- Business
- FS KKR Capital Corp is a publicly traded business development company (BDC) focused on providing customized credit solutions primarily to private middle market U.S. companies. The company’s core products include investments in senior secured loans, second lien secured loans, subordinated debt, and certain asset-based financing loans targeting private middle market companies with annual EBITDA typically ranging from $50 million to $100 million. FS KKR aims to generate current income and long-term capital appreciation through a diversified portfolio of credit investments across various sectors. Founded in 2011 and headquartered in Philadelphia, PA, the company operates across the United States and is externally managed by FS/KKR Advisor, LLC, a partnership between FS Investments and KKR Credit, which combines FS Investments' asset management expertise with KKR’s global investment capabilities.
In recent years, FS KKR Capital Corp has undergone significant strategic transformations including the 2021 merger with FS KKR Capital Corp II, which consolidated the two entities to create a leading BDC lending franchise with about $15 billion in assets under management, enhancing capital market access and portfolio diversification. More recently, in 2025, FS KKR completed the acquisition of Production Resource Group (PRG), a global event technology and production services company, marking a strategic expansion beyond traditional credit investment activities into a broader asset base, supported by approval from the European Commission. The company also initiated a $100 million share repurchase program aimed at enhancing shareholder value and regularly updates its product offerings and investment portfolio to maintain yield targets above 10%, reflecting its disciplined income-oriented philosophy.
FS KKR Capital Corp’s business segments include senior secured and subordinated debt across various U.S. private middle market industries, supported by strategic partnerships with FS Investments and KKR Credit. The firm’s portfolio management focuses on risk-adjusted returns featuring senior secured securities as the primary investment type, making up over 60% of their portfolio by fair value as of early 2025. The company’s ongoing strategic initiatives include expanding its credit solutions platform and leveraging its advisor's global presence to support portfolio companies and optimize exits through repayment, IPOs, mergers, sales, or recapitalizations.
Overall, FS KKR Capital Corp operates as a specialized lender and yield-oriented investment vehicle within the alternative credit market, serving institutional investors seeking exposure to middle market private credit with a focus on capital preservation, income generation, and strategic growth through acquisitions and partnerships. The company is listed on the New York Stock Exchange under the ticker FSK and continues to evolve its portfolio and capital structure to adapt to market conditions and investor demands.
This description incorporates the company's detailed product and service offerings, its recent major corporate changes including mergers and acquisitions, strategic expansions, and operational highlights within the last 1-2 years, alongside contextual information about its market focus, geographic operations, founding, and advisory relationships.