kfits-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________________________________

FORM 10-Q

_________________________________________________


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026


¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 814-01706

_________________________________________________

KKR FS Income Trust Select

(Exact name of registrant as specified in its charter)

_________________________________________________


Delaware						92-3617067
(State of Organization)						(I.R.S. Employer Identification Number)

3025 JFK Boulevard, OFC 500 Philadelphia, Pennsylvania						19104
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (215) 495-1150

_______________________________________

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	¨	Accelerated filer	¨

Non-accelerated filer	x	Smaller reporting company	¨

		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x.

Securities registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

N/A

Indicate the number of shares outstanding of each of the issuer’s classes of common shares, as of the latest practicable date.

The number of shares of the registrant’s common shares of beneficial interest, par value $0.01 per share, outstanding as of July 31, 2026 was 39,699,495 of Class S shares.

TABLE OF CONTENTS



		Page
PART I—FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	1
	Consolidated Statements of Assets and Liabilities as of June 3 0 , 2026 (Unaudited) and December 31, 2025	1
	Unaudited Consolidated Statements of Operations for the three and six months ended June 3 0 , 2026 and 2025	2
	Unaudited Consolidated Statements of Changes in Net Assets for the three and six months ended June 3 0 , 2026 and 2025	3
	Unaudited Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2026 and 2025	4
	Consolidated Schedules of Investments as of June 3 0 , 2026 (Unaudited) and December 31, 2025	5
	Notes to Unaudited Consolidated Financial Statements	36
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	60
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	77
ITEM 4.	CONTROLS AND PROCEDURES	79

PART II—OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	80
ITEM 1A.	RISK FACTORS	80
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	80
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	82
ITEM 4.	MINE SAFETY DISCLOSURES	82
ITEM 5.	OTHER INFORMATION	82
ITEM 6.	EXHIBITS	83
	SIGNATURES	84

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

KKR FS Income Trust Select

Consolidated Statements of Assets and Liabilities

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


	June 30, 2026 (Unaudited)		December 31, 2025
Assets
Investments, at fair value
Non-controlled/unaffiliated investments (amortized cost—$1,499,533 and $1,498,662, respectively)	$	1,492,641	$	1,513,290
Non-controlled/affiliated investments (amortized cost—$10,128 and $3,577, respectively)	10,155		3,578
Controlled/affiliated investments (amortized cost—$50,738 and $19,454, respectively)	50,751		19,500
Total investments, at fair value (amortized cost—$1,560,399 and $1,521,693, respectively)	1,553,547		1,536,368
Cash and cash equivalents	30,698		32,963
Foreign currency (amortized cost—$1,016 and $576, respectively)	1,009		577
Receivable for investments sold and repaid	7,855		205
Income receivable	8,358		6,737

Unrealized appreciation on foreign currency forward contracts	6		194
Deferred financing costs	9,099		5,263
Prepaid expenses and other assets	183		1,220
Total assets	$	1,610,755	$	1,583,527

Liabilities
Payable for investments purchased	$	6,815	$	16,984
Debt	572,938		604,062
Unrealized depreciation on foreign currency forward contracts	199		221
Shareholders’ distributions payable	7,094		6,456
Management fees payable	3,141		2,766
Subordinated income incentive fees payable	2,775		836
Accrued capital gains incentive fee	—		1,576
Administrative services expense payable	813		202
Distribution/servicing fees payable	664		640
Accrued accounting and administrative fees	298		149
Interest payable	8,349		5,376

Other accrued expenses and liabilities	1,611		642
Total liabilities	604,697		639,910
Commitments and contingencies (Note 10)



Shareholders’ equity
Common Shares, $0.01 par value, unlimited shares authorized, 40,509,275 and 36,891,563 Class S shares issued and outstanding, respectively	405		369
Capital in excess of par value	1,030,569		938,087
Retained earnings (accumulated deficit)	(24,916)		5,161
Total shareholders’ equity	1,006,058		943,617
Total liabilities and shareholders’ equity	$	1,610,755	$	1,583,527
Net asset value per share of common shares at period end	$	24.84	$	25.58

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Statements of Operations

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Investment income
From non-controlled/unaffiliated investments:
Interest income	$	31,684	$	17,939	$	62,499	$	30,104
Paid-in-kind interest income	1,166		571		1,914		1,255
Fee income	984		853		1,798		2,520
Dividend and other income	1,491		28		3,511		206
From non-controlled/affiliated investments:
Interest income	210		—		318		—

Fee income	27		—		143		—

From controlled/affiliated investments:
Interest income	419		96		666		202
Paid-in-kind interest income	17		—		17		—
Fee income	1		—		1		—
Dividend and other income	666		—		736		82
Total investment income	36,665		19,487		71,603		34,369

Operating expenses
Management fees	3,141		1,776		6,237		3,087
Subordinated income incentive fees	2,775		1,858		5,468		3,423
Capital gains incentive fees	—		170		(1,576)		489
Interest expense	9,409		3,623		18,141		5,987
Administrative services expense	821		325		1,436		681
Distribution/servicing fees	1,999		1,132		3,983		1,922
Share transfer agent fees	163		109		309		135
Accounting and administrative fees	170		93		357		151


Audit expense	172		137		342		273
Other general and administrative expenses	587		336		1,035		655
Total operating expenses	19,237		9,559		35,732		16,803
Management and incentive fee waivers	—		(3,634)		—		(6,510)
Expense waiver	—		—		—		(895)
Net expenses	19,237		5,925		35,732		9,398
Net investment income	17,428		13,562		35,871		24,971

Realized and unrealized gain/loss
Net realized gain (loss) on investments:
Non-controlled/unaffiliated investments	(4,451)		(170)		(4,418)		(180)


Net realized gain (loss) on foreign currency forward contracts	(6)		(47)		(6)		(51)
Net realized gain (loss) on foreign currency	(17)		27		(47)		(39)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/unaffiliated investments	(1,399)		3,406		(21,520)		6,615
Non-controlled/affiliated investments	10		—		26		—
Controlled/affiliated investments	(136)		(22)		(33)		(16)
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	51		(310)		(166)		(450)
Net change in unrealized gain (loss) on foreign currency	226		(1,526)		2,111		(1,969)
Total net realized and unrealized gain (loss)	(5,722)		1,358		(24,053)		3,910
Net increase (decrease) in net assets resulting from operations	$	11,706	$	14,920	$	11,818	$	28,881

Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share)	$	0.29	$	0.64	$	0.30	$	1.42
Weighted average shares outstanding	40,177,835		23,347,466		39,875,799		20,299,028

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Statements of Changes in Net Assets

(dollar amounts in thousands unless otherwise noted)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operations
Net investment income (loss)	$	17,428	$	13,562	$	35,871	$	24,971
Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency	(4,474)		(190)		(4,471)		(270)
Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts	(1,474)		3,074		(21,693)		6,149
Net change in unrealized gain (loss) on foreign currency	226		(1,526)		2,111		(1,969)
Net increase (decrease) in net assets resulting from operations	11,706		14,920		11,818		28,881

Shareholder distributions
Distributions from net investment income	(12,865)		(14,002)		(33,663)		(25,905)
Return of capital	(8,232)		—		(8,232)		—
Net decrease in net assets resulting from shareholder distributions	(21,097)		(14,002)		(41,895)		(25,905)

Capital transactions
Issuance of common shares	20,677		163,541		110,885		285,408
Reinvestment of shareholder distributions	10,785		7,362		21,523		12,531
Repurchases of common shares	(33,693)		(1,011)		(39,890)		(1,887)


Net increase (decrease) in net assets resulting from capital share transactions	(2,231)		169,892		92,518		296,052
Total increase (decrease) in net assets	(11,622)		170,810		62,441		299,028
Net assets at beginning of period	1,017,680		485,500		943,617		357,282
Net assets at end of period	$	1,006,058	$	656,310	$	1,006,058	$	656,310

See notes to unaudited consolidated financial statements.

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KKR FS Income Trust Select

Unaudited Consolidated Statements of Cash Flows

(dollar amounts in thousands unless otherwise noted)


	Six Months Ended June 30,
	2026		2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	11,818	$	28,881
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(245,895)		(465,366)
Paid-in-kind interest	(1,931)		(1,255)
Proceeds from sales and repayments of investments	188,051		45,177
Net realized (gain) loss on investments	4,418		180
Net change in unrealized (appreciation) depreciation on investments	21,527		(6,599)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	166		450
Net change in unrealized (gain) loss on foreign currency	(2,111)		1,969
Accretion of discount	(1,172)		(327)
Amortization of deferred financing costs	918		381
(Increase) decrease in receivable for investments sold and repaid	—		(2,672)
(Increase) decrease in income receivable	(1,617)		(2,819)
(Increase) decrease in expense support receivable	—		1,206
(Increase) decrease in prepaid expenses and other assets	1,037		(4,022)
Increase (decrease) in payable for investments purchased	—		(509)
Increase (decrease) in management fees payable	375		—
Increase (decrease) in subordinated income incentive fees payable	1,939		—
Increase (decrease) in accrued capital gains incentive fee	(1,576)		489
Increase (decrease) in administrative services expense payable	611		218
Increase (decrease) in distribution/servicing fees payable	24		203
Increase (decrease) in accrued accounting and administrative fees	149		51
Increase (decrease) in interest payable	2,973		2,539

Increase (decrease) in other accrued expenses and liabilities	969		287
Net cash provided by (used in) operating activities	(19,327)		(401,538)
Cash flows from financing activities
Issuance of common shares	110,885		285,408

Repurchases of common shares	(39,890)		(1,887)

Distributions to common shareholders	(19,734)		(12,182)

Borrowings under financing arrangements	270,915		367,725
Repayments under financing arrangements	(299,908)		(223,480)
Deferred financing costs paid	(4,754)		(3)
Net cash provided by (used in) financing activities	17,514		415,581
Effect of exchange rate changes on cash	(20)		50
Total increase (decrease) in cash	(1,833)		14,093
Cash, cash equivalents and foreign currency at beginning of period	33,540		10,263
Cash, cash equivalents and foreign currency at end of period	$	31,707	$	24,356
Supplemental information
Reinvestment of shareholder distributions	$	21,523	$	12,531
Federal income taxes paid during the period	—		$	4
Interest paid during the period	$	14,250	$	3,067

See notes to unaudited consolidated financial statements.

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KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—114.9%
Advanced Dermatology & Cosmetic Surgery	(f)	Health Care Equipment & Services	SF	+	6.5%			1.0%	05/27	$	4,060	$	4,060	$	3,755
Affordable Care Inc	(f)	Health Care Equipment & Services	SF	+	6.3%	(0.0% PIK	/ 3.1% PIK)	0.8%	06/31	1,161		1,161		1,161
Affordable Care Inc	(f)	Health Care Equipment & Services	SF	+	5.5%			0.7%	06/31	446		424		446
AGS Health LLC	(f)	Software & Services	SF	+	4.3%			0.5%	08/32	2,924		2,918		2,849
AGS Health LLC	(i)	Software & Services	SF	+	4.5%			0.5%	08/32	357		357		348
AGS Health LLC	(i)	Software & Services	SF	+	4.5%			0.5%	08/32	1,007		1,007		981
A-Lign Assurance LLC	(f)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/32	6,678		6,618		6,439
A-Lign Assurance LLC	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/32	1,974		1,964		1,903
A-Lign Assurance LLC	(i)	Software & Services	SF	+	4.5%			0.8%	08/32	948		938		914
Arcfield Acquisition Corp	(g)	Capital Goods	SF	+	5.0%			0.5%	10/31	12,174		12,174		12,174
Arcfield Acquisition Corp	(i)	Capital Goods	SF	+	5.0%			0.5%	10/31	1,943		1,943		1,943
Atwell LLC	(f)(h)	Capital Goods	SF	+	5.0%			0.8%	04/33	4,002		3,983		3,986
Atwell LLC	(i)	Capital Goods	SF	+	5.0%			0.8%	04/33	488		488		486
AVE Holdings I Corp (fka Amerivet Partners Management Inc)	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/28	6,498		6,498		5,816
Avetta LLC	(f)(g)	Software & Services	SF	+	4.2%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/31	4,215		4,183		4,199
Avetta LLC	(i)	Software & Services	SF	+	4.2%			0.5%	07/30	501		501		499
Avetta LLC	(i)	Software & Services	SF	+	4.3%			0.5%	07/30	236		236		235
Avetta LLC	(i)	Software & Services	SF	+	4.2%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/31	1,032		1,032		1,028
BCA Marketplace Ltd	(f)(k)	Commercial & Professional Services	SA	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	03/31	£	5,066	6,463		6,717
BCA Marketplace Ltd	(f)(k)	Commercial & Professional Services	E	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	04/31	€	2,094	2,240		2,391
BGB Group LLC	(f)(g)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	$	15,937	15,937		16,032
BGB Group LLC	(i)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	1,045		1,045		1,051
BGB Group LLC	(i)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	1,959		1,959		1,959
Bonterra LLC	(f)(g)(h)	Software & Services	SF	+	5.0%			0.8%	03/32	30,474		30,277		29,774
Bonterra LLC	(f)	Software & Services	SF	+	5.0%			0.8%	03/32	666		650		650
Bonterra LLC	(f)	Software & Services	SF	+	4.8%			0.8%	03/32	3,319		3,304		3,243
Bonterra LLC	(i)	Software & Services	SF	+	5.0%			0.8%	03/32	2,662		2,662		2,601
Cadence Education LLC	(f)(g)	Consumer Services	SF	+	5.0%			0.8%	05/31	2,261		2,252		2,250
Cadence Education LLC	(f)	Consumer Services	SF	+	5.0%			0.8%	05/31	595		595		592
Cadence Education LLC	(f)	Consumer Services	SF	+	5.0%			0.8%	05/31	664		664		661
Cadence Education LLC	(i)	Consumer Services	SF	+	5.0%			0.8%	05/30	353		353		352
Cadence Education LLC	(i)	Consumer Services	SF	+	5.0%			0.8%	05/31	2,524		2,524		2,511
Cambrex Corp	(h)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%	(0.0% PIK	/ 2.8% PIK)	0.8%	03/32	12,273		12,221		12,379
Cambrex Corp	(f)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%			0.8%	03/32	461		461		461

