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FSK FS KKR Capital Corp. FS KKR Capital Corp. Financial Information Quarter Ended June 30 , 2026 All information is as of June 30 , 2026 unless otherwise noted
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Second Quarter Performance • Net investment income (NII) for the quarter ended June 30, 2026 was $122 million, or $0.44 per share, as compared to $117 million, or $0.42 per share, for the quarter ended March 31, 2026. • Adjusted net investment income (Adjusted NII) for the quarter ended June 30, 2026 was $120 million, or $0.43 per share, as compared to $116 million, or $0.41 per share, for the quarter ended March 31, 2026(1). • Net asset value (NAV) per share as of June 30, 2026 was $18.30, compared to $18.83 as of March 31, 2026. • New investment fundings in the second quarter were $590 million. Net investment activity in the second quarter was ($735) million, including $9 million of net sales to Credit Opportunities Partners JV, LLC (COPJV)(2). Distribution/Dividend • Paid a distribution of $0.42 per share for the second quarter of 2026. • Declared a distribution of $0.44 per share for the third quarter of 2026. • For the quarter ended June 30, 2026, the GAAP NII / dividend coverage ratio was 100%(3). • Dividend yield on NAV per share was 9.6% and dividend yield on market value of common stock was 16.7% as of July 31, 2026(4). Portfolio Diversification • Defensively positioned portfolio with 232 portfolio companies spread across 23 industries. • Exposure to the top ten largest portfolio companies by fair value was 21% as of June 30, 2026. Capital Structure • 72% of our drawn leverage was unsecured as of June 30, 2026 and our weighted average effective rate on borrowings was 5.5%(5). • $3.5 billion of liquidity in undrawn debt, cash, and unsettled trades. • In June, FS KKR Capital Corp. (“FSK” or the “Company”) issued $900 million of unsecured notes due 2031. The 7.5% coupon was swapped to a floating rate of S+3.488%. Proceeds were used for general corporate purposes, including repayment of outstanding indebtedness. • ~90% of our long term debt matures in 2028 and beyond(6) and our June 2026 unsecured notes issuance covers 100% of our 2027 maturities. Strategic Value Enhancement Actions Update • The $150 million tender offer by a subsidiary of KKR expired on June 11, 2026. As a result, a subsidiary of KKR purchased approximately $150 million of FSK common stock shares from stockholders at a purchase price of $11.00 per share(7). • In June, FSK issued $150 million aggregate amount of its cumulative convertible perpetual preferred stock (the “Preferred Stock”). The Preferred Stock will pay dividends on a quarterly basis in an amount equal to 5.00% cash annually, or 7.00% PIK, at FSK’s option, in either case increasing annually by 1.00% beginning on the 5.5-year anniversary of the issue date. • FSK’s $300 million stock repurchase program commenced on June 29, 2026. As of August 5, 2026, the cumulative value of share repurchases totaled $40 million at a weighted average price of $10.73 per share(8). • Beginning in the second quarter of 2026, KKR agreed to waive its portion of the subordinated income incentive fee (the “Incentive Fee Waiver”) for four consecutive quarters. The Incentive Fee Waiver applies to 50% of the total subordinated income incentive fee that would otherwise be paid by FSK. The Incentive Fee Waiver had a positive $11 million impact on FSK’s second quarter net investment income(9). 2 Summary Note: Please see the notes on Slide 16 for additional information. Please see Slides 18 and 19 for reconciliations between GAAP and non -GAAP financial measures.
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(Dollar amounts in millions, except per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 NII per share $0.62 $0.57 $0.48 $0.42 $0.44 Adjusted NII per share(1) $0.60 $0.57 $0.52 $0.41 $0.43 Net realized and unrealized gain (loss) per share ($1.36) $0.19 ($0.89) ($2.00) ($0.56) Adjusted net realized and unrealized gain (loss) per share(2) ($1.34) $0.21 ($0.88) ($1.99) ($0.55) Net increase (decrease) in net assets resulting from operations (earnings per share) ($0.75) $0.76 ($0.41) ($1.57) ($0.13) Base stockholder distributions declared per share $0.64 $0.64 $0.45 $0.42 $0.44 Supplemental stockholder distributions declared per share $0.06 $0.06 $0.03 - - Net asset value per share at period end $21.93 $21.99 $20.89 $18.83 $18.30 Weighted average shares outstanding (in millions) 280.1 280.1 280.1 280.1 280.1 Shares outstanding, end of period (in millions) 280.1 280.1 280.1 280.1 279.7 Total investments at fair value $13,648 $13,415 $13,009 $12,269 $11,418 Total assets $14,593 $13,909 $13,729 $12,825 $11,994 Cash, cash equivalents, and restricted cash(3) $312 $155 $208 $133 $109 Total debt(4) $8,022 $7,369 $7,620 $7,290 $6,491 Debt-to-equity 1.31x 1.20x 1.30x 1.38x 1.27x Debt-to-equity, Net(5) 1.20x 1.16x 1.22x 1.31x 1.22x NII / base distribution declared 97% 89% 107% 100% 100% NII / total stockholder distributions declared 89% 81% 100% 100% 100% 3 Financial Results Note: Per share data derived using the weighted average shares outstanding during the period, except NAV per share, which is based on shares outstanding at the end of the period. Numbers may not sum due to rounding. Please see the notes on Slide 16 for additional information. Please see Slides 18 and 19 for reconciliations between GAAP and non -GAAP financial measures.
