As of December 31, 2025

As of September 30, 2025

Total fair value of investments (in millions)

$13,009

$13,415

Asset Class (based on fair value)

   Senior Secured Loans — First Lien

57.8 %

58.0 %

   Senior Secured Loans — Second Lien

4.2 %

4.8 %

   Other Senior Secured Debt

0.4 %

0.4 %

   Subordinated Debt

1.0 %

1.6 %

   Asset Based Finance

13.0 %

14.4 %

   Credit Opportunities Partners JV, LLC

15.1 %

13.3 %

   Equity/Other

8.5 %

7.5 %

Interest Rate Type (based on fair value)

   % Variable Rate Debt Investments

60.9 %

63.8 %

   % Fixed Rate Debt Investments

8.2 %

8.8 %

   % Other Income Producing Investments

21.4 %

18.3 %

   % Non-Income Producing Investments⁽⁷⁾

6.1 %

6.2 %

   % of Investments on Non-Accrual⁽⁶⁾

3.4 %

2.9 %

Unaudited Consolidated Statements  of Operations

(in millions, except share and per share amounts)

Year Ended December 31,

2025

2024

2023

Investment income

From non-controlled/unaffiliated investments:

Interest income

$                        844

$                     1,059

$                     1,183

Paid-in-kind interest income

69

67

108

Fee income

31

53

30

Dividend and other income

35

26

14

From non-controlled/affiliated investments:

Interest income

30

42

25

Paid-in-kind interest income

66

50

39

Fee income

4

1

1

Dividend and other income

24

16

28

From controlled/affiliated investments:

Interest income

43

71

87

Paid-in-kind interest income

89

94

45

Fee income

1

9

4

Dividend and other income

283

233

266

     Total investment income

1,519

1,721

1,830

Operating expenses

Management fees

206

216

226

Subordinated income incentive fees

136

167

181

Administrative services expenses

10

10

12

Accounting and administrative fees

4

4

4

Interest expense

464

465

467

Other general and administrative expenses

23

23

26

     Total operating expenses

843

885

916

Net investment income before taxes

676

836

914

Excise taxes

22

23

22

Net investment income

654

813

892

Realized and unrealized gain/loss

Net realized gain (loss) on investments:

Non-controlled/unaffiliated investments

(263)

(448)

(147)

Non-controlled/affiliated investments

(2)

(61)

(21)

Controlled/affiliated investments

(74)

23

(175)

Net realized gain (loss) on foreign currency forward contracts

(9)

19

8

Net realized gain (loss) on foreign currency

(28)

(9)

12

Net change in unrealized appreciation (depreciation) on investments:

Non-controlled/unaffiliated investments

14

255

30

Non-controlled/affiliated investments

(86)

134

9

Controlled/affiliated investments

(106)

(172)

127

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

(12)

(7)

(15)

Net change in unrealized gain (loss) on foreign currency

(58)

38

(21)

Total net realized and unrealized gain (loss)

(624)

(228)

(193)

Provision for taxes on realized and unrealized gains on investments

(12)

—

(3)

Realized loss on extinguishment of debt

(7)

—

—

Net increase (decrease) in net assets resulting from operations

$                          11

$                        585

$                        696

Per share information—basic and diluted

Net increase (decrease) in net assets resulting from operations
     (Earnings per Share)

$                       0.04

$                       2.09

$                       2.48

Weighted average shares outstanding

280,066,433

280,066,433

280,276,768

Consolidated Balance Sheets

(in millions, except share and per share amounts)

December 31,

2024

Assets

Investments, at fair value

Non-controlled/unaffiliated investments (amortized cost—$8,406 and $8,830, respectively)

$                 8,164

$                 8,573

Non-controlled/affiliated investments (amortized cost—$929 and $1,128, respectively)

855

1,140

Controlled/affiliated investments (amortized cost—$4,406 and $4,086, respectively)

3,990

3,777

Total investments, at fair value (amortized cost—$13,741 and $14,044, respectively)

13,009

13,490

Cash and cash equivalents

181

278

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

27

18

Receivable for investments sold and repaid

313

186

Income receivable

98

187

Unrealized appreciation on foreign currency forward contracts

—

3

Deferred financing costs

32

26

Prepaid expenses and other assets

69

31

       Total assets

$               13,729

$               14,219

Liabilities

Payable for investments purchased

$                        8

$                        2

Debt (net of deferred financing costs and discount of $45 and $49, respectively)