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Cambrex Corp	(f)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%			0.8%	03/32	$	1,836	$	1,836	$	1,852
Cambrex Corp	(i)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%			0.8%	03/32	1,154		1,154		1,154
Carrier Fire Protection	(f)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/30	248		248		248
Carrier Fire Protection	(f)(g)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/31	2,023		2,008		2,023
Carrier Fire Protection	(f)	Commercial & Professional Services	E	+	4.5%			0.5%	07/31	€	476	511		544
Carrier Fire Protection	(f)	Commercial & Professional Services	E	+	4.5%			0.5%	07/30	55		61		62
Carrier Fire Protection	(i)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/30	$	201	201		201
Carrier Fire Protection	(i)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/31	414		414		414
Carrier Fire Protection	(i)	Commercial & Professional Services	E	+	4.5%			0.5%	07/30	€	10	8		8
Circana Group (f.k.a. NPD Group)	(h)	Consumer Services	SF	+	4.3%			0.8%	12/29	$	10,793	10,793		10,793
Circana Group (f.k.a. NPD Group)	(i)	Consumer Services	SF	+	4.3%			0.8%	12/28	790		790		790
Clarience Technologies LLC	(f)(g)(h)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/32	25,039		25,061		24,939
Clarience Technologies LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	02/32	512		514		510
Clarience Technologies LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	02/31	2,458		2,462		2,448
Clarience Technologies LLC	(i)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/32	5,447		5,445		5,425
CLEAResult Consulting Inc	(g)(h)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/31	10,516		10,432		10,516
CLEAResult Consulting Inc	(f)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	1,170		1,156		1,170
CLEAResult Consulting Inc	(i)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	1,496		1,496		1,496
CLEAResult Consulting Inc	(i)	Commercial & Professional Services	SF	+	4.8%			0.8%	08/31	1,779		1,766		1,779
Clearwater Analytics LLC	(f)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	06/33	9,150		9,104		9,104
Clearwater Analytics LLC	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	06/33	1,694		1,690		1,686
Clearwater Analytics LLC	(i)	Software & Services	SF	+	4.5%			0.5%	06/33	1,101		1,101		1,101
ClubCorp Club Operations Inc	(h)	Consumer Services	SF	+	5.3%	(0.0% PIK	/ 3.1% PIK)	0.8%	06/32	8,184		8,143		8,143
ClubCorp Club Operations Inc	(i)	Consumer Services	SF	+	5.3%	(0.0% PIK	/ 3.1% PIK)	0.8%	06/32	555		555		552
ClubCorp Club Operations Inc	(i)	Consumer Services	SF	+	5.3%			0.8%	06/32	832		832		832
Com Laude Group Ltd	(g)(k)	Software & Services	SF	+	5.0%			0.8%	12/32	12,992		12,927		12,645
Com Laude Group Ltd	(i)(k)	Software & Services	SF	+	5.0%			0.8%	12/32	2,560		2,547		2,492
Com Laude Group Ltd	(i)(k)	Software & Services	SF	+	5.0%			0.8%	12/32	1,024		1,024		997
Community Brands Inc	(f)(g)	Software & Services	SF	+	5.3%			0.8%	07/31	10,302		10,266		9,797
Community Brands Inc	(i)	Software & Services	SF	+	5.3%			0.8%	07/31	739		739		703
Conservice LLC	(f)	Software & Services	SF	+	4.5%			0.8%	02/33	10,296		10,272		10,065
Conservice LLC	(i)	Software & Services	SF	+	4.5%			0.8%	02/33	1,402		1,402		1,371
CSafe Global	(f)(g)(h)	Transportation	SF	+	5.8%			0.8%	12/28	7,144		7,146		7,144
CSafe Global	(f)	Transportation	SA	+	5.8%			0.8%	12/28	£	950	1,200		1,259
CSafe Global	(f)	Transportation	SF	+	5.8%			0.8%	03/29	$	207	207		207
CSafe Global	(i)	Transportation	SF	+	5.8%			0.8%	03/29	298		298		298

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Dental365 LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	$	11,535	$	11,543	$	11,535
Dental365 LLC	(f)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	5,257		5,240		5,257
Dental365 LLC	(i)	Health Care Equipment & Services	SF	+	5.0%			0.8%	05/28	1,963		1,961		1,963
Dental365 LLC	(i)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	789		789		789
DuBois Chemicals Inc	(f)(g)	Materials	SF	+	5.0%			0.8%	06/31	12,668		12,618		12,449
DuBois Chemicals Inc	(i)	Materials	SF	+	5.0%			0.8%	06/31	1,894		1,888		1,861
Eagle Railcar Services Roscoe Inc	(g)	Transportation	SF	+	4.5%			0.5%	06/32	10,522		10,500		10,438
Eagle Railcar Services Roscoe Inc	(i)	Transportation	SF	+	4.5%			0.5%	06/32	1,988		1,988		1,972
Eagle Railcar Services Roscoe Inc	(i)	Transportation	SF	+	4.5%			0.5%	06/32	2,209		2,209		2,191
Excelitas Technologies Corp	(h)	Technology Hardware & Equipment	SF	+	5.3%			0.8%	08/29	1,065		1,074		1,062
Flexera Software LLC	(g)(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.5%	08/32	22,269		22,256		21,474
Flexera Software LLC	(f)	Software & Services	E	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.5%	08/32	€	6,720	7,849		7,399
Flexera Software LLC	(i)	Software & Services	SF	+	4.8%			0.5%	08/32	$	1,806	1,807		1,742
Follett Software Co	(g)	Software & Services	SF	+	4.5%			0.5%	08/31	10,818		10,818		10,671
Follett Software Co	(i)	Software & Services	SF	+	4.5%			0.5%	08/30	1,018		1,018		1,004
Foundation Risk Partners Corp	(f)	Insurance	SF	+	4.8%			0.8%	10/30	3,042		3,034		3,042
Frontline Road Safety LLC	(f)(g)(h)	Capital Goods	SF	+	5.0%	(2.3% PIK	/ 2.3% PIK)	0.0%	03/32	27,754		27,643		26,975
Frontline Road Safety LLC	(i)	Capital Goods	SF	+	4.8%			0.0%	03/32	3,015		3,013		2,930
Galway Partners Holdings LLC	(f)	Insurance	SF	+	4.5%			0.8%	09/28	291		293		291
Galway Partners Holdings LLC	(g)	Insurance	SF	+	4.5%			0.8%	09/28	7,957		7,968		7,957
Galway Partners Holdings LLC	(i)	Insurance	SF	+	4.5%			0.8%	09/28	626		626		626
GE Vernova Electrification Software LLC	(f)(g)	Software & Services	SF	+	4.8%			0.8%	03/33	10,290		10,240		10,012
GE Vernova Electrification Software LLC	(i)	Software & Services	SF	+	4.8%			0.8%	03/33	1,826		1,826		1,776
Gigamon Inc	(f)	Software & Services	SF	+	5.8%			0.8%	03/29	4,058		4,058		3,835
Higginbotham Insurance Agency Inc	(f)(g)	Insurance	SF	+	4.5%			1.0%	06/31	16,121		16,121		16,121
Higginbotham Insurance Agency Inc	(i)	Insurance	SF	+	4.5%			1.0%	06/31	1,160		1,160		1,160
Homrich & Berg Inc	(f)	Financial Services	SF	+	4.8%			0.8%	08/31	736		736		736
Homrich & Berg Inc	(h)	Financial Services	SF	+	4.8%			0.8%	11/31	12,918		12,906		12,918
Homrich & Berg Inc	(f)	Financial Services	SF	+	4.5%			0.8%	11/31	1,053		1,053		1,046
Homrich & Berg Inc	(i)	Financial Services	SF	+	4.8%			0.8%	08/31	691		691		691
Homrich & Berg Inc	(i)	Financial Services	SF	+	4.5%			0.8%	11/31	5,640		5,640		5,603
Horizon CTS Buyer LLC	(f)(g)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	03/32	15,801		15,746		15,773
Horizon CTS Buyer LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	03/32	2,204		2,209		2,200
Horizon CTS Buyer LLC	(f)(g)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	03/32	5,714		5,709		5,704
Horizon CTS Buyer LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	03/32	1,986		1,986		1,983
Horizon CTS Buyer LLC	(i)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	03/32	1,243		1,243		1,241
Inhabit IQ	(f)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/32	4,674		4,664		4,594

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Inhabit IQ	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/32	$	1,311	$	1,311	$	1,289
Inhabit IQ	(i)	Software & Services	SF	+	4.5%			0.8%	01/32	820		820		806
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			0.8%	05/28	121		121		108
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			1.0%	05/28	222		222		198
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			1.0%	05/28	2,433		2,433		2,173
Insightsoftware.Com Inc	(i)	Software & Services	SF	+	5.3%			0.8%	05/28	2,378		2,378		2,124
Insightsoftware.Com Inc	(i)	Software & Services	SF	+	5.3%			1.0%	05/28	—		—		—
Integrated Power Services LLC	(f)	Commercial & Professional Services	SF	+	4.8%			0.8%	11/30	70		70		68
Integrated Power Services LLC	(f)(g)(h)	Commercial & Professional Services	SF	+	4.8%			0.8%	11/31	22,993		22,929		22,533
Integrated Power Services LLC	(i)	Commercial & Professional Services	SF	+	4.8%			0.8%	11/30	1,384		1,384		1,356
Integrated Power Services LLC	(i)	Commercial & Professional Services	SF	+	4.8%			0.8%	11/31	2,624		2,624		2,572
Integrity Marketing Group LLC	(f)(g)	Insurance	SF	+	5.0%			0.8%	08/28	21,582		21,629		21,582
Integrity Marketing Group LLC	(i)	Insurance	SF	+	5.0%			0.8%	08/28	5		5		5
Integrity Marketing Group LLC	(i)	Insurance	SF	+	5.0%			0.8%	08/28	4		4		4
IntraFi Network LLC	(e)(h)	Financial Services	SF	+	4.0%			0.0%	07/31	75		74		73
J S Held LLC	(f)(g)	Insurance	SF	+	4.8%			1.0%	06/28	19,376		19,376		19,231
J S Held LLC	(i)	Insurance	SF	+	4.8%			1.0%	06/28	1,357		1,357		1,347
J S Held LLC	(i)	Insurance	SF	+	4.8%			1.0%	06/28	878		878		872
Jeppesen Holdings LLC	(g)(k)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.6% PIK)	0.5%	10/32	12,949		12,905		12,737
Jeppesen Holdings LLC	(i)(k)	Software & Services	SF	+	4.8%			0.5%	10/32	671		671		660
Keystone Agency Partners LLC	(g)(h)	Insurance	SF	+	4.3%	(0.0% PIK	/ 2.6% PIK)	0.8%	08/32	27,116		26,996		26,981
Keystone Agency Partners LLC	(f)	Insurance	SF	+	4.3%			0.8%	08/32	1,231		1,229		1,225
Keystone Agency Partners LLC	(i)	Insurance	SF	+	4.3%	(0.0% PIK	/ 2.6% PIK)	0.8%	08/32	5,228		5,228		5,202
Keystone Agency Partners LLC	(i)	Insurance	SF	+	4.3%			0.8%	08/32	1,092		1,092		1,087
Learning Experience Corp/The	(g)	Consumer Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	3,112		3,099		3,144
Learning Experience Corp/The	(i)	Consumer Services	SF	+	4.8%			0.8%	07/32	685		685		685
Legends Hospitality LLC	(f)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/30	490		470		485
Legends Hospitality LLC	(g)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/31	15,630		15,274		15,474
Legends Hospitality LLC	(f)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/31	882		876		874
Legends Hospitality LLC	(i)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/30	1,291		1,291		1,278
Likewize Corp	(f)(k)	Commercial & Professional Services	SF	+	5.0%			1.0%	05/29	1,895		1,895		1,895
Likewize Corp	(i)(k)	Commercial & Professional Services	SF	+	5.0%			1.0%	05/29	3,774		3,774		3,774
MAI Capital Management LLC	(h)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	6,956		6,927		6,956
MAI Capital Management LLC	(f)(j)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	08/31	2,175		2,173		2,175
MAI Capital Management LLC	(i)(j)	Financial Services	SF	+	4.8%			0.8%	08/31	1,688		1,684		1,688
MAI Capital Management LLC	(i)(j)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	08/31	1,269		1,269		1,269
MAI Capital Management LLC	(i)	Financial Services	SF	+	4.8%			0.8%	08/31	928		928		928

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
MB2 Dental Solutions LLC	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	$	18,331	$	18,418	$	18,331
MB2 Dental Solutions LLC	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	164		164		164
MB2 Dental Solutions LLC	(i)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	929		929		929
Med-Metrix	(f)(g)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	14,935		14,870		14,603
Med-Metrix	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	6,165		6,165		6,028
Med-Metrix	(i)	Software & Services	SF	+	4.5%			0.8%	07/32	2,637		2,637		2,579
Mercer Advisors Inc	(f)(h)	Financial Services	SF	+	4.5%			0.8%	10/30	17,633		17,563		17,525
Mercer Advisors Inc	(i)	Financial Services	SF	+	4.5%			0.8%	10/30	7,368		7,368		7,323
Mercer Advisors Inc	(i)	Financial Services	SF	+	4.5%			0.8%	10/30	236		235		235
Milano Acquisition Corp	(e)(f)	Health Care Equipment & Services	SF	+	4.0%			0.8%	10/27	15,383		15,058		15,177
Misys Ltd	(e)(f)(k)	Software & Services	SF	+	4.0%			0.0%	09/32	7,883		7,813		7,288
Model N Inc	(f)(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	12,537		12,496		12,435
Model N Inc	(i)	Software & Services	SF	+	4.8%			0.8%	06/31	1,258		1,256		1,248
NAVEX Global Inc	(f)	Software & Services	SF	+	5.0%			0.8%	10/32	8,436		8,397		8,202
NAVEX Global Inc	(i)	Software & Services	SF	+	5.0%			0.8%	10/31	183		183		178
NAVEX Global Inc	(i)	Software & Services	SF	+	5.0%			0.8%	10/32	3,867		3,857		3,759
NEFCO Corp	(f)	Capital Goods	SF	+	4.5%			0.8%	01/33	9,265		9,243		9,265
NEFCO Corp	(f)	Capital Goods	SF	+	4.5%			0.8%	01/33	728		728		728
NEFCO Corp	(i)	Capital Goods	SF	+	4.5%			0.8%	01/33	1,985		1,985		1,985
NEFCO Corp	(i)	Capital Goods	SF	+	4.5%			0.8%	01/33	596		596		596
NeoGov Newt Holdco Inc	(f)	Software & Services	SF	+	4.3%			0.5%	09/32	113		113		110
NeoGov Newt Holdco Inc	(f)(g)	Software & Services	SF	+	4.3%	(0.0% PIK	/ 2.1% PIK)	0.5%	09/32	6,676		6,655		6,503
NeoGov Newt Holdco Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	340		340		331
NeoGov Newt Holdco Inc	(i)	Software & Services	SF	+	4.3%			0.5%	09/32	643		643		626
NeoGov Newt Holdco Inc	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	09/32	1,074		1,074		1,046
Netsmart Technologies Inc	(g)(h)	Health Care Equipment & Services	SF	+	5.2%	(2.7% PIK	/ 2.7% PIK)	0.8%	08/31	22,844		22,717		22,522
Netsmart Technologies Inc	(i)	Health Care Equipment & Services	SF	+	5.0%	(2.5% PIK	/ 2.5% PIK)	0.8%	08/31	2,908		2,908		2,868
Netsmart Technologies Inc	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	08/31	2,967		2,959		2,925
OEConnection LLC	(f)(g)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	12/32	8,752		8,725		8,556
OEConnection LLC	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	12/32	4,231		4,231		4,136
OEConnection LLC	(i)	Software & Services	SF	+	4.5%			0.5%	12/32	1,091		1,091		1,067
Orion Services Group	(f)(g)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	11/32	5,868		5,834		5,845
Orion Services Group	(i)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	11/32	791		791		788
Pavement Preservation Group Inc	(g)	Capital Goods	SF	+	5.3%			1.0%	08/30	3,215		3,215		3,215
Pavement Preservation Group Inc	(f)	Capital Goods	SF	+	5.3%			1.0%	08/30	205		205		205
Pavement Preservation Group Inc	(i)	Capital Goods	SF	+	5.3%			1.0%	08/30	321		321		321
PCI Pharma Services	(f)(g)(k)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	7,338		7,319		7,209