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As of and for Three Months Ended (Dollar amounts in millions) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Investment at Fair Value: First Lien Senior Secured Loans 59.0% 58.0% 57.8% 59.6% 58.7% Second Lien Senior Secured Loans 4.9% 4.8% 4.2% 3.8% 3.9% Other Senior Secured Debt 0.2% 0.4% 0.4% 0.3% 0.4% Subordinated Debt 1.6% 1.6% 1.0% 0.8% 0.9% Asset Based Finance 14.7% 14.4% 13.0% 13.5% 12.6% Credit Opportunities Partners JV, LLC 12.0% 13.3% 15.1% 13.9% 14.4% Preferred Equity(1) 5.8% 5.9% 6.1% 6.1% 6.7% Equity/Other 1.8% 1.6% 2.4% 2.0% 2.4% Total Investments $13,648 $13,415 $13,009 $12,269 $11,418 Number of portfolio companies(2) 218 224 232 236 232 Interest Rate Type:(3) % Floating Rate 89.1% 87.9% 88.1% 88.6% 86.7% % Fixed Rate 10.9% 12.1% 11.9% 11.4% 13.3% Net Interest Margin: Weighted average annual yield on accruing debt investments(4) 10.8% 10.6% 10.1% 9.9% 9.8% Weighted average interest rate on borrowings(5) 5.3% 5.3% 5.1% 5.3% 5.5% 4 Portfolio Highlights Note: Please see the notes on Slide 16 for additional information.
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Sector Exposure (by fair value) (5) 58.7% 3.9% 0.4% 0.9% 12.6% 14.4% 6.7% 2.4% Senior Secured Loans—First Lien Senior Secured Loans—Second Lien Other Senior Secured Debt Subordinated Debt Asset Based Finance Credit Opportunities Partners JV, LLC Preferred Equity Equity/Other Security Exposure (by fair value) 3.8% Non-Accrual Rate at FV 9.8% Weighted Average Yield on Accruing Debt Investments(4) 23 Industries 21% Top 10 Concentration(3) $130mm / 5.9x Median Direct Origination Portfolio Company EBITDA & Leverage(2) 63.0% Senior Secured Investments(1) 232 Portfolio Companies $11.4bn Portfolio Fair Value (FV) Investment Portfolio Summary 5 FSK Investment Portfolio Overview Note: Does not look through to FSK’s portfolio companies held solely in COPJV unless otherwise stated. Please see the notes on Slide 16 for additional information. 17.7% 14.4% 14.1% 11.9% 11.8% 6.5% 4.4% 4.1% 2.7% 2.4% 10.0% Software & Services Credit Opportunities Partners JV, LLC Health Care Equipment & Services Capital Goods Commercial & Professional Services Financial Services Insurance Media & Entertainment Consumer Durables & Apparel Transportation Other
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Quarterly Investment Activity 6 Asset Mix of New Purchases(1) (2) Portfolio Roll ($ in millions) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26(4) Investment Purchases $1,400 $1,142 $1,098 $499 $590 Sales and Redemptions(3) (1,650) (1,483) (1,334) (710) (1,334) Net Investment Activity ($250) ($341) ($236) ($211) ($744) Net Sales to COPJV 561 450 528 - 9 Adjusted Net Investment Activity $311 $109 $292 ($211) ($735) 1% 2% 1% 0%0% 0% 12% 18%12% 15% 15% 24% 36% 5% 7% 6% 1%0% 83% 65% 65% 69% 63% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $590 $1,400 $1,142 $1,098 $499 Note: Please see the notes on Slide 16 for additional information.
