FS KKR Capital Corp.

Good morning, ladies and gentlemen. Welcome to the FSKKR Capital Core's second quarter 2025 earnings conference call. Your lines will be in a listen-only mode during 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 begin.

Thank you. Good morning and welcome to FSKPR Capital Corp's second 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 its website a presentation containing supplemental financial information with respect to its portfolio and financial performance for the quarter ended June 30, 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 second quarter earnings release that was filed with the SEC on August 6, 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 FSK's website. Speaking on today's call will be Michael Forman, Chief Executive Officer and Chairman, Dan Pietrzak, Chief Investment Officer and 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 second quarter 2025 earnings conference call. During the second quarter, FSK generated net investment income totaling 62 cents per share and adjusted net investment income totaling 60 cents per share as compared to our public guidance of approximately 64 cents and 62 cents per share respectively. Our net asset value per share declined 6.2 percent from 2337 to 2193 during the quarter. Our operating results this quarter primarily were attributable to company-specific situations impacting four portfolio companies. Dan will provide significant detail on each company shortly. Our new investment activity has remained strong, despite the still somewhat slow M&A environment. During the first half of 2025, the investment team originated 3.4 billion of investments, of which 1.4 billion were originated during the second quarter. We continue to find compelling ABF opportunities, and this segment of our portfolio remains a strong performer while also providing enhanced portfolio diversification. Additionally, we've continued to scale our credit opportunities partners joint venture, which expands our investment funnel and delivers a consistent stream of recurring dividend income on both the quarterly and annual basis. On the right side of the balance sheet, we continue to maintain strong liquidity to support our funding needs, ending the quarter with $3.1 billion of availability across cash, unsettled trades, and undrawn credit facilities. Our 2025 distribution guidance remains in place, and we continue to expect our distributions during the full year will total $2.80 per share, comprised of $2.56 cents per share of base distributions and 24 cents per share of supplemental distributions. Our Board has declared a third 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. As we previously have stated, our 2025 distribution strategy was designed to provide shareholders with additional distributions from the spillover income that we've accumulated. As we approach our target spillover balance range, we expect our 2026 distribution strategy will be based on key factors, including prevailing interest rates, our overall portfolio yield, the spread environment with respect to new investments, and the weighted average cost of our liability structure. In keeping with our long-held view, of providing as much transparency as possible to the market. We plan to provide additional details regarding our 2026 dividend strategy on our third quarter earnings call. And with that, I'll turn the call over to Dan.