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
PCI Pharma Services	(i)(k)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	$	11,737	$	11,702	$	11,532
PCI Pharma Services	(i)(k)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	3,347		3,347		3,289
Pike Corp	(g)	Capital Goods	SF	+	4.3%	(0.0% PIK	/ 2.5% PIK)	0.8%	12/32	12,508		12,479		12,336
Pike Corp	(i)	Capital Goods	SF	+	4.3%	(0.0% PIK	/ 2.5% PIK)	0.8%	12/32	2,719		2,712		2,682
Pike Corp	(i)	Capital Goods	SF	+	4.3%			0.8%	12/32	1,813		1,813		1,788
Precisely Software Inc	(e)(f)	Software & Services	SF	+	4.0%			0.8%	04/28	15,378		15,027		11,815
Premise Health Holding Corp	(f)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/32	2,790		2,765		2,767
Premise Health Holding Corp	(f)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/32	393		390		390
Premise Health Holding Corp	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	221		221		219
Premise Health Holding Corp	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/32	378		378		375
PROS Holdings Inc	(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.0%	12/32	4,440		4,435		4,298
PROS Holdings Inc	(i)	Software & Services	SF	+	4.8%			0.0%	12/32	515		515		498
PSC Group	(f)	Transportation	SF	+	5.3%			0.8%	04/30	49		49		49
PSC Group	(f)(g)	Transportation	SF	+	5.3%			0.8%	04/31	788		784		788
PSC Group	(i)	Transportation	SF	+	5.3%			0.8%	04/30	53		53		53
PSKW LLC (dba ConnectiveRx)	(g)(h)	Health Care Equipment & Services	SF	+	5.5%			1.0%	03/28	23,772		23,773		23,772
Radwell International LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	04/30	4,786		4,791		4,772
Radwell International LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	04/30	16,078		16,154		16,031
Radwell International LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	04/30	1,012		1,012		1,009
Railpros Inc	(f)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	695		695		695
Railpros Inc	(f)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	64		64		64
Railpros Inc	(i)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	108		108		108
Railpros Inc	(i)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	151		151		151
Resa Power LLC	(f)(g)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/32	13,738		13,697		13,876
Resa Power LLC	(f)	Commercial & Professional Services	SF	+	4.5%			0.8%	04/32	188		188		188
Resa Power LLC	(i)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/32	1,773		1,768		1,791
Resa Power LLC	(i)	Commercial & Professional Services	SF	+	4.5%			0.8%	04/32	1,501		1,501		1,501
Revere Superior Holdings Inc	(f)	Software & Services	SF	+	5.0%			1.0%	10/29	1,447		1,442		1,407
Revere Superior Holdings Inc	(f)	Software & Services	SF	+	5.0%			1.0%	10/29	99		97		96
Revere Superior Holdings Inc	(f)	Software & Services	SF	+	5.0%			1.0%	10/29	10,688		10,657		10,391
Revere Superior Holdings Inc	(i)	Software & Services	SF	+	5.0%			1.0%	10/29	643		643		625
Rialto Capital Management LLC	(g)	Financial Services	SF	+	5.0%			0.8%	12/30	8,291		8,242		8,313
Rialto Capital Management LLC	(g)	Financial Services	SF	+	5.0%			0.8%	12/30	2,016		2,007		2,022
Rialto Capital Management LLC	(i)	Financial Services	SF	+	5.0%			0.8%	12/30	511		511		511
Rockefeller Capital Management LP	(g)	Financial Services	SF	+	4.5%			0.5%	12/32	24,539		24,426		24,784
Rockefeller Capital Management LP	(i)	Financial Services	SF	+	4.5%			0.5%	12/32	2,400		2,400		2,424
SAMBA Safety Inc	(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	1.0%	12/32	2,959		2,952		2,882

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
SAMBA Safety Inc	(f)	Software & Services	SF	+	4.8%			1.0%	12/32	$	15	$	15	$	15
SAMBA Safety Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	1.0%	12/32	360		360		351
SAMBA Safety Inc	(i)	Software & Services	SF	+	4.8%			1.0%	12/32	252		252		246
Schellman Inc	(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	04/33	7,099		7,063		6,939
Schellman Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	04/33	663		663		649
Schellman Inc	(i)	Software & Services	SF	+	4.8%			0.8%	04/33	995		995		973
Service Express Inc	(g)	Commercial & Professional Services	SF	+	4.3%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	8,409		8,409		8,405
Service Express Inc	(f)	Commercial & Professional Services	SF	+	4.5%			0.5%	12/32	283		278		283
Service Express Inc	(f)(g)(h)	Commercial & Professional Services	SF	+	4.3%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	12,670		12,622		12,665
Service Express Inc	(i)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	2,920		2,920		2,919
Service Express Inc	(i)	Commercial & Professional Services	SF	+	4.5%			0.5%	12/32	2,619		2,619		2,618
Service Logic LLC	(f)	Commercial & Professional Services	SF	+	4.8%	(2.3% PIK	/ 2.3% PIK)	0.0%	12/32	596		596		590
Service Logic LLC	(g)	Commercial & Professional Services	SF	+	4.8%	(2.3% PIK	/ 2.3% PIK)	0.0%	12/32	11,918		11,891		11,807
Service Logic LLC	(f)	Commercial & Professional Services	SF	+	4.5%			0.0%	12/32	755		755		748
Service Logic LLC	(i)	Commercial & Professional Services	SF	+	4.8%	(2.3% PIK	/ 2.3% PIK)	0.0%	12/32	2,657		2,657		2,632
Service Logic LLC	(i)	Commercial & Professional Services	SF	+	4.5%			0.0%	12/32	870		870		862
Solera LLC	(e)(f)	Software & Services	SF	+	4.0%			0.5%	06/28	5,167		5,001		4,503
Sphera Solutions Inc	(f)(g)(h)	Software & Services	SF	+	4.5%			0.5%	09/32	25,139		25,081		23,716
Sphera Solutions Inc	(f)	Software & Services	SF	+	4.5%			0.5%	09/32	1,135		1,133		1,071
Sphera Solutions Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	5,156		5,156		4,864
Sphera Solutions Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	2,302		2,302		2,172
Spins LLC	(f)	Software & Services	SF	+	4.8%			1.0%	01/29	12,058		12,058		11,849
Spins LLC	(i)	Software & Services	SF	+	4.8%			1.0%	01/29	772		772		759
Spotless Brands LLC	(f)(g)	Consumer Services	SF	+	5.8%			1.0%	07/28	23,695		23,695		23,695
Spotless Brands LLC	(f)	Consumer Services	SF	+	5.8%			1.0%	07/28	4,433		4,433		4,433
Spotless Brands LLC	(f)	Consumer Services	SF	+	5.0%			1.0%	07/28	950		956		942
Spotless Brands LLC	(i)	Consumer Services	SF	+	5.8%			1.0%	07/28	820		820		820
Spotless Brands LLC	(i)	Consumer Services	SF	+	5.0%			1.0%	07/28	1,568		1,568		1,554
SureScripts LLC	(f)(h)	Health Care Equipment & Services	SF	+	5.0%			0.8%	11/31	16,973		16,844		17,142
SureScripts LLC	(g)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	6,271		6,271		6,284
SureScripts LLC	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	3,753		3,755		3,753
Trackunit ApS	(f)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)	0.0%	06/32	6,843		6,752		6,555
Trackunit ApS	(i)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)	0.0%	05/32	1,521		1,511		1,457
Trackunit ApS	(i)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)		05/32	3,041		3,022		2,914
Turnpoint Services Inc	(f)	Capital Goods	SF	+	5.3%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/30	270		270		253
Turnpoint Services Inc	(f)(g)	Capital Goods	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	06/31	5,026		4,989		4,706
Turnpoint Services Inc	(i)	Capital Goods	SF	+	5.3%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/30	343		343		322

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
USIC Holdings Inc	(f)(g)(h)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/31	$	12,086	$	12,040	$	12,018
USIC Holdings Inc	(f)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/31	1,782		1,775		1,772
USIC Holdings Inc	(i)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/31	133		133		132
USIC Holdings Inc	(i)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/31	204		204		203
Veriforce LLC	(f)(k)	Software & Services	SF	+	4.5%			0.8%	11/31	4,885		4,867		4,846
Veriforce LLC	(f)(k)	Software & Services	SA	+	4.5%			0.8%	11/31	£	1,670	2,094		2,197
Veriforce LLC	(i)(k)	Software & Services	SF	+	4.8%			0.8%	11/31	$	468	468		464
Veriforce LLC	(i)(k)	Software & Services	SF	+	4.8%			0.8%	11/31	259		259		257
Veriforce LLC	(i)(k)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	11/31	12,450		12,450		12,218
Vermont Information Processing Inc	(f)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/32	6,566		6,538		6,332
Vermont Information Processing Inc	(f)	Software & Services	SF	+	4.8%			0.5%	01/32	138		138		133
Vermont Information Processing Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/32	2,763		2,763		2,665
Vermont Information Processing Inc	(i)	Software & Services	SF	+	4.8%			0.5%	01/32	691		691		666
VetCor Professional Practices LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	17,679		17,677		17,177
VetCor Professional Practices LLC	(f)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	40		39		38
VetCor Professional Practices LLC	(f)(g)	Health Care Equipment & Services	SF	+	6.0%			0.8%	08/29	440		440		430
VetCor Professional Practices LLC	(i)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	74		74		71
Vitu	(g)(h)	Software & Services	SF	+	4.5%			0.8%	01/32	15,920		15,870		16,079
Vitu	(i)	Software & Services	SF	+	4.5%			0.8%	01/31	2,613		2,613		2,613
Wealth Enhancement Group LLC	(f)(g)(j)	Financial Services	SF	+	4.3%			1.0%	10/28	7,724		7,707		7,724
Wealth Enhancement Group LLC	(f)(h)(j)	Financial Services	SF	+	4.3%			1.0%	10/28	2,634		2,631		2,634
Wealth Enhancement Group LLC	(i)(j)	Financial Services	SF	+	4.3%			1.0%	10/28	192		192		192
Wealth Enhancement Group LLC	(i)(j)	Financial Services	SF	+	4.3%			1.0%	10/28	360		360		360
Wealth Enhancement Group LLC	(i)	Financial Services	SF	+	4.5%			1.0%	10/28	999		999		999
WebPros Holding Sarl	(f)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	17,140		16,898		16,488
WebPros Holding Sarl	(i)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	2,142		2,128		2,061
Wedgewood Weddings	(g)	Consumer Services	SF	+	4.3%			0.8%	06/32	14,360		14,298		14,360
Wedgewood Weddings	(i)	Consumer Services	SF	+	4.3%			0.8%	06/32	2,894		2,879		2,894
Wedgewood Weddings	(i)	Consumer Services	SF	+	4.3%			0.8%	06/32	2,894		2,894		2,894
West Star Aviation Inc	(g)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	05/32	16,178		16,126		16,178
West Star Aviation Inc	(f)	Capital Goods	SF	+	4.5%			0.8%	05/32	342		342		342
West Star Aviation Inc	(f)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.0%	05/32	2,605		2,592		2,605
West Star Aviation Inc	(i)	Capital Goods	SF	+	4.5%			0.8%	05/32	1,938		1,938		1,938
West Star Aviation Inc	(i)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.0%	05/32	798		798		798
Woolpert Inc	(f)	Capital Goods	SF	+	4.5%			1.0%	04/31	324		324		317
Woolpert Inc	(f)(g)(h)	Capital Goods	SF	+	4.5%			1.0%	04/32	31,653		31,657		31,001
Woolpert Inc	(i)	Capital Goods	SF	+	4.5%			1.0%	04/31	2,917		2,917		2,857

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Xylem Kendall	(f)(h)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/30	$	3,904	$	3,904	$	3,904
Xylem Kendall	(f)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/30	437		437		437
Xylem Kendall	(i)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/30	3,532		3,532		3,532
Xylem Kendall	(i)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/30	164		164		164
Total Senior Secured Loans—First Lien												1,407,703		1,390,032
Unfunded Loan Commitments												(233,791)		(233,791)
Net Senior Secured Loans—First Lien												1,173,912		1,156,241

Subordinated Debt—0.1%
Affordable Care Inc	(f)	Health Care Equipment & Services			10.0%	PIK			06/32	1,032		1,032		1,032
Total Subordinated Debt												1,032		1,032

