Q2 2026 FS KKR Capital Corp Earnings Call

August 6, 2026

Operator: Good morning, ladies and gentlemen. Welcome to FS KKR Capital Corp's Q2 2026 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 call is being recorded. At this time, Anna Kleinhenn, Head of Investor Relations, will proceed with the introduction. Ms. Kleinhenz, you may begin.

Speaker #1: 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.

Speaker #1: Please note that this conference call is being recorded. At this time, Anna Kleinhenn, head of investor relations, will proceed with the introduction. Ms. Kleinhenn, you may begin.

Speaker #2: Thank you. Good morning, and welcome to FS KKR Capital Court's second quarter, 2026 earnings conference call. Please note that FS KKR Capital Court may be referred to as FSK, the fund, or the company throughout the call.

Anna Kleinhenn: Thank you. Good morning and welcome to FS KKR Capital Corp's Q2 2026 earnings conference call. Please note that FS KKR 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 30 June 2026. A 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.

Speaker #2: 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.

Speaker #2: 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, 2026.

Speaker #2: A 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.

Speaker #2: Any unauthorized rebroadcast of this call in any form is strictly prohibited. Today's conference call includes forward-looking statements that are not historical facts, including, without limitation, statements with regard to future events or future performance or financial conditions, statements regarding share repurchase activity, distribution levels and frequency, expectations for net investment income levels in future quarters, and the financial position, business strategy, and plans and objectives of management for FSK's future operations.

Anna Kleinhenn: Today's conference call includes forward-looking statements that are not historical facts, including, without limitation, statements with regard to future events or future performance or financial conditions, statements regarding share repurchase activity, distribution levels and frequency, expectations for net investment income levels in future quarters, and the financial position, business strategy, and plans and objectives of management for FSK's future operations. Words such as anticipate, believe, expect, intend, project, and future, or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. These forward-looking statements are not guarantees of performance or events and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause our actual results or future events to differ materially from those expressed or forecasted in these forward-looking statements for any reason.

Speaker #2: Words such as "anticipate," "believe," "expect," "intend," "project," and "future," or similar expressions, indicate a forward-looking statement, although not all forward-looking statements include these words.

Speaker #2: These forward-looking statements are not guarantees of performance or events and are subject to risks, uncertainties, and other factors some of which are beyond our control and difficult to predict, and could cause our actual results or future events to differ materially from those expressed or forecasted in these forward-looking statements for any reason.

Speaker #2: 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 future events to differ materially from these statements.

Anna Kleinhenn: 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 future events to differ materially from these statements. The forward-looking statements included on this call are based on information available to FSK today, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Except as required by the federal securities laws, FSK undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In addition, this call will include certain non-GAAP financial measures that have not been prepared in accordance with the US generally accepted accounting principles. These non-GAAP financial measures are not in accordance with or an alternative to measures prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies.

Speaker #2: The forward-looking statements included on this call are based on information available to FSK today. And current expectations forecast and assumptions and involve a number of judgments, risks, and uncertainties.

Speaker #2: Except as required by the Federal Securities Laws, FSK undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Speaker #2: In addition, this call will include certain non-GAAP financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles. These non-GAAP financial measures are not in accordance with or an alternative to measures prepared in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies.

Speaker #2: In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate FSK's results of operations in conjunction with their corresponding GAAP measures.

Anna Kleinhenn: In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate FSK's results of operations in conjunction with their corresponding GAAP measures. For such non-GAAP measures, reconciliations to the most directly comparable GAAP measures can be found in FSK's Q2 earnings release that was filed with the SEC on 6 August 2026. 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 Steven 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.

Speaker #2: For such non-GAAP 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, 2026.

Speaker #2: 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.

Speaker #2: Dan Petersack, Chief Investment Officer and President, and Steven Lilly, Chief Financial Officer. Also joining us on the call today are Co-Chief Operating Officers Drew O'Tool and Ryan Wilson.

Speaker #2: I'll now turn the call over to Michael.

Speaker #3: Thank you, Anna, and good morning, everyone. Thank you for joining FSK's second quarter 2026 earnings conference call. During the second quarter, FSK generated net investment income totaling $44 per share and adjusted net investment income totaling $43 per share.

Michael Forman: Thank you, Anna, and good morning, everyone. Thank you for joining FSK's Q2 2026 earnings conference call. During Q2, FSK generated net investment income totaling $0.44 per share and adjusted net investment income totaling $0.43 per share. Our net asset value per share declined 2.8%, from $18.83 to $18.30 during the quarter. Our net investment income per share for Q2 equates to an annualized yield of 9.6% based upon our 30 June net asset value per share and compared to our previously announced guidance of 8% to 9%. Our board has declared a Q3 distribution of $0.44 per share for common shareholders, which is consistent with our dividend policy of paying out 100% of our prior quarter's GAAP net investment income on a per share basis.

Speaker #3: Our net asset value per share declined 2.8% from $18.83 to $18.30 during the quarter. Our net investment income per share for the second quarter equates to an annualized yield of 9.6% based upon our June 30 net asset value per share and compared to our previously announced guidance of 8 to 9 percent.

Speaker #3: Our board has declared a third-quarter distribution of $0.44 per share for common shareholders, which is consistent with our dividend policy of paying out 100% of our prior quarter’s GAAP net investment income on a per-share basis.

Speaker #3: 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.

Michael Forman: 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. On our Q1 earnings call in May, we announced several strategic actions that the FS KKR advisor is undertaking to help enhance the financial and trading profile of FSK. Since that announcement, we believe we have made meaningful progress executing these actions. Dan will provide a detailed update on our progress during his portion of this call. There continues to be strong collaboration across the FS KKR partnership, and we believe these actions reflect our commitment to long-term value creation. At the same time, we recognize that there is work ahead as we continue stabilizing our investment portfolio and executing on our strategic actions. With that, I'll turn the call over to Dan.

Speaker #3: On our first quarter earnings call in May, we announced several strategic actions that the FSKKR advisors undertaking to help enhance the financial and trading profile of FSK.

