FS KKR Capital Corp.

Good morning, ladies and gentlemen. Welcome to FSKKR Capital Corp's first quarter 2026 earnings conference call. Your lines will be in a listen-only mode through remarks by FSK's management. At the conclusion of the company's remarks, we'll begin the question and answer session, at which time I'll give you instructions on answering the queue. Please note that this conference is being recorded. At this time, Kaylin Welch from FSKKR Capital Corp Investor Relations will proceed with the introduction. Ms. Welch, you may begin.

Thank you. Good morning and welcome to FSKKR Capital Corp's first quarter 2026 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 this morning. 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, 2026. The link to today's webcast and the presentation is available on the For Investors 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's future performance or financial condition, or the economy generally. These forward-looking statements are not guarantees of performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict. 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 11, 2026. 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 will now turn the call over to Michael.

Thank you, Caitlin, and good morning, everyone. Thank you all for joining FSK's first quarter 2026 earnings conference call. As we start this morning's call, I would like to highlight two main points. First, it was a challenging quarter as our net asset value declined 9.9% per share, and our net investment income was 42 cents per share. Our NAV decline is attributed to portfolio company names we've discussed on these calls in the past, new non-accrual investments, and mark to market moves across certain sections of our portfolio. Second, As announced this morning, meaningful strategic actions are being taken to help improve the financial and trading profile of FSK. Dan is going to walk through the details of the four components here in a minute, but the goal of these actions is to provide the necessary support for FSK to navigate what will be a period of transition to achieve stability, which we expect will include a smaller-sized and better-positioned balance sheet over time. From a dividend perspective, our board has declared a second quarter distribution of 42 cents per share, which is consistent with our dividend policy of paying 100% of our GAAP net investment income on a per share basis. As we have indicated on prior earnings calls, we expect our quarterly distribution level will fluctuate as our net investment income fluctuates on a quarter to quarter basis. And with that, I'll turn the call over to Dan.