Asset Based Finance—39.2%
Altitude III, ABF Equity	(f)(k)(l)(p)	Capital Goods								140,141		140		140
Auxilior Capital Partners Inc, Preferred Equity	(f)	Financial Services			14.5%	(9.5% PIK	/ 9.5% PIK)		04/30	$	990	990		989
Bond Aviation Holdings LLC, ABF Equity	(f)(l)(o)	Transportation								49,341		49		76
Bond Aviation Holdings LLC, Term Loan	(f)(o)	Transportation			9.0%				10/33	$	9,635	9,635		9,635
Bond Aviation Holdings LLC, Term Loan	(f)(o)	Transportation			9.0%	(0.0% PIK	/ 9.0% PIK)		10/33	$	444	444		444
Bond Aviation Holdings LLC, Term Loan	(i)(o)	Transportation			9.0%				10/33	$	4,675	4,675		4,675
Bond Aviation Holdings LLC, Term Loan	(i)(o)	Transportation			9.0%	(0.0% PIK	/ 9.0% PIK)		10/33	$	3,331	3,331		3,331
Cast & Crew LLC, Revolver	(f)	Media & Entertainment	SF	+	4.8%			1.0%	12/28	$	6,290	6,290		6,290
Cast & Crew LLC, Revolver	(i)	Media & Entertainment	SF	+	4.8%			1.0%	12/28	$	3,028	3,028		3,028
CPS Auto Securitization Trust 2026-1, ABS	(f)(k)	Financial Services			8.8%				05/33	$	5,000	5,000		4,934
Discover Financial Services, ABF Equity	(f)(k)(p)	Financial Services								1,288,442		1,288		1,252
Discover Financial Services, Subordinated Loan	(f)(k)(p)	Financial Services			15.0%				09/34	$	2,361	2,361		2,361
EFMT 2024-INV1, ABS	(e)(f)(k)	Real Estate Management & Development			7.4%				03/69	$	3,828	3,652		3,815
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver	(f)(k)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	06/28	$	4,022	4,022		4,022
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver	(i)(k)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	06/28	$	788	788		788
Fidelis Mortgage Trust 2025-RTL1, ABS	(e)(f)(k)	Real Estate Management & Development			9.0%				02/40	$	2,700	2,657		2,708
FIGRE Trust 2024-HE3, ABS	(e)(f)(k)	Real Estate Management & Development			9.3%				07/54	$	1,148	1,153		1,201
Flexsys Holdings Inc, Private Equity	(f)	Materials								5,755,763		5,756		5,761

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)				Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Fortna AR LLC (FKA Fortna Group Inc), Revolver	(f)(k)	Capital Goods	SF	+	4.8%		0.8%	06/29	$	16,078	$	16,078	$	16,078
Galaxy Container, ABF Equity	(f)(l)(p)	Transportation							147,230		147		146
Galaxy Container, Bond	(f)(p)	Transportation			8.6%	PIK		01/34	$	127	127		127
Galaxy Container, Bond	(f)(p)	Transportation			13.6%	PIK		04/34	$	404	404		404
Galaxy Container, Bond	(f)(p)	Transportation			13.6%	PIK		06/34	$	248	248		248
Global Lending Services LLC, ABF Equity	(f)(k)(l)	Financial Services							1,752,153		1,752		2,974
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			12/32	$	553	553		553
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			02/33	$	1,398	1,398		1,398
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			05/33	$	841	841		841
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			08/33	$	809	809		809
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			11/33	$	1,401	1,401		1,401
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			02/34	$	1,473	1,473		1,473
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			05/34	$	534	534		534
Harley-Davidson Financial Services Inc, ABF Equity	(f)(k)	Financial Services							3,592,674		3,593		3,787
Harley-Davidson Financial Services Inc, ABF Equity	(f)(k)	Financial Services							15,792,598		15,793		15,895
Harley-Davidson Financial Services Inc, ABF Equity	(f)(k)(l)	Financial Services							1,185,271		1,185		1,248
HOMES 2024-AFC1 Trust, Structured Mezzanine	(e)(f)(k)	Real Estate Management & Development			7.6%			08/59	$	1,167	1,110		1,167
Homeward Opportunities Fund Trust 2024-RRTL2, ABS	(e)(f)(k)	Real Estate Management & Development			9.1%			09/39	$	4,726	4,726		4,745
Income Contingent Student Loans 1 2002-2006 PLC, ABS	(f)(k)	Financial Services			8.0%			07/56	£	2,942	3,661		4,334
Income Contingent Student Loans 2 2007-2009 PLC, ABS	(f)(k)	Financial Services			8.0%			07/58	£	8,776	10,920		12,781
Kilter Finance 2.0, Common Stock	(f)(k)(l)(p)	Insurance							1,216,383		1,216		1,242
KSC I Aircraft LP, ABF Equity	(f)(k)(p)	Capital Goods							36,893,015		36,893		37,009
Laurel Road Prime Student Loan Trust 2017-B, ABS	(f)(k)	Financial Services			7.2%			08/42	$	865	1,212		1,222
LHOME Mortgage Trust 2025-RTL3, ABS	(e)(f)(k)	Real Estate Management & Development			6.9%			08/40	$	475	475		476
LHOME Mortgage Trust 2025-RTL3, ABS	(e)(f)(k)	Real Estate Management & Development			8.7%			08/40	$	339	339		342
MEMIC Insurance, ABS	(f)(k)	Insurance			9.0%			12/45	$	5,604	5,604		5,605
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development			6.4%			09/70	$	1,972	1,945		1,966
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development			7.2%			09/70	$	3,406	3,242		3,315

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)			Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development		1.9%			09/70	$	66,995	$	3,548	$	3,888
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development		0.3%			09/70	$	66,995	347		354
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		7.3%			03/70	$	1,280	1,122		1,261
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		0.3%			03/70	$	39,625	217		174
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		7.3%			03/70	$	1,153	1,041		1,158
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		1.1%			03/70	$	39,625	1,288		1,636
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		7.3%			03/70	$	845	682		821
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		6.6%			07/70	$	1,542	1,521		1,539
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		7.2%			07/70	$	2,800	2,671		2,746
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		1.8%			07/70	$	65,130	2,763		3,165
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		0.3%			07/70	$	65,130	350		303
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services		6.6%			09/70	$	1,343	1,338		1,338
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services		7.0%			09/70	$	2,140	1,992		2,050
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services		1.8%			09/70	$	73,448	3,325		3,279
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services		0.3%			09/70	$	73,448	394		407
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS	(e)(f)(k)	Real Estate Management & Development		6.5%			01/71	$	1,819	1,819		1,805
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS	(e)(f)(k)	Real Estate Management & Development		6.8%			01/71	$	1,084	973		991
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS	(e)(f)(k)	Real Estate Management & Development		0.3%			01/71	$	68,527	389		417
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS	(e)(f)(k)	Real Estate Management & Development		1.9%			01/71	$	68,527	3,564		3,920
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS	(e)(f)(k)	Real Estate Management & Development		6.8%			01/71	$	2,064	2,017		2,012
Newday Group Jersey Ltd, ABF Equity	(f)(k)(l)	Financial Services						2,607,847		3,481		5,296
Newday Group Jersey Ltd, Bond	(f)(k)	Financial Services		12.8%	PIK		08/36	£	15,438	20,608		20,466
Norway_France, ABF Equity	(f)(k)	Financial Services						262,180		292		323

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)			Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Octane Receivables Trust 2025-1, ABS	(f)(k)	Automobiles & Components			11.8%		04/33	$	20	$	3,601	$	3,914
Octane Receivables Trust 2025-1, ABS	(e)(f)(k)	Automobiles & Components			7.0%		04/33	$	1,609	1,608		1,631
Opendoor Labs Inc, Structured Mezzanine	(h)(k)	Real Estate Management & Development			12.5%		02/29	$	4,955	4,955		5,019
Orange Maple 2025-2 DAC, ABF Equity	(f)(k)	Banks						21,581,000		24,988		24,693
PayPal Danube 2, ABF Equity	(f)(k)	Financial Services						8,695,884		10,109		10,300
PayPal Danube 2, ABF Equity	(f)(k)(l)	Financial Services						744,839		984		1,024
Philippine Airlines 777, Term Loan	(f)(k)	Transportation			6.5%		10/27	$	2,827	2,827		2,831
Philippine Airlines 777, Term Loan	(f)(k)	Transportation			6.5%		12/27	$	2,827	2,827		2,828
Philippine Airlines 777, Term Loan	(i)(k)	Transportation			6.5%		10/27	$	1,887	1,887		1,890
Philippine Airlines 777, Term Loan	(i)(k)	Transportation			6.5%		12/27	$	1,887	1,887		1,888
Progress Residential 2024-SFR4 Trust, Structured Mezzanine	(e)(f)(k)	Real Estate Management & Development			3.4%		07/41	$	1,875	1,478		1,719
Rosemawr Management LLC, ABS	(f)	Utilities			5.0%		08/54	$	546	492		496
Rosemawr Management LLC, Structured Mezzanine	(f)	Utilities			7.3%		08/54	$	247	223		247
Sallie Mae Levered, ABF Equity	(f)(k)(p)	Financial Services						1,341,525		1,342		1,249
Sallie Mae Levered, Bond	(f)(k)(p)	Financial Services			13.0%		11/33	$	1,850	1,850		1,850
Sallie Mae Levered, Bond	(f)(k)(p)	Financial Services			13.0%		01/34	$	2,700	2,700		2,700
Sallie Mae Levered, Bond	(f)(k)(p)	Financial Services			13.0%		03/34	$	726	726		726
Sallie Mae Levered, Bond	(f)(k)(p)	Financial Services			13.0%		03/34	$	346	346		346
Sallie Mae Levered, Bond	(f)(k)(p)	Financial Services			13.0%		04/34	$	740	740		740
Sallie Mae Levered, Term Loan	(f)(k)(p)	Financial Services	SF	+	2.8%		11/32	$	210	210		211
Sallie Mae Levered, Term Loan	(i)(k)(p)	Financial Services	SF	+	2.8%		11/32	$	28	28		28
Santander Consumer Bank AS, ABF Equity	(f)(k)	Banks						104,330,776		10,461		10,588
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			1.4%		01/65	$	38,369	1,168		1,420
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			0.4%		01/65	$	38,369	218		209
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			7.3%		01/65	$	801	781		749
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			7.3%		01/65	$	777	753		746
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(k)	Real Estate Management & Development			7.0%		07/65	$	6,091	5,889		6,049
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(k)	Real Estate Management & Development			1.5%		07/65	$	70,922	2,363		2,738
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(k)	Real Estate Management & Development			0.4%		07/65	$	70,922	404		401

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	(f)(k)	Media & Entertainment	SF	+	6.3%			0.8%	03/28	$	8,891	$	8,891	$	8,935
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	(i)(k)	Media & Entertainment	SF	+	6.3%			0.8%	03/28	$	3,939	3,939		3,958
Setna SPV I, Term Loan	(f)(k)	Transportation			5.9%				12/31	$	7,631	7,631		7,534
Setna SPV I, Term Loan	(i)(k)	Transportation			5.9%				12/31	$	119	119		118
SKP German Bank, ABF Equity	(f)(k)	Financial Services								870,588		1,023		995
Slate Venture Holdings LP, ABF Equity	(f)(l)	Consumer Durables & Apparel								3,313,819		3,314		4,106
Slate Venture Holdings LP, Term Loan	(f)	Consumer Durables & Apparel			10.8%	(0.0% PIK	/ 10.8% PIK)		08/29	$	1,877	1,877		1,877
Sotheby's, Revolver	(f)	Consumer Services	SF	+	4.8%			0.8%	02/29	$	6,090	6,090		6,090
Sotheby's, Revolver	(i)	Consumer Services	SF	+	4.8%			0.8%	02/29	$	9,135	9,135		9,135
TPSI Receivables LLC (Tropicana Products Inc), Revolver	(f)(k)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	01/29	$	12,478	12,478		12,535
TPSI Receivables LLC (Tropicana Products Inc), Revolver	(i)(k)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	01/29	$	2,895	2,895		2,908
Unison Trust 2025-1, ABS	(e)(f)(k)	Real Estate Management & Development			6.0%				07/55	$	9,958	9,158		9,383
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)	(f)(j)(k)	Materials	SF	+	4.8%			1.0%	04/29	$	13,215	13,136		13,215
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)	(i)(j)(k)	Materials	SF	+	4.8%			1.0%	04/29	$	6,208	6,208		6,208
Vietjet Aviation JSC, Term Loan	(f)(h)(k)	Transportation			9.4%				03/37	$	11,348	11,348		11,299
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	(f)(k)	Capital Goods	SF	+	5.5%			0.8%	10/28	$	7,265	7,224		7,313
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	(i)(k)	Capital Goods	SF	+	5.5%			0.8%	10/28	$	7,870	7,870		7,922
Total Asset Based Finance												428,861		439,680
Unfunded Commitments												(45,790)		(45,790)
Net Asset Based Finance												383,071		393,890

Equity/Other—0.2%
Affordable Care Inc, Class A Common Stock	(f)(l)	Health Care Equipment & Services								4,985		2,384		2,384
Total Equity/Other												2,384		2,384
TOTAL INVESTMENTS—154.4%												1,560,399		1,553,547

Money Market Funds (included in cash and cash equivalents)—0.9%
Allspring Government Money Market Fund Institutional Class	(n)				3.5%							9,425		9,425

Total Money Market Funds												$	9,425	9,425

LIABILITIES IN EXCESS OF OTHER ASSETS—(55.3)%														(556,914)
NET ASSETS—100.0%														$	1,006,058

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Foreign currency forward contracts


Foreign Currency	Settlement Date	Counterparty	Amount and Transaction			US$ Value at Settlement Date		US$ Value at June 30, 2026		Unrealized Appreciation (Depreciation)
EUR	2/19/27	Goldman Sachs Bank USA	€	799	Sold	$	911	$	921	$	(10)
EUR	5/25/28	Goldman Sachs Bank USA	€	480	Sold	546		564		(18)
GBP	11/30/27	Goldman Sachs Bank USA	£	1,700	Sold	2,138		2,254		(116)
GBP	3/30/28	Goldman Sachs Bank USA	£	974	Sold	1,297		1,291		6
GBP	3/29/29	Goldman Sachs Bank USA	£	550	Sold	725		728		(3)
NOK	1/28/28	Goldman Sachs Bank USA	NOK	117,259	Sold	11,702		11,754		(52)

Total						$	17,319	$	17,512	$	(193)

________________

(a)Security may be an obligation of one or more entities affiliated with the named company.

(b)Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2026, the Secured Overnight Financing Rate, or SOFR or “SF”, was 3.73%, the Sterling Overnight Index Average, or SONIA or “SA”, was 3.75% and the Euro Interbank Offered Rate, or EURIBOR or “E”, was 2.32%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the performance of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

(c)Denominated in U.S. dollars unless otherwise noted.

(d)See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

(e)Security is classified as Level 1 or Level 2 in the Company’s fair value hierarchy (see Note 8).

(f)Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

(g)Security or portion thereof held within K-FITS Finance Eiffel-1 LLC and is pledged as collateral supporting the amounts outstanding under the K-FITS Eiffel-1 Credit Facility (see Note 9).

(h)Security or portion thereof held within K-FITS Finance Mount Royal LLC and is pledged as collateral supporting the amounts outstanding under the K-FITS Mount Royal Credit Facility (see Note 9).