Speaker #3: Since that announcement, we believe we have made meaningful progress executing these actions. Dan will provide a detailed update on our progress during his portion of this call.

Speaker #3: There continues to be strong collaboration across the FSKKR partnership, and we believe these actions reflect our commitment to long-term value creation. At the same time, we recognize that there is work ahead as we continue stabilizing our investment portfolio and executing on our strategic actions.

Speaker #3: And with that, I'll turn the call over to Dan.

Speaker #4: Thanks, Michael. The broader credit markets continue to be impacted by a combination of geopolitical uncertainty, inflationary pressures, and rapid technological change. Ongoing tensions in the Middle East, along with a broader focus on energy security and supply chain resiliency, contribute to elevated levels of macroeconomic volatility.

Dan Pietrzak: Thanks, Michael. The broader credit markets continue to be impacted by a combination of geopolitical uncertainty, inflationary pressures, and rapid technological change. Ongoing tensions in the Middle East, along with a broader focus on energy security and supply chain resiliency, contribute to elevated levels of macroeconomic volatility. As a reminder, FSK does not invest directly in oil or commodity-linked companies. Inflation remains higher than pre-pandemic norms, reinforcing the importance of disciplined underwriting and thoughtful capital structure selection. We continue to closely monitor inflation and the incremental risk associated with a sustained inflationary period, as do our portfolio companies. That said, given the size and market position of many of our portfolio companies, they historically have demonstrated an ability to pass through higher operating costs to customers during inflationary periods. This dynamic reinforces our confidence in the resilience of the upper end of the middle market.

Speaker #4: As a reminder, FSK does not invest directly in oil or commodity-linked companies. Inflation remains higher than pre-pandemic norms, reinforcing the importance of disciplined underwriting and thoughtful capital structure selection.

Speaker #4: We continue to closely monitor inflation and the incremental risk associated with the sustained inflationary period as do our portfolio companies. That said, given the size and market position of many of our portfolio companies, they historically have demonstrated an ability to pass through higher operating costs to customers during inflationary periods.

Speaker #4: This dynamic reinforces our confidence in the resilience of the upper end of the middle market. While advances in AI and automation are driving meaningful productivity gains, they are also creating both opportunities and risks, as industries adapt to evolving competitive dynamics.

Dan Pietrzak: While advances in AI and automation are driving meaningful productivity gains, they are also creating both opportunities and risks as industries adapt to evolving competitive dynamics. Against this backdrop, we believe scale, selectivity, strong portfolio construction, and deep sponsor relationships remain critical differentiators in private credit. We also believe that the breadth and depth of the KKR credit platform, along with our active approach to portfolio management, position us well as we navigate the current environment. As Michael mentioned, I'd like to provide an update on the strategic actions we announced on our Q1 earnings call, which we believe already are providing benefits to shareholders. The $150 million tender offer by KKR expired on 11 June 2026. As a result, a subsidiary of KKR purchased approximately $150 million of shares of FSK's common stock at a purchase price of $11 per share.

Speaker #4: Against this backdrop, we believe scale, selectivity, strong portfolio construction, and deep sponsor relationships remain critical differentiators in private credit. We also believe that the breadth and depth of the KKR credit platform, along with our active approach to portfolio management, position us well as we navigate the current environment.

Speaker #4: As Michael mentioned, I'd like to provide an update on the strategic actions we announced on our first quarter earnings call, which we believe already are providing benefits to shareholders.

Speaker #4: The $150 million tender offered by KKR expired on June 11,

Speaker #1: 2026 . As a result , a subsidiary of KKR purchased approximately $150 million of shares of FX common stock at a purchase price of $11 per share on June 29th , 2026 .

Dan Pietrzak: On 29 June 2026, FSK closed the $150 million issuance of cumulative convertible perpetual preferred stock purchased by a subsidiary of KKR. As a reminder, the convertible preferred stock will pay dividends on a quarterly basis of 5% per annum in cash, or at FSK's option, 7% per annum in PIK dividends, in either case, increasing annually by 1% beginning on the 5.5 year anniversary of the issue date. FSK's $300 million stock repurchase program commenced on 29 June 2026. During Q2, we repurchased approximately 377,800 shares of FSK's common stock through the program, or approximately $4 million worth of shares. During Q3, we have continued repurchasing shares.

Speaker #1: FSK closed the $150 million issuance of cumulative Convertible Perpetual Preferred Stock purchased by a subsidiary of KKR . As a reminder , the convertible preferred stock will pay dividends on a quarterly basis of 5% per annum and cash , or at Fsc's option 7% per annum in Pik dividends In either case , increasing annually by 1% beginning on the five and a half year anniversary of the issue .

Speaker #1: Date Fsc's $300 million stock repurchase program commenced on June 29th , 2026 . During the second quarter , we repurchased approximately 377,800 shares of Fsc's common stock through the program or approximately $4 million worth of shares during the third quarter .

Speaker #1: We have continued repurchasing shares since the beginning of the third quarter . We have repurchased 3.3 million shares , or approximately $36 million , bringing the cumulative value of shares repurchased to $40 million since June 29th at a weighted average purchase price of $10.73 per share Beginning in the second quarter of 2026 , KKR agreed to waive its portion of the subordinated income incentive fee for four consecutive quarters This waiver had a positive $11 million impact on our Q2 net investment income Turning to our investment activity , during the second quarter , we originated approximately $590 million of new investments .

Dan Pietrzak: Since the beginning of Q3, we have repurchased 3.3 million shares, or approximately $36 million, bringing the cumulative value of shares repurchased to $40 million since 29 June at a weighted average purchase price of $10.73 per share. Beginning in Q2 2026, KKR agreed to waive its portion of the subordinated income incentive fee for 4 consecutive quarters. This waiver had a +$11 million impact on our Q2 net investment income. Turning to our investment activity. During Q2, we originated approximately $590 million of new investments. Almost all of these investments related to deals committed to prior to Q2 or are add-on financings to existing portfolio company names. As we have previously communicated, during the period when FSK is repurchasing shares, we will continue to reduce the fund's new investment originations.

