x)

 4.3 % - 24.8 % ( 14.3 %)

 Total
 $
 12,035

 Type of Investment
 Fair Value at

 Valuation
 Technique(1)

 Unobservable
Input
 Range
 Impact to Valuation from an Increase in Input(2)

 Senior Debt

 $
 8,356
 6.1 % - 25.0 % ( 11.6 %)

 1,165
 0.6 x - 10.8 x - ( 8.1 x)

 Cost

 10.7 % - 21.0 % ( 13.7 %)

 7.5 x - 7.5 x ( 7.5 x)

 1,232
 5.9 % - 43.2 % ( 11.1 %)

 1.0 x - 1.3 x ( 1.1 x)

 Cost

 Indicative Dealer Quotes
 26.8 % - 26.8 % ( 26.8 %)

 0.6 x - 14.8 x ( 6.5 x)

 5.2 % - 21.0 % ( 14.2 %)

 Option Pricing Model
 Equity Illiquidity Discount
 75.0 % - 75.0 % ( 75.0 %)

 Total
 $
 13,073

 (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.

 Note 9. 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, 2024, the aggregate amount outstanding of senior securities issued by the Company was $ 7,385. As of December 31, 2024, the Company's asset coverage was 190 %.
 The following tables present summary information with respect to the Company's outstanding financing arrangements as of December 31, 2024 and 2023:

 Arrangement
 Type of Arrangement
 Rate
Outstanding
Available

 Ambler Credit Facility(2)

 SOFR+ 2.25 %(1)

 $
 $
 November 13, 2029

 CCT Tokyo Funding Credit Facility(2)

 SOFR+ 1.90 % - 2.05 %(1)(3)

 —
 June 2, 2026

 Darby Creek Credit Facility(2)

 SOFR+ 2.65 %(1)

 February 26, 2027

 Meadowbrook Run Credit Facility(2)

 SOFR+ 2.70 %(1)

 November 22, 2026

 Senior Secured Revolving Credit Facility(2)

 SOFR+ 1.75 % - 1.88 %(1)(4)

 628 (5)

 3,946 (6)

 October 31, 2028

 4.125 % Notes due 2025(7)

 4.13 %
 —
 February 1, 2025

 4.250 % Notes due 2025(7)

 4.25 %
 —
 February 14, 2025

 8.625 % Notes due 2025(7)

 8.63 %
 —
 May 15, 2025

 3.400 % Notes due 2026(7)

 3.40 %
 1,000
 —
 January 15, 2026

 2.625 % Notes due 2027(7)

 2.63 %
 —
 January 15, 2027

 3.250 % Notes due 2027(7)

 3.25 %
 —
 July 15, 2027

 3.125 % Notes due 2028(7)

 3.13 %
 —
 October 12, 2028

 7.875 % Notes due 2029(7)

 7.88 %
 —
 January 15, 2029

 6.875 % Notes due 2029(7)(8)

 6.88 %
 —
 August 15, 2029

 6.125 % Notes due 2030(7)(8)

 6.13 %
 —
 January 15, 2030

 CLO-1 Notes(2)(9)

 Collateralized Loan Obligation
 3.01 % - SOFR+ 1.85 %(1)

 —
 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 %.
 (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, 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 CAD 3 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 AUD 4 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.
 (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, 2024, $ 21 of such letters of credit have been issued.
 (7)As of December 31, 2024, the fair value of the 4.125 % Notes, the 4.250 % Notes, the 8.625 % Notes, the 3.400 % Notes, the 2.625 % Notes, the 3.250 % Notes, the 3.125 % Notes, the 7.875 % Notes, the 6.875 % Notes and the 6.125 % Notes 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 and 6.125 % Notes 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 %.

 Arrangement
 Type of Arrangement
 Rate
Outstanding
Available

 Ambler Credit Facility(2)(9)

 SOFR+ 2.75 %(1)

 $
 $
 May 22, 2027

 CCT Tokyo Funding Credit Facility(2)

 SOFR+ 1.90 % - 2.05 %(1)(3)

 —
 June 2, 2026

 Darby Creek Credit Facility(2)(9)

 SOFR+ 2.65 %(1)

 February 26, 2027

 Meadowbrook Run Credit Facility(2)(9)

 SOFR+ 2.70 %(1)

 November 22, 2026

 Senior Secured Revolving Credit Facility(2)

 SOFR+ 1.75 % - 1.88 %(1)(4)

 1,429 (5)

 3,170 (6)

 October 31, 2028

 4.625 % Notes due 2024(7)

 4.63 %
 —
 July 15, 2024

 1.650 % Notes due 2024(7)

 1.65 %
 —
 October 12, 2024

 4.125 % Notes due 2025(7)

 4.13 %
 —
 February 1, 2025

 4.250 % Notes due 2025(7)(9)

 4.25 %
 —
 February 14, 2025

 8.625 % Notes due 2025(7)

 8.63 %
 —
 May 15, 2025

 3.400 % Notes due 2026(7)

 3.40 %
 1,000
 —
 January 15, 2026

 2.625 % Notes due 2027(7)

 2.63 %
 —
 January 15, 2027

 3.250 % Notes due 2027(7)

 3.25 %
 —
 July 15, 2027

 3.125 % Notes due 2028(7)

 3.13 %
 —
 October 12, 2028

 7.875 % Notes due 2029(7)

 7.88 %
 —
 January 15, 2029

 CLO-1 Notes(2)(8)

 Collateralized Loan Obligation
 SOFR+ 1.85 % - 3.01 %(1)

 —
 January 15, 2031

 Total
 $
 8,223
 $
 3,409

 ____________
 (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, 2023, there was $ 196 term loan outstanding at SOFR+ 1.90 % and $ 98 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, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of 356 has been converted to U.S. dollars at an exchange rate of 1.00 to $ 1.11 as of December 31, 2023 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD 4 has been converted to U.S dollars at an exchange rate of CAD1.00 to $ 0.76 as of December 31, 2023 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of 88 has been converted to U.S dollars at an exchange rate of 1.00 to $ 1.27 as of December 31, 2023 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD 38 has been converted to U.S dollars at an exchange rate of AUD1.00 to $ 0.68 as of December 31, 2023 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, 2023, $ 18 of such letters of credit have been issued.
 (7)As of December 31, 2023, the fair value of the 4.625 % Notes, the 1.650 % Notes, the 4.125 % Notes, the 4.250 % Notes, the 8.625 % Notes, the 3.400 % Notes, the 2.625 % Notes, the 3.250 % Notes, the 3.125 % Notes and the 7.875 % Notes was approximately $ 397, $ 483, $ 458, $ 463, $ 255, $ 947, $ 359, $ 455, $ 654 and $ 424, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
 (8)As of December 31, 2023, there were $ 273.6 of Class A-1R Notes outstanding at L+ 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 %.
 (9)As of June 16, 2021, the Company assumed all of FSKR's obligations under its notes and credit facilities, and FSKR's wholly-owned special purpose financing subsidiaries became wholly-owned special purpose financing subsidiaries of the Company, in each case, as a result of the consummation of the 2021 Merger.

