| 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. Litigation Other than as set forth below, 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. On May 4, 2026, a purported Company stockholder filed a putative securities class action complaint in the United States District Court for the Eastern District of Pennsylvania against FS KKR Capital Corp. and certain of our current officers (collectively, the “Defendants”). The case is captioned Stuart v. FS KKR Capital Corp., et al., Case No. 2:26-cv-02969 (E.D. Pa.). The complaint alleges that the Defendants violated Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder by making materially false and/or misleading statements and/or omissions concerning, among other things, portfolio valuations, portfolio restructuring, and the Company’s quarterly distribution strategy. The Company intends to vigorously defend this matter. The outcomes of outstanding legal matters are inherently unpredictable and subject to uncertainties. Based on information currently available, the Company cannot predict the outcome of this proceeding and is unable to reasonably estimate any possible loss or range of loss, if any, associated with this matter. Unfunded Commitments 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 March 31, 2026, the Company’s unfunded commitments consisted of the following: | | | | | | | | | Category / Company(1) | | Commitment Amount | | Senior Secured Loans—First Lien | | | | 3Pillar Global Inc | | $ | 6.3 | | | 48Forty Solutions LLC | | 6.3 | | | 48Forty Solutions LLC | | 1.6 | | | Aareon AG | | 11.3 | | | Actium Holdings Ltd (fka Alpha Financial Markets Consulting) | | 2.3 | | | Advanced Dermatology & Cosmetic Surgery | | 2.1 | | | Affordable Care Inc | | 0.1 | | | AGS Health LLC | | 6.0 | | | AGS Health LLC | | 2.1 | | | Alacrity Solutions Group LLC | | 1.7 | | | Alacrity Solutions Group LLC | | 2.3 | | | A-Lign Assurance LLC | | 3.2 | | | A-Lign Assurance LLC | | 1.5 | | | American Vision Partners | | 7.8 | | | Apex Service Partners LLC | | 2.8 | | | Arcfield Acquisition Corp | | 6.0 | | | Arcwood Environmental (fka Heritage Environmental Services Inc) | | 8.0 | | | Area Wide Protective Inc | | 12.1 | | AVE Holdings I Corp (fka Amerivet Partners Management Inc) | | 8.4 | | | Avetta LLC | | 1.8 | | | Avetta LLC | | 0.8 | | | Avetta LLC | | 3.7 | | | BGB Group LLC | | 3.2 | |
| | | | | | | | | Category / Company(1) | | Commitment Amount | | BGB Group LLC | | 4.8 | | | Bonterra LLC | | 12.4 | | | Cadence Education LLC | | 8.5 | | | Cambrex Corp | | 6.4 | | | Carrier Fire Protection | | 1.4 | | | Carrier Fire Protection | | 2.1 | | | Circana Group (f.k.a. NPD Group) | | 4.3 | | | Civica Group Ltd | | 5.1 | | | Civica Group Ltd | | 4.4 | | | Clarience Technologies LLC | | 11.1 | | | Clarience Technologies LLC | | 24.5 | | | CLEAResult Consulting Inc | | 4.5 | | | CLEAResult Consulting Inc | | 3.0 | | | ClubCorp Club Operations Inc | | $ | 5.7 | | | ClubCorp Club Operations Inc | | 3.4 | | | Com Laude Group Ltd | | 3.1 | | | Com Laude Group Ltd | | 1.3 | | | Com Laude Group Ltd | | 3.0 | | | Community Brands Inc | | 3.8 | | | Conservice LLC | | 1.7 | | | Consilium Safety Group AB | | 10.5 | | | CSafe Global | | 7.7 | | | Cyncly Refinancing | | 3.2 | | | Cyncly Refinancing | | 3.9 | | | Dental365 LLC | | 5.1 | | | Dental365 LLC | | 1.9 | | | DOXA Insurance Holdings LLC | | 2.4 | | | DOXA Insurance Holdings LLC | | 8.6 | | | DuBois Chemicals Inc | | 14.7 | | | DuBois Chemicals Inc | | 4.3 | | | Eagle Railcar Services Roscoe Inc | | 10.8 | | | Eagle Railcar Services