Speaker #1: Almost all of these investments related to deals committed to prior to the second quarter or our add on financings to existing portfolio company names .

Speaker #1: As we have previously communicated during the period when FSK is repurchasing shares , we will continue to reduce the fund's new investment originations Our new investments , coupled with $1.3 billion of net sales and repayments when factoring in net sales to our joint venture , equated to a portfolio decrease of $735 million during the second quarter As we outlined on our first quarter earnings call .

Dan Pietrzak: Our new investments, coupled with $1.3 billion of net sales and repayments when factoring in net sales to our joint venture, equated to a net portfolio decrease of $735 million during Q2. As we outlined on our Q1 earnings call, as part of our broader goal to increase the overall quality and diversification of our investment portfolio, we are focused on rotating certain assets. During Q2, Global Jet, a legacy investment, returned $50 million of capital to FSK, which was used to further reduce our position. In addition, FSK sold approximately $500 million of investments to third parties during Q2 at a price in line with our Q1 valuations.

Speaker #1: As part of our broader goal to increase the overall overall quality and diversification of our investment portfolio , we are focused on rotating certain assets during the second quarter .

Speaker #1: Global jet , a legacy investment returned $50 million of capital to FSK , which was used to further reduce our position . In addition , FSK sold approximately $500 million of investments to third parties during the second quarter at a price in line with our first quarter valuations We continue to believe in the strength of our investment strategy , which primarily focuses on upper middle market companies with EBITDA in the 50 to $150 million range across a diverse set of industries and sectors As of June 30th , the weighted average EBITDA of our portfolio companies was $241 million , and the median EBITDA $130 million .

Dan Pietrzak: We continue to believe in the strength of our investment strategy, which primarily focuses on upper-middle-market companies with EBITDAs in the $50 to $150 million range across a diverse set of industries and sectors. As of 30 June, the weighted average EBITDA of our portfolio companies was $241 million, and the median EBITDA was $130 million. Our portfolio companies reported a weighted average year-over-year EBITDA growth rate of approximately 6% across companies in which we have invested in since April 2018. Interest coverage levels remain healthy, with median Q2 coverage at approximately 1.9 times. During Q2, two investments were added to non-accrual status and two were removed. NF Transportation Systems and Alacrity Solutions Group, the two non-accruals, together totaled $104 million of costs and $91 million of fair value across our investment portfolio.

Speaker #1: Our portfolio companies reported a weighted average year over year EBITDA growth rate of approximately 6% across companies in which we have invested in since April 2018 .

Speaker #1: Interest coverage levels remain healthy , with median second quarter coverage at approximately 1.9 times During the second quarter , two investments were added to Non-accrual status and two were removed .

Speaker #1: NF transportation systems and Alacrity Solutions Group . The two Non-accruals together totaled $104 million of costs and $91 million of fair value across our investment portfolio .

Speaker #1: Dental Care Alliance and Affordable Care were removed from Non-accrual status as they were restructured during the second quarter . As of June 30th , Non-accruals represented 7.1% of our portfolio on a cost basis and 3.8% of our portfolio on a fair value basis .

Dan Pietrzak: Dental Care Alliance and Affordable Care were removed from non-accrual status as they were restructured during Q2. As of 30 June, non-accruals represented 7.1% of our portfolio on a cost basis and 3.8% of our portfolio on a fair value basis. This compares to 8.1% of our portfolio on a cost basis and 4.2% of our portfolio on a fair value basis as of 31 March. In summary, we are pleased with the strategic actions the FS KKR advisor has taken and is continuing to take. KKR's tender was successfully completed. FSK's liquidity position was enhanced by KKR's $150 million convertible preferred stock investment. Our gross and net leverage levels are lower, and our portfolio rotation continues in earnest.

Speaker #1: This compares to 8.11% of our portfolio on a cost basis , and 4.2% of our portfolio on a fair value basis . As of March 31st .

Speaker #1: In summary , we are pleased with the strategic actions the FS KKR advisor has taken and is continuing to take . KKR tender was successfully completed .

Speaker #1: Fsc's liquidity position was enhanced by KKR $150 million convertible preferred stock investment Our gross and net leverage levels are lower , and our portfolio rotation continues in earnest as we execute on the remaining portion of our common stock buyback program and continue to improve the quality of our investment portfolio .

Dan Pietrzak: As we execute on the remaining portion of our common stock buyback program and continue to improve the quality of our investment portfolio, we do acknowledge that FSK will become a smaller fund. On the other side of the equation, we anticipate it will be a higher quality fund as well. With that, I'll turn the call over to Steven to go through our financial results.

Speaker #1: We do acknowledge that FSK will become a smaller fund. On the other side of the equation, we anticipate it will be a higher quality fund as well.

Speaker #1: And with that, I'll turn the call over to Steven to go through our financial results.

Speaker #2: Thanks , Dan As of June 30th , 2026 , Fsc's Investment portfolio had a fair value of $11.4 billion , consisting of 232 portfolio companies .

Steven Lilly: Thanks, Dan. As of 30 June 2026, FSK's investment portfolio had a fair value of $11.4 billion, consisting of 232 portfolio companies. At the end of Q2, our 10 largest portfolio companies represented approximately 21% of the fair value of our portfolio, compared to 20% as of the end of Q1. We remain focused on senior secured investments as our portfolio consisted of approximately 59% first lien loans and 63% senior secured debt as of 30 June. In addition, our joint venture represented approximately 14% of the fair value of our portfolio as of the end of Q2. As a result, when investors consider our entire portfolio, looking through to the investments in our joint venture, first lien loans total approximately 69% of our total portfolio and senior secured investments total approximately 73% of our portfolio as of 30 June.

Speaker #2: At the end of the second quarter . Our ten largest portfolio companies represented approximately 21% of the fair value of our portfolio , compared to 20% as of the end of the first quarter .