 For the years ended December 31, 2024, 2023 and 2022, the components of total interest expense for the Company's financing arrangements were as follows:

 2024
 2023
 2022

 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)

 $
 $
 $
 $
 $
 $
 $
 $
 $

 Burholme Prime Brokerage Facility(2)

 —
 —
 —
 —
 —
 —
 —
 —
 —

 CCT Tokyo Funding Credit Facility(2)

 Darby Creek Credit Facility(2)

 Dunlap Credit Facility(2)

 —
 —
 —

 Meadowbrook Run Credit Facility(2)

 Senior Secured Revolving Credit Facility(2)

 4.750 % Notes due 2022

 —
 —
 —
 —
 —
 —

 4.625 % Notes due 2024

 1.650 % Notes due 2024

 4.125 % Notes due 2025

 4.250 % Notes due 2025

 ( 7)
 ( 7)
 ( 7)

 8.625 % Notes due 2025

 3.400 % Notes due 2026

 2.625 % Notes due 2027

 3.250 % Notes due 2027

 3.125 % Notes due 2028

 7.875 % Notes due 2029

 —
 —
 —

 6.875 % Notes due 2029(3)

 —
 —
 —
 —
 —
 —

 6.125 % Notes due 2030(3)

 —
 —
 —
 —
 —
 —

 CLO-1 Notes

 Total
 $
 $
 $
 $
 $
 $
 $
 $
 $

 (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, 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 %.
 The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the year ended December 31, 2023 were $ 8,528 and 5.29 %, respectively. As of December 31, 2023, the Company's weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.42 %.
 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, 2024 and December 31, 2023.

 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. The Ambler Credit Facility provides for borrowings in U.S. dollars in an initial aggregate principal amount of up to $ 200 on a committed basis.
 Ambler Funding may elect at one or more times, subject to certain conditions, including the consent of Ally Bank, to increase the maximum committed amount up to $ 250. The end of the reinvestment period and the maturity date for the Ambler Credit Facility are November 13, 2027 and November 13, 2029, respectively. Borrowings under the Ambler Credit Facility are subject to compliance with a borrowing base test.
 Under the Ambler Credit Facility, borrowings bear interest at the rate of Daily 1M SOFR plus 2.25 % per annum. Interest is payable quarterly in arrears. After an initial 3-month ramp-up period, Ambler Funding is subject to a quarterly non-usage fee ranging from 0.50 % to 0.75 % per annum on the average daily unborrowed portion of the committed facility amount.
 Under the Ambler Credit Facility, Ambler Funding has made certain representations and warranties and must comply with various covenants, reporting requirements and other requirements customary for facilities of this type. In addition, after an initial specified period, Ambler Funding must maintain an adjusted interest coverage ratio of at least 150 %, measured as of the end of each fiscal month. The Ambler Credit Facility contains events of default customary for similar financing transactions. Upon the occurrence and during the continuation of an event of default, Ally Bank may declare the outstanding advances and all other obligations under the Ambler Credit Facility immediately due and payable.
 Ambler Funding's obligations under the Ambler Credit Facility are secured by a first priority security interest in substantially all of the assets of Ambler Funding, including its portfolio of assets; and a pledge by the Company of the equity of Ambler Funding. The obligations of Ambler Funding under the Ambler Credit Facility are non-recourse to the Company, and the Company's exposure under the Ambler Credit Facility is limited to the value of its investment in Ambler Funding and the equity of Ambler Funding.
 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 BNP Paribas Prime Brokerage International, Ltd.
 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 M 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 provides 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 are February 26, 2025 and February 26, 2027, respectively. Borrowings under the Darby Creek Credit Facility are subject to compliance with a borrowing base test.
 Under the Darby Creek Credit Facility, borrowings bear 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 is payable quarterly in arrears. During the reinvestment period, Darby Creek is subject to a non-usage fee of 0.375 % per annum on the average daily unused portion of the committed facility amount. In addition, Darby Creek is subject to (i) a make-whole fee on a quarterly basis effectively equal to a specified portion of the spread that would have been payable if the full amount available under the Darby Creek Credit Facility had been borrowed, less the non-usage fee accrued during such quarter and (ii) administration fees.
 Under the Darby Creek Credit Facility, Darby Creek has made certain representations and warranties and must comply with various covenants, reporting requirements and other requirements customary for facilities of this type. In addition, Darby Creek must maintain a specified minimum equity threshold. The Darby Creek Credit Facility contains events of default customary for similar financing transactions. Upon the occurrence and during the continuation of an event of default, Deutsche Bank may declare the outstanding advances and all other obligations under the Darby Creek Credit Facility immediately due and payable.
 Darby Creek's obligations under the Darby Creek Credit Facility are secured by a first priority security interest in substantially all of the assets of Darby Creek, including its portfolio of assets. The obligations of Darby Creek under the Darby Creek Credit Facility are non-recourse to the Company and the Company's exposure under the Darby Creek Credit Facility is limited to the value of its investment in Darby Creek.
 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 January 22, 2025 and November 22, 2026, 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, 2.70 % per annum, and after the reinvestment period, 3.20 % 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, 0.50 % 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 $ 4,670 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 $ 2,335 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 $ 175), 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, 2024, $ 21 of such letters of credit have been issued.
 Availability under the Senior Secured Revolving Credit Facility will terminate on October 31, 2027, or the Revolver Termination Date, and the outstanding loans under the Senior Secured Revolving Credit Facility will mature on October 31, 2028.
 Borrowings under the Senior Secured Revolving Credit Facility are subject to compliance with a borrowing base test. Interest under the Senior Secured Revolving Credit Facility for (i) loans for which the Company elects the base rate option, (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 JPMorgan, (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) term SOFR plus 1 % per annum) plus 0.75 % and, (B) if the value of the borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.875 %; and (ii) loans for which the Company elects the Eurocurrency option (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 term SOFR plus 1.75 % and (B) if the value of the borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to term SOFR plus 1.875 %. The Company will pay a commitment fee of up to 0.375 % per annum (based on the immediately preceding quarter's average usage) on the unused portion of its sublimit under the Senior Secured Revolving Credit Facility during the revolving period. The Company also will be required to pay letter of credit participation fees and a fronting fee on the average daily amount of any lender's exposure with respect to any letters of credit issued at the request of the Company under the Senior Secured Revolving Credit Facility.
 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 the subsidiary guarantors thereunder.
 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. On December 17, 2019, the Company issued an additional $ 45 aggregate principal amount of the 4.125 % Notes due 2025. The 4.125 % Notes will mature on February 1, 2025 and were redeemed at the redemption prices set forth in the indenture governing the 4.125 % Notes. The 4.125 % Notes bear interest at a rate of 4.125 % per year, payable semi-annually.
 4.250 % Notes due 2025
 As of June 16, 2021, the Company assumed $ 475 aggregate principal amount of 4.250 % Notes due 2025, or the 4.250 % Notes. The 4.250 % Notes will mature on February 14, 2025 and were redeemed at the redemption prices set forth in the indenture governing the 4.250 % Notes. The 4.250 % Notes bear 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. The 8.625 % Notes will mature on May 15, 2025 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 8.625 % Notes. The 8.625 % Notes bear interest at a rate of 8.625 % per year, payable semi-annually.
 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. The 3.400 % Notes 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. The 3.400 % Notes 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. 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. The 2.625 % Notes 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. The 3.250 % Notes 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. The 3.250 % Notes bear interest at a rate of 3.250 % per year, payable semi-annually.
 1.650 % Notes due 2024 and 3.125 % Notes due 2028
 On October 12, 2021, the Company issued $ 500 aggregate principal amount of its 1.650 % Notes due 2024, or the 1.650 % Notes and $ 750 aggregate principal amount of its 3.125 % Notes due 2028, or the 3.125 % Notes.
 On October 12, 2024 the Company redeemed the 1.650 % Notes in full for 100 % of the aggregate principal amount, plus the accrued and unpaid interest through, but excluding, October 12, 2024.
 The 3.125 % Notes 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. The 3.125 % Notes 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 and together with the 4.625 % Notes, the 4.125 % Notes, the 4.250 % Notes, the 8.625 % Notes, the 3.400 % Notes, the 2.625 % Notes, the 3.250 % Notes, the 1.650 % Notes and the 3.125 % Notes, the Unsecured Notes.
 The 7.875 % Notes 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. The 7.875 % Notes 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. The 6.875 % Notes 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. The 6.875 % Notes bear interest at a rate of 6.875 % per year, payable semi-annually.
 In connection with the issuance of the 6.875 % Notes, 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 and together with the 4.125 % Notes, the 4.250 % Notes, the 8.625 % Notes, the 3.400 % Notes, the 2.625 % Notes, the 3.250 % Notes, the 3.125 % Notes, the 7.875 % Notes and the 6.875 % Notes, the Unsecured Notes. On December 27, 2024, the Company issued an additional $ 100 aggregate principal amount of the 6.125 % Notes.
 The 6.125 % Notes 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. The 6.125 % Notes bear interest at a rate of 6.125 % per year, payable semi-annually.
 In connection with the issuance of the 6.125 % Notes, 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.
 4.750 % Notes due 2022
 On April 30, 2015, the Company issued $ 275 aggregate principal amount of 4.750 % Notes due 2022, or the 4.750 % Notes. On July 26, 2019, the Company issued an additional $ 175 aggregate principal amount of the 4.750 % Notes due 2022. On April 15, 2022 the Company redeemed the 4.750 % Notes in full for 100 % of the aggregate principal amount, plus the accrued and unpaid interest through, but excluding, April 15, 2022.

