diff --git a/CHANGELOG.md b/CHANGELOG.md
index ef74e6bc..2b77a44f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -11,6 +11,7 @@
 -
 
 ### Bug Fixes
+- fix: correct off-by-one in dynamic analysis call_count debug log (enumerate -> explicit counter) @williballenthin
 - fix: correct capa/subscope-rule key in RuleMetadata so is_subscope_rule is no longer always False @williballenthin
 - fix: remove unreachable backports.functools_lru_cache fallback and dead dependency @williballenthin
 - fix: add missing ELF branch in get_format_from_extension for .elf_ files @williballenthin #3031
diff --git a/capa/capabilities/dynamic.py b/capa/capabilities/dynamic.py
index e7e6594a..2605f578 100644
--- a/capa/capabilities/dynamic.py
+++ b/capa/capabilities/dynamic.py
@@ -177,7 +177,8 @@ def find_thread_capabilities(
     span_matcher = SpanOfCallsMatcher(ruleset)
 
     call_count = 0
-    for call_count, ch in enumerate(extractor.get_calls(ph, th)):  # noqa: B007
+    for ch in extractor.get_calls(ph, th):
+        call_count += 1
         call_capabilities = find_call_capabilities(ruleset, extractor, ph, th, ch)
         for feature, vas in call_capabilities.features.items():
             features[feature].update(vas)