(i)Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.

(j)Position or portion thereof unsettled as of June 30, 2026.

(k)The investment, or portion of the investment is not a qualifying asset under the Investment Company Act of 1940, as amended. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2026, 72.7% of the Company’s total assets represented qualifying assets.

(l)Security is non-income producing.

(m)Not used.

(n)Rate represents the 7-day yield as of June 30, 2026.

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

(o)Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and is generally deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2026, the Company held investments in portfolio companies of which it may be deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company may be deemed to be an affiliated person as of June 30, 2026:


Portfolio Company	Fair Value at December 31, 2025		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2026		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
Asset Based Finance
Bond Aviation Holdings LLC, ABF Equity	$	50	$	—	$	—	$	—	$	26	$	76	$	—	$	—	$	—	$	—
Bond Aviation Holdings LLC, Term Loan	3,084		6,551		—		—		—		9,635		301		—		143		—
Bond Aviation Holdings LLC, Term Loan	444		—		—		—		—		444		17		—		—		—
Total	$	3,578	$	6,551	$	—	$	—	$	26	$	10,155	$	318	$	—	$	143	$	—

__________

(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(3)Interest, PIK, Fee and Dividend and Other income presented for the full six months ended June 30, 2026.

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2026

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

(p)Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and is generally deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2026, the Company held investments in portfolio companies of which it may be deemed to be an “affiliated person” and may be deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company may be deemed to be an affiliated person and may be deemed to control as of June 30, 2026:


Portfolio Company	Fair Value at December 31, 2025		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2026		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
Asset Based Finance
Altitude III, ABF Equity	$	—	$	140	$	—	$	—	$	—	$	140	$	—	$	—	$	—	$	—
Discover Financial Services, ABF Equity	1,372		—		(5)		—		(115)		1,252		—		—		—		70
Discover Financial Services, Subordinated Loan	2,369		—		(8)		—		—		2,361		200		—		—		—
Galaxy Container, ABF Equity	147		—		—		—		(1)		146		—		—		—		—
Galaxy Container, Bond	—		127		—		—		—		127		—		3		—		—
Galaxy Container, Bond	—		404		—		—		—		404		—		12		—		—
Galaxy Container, Bond	—		248		—		—		—		248		—		2		—		—
Kilter Finance 2.0, Common Stock	—		1,216		—		—		26		1,242		—		—		—		—
KSC I Aircraft LP, ABF Equity	12,152		24,742		—		—		115		37,009		—		—		—		382
Sallie Mae Levered, ABF Equity	680		1,001		(373)		—		(59)		1,249		—		—		—		284
Sallie Mae Levered, Bond	2,699		—		(849)		—		—		1,850		240		—		—		—
Sallie Mae Levered, Bond	—		2,700		—		—		—		2,700		167		—		—		—
Sallie Mae Levered, Bond	—		726		—		—		—		726		20		—		—		—
Sallie Mae Levered, Bond	—		346		—		—		—		346		8		—		—		—
Sallie Mae Levered, Bond	—		740		—		—		—		740		25		—		—		—
Sallie Mae Levered, Term Loan	81		141		(12)		—		1		211		6		—		1		—
Total	$	19,500	$	32,531	$	(1,247)	$	—	$	(33)	$	50,751	$	666	$	17	$	1	$	736

__________

(3)Interest, PIK, Fee and Dividend and Other income presented for the full six months ended June 30, 2026.

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—123.2%
Advanced Dermatology & Cosmetic Surgery	(f)	Health Care Equipment & Services	SF	+	6.3%			1.0%	05/27	$	4,081	$	4,081	$	4,081
Affordable Care Inc	(f)(g)	Health Care Equipment & Services	SF	+	6.0%	(3.3% PIK	/ 3.3% PIK)	0.8%	08/28	8,567		8,579		7,986
AGS Health LLC	(f)	Software & Services	SF	+	4.5%			0.5%	08/32	2,924		2,917		2,924
AGS Health LLC	(h)	Software & Services	SF	+	4.5%			0.5%	08/32	1,007		1,007		1,007
AGS Health LLC	(h)	Software & Services	SF	+	4.5%			0.5%	08/32	357		357		357
A-Lign Assurance LLC	(f)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/32	6,712		6,647		6,646
A-Lign Assurance LLC	(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/32	1,974		1,964		1,955
A-Lign Assurance LLC	(h)	Software & Services	SF	+	4.5%			0.8%	08/32	948		938		938
Amerivet Partners Management Inc	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/28	6,532		6,532		6,399
Arcfield Acquisition Corp	(g)	Capital Goods	SF	+	5.0%			0.5%	10/31	13,147		13,147		13,147
Arcfield Acquisition Corp	(h)	Capital Goods	SF	+	5.0%			0.5%	10/31	1,943		1,943		1,943
Area Wide Protective Inc	(f)	Commercial & Professional Services	SF	+	4.5%			1.0%	12/30	4,520		4,490		4,520
Area Wide Protective Inc	(h)	Commercial & Professional Services	SF	+	4.5%			1.0%	12/30	2,366		2,366		2,366
Avetta LLC	(f)(g)	Software & Services	SF	+	4.2%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/31	4,215		4,180		4,215
Avetta LLC	(h)	Software & Services	SF	+	4.2%			0.5%	07/30	501		501		501
Avetta LLC	(h)	Software & Services	SF	+	4.3%			0.5%	07/30	236		236		236
Avetta LLC	(h)	Software & Services	SF	+	4.2%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/31	1,032		1,032		1,032
BCA Marketplace Ltd	(f)(j)	Commercial & Professional Services	SA	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	03/31	£	5,066	6,454		6,737
BCA Marketplace Ltd	(f)(j)	Commercial & Professional Services	E	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	04/31	€	2,094	2,236		2,430
BGB Group LLC	(g)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	$	15,755	15,755		15,755
BGB Group LLC	(h)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	1,306		1,306		1,306
BGB Group LLC	(h)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	1,959		1,959		1,959
Bonterra LLC	(f)(g)	Software & Services	SF	+	4.8%			0.8%	03/32	33,955		33,728		33,955
Bonterra LLC	(f)	Software & Services	SF	+	4.8%			0.8%	03/32	499		484		499
Bonterra LLC	(h)	Software & Services	SF	+	4.8%			0.8%	03/32	2,829		2,829		2,829
Cadence Education LLC	(f)(g)	Consumer Services	SF	+	5.0%			0.8%	05/31	2,272		2,263		2,277
Cadence Education LLC	(f)	Consumer Services	SF	+	5.0%			0.8%	05/31	429		429		429
Cadence Education LLC	(h)	Consumer Services	SF	+	5.0%			0.8%	05/30	353		353		353
Cadence Education LLC	(h)	Consumer Services	SF	+	5.0%			0.8%	05/31	168		168		168
Cambrex Corp	(f)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	03/32	12,335		12,279		12,458
Cambrex Corp	(f)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%			0.8%	03/32	92		92		92
Cambrex Corp	(h)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%			0.8%	03/32	1,523		1,523		1,523

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Cambrex Corp	(h)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	03/32	$	1,846	$	1,846	$	1,864
Cambrex Corp	(h)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%	(0.0% PIK	/ 2.4% PIK)	0.8%	03/32	5,935		5,935		5,994
Carrier Fire Protection	(f)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/30	119		119		119
Carrier Fire Protection	(f)(g)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.0% PIK)	0.5%	07/31	2,026		2,010		2,047
Carrier Fire Protection	(f)	Commercial & Professional Services	E	+	4.5%	(0.0% PIK	/ 2.0% PIK)	0.5%	07/31	€	479	513		567
Carrier Fire Protection	(f)	Commercial & Professional Services	E	+	5.0%			0.5%	07/31	36		38		42
Carrier Fire Protection	(h)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/30	$	330	330		330
Carrier Fire Protection	(h)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.0% PIK)	0.5%	07/31	414		414		418
Carrier Fire Protection	(h)	Commercial & Professional Services	E	+	5.0%			0.5%	07/31	€	29	31		31
Circana Group (f.k.a. NPD Group)	(f)	Consumer Services	SF	+	4.3%			0.8%	12/29	$	10,793	10,793		10,901
Circana Group (f.k.a. NPD Group)	(h)	Consumer Services	SF	+	4.5%			0.8%	12/28	790		790		790
Clarience Technologies LLC	(f)(g)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/32	29,560		29,584		29,648
Clarience Technologies LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	02/32	577		579		579
Clarience Technologies LLC	(h)	Capital Goods	SF	+	4.8%			0.8%	02/31	2,756		2,760		2,756
Clarience Technologies LLC	(h)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/32	6,106		6,104		6,125
Clarience Technologies LLC	(h)	Capital Goods	SF	+	4.8%			0.8%	02/32	413		413		415
CLEAResult Consulting Inc	(f)(g)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/31	10,569		10,479		10,675
CLEAResult Consulting Inc	(h)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	2,669		2,656		2,696
CLEAResult Consulting Inc	(h)	Commercial & Professional Services	SF	+	4.8%			0.8%	08/31	1,779		1,765		1,779
ClubCorp Club Operations Inc	(f)	Consumer Services	SF	+	5.0%			1.0%	07/32	11,640		11,559		11,665
ClubCorp Club Operations Inc	(h)	Consumer Services	SF	+	5.0%			1.0%	07/31	1,268		1,268		1,268
ClubCorp Club Operations Inc	(h)	Consumer Services	SF	+	5.0%			1.0%	07/32	761		761		763
Com Laude Group Ltd	(g)(j)	Software & Services	SF	+	5.0%			0.8%	12/32	13,057		12,992		12,992
Com Laude Group Ltd	(h)(j)	Software & Services	SF	+	5.0%			0.8%	12/32	2,560		2,547		2,547
Com Laude Group Ltd	(h)(j)	Software & Services	SF	+	5.0%			0.8%	12/32	1,024		1,024		1,024
Community Brands Inc	(f)	Software & Services	SF	+	5.3%			0.8%	07/31	52		51		52
Community Brands Inc	(f)(g)	Software & Services	SF	+	5.3%			0.8%	07/31	8,844		8,805		8,932
Community Brands Inc	(h)	Software & Services	SF	+	5.3%			0.8%	07/31	763		763		763
Community Brands Inc	(h)	Software & Services	SF	+	5.3%			0.8%	07/31	1,430		1,430		1,445
CPM Holdings Inc	(e)(f)	Capital Goods	SF	+	4.5%			0.5%	09/28	14,876		14,660		14,827
CSafe Global	(f)(g)	Transportation	SF	+	5.8%			0.8%	12/28	8,959		8,960		8,959
CSafe Global	(f)	Transportation	SA	+	5.8%			0.8%	12/28	£	955	1,207		1,284
CSafe Global	(f)	Transportation	SF	+	5.8%			0.8%	03/29	$	144	144		144
CSafe Global	(h)	Transportation	SF	+	5.8%			0.8%	03/29	576		576		576
Dental365 LLC	(f)	Health Care Equipment & Services	SF	+	5.0%			0.8%	05/28	196		194		196

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Dental365 LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	$	10,175	$	10,184	$	10,175
Dental365 LLC	(f)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	5,283		5,267		5,283
Dental365 LLC	(h)	Health Care Equipment & Services	SF	+	5.0%			0.8%	05/28	1,767		1,767		1,767
Dental365 LLC	(h)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	2,201		2,201		2,201
DuBois Chemicals Inc	(f)(g)	Materials	SF	+	5.0%			0.8%	06/31	12,668		12,615		12,755
DuBois Chemicals Inc	(h)	Materials	SF	+	5.0%			0.8%	06/31	1,894		1,888		1,894
DuBois Chemicals Inc	(h)	Materials	SF	+	5.0%			0.8%	06/31	550		550		553
Eagle Railcar Services Roscoe Inc	(g)	Transportation	SF	+	4.5%			0.5%	06/32	10,575		10,551		10,649
Eagle Railcar Services Roscoe Inc	(h)	Transportation	SF	+	4.5%			0.5%	06/32	1,988		1,988		1,988
Eagle Railcar Services Roscoe Inc	(h)	Transportation	SF	+	4.5%			1.0%	06/32	2,209		2,209		2,224
Excelitas Technologies Corp	(f)	Technology Hardware & Equipment	SF	+	5.3%			0.8%	08/29	1,318		1,330		1,318
Flexera Software LLC	(f)(g)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	08/32	22,269		22,255		22,251
Flexera Software LLC	(f)	Software & Services	E	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	08/32	€	6,720	7,849		7,879
Flexera Software LLC	(h)	Software & Services	SF	+	4.5%			0.5%	08/32	$	1,806	1,807		1,805
Follett Software Co	(g)	Software & Services	SF	+	4.5%			0.5%	08/31	10,873		10,873		10,982
Follett Software Co	(h)	Software & Services	SF	+	4.5%			0.5%	08/30	1,018		1,018		1,018
Frontline Road Safety LLC	(f)(g)	Capital Goods	SF	+	4.8%	(2.0% PIK	/ 2.0% PIK)	0.0%	03/32	17,954		17,863		18,031
Frontline Road Safety LLC	(f)	Capital Goods	SF	+	4.8%	(2.0% PIK	/ 2.0% PIK)	0.0%	03/32	5,268		5,241		5,291
Frontline Road Safety LLC	(f)	Capital Goods	SF	+	4.8%	(2.0% PIK	/ 2.0% PIK)	0.0%	03/32	4,221		4,221		4,239
Frontline Road Safety LLC	(h)	Capital Goods	SF	+	4.8%			0.0%	03/32	3,015		3,013		3,015
Galway Partners Holdings LLC	(f)	Insurance	SF	+	4.5%			0.8%	09/28	161		163		161
Galway Partners Holdings LLC	(g)	Insurance	SF	+	4.5%			0.8%	09/28	7,996		8,010		7,996
Galway Partners Holdings LLC	(h)	Insurance	SF	+	4.5%			0.8%	09/28	757		757		757
Gigamon Inc	(f)	Software & Services	SF	+	5.8%			0.8%	03/29	4,080		4,080		4,000
Hexion International Cooperatief UA	(e)(f)	Materials	SF	+	4.0%			0.5%	03/29	1,991		1,942		1,925
Higginbotham Insurance Agency Inc	(g)	Insurance	SF	+	4.5%			1.0%	06/31	14,829		14,829		14,847
Higginbotham Insurance Agency Inc	(h)	Insurance	SF	+	4.5%			1.0%	06/31	2,530		2,530		2,533
Homrich & Berg Inc	(f)	Financial Services	SF	+	4.8%			0.8%	08/31	785		785		785
Homrich & Berg Inc	(f)	Financial Services	SF	+	4.8%			0.8%	11/31	12,984		12,971		13,009
Homrich & Berg Inc	(h)	Financial Services	SF	+	4.8%			0.8%	08/31	642		642		642
Horizon CTS Buyer LLC	(f)(g)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	03/32	15,881		15,821		15,865
Horizon CTS Buyer LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	03/32	737		743		737
Horizon CTS Buyer LLC	(g)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	03/32	4,919		4,919		4,914
Horizon CTS Buyer LLC	(h)	Capital Goods	SF	+	4.8%			0.8%	03/32	3,453		3,453		3,449
Horizon CTS Buyer LLC	(h)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	03/32	2,050		2,045		2,048
Inhabit IQ	(f)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/32	4,697		4,687		4,744

