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FS KKR Capital Corp. is a United States–based company operating in the financial sector within the Business Development Company (BDC) and private-credit industry.
The firm provides financing solutions to middle-market companies across the United States, offering senior secured loans, structured credit, subordinated debt and selective equity co-investments.
The company, in its current form, was created in 2018 through the combination of FS Investments’ credit platform and KKR Credit, merging broad asset-management expertise with one of the world’s leading investment firms.
Its formation responded to the growing demand for private credit, increased reliance on nonbank lenders and investor interest in income-generating alternative assets.
FS KKR Capital’s portfolio includes direct corporate lending, senior secured financing, unitranche structures, structured credit, minority equity positions and co-investments sourced through KKR’s global origination network.
The company finances businesses across a diverse range of industries, including technology, business services, healthcare, manufacturing, retail, transportation and energy. Its investment approach emphasizes predictable cash flows, disciplined underwriting and comprehensive risk assessment.
The company operates nationally within the United States, focusing on mid-sized businesses that require capital for expansion, refinancing, acquisitions or operational restructuring.
Its operational structure includes credit analysts, sector specialists, portfolio managers, legal and compliance teams, due-diligence units and direct integration with KKR’s credit platform, which enhances market intelligence and deal origination.
Market conditions influencing FS KKR Capital include interest-rate levels, credit-market liquidity, economic cycles, inflation, regulatory frameworks for BDCs, credit spreads, borrower solvency and competition from private-credit funds and banks.
Broader industry trends—such as the long-term expansion of private credit and the shift toward direct lending—also contribute to shaping strategic priorities.
FS KKR Capital Corp.’s shares trade on the New York Stock Exchange (NYSE) under the ticker FSK.
History and when FS KKR Capital Corp. was founded
FS KKR Capital Corp. was formed in 2018 when FS Investments and KKR Credit combined their Business Development Company management operations.
Prior to this integration, each entity had its own presence in the private-credit market, but the merger aimed to create a unified, scaled platform capable of sourcing, underwriting and managing large and diversified portfolios of middle-market loans.
The backdrop included post-2008 regulatory changes that encouraged companies to seek financing from nonbank institutions. In the years following its formation, FS KKR focused on portfolio realignment, harmonizing risk frameworks and expanding origination through KKR’s global network.
These efforts allowed the firm to increase diversification, strengthen credit disciplines and solidify its positioning within the BDC industry. Governance enhancements and reporting improvements also became central to its early strategic alignment.
In 2020, amid the economic disruptions triggered by the pandemic, FS KKR played an important role in providing liquidity to businesses facing operational pressure.
The period required heightened portfolio monitoring, reassessment of risk exposure and strategic origination in sectors demonstrating resilience. Despite market volatility, FS KKR maintained a disciplined approach to asset allocation and credit evaluation.
From 2021 to 2024, the company benefited from the rapid expansion of the private-credit market, driven by higher interest rates, increased corporate demand for nonbank financing and a shift by lenders toward direct-lending structures.
FS KKR expanded its origination pipeline, increased exposure to senior secured lending and enhanced integration with broader KKR credit strategies. Its portfolio became more diversified and technologically supported by improved analytics and monitoring tools.
By 2024, FS KKR Capital Corp. had solidified its position as one of the largest BDCs in the United States, recognized for its scale, disciplined underwriting, access to differentiated deal flow and resilience across varying credit cycles.
Additional Information
The Company FS KKR Capital Corp (United States), is listed on Nasdaq with a market value of $ 4.08 Billions, having an equity of $ 6.16 Billions.
The Company is listedthe in the sector of Others and categorized in industry of Others.
In the last 12 months the Company had a revenue of $ 362.00 Millions, which generated a profit in the amount of $ 272.00 Millions.
As for its main indicators, the Company has a P/E ratio of 15.00, a P/BV ratio of 0.66 and in the last 12 months the dividend yield of FSK was at 19.22%.
The Company is traded internationally through the ticker FSK.