 4.625 % Notes due 2024
 On July 15, 2019, the Company issued $ 400 aggregate principal amount of 4.625 % Notes due 2024, or the 4.625 % Notes. On July 15, 2024 the Company redeemed the 4.625 % Notes in full for 100 % of the aggregate principal amount, plus the accrued and unpaid interest through, but excluding, July 15, 2024.
 The Unsecured Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Unsecured Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
 The Unsecured Notes contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act of 1940, as amended, whether or not it is subject to those requirements, and to provide financial information to the holders of the Unsecured Notes if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the indenture governing the Unsecured Notes.
 In addition, on the occurrence of a "change of control repurchase event," as defined in the indenture governing the Unsecured Notes, the Company will generally be required to make an offer to purchase the outstanding Unsecured Notes at a price equal to 100 % of the principal amount of such Unsecured Notes plus accrued and unpaid interest to the repurchase date.
 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 Issuer, completed a $ 378.7 term debt securitization, or the CLO Transaction. The notes offered by the Issuer in the CLO 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 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 bear interest at SOFR plus 1.85 % per annum; (ii) $ 20.5 of Class A-2R Senior Secured Floating Rate Notes, which bear interest at SOFR plus 2.25 % per annum; (iii) $ 32.4 of Class B-1R Senior Secured Floating Rate Notes, which bear interest at SOFR plus 2.60 % per annum; (iv) $ 17.4 of Class B-2R Senior Secured Fixed Rate Notes, which bear 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. The Company holds 100% of the Class C Notes. The CLO Reset Notes are scheduled to mature on January 15, 2031 and the reinvestment period ends January 15, 2023. On the original closing date of the CLO Transaction, in consideration of the Company's transfer to the Issuer of the initial closing date loan portfolio, which included loans distributed to the Company by certain of the Company's wholly owned subsidiaries, the Issuer transferred to the Company a portion of the net cash proceeds received from the original sale of the CLO-1 Notes. To the extent that the fair market value of the initial closing date loan portfolio sold to the Issuer exceeds the cash purchase price paid by the Issuer in consideration of such loan portfolio, such excess will be deemed a capital contribution made by the Company to the Issuer in respect of the Membership Interests that the Company holds in the Issuer. The obligations of the Issuer under the CLO Transaction are non-recourse to the Company.

 Note 10. 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, 2024, the Company's unfunded commitments consisted of the following:

 $
 8.0

 6.1

 Aareon AG
 15.1

 0.4

 3.3

 11.6

 0.4

 5.8

 2.8

 8.4

 1.6

 22.1

 Arcfield Acquisition Corp
 6.0

 4.5

 Area Wide Protective Inc
 12.1

 Arrotex Australia Group Pty Ltd
 2.5

 5.4

 2.6

 3.7

 7.4

 19.9

 8.5

 9.8

 2.6

 2.3

 CFC Underwriting Ltd
 5.7

 0.8

 6.4

 4.4

 21.7

 21.7

 4.5

 1.7

 Note 10. Commitments and Contingencies (continued)

 15.7

 Consilium Safety Group AB
 10.5

 3.5

 Dechra Pharmaceuticals Ltd
 3.6

 Dechra Pharmaceuticals Ltd
 3.4

 4.6

 8.6

 2.3

 3.3

 0.5

 22.6

 14.7

 14.7

 Envirotainer Ltd
 2.7

 2.4

 23.4

 9.9

 6.6

 11.8

 6.3

 11.9

 8.2

 2.3

 1.0

 6.1

 8.0

 4.0

 12.9

 4.2

 1.5

 1.4

 7.6

 1.7

 iNova Pharmaceuticals (Australia) Pty Limited
 2.5

 28.5

 7.6

 5.5

 5.3

 0.1

 1.5

 6.9

 14.7

 5.5

 0.6

 4.0

 Note 10. Commitments and Contingencies (continued)

 1.9

 5.7

 12.4

 6.9

 7.1

 28.6

 2.1

 12.7

 2.2

 8.9

 4.6

 2.2

 38.5

 10.7

 7.8

 Mercer Advisors Inc
 25.8

 0.6

 6.1

 3.2

 2.6

 6.2

 6.3

 Nordic Climate Group Holding AB
 5.2

 1.1

 10.3

 6.4

 6.3

 7.6

 1.4

 16.9

 0.7

 3.3

 5.5

 61.6

 2.1

 3.8

 Rialto Capital Management LLC
 0.5

 Rockefeller Capital Management LP
 6.9

 14.9

 9.6

 Safe-Guard Products International LLC
 8.8

 1.4

 7.5

 3.6

 3.4

 Note 10. Commitments and Contingencies (continued)

 9.1

 7.9

 16.3

 7.1

 11.9

 5.7

 19.0

 7.5

 1.6

 2.5

 6.6

 11.7

 4.7

 3.7

 12.6

 6.7

 34.1

 2.8

 0.4

 20.0

 17.9

 31.2

 1.7

 Zellis Holdings Ltd
 8.0

 14.4

 6.0

 11.6

 10.0

 3.0

 3.7

 60.0

 36.1

 8.6

 1.4

 2.1

 Curia Global Inc, Revolver
 21.3

 Discover Financial Services, Subordinated Loan
 0.1

 GreenSky Holdings LLC, Term Loan
 3.0

 Lennar Corp, Term Loan
 1.0

 Powin Energy Corp/NV, Revolver
 17.4

 11.8

 Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver
 58.5

 57.1

 Note 10. Commitments and Contingencies (continued)

 Total
 $
 1,534.1

 Unfunded equity/other commitments
 $
 387.1

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

 As of December 31, 2024, the Company's debt commitments are comprised of $ 708.7 revolving credit facilities and $ 825.4 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 $( 1.7). 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 $ 175, subject to increase or reduction from time to time pursuant to the terms of the Senior Secured Revolving Credit Facility. As of December 31, 2024, $ 21 of such letters of credit have been issued.
 As of December 31, 2024, the Company also has an unfunded commitment to provide $ 735.2 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, 2024 and December 31, 2023.