Speaker #2: We remain focused on senior secured investments as our portfolio consisted of approximately 59% first lien loans and 63% senior secured debt . As of June 30th .

Speaker #2: In addition , our joint venture represented approximately 14% of the fair value of our portfolio as of the end of the second quarter .

Speaker #2: As a result, when investors consider our entire portfolio, looking through to the investments in our joint venture, then first lien loans total approximately 69% of our total portfolio and senior secured investments.

Speaker #2: Total approximately 73% of our portfolio as of June 30th . The weighted average yield on accruing debt investments was 9.8% as of June 30th .

Steven Lilly: The weighted average yield on accruing debt investments was 9.8% as of 30 June, as compared to 9.9% during Q1. Turning to our quarterly operating results, our total investment income was $290 million for Q2, a decrease of $14 million compared to Q1. The primary components of our total quarterly investment income were as follows. Total interest income was $217 million, representing a decrease of $7 million quarter over quarter. The decline in interest income primarily was due to a reduction in the size of our investment portfolio and assets placed on non-accrual during the prior quarter. Dividend and fee income totaled $73 million, a decrease of $7 million quarter over quarter. Our total dividend and fee income is summarized as follows. $45 million of dividend income from our joint venture.

Speaker #2: As compared to 9.9% during the first quarter . Turning to our quarterly operating results , our total investment income was $290 million . For the second quarter , a decrease of $14 million compared to the first quarter .

Speaker #2: The primary components of our total quarterly investment income were as follows . Total interest income was $217 million , representing a decrease of $7 million quarter over quarter The decline in interest income , primarily was due to a reduction in the size of our investment portfolio and assets placed on Non-accrual during the prior quarter .

Speaker #2: Dividend and fee income totaled $73 million , a decrease of $7 million quarter over quarter . Our total dividend and fee income is summarized as follows .

Speaker #2: $45 million of dividend income from our joint venture, other dividends from various portfolio companies totaling approximately $23 million during the quarter, and fee income totaling approximately $5 million during the quarter.

Steven Lilly: Other dividends from various portfolio companies totaling approximately $23 million during the quarter, and fee income totaling approximately $5 million during the quarter. As a reminder, on 23 February 2026, our partner, South Carolina Retirement Systems Group Trust, increased its equity ownership percentage in our joint venture from 12.5% to approximately 21%, and our ownership percentage changed from 87.5% to approximately 79%. This purchase was executed at the then current net asset value of the joint venture. This change in ownership, therefore, was reflected partially in the dividend income from the joint venture during Q1 and was reflected fully during Q2. Our net expenses were $168 million during Q2, a decrease of $19 million compared to Q1. The primary components of our net expenses were as follows. Our interest expense totaled $101 million, a decrease of $4 million quarter over quarter.

Speaker #2: As a reminder , on February 23rd , 2026 , our partner South Carolina Retirement Systems Group Trust , increased its equity ownership percentage in our joint venture from 12.5% to approximately 21% , and our ownership percentage changed from 87.5% to approximately 79% .

Speaker #2: This purchase was executed at the then current net asset value of the joint venture This change in ownership , therefore , was reflected partially in the dividend income from the joint venture during the first quarter and was reflected fully during the second quarter .

Speaker #2: Our net expenses were $168 million during the second quarter , a decrease of $19 million compared to the first quarter . The primary components of our net expenses were as follows .

Speaker #2: Our interest expense totaled $101 million , a decrease of $4 million quarter over quarter . Our weighted average cost of debt was 5.5% as of June 30th .

Steven Lilly: Our weighted average cost of debt was 5.5% as of 30 June. Management fees totaled $44 million, a decrease of $4 million quarter over quarter. As Dan mentioned, beginning in Q2 2026, KKR agreed to waive 100% of its portion of the subordinated income incentive fee for 4 consecutive quarters. This waiver applies to 50% of the subordinated income incentive fee that otherwise would be paid. Net of this waiver, income incentive fees totaled $12 million, a decrease of $13 million from Q1. Other expenses totaled $11 million, an increase of $2 million quarter over quarter. The detailed bridge in our net asset value per share on a quarter-over-quarter basis is as follows.

Speaker #2: Management fees totaled $44 million , a decrease of $4 million quarter over quarter . As Dan mentioned , beginning in the second quarter of 2026 , KKR agreed to waive 100% of its portion of the subordinated income incentive fee for four consecutive quarters .

Speaker #2: This waiver applies to 50% of the subordinated income incentive fee that otherwise would be paid net of this waiver , income incentive fees totaled $12 million , a decrease of $13 million from the first quarter .

Speaker #2: Other expenses totaled $11 million , an increase of $2 million quarter over quarter The detailed bridge in our net asset value per share on a quarter over quarter basis is as follows .

Speaker #2: Our ending Q1 2026 net asset value per share of $18.83 was increased by GAAP net investment income of $0.44 per share and was decreased by $0.56 per share due to a decrease in the overall value of our investment portfolio.

Steven Lilly: Our ending Q1 2026 net asset value per share of $18.83 was increased by GAAP net investment income of $0.44 per share and was decreased by $0.56 per share due to a decrease in the overall value of our investment portfolio. Our net asset value per share was reduced by our $0.42 per share quarterly common stock dividend paid during the quarter and increased by $0.01 per share due to share repurchases, which began on 29 June. The sum of these activities results in our 30 June 2026 net asset value per share of $18.30. From a forward-looking perspective, we expect net investment income to be in the range of 8% to 9% of net asset value on an annualized basis for the balance of 2026.

Speaker #2: Our net asset value per share was reduced by our $0.42 per share quarterly common stock dividend paid during the quarter and increased by $0.01 per share due to share repurchases , which began on June 29th .

Speaker #2: The sum of these activities results in our June 30th , 2026 , net asset value per share of $18.30 . From a forward looking perspective , we expect net investment income to be in the range of 8 to 9% of net asset value on an annualized basis for the balance of 2026 .

