FS KKR Capital Corp: management transactions · United States · SEC (Form 4)

About FS KKR Capital Corp

FS KKR Capital Corp. (NYSE: FSK) is a U.S.-listed business development company (BDC) focused on private credit to U.S. middle-market borrowers. The company was incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and began investment operations on January 2, 2009. Its core objective is to generate current income, with long-term capital appreciation as a secondary goal, by investing primarily in senior secured loans and second lien secured loans, and to a lesser extent in subordinated loans and certain asset-based financing loans. ([fskkrcapitalcorp.gcs-web.com](https://fskkrcapitalcorp.gcs-web.com/static-files/384240f1-7980-4a9a-b6f5-26abfdf16c97)) FSK is best understood as a direct lender to private U.S. companies rather than a traditional bank. Its competitive position lies in serving the private middle market and upper middle market with customized credit solutions, usually through structures designed to emphasize downside protection. The company highlights a portfolio tilted toward secured lending, a disciplined underwriting framework, and access to the sourcing and risk-management capabilities of FS/KKR Advisor, LLC, the external manager. FS/KKR is a partnership between an affiliate of Future Standard and KKR Credit Advisors, and it manages a sizable credit platform that supports origination, underwriting, and portfolio monitoring across the capital structure. ([fskkrcapitalcorp.com](https://www.fskkrcapitalcorp.com/about/)) Geographically, FSK’s business is concentrated in the United States, where it lends to privately owned middle-market businesses. It does not operate as a global consumer bank; instead, it provides specialized lending capital to U.S. companies. Company communications and recent earnings releases reference Philadelphia, PA and New York, NY, underscoring its footprint in major U.S. financial centers. For investors, the important market reference is that FSK trades on the NYSE in the United States. ([fskkrcapitalcorp.com](https://www.fskkrcapitalcorp.com/privacy-policy/?utm_source=openai)) Historically, FSK’s current scale and identity were shaped by the June 16, 2021 merger with FS KKR Capital Corp. II, after which FSK remained the surviving entity. The company’s platform has since continued to evolve as a large listed credit vehicle backed by the KKR brand and related private credit expertise. Its website also notes portfolio exposure across 23 industries and a broad roster of portfolio companies, reinforcing the diversified nature of its lending book within the middle market. ([fskkrcapitalcorp.com](https://www.fskkrcapitalcorp.com/)) Recent developments matter for the investment case. On February 25, 2026, FSK reported fourth-quarter and full-year 2025 results and declared a first-quarter 2026 distribution of $0.48 per share. On May 11, 2026, it reported first-quarter 2026 results and announced strategic value enhancement actions, while also declaring a second-quarter 2026 distribution of $0.42 per share. The company’s recent disclosures showed pressure on net asset value and a portfolio still concentrated in senior secured loans, with material exposure to upper-middle-market private credit risk. ([fskkrcapitalcorp.com](https://www.fskkrcapitalcorp.com/wp-content/uploads/2026/02/fsk-q4-2025-press-release.pdf?utm_source=openai)) Overall, FS KKR Capital Corp. is a yield-oriented, U.S.-focused private credit platform listed on the NYSE, combining a defensive lending mix with the cyclicality of middle-market credit markets. Its appeal to investors rests on income generation, scale, and sponsor-backed credit expertise, while its risk profile is tied to loan performance, non-accrual trends, and credit market conditions in the United States. ([fskkrcapitalcorp.gcs-web.com](https://fskkrcapitalcorp.gcs-web.com/news-releases/news-release-details/fs-kkr-capital-corp-announces-third-quarter-2025-results))