 Note 11. Senior Securities Asset Coverage
 Information about the Company's senior securities is shown in the table below for the years ended December 31, 2024, 2023, 2022, 2021 and 2020:

 Total Amount
Outstanding
Exclusive of Treasury Securities
 Asset Coverage per Unit(1)

 Involuntary Liquidation Preference per Unit(2)

 Average Market Value per Unit(3) (Exclude Bank Loans)

 2020
 $
 4,042
 $
 1,766
 —
 N/A

 2021
 $
 9,179
 $
 1,842
 —
 N/A

 2022
 $
 8,731
 $
 1,803
 —
 N/A

 2023
 $
 8,223
 $
 1,833
 —
 N/A

 2024
 $
 7,385
 $
 1,897
 —
 N/A

 (1)Asset coverage per unit is the ratio of the carrying value of the Company's total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the "Asset Coverage Per Unit".
 (2)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the Company in preference to any security junior to it. The "—" in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.
 (3)Not applicable because senior securities are not registered for public trading on an exchange.

 Note 12. Financial Highlights

 The following is a schedule of financial highlights of the Company for the years ended December 31, 2024, 2023, 2022, 2021 and 2020:

 2024
 2023
 2022
 2021
 2020

 Per Share Data:(1)

 Net asset value, beginning of year

 $
 24.46
 $
 24.89
 $
 27.17
 $
 25.02
 $
 30.54

 Results of operations(2)

 Net investment income (loss)
 2.90
 3.18
 3.05
 2.76
 2.66

 Net realized gain (loss) and unrealized appreciation (depreciation)

 ( 0.82)
 ( 0.70)
 ( 2.74)
 4.28
 ( 5.85)

 2.08
 2.48
 0.31
 7.04
 ( 3.19)

 Stockholder distributions(3)

 Distributions from net investment income
 ( 2.90)
 ( 2.95)
 ( 2.66)
 ( 2.47)
 ( 2.56)

 Distributions from net realized gain on investments
 —
 —
 —
 —
 —

 Net decrease in net assets resulting from stockholder distributions
 ( 2.90)
 ( 2.95)
 ( 2.66)
 ( 2.47)
 ( 2.56)

 Capital share transactions

 Issuance of common stock(4)

 —
 —
 —
 ( 2.20)
 —

 Repurchases of common stock(5)

 —
 0.04
 0.07
 0.01
 0.23

 Deduction of deferred costs(6)

 —
 —
 —
 ( 0.23)
 —

 Net increase (decrease) in net assets resulting from capital share transactions
 —
 0.04
 0.07
 ( 2.42)
 0.23

 Net asset value, end of period
 $
 23.64
 $
 24.46
 $
 24.89
 $
 27.17
 $
 25.02

 Per share market value, end of year

 $
 21.72
 $
 19.97
 $
 17.50
 $
 20.94
 $
 16.56

 Shares outstanding, end of year

 281,731,750
 284,543,091
 123,755,965

 Total return based on net asset value(7)

 8.50
 %
 10.12
 %
 1.40
 %
 18.47
 %
 ( 9.69)
 %

 Total return based on market value(8)

 25.29
 %
 32.45
 %
 ( 4.61)
 %
 41.45
 %
 ( 19.73)
 %

 Ratio/Supplemental Data:

 Net assets, end of year

 $
 6,622
 $
 6,849
 $
 7,012
 $
 7,730
 $
 3,096

 Ratio of net investment income to average net assets(9)

 11.90
 %
 12.67
 %
 11.42
 %
 10.36
 %
 10.44
 %

 Ratio of total operating expenses to average net assets(9)

 13.29
 %
 13.32
 %
 10.96
 %
 9.35
 %
 9.71
 %

 Ratio of net operating expenses to average net assets(9)

 13.29
 %
 13.32
 %
 10.17
 %
 8.82
 %
 9.71
 %

 Portfolio turnover
 33.38
 %
 12.14
 %
 28.61
 %
 49.82
 %
 32.95
 %

 Total amount of senior securities outstanding, exclusive of treasury securities

 $
 7,385
 $
 8,223
 $
 8,731
 $
 9,179
 $
 4,042

 Asset coverage per unit(10)

 1.90
 1.83
 1.80
 1.84
 1.77

 (1)The share information utilized to determine per share data has been retroactively adjusted to reflect a reverse stock split effective June 15, 2020, where every four shares of the Company's common stock issued and outstanding were automatically combined into one share of the Company's common stock. Per share data may be rounded in order to recompute the ending net asset value per share.
 (2)The per share data was derived by using the weighted average shares outstanding during the applicable period.
 (3)The per share data for distributions reflect the actual amount of distributions declared per share during the applicable period.
 (4)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.
 (5)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.
 (6)Represents the impact on NAV of merger accounting by the permanent write-off of the Company's deferred merger costs and FSKR's

 Note 12. Financial Highlights (continued)

 deferred costs and prepaid assets as well as the mark-to-market of FSKR's 4.25 % Notes.
 (7)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.
 (8)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.
 (9)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, 2024, 2023, 2022, 2021 and 2020:

 2024
 2023
 2022
 2021
 2020

 Ratio of accrued capital gains incentive fees to average net assets
 —
 —
 —
 —
 —

 Ratio of subordinated income incentive fees to average net assets
 2.45
 %
 2.57
 %
 1.31
 %
 0.83
 %
 —

 Ratio of interest expense to average net assets
 6.81
 %
 6.63
 %
 4.82
 %
 4.10
 %
 5.36
 %

 Ratio of excise taxes to average net assets
 0.34
 %
 0.31
 %
 0.25
 %
 0.21
 %
 0.32
 %

 (10)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.

 Note 13. Subsequent Events
 On February 25, 2025, the Company's board of directors declared a regular quarterly distribution of $ 0.70 per share consisting of a $ 0.64 base distribution and a $ 0.06 supplemental distribution, which will be paid on or about April 2, 2025 to stockholders of record as of the close of business on March 19, 2025. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Company's board of directors.
 Meadowbrook Run Credit Facility
 On January 22, 2025, Meadowbrook Run, a wholly-owned special purpose financing subsidiary of the Company, entered into the 7th Amendment with 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 7th Amendment provides for an extension of the revolving period to February 22, 2025.
 8.625 % Notes Due 2025
 On February 14, 2025, pursuant to the requirements of Rule 23c-2 under the 1940 Act, the Company filed a notice of intention to redeem securities, whereas, the Company will redeem its 8.625 % Notes, in full, on March 16, 2025, for 100 % of the aggregate principal amount of the 8.625 % Notes, plus the accrued and unpaid interest through, but excluding, March 16, 2025.

 Note 14. 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 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.

 Note 15. Selected Quarterly Financial Data (Unaudited)
 The following is the quarterly results of operations for the years ended December 31, 2024 and 2023. 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,
 2024

 September 30,
 2024

 June 30,
 2024

 March 31,
 2024

 Investment income
 $
 $
 $
 $

 Operating expenses

 Net expenses and excise taxes

 Realized and unrealized gain (loss)
 ( 24)
 ( 55)
 ( 110)
 ( 39)

 $
 $
 $
 $

 Per share information-basic and diluted

 $
 0.61
 $
 0.77
 $
 0.77
 $
 0.76

 $
 0.52
 $
 0.57
 $
 0.37
 $
 0.62

 Weighted average shares outstanding

 Quarter Ended

 December 31,
 2023

 September 30,
 2023

 June 30,
 2023

 March 31,
 2023

 Investment income
 $
 $
 $
 $

 Operating expenses

 Net expenses and excise taxes

 Realized and unrealized gain (loss)
 ( 110)
 ( 87)
 ( 30)

 $
 $
 $
 $

 Per share information-basic and diluted

 $
 0.71
 $
 0.84
 $
 0.82
 $
 0.81

 $
 0.32
 $
 0.95
 $
 0.51
 $
 0.71

 Weighted average shares outstanding
 280,919,460

 The sum of quarterly per share amounts does not necessarily equal per share amounts reported for the years ended December 31, 2024 and 2023. 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, 2024, 72.9 % 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, 2024, 89.5 % of distributions qualified as excess interest income for purposes of Internal Revenue Code Section 163(j).

