FS KKR Capital Corp (FSK) is a business development company (BDC) that provides debt financing to private U.S. middle market companies. FSK is externally managed by FS/KKR Advisor, a joint venture between KKR Credit and FS Investments, which handles all investment decisions and day-to-day operations — FSK has no employees of its own. FSK's ~$13.5B portfolio is concentrated in senior secured loans, primarily first lien, to companies with EBITDA broadly in the $50M–$150M range, though its weighted average portfolio company EBITDA is around $240M. The portfolio spans 200+ companies, and also includes a 50/50 joint venture with South Carolina Retirement Systems (COPJV) that invests in senior secured and broadly syndicated debt. FSK is also growing an asset-based finance (ABF) sleeve — targeting aviation, equipment leasing, and consumer receivables — toward roughly 15% of the portfolio. FSK earns a spread between its floating-rate loan yields (recently around 10.5–11%) and its cost of debt (roughly 5.3%), using leverage of 1.0–1.25x debt-to-equity to amplify returns. Most loans are floating-rate, so falling interest rates compress net investment income. As a regulated investment company (RIC), FSK must distribute at least 90% of taxable income to shareholders, and its current strategy targets a ~10% annualized yield on NAV via a base quarterly distribution supplemented by excess NII.