Speaker #2: This level of net investment income will depend on numerous future factors , including geopolitical risks , the overall U.S. economy and the overall health of our investment portfolio Turning to our capital structure , in June , we issued $900 million of 7.5% unsecured notes due 2031 , which subsequently were swapped to a floating rate of Sofr plus 3.488% via an interest rate swap agreement As June 30th , our debt to equity and net debt to equity levels were 127% and 122% , respectively , compared to 138% and 131% at March 31st .

Steven Lilly: This level of net investment income will depend on numerous future factors, including geopolitical risks, the overall US economy, and the overall health of our investment portfolio. Turning to our capital structure. In June, we issued $900 million of 7.5% unsecured notes due 2031, which subsequently were swapped to a floating rate of SOFR plus 3.488% via an interest rate swap agreement. As of 30 June, our debt-to-equity and net debt-to-equity levels were 127% and 122%, respectively, compared to 138% and 131% at 31 March. Consistent with the objectives outlined in our Q1 earnings call, we reduced leverage and returned net debt to equity to our target range of 1 to 1.25 times. Looking ahead, we will seek to manage leverage and liquidity while maintaining flexibility to support our share repurchase program.

Speaker #2: Consistent with the objectives outlined in our first quarter earnings call , we reduced leverage and returned net debt to equity to our target range of 1 to 1.25 times .

Speaker #2: Looking ahead, we will seek to manage leverage and liquidity while maintaining flexibility to support our share repurchase program. At the end of the second quarter, our available liquidity was $3.5 billion, and approximately 72% of our drawn balance sheet and 48% of our committed balance sheet was comprised of unsecured debt.

Steven Lilly: At the end of Q2, our available liquidity was $3.5 billion, and approximately 72% of our drawn balance sheet and 48% of our committed balance sheet was comprised of unsecured debt. With that, I'll turn the call back to Michael for a few closing remarks before we open the call for questions.

Speaker #2: And with that , I'll turn the call back to Michael for a few closing remarks before we open the call for questions

Speaker #3: Thanks, Steven. We are encouraged by the results of the strategic actions taken by the KKR advisor and the progress we are making with regard to portfolio rotation.

Michael Forman: Thanks, Steven. We're encouraged by the results of the strategic actions taken by the FS KKR advisor and the progress we are making with regard to portfolio rotation. We recognize, however, that there still is important work ahead. Improving portfolio performance, delivering greater consistency in our results, and regaining market confidence remain key areas of focus. We are committed to executing on the initiatives we have outlined. We believe the strength of our platform and our commitment to shareholders will enable us to be successful in our efforts. As always, we appreciate your participation on the call today and for your interest in FSK. Operator, we'd like to now open the line for questions.

Speaker #3: We recognize , however , that there is still is important work ahead . Improving portfolio performance , delivering greater consistency in our results and regaining market confidence remain key areas of focus .

Speaker #3: We are committed to executing on the initiatives we have outlined , and we believe the strength of our platform and our commitment to shareholders will enable us to be successful in our efforts .

Speaker #3: As always , we appreciate your participation on the call today and for your interest in FSK Operator , we'd like to now open the line for questions .

Speaker #4: Thank you . At this time , we will conduct a question and answer session . As a reminder to ask a question , you will need to press star one one on your telephone and wait for your name to be announced .

Operator: Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Aaron Cyganowicz of Truist Securities. Your line is now open.

Speaker #4: To withdraw your question , please press star one one again . Please stand by while we compile the Q&A roster Our first question comes from the line of Aaron Ciechanowicz of Truist Securities .

Speaker #4: Your line is now open

Speaker #5: Hey . Good morning . Thanks for , , the loan sales that you did , the 500 million , , that you referenced .

Aaron Cyganowicz: Good morning. Thanks. The loan sales that you did, the $500 million that you referenced, maybe you should provide some color on what were these, how did you go about doing this, and is this going to be something that we would expect kind of ongoing as we look forward?

Arren Cyganovich: Good morning. Thanks. The loan sales that you did, the $500 million that you referenced, maybe you should provide some color on what were these, how did you go about doing this, and is this going to be something that we would expect kind of ongoing as we look forward?

Speaker #5: , maybe you just provide some color on , you know , what were these , , how did you go about doing this ?

Speaker #5: And is this , , going to be something that we would expect kind of ongoing as we look forward ?

Speaker #6: Yeah . Good morning . , you know , I would put it a little bit more in probably just , you know , ordinary course of business , right .

Steven Lilly: Yeah. Good morning. I put it a little bit more in probably just ordinary course of business, right? We talked about this on our last call, looking at some of the tall trees, some of the larger exposures we might have had or some, we'll call it very high-quality assets, but maybe just at a different kind of margin than what the market was affording. I think net net, we look at the overall new investments we made, but with that $1.3 billion-plus of repayments, I think we're happy with that result and happy to get back down into our target leverage area.

Speaker #6: , we talked about this on our last call , looking at some of the , you know , tall

Speaker #1: Trees , you know , some of the larger exposures we might have had or some , you know , we'll call it very high quality assets , but maybe just at a , at a different kind of margin than what the market was affording .

Speaker #1: , so I think net net , we look at the overall , , you know , new investments we made , but with that $1.3 billion plus of , of repayments , I think we're happy with that result and happy to get back down to our target leverage area .

Speaker #5: Okay And , , the marks that you took this quarter were those more related to , , existing non-accrual . , you know , restructurings or exits or were these result of , of new marks ?

Aaron Cyganowicz: Okay. In the marks that you took this quarter, were those more related to existing non-accrual restructurings or exits, or were these a result of new marks from other companies this quarter?

Arren Cyganovich: Okay. In the marks that you took this quarter, were those more related to existing non-accrual restructurings or exits, or were these a result of new marks from other companies this quarter?

Speaker #5: , from other companies this quarter .

Speaker #1: You know , if you do look at it , Aaron , , you know , really driven off of , , of a handful of names , , that we would have talked about before , , you know , the big drivers were PRG , ATX , , Witter Peraton , , lionbridge and medallia .

