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As HenrikRüping wrote, my comment is false. Nevertheless, I think the method is interesting (obviously, it isn't mine), although it gives something "explicit", but not "compact". Maybe you could provide us with context? For example, are you interested in the behavior when $k \rightarrow + \infty$ (assuming the field is topological)?

If $XAX^{-1}$ and $YQY^{-1}$ are "nice" (diagonal or Jordan normal form), then make the change of variable (is this English?) $P'=XPY$. Then viewing $S_k$ as a linear function of $P$, $XS_k(P)Y=\sum_{i=1}^k XAX^{-1} P' YQY^{-1}$, so up to a change of base on $M_{m,n}(K)$, the endomorphism $S_k$ of this vector space is given in a nice form (eigenvalues are known). But I'm not sure this is really what you're asking for, and your last comment suggests you already know what I just wrote.
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As HenrikRüping wrote, my comment is false. Nevertheless, I think the method is interesting, although it gives something "explicit", but not "compact". Maybe you could provide us with context? For example, are you interested in the behavior when $k \rightarrow + \infty$ (assuming the field is topological)?

If $XAX^{-1}$ and $YQY^{-1}$ are "nice" (diagonal or Jordan normal form), then make the change of variable (is this English?) $P'=XPY$. Then viewing $S_k$ as a linear function of $P$, $XS_k(P)Y=\sum_{i=1}^k XAX^{-1} P' YQY^{-1}$, so up to a change of base on $M_{m,n}(K)$, the endomorphism $S_k$ of this vector space is given in a nice form (eigenvalues are known). But I'm not sure this is really what you're asking for, and your last comment suggests you already know what I just wrote.