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Net Asset Value Bridge 7 $18.83 $18.83 $18.85 $18.29 $18.29 $18.30 $0.44 ($0.42) ($0.56) $0.01 3/31/2026 NAV GAAP Net Investment Income Distribution Net Realized & Unrealized Losses Share Buyback 6/30/2026 Ending NAV Note: Per share data derived using the weighted average shares outstanding during the period, except NAV per share, which is based on shares outstanding at the end of the period. Numbers may not sum due to rounding. Please see the notes on Slide 17 for additional information. (1)
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- 900 750 1,000 4,901 2,043 2026 2027 2028 2029 2030 2031+ Revolver ~90% of our long term debt matures in 2028 and beyond(4) and our June 2026 unsecured notes issuance covers 100% of our 2027 maturities Long Term Debt Maturities Available Debt $3.1bn Cash $0.1bn Unsettled Trades $0.3bn 6/30/2026 Liquidity: $3.5bn Liquidity Analysis Funding Source Committed Outstanding Undrawn Maturity Wtd. Avg. Rate Senior Secured Revolver 3,801 733 3,017(3) 7/16/2030(4) S+1.875% - 1.90% CIBC Bilateral Facility 400 365 35 6/2/2030 S+1.75% Total Secured 4,201 1,098 3,052 KKR – FSK CLO 2 380 380 - 4/15/2037 S+1.48% - 2.15% KKR – FSK CLO 3 363 363 - 1/15/2038 S+1.47% - 2.10% Total CLO 743 743 - 2.625% Notes due 2027 400 400 - 1/15/2027 2.625% 3.250% Notes due 2027 500 500 - 7/15/2027 3.250% 3.125% Notes due 2028 750 750 - 10/12/2028 3.125% 7.875% Notes due 2029 400 400 - 1/15/2029 7.875% 6.875% Notes due 2029 600 600 - 8/15/2029 S+2.777%(5) 6.125% Notes due 2030 700 700 - 1/15/2030 S+2.127%(5) 6.125% Notes due 2031 400 400 - 1/15/2031 S+2.748%(5) 7.500% Notes due 2031 900 900 - 8/1/2031 S+3.488%(5) Total Unsecured 4,650 4,650 - FSK Convertible Preferred Stock 150 150 - 5.000%(6) Total Preferred Stock 150 150 - TOTAL 9,744 6,641 3,052 5.49%(2) Capital Structure Overview • 1.27x Debt-to-Equity as of June 30, 2026, compared to 1.38x as of March 31, 2026 • 1.22x Net Debt-to-Equity as of June 30, 2026, compared to 1.31x as of March 31, 2026(1) • 5.49% weighted average effective rate on borrowings as of June 30, 2026, compared to 5.27% as of March 31, 2026(2) • Rated BBB- by KBRA, Ba1 by Moody’s, and BB+ by Fitch • 72% of drawn leverage and 48% of committed leverage is unsecured as of June 30, 2026 • Weighted average maturity of 4.1 years on borrowings as of June 30, 2026 • In June, FSK issued $900 million of unsecured notes due 2031. The 7.5% coupon was swapped to a floating rate of S+3.488%. Proceeds were used for general corporate purposes, including repayment of outstanding indebtedness. • In June, FSK issued $150 million aggregate amount of the Preferred Stock. The Preferred Stock will pay dividends on a quarterly basis in an amount equal to 5.00% in cash annually, or 7.00% PIK, at FSK’s option, in either case increasing annually by 1.00% beginning on the 5.5-year anniversary of the issue date(6). Key Highlights 8 Capital Structure: Overview Note: Please see the notes on Slide 17 for additional information. Please see Slides 18 and 19 for reconciliations between GAAP and non -GAAP financial measures.
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Total debt: committed $3.0bn, funded $2.5bn Unsecured debt: 33% committed, 39% drawn Wtd. average interest rate on borrowings: 5.81%(2) 225 - 95 1,800 170 685 2026 2027 2028 2029 2030 2031+ Unsecured Revolver Long Term Maturity Ladder Capital Structure 21.4% 14.0% 13.3%9.9% 9.5% 6.1% 6.0% 5.0% 4.4% 2.8% 7.6% Software & Services Financial Services Capital Goods Health Care Equipment & Services Commercial & Professional Services Pharmaceuticals, Biotechnology & Life Sciences Consumer Services Insurance Transportation Equity Real Estate Investment Trusts (REITs) Other Sector Exposure (by fair value) 70.0%0.5% 1.0% 5.0% 17.3% 6.2% Senior Secured Loans—First Lien Senior Secured Loans—Second Lien Other Senior Secured Debt Subordinated Debt Asset Based Finance Equity/Other Security Exposure (by fair value) • NAV of $2.1bn (FSK’s equity of COPJV was $1.6bn) • $455mm of uncalled equity capital ($434mm allocated to FSK) • 1.20x debt-to-equity and 1.14x net debt-to-equity ratio(1) Key Stats • Fair value of investments was $4.4bn • 82% floating rate debt investments Portfolio June 30, 2026 update • FSK and SCRS share voting control 50% / 50% • Equity ownership approximately 79% FSK / 21% SCRS • FSK provides day-to-day administrative oversight Key Terms of the Partnership • Allows FSK to access the full capabilities of KKR platform • Yield enhancing Key Portfolio Benefits Primarily senior secured assets FSK’s joint venture with South Carolina Retirement Systems Group Trust (SCRS) 9 Credit Opportunities Partners JV, LLC Overview Note: Please see the notes on Slide 17 for additional information.