Dan Pietrzak: If you do look at it, Aaron,

Dan Pietrzak: Really driven off of a handful of names that we would've talked about before. The big drivers were PRG, ATX, Witter, Peraton, Lionbridge, and Medallia. That pretty much made up the entire amount, or at least a super majority of the amount.

Speaker #1: That pretty much made up the entire amount , or at least a supermajority of the amount .

Speaker #5: Thank .

Aaron Cyganowicz: Thank you.

Arren Cyganovich: Thank you.

Speaker #7: You Thank you .

Dan Pietrzak: Thank you.

Speaker #4: Thank you. Our next question comes from the line of Finian O'Shea of Wells Fargo Securities. Your line is now open.

Operator: Thank you. Our next question comes from the line of Finian O'Shea of WFS. Your line is now open.

Speaker #8: Hey , everyone . Good morning , can you , , remind us or update on the sort of destination portfolio ? Composition ? , with , with your sort of strategic repositioning Is it going to look something like , say , 80% ?

Finian O'Shea: Hey, everyone. Good morning. Can you remind us or update on the sort of destination portfolio composition with your sort of strategic repositioning? Is it going to look something like, say, 80% performing unitranche and 20% ABF JV, or are there sort of inputs or other tilts around the edges?

Speaker #8: , performing unitranche and 20% Abff JV or are there sort of inputs ? , or , or other tilts around the edges

Speaker #1: Yeah . Good morning Ben . , you know , we , we talked about this a bit last quarter . I think we're kind of on the same , I would call it path that over time , you know , we would look to get the one percentage up .

Dan Pietrzak: Yeah. Good morning, Finn. We talked about this a bit last quarter. I think we're kind of on the same, I would call it, path that over time, we would look to get the 1L percentage up. I think we've been happy with our asset-based finance business and effort as it relates with inside FSK. I'd say the same thing about the JV. I think you should expect those to be in the same kind of ranges of, let's call it, 10+%, 10% to 15%, but probably a little bit less focus on second lien and sort of junior debt.

Dan Pietrzak: Yeah. Good morning, Finian. We talked about this a bit last quarter. I think we're kind of on the same, I would call it, path that over time, we would look to get the 1L percentage up. I think we've been happy with our asset-based finance business and effort as it relates with inside FSK. I'd say the same thing about the JV. I think you should expect those to be in the same kind of ranges of, let's call it, 10+%, 10% to 15%, but probably a little bit less focus on second lien and sort of junior debt.

Speaker #1: I think we've been happy with our asset-based finance business and effort as it relates to inside FSK. I'd say the same thing about the JV.

Speaker #1: So I think you should expect those to be in the same , you know , kind of ranges of let's call it ten plus percent , 10 to 15% , , but probably a little bit less focus on second line and sort of junior debt

Speaker #8: Okay . It's helpful . And then with the JV , , you know , opening up more to the partner , was that sort of a one off , , or might you , you know , downsize your position more , expand it more or anything like that

Finian O'Shea: Okay. That's helpful. Then with the JV opening up more to the partner, was that sort of a one-off? Or might you downsize your position more or expand it more or anything like that?

Speaker #1: You know , I think time could tell there . , you know , we've had a great relationship with , with our partner there .

Dan Pietrzak: Yeah, I think time could tell there. We've had a great relationship with our partner there. A little bit, I think, constant conversations about what we want that to look like, how we want it to evolve, what's good for FSK, what's good for them. I think, where it sits today, we feel like we're in a pretty good spot.

Speaker #1: , you know , a little bit , I think constant conversations about , you know , what we want that to look like , how we want it to evolve .

Speaker #1: You know, what's good for FSK is what's good for them. But I think you know where it sits today. We feel like we're in a pretty good place.

Speaker #7: Spot .

Speaker #8: Great, thanks so much.

Finian O'Shea: Great. Thanks so much.

Speaker #7: Thank you

Dan Pietrzak: Thank you.

Speaker #4: Thank you. Our next question comes from the line of Jason Stewart of Compass Point. Jason, your line is now open.

Operator: Thank you. Our next question comes from the line of Jason Stewart of Compass Point. Your line is now open.

Speaker #9: Hey . Good morning . Thanks . , in terms of the loan sales and prepayment activity , what's your line of sight going forward in the next maybe 3Q4Q for that activity

Jason Stewart: Hey, good morning. Thanks. In terms of the loan sales and prepayment activity, what's your line of sight going forward the next maybe Q3, Q4 for that activity?

Speaker #1: Yeah . I mean prepayments or you know repayments have definitely been slower than I think we would have expected . I think that goes in line with what you would have heard on other calls where , you know , new Deal activity or just kind of broad M&A , you know , feels light versus I think everybody's expectations from the start of the year .

Dan Pietrzak: Yeah. Prepayments or repayments have definitely been slower than I think we would've expect. I think that goes in line with what you would've heard on other calls where new deal activity or just kind of broad M&A feels light versus, I think, everybody's expectations from the start of the year. I think you can attribute that a lot to what's happening with Iran, geopolitical sort of tight points. That said, the team has definitely been busier on the other side of 30 June, but I think it's still kind of muted to the levels. I would probably expect a light number in Q3, but at some point, I think it's fair to assume that that ramps back up to more traditional levels.

Speaker #1: I think you can attribute that a lot to what's happening with Iran . You know , geopolitical sort of tight points . , you know , that said , the team has definitely been busier .

Speaker #1: , you know , on , on the other side of , of June 30th . But I think it's still kind of muted sort of levels , you know , so I , I would probably expect a light number , , in Q3 , but at some point , I think it's fair to assume that that ramps back up , , to more traditional levels

Speaker #9: Okay . I mean , rough math , even if we assume that numbers light or , , you know , it gives you plenty , of plenty of liquidity and , and room on leverage to continue the share repurchase .

Jason Stewart: Okay. Rough math, even if we assume that number's light or it gives you plenty of liquidity and room on leverage to continue in the share repurchase. If you are done with that and the fee waiver is done in the next couple of quarters, what's the next step here?