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Inhabit IQ	(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/32	$	1,311	$	1,311	$	1,324
Inhabit IQ	(h)	Software & Services	SF	+	4.5%			0.8%	01/32	820		820		828
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			0.8%	05/28	122		122		122
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			1.0%	05/28	82		82		82
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			1.0%	05/28	2,446		2,446		2,446
Insightsoftware.Com Inc	(h)	Software & Services	SF	+	5.3%			0.8%	05/28	2,584		2,584		2,584
Insightsoftware.Com Inc	(h)	Software & Services	SF	+	5.3%			1.0%	05/28	140		140		140
Integrated Power Services LLC	(f)(g)	Commercial & Professional Services	SF	+	4.8%			0.8%	11/28	16,763		16,691		16,763
Integrity Marketing Group LLC	(f)(g)	Insurance	SF	+	5.0%			0.8%	08/28	21,692		21,748		21,692
Integrity Marketing Group LLC	(h)	Insurance	SF	+	5.0%			0.8%	08/28	5		5		5
Integrity Marketing Group LLC	(h)	Insurance	SF	+	5.0%			0.8%	08/28	4		4		4
IntraFi Network LLC	(e)(f)	Financial Services	SF	+	4.0%			0.0%	07/31	5,896		5,840		5,860
J S Held LLC	(g)	Insurance	SF	+	4.8%			1.0%	06/28	23,316		23,322		23,359
J S Held LLC	(f)	Insurance	SF	+	4.8%			1.0%	06/28	1,806		1,801		1,809
J S Held LLC	(h)	Insurance	SF	+	4.8%			1.0%	06/28	1,357		1,357		1,357
J S Held LLC	(h)	Insurance	SF	+	4.8%			1.0%	06/28	2,111		2,111		2,114
Jeppesen Holdings LLC	(g)(j)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.6% PIK)	0.5%	10/32	12,949		12,902		12,901
Jeppesen Holdings LLC	(h)(j)	Software & Services	SF	+	4.8%			0.5%	10/32	671		671		669
Keystone Agency Partners LLC	(f)(g)	Insurance	SF	+	4.3%	(0.0% PIK	/ 2.3% PIK)	0.8%	08/32	27,116		26,986		26,982
Keystone Agency Partners LLC	(h)	Insurance	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	08/32	5,228		5,228		5,202
Keystone Agency Partners LLC	(h)	Insurance	SF	+	4.5%			0.8%	08/32	2,324		2,321		2,312
Learning Experience Corp/The	(g)	Consumer Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	3,112		3,098		3,135
Learning Experience Corp/The	(h)	Consumer Services	SF	+	4.8%			0.8%	07/32	685		685		685
Legends Hospitality LLC	(f)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/30	579		559		579
Legends Hospitality LLC	(f)(g)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/31	16,288		15,911		16,329
Legends Hospitality LLC	(h)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/30	1,202		1,202		1,202
Legends Hospitality LLC	(h)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/31	151		151		152
MAI Capital Management LLC	(f)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	9,555		9,517		9,650
MAI Capital Management LLC	(f)	Financial Services	SF	+	4.8%			0.8%	08/31	304		301		304
MAI Capital Management LLC	(f)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	08/31	1,986		1,986		2,006
MAI Capital Management LLC	(h)	Financial Services	SF	+	4.8%			0.8%	08/31	1,338		1,338		1,338
MAI Capital Management LLC	(h)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	08/31	1,715		1,715		1,732
MB2 Dental Solutions LLC	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	18,050		18,153		18,230
MB2 Dental Solutions LLC	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	197		197		197
MB2 Dental Solutions LLC	(h)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	2,624		2,624		2,651
MB2 Dental Solutions LLC	(h)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	897		897		897

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Med-Metrix	(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	$	14,902	$	14,832	$	14,935
Med-Metrix	(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	6,198		6,198		6,212
Med-Metrix	(h)	Software & Services	SF	+	4.8%			0.8%	07/32	2,637		2,637		2,637
Mercer Advisors Inc	(f)	Financial Services	SF	+	4.5%			0.8%	10/30	7,670		7,642		7,670
Mercer Advisors Inc	(h)	Financial Services	SF	+	4.5%			0.8%	10/30	10,776		10,776		10,776
Milano Acquisition Corp	(e)(f)	Health Care Equipment & Services	SF	+	4.0%			0.8%	10/27	15,464		15,018		15,220
Misys Ltd	(e)(f)(j)	Software & Services	SF	+	4.0%			0.0%	09/32	15,463		15,314		15,166
Model N Inc	(f)(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	11,418		11,378		11,532
Model N Inc	(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	2,360		2,354		2,383
Model N Inc	(h)	Software & Services	SF	+	4.8%			0.8%	06/31	1,258		1,256		1,258
NAVEX Global Inc	(f)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	10/32	8,436		8,395		8,411
NAVEX Global Inc	(h)	Software & Services	SA	+	5.0%			0.8%	10/31	183		183		182
NAVEX Global Inc	(h)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	10/32	3,867		3,857		3,855
NeoGov Newt Holdco Inc	(g)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	09/32	6,237		6,215		6,212
NeoGov Newt Holdco Inc	(h)	Software & Services	SA	+	4.5%			0.5%	09/32	340		340		339
NeoGov Newt Holdco Inc	(h)	Software & Services	SF	+	4.5%			0.5%	09/32	756		756		753
NeoGov Newt Holdco Inc	(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	09/32	1,512		1,512		1,506
Netsmart Technologies Inc	(f)(g)	Health Care Equipment & Services	SF	+	5.2%	(2.7% PIK	/ 2.7% PIK)	0.8%	08/31	22,536		22,400		22,536
Netsmart Technologies Inc	(h)	Health Care Equipment & Services	SF	+	5.0%	(2.5% PIK	/ 2.5% PIK)	0.8%	08/31	2,908		2,908		2,908
Netsmart Technologies Inc	(h)	Health Care Equipment & Services	SF	+	4.8%			0.8%	08/31	2,967		2,959		2,967
OEConnection LLC	(f)(g)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	12/32	8,752		8,724		8,839
OEConnection LLC	(h)	Software & Services	SF	+	4.5%			0.8%	11/32	691		691		691
OEConnection LLC	(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	11/32	2,624		2,624		2,617
OEConnection LLC	(h)	Software & Services	SF	+	4.5%			0.5%	12/32	400		400		400
OEConnection LLC	(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	12/32	1,607		1,607		1,623
Orion Services Group	(g)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	11/32	5,011		4,974		4,973
Orion Services Group	(h)	Capital Goods	C	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.7%	11/32	1,648		1,648		1,636
PCI Pharma Services	(f)(g)(j)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	8,813		8,782		8,832
PCI Pharma Services	(f)(j)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	47		47		47
PCI Pharma Services	(h)(j)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	12,116		12,079		12,142
PCI Pharma Services	(h)(j)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	138		138		139
PCI Pharma Services	(h)(j)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	3,523		3,523		3,523
Pike Corp	(g)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	12/32	12,508		12,477		12,477
Pike Corp	(h)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	12/32	2,719		2,712		2,712
Pike Corp	(h)	Capital Goods	SF	+	4.5%			0.8%	12/32	1,813		1,813		1,813
Precisely Software Inc	(e)(f)	Software & Services	SF	+	4.0%			0.8%	04/28	15,458		15,028		14,427

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Premise Health Holding Corp	(f)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/32	$	2,237	$	2,215	$	2,215
Premise Health Holding Corp	(h)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	221		221		218
Premise Health Holding Corp	(h)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/32	945		940		936
PROS Holdings Inc	(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.0%	12/32	4,440		4,434		4,434
PROS Holdings Inc	(h)	Software & Services	SF	+	4.8%			0.0%	12/32	515		515		515
PSC Group	(f)	Transportation	SF	+	5.3%			0.8%	04/30	43		43		43
PSC Group	(f)(g)	Transportation	SF	+	5.3%			0.8%	04/31	728		723		735
PSC Group	(h)	Transportation	SF	+	5.3%			0.8%	04/30	58		58		58
PSC Group	(h)	Transportation	SF	+	5.3%			0.8%	04/31	64		64		65
PSKW LLC (dba ConnectiveRx)	(f)(g)	Health Care Equipment & Services	SF	+	5.5%			1.0%	03/28	23,893		23,897		23,893
Radwell International LLC	(f)	Capital Goods	SF	+	5.5%			0.8%	04/29	25,489		25,589		25,744
Railpros Inc	(f)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	699		699		699
Railpros Inc	(h)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	215		215		215
Railpros Inc	(h)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	108		108		108
RBmedia	(f)(i)	Media & Entertainment	SF	+	5.8%			0.8%	09/30	8,154		8,194		8,235
RBmedia	(h)(i)	Media & Entertainment	SF	+	5.8%			0.8%	08/28	698		698		698
Resa Power LLC	(f)(g)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/32	13,151		13,107		13,230
Resa Power LLC	(h)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/32	2,395		2,387		2,409
Resa Power LLC	(h)	Commercial & Professional Services	SF	+	4.8%			0.8%	04/32	1,688		1,688		1,688
Revere Superior Holdings Inc	(f)(i)	Software & Services	SF	+	5.0%			1.0%	10/29	1,447		1,442		1,447
Revere Superior Holdings Inc	(f)(i)	Software & Services	SF	+	5.0%			1.0%	10/29	99		97		99
Revere Superior Holdings Inc	(f)(i)	Software & Services	SF	+	5.0%			1.0%	10/29	10,688		10,653		10,685
Revere Superior Holdings Inc	(h)(i)	Software & Services	SF	+	5.0%			1.0%	10/29	643		643		643
Revere Superior Holdings Inc	(h)	Software & Services	SF	+	5.0%			1.0%	10/29	203		203		203
Rialto Capital Management LLC	(g)	Financial Services	SF	+	5.0%			0.8%	12/30	10,307		10,244		10,410
Rialto Capital Management LLC	(h)	Financial Services	SF	+	5.0%			0.8%	12/30	511		511		511
Rockefeller Capital Management LP	(g)	Financial Services	SF	+	4.5%			0.5%	12/32	24,600		24,478		24,477
Rockefeller Capital Management LP	(h)	Financial Services	SF	+	4.5%			0.5%	12/32	2,400		2,400		2,388
SAMBA Safety Inc	(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	1.0%	12/32	2,974		2,966		2,966
SAMBA Safety Inc	(f)	Software & Services	SF	+	4.8%			1.0%	12/32	15		15		15
SAMBA Safety Inc	(h)	Software & Services	SF	+	4.8%			1.0%	12/32	252		252		252
SAMBA Safety Inc	(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	1.0%	12/32	360		360		360
Service Express Inc	(f)(g)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	12,670		12,619		12,797
Service Express Inc	(g)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	8,393		8,393		8,393
Service Express Inc	(f)	Commercial & Professional Services	SF	+	4.5%			0.5%	12/32	248		242		248
Service Express Inc	(g)	Commercial & Professional Services	SF	+	4.5%			0.5%	12/32	16		16		16

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Service Express Inc	(h)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	$	2,920	$	2,920	$	2,913
Service Express Inc	(h)	Commercial & Professional Services	SF	+	4.5%			0.5%	12/32	2,654		2,654		2,654
Service Logic LLC	(g)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	11,783		11,754		11,754
Service Logic LLC	(h)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	3,251		3,251		3,242
Service Logic LLC	(h)	Commercial & Professional Services	SF	+	4.5%			0.0%	12/32	1,625		1,625		1,625
Solera LLC	(e)(f)	Software & Services	SF	+	3.8%			0.5%	06/28	5,194		4,976		5,021
Sphera Solutions Inc	(f)(g)	Software & Services	SF	+	4.5%			0.5%	09/32	25,265		25,203		25,202
Sphera Solutions Inc	(f)	Software & Services	SF	+	4.5%			0.5%	09/32	654		652		652
Sphera Solutions Inc	(h)	Software & Services	SF	+	4.5%			0.5%	09/32	5,156		5,156		5,143
Sphera Solutions Inc	(h)	Software & Services	SF	+	4.5%			0.5%	09/32	2,784		2,784		2,777
Spins LLC	(f)	Software & Services	SF	+	4.8%			1.0%	01/29	7,951		7,951		7,951
Spins LLC	(h)	Software & Services	SF	+	4.8%			1.0%	01/29	772		772		772
Spotless Brands LLC	(f)(g)	Consumer Services	SF	+	5.8%			1.0%	07/28	23,818		23,818		24,059
Spotless Brands LLC	(f)	Consumer Services	SF	+	5.8%			1.0%	07/28	164		164		164
Spotless Brands LLC	(f)	Consumer Services	SF	+	5.8%			1.0%	07/28	4,456		4,456		4,501
Spotless Brands LLC	(f)	Consumer Services	SF	+	5.0%			1.0%	07/28	364		370		361
Spotless Brands LLC	(h)	Consumer Services	SF	+	5.8%			1.0%	07/28	656		656		656
Spotless Brands LLC	(h)	Consumer Services	SF	+	5.0%			1.0%	07/28	2,156		2,156		2,140
STV Group Inc	(g)	Capital Goods	SF	+	4.8%			0.8%	03/31	1,698		1,682		1,698
STV Group Inc	(h)	Capital Goods	SF	+	4.8%			0.8%	03/30	346		344		346
STV Group Inc	(h)	Capital Goods	SF	+	4.8%			0.8%	03/31	494		492		494
SureScripts LLC	(f)	Health Care Equipment & Services	SF	+	5.0%			0.8%	11/31	17,059		16,920		17,229
SureScripts LLC	(g)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	6,303		6,303		6,303
SureScripts LLC	(h)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	3,753		3,755		3,753
Trackunit ApS	(f)(j)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)		05/32	6,843		6,746		6,785
Trackunit ApS	(h)(j)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)		05/32	4,562		4,530		4,523
Turnpoint Services Inc	(f)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/30	245		245		243
Turnpoint Services Inc	(f)(g)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	5,004		4,964		4,951
Turnpoint Services Inc	(h)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/30	368		368		364
Turnpoint Services Inc	(h)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	981		981		971
USIC Holdings Inc	(f)(g)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/31	24,402		24,303		24,890
USIC Holdings Inc	(f)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/31	1,422		1,415		1,422
USIC Holdings Inc	(h)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/31	599		599		611
USIC Holdings Inc	(h)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/31	1,612		1,612		1,612
Veriforce LLC	(f)(j)	Software & Services	SF	+	4.8%			0.8%	11/31	4,910		4,890		4,910
Veriforce LLC	(f)(j)	Software & Services	SA	+	4.8%			0.8%	11/31	£	1,679	2,104		2,257