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6.0x 6.0x 6.0x 5.9x 6.0x 6.1x 5.9x 5.7x 5.8x 5.9x 5.8x 5.8x 5.9x 1.6x 1.5x 1.5x 1.6x 1.6x 1.6x 1.7x 1.7x 1.8x 1.8x 1.9x 2.0x 1.9x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x Median Leverage Coverage Multiple Median Interest Coverage Ratio Direct Origination Portfolio Company Coverage Ratios $115 $118 $111 $111 $124 $121 $116 $120 $114 $115 $132 $132 $130 $202 $212 $236 $218 $225 $237 $239 $255 $252 $240 $236 $239 $241 Median EBITDA Weighted Average EBITDA Direct Origination Portfolio Company EBITDA 10 Direct Origination Investments EBITDA and Credit Statistics Note: Based on underlying Direct Origination corporate investments using most recently reported financial information and may include pro forma adjustments. Certain Asset Based Finance, Equity/Other and portfolio companies with negative or de minimis EB ITDA are excluded. Does not look through to FSK’s portfolio companies held solely in COPJV. Weighted Average EBITDA based on amortized cost.
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APPENDIX
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For The Three Months Ended (Dollar amounts in millions, except per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Total investment income $398 $373 $348 $304 $290 Net expenses (225) (210) (195) (187) (168) Net investment income before taxes $173 $163 $153 $117 $122 Excise taxes - (4) (18) - - Net investment income $173 $159 $135 $117 $122 Plus: excise taxes (net of incentive fee impact) - 4 15 - - Plus: net Merger accretion and one-time expenses(1) (5) (4) (3) (1) (2) Adjusted net investment income(2) $168 $159 $147 $116 $120 Total net unrealized and realized gains (losses) (368) 55 (244) (558) (154) Provision for taxes on realized gains on investments (11) - (1) - - Realized loss on extinguishment of debt (3) - (4) - (2) Net increase (decrease) in net assets resulting from operations ($209) $214 ($114) ($441) ($34) Per Share: Net investment income $0.62 $0.57 $0.48 $0.42 $0.44 Adjusted net investment income(2) $0.60 $0.57 $0.52 $0.41 $0.43 Net increase (decrease) in net assets results from operations ($0.75) $0.76 ($0.41) ($1.57) ($0.13) Stockholder distributions $0.70 $0.70 $0.70 $0.48 $0.42 Weighted average shares outstanding (millions) 280.1 280.1 280.1 280.1 280.1 Shares outstanding, end of period (millions) 280.1 280.1 280.1 280.1 279.7 12 Operating Results Note: Please see the notes on Slide 17 for additional information. Please see Slides 18 and 19 for reconciliations between GAAP and non -GAAP financial measures.
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For The Three Months Ended (Dollar amounts in millions, except per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Investment income: Interest income $245 $231 $201 $186 $175 Payment-in-kind interest income 53 54 55 38 42 Fee income 9 4 6 2 5 Total dividend and other income 91 84 86 78 68 Total investment income $398 $373 $348 $304 $290 Operating expenses: Management fees 53 51 50 48 44 Interest expense 125 116 110 105 101 Incentive fees 36 33 28 25 23 Other operating expenses 11 10 7 9 11 Total operating expenses $225 $210 $195 $187 $179 Incentive Fee Waiver(1) - - - - (11) Net expenses $225 $210 $195 $187 $168 Net investment income before taxes $173 $163 $153 $117 $122 Income taxes, including excise taxes - (4) (18) - - Net investment income $173 $159 $135 $117 $122 Total net unrealized and realized gains (losses) (368) 55 (244) (558) (154) Provision for taxes on realized gains on investments (11) - (1) - - Realized loss on extinguishment of debt (3) - (4) - (2) Net increase (decrease) in net assets resulting from operations ($209) $214 ($114) ($441) ($34) 13 Operating Results Detail Note: Please see the notes on Slide 17 for additional information.