Speaker #9: I mean , if you are done with that and the fee waiver is done in the next couple of quarters , what's the next step here ?

Speaker #1: Yeah . No , I appreciate that question . You know , I think , you know , we are happy that we kicked off the share repurchase .

Dan Pietrzak: Yeah, no, appreciate that question. I think we are happy that we kicked off the share repurchase. I think we've been guiding the market that we will be mindful about liquidity and leverage as we think about the share repurchase, but we do have an intention to fulfill that. You're right about the fee waiver extending for another 3 quarters past the quarter that we just reported on. I think it remains our intention to get through, I'd say, a lot of heavy lifting on some of these non-income producing assets. I would like leverage to get down to the middle of that target range over time. It could bounce around the upper end of that target range for a couple of quarters. I think the longer-term piece is the middle of that range. I would frame the quarter.

Speaker #1: , I think we've been guiding the market that we will be mindful . , about , you know , liquidity and leverage as we think about the share repurchase .

Speaker #1: But we do have an intention to fulfill that . , you know , you're right about the fee waiver , you know , extending for , you know , another three quarters past the quarter that we just reported on .

Speaker #1: You know , I think it remains our intention to , you know , get through . , I'd say a lot of heavy lifting on some of these non-income producing assets .

Speaker #1: I would like , you leverage to get down to the middle of that target range over time You know , it could bounce around the upper end of that target range , you know , for a couple of quarters .

Speaker #1: , but I think the longer term piece is the middle of that range . So I , you know , I would frame the quarter .

Speaker #1: I think we've made some good progress with the things we said we were going to do on the last call. You know, you heard the comments in the script.

Dan Pietrzak: I think we've had some good progress with things that we said we were going to do on the last call. You heard the comments in the script. We know there's some still heavy lifting to do. We're going to be focused on that as we finish out 2026 and go into 2027.

Speaker #1: We know there's some , you know , still heavy lifting to do . , and we're going to be focused on that as we finish out 26 and go into 27 .

Speaker #9: Okay, thanks for taking the questions.

Jason Stewart: Okay. Thanks for taking the questions.

Dan Pietrzak: Thank you.

Speaker #7: Thank you

Speaker #4: Thank you . As a reminder to ask a question , you will need to press star one one . Our next question comes from the line of Kenneth Lee of RBC Capital Markets .

Operator: Thank you. As a reminder, to ask a question, you'll need to press star one one. Our next question comes from the line of Kenneth Lee of RBC Capital Markets. Your line is now open.

Speaker #4: Your line is now open .

Speaker #10: Hey , good morning . Thanks for taking my question . , just one more on the the loan sales there . , any details in terms of the types of loans ?

Kenneth Lee: Hey, good morning. Thanks for taking my question. Just one more on the loan sales there. Any details in terms of the types of loans across the industries or any other details around the specifics around what kind of loans were sold there? Thanks.

Speaker #10: , across the industries or , , any other details around the specifics around the , what kind of loans were sold there ? Thanks

Speaker #1: Yeah . Ken . No , kind of real target beyond what I said . , I don't view kind of what we did as , you know , much different than , you know , some of the ordinary course business stuff .

Dan Pietrzak: Yeah, Ken, no kind of real target beyond what I said. I don't view kind of what we did is much different than some of the ordinary course business stuff. I think we're always mindful about some of these larger positions and can we bring those down. I think it's good to see a certain amount of liquidity in the book. When we're underwriting a loan, we're not assuming that we're looking to move on from it or sell some of it, but we had the opportunity to do so. I think it was good for the entity as we're talking about reducing leverage and getting inside that target range. There was really no specific theme besides that.

Speaker #1: I think we're always mindful about some of the , you know , these larger positions . And can we bring those down ? , you know , I think it's good to see , you know , a certain amount of , of , you know , liquidity in the book , when we're underwriting a loan , we're not assuming that we , you know , we're looking to kind of move on from it or sort of sell some of it .

Speaker #1: But we have the opportunity to do so . And I think it was good for the entity , as we're talking about , you know , reducing leverage and getting inside that target range .

Speaker #1: But there was really no specific theme besides .

Speaker #7: That

Speaker #10: Gotcha . Very helpful . There , and just one more follow up here in terms of the share repurchases , go forward . And I realize you're going to be mindful of the leverage targets as well .

Kenneth Lee: Got you. Very helpful there. Just one more follow-up here. In terms of the share repurchases go forward, and I realize you're going to be mindful of the leverage targets as well. How active could you be? What factors are you going to be looking at closely to judge the activity of repurchases there? Thanks.

Speaker #10: , how active could you be ? , and what factors are you going to be looking at closely to , to , to judge the , the activity of repurchases there ?

Speaker #10: Thanks .

Speaker #1: Yeah . And I mean , I think it's a couple of things , right ? I mean , obviously it's going to be we've historically done these things under a ten v five one program .

Dan Pietrzak: Yeah, I think it's a couple things. Obviously, we've historically done these things under a 10b5-1 program. You're going to be mindful about market volumes, and there's a bunch of rules as it relates around that. I think we're still quite mindful about on the one hand just managing that leverage ratio. With where the stock has been trading, it's quite an attractive time to buy back the stock. Like I said, I think we've been trying to guide folks, and I think we talked about this on the last call, that we have every intention of filling this, but it's going to be mindful of those sort of points and probably occurs over the course of 2026 and 2027.

Speaker #1: You're going to be mindful about market volumes . And there's a bunch of rules as it relates around that . , you know , I think we're still , you know , I think quite mindful about , , you know , on the one hand , just , you know , managing kind of that leverage ratio , but with where the stock has been trading , it's , it's quite an attractive time to buy back the stock .

Speaker #1: But like I said , I , I think we've been trying to guide folks . I think we talked about this on the last call , you know , that , you know , we have every intention of filling this , but it's , it's going to be mindful of those sort of points and probably , you know , occurs over the course of 26 and 27 .

Speaker #10: Gotcha . Very helpful there . Thanks again .