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Veriforce LLC	(h)(j)	Software & Services	SF	+	4.8%			0.8%	11/31	$	259	$	259	$	259
Veriforce LLC	(h)(j)	Software & Services	SF	+	4.8%			0.8%	11/31	468		468		468
Veriforce LLC	(h)(j)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	11/31	12,450		12,450		12,450
Vermont Information Processing Inc	(f)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/32	6,599		6,569		6,604
Vermont Information Processing Inc	(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/32	2,763		2,763		2,765
Vermont Information Processing Inc	(h)	Software & Services	SF	+	4.8%			0.5%	01/32	829		829		829
VetCor Professional Practices LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	17,769		17,767		17,769
VetCor Professional Practices LLC	(f)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	14		14		14
VetCor Professional Practices LLC	(f)(g)	Health Care Equipment & Services	SF	+	6.0%			0.8%	08/29	442		442		442
VetCor Professional Practices LLC	(h)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	99		99		99
Vitu	(f)(g)	Software & Services	SF	+	4.5%			0.8%	01/32	16,000		15,947		16,160
Vitu	(h)	Software & Services	SF	+	4.5%			0.8%	01/31	2,613		2,613		2,613
Vytalogy Wellness LLC (fka Jarrow Formulas Inc)	(f)	Household & Personal Products	SF	+	6.3%			1.0%	11/27	3,742		3,742		3,742
Wealth Enhancement Group LLC	(f)(g)	Financial Services	SF	+	4.5%			1.0%	10/28	4,619		4,619		4,619
Wealth Enhancement Group LLC	(f)	Financial Services	SF	+	4.5%			1.0%	10/28	2,061		2,061		2,061
Wealth Enhancement Group LLC	(h)	Financial Services	SF	+	4.5%			1.0%	10/28	999		999		999
Wealth Enhancement Group LLC	(h)	Financial Services	SF	+	4.5%			1.0%	10/28	298		298		298
WebPros Holding Sarl	(f)(j)	Software & Services	SF	+	5.0%			0.0%	06/32	171		171		169
WebPros Holding Sarl	(f)(j)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	17,140		16,885		16,882
WebPros Holding Sarl	(h)(j)	Software & Services	SF	+	5.0%			0.0%	06/32	1,543		1,543		1,519
WebPros Holding Sarl	(h)(j)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	2,142		2,127		2,110
Wedgewood Weddings	(g)	Consumer Services	SF	+	4.5%			0.8%	06/32	14,432		14,365		14,416
Wedgewood Weddings	(h)	Consumer Services	SF	+	4.5%			0.8%	06/32	2,894		2,879		2,890
Wedgewood Weddings	(h)	Consumer Services	SF	+	4.5%			0.8%	06/32	2,894		2,894		2,890
West Star Aviation Inc	(f)(g)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	05/32	17,852		17,783		17,959
West Star Aviation Inc	(f)	Capital Goods	SF	+	4.5%			0.8%	05/32	342		342		342
West Star Aviation Inc	(h)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	05/32	1,824		1,824		1,835
West Star Aviation Inc	(h)	Capital Goods	SF	+	4.5%			0.8%	05/32	1,938		1,938		1,938
Woolpert Inc	(f)	Capital Goods	SF	+	4.5%			1.0%	04/31	421		421		421
Woolpert Inc	(f)(g)	Capital Goods	SF	+	4.5%			1.0%	04/32	25,321		25,321		25,518
Woolpert Inc	(h)	Capital Goods	SF	+	4.5%			1.0%	04/31	2,819		2,819		2,819
Woolpert Inc	(h)	Capital Goods	SF	+	4.5%			1.0%	04/32	6,481		6,485		6,532
Xylem Kendall	(f)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/30	3,924		3,924		3,885
Xylem Kendall	(f)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/30	336		336		334
Xylem Kendall	(h)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/30	3,532		3,532		3,496
Xylem Kendall	(h)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/30	264		264		262

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Total Senior Secured Loans—First Lien												$	1,413,657	$	1,419,362
Unfunded Loan Commitments												(257,115)		(257,115)
Net Senior Secured Loans—First Lien												1,156,542		1,162,247

Asset Based Finance—39.6%
Auxilior Capital Partners Inc, Preferred Equity	(f)	Financial Services			14.5%	(9.5% PIK	/ 9.5% PIK)		04/30	$	942	942		951
Bond Aviation Holdings LLC, ABF Equity	(f)(k)(l)	Transportation								49,341		49		50
Bond Aviation Holdings LLC, Term Loan	(f)(l)	Transportation			9.0%				10/33	$	3,084	3,084		3,084
Bond Aviation Holdings LLC, Term Loan	(f)(l)	Transportation			9.0%	(0.0% PIK	/ 9.0% PIK)		10/33	$	444	444		444
Bond Aviation Holdings LLC, Term Loan	(h)(l)	Transportation			9.0%				10/33	$	8,512	8,512		8,512
Bond Aviation Holdings LLC, Term Loan	(h)(l)	Transportation			9.0%	(0.0% PIK	/ 9.0% PIK)		10/33	$	3,331	3,331		3,331
CAFL 2024-RTL1 Issuer LLC, ABS	(e)(f)(j)	Real Estate Management & Development			10.2%				11/31	$	1,500	1,500		1,535
Discover Financial Services, ABF Equity	(f)(j)(m)	Financial Services								1,292,684		1,293		1,372
Discover Financial Services, Subordinated Loan	(f)(j)(m)	Financial Services			15.0%				09/34	$	2,369	2,369		2,369
EFMT 2024-INV1, ABS	(e)(f)(j)	Real Estate Management & Development			7.4%				03/69	$	3,828	3,651		3,814
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver	(f)(j)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	06/28	$	4,022	4,022		4,022
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver	(h)(j)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	06/28	$	788	788		788
Fidelis Mortgage Trust 2025-RTL1, ABS	(e)(f)(j)	Real Estate Management & Development			9.0%				02/40	$	2,700	2,656		2,727
FIGRE Trust 2024-HE3, ABS	(e)(f)(j)	Real Estate Management & Development			9.3%				07/54	$	1,148	1,153		1,219
Fortna AR LLC (FKA Fortna Group Inc), Revolver	(f)(j)	Capital Goods	SF	+	4.8%			0.8%	06/29	$	16,078	16,078		16,078
Galaxy Container, ABF Equity	(f)(k)(m)	Transportation								147,230		147		147
Global Lending Services LLC, ABF Equity	(f)(j)(k)	Financial Services								1,666,077		1,666		2,716
Global Lending Services LLC, Bond	(f)(j)	Financial Services			12.5%				12/32	$	2,215	2,215		2,215
Global Lending Services LLC, Bond	(f)(j)	Financial Services			12.5%				02/33	$	1,398	1,398		1,398
Global Lending Services LLC, Bond	(f)(j)	Financial Services			12.5%				05/33	$	841	841		841
Global Lending Services LLC, Bond	(f)(j)	Financial Services			12.5%				08/33	$	809	809		809
Global Lending Services LLC, Bond	(f)(j)	Financial Services			12.5%				11/33	$	1,401	1,401		1,401
Harley-Davidson Financial Services Inc, ABF Equity	(f)(j)	Financial Services								4,634,688		4,635		4,863
Harley-Davidson Financial Services Inc, ABF Equity	(f)(j)	Financial Services								16,244,108		16,244		16,884

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)		Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Harley-Davidson Financial Services Inc, ABF Equity	(f)(j)(k)	Financial Services					1,185,271		$	1,185	$	1,188
HOMES 2024-AFC1 Trust, Structured Mezzanine	(e)(f)(j)	Real Estate Management & Development		7.6%		08/59	$	1,167	1,110		1,167
Homeward Opportunities Fund Trust 2024-RRTL2, ABS	(e)(f)(j)	Real Estate Management & Development		9.1%		09/39	$	4,726	4,726		4,728
Income Contingent Student Loans 1 2002-2006 PLC, ABS	(f)(j)	Financial Services		8.0%		07/56	£	2,942	3,661		4,407
Income Contingent Student Loans 2 2007-2009 PLC, ABS	(f)(j)	Financial Services		8.0%		07/58	£	8,776	10,920		12,803
IQUW UK Ltd, Bond	(f)(j)	Insurance		8.8%		03/35	$	3,643	3,643		3,747
KSC I Aircraft LP, ABF Equity	(f)(j)(k)(m)	Capital Goods					12,150,577		12,151		12,152
Laurel Road Prime Student Loan Trust 2017-B, ABS	(f)(j)	Financial Services		7.2%		08/42	$	865	1,280		1,362
LHOME Mortgage Trust 2025-RTL3, ABS	(e)(f)(j)	Real Estate Management & Development		6.9%		08/40	$	475	475		482
LHOME Mortgage Trust 2025-RTL3, ABS	(e)(f)(j)	Real Estate Management & Development		8.7%		08/40	$	339	339		349
MEMIC Insurance, ABS	(f)(j)	Insurance		9.0%		12/45	$	5,604	5,604		5,604
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(j)	Real Estate Management & Development		6.4%		09/70	$	1,972	1,945		1,951
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(j)	Real Estate Management & Development		7.1%		09/70	$	3,406	3,242		3,272
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(j)	Real Estate Management & Development		1.9%		09/70	$	70,618	4,054		4,169
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(j)	Real Estate Management & Development		0.3%		09/70	$	70,618	434		447
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(j)	Real Estate Management & Development		7.3%		03/70	$	1,280	1,162		1,268
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(j)	Real Estate Management & Development		0.3%		03/70	$	45,950	287		272
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(j)	Real Estate Management & Development		7.3%		03/70	$	1,153	1,077		1,173
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(j)	Real Estate Management & Development		1.1%		03/70	$	45,950	1,443		1,259
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(j)	Real Estate Management & Development		7.3%		03/70	$	845	709		806
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(j)	Real Estate Management & Development		6.6%		07/70	$	1,542	1,521		1,534
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(j)	Real Estate Management & Development		7.2%		07/70	$	2,800	2,671		2,703

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(j)	Real Estate Management & Development			1.8%				07/70	$	76,741	$	3,252	$	3,234
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(j)	Real Estate Management & Development			0.3%				07/70	$	76,741	457		472
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(j)	Financial Services			6.6%				09/70	$	1,343	1,338		1,341
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(j)	Financial Services			7.0%				09/70	$	2,140	1,992		2,000
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(j)	Financial Services			1.8%				09/70	$	82,424	3,855		3,877
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(j)	Financial Services			0.3%				09/70	$	82,424	493		502
Newday Group Jersey Ltd, ABF Equity	(f)(j)(k)	Financial Services								17,385,649		23,207		23,370
Norway_France, ABF Equity	(f)(j)	Financial Services								424,637		472		514
Octane Receivables Trust 2025-1, ABF Equity	(f)(j)(k)	Automobiles & Components								20,378		3,601		3,593
Octane Receivables Trust 2025-1, ABS	(e)(f)(j)	Automobiles & Components			7.0%				04/33	$	1,609	1,608		1,637
Opendoor Labs Inc, Structured Mezzanine	(f)(j)	Real Estate Management & Development			12.5%				02/29	$	4,955	4,955		5,017
Opendoor Labs Inc, Structured Mezzanine	(h)(j)	Real Estate Management & Development			12.5%				02/29	$	2,478	2,478		2,509
Orange Maple 2025-2 DAC, ABF Equity	(f)(j)(k)	Banks								21,581,000		24,988		25,314
PayPal Danube 2, ABF Equity	(f)(j)(k)	Financial Services								8,166,648		9,488		9,484
Philippine Airlines 777, Term Loan	(f)(j)	Transportation			6.5%				10/27	$	3,135	3,135		3,153
Philippine Airlines 777, Term Loan	(f)(j)	Transportation			6.5%				12/27	$	3,135	3,135		3,154
Philippine Airlines 777, Term Loan	(h)(j)	Transportation			6.5%				10/27	$	1,887	1,887		1,898
Philippine Airlines 777, Term Loan	(h)(j)	Transportation			6.5%				12/27	$	1,887	1,887		1,899
Powin Energy Corp/NV, Warrants	(k)	Capital Goods								516,840		—		—
Pretium Partners LLC P1, Structured Mezzanine	(f)(g)(j)	Equity Real Estate Investment Trusts (REITs)			8.0%	(5.3% PIK	/ 5.3% PIK)		10/26	$	5,176	5,097		5,176
Progress Residential 2024-SFR4 Trust, Structured Mezzanine	(e)(f)(j)	Real Estate Management & Development			3.4%				07/41	$	1,875	1,551		1,716
Rain City Mortgage Trust 2024-RTL1, ABS	(e)(f)(j)	Real Estate Management & Development			10.2%				09/29	$	1,974	1,974		1,993
Rosemawr Management LLC, ABS	(f)	Utilities			5.0%				08/54	$	615	553		571
Rosemawr Management LLC, Structured Mezzanine	(f)	Utilities			7.3%				08/54	$	300	270		278
Sallie Mae Levered, ABF Equity	(f)(j)(k)(m)	Financial Services								714,495		714		680
Sallie Mae Levered, Bond	(f)(j)(m)	Financial Services			13.0%				11/33	$	2,699	2,699		2,699
Sallie Mae Levered, Term Loan	(f)(j)(m)	Financial Services	SF	+	2.8%				11/32	$	81	81		81
Sallie Mae Levered, Term Loan	(h)(j)(m)	Financial Services	SF	+	2.8%				11/32	$	156	156		156