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As of (Dollar amounts in millions, except per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Assets Total investments, at fair value $13,648 $13,415 $13,009 $12,269 $11,418 Cash and cash equivalents 244 119 181 128 107 Foreign currency, at fair value 68 36 27 5 2 Receivable for investments sold and repaid 320 48 313 263 310 Income receivable 194 209 98 98 89 Unrealized appreciation on foreign currency forward contracts - - - 2 1 Deferred financing costs 24 36 32 30 31 Prepaid expenses and other assets 95 46 69 30 36 Total Assets $14,593 $13,909 $13,729 $12,825 $11,994 Liabilities Payable for investments purchased $3 $2 $8 $2 $1 Debt 8,041 7,356 7,634 7,271 6,471 Unrealized depreciation on derivative instruments 18 15 10 3 3 Shareholders’ distributions payable 196 196 - 134 118 Interest payable 80 70 77 56 61 Other liabilities(1) 114 111 151 85 72 Total Liabilities $8,452 $7,750 $7,880 $7,551 $6,726 Convertible preferred stock(2) - - - - $150 Total Net Assets $6,141 $6,159 $5,849 $5,274 $5,118 Net Asset Value per Share $21.93 $21.99 $20.89 $18.83 $18.30 14 Balance Sheet Note: Please see the notes on Slide 17 for additional information.
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For The Three Months Ended (Dollar amounts in millions, except per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Realized gain/loss Net realized gain (loss) on investments: Non-controlled/unaffiliated investments ($66) ($25) ($132) ($41) ($5) Non-controlled/affiliated investments (1) (10) - (98) (72) Controlled/affiliated investments (68) (18) (1) (56) - Net realized gain (loss) on foreign currency forward contracts (3) - (6) (4) - Net realized gain (loss) on foreign currency (6) (20) (3) (5) (4) Total net realized gain (loss) ($144) ($73) ($142) ($204) ($81) Unrealized gain/loss Net change in unrealized appreciation (depreciation) on investments: Non-controlled/unaffiliated investments $58 ($47) ($55) ($239) ($47) Non-controlled/affiliated investments (62) 6 (10) 10 85 Controlled/affiliated investments (151) 141 (44) (148) (116) Net change in unrealized appreciation (depreciation) on foreign currency forward contracts (10) 3 5 9 (1) Net change in unrealized gain (loss) on foreign currency (59) 25 2 14 6 Total net unrealized gain (loss) ($224) $128 ($102) ($354) ($73) Total net realized and unrealized gain (loss) ($368) $55 ($244) ($558) ($154) 15 Quarterly Gain/Loss Information
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Endnotes Slide 2: Summary 1. Adjusted NII is a non-GAAP financial measure. See Slide 18 for a reconciliation between NII and adjusted NII. 2. COPJV is a joint venture between FSK and South Carolina Retirement Systems Group Trust (SCRS). During the second quarter, FSK sold investments for proceeds of $85 million to COPJV and purchased investments totaling $76 million from COPJV. 3. Based on the declared third quarter distribution of $0.44 per share. 4. Based on the declared third quarter distribution of $0.44 per share annualized as a percentage of FSK’s NAV per share of $18.30 and FSK’s closing market price of $10.57 as of July 31, 2026. 5. Includes the effect of non-usage fees and excludes the Preferred Stock. The Preferred Stock is classified as temporary equity for GAAP purposes but is included in regulatory asset coverage and leverage calculations. The Preferred Stock will pay dividends of 5.00% cash or 7.00% PIK, at FSK’s option, in either case increasing annually by 1.00% beginning on the 5.5-year anniversary of the issue date. At any time after the six year anniversary of the issue date, upon 90 days’ notice, any holder of shares of the Preferred Stock will have the option, at its election, to require FSK to redeem any or all of the preferred shares held by such holder. 6. From time to time, certain non-extending lenders may have commitments that terminate prior to the stated maturity date. As of June 30, 2026, $51mm of commitments are scheduled to mature in 2027 and $22mm of commitments are scheduled to mature in 2028. 7. KKR Alternative Assets L.P. conducted a tender offer to purchase up to $150 million in aggregate amount of FSK's common stock at a price equal to $11.00 per share, upon the terms and subject to the conditions set forth in the Offer to Purchase dated May 12, 2026 and in the related Letter of Transmittal, which, together with any amendments or supplements thereto, are collectively referred to as the KKR Tender Offer. Following the expiration of the KKR Tender Offer on June 11, 2026, KKR Alternative Assets L.P. publicly disclosed that it accepted for purchase 13,636,363 shares of FSK's common stock, at a purchase price of $11.00 per share for an aggregate purchase price of $149,999,993, excluding fees and expenses relating to the KKR Tender Offer. In light of the oversubscription of the KKR Tender Offer, KKR Alternative Assets L.P. accepted the shares on a pro rata basis based on a final proration factor of 75.779%. 