Kenneth Lee: Got you. Very helpful there. Thanks again.

Speaker #7: Thank you . Ken

Dan Pietrzak: Thank you, Kevin.

Dan Pietrzak: Thank you, Kenneth.

Speaker #4: Thank you. Our next question comes from the line of Alicia at Raymond James. Your line is now open.

Operator: Thank you. Our next question comes from the line of Helisheth of Raymond James. Your line is now open.

Operator: Thank you. Our next question comes from the line of Heli Sheth of Raymond James. Your line is now open.

Speaker #11: Good morning . Thanks for the question . You mentioned activities seeing somewhat of a pickup after , , two . Q are you seeing anything different there in terms of spreads or pricing , or is it kind of steady on that front

[Analyst] (Raymond James): Good morning. Thanks for the question. You mentioned activity seeing somewhat of a pickup after Q2. Are you seeing anything different there in terms of spreads or pricing, or is it kind of steady on that front?

Heli Sheth: Good morning. Thanks for the question. You mentioned activity seeing somewhat of a pickup after Q2. Are you seeing anything different there in terms of spreads or pricing, or is it kind of steady on that front?

Speaker #1: Yeah . Good morning . Thanks for the question . , you know , I put in a couple of buckets . I think the activity level is picking up as there was some , we'll call it , sense of , of , , you know , belief in the market that the Iran situation was either under control or at least the sides were working towards a deal .

Dan Pietrzak: Yeah. Good morning. Thanks for the question. I put it in a couple of buckets. I think the activity level is picking up as there was some, we'll call it sense of belief in the market that the Iran situation was either under control or at least the sides were working towards a deal. I think we did see spreads widen and terms and conditions get better really on the back of the redemption activity in the non-traded space. That's not really different than what we saw in 2022. We'll call that could have been up to 75 basis points plus of spread move as you work through the quarter for the new deals that were getting done.

Speaker #1: You know , I think we did see spreads widen and terms and conditions get better , you know , really on the back of the redemption activity in the non-traded space , you know , that's not really different than what we saw in 2022 .

Speaker #1: You know , I think and that , you know , we'll call that could have been the up to 75 basis points plus of sort of spread move as you kind of work through the quarter for the new deals that were getting done , you know , it , it's probably come back a little bit since then on the spread side , just as I think the redemption .

Dan Pietrzak: It's probably come back a little bit since then on the spread side, just as I think the redemption, we'll call it noise, has calmed down a little bit, even though the numbers remain elevated. There has been continued interest in the space from an institutional perspective. My guess is that will probably widen back out a little bit if M&A picks up to a normal volume. I think net-net, we have seen the environment just toggle to what I call more of a lender-friendly environment versus a borrower-friendly environment. We're happy to see that.

Speaker #1: We'll call it noise , has calmed down a little bit , even though the numbers remain elevated . , there , you know , has been continued interest in the space from an institutional perspective .

Speaker #1: , you know , my , my guess is , you that will probably widen back out a little bit if M&A picks up to a normal volume , but I think net net , we have seen the environment , you know , this toggle to what I call more of a lender friendly environment versus a borrower friendly environment .

Speaker #1: We're happy to see .

Speaker #7: That

Speaker #11: Got it . That makes sense . And then on repayments , I think you had pretty elevated repayments this past quarter . How are you weighing .

[Analyst] (Raymond James): Got it. That makes sense. On repayments, I think you had pretty elevated repayments this past quarter. How are you weighing reinvesting back into assets into the portfolio versus share repurchases? Any specific strategy there?

Heli Sheth: Got it. That makes sense. On repayments, I think you had pretty elevated repayments this past quarter. How are you weighing reinvesting back into assets into the portfolio versus share repurchases? Any specific strategy there?

Speaker #11: reinvesting back into assets into the portfolio versus share repurchases . Any specific strategy there .

Speaker #1: You know , I'm not sure it's a specific strategy beyond what we talked about . Right . We , we want to get the share repurchase plan done .

Dan Pietrzak: I'm not sure it's a specific strategy beyond what we talked about. We want to get the share repurchase plan done. We want to be mindful about our leverage number. We want to see the repayments come through. We want actually that leverage to get back to probably more the middle of that range. We're going to try to balance all those together. The majority of our new investments for the quarter really related to fundings on delayed draw term loans or revolvers. We'll be mindful about new investments as well. We're trying to just factor that all together to achieve the goals that we laid out.

Speaker #1: We want to be mindful about our leverage number . , you know , we want to see the repayments come through . We want actually that leverage to get back to probably more the middle of that range .

Speaker #1: So we're going to try to balance all those together . , you know , the , the majority of our , you know , new investments for the quarter really related to fundings on delayed draw term loans or revolvers .

Speaker #1: , you know , we'll be mindful about , you know , new investments as well , but we're trying to just factor that all together to achieve the goals that we laid .

Speaker #7: Out .

Speaker #11: Got it . Thanks for the color .

[Analyst] (Raymond James): Got it. Thanks for the color.

Heli Sheth: Got it. Thanks for the color.

Speaker #7: Thank you

Dan Pietrzak: Thank you.

Speaker #4: Thank you This does conclude the question and answer session . I would now like to turn it back to Daniel Pietrzak for closing remarks .

Operator: Thank you. This does conclude the question and answer session. I would now like to turn it back to Dan Pietrzak for closing remarks.

Speaker #7: Great . Thank .

Dan Pietrzak: Great. Thank you. Thank you all for your time today. If there are any other additional questions, please do not hesitate to reach out to us. Enjoy the rest of the summer. We'll talk to you again next quarter. Thank you.

Speaker #1: You . And thank you all for your time today . If there are any other additional questions , please do not hesitate to reach out to us .

Speaker #1: , enjoy the rest of the summer . We'll talk to you again next quarter . Thank you .

Operator: Thank you for your-

[Analyst] (Raymond James): Goodbye

Heli Sheth: Goodbye

Operator: Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

Operator: Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

Q2 2026 FS KKR Capital Corp Earnings Call

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