FS KKR Capital Corp.

Good morning, ladies and gentlemen. Welcome to FSKKR Capital Corp's first quarter 2025 earnings conference call. Your lines will be in a listen-only mode during the remarks by FSK's management. At the conclusion of the company's remarks, we will begin the question and answer session, at which time I will give you instructions on entering the queue. Please note that this conference is being recorded. At this time, Anna Kleinhen, Head of Investor Relations, will proceed with the introduction. Ms. Kleinhen, you may now begin.

Thank you. Good morning and welcome to FSKPR Capital Corp's first quarter 2025 earnings conference call. Please note that FSKPR 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 yesterday. In addition, FSK has posted on his website a presentation containing supplemental financial information with respect to his portfolio and financial performance for the quarter ended March 31st, 2025. 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 7, 2025. 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 FSQ's website. Speaking on today's call will be Michael Foreman, Chief Executive Officer and Chairman, Dan Pietrzak, Chief Investment Officer and Co-President, and Stephen Lilly, Chief Financial Officer. Also joining us on the call today are Co-Chief Operating Officers Drew O'Toole and Ryan Wilson. I'll now turn the call over to Michael.

Thank you, Anna, and good morning, everyone. Thank you all for joining us for FSK's first quarter 2025 earnings conference call. I'd like to begin this morning's call with a few comments regarding some of the uncertainties in the world. Since our last earnings call in February of this year, our country's economic outlook the volatility associated with both debt and equity markets, and major geopolitical risks have all worsened. Not only are investors faced with the task of analyzing new and different risk elements, but they are forced to react to daily headlines regarding the current administration's announcements. Indeed, for investors who value stability, the current market is challenging at best. As Dan will discuss in more detail, we've been taking proactive steps to provide investors with the most accurate information and the best overall investor experience as it relates to FSK during this challenging time. And while no one would have predicted exactly the events which have transpired over these last many weeks, our team did envision that volatility would rise from time to time, and 2025 would be the year of transition for interest rates. Those are main reasons we announced in February our board's intention to maintain our 64 cent per share quarterly distribution and also our $0.06 per share supplemental distribution for each of the four quarters during 2025. Our goal was and still is to provide investors with both transparency and stability of income from FSK. Our view rests upon the premise that by early next year, the macroeconomic environment will settle down, providing BDCs with a more clear picture of interest rates, tariffs, and other key drivers of economic activity. Our strategy of building a healthy balance of spillover income during periods of higher interest rates enables us to provide stability and confidence in our quarterly distributions during these periods of greater market volatility, regardless of variances in our net investment income on a quarter-to-quarter basis. Additionally, starting late last year, the team began analyzing our portfolio in terms of both tariffs and DOGE exposure, and those analyses have been further refined over the last several weeks. Again, Dan will address this topic during his comments. And now I'd like to shift to FSK's first quarter performance. During the first quarter, FSK generated net investment income totaling 67 cents per share and adjusted net investment income totaling 65 cents per share as compared to our public guidance of approximately 66 cents and 64 cents per share respectively. From a liquidity perspective, we end the quarter with approximately 3.2 billion of available liquidity. Consistent with my earlier comments, our board has declared a second quarter distribution of 70 cents per share consisting of our base distribution of 64 cents per share and a supplemental distribution of 6 cents per share. This total distribution equates to a 12% yield on our March 31st NAV of 23.37 cents per share. And with that, I'll turn the call over to Dan.