FS KKR Capital Corp.

fskcapitalcorp.com

What Do They Do?

Lends primarily through secured loans and other debt investments to private U.S. middle-market companies.

How Do They Make Money?

Earns interest on its loans and other debt investments, and dividends on some investments. Certain preferred investments add interest to principal, with that amount due when the investment is redeemed, liquidated or matures.

FY2025 revenue

Who Are Their Customers?

Works with private U.S. middle-market companies and their financial sponsors; it originates loans directly or through deals involving banks, and also buys loan interests in secondary markets.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

2% of revenue

▼ −98% vs FY2024 ($585M, 70%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Net income: ▼ −84% (Loss); vs −$209M in Q2 FY2025

Growing. Revenue grew 13% in 4 years, from $596M in FY2021 to $676M in FY2025, about 3% a year.

Larger middle-market borrowers The company’s stated target moved toward larger middle-market borrowers: the latest report describes an upper-middle-market focus, while the older report defines its middle-market target using a lower earnings range.

Adviser-network loan sourcing The latest report centers its sourcing on loans originated through the adviser’s network, while the older report describes direct and secondary-market loan purchases.

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