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 None.

 Item 9A. Controls and Procedures.
 Evaluation of Disclosure Controls and Procedures
 We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
 As required by Exchange Act Rule 13(a)-15(b), we carried out an evaluation under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2024. Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were (a) designed to ensure that the information we are required to disclose in our reports under the Exchange Act is recorded, processed and reported in an accurate manner and on a timely basis and the information that we are required to disclose in our Exchange Act reports is accumulated and communicated to management to permit timely decisions with respect to required disclosure and (b) operating in an effective manner.
 Management's Annual Report on Internal Control Over Financial Reporting
 Our management is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Exchange Act Rules 13a-15(f) and 15d-15(f), internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.
 Our internal control over financial reporting includes those policies and procedures that:
 1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the Company's transactions and the dispositions of assets of the Company;
 2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of our management and board of directors; and
 3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.
 Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation and presentation and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 Management's report on internal control over financial reporting is set forth above under the heading "Management's Report on Internal Control over Financial Reporting" in Item 8 of this annual report on Form 10-K.
 Attestation Report of the Registered Public Accounting Firm
 Our registered public accounting firm has issued an attestation report on our internal control over financial reporting. This report appears on page 71.
 Changes in Internal Control Over Financial Reporting
 During the quarter ended December 31, 2024, there was no change in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) or 15d-15(f)) that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 Item 9B. Other Information.
 Rule 10b5-1 Trading Plans
 During the fiscal quarter ended December 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

 We will file a definitive Proxy Statement for our 2025 Annual Meeting of Stockholders with the SEC, pursuant to Regulation 14A promulgated under the Exchange Act, not later than 120 days after the end of our fiscal year. Accordingly, certain information required by Part III has been omitted under General Instruction G(3) to Form 10-K. Only those sections of our definitive Proxy Statement that specifically address the items set forth herein are incorporated by reference.

 Item 10. Directors, Executive Officers and Corporate Governance.
 The information required by Item 10 is hereby incorporated by reference from the Company's definitive Proxy Statement relating to the Company's 2025 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the end of our fiscal year.

 Item 11. Executive Compensation.
 The information required by Item 11 is hereby incorporated by reference from the Company's definitive Proxy Statement relating to the Company's 2025 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the end of our fiscal year.

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 The information required by Item 12 is hereby incorporated by reference from the Company's definitive Proxy Statement relating to the Company's 2025 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the end of our fiscal year.

 Item 13. Certain Relationships and Related Transactions, and Director Independence.
 The information required by Item 13 is hereby incorporated by reference from the Company's definitive Proxy Statement relating to the Company's 2025 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the end of our fiscal year.

 Item 14. Principal Accountant Fees and Services.
 The information required by Item 14 is hereby incorporated by reference from the Company's definitive Proxy Statement relating to the Company's 2025 Annual Meeting of Stockholders, to be filed with the SEC within 120 days following the end of our fiscal year.

 PCAOB ID: 34

 Auditor Name: Deloitte & Touche LLP

 Auditor Location: San Francisco, California

 Item 15. Exhibits, Financial Statement Schedules.
 a. Documents Filed as Part of this Report
 The following financial statements are set forth in Item 8:

 Page

 Management's Report on Internal Control over Financial Reporting

 Report of Independent Registered Public Accounting Firm

 Report of Independent Registered Public Accounting Firm

 Consolidated Balance Sheets as of December 31, 20 24 and 2023

 Consolidated Statements of Operations for the years ended December 31, 20 24, 2023 and 2022

 Consolidated Statements of Changes in Net Assets for the years ended December 31, 20 24, 2023 and 2022

 Consolidated Statements of Cash Flows for the years ended December 31, 20 24, 2023 and 2022

 Consolidated Schedules of Investments as of December 31, 20 24 and 2023

 Notes to Consolidated Financial Statements

 b. Exhibits
 Please note that the agreements included as exhibits to this annual report on Form 10-K are included to provide information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement that have been made solely for the benefit of the other parties to the applicable agreement and may not describe the actual state of affairs as of the date they were made or at any other time.
 The following exhibits are filed as part of this annual report or hereby incorporated by reference to exhibits previously filed with the SEC:

 2.1
 Agreement and Plan of Merger, dated as of November 23, 2020, by and among FS KKR Capital Corp., FS KKR Capital Corp. II, Rocky Merger Sub, Inc. and FS/KKR Advisor, LLC. ( Incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on November 24, 2020.)

 2.2
 Agreement and Plan of Merger, dated as of May 31, 2019, by and among FS Investment Corporation II, Corporate Capital Trust II, FS Investment Corporation III, FS Investment Corporation IV, NT Acquisition 1, Inc., NT Acquisition 2, Inc., NT Acquisition 3, Inc. and FS/KKR Advisor, LLC. ( Incorporated by reference to Exhibit 2.1 to FS KKR Capital Corp. II's Current Report on Form 8-K filed on June 3, 2019.)

 3.1
 Second Articles of Amendment and Restatement of FS Investment Corporation. (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on April 16, 2014.)

 3.2
 Articles of Amendment of FS Investment Corporation. (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on December 3, 2018.)

 3.3
 Articles of Amendment of FS Investment Corporation. (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on December 19, 2018.)

 3.4
 Articles of Amendment of FS KKR Capital Corp. (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on June 15, 2020.)

 3.5
 Articles of Amendment of FS KKR Capital Corp. (Incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on June 15, 2020.)

 3.6
 Third Amended and Restated Bylaws of FS KKR Capital Corp. (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 24, 2020.)

 4.1
 Distribution Reinvestment Plan, effective as of June 2, 2014. (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on May 23, 2014.)

 4.2
 Indenture, dated as of July 14, 2014, by and between the Company and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.2 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2014 filed on August 14, 2014.)

 4.3
 Third Supplemental Indenture, dated as of April 30, 2015, relating to the 4.750% Notes due 2022, by and between the Company and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on April 30, 2015.)

 4.4
 Form of 4.750% Notes due 2022. (Included as Exhibit A to the Third Supplemental Indenture in Exhibit 4.3) (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on April 30, 2015.)

 4.5
 Fourth Supplemental Indenture, dated as of July 15, 2019, relating to the 4.625% Notes due 2024, by and between the Company and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on July 15, 2019.)

 4.6
 Form of 4.625% Notes due 2024. (Included as Exhibit A to the Fourth Supplemental Indenture in Exhibit 4.5) (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on July 15, 2019.)

 4.7
 Fifth Supplemental Indenture, dated as of November 20, 2019, relating to the 4.125% Notes due 2025, by and between the Company and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on November 20, 2019.)

 4.8
 Form of 4.125% Notes due 2025. (Included as Exhibit A to the Fifth Supplemental Indenture in Exhibit 4.7) (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on November 20, 2019.)

 4.9
 Sixth Supplemental Indenture, dated as of April 30, 2020 relating to the 8.625% Notes due 2025, by and between the Company and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.9 filed with the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 filed on May 6, 2020.)

 4.10
 Form of 8.625% Notes due 2025. (Included as Exhibit A to the Sixth Supplemental Indenture in Exhibit 4.9) (Incorporated by reference to Exhibit 4.9 filed with the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 filed on May 6, 2020.)

 4.11
 Seventh Supplemental Indenture, dated as of December 10, 2020 relating to the 3.400% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.1 filed with the Company's Current Report on Form 8-K for filed on December 10, 2020.)