Roscoe Inc | | 12.0 | | | Envirotainer Ltd | | 2.8 | | | Excelitas Technologies Corp | | 2.4 | | | Excelitas Technologies Corp | | 22.6 | | | Flexera Software LLC | | 6.5 | | | Follett Software Co | | 5.6 | | | Fortnox AB | | 9.0 | | | Foundation Consumer Brands LLC | | 7.7 | | | Foundation Risk Partners Corp | | 9.6 | | | Foundation Risk Partners Corp | | 4.8 | | | Frontline Road Safety LLC | | 15.7 | | | Frontline Road Safety LLC | | 14.3 | | | Fullsteam Holdings LLC | | 11.0 | | | Fullsteam Holdings LLC | | 3.7 | | | Galway Partners Holdings LLC | | 8.1 | | | GE Digital LLC | | 4.5 | | | Gigamon Inc | | 9.3 | | | Granicus Inc | | 2.3 | | | Granicus Inc | | 0.5 | |
| | | | | | | | | Category / Company(1) | | Commitment Amount | | Heniff Transportation Systems LLC | | 0.6 | | | Higginbotham Insurance Agency Inc | | 1.0 | | | Highgate Hotels Inc | | 2.8 | | | Highgate Hotels Inc | | 3.9 | | | HM Dunn Co Inc | | 5.0 | | | Homrich & Berg Inc | | 0.5 | | | Homrich & Berg Inc | | 6.2 | | | Horizon CTS Buyer LLC | | 15.2 | | | Horizon CTS Buyer LLC | | 2.2 | | | Inhabit IQ | | 3.6 | | | Inhabit IQ | | 2.2 | | | iNova Pharmaceuticals (Australia) Pty Limited | | 2.5 | | | Insight Global LLC | | 36.6 | | | Insightsoftware.Com Inc | | $ | 21.1 | | | Insightsoftware.Com Inc | | 2.5 | | | Integrated Power Services LLC | | 4.4 | | | Integrated Power Services LLC | | 9.0 | | | Integrity Marketing Group LLC | | 0.1 | | | Integrity Marketing Group LLC | | 0.7 | | | J S Held LLC | | 3.5 | | | J S Held LLC | | 8.9 | | | Jeppesen Holdings LLC | | 2.4 | | | Keystone Agency Partners LLC | | 8.5 | | | Keystone Agency Partners LLC | | 3.8 | | | Laboratoires Vivacy SAS | | 0.6 | | | Lazer Logistics Inc | | 1.9 | | | Lazer Logistics Inc | | 1.2 | | | Learning Experience Corp/The | | 3.5 | | | Legends Hospitality LLC | | 6.5 | | | Lionbridge Technologies Inc | | 5.5 | | | Magna Legal Services LLC | | 2.2 | | | Magna Legal Services LLC | | 5.6 | | | MAI Capital Management LLC | | 2.1 | | | MAI Capital Management LLC | | 3.1 | | | MB2 Dental Solutions LLC | | 10.3 | | | Med-Metrix | | 37.0 | | | Med-Metrix | | 34.1 | | | Mercer Advisors Inc | | 3.2 | | | Model N Inc | | 6.1 | | | Model N Inc | | 3.2 | | | NAVEX Global Inc | | 0.3 | | | NAVEX Global Inc | | 6.7 | | | NEFCO Corp | | 4.9 | | | NEFCO Corp | | 2.6 | | | NeoGov Newt Holdco Inc | | 3.5 | | | NeoGov Newt Holdco Inc | | 4.7 | | | Net Documents | | 6.4 | | | Netsmart Technologies Inc | | 6.2 | | | Netsmart Technologies Inc | | 6.3 | | | New Era Technology LLC | | 3.4 | |
| | | | | | | | | Category / Company(1) | | Commitment Amount | | OEConnection LLC | | 8.7 | | | OEConnection LLC | | 7.0 | | | Orion Services Group | | 3.2 | | | Oxford Global Resources LLC | | 7.6 | | | PartsSource Inc | | 1.1 | | | PCI Pharma Services | | 27.1 | | | PCI Pharma Services | | 11.7 | | | Pike Corp | | 6.6 | | | Pike Corp | | 4.4 | | | Premise Health Holding Corp | | 0.5 | | | Premise Health Holding Corp | | 0.9 | | | PROS Holdings Inc | | 1.3 | | | PSC Group | | 1.1 | | | Radwell International LLC | | $ | 5.3 | | | Railpros Inc | | 0.6 | | | Railpros Inc | | 0.4 | | | Resa Power LLC | | 8.6 | | | Resa Power LLC | | 9.8 | | | Revere Superior Holdings Inc | | 3.3 | | | Rialto Capital Management LLC | | 1.0 | | | Rockefeller Capital Management LP | | 8.8 | | | Safe-Guard Products International LLC | | 8.8 | | | SAMBA Safety Inc | | 0.9 | | | SAMBA Safety Inc | | 0.6 | | | Service Express Inc | | 10.7 | | | Service Express Inc | | 13.5 | | | Service Logic LLC | | 8.0 | | | Service Logic LLC | | 2.8 | | | Sphera