FS KKR Capital Corp. FSK

Company Overview

FS KKR Capital Corp. (NYSE: FSK) is a publicly traded business development company (BDC) focused on providing customized credit solutions to privately held middle-market companies in the United States. The company primarily operates in the alternative asset management and private credit industries, generating income through investments in senior secured loans, subordinated debt, and, to a lesser extent, equity securities. FSK is externally managed by FS/KKR Advisor, LLC, a partnership between FS Investments and KKR & Co. Inc., combining retail-oriented alternative investment distribution capabilities with KKR’s institutional private credit platform.

The company’s primary revenue drivers are interest income from debt investments, capital appreciation from equity co-investments, and fee-related income associated with its lending portfolio. FSK primarily serves sponsor-backed and non-sponsor-backed middle-market companies across industries such as healthcare, software, business services, industrials, and financial services. Its strategic positioning is supported by KKR’s global credit underwriting infrastructure, extensive sponsor relationships, and scale within the private credit market. FSK was formed through the merger of several FS Investments-sponsored BDCs, including the combination of former entities such as FS Investment Corporation, Corporate Capital Trust, and subsequent consolidations that created one of the largest publicly traded BDCs in the United States.