BDC Comparison
FSK vs MAIN: Which Is the Better Pick in 2026?
A head-to-head comparison of FS KKR Capital Corp. and Main Street Capital Corporation covering yield, cost, risk, and income potential.
Updated October 16, 2026
How these figures are calculated: methodology.
Best for
- FSKInvestors who want higher current income (19.75% vs 8.04% for MAIN).
- MAINInvestors who want private-credit income through a business development company.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
FSK has lagged MAIN over the trailing twelve months, posting a -17.02% total return against 1.66%. The lead holds up over 10 years too: MAIN has compounded at 13.12% a year, against 0.81% for FSK. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | 5Y annualized | 10Y annualized | Since Apr 2014 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|---|
| FSK | -20.96% | -17.02% | -5.75% | -1.02% | 0.81% | 1.84% | 25.4% | -0.40 | -0.52 | -51.0% |
| MAIN | -5.01% | 1.66% | 19.05% | 13.41% | 13.12% | 12.77% | 21.1% | 0.63 | 0.88 | -22.4% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Apr 2014” measures every fund from April 16, 2014 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
| Metric |  FSK |  MAIN |
|---|---|---|
| Full name | FS KKR Capital Corp. | Main Street Capital Corporation |
| Issuer | FS Investments | Main Street Capital |
| Last Close | $10.33 as of October 16, 2026 | $53.83 as of October 16, 2026 |
| Distribution rate | 19.75% | 8.04% |
| Trailing 12-month yield | 19.75% | 8.04% |
| Distribution Safety Score™ | 23 | 95 |
| Safety-Adjusted Yield | 4.54% | 7.64% |
| Expense ratio | — | — |
| AUM | — | — |
| Distribution frequency | Quarterly | Monthly |
| Underlying index | — | — |
| Objective | — | — |
| Asset class | Equity | Equity |
| Inception date | N/A | N/A |
| Beta | 0.925 | 0.749 |
| Last dividend | $0.44 declared | $0.265 declared, pays 11/13/2026 |
| Ex-dividend date | 12/01/2026 upcoming | 11/06/2026 upcoming |
Bottom lineChoose FSK if you want higher current income (19.75% vs 8.04% for MAIN). Choose MAIN if you want private-credit income through a business development company.
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Quick verdict
FSK (FS KKR Capital Corp.) and MAIN (Main Street Capital Corporation) are both dividend-paying business development companies (BDCs), but they take different approaches.
FSK offers the higher yield at 19.75% vs 8.04% for MAIN. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
Who should choose each?
Choose FSK
FS KKR Capital Corp.
- Want higher current income — FSK yields 19.75% vs 8.04% for MAIN.
- Want private-credit exposure — a BDC lending to middle-market companies.
Choose MAIN
Main Street Capital Corporation
- Want private-credit exposure — a BDC lending to middle-market companies.
- Prefer lower volatility — a beta of 0.7 vs 0.9 for FSK.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
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Deep dive
Yield & income
On a $10,000 investment, FSK would generate roughly $493.75 cash per distribution, while MAIN would produce $67.00 cash per distribution, at current distribution rates.
Strategy & risk
FSK is a business development company built around BDC exposure, while MAIN is a business development company built around BDC exposure. Beta is 0.925 for FSK and 0.749 for MAIN, making MAIN the less volatile of the two by this measure.
Security details
FSK (FS KKR Capital Corp.) is a business development company. MAIN (Main Street Capital Corporation) is a business development company.
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Frequently asked questions
What is the current distribution rate for FSK and MAIN?
FSK currently distributes 19.75% and MAIN 8.04%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is FSK or MAIN better for dividend income?
It depends on your goals. FSK currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between FSK and MAIN?
FSK (FS KKR Capital Corp.) is a business development company built around BDC exposure, while MAIN (Main Street Capital Corporation) is a business development company built around BDC exposure. They are issued by FS Investments and Main Street Capital respectively.
Can I hold both FSK and MAIN?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is FSK or MAIN safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — MAIN scores 95, FSK scores 23, so MAIN's payout currently looks the more resilient of the two. MAIN has also shown lower price volatility (beta 0.75 vs 0.93 for FSK). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
How much income does $10,000 in FSK vs MAIN generate?
At current rates, $10,000 in FSK would generate roughly $493.75 cash per distribution ($1,975.00 annually). The same in MAIN would produce about $67.00 cash per distribution ($804.00 annually).
Which has performed better historically, FSK or MAIN?
FSK has lagged MAIN over the trailing twelve months, posting a -17.02% total return against 1.66%. The lead holds up over 10 years too: MAIN has compounded at 13.12% a year, against 0.81% for FSK. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Dividend dates and history
FSK vs MAIN — at a glance
Generated October 17, 2026.
Overview
FSK and MAIN are both business development companies that provide debt and equity financing to middle-market private companies. The critical difference is their capital structure and payout strategy: FSK uses leverage and trades at a steep discount to net asset value, funding a 19.75% distribution rate, while MAIN operates with less leverage, maintains a narrower discount, and distributes 8.04%.
How they differ
FSK's defining feature is its willingness to lever its balance sheet and trade below NAV, a structure that supports its 19.75% quarterly distribution yield. MAIN, by contrast, pursues a more conservative approach with lower leverage and monthly distributions at 8.04%. FSK's $10.33 share price sits well below typical NAV estimates for leveraged BDCs, while MAIN's $53.83 per share reflects tighter NAV discount dynamics. On risk, FSK carries a beta of 0.925, indicating slightly more volatility relative to the market; MAIN's 0.749 beta suggests lower market sensitivity. Both source returns from origination fees, interest income, and capital gains on portfolio companies, but FSK's elevated payout requires either sustained NAV growth or gradual principal erosion to remain sustainable.
Who each is best for
FSK: Fits investors seeking maximum current income from BDC exposure who are comfortable with NAV volatility and potential principal decline, and who can tolerate leverage-driven leverage-driven valuation swings.
MAIN: Designed for investors who want steady monthly income from middle-market lending at a lower payout rate, with preference for a BDC that has historically maintained or grown NAV alongside distributions.
- Leverage amplifies downside. FSK's use of borrowed capital magnifies both gains and losses. In a downturn for middle-market credit, leverage can accelerate NAV declines and squeeze distribution capacity more sharply than in an unleveraged BDC.
- Interest rate and refinancing risk. Both BDCs depend on access to debt markets to fund portfolio growth and roll maturing debt. A sustained rise in borrowing costs or a credit market disruption could force asset sales or distribution cuts; FSK faces this risk with greater urgency given its leverage.
- Portfolio concentration and credit quality. BDCs hold concentrated positions in illiquid private companies. Economic deterioration among middle-market borrowers directly threatens both dividend coverage and NAV; FSK's higher leverage reduces its buffer for credit losses.
Bottom line
If you prioritize maximum current income and accept NAV volatility as a tradeoff, FSK's 19.75% yield reflects leverage and discount dynamics worth investigating closely. If you want more stable monthly income with lower principal risk, MAIN's 8.04% yield and lower 0.749 beta suggest a more conservative profile. Both carry credit and leverage risks inherent to BDC investing; neither is a substitute for thorough review of portfolio composition and debt maturity schedules. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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The metrics behind this comparison, explained in the Academy.
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These comparisons follow the Dividend Vision methodology.