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.

Its main areas of activity include:

• Direct lending to middle-market companies through senior secured loans.
• Structured credit and unitranche financing solutions.
• Subordinated debt and capital-structure investments.
• Selective equity co-investments alongside credit positions.

The company’s portfolio spans multiple industries, including technology, healthcare, business services, manufacturing, retail, transportation and energy.

FS KKR Capital operates nationally in the United States, focusing on companies seeking capital for expansion, refinancing, acquisitions and restructuring. Its structure includes credit analysts, portfolio managers, risk teams and integration with KKR’s global credit platform, supporting deal origination and portfolio management.

Industry dynamics affecting FS KKR Capital include interest-rate cycles, credit-market liquidity, economic conditions, inflation, regulatory frameworks for BDCs, credit spreads and competition from private-credit funds and traditional lenders.

Shares of FS KKR Capital Corp. trade on the New York Stock Exchange under the ticker FSK.

History and Development

FS KKR Capital Corp. was formed in 2018 through the combination of FS Investments’ credit platform and KKR Credit, creating a scaled BDC platform focused on middle-market lending.

In its early phase, the company focused on integrating operations, aligning risk frameworks and expanding origination capabilities through KKR’s global network.

Following its formation, the firm increased portfolio diversification, strengthened underwriting standards and enhanced governance and reporting structures.

In recent years, FS KKR Capital has operated in an environment shaped by rising interest rates, growing demand for private credit and reduced bank lending activity.

The company expanded its exposure to senior secured loans, increased origination volumes and enhanced portfolio monitoring through data-driven tools.

By the mid-2020s, FS KKR Capital had established itself as one of the largest BDCs in the United States, supported by scale, disciplined credit selection and access to KKR’s global investment platform.