FS KKR Capital Corp (NYSE: FSK)

FS KKR Capital Corp is an externally managed non diversified closed end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940 and to be treated as a regulated investment company for United States federal income tax purposes. The company focuses on making debt investments in private middle market companies in the United States primarily senior secured debt such as first lien and second lien loans and senior secured bonds and to a lesser extent subordinated loans and asset based financing. The company also may hold equity related securities such as warrants or options that arise from its debt investments. As of December 31 2025 the company reported total assets of approximately thirteen point seven billion dollars.

We generate revenue primarily from interest and dividend income earned on our portfolio of debt and equity securities. We also receive fees for origination structuring and advisory services related to our investments. Capital gains realized from the sale or disposition of investments contribute to earnings. The company may earn incentive fees based on pre incentive fee net investment income and on realized capital gains as outlined in its advisory agreement.

FS KKR Capital Corp operates within the business development company sector alongside peers such as Ares Capital Corp Main Street Capital Prospect Capital Corp and other private credit funds. The company also competes with private equity funds hedge funds and traditional banks that lend to middle market companies. Its competitive advantages stem from the scale and expertise of its adviser FS KKR Advisor LLC which is backed by the resources of KKR & Co and Future Standard. The adviser’s deep relationships with private equity sponsors and its ability to source large transactions provide a differentiated edge in the middle market lending space. The company’s disciplined income oriented approach and its use of leverage up to the limits permitted by the 1940 Act further support its ability to generate consistent returns.

FS KKR Capital Corp serves institutional and retail investors who hold its common stock and seek exposure to private middle market debt investments. The company does not disclose specific customer names in its public filings.