8. On May 6, 2026, FSK's board of directors (the "Board of Directors" or the "Board"), authorized the repurchase by the Company of up to $300 million in aggregate amount of the Company's common stock in the open market, by tender offer or in privately negotiated purchases in compliance with the Exchange Act of 1934, as amended, and other applicable law (the "Company Share Repurchase Authorization"). The Company Share Repurchase Authorization is scheduled to expire on June 1, 2027, unless extended, or until the aggregate repurchase amount that has been approved by the Board has been expended. The timing, manner, price and amount of any share repurchases will be determined by the Company based upon the evaluation of economic and market conditions, the market price of the shares, applicable legal, contractual and regulatory requirements and other factors. The Company Share Repurchase Authorization does not require the Company to repurchase any specific number of shares of the Company's common stock and the Company cannot assure its stockholders that any shares will be repurchased under the program. The Company Share Repurchase Authorization may be suspended, extended, modified or discontinued at any time. 9. Beginning with the fiscal quarter ending June 30, 2026 and continuing through and including the fiscal quarter ending March 31, 2027, FS/KKR Advisor, LLC (the "Advisor") has agreed to waive 50% of the subordinated income incentive fee that the Advisor would otherwise be entitled to receive from FSK under the investment advisory agreement for each fiscal quarter during this period. No portion of such waived subordinated income incentive fee will be subject to recoupment. Slide 3: Financial Results 1. Adjusted NII is a non-GAAP financial measure. See Slide 18 for a reconciliation between NII and adjusted NII. 2. Adjusted net realized and unrealized gain (loss) per share is a non-GAAP financial measure. See Slide 18 for a reconciliation between net realized and unrealized gain (loss) per share and adjusted net realized and unrealized gain (loss) per share. 3. Includes cash, restricted cash, cash denominated in foreign currency, and cash equivalents. Restricted cash is the cash collateral required to be posted pursuant to the Company’s derivative contracts. 4. Principal amount outstanding. 5. Net debt-to-equity ratio is a non-GAAP financial measure. See Slide 19 for a reconciliation between debt and net debt and the calculation of the net debt-to-equity ratio. Slide 4: Portfolio Highlights 1. Included within Equity/Other in FSK’s Quarterly and Annual Reports on Form 10-Q and 10-K, respectively. 2. Does not look through to FSK’s portfolio companies held solely in COPJV. 3. Represents interest rates on debt investments (see FSK’s Quarterly Report on Form 10-Q for the definition of debt investments) at US$ fair value. Floating Rate includes variable interest rates on Asset Based Finance investments that can change quarter to quarter. 4. Weighted average annual yield on all debt investments as of June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026 was 9.9%, 9.8%, 9.3%, 8.7%, and 8.8%, respectively. See FSK’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 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. 5. Includes the effect of non-usage fees and excludes the Preferred Stock. Slide 5: FSK Investment Portfolio Overview 1. Looking through to the investments in COPJV, senior secured investments total 72.9% as of June 30, 2026. 2. Based on underlying Direct Origination corporate investments using most recently reported financial information and may include pro forma adjustments. Certain Asset Based Finance, Equity/Other and portfolio companies with negative or de minimis EBITDA are excluded. 3. Figure excludes the impact of FSK’s investment in COPJV. 4. FSK’s weighted average annual yield was 8.8% on all debt investments as of June 30, 2026. See FSK’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 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. 5. Included within Equity/Other in FSK’s Quarterly and Annual Reports on Form 10-Q and 10-K, respectively. Slide 6: Quarterly Investment Activity 1. Any amount less than 0.5% is reflected as zero. 2. Included within Equity/Other in FSK’s Quarterly and Annual Reports on Form 10-Q and 10-K, respectively. 3. Includes net sales to COPJV. 4. Approximately 86% of investments during the quarter equate to fundings of existing portfolio companies. During the second quarter, FSK sold investments for proceeds of $85 million to COPJV and purchased investments totaling $76 million from COPJV. 16
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Endnotes Slide 7: Net Asset Value Bridge 1. On May 6, 2026, FSK’s Board authorized the Company Share Repurchase Authorization. The Company Share Repurchase Authorization is scheduled to expire on June 1, 2027, unless extended, or until the aggregate repurchase amount that has been approved by the Board has been expended. The timing, manner, price and amount of any share repurchases will be determined by the Company based upon the evaluation of economic and market conditions, the market price of the shares, applicable legal, contractual and regulatory requirements and other factors. The Company Share Repurchase Authorization does not require the Company to repurchase any specific number of shares of the Company's common stock and the Company cannot assure its stockholders that any shares will be repurchased under the program. The Company Share Repurchase Authorization may be suspended, extended, modified or discontinued at any time. Slide 8: Capital Structure: Overview 1. Net debt-to-equity ratio is a non-GAAP financial measure. See Slide 19 for a reconciliation between debt and net debt and the calculation of the net debt-to-equity ratio. 2. Weighted average effective interest rate on borrowings, including the effect of non-usage fees and excluding the Preferred Stock. 