FS KKR Capital Corp (NYSE: FSK) is a business development company (BDC) that primarily makes debt investments in private U.S. companies, with a focus on middle-market businesses defined as those with EBITDA of $50 million to $150 million at the time of investment. It earns income through interest on debt instruments, including first lien secured loans, second lien secured loans, senior secured bonds, subordinated loans, and asset-based financing loans. The portfolio concentrates on established, cash-flow-positive private companies, with investments sourced both through direct origination and secondary market OTC transactions. FSK is externally managed and operates under the Investment Company Act of 1940 as a regulated investment company. The strategy emphasizes senior secured debt as the primary portfolio allocation, limiting but not eliminating exposure to subordinated and unsecured instruments. Portfolio monitoring is a stated operational priority, targeting early identification of credit deterioration events such as insolvency or bankruptcy at portfolio companies.

Revenue model

Interest income on debt investments, primarily senior secured loans and bonds to private U.S. middle-market companies, supplemented by income from subordinated loans and asset-based financing. Investments are made through direct origination and OTC secondary market purchases.

Products and services

First lien secured loans, second lien secured loans, senior secured bonds, subordinated loans, asset-based financing loans. Investments target private U.S. companies, primarily middle-market businesses with EBITDA of $50 million to $150 million at time of investment.

Customers and end markets

Private U.S. companies, with emphasis on middle-market businesses (EBITDA $50M to $150M at investment date). Focus on established enterprises with positive cash flows.

Value-chain role

Direct lender and debt investor to private middle-market U.S. companies. Operates as an externally managed BDC providing credit capital outside the traditional banking system.

Geographic exposure

United States (private U.S. companies as stated investment focus per FY2025 10-K filed 2026-02-25).

Source: SEC 10-K, filed 2026-02-25

Industry: UNKNOWN Peers: Affiliated Managers Group Inc Invesco Ltd Ares Capital Corp Blackstone Secured Lending Fund Blackstone Inc Carlyle Group Inc Blue Owl Capital Corp SEI Investments Co TPG Inc