7,634

7,351

Unrealized depreciation on foreign currency forward contracts

10

1

Stockholder distributions payable

—

—

Management and investment adviser fees payable

50

53

Subordinated income incentive fees payable

28

35

Administrative services expense payable

1

3

Interest payable

77

108

Other accrued expenses and liabilities

72

44

       Total liabilities

7,880

7,597

Commitments and contingencies

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

0

0

Capital in excess of par value

9,199

9,284

Retained earnings (accumulated deficit)

(3,350)

(2,662)

       Total stockholders' equity

5,849

6,622

       Total liabilities and stockholders' equity

$               13,729

$               14,219

Net asset value per share of common stock at year end

$                 20.89

$                 23.64

Three Months Ended

December 31, 2025

September 30, 2025

GAAP net investment income per share

$0.48

$0.57

Accretion resulting from merger accounting

($0.01)

($0.01)

Excise tax

$0.05

$0.01

Adjusted net investment income per share⁽²⁾

$0.52

$0.57

GAAP Net realized and unrealized gain (loss) per share

($0.89)

$0.19

Unrealized appreciation from merger accounting

$0.01

$0.01

Adjusted net realized and unrealized gain (loss)⁽²⁾

($0.88)

$0.21

Year Ended

December 31, 2025

December 31, 2024

GAAP net investment income per share

$2.34

$2.90

Accretion resulting from merger accounting

($0.06)

($0.09)

Excise taxes

$0.06

$0.07

Adjusted net investment income per share⁽²⁾

$2.34

$2.88

GAAP Net realized and unrealized gain (loss) per share

($2.30)

($0.81)

Unrealized appreciation from merger accounting

$0.06

$0.09

Adjusted net realized and unrealized gain⁽²⁾

($2.24)

($0.72)

1)

Per share data was derived by using the weighted average shares of FSK's common stock outstanding during the applicable period. Per share numbers may not sum due to rounding.

2)

Adjusted net investment income is a non-GAAP financial measure. Adjusted net investment income is presented for all periods as GAAP net investment income excluding (i) the accrual for the capital gains incentive fee for realized and unrealized gains; (ii) excise taxes (iii) the impact of accretion resulting from merger accounting; and (iv) certain non-recurring operating expenses that are one-time in nature and are not representative of ongoing operating expenses incurred during FSK's normal course of business. FSK uses this non-GAAP financial measure internally in analyzing financial results and believes that the use of this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends and in comparing its financial results with other business development companies. Adjusted net realized and unrealized gain is a non-GAAP financial measure. Adjusted net realized and unrealized gain is presented for all periods as GAAP realized and unrealized gains to exclude the impact of the merger accounting. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. A reconciliation of GAAP net investment income to adjusted net investment income and GAAP net realized and unrealized gain to adjusted net realized and unrealized gain can be found above.

3)

Net debt to equity ratio is debt outstanding, net of cash and foreign currency and net payable/receivable for investments purchased/sold and repaid, divided by net assets.

4)

The per share data for distributions reflects the amount of distributions paid per share of our common stock to stockholders of record during each applicable period.

5)

See FSK's annual report on Form 10-K for the year ended December 31, 2025 for important information, including information related to the calculation and definition of weighted average annual yield on accruing debt investments, weighted average annual yield on all debt investments, variable rate debt investments, fixed rate debt investments, other income producing investments and non-income producing investments.

6)

Interest income is recorded on an accrual basis. See FSK's annual report on Form 10-K for the year ended December 31, 2025 for a description of FSK's revenue recognition policy.

7)

Does not include investments on non-accrual status.

8)

Total AUM estimated as of September 30, 2025. References to "assets under management" or "AUM" represent the assets managed by Future Standard or its strategic partners as to which Future Standard is entitled to receive a fee or carried interest (either currently or upon deployment of capital) and general partner capital. Future Standard calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of Future Standards' investment funds; (ii) uncalled investor capital commitments to these funds, including uncalled investor capital commitments from which Future Standard is currently not earning management fees or carried interest; (iii) the value of outstanding CLOs (excluding CLOs wholly-owned by Future Standard); (iv) the fair value of FS KKR Capital Corp. joint venture (JV) assets and (v) the fair value of other assets managed by Future Standard. Future Standards' calculation of AUM may differ from the calculations of other asset managers and, as a result, Future Standards' measurements of its AUM may not be comparable to similar measures presented by other asset managers. Future Standards' definition of AUM is not based on any definition of AUM that may be set forth in agreements governing the investment funds, vehicles or accounts that it manages and is not calculated pursuant to any regulatory definitions.