3. Amount available for borrowing reduced by any standby letters of credit issued. As of June 30, 2026, $51mm of such letters of credit have been issued. 4. From time to time, certain non-extending lenders may have commitments that terminate prior to the stated maturity date. As of June 30, 2026, $51mm of commitments are scheduled to mature in 2027 and $22mm of commitments are scheduled to mature in 2028. 5. FSK entered into interest rate swaps in connection with the issuances of the 6.875% Notes due 2029, 6.125% Notes due 2030, 6.125% Notes due 2031, and 7.500% Notes due 2031. See Note 7 to FSK’s consolidated financial statements included in the Quarterly Report on Form 10-Q for more information on the interest rate swaps. 6. The Preferred Stock is classified as temporary equity for GAAP purposes but is included in regulatory asset coverage and leverage calculations. The Preferred Stock will pay dividends of 5.00% cash or 7.00% PIK, at FSK’s option, in either case increasing annually by 1.00% beginning on the 5.5-year anniversary of the issue date. At any time after the six year anniversary of the issue date, upon 90 days’ notice, any holder of shares of the Preferred Stock will have the option, at its election, to require FSK to redeem any or all of the preferred shares held by such holder. Slide 9: Credit Opportunities Partners JV, LLC Overview 1. Net debt-to-equity ratio is a non-GAAP financial measure. Net debt-to-equity ratio of 1.14x, based on $2,500mm of debt outstanding, net of $212mm of cash, foreign currency, and cash equivalents and $96mm of net payable for investments purchased, divided by $2,084mm of net assets. 2. Includes the effect of non-usage fees. Slide 12: Operating Results 1. On June 16, 2021, FSK completed its merger (the “Merger”) with FS KKR Capital Corp. II. Pursuant to the Merger, FS KKR Capital Corp. II merged with and into FSK, with FSK continuing as the surviving company. Net Merger accretion represents a reversal of all Merger-related accretion for the specified period. 2. Adjusted NII is a non-GAAP financial measure. See Slide 18 for a reconciliation between NII and adjusted NII. Slide 13: Operating Results Detail 1. Beginning with the fiscal quarter ending June 30, 2026 and continuing through and including the fiscal quarter ending March 31, 2027, the Advisor has agreed to waive 50% of the subordinated income incentive fee that the Advisor would otherwise be entitled to receive from FSK under the investment advisory agreement for each fiscal quarter during this period. No portion of such waived subordinated income incentive fee will be subject to recoupment. Slide 14: Balance Sheet 1. Includes accrued performance-based incentive fees, accrued management fees, accrued directors’ fees, administrative expenses payable and deferred tax liabilities. 2. The Preferred Stock is classified as temporary equity for GAAP purposes but is included in regulatory asset coverage and leverage calculations. The Preferred Stock will pay dividends of 5.00% cash or 7.00% PIK, at FSK’s option, in either case increasing annually by 1.00% beginning on the 5.5-year anniversary of the issue date. At any time after the six year anniversary of the issue date, upon 90 days’ notice, any holder of shares of the Preferred Stock will have the option, at its election, to require FSK to redeem any or all of the preferred shares held by such holder. 17
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18 Reconciliation of Non-GAAP Financial Measures For The Three Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 (Dollar amounts in millions, except per share data) Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share GAAP net investment income $173 $0.62 $159 $0.57 $135 $0.48 $117 $0.42 $122 $0.44 Accrual for the capital gains incentive fee - - - - - - - - - - Excise tax (net of incentive fee impact) - - $4 $0.01 $15 $0.05 - - - - Accretion resulting from Merger accounting ($5) ($0.02) ($4) ($0.01) ($3) ($0.01) ($1) ($0.01) ($2) ($0.01) Non-recurring expenses - - - - - - - - - - Adjusted net investment income $168 $0.60 $159 $0.57 $147 $0.52 $116 $0.41 $120 $0.43 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 (net of incentive fee impact); (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 (referred to herein as one-time expenses). 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. 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. The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented: Adjusted net realized and unrealized gain (loss) per share is a non-GAAP financial measure. Adjusted net realized and unrealized gain (loss) is presented for all periods as GAAP realized and unrealized gain (loss) to exclude the impact of Merger accounting. 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. 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. The following table provides a reconciliation of net realized and unrealized gain (loss) per share (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized gain (loss) per share for the periods presented: For The Three Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 GAAP net realized and unrealized gain (loss) per share ($1.36) $0.19 ($0.89) ($2.00) ($0.56) Unrealized appreciation from Merger accounting $0.02 $0.01 $0.01 $0.01 $0.01 Adjusted net realized and unrealized gain (loss) per share ($1.34) $0.21 ($0.88) ($1.99) ($0.55) Note: Numbers may not sum due to rounding. See “Non -GAAP Financial Measures” on Slide 20.