 4.12
 Form of 3.400% Notes due 2026. (Included as Exhibit A to the Seventh Supplemental Indenture in Exhibit 4.11) (Incorporated by reference to Exhibit 4.1 filed with the Company's Current Report on Form 8-K for filed on December 10, 2020.)

 4.13
 Indenture, dated June 28, 2017, by and between The Bank of New York Mellon Trust Company, N.A. and Corporate Capital Trust, Inc. (Incorporated by reference to Exhibit 4.1 to Corporate Capital Trust Inc.'s Current Report on Form 8-K filed on July 5, 2017.)

 4.14
 Form of 5.00% Notes due 2022. (Included as Exhibit A to the Indenture in Exhibit 4.13) (Incorporated by reference to Exhibit 4.1 to Corporate Capital Trust Inc.'s Current Report on Form 8-K filed on July 5, 2017.)

 4.15
 Indenture, dated as of February 14, 2020, by and between FS KKR Capital Corp. II and U.S. Bank National Association, as trustee ( incorporated by reference to Exhibit 4.1 to FS KKR Capital Corp. II's Current Report on Form 8-K filed on February 14, 2020.)

 4.16
 First Supplemental Indenture, dated as of February 14, 2020, relating to the 4.250% Notes due 2025, by and between FS KKR Capital Corp. II and U.S. Bank National Association, as trustee ( incorporated by reference to Exhibit 4.2 to FS KKR Capital Corp. II's Current Report on Form 8-K filed on February 14, 2020.)

 4.17
 Second Supplemental Indenture, dated as of June 16, 2021, relating to the 4.250% Notes due 2025, by and between FS KKR Capital Corp. and U.S. Bank National Association, as trustee ( incorporated by reference to Exhibit 4.3 to the Registrant's Current Report on Form 8-K filed on June 16, 2021.)

 4.18
 Form of 4.250% Notes due 2025 (included as Exhibit A to Exhibit 4.16 hereto) (incorporated by reference to Exhibit 4.2 to FS KKR Capital Corp. II's Current Report on Form 8-K filed on February 14, 2020.)

 4.19
 Eighth Supplemental Indenture, dated as of June 17, 2021, relating to the 2.625% Notes due 2027, by and between FS KKR Capital Corp. and U.S. Bank National Association, as trustee ( incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on June 17, 2021.)

 4.20
 Form of 2.625% Notes due 2027 (included as Exhibit A to Exhibit 4.19 hereto) (incorporated by reference to Exhibit 4.1 to the Registrant 's Current Report on Form 8-K filed on June 17, 2021.)

 4.21
 Ninth Supplemental Indenture, dated October 12, 2021, relating to the 1.650% Notes due 2024, by and between FS KKR Capital Corp. and U.S. Bank National Association, as trustee ( incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on October 13, 2021.)

 4.22
 Form of 1.650% Notes due 2024 (included as Exhibit A to Exhibit 4.21 hereto) (incorporated by reference to Exhibit 4.1 to the Registrant 's Current Report on Form 8-K filed on October 13, 2021.)

 4.23
 Tenth Supplemental Indenture, dated October 12, 2021, relating to the 3.125% Notes due 2028, by and between FS KKR Capital Corp. and U.S. Bank National Association, as trustee ( incorporated by reference to Exhibit 4.3 to the Registrant's Current Report on Form 8-K filed on October 13, 2021.)

 4.24
 Form of 3.125% Notes due 2028 (included as Exhibit A to Exhibit 4.23 hereto) (incorporated by reference to Exhibit 4.3 to the Registrant 's Current Report on Form 8-K filed on October 13, 2021.)

 4.25
 Eleventh Supplemental Indenture, dated January 18, 2022, relating to the 3.250% Notes due 2027, by and between FS KKR Capital Corp. and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on January 19, 2022.)

 4.26
 Form of 3.250% Notes due 2027 (included as Exhibit A to Exhibit 4.25 hereto) (incorporated by reference to Exhibit 4.1 to the Registrant 's Current Report on Form 8-K filed on January 19, 2022.)

 4.27

 Twelfth Supplemental Indenture, dated as of November 21, 2023, relating to the 7.875% Notes due 2029, by and between the Company and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association), as trustee. (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on November 21, 2023).

 4.28

 Form of 7.875% Notes due 2029. (Incorporated by reference to Exhibit 4.1 of Form 8-K filed on November 21, 2023.)

 4.29

 Thirteenth Supplemental Indenture, dated as of June 6, 2024, relating to the 6.875% Notes due 2029, by and between the Company and U.S. Bank Trust Company National Association (as successor-in-interest to U.S. Bank National Association), as trustee. (Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on June 6, 2024.)

 4.30

 Form of 6.875% Notes due 2029. (Incorporated by reference to Exhibit 4.1 of Form 8-K filed on June 6, 2024.)

 4.31

 Fourteenth Supplemental Indenture, dated as of November 20, 2024, relating to the 6.125% Notes due 2030, by and between the Company and U.S. Bank Trust Company National Association (as successor-in-interest to U.S. Bank National Association), as trustee. (Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on November 20, 2024.)

 4.32

 Form of 6.125% Notes due 2030. (Incorporated by reference to Exhibit 4.1 of Form 8-K filed on November 20, 2024.)

 4.33*

 Description of Securities.

 10.1
 Amended and Restated Investment Advisory Agreement, dated as of June 16, 2021, by and between FS KKR Capital Corp. and FS/KKR Advisor, LLC. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on June 16, 2021.)

 10.2
 Administration Agreement, dated as of April 9, 2018, by and between FS Investment Corporation and FS/KKR Advisor, LLC. (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on April 9, 2018.)

 10.3
 Custodian Agreement, dated as of November 14, 2011, by and between the Company and State Street Bank and Trust Company. (Incorporated by reference to Exhibit 10.9 filed with the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011 filed on November 14, 2011.)

 10.4
 Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 23, 2020, by and among the Company and FS KKR Capital Corp. II, as borrowers, JPMorgan Chase Bank, N.A., as administrative agent, ING Capital LLC, as collateral agent, and the lenders, documentation agents, joint bookrunners, and joint lead arrangers party thereto. (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on December 30, 2020.)

 10.5
 Amendment No. 1 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 27, 2021, by and among the Company (include as successor by merger of FS KKR Capital Corp. II), as borrower, and JPMorgan Chase Bank, N.A., as administrative agent. ( Incorporated by reference to Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 filed on November 8, 2021.)

 10.6
 Amendment No. 2, dated as of May 17, 2022, by and among FS KKR Capital Corp., as borrower, JPMorgan Chase Bank, N.A., as administrative agent, ING Capital LLC, as collateral agent, and the lenders party thereto. (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on May 18, 2022).

 10.7
 Amendment No. 3, to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of October 31, 2023, by and among FS KKR Capital Corp., as borrower, JPMorgan Chase Bank, N.A., as administrative agent, ING Capital LLC, as collateral agent, and the lenders party thereto. (Incorporated by Reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 filed on November 6, 2023).

 10.8
 Loan and Servicing Agreement, dated as of December 2, 2015, among CCT Tokyo Funding LLC, Corporate Capital Trust, Inc. and Sumitomo Mitsui Banking Corporation. (Incorporated by reference to Exhibit 10.42 to Corporate Capital Trust, Inc.'s Annual Report on Form 10-K filed on March 21, 2016.)

 10.9
 First Amendment to Loan and Servicing Agreement, dated September 20, 2017, by an among CCT Tokyo Funding LLC, Corporate Capital Trust, Inc. and Sumitomo Mitsui Banking Corporation. (Incorporated by reference to Exhibit 10.3 to Corporate Capital Trust, Inc.'s Quarterly Report on Form 10-Q filed on November 9, 2017.)

