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Friends usually share positive events in their lives with each other. Referred to as capitalization, this process promotes individual happiness when the discloser perceives that the responses display genuine support. Yet, the specific mechanisms explaining why capitalization is associated with happiness are not known. The present study addresses this empirical issue by testing a mediational model positing that friendship quality would mediate the relationship between capitalization and happiness among U.S. and Turkish college students. Although the psychosocial well-being of the U.S. participants was significantly higher than Turkish participants, the proposed model was supported in both groups. This suggests that part of the reason capitalization is associated with happiness is because of friendship experiences. The authors also provide suggestions for future research.