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19 Reconciliation of Non-GAAP Financial Measures (continued) As of (Dollar amounts in millions) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Debt outstanding (principal) $8,022 $7,369 $7,620 $7,290 $6,491 Convertible preferred stock - - - - $150 Cash, cash equivalents, restricted cash and foreign currency ($326) ($155) ($208) ($133) ($109) Net receivable for investments sold and repaid ($317) ($46) ($305) ($261) ($309) Total net debt $7,379 $7,168 $7,107 $6,896 $6,223 Total net assets $6,141 $6,159 $5,849 $5,274 $5,118 Total net debt-to-equity ratio 1.20x 1.16x 1.22x 1.31x 1.22x Net debt and net debt-to-equity ratio are non-GAAP financial measures. Net debt-to-equity ratio is debt outstanding including convertible preferred stock outstanding, net of cash, cash equivalents, restricted cash and foreign currency and net payable/receivable for investments purchased/sold and repaid, divided by net assets. FSK uses these non-GAAP financial measures internally to monitor and evaluate its leverage and financial condition and believes the presentation of these measures enhances investors’ ability to analyze trends in FSK’s business and to evaluate FSK’s leverage and ability to take on additional debt. The presentation of this additional non-GAAP financial measure information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The following table provides a reconciliation of debt (the most comparable U.S. GAAP measure) to net debt and the calculation of net debt-to-equity ratio for FSK for the periods presented: Note: Numbers may not sum due to rounding. See “Non -GAAP Financial Measures” on Slide 20.
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Forward-Looking Statements This presentation contains certain forward-looking statements that are not historical facts, including, without limitation, statements with regard to future events or our future performance or financial condition, and statements regarding share repurchase activity, distribution levels and frequency, expectations for net investment income levels in future quarters, and the financial position, business strategy and plans and objectives of management for FSK’s future operations. Words such as “anticipate,” “believe,” “expect,” “intend,” “project” and “future” or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. These forward-looking statements are not guarantees of performance or events 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 or future events 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” in our Annual Report on Form 10-K and subsequent filings. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results or events to differ materially from those projected in these forward-looking statements. Factors that could cause actual results or events to differ materially include, without limitation, changes in the economy, geo-political risks, risks associated with possible disruption in FSK’s operations or the economy generally due to terrorism, natural disasters or pandemics, future changes in laws or regulations and conditions in FSK’s operating area and the price at which shares of FSK’s common stock trade on the New York Stock Exchange. Some of these factors are enumerated in the filings FSK makes with the SEC. In addition, the FSK board- authorized share repurchase program does not require FSK to repurchase any specific number of shares of FSK’s common stock. There is no assurance that FSK or any of its affiliates will purchase shares of FSK’s common stock at any specific discount levels or in any specific amounts or that the market price of FSK’s common stock, either absolutely or relative to net asset value, will increase as a result of any share repurchases, or that any repurchase plan will enhance stockholder value over the long term. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Except as required by the federal securities laws, FSK undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on these forward-looking statements. This presentation contains summaries of certain financial and statistical information about FSK. The information contained in this presentation is summary information that is intended to be considered in the context of FSK’s SEC filings and other public announcements that FSK may make, by press release or otherwise, from time to time. FSK undertakes no duty or obligation to update or revise the information contained in this presentation. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. Investors should not view the past performance of FSK, or information about the market, as indicative of FSK’s future results. This presentation may contain certain prospective financial information with respect to FSK’s estimated future performance. FSK’s independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to such information for the purpose of their inclusion in this presentation and, accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for purposes of the presentation. In this presentation, certain of such prospective financial information has been included (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein) for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. There can be no assurance that the prospective financial information is indicative of the future performance of FSK or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. The prospective financial information reflects assumptions that are subject to change, and there can be no assurance that FSK’s financial condition or results of operations will be consistent with those set forth in such prospective financial information. Non-GAAP Financial Measures This presentation contains certain financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These non-GAAP financial measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate FSK’s results of operations in conjunction with their corresponding GAAP measures. Certain figures in this presentation have been rounded. 20 Important Disclosure Notice