 10.10
 Second Amendment to Loan and Servicing Agreement, dated as of November 28, 2017, by and among CCT Tokyo Funding LLC, Corporate Capital Trust, Inc. and Sumitomo Mitsui Banking Corporation. (Incorporated by reference to Exhibit 10.1 to Corporate Capital Trust Inc.'s Current Report on Form 8-K filed on November 28, 2017.)

 10.11
 Fourth Amendment to Loan and Servicing Agreement, dated as of November 30, 2018, by and among CCT Tokyo Funding LLC, Corporate Capital Trust, Inc., and Sumitomo Mitsui Banking Corporation. (Incorporated by reference to Exhibit 10.18 to the Company's Annual Report on Form 10-K filed on February 28, 2019.)

 10.12
 Fifth Amendment to Loan and Servicing Agreement, dated as of December 2, 2019, by and among CCT Tokyo Funding LLC, the Company, and Sumitomo Mitsui Banking Corporation. (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 5, 2019.)

 10.13
 Sixth Amendment to Loan and Servicing Agreement, dated December 1, 2020, by and among CCT Tokyo Funding LLC, FS KKR Capital Corp., and Sumitomo Mitsui Banking Corporation. ( Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 2, 2020.)

 10.14
 Seventh Amendment to Loan and Servicing Agreement, dated November 9, 2021, by and among CCT Tokyo Funding LLC, FS KKR Capital Corp., and Sumitomo Mitsui Banking Corporation. ( Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 15, 2021.)

 10.15
 Eighth Amendment to Loan and Servicing Agreement, dated November 14, 2022, by and among CCT Tokyo Funding LLC, FS KKR Capital Corp., and Sumitomo Mitsui Banking Corporation. (Incorporated by reference to Exhibit 10.1 to Company's Current Report on Form 8-K filed on November 17, 2022).

 10.16
 Indenture, dated June 25, 2019, by and between FS KKR MM CLO 1 LLC and US Bank National Association. (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 1, 2019.)

 10.17
 Amended and Restated Indenture, dated December 22, 2020, by and between FS KKR MM CLO 1 LLC and U.S. Bank National Association. ( Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 30, 2020.)

 10.18
 First Supplemental Indenture to Indenture dated June 25, 2019 by and between FS KKR MM CLO 1 LLC and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023 filed on August 7, 2023).

 10.19
 Loan Financing and Servicing Agreement, dated as of February 20, 2014, by and among Darby Creek LLC, as borrower, Deutsche Bank AG, New York Branch, as administrative agent, Wells Fargo Bank, National Association, as collateral agent and collateral custodian, and the other lenders and lender agents from time to time party thereto. ( Incorporated by reference to Exhibit 10.5 to FS KKR Capital Corp. II's Current Report on Form 8-K filed on February 25, 2014.)

 10.20
 Amendment No. 1 to Loan Financing and Servicing Agreement, dated as of January 12, 2015, by and among Darby Creek LLC, as borrower, Deutsche Bank AG, New York Branch, as administrative agent, Wells Fargo Bank, National Association, as collateral agent and collateral custodian, and the other lenders and lender agents from time to time party thereto. ( Incorporated by reference to Exhibit 10.27 to FS KKR Capital Corp. II's Annual Report on Form 10-K filed on March 25, 2016.)

 10.21
 Amendment No. 2 to Loan Financing and Servicing Agreement, dated as of February 3, 2015, by and among Darby Creek LLC, as borrower, Deutsche Bank AG, New York Branch, as administrative agent, Wells Fargo Bank, National Association, as collateral agent and collateral custodian, and the other lenders and lender agents from time to time party thereto. ( Incorporated by reference to Exhibit 10.28 to FS KKR Capital Corp. II's Annual Report on Form 10-K filed on March 25, 2016.)

 10.22
 Amendment No. 3 to Loan Financing and Servicing Agreement, dated as of May 7, 2015, by and among Darby Creek LLC, as borrower, Deutsche Bank AG, New York Branch, as administrative agent, Wells Fargo Bank, National Association, as collateral agent and collateral custodian, and the other lenders and lender agents from time to time party thereto. ( Incorporated by reference to Exhibit 10.29 to FS KKR Capital Corp. II's Annual Report on Form 10-K filed on March 25, 2016.)

 10.23
 Amendment No. 4 to Loan Financing and Servicing Agreement, dated as of October 8, 2015, by and among Darby Creek LLC, as borrower, Deutsche Bank AG, New York Branch, as administrative agent, Wells Fargo Bank, National Association, as collateral agent and collateral custodian, and the other lenders and lender agents from time to time party thereto. ( Incorporated by reference to Exhibit 10.30 to FS KKR Capital Corp. II's Annual Report on Form 10-K filed on March 25, 2016.)

 10.24
 Amendment No. 6 to Loan Financing and Servicing Agreement, dated as of August 19, 2016, by and among Darby Creek LLC, as borrower, Deutsche Bank AG, New York Branch, as administrative agent, Wells Fargo Bank, National Association, as collateral agent and collateral custodian, and the other lenders and lender agents from time to time party thereto. ( Incorporated by reference to Exhibit 10.1 to FS KKR Capital Corp. II's Current Report on Form 8-K filed on August 22, 2016.)

 10.25
 Amendment No. 7 to Loan Financing and Servicing Agreement, dated as of February 15, 2019, by and among Darby Creek LLC, as borrower, Deutsche Bank AG, New York Branch, as administrative agent, Wells Fargo Bank, National Association, as collateral agent and collateral custodian, and the other lenders and lender agents from time to time party thereto. ( Incorporated by reference to Exhibit 10.16 to FS KKR Capital Corp. II's Quarterly Report on Form 10-K filed on March 19, 2019.)

 10.26
 Omnibus Amendment, dated as of February 20, 2019, between Darby Creek LLC, as borrower, Deutsche Bank AG, New York Branch, as facility agent, each lender party thereto, each agent party thereto, and Wells Fargo Bank, National Association, as collateral agent and collateral custodian. (Incorporated by reference to Exhibit 10.1 to FS KKR Capital Corp. III's Current Report on Form 8-K filed on February 25, 2019.)

 10.27
 Tenth Amendment to Loan Financing and Servicing Agreement, dated December 28, 2021, by and among Darby Creek LLC, Deutsche Bank AG, New York Branch, as facility agent, and each of the lenders from time to time party thereto. ( Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on January 4, 2022).

 10.28
 Eleventh Amendment to Loan Financing and Servicing Agreement, dated February 23, 2023, by and among Darby Creek LLC, Deutsche Bank AG, New York Branch, as facility agent, and each of the lenders from time to time party thereto (Incorporated by reference to Exhibit 10.27 to FS KKR Capital Corp.'s Annual Report on Form 10-K filed on February 27, 2023).

 10.29
 Twelfth Amendment to the Loan Financing and Servicing Agreement and Omnibus Amendment to the Transaction Documents, dated April 27, 2023 by and among Darby Creek LLC, Deutsche Bank AG, New York Branch, and Wells Fargo Bank, National Association. (Incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on May 5, 2023).

 10.30
 Thirteenth Amendment to the Loan and Servicing Agreement, dated as of June 27, 2024, by and between Darby Creek LLC and Deutsche Bank AG, New York Branch. (Incorporated by reference to Exhibit 10.2 to the Registrant's Form 10-Q filed on August 6, 2024.)