Solutions Inc | | 6.4 | | | Sphera Solutions Inc | | 3.3 | | | Sphera Solutions Inc | | 20.0 | | | Spins LLC | | 3.2 | | | Spotless Brands LLC | | 5.0 | | | STV Group Inc | | 8.3 | | | STV Group Inc | | 11.9 | | | Sweeping Corp of America LLC | | 4.5 | | | Time Manufacturing Co | | — | | | Time Manufacturing Co | | 14.0 | | | Trackunit ApS | | 11.0 | | | Trackunit ApS | | 22.0 | | | Turnpoint Services Inc | | 0.9 | | | Turnpoint Services Inc | | 2.5 | | | USIC Holdings Inc | | 1.1 | | | USIC Holdings Inc | | 1.3 | | | Veriforce LLC | | 2.1 | | | Veriforce LLC | | 3.7 | | | Vermont Information Processing Inc | | 9.6 | | | Vermont Information Processing Inc | | 2.9 | | | Version1 Software Ltd | | 13.2 | | | VetCor Professional Practices LLC | | 4.2 | |
| | | | | | | | | Category / Company(1) | | Commitment Amount | | VetCor Professional Practices LLC | | 20.8 | | | Vitu | | 9.1 | | | Waste Services Group Pty Ltd | | 4.8 | | | Wealth Enhancement Group LLC | | 2.8 | | | Wealth Enhancement Group LLC | | 7.0 | | | Wealth Enhancement Group LLC | | 2.1 | | | Wedgewood Weddings | | 5.8 | | | Wedgewood Weddings | | 5.8 | | | West Star Aviation Inc | | 30.7 | | | West Star Aviation Inc | | 4.2 | | | Woolpert Inc | | 5.6 | | | Woolpert Inc | | 10.6 | | | Worldwise Inc | | 0.8 | | | Xylem Kendall | | $ | 15.9 | | | Xylem Kendall | | 0.7 | | | Zellis Holdings Ltd | | 3.6 | | | Zendesk Inc | | 6.0 | | | Zeus Industrial Products Inc | | 10.0 | | | Subordinated Debt | | | | Cyncly Refinancing | | 1.6 | | | Nidda Healthcare Holding AG | | 6.2 | | | Asset Based Finance | | | | Bond Aviation Holdings LLC, Term Loan | | 11.3 | | | Bond Aviation Holdings LLC, Term Loan | | 5.3 | | | Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver | | 20.7 | | | Fortna AR LLC (FKA Fortna Group Inc), Revolver | | 2.0 | | | Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver | | 17.5 | | | Philippine Airlines 777, Term Loan | | 1.1 | | | Philippine Airlines 777, Term Loan | | 1.1 | | | Sallie Mae Levered, Term Loan | | 0.1 | | | SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver | | 6.4 | | | Sotheby's, Revolver | | 7.8 | | | Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver | | 4.7 | | | TPSI Receivables LLC (Tropicana Products Inc), Revolver | | 6.0 | | | Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver | | 12.8 | | | Total | | $ | 1,326.0 | | | Unfunded Asset Based Finance/Other commitments | | $ | 87.2 | |
_____________ (1)May be commitments to one or more entities affiliated with the named company. As of March 31, 2026, the Company’s debt commitments are comprised of $717.2 revolving credit facilities and $608.8 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 $(16.3). 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 $240, subject to increase or reduction from time to time pursuant to the terms of the Senior Secured Revolving Credit Facility. As of March 31, 2026, $44 of such letters of credit have been issued. As of March 31, 2026, the Company also has an unfunded commitment to provide $434.0 of capital to COPJV. The capital commitment can be satisfied with contributions of cash and/or investments. The capital commitments cannot be drawn without an affirmative vote by both the Company’s and SCRS’s representatives on COPJV’s board of managers. While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so. In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company had one such guarantee on behalf of Avenue One PropCo for up to $18.7 outstanding at March 31, 2026.
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