FS KKR Capital Corp.

Good morning, ladies and gentlemen. Welcome to the FSKKR Capital Corp's first quarter 2022 earnings conference call. Your lines will be a listen-only mode marked by FSK's management. As a conclusion of the company's remarks, we will begin a question and answer session, at which time we will give instructions on entering the queue. Please note that this conference is being recorded. At this time, Robert Pond, head of investor relations, will proceed with the introduction. Mr. Pond, you may begin.

Thank you. Good morning and welcome to FSKKR Capital Corp's first quarter 2022 earnings conference call. Please note that FSKKR Capital Corp may be referred to as FSK, the fund, or the company throughout the call. Today's conference call is being recorded and an audio replay of the call will be available for 30 days. Replay information is included in a press release that FSK issued on May 9th, 2022. In addition, FSK has posted on its website a presentation containing supplemental financial information with respect to its portfolio and financial performance for the quarter ended March 31st, 2022. A link to today's webcast and the presentation is available on the investor relations section of the company's website under events and presentations. Please note that this call is the property of FSK. Any unauthorized rebroadcast of this call in any form is strictly prohibited. Today's conference call includes forward-looking statements and are subject to risks and uncertainties that could affect FSK or the economy generally. We ask that you refer to FSK's most recent filings with the SEC for important factors and risks that could cause actual results or outcomes to differ materially from these statements. FSK does not undertake to update its forward-looking statements unless required to do so by law. In addition, this call will include certain non-GAAP financial measures. For such measures, reconciliations to the most directly comparable GAAP measures can be found in FSK's first quarter earnings release that was filed with the SEC on May 9th, 2022. Non-GAAP information should be considered supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly named measures reported by other companies. To obtain copies of the company's latest SEC filings, please visit FSK's website. Speaking on today's call will be Michael Foreman, Chairman and Chief Executive Officer, Dan Pietrzak, Chief Investment Officer and Co-President, Brian Gerson, Co-President, and Stephen Lilly, Chief Financial Officer. Also joining us in the room today are Co-Chief Operating Officers Drew O'Toole and Ryan Wilson. I will now turn the call over to Michael.

Thank you, Robert, and good morning, everyone. Welcome to FSKKR Capital Corp's first quarter 2022 earnings conference call. I'd like to start by congratulating our entire team on delivering another strong quarter of results. As we continue to execute our strategy of generating organic net investment income growth through new investments and successful portfolio rotation, we are pleased that the positive momentum we created during 2021 is continuing as we move into 2022. During the first quarter, our investment team originated $2.1 billion of new investments. In addition, we experienced a 0.6 percent increase in our net asset value as we continue to see improvements in both the performance and valuation associated with specific investments. As a result of our investing activity and our portfolio's overall performance, we again meaningfully out-earned our base $0.60 per share quarterly dividend. During the first quarter, our net investment income was 77 cents per share, and our adjusted net investment income was 72 cents per share, which was 8 cents per share above our public guidance. Our outperformance primarily was driven by higher than expected originations and corresponding fee income during the quarter. From a liquidity perspective, we ended the quarter with approximately $2.6 billion of available liquidity. In terms of our $100 million share repurchase program, through May 6, 2022, we've repurchased approximately $25 million of shares under this program. Based on our strong results, our board has declared a distribution of 68 cents per share for the second quarter. As many of you know, our dividend policy consists of a base quarterly dividend of 60 cents per share, coupled with additional amounts in excess of 60 cents per share during quarters where additional net investment income is generated. In summary, our investment team produced another strong quarter of originations, and our base business is continuing to produce results which give us confidence in the future. And with that, I'll turn the call over to Dan and the team to provide additional color on the market and the quarter.