 10.31
 Loan and Security Agreement, dated as of November 22, 2019, by and among Ambler Funding LLC, as borrower, Ally Bank, as administrative agent and arranger, Wells Fargo Bank, N.A., as collateral administrator and collateral custodian, and the lenders from time to time party thereto. ( Incorporated by reference to Exhibit 10.1 to FS Investment Corporation IV's Current Report on Form 8-K filed on November 26, 2019).

 10.32
 First Amendment to Loan and Security Agreement, dated December 28, 2021, by and among Ambler Funding LLC, Ally Bank and Wells Fargo, National Association. ( Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on January 4, 2022).

 10.33
 Second Amendment to Loan and Security Agreement, dated as of October 31, 2023, by and among Ambler Funding, as borrower, Ally Bank, as administrative agent and arranger, each of the lenders from time to time party thereto, and Wells Fargo Bank, National Association, as collateral administrator and collateral custodian. (Incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on November 6, 2023).

 10.34
 Third Amendment to Loan and Security Agreement, dated as of November 13, 2024, by and among Ambler Funding, as borrower, Ally Bank, as administrative agent and arranger, each of the lenders from time to time party thereto, and Wells Fargo Bank, National Association, as collateral administrator and collateral custodian. (Incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on November 19, 2024.)

 10.35
 Loan and Servicing Agreement, dated as of November 22, 2019, by and among Meadowbrook Run LLC, as borrower, Morgan Stanley Senior Funding, Inc., as administrative agent, Wells Fargo Bank, N.A., as collateral agent, account bank and collateral custodian, and the lenders from time to time party thereto. ( Incorporated by reference to Exhibit 10.1 to FS KKR Capital Corp. II's Current Report on Form 8-K filed on November 29, 2019).

 10.36
 First Amendment to Loan and Servicing Agreement and Omnibus Amendment to Transaction Documents, dated as of March 3, 2020, by and among Meadowbrook Run LLC, as borrower, Morgan Stanley Senior Funding, Inc., as lender and administrative agent, and FS KKR Capital Corp. II, as servicer. ( Incorporated by reference to Exhibit 10.49 to FS KKR Capital Corp. II' s Quarterly Report on Form 10-Q filed on May 12, 2020.)

 10.37
 Second Amendment to Loan and Servicing Agreement, dated as of June 16, 2020, by and among Meadowbrook Run LLC, as borrower, FS KKR Capital Corp. II, as servicer, Morgan Stanley Bank, N.A., as lender, and Morgan Stanley Senior Funding, Inc., as administrative agent ( Incorporated by reference to Exhibit 10.50 to FS KKR Capital Corp. II's Quarterly Report on Form 10-Q filed on August 10, 2020).

 10.38
 Third Amendment to Loan and Servicing Agreement and Omnibus Amendment to Transaction Documents, dated as of December 28, 2021, among Meadowbrook Run LLC, as the borrower, FS KKR Capital Corp., as the servicer, Morgan Stanley Bank, N.A., as the lender, and Morgan Stanley Senior Funding, Inc., as administrative agent. ( Incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on January 4, 2022).

 10.39
 Fourth Amendment to Loan and Servicing Agreement, dated November 28. 2022, by and among Meadowbrook Run LLC, as borrower, FS KKR Capital Corp., as the servicer, Morgan Stanley Bank, N.A., as the lender, and Morgan Stanley Senior Funding, Inc., as administrative agent (Incorporated by reference to Exhibit 10.60 to FS KKR Capital Corp.'s Annual Report on Form 10-K filed on February 27, 2023).

 10.40
 Fifth Amendment to the Loan and Servicing Agreement, dated June 30, 2023, by and among Meadowbrook Run LLC, FS KKR Capital Corp., Morgan Stanley Senior Funding, Inc. and Morgan Stanley Bank, N.A. (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 3, 2023).

 10.41*

 Sixth Amendment to the Loan and Servicing Agreement, dated November 21, 2024, by and among Meadowbrook Run LLC, FS KKR Capital Corp., Morgan Stanley Senior Funding, Inc. and Morgan Stanley Bank, N.A.

 10.42*

 Seventh Amendment to the Loan and Servicing Agreement, dated January 22, 2025, by and among Meadowbrook Run LLC, FS KKR Capital Corp., Morgan Stanley Senior Funding, Inc. and Morgan Stanley Bank, N.A.

 10.43

 Amendment No. 2, dated as of May 17, 2022, by and among FS KKR Capital Corp., as borrower, JPMorgan Chase Bank, N.A., as administrative agent, ING Capital LLC, as collateral agent, and the lenders party thereto. (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on May 18, 2022).

 10.44

 Underwriting Agreement, dated November 13, 2023, by and among FS KKR Capital Corp., FS/KKR Advisor, LLC and BofA Securities, Inc., BMO Capital Markets Corp., J.P. Morgan Securities LLC, KKR Capital Markets LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc., as representatives of the underwriters named in Schedule A thereto. (Incorporated by reference to Exhibit 1.1 to the Company's Current Report on Form 8-K filed on November 15, 2023).

 10.45

 Fourth Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of June 26, 2024, by and between the Company and JPMorgan Chase Bank, N.A. (Incorporated by reference to Exhibit 10.1 to the Registrant's Form 10-Q filed on August 6, 2024.)

 19.1*

 Insider Trading Policy

 21.1*
 Subsidiaries of the Company.

 23.1*
 Consent of Deloitte & Touche LLP

 23.2*

 Consent of Deloitte & Touche LLP

 31.1*
 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

 31.2*
 Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

 32.1*
 Certification of Chief Executive Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 32.2*
 Certification of Chief Financial Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 97.1*
 Clawback Policy

 99.1*
 Audited Consolidated Financial Statements of Credit Opportunities Partners JV, LLC for the year ended December 31, 2024

 101.INS*

 101.SCH*

 101.CAL*

 101.DEF*

 101.LAB*

 101.PRE*

 *Filed herewith.
 Pursuant to Item 601(a)(5) of Regulation S-K, certain exhibits and schedules have been omitted. The registrant hereby agrees to furnish supplementally a copy of any omitted attachment to the SEC upon request.

 c. Financial Statement Schedules
 No financial statement schedules are filed herewith because (1) such schedules are not required or (2) the information has been presented in the aforementioned financial statements.

 Item 16. Form 10-K Summary.
 None.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.

 FS KKR CAPITAL CORP.

 /s/ MICHAEL C. FORMAN

 Michael C. Forman

 Chief Executive Officer and Director

 (Principal Executive Officer)

 Pursuant to the requirements of the Securities Exchange Act of 1934, this annual report has been signed below by the following persons on behalf of the registrant and in the capacity and on the dates indicated.

 /s/ MICHAEL C. FORMAN

 Michael C. Forman

 Chief Executive Officer and Director

 (Principal Executive Officer)

 /s/ STEVEN LILLY

 Steven Lilly

 Chief Financial Officer

 (Principal Financial Officer)

 /s/ WILLIAM GOEBEL

 William Goebel

 Chief Accounting Officer

 (Principal Accounting Officer)

 /s/ BARBARA ADAMS

 Barbara Adams

 /s/ BRIAN R. FORD

 Brian R. Ford

 /s/ RICHARD GOLDSTEIN

 Richard Goldstein

 /s/ MICHAEL J. HAGAN

 Michael J. Hagan

 /s/ JEFFREY K. HARROW

 Jeffrey K. Harrow

 /s/ JEREL A. HOPKINS

 Jerel A. Hopkins

 /s/ OSAGIE IMASOGIE

 Osagie Imasogie

 /s/ JAMES H. KROPP

 James H. Kropp

 /s/ DANIEL PIETRZAK

 Daniel Pietrzak

 /s/ ELIZABETH SANDLER

 Elizabeth Sandler