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Santander Consumer Bank AS, ABF Equity	(f)(j)(k)	Banks								131,389,000		$	13,174	$	13,450
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(j)	Real Estate Management & Development			1.4%				01/65	$	43,289	1,414		1,861
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(j)	Real Estate Management & Development			0.4%				01/65	$	43,289	300		281
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(j)	Real Estate Management & Development			7.3%				01/65	$	801	781		746
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(j)	Real Estate Management & Development			7.3%				01/65	$	777	753		748
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(j)	Real Estate Management & Development			7.1%				07/65	$	6,091	5,889		6,005
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(j)	Real Estate Management & Development			1.5%				07/65	$	78,124	2,780		2,789
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(j)	Real Estate Management & Development			0.4%				07/65	$	78,124	539		616
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	(f)(i)(j)	Media & Entertainment	SF	+	6.3%			0.8%	03/28	$	8,429	8,429		8,476
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	(h)(i)(j)	Media & Entertainment	SF	+	6.3%			0.8%	03/28	$	4,401	4,401		4,425
Setna SPV I, Term Loan	(f)(j)	Transportation			5.9%				12/31	$	7,936	7,936		7,962
Setna SPV I, Term Loan	(h)(j)	Transportation			5.9%				12/31	$	119	119		120
SKP German Bank, ABF Equity	(f)(j)(k)	Financial Services								1,140,684		1,340		1,341
Slate Venture Holdings LP, ABF Equity	(f)(j)	Consumer Durables & Apparel								3,313,819		3,314		3,869
Slate Venture Holdings LP, Term Loan	(f)(j)	Consumer Durables & Apparel			10.8%	(0.0% PIK	/ 10.8% PIK)		08/29	$	2,777	2,777		2,777
Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver	(f)(j)	Materials	SF	+	4.8%			1.0%	01/28	$	11,896	11,817		12,015
Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver	(h)(j)	Materials	SF	+	4.8%			1.0%	01/28	$	3,226	3,226		3,258
TPSI Receivables LLC (Tropicana Products Inc), Revolver	(f)(j)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	01/29	$	20,243	20,243		20,292
TPSI Receivables LLC (Tropicana Products Inc), Revolver	(h)(j)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	01/29	$	4,697	4,697		4,708
Unison Trust 2025-1, ABS	(e)(f)(j)	Real Estate Management & Development			6.0%				07/55	$	10,199	9,378		9,581
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)	(f)(j)	Materials	SF	+	4.8%			1.0%	04/29	$	18,370	18,370		18,370
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)	(h)(j)	Materials	SF	+	4.8%			1.0%	04/29	$	8,630	8,630		8,630
Vietjet Aviation JSC, Term Loan	(f)(j)	Transportation			9.4%				03/37	$	5,759	5,759		5,890
Vietjet Aviation JSC, Term Loan	(f)(j)	Transportation			9.4%				12/37	$	6,098	6,098		6,236

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)


Portfolio Company(a)	Footnotes	Industry	Rate(b)			Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Vontive Mortgage Trust 2025-RTL1, ABS	(e)(f)(j)	Real Estate Management & Development			8.0%		03/30	$	585	$	585	$	592
Vontive Mortgage Trust 2025-RTL1, ABS	(e)(f)(j)	Real Estate Management & Development			9.5%		03/30	$	1,422	1,405		1,426
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	(f)(j)	Capital Goods	SF	+	5.5%	0.8%	10/28	$	12,960	12,919		12,993
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	(h)(j)	Capital Goods	SF	+	5.5%	0.8%	10/28	$	17,310	17,310		17,355
Total Asset Based Finance										422,573		431,543
Unfunded Commitments										(57,422)		(57,422)
Net Asset Based Finance										365,151		374,121
TOTAL INVESTMENTS—162.8%										$	1,521,693	1,536,368
LIABILITIES IN EXCESS OF OTHER ASSETS—(62.8)%												(592,751)
NET ASSETS—100.0%												$	943,617

Foreign currency forward contracts


Foreign Currency	Settlement Date	Counterparty	Amount and Transaction			US$ Value at Settlement Date		US$ Value at December 31, 2025		Unrealized Appreciation (Depreciation)
EUR	5/25/28	Goldman Sachs Bank USA	€	480	Sold	$	546	$	579	$	(33)
EUR	2/19/27	Goldman Sachs Bank USA	€	799	Sold	911		952		(41)
GBP	6/1/26	Goldman Sachs Bank USA	£	974	Sold	1,320		1,310		10
GBP	11/30/27	Goldman Sachs Bank USA	£	1,700	Sold	2,138		2,276		(138)
GBP	3/29/29	Goldman Sachs Bank USA	£	550	Sold	725		734		(9)
NOK	1/28/28	Goldman Sachs Bank USA	NOK	131,389	Sold	13,111		12,927		184
Total						$	18,751	$	18,778	$	(27)

________________

(a)Security may be an obligation of one or more entities affiliated with the named company.

(b)Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2025, the Secured Overnight Financing Rate, or SOFR or “SF”, was 3.65%, the Sterling Overnight Index Average, or SONIA or “SA”, was 3.72%, the Euro Interbank Offered Rate, or EURIBOR or “E”, was 2.03% and the Canadian Overnight Repo Rate Average, or CORRA or “C”, was 2.26%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the performance of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

(c)Denominated in U.S. dollars unless otherwise noted.

(d)See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

(e)Security is classified as Level 1 or Level 2 in the Company’s fair value hierarchy (see Note 8).

(f)Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 9).

(g)Security or portion thereof held within K-FITS Finance Eiffel-1 LLC and is pledged as collateral supporting the amounts outstanding under the K-FITS Eiffel-1 Credit Facility (see Note 9).

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

(h)Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.

(i)Position or portion thereof unsettled as of December 31, 2025.

(j)The investment, or portion of the investment is not a qualifying asset under the Investment Company Act of 1940, as amended. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, 70.9% of the Company’s total assets represented qualifying assets.

(k)Security is non-income producing.

(l)Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and is generally deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, the Company held investments in portfolio companies of which it may be deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company may be deemed to be an affiliated person as of December 31, 2025:


Portfolio Company	Fair Value at December 31, 2024		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2025		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
Asset Based Finance
Bond Aviation Holdings LLC, ABF Equity	$	—	$	49	$	—	$	—	$	1	$	50	$	—	$	—	$	—	$	—
Bond Aviation Holdings LLC, Term Loan	—		3,084		—		—		—		3,084		47		—		—		—
Bond Aviation Holdings LLC, Term Loan	—		444		—		—		—		444		12		—		—		—
Total	$	—	$	3,577	$	—	$	—	$	1	$	3,578	$	59	$	—	$	—	$	—

__________

(3)Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2025.

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust Select

Consolidated Schedule of Investments (continued)

As of December 31, 2025

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

(m)Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and is generally deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, the Company held investments in portfolio companies of which it may be deemed to be an “affiliated person” and may be deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company may be deemed to be an affiliated person and may be deemed to control as of December 31, 2025:


Portfolio Company	Fair Value at December 31, 2024		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2025		Interest Income(3)		Fee Income(3)		Dividend and Other Income(3)
Asset Based Finance
Discover Financial Services, ABF Equity	$	1,621	$	—	$	(275)	$	—	$	26	$	1,372	$	—	$	—	$	297
Discover Financial Services, Subordinated Loan	2,912		—		(543)		—		—		2,369		387		—		—
Galaxy Container, ABF Equity	—		147		—		—		—		147		—		—		—
KSC I Aircraft LP, ABF Equity	—		12,151		—		—		1		12,152		—		—		—
Sallie Mae Levered, ABF Equity	—		714		—		—		(34)		680		—		—		—
Sallie Mae Levered, Bond	—		2,699		—		—		—		2,699		—		—		—
Sallie Mae Levered, Term Loan	—		81		—		—		—		81		1		—		—
Total	$	4,533	$	15,792	$	(818)	$	—	$	(7)	$	19,500	$	388	$	—	$	297

__________

(3)Interest, PIK, fee and dividend and other income presented for the full year ended December 31, 2025.

See notes to unaudited consolidated financial statements.

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 1. Principal Business and Organization

KKR FS Income Trust Select, or the Company, is a specialty finance company, organized on April 19, 2023 as a Delaware statutory trust, that seeks to invest primarily in the debt securities of private middle market U.S. companies. The Company is externally managed by FS/KKR Advisor, LLC, or the Adviser, pursuant to an amended and restated investment advisory agreement, or the Advisory Agreement. The Adviser also performs, or oversees the performance of, the Company’s corporate operations and required administrative services pursuant to the terms of an administration agreement, or the Administration Agreement. The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation.

The Company is an externally managed, non-diversified, closed-end management investment company that, on February 20, 2024, elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company, or a RIC, under the Internal Revenue Code of 1986, as amended, or the Code.

The Company has various wholly-owned subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies. The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of June 30, 2026. All intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2025 included in the Company’s annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission, or the SEC. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The December 31, 2025 consolidated statement of assets and liabilities and consolidated schedule of investments are derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2025. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Company has evaluated the impact of subsequent events through the date the unaudited consolidated financial statements were issued and filed with the SEC.

Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Segment Reporting: In accordance with ASC Topic 280, Segment Reporting, or ASC 280, the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

Cash and Cash Equivalents: Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. All cash balances are maintained with high credit quality financial institutions, which are members of the Federal Deposit Insurance Corporation. The Company’s cash and cash equivalents are held with major financial institutions and generally may exceed federally insured limits.

Organizational and Offering: Upon the initial issuance of the Class S common shares of beneficial interest, or the Common Shares, or the Class S shares, to non-affiliated investors in the Company’s monthly closings for the Company’s continuous private offering of its Common Shares, or the Private Offering, in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended, or the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements

Table of Contents

KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 2. Summary of Significant Accounting Policies (continued)

of the Securities Act, which monthly closings commenced on March 28, 2024, organizational and offering costs are borne by the Company and expensed. These expenses consist primarily of legal fees, audit fees and other costs of organizing the Company. In no event will the Company bear in excess of $1.5 million in organizational expenses; the Adviser has agreed to be responsible for any organizational expenses in excess of $1.5 million.

Costs associated with the offering of Common Shares are capitalized as deferred offering expenses and included as prepaid and other assets on the consolidated statements of assets and liabilities and eligible to be amortized over a twelve-month period. As of June 30, 2026 and December 31, 2025, the Adviser has paid $3,804 and $3,471, respectively, in organizational and offering expenses, and are subject to reimbursement as described above.

Subordinated Income Incentive Fee: Pursuant to the terms of the Advisory Agreement, the Adviser may be entitled to receive a subordinated income incentive fee. The subordinated income incentive fee under the Advisory Agreement, which is calculated and payable quarterly in arrears commencing with the first full calendar quarter after the date of the Company’s election to be regulated as a BDC under the 1940 Act on February 20, 2024, or the BDC Election Date, equals 12.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter (or portion thereof with respect to the quarter in which the BDC Election Date occurs) and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.25% per quarter, or an annualized hurdle rate of 5.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.25%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 1.43%, or 5.72% annually, of net assets. Thereafter, the Adviser will be entitled to receive 12.5% of pre-incentive fee net investment income.

The Adviser agreed to waive the Company’s base management fee and subordinated income incentive fee through September 30, 2025.

Capital Gains Incentive Fee: Pursuant to the terms of the Advisory Agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement) commencing with the end of the first calendar year in which the BDC Election Date occurs. This fee equals 12.5% of the Company’s incentive fee capital gains, which equals the Company’s realized capital gains on a cumulative basis from the BDC Election Date, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the BDC Election Date, less the aggregate amount of any capital gains incentive fees previously paid by the Company. For purposes of calculating the incentive fee on capital gains under the Advisory Agreement, the cost basis for any investment as of the BDC Election Date will be deemed to be the most recently determined fair value for such investment as of the BDC Election Date, determined in accordance with the Adviser’s valuation policies and procedures. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.

The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company holds investments in certain preferred securities that accumulate paid-in-kind interest income, or PIK income, to be paid upon the redemption, liquidation or maturity of the underlying investment. Such PIK income is accumulated onto the principal balance of the respective security. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. When a PIK income-paying investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. Payments received on non-accrual investments may be recognized as income or applied to

Table of Contents

KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 2. Summary of Significant Accounting Policies (continued)

principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment.

Loan origination fees, original issue discount and market discount are capitalized and the Company accretes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the six months ended June 30, 2026 and 2025, the Company recognized $1,281 and $2,264, respectively, in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.

Derivative Instruments: The Company’s derivative instruments include foreign currency forward contracts which have not been designated as hedging instruments. The Company recognizes such derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Changes in fair value of such derivative contracts entered into by the Company are recognized through the net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized gains and losses on the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations.

Income Taxes: The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements and distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. As a RIC, the Company will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes to its shareholders. The Company intends to make distributions in an amount sufficient to qualify for and maintain its RIC status each year and to not pay any U.S. federal income taxes on income so distributed. The Company is also subject to nondeductible federal excise taxes if it does not distribute an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years.

Recent Accounting Pronouncements: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, or ASU 2024-03, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Note 3. Share Transactions

Below is a summary of transactions with respect to shares of the Company’s Common Shares during the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30,
	2026			2025
	Shares	Amount		Shares	Amount
Gross Proceeds from Offering	4,360,224	$	110,885	11,200,589	$	285,408
Reinvestment of Distributions	851,912	21,523		491,763	12,531
Share Repurchase Program	(1,594,424)	(39,890)		(75,550)	(1,887)
Net Proceeds from Share Transactions	3,617,712	$	92,518	11,616,802	$	296,052

Status of Continuous Private Offering

The Company is conducting the continuous Private Offering in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. In connection with the Private Offering, the Company has entered into, and expects to continue to enter into, subscription agreements with investors,

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Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 3. Share Transactions (continued)

each, a Subscription Agreement. An investor will make a capital contribution pursuant to such Subscription Agreement and will become a common shareholder in the Company bound by the terms of the Subscription Agreement and the Company’s organizational documents.

As of June 30, 2026, the Company has issued 42,373,919 Class S shares in the Private Offering for gross proceeds of $1,078,094, including Class S shares issued under its distribution reinvestment plan. Of the 42,373,919 Class S shares issued in the Private Offering, 2,393,528 shares were issued to investors with capital commitments to the Company in exchange for an aggregate of $60,000 in capital contributions. As of June 30, 2026, the Company had received capital commitments of $60,000 from investors in the Private Offering, all of which has been called for funding. The Company intends to continue selling Class S shares in the Private Offering on a monthly basis.

During the six months ended June 30, 2026 and 2025, the Company issued 5,212,136 and 11,692,352 Class S shares, respectively, for gross proceeds of $132,408 and $297,939, respectively, at an average price per share of $25.40 and $25.48, respectively. The gross proceeds received during the six months ended June 30, 2026 and 2025 include reinvested shareholder distributions of $21,523 and $12,531, respectively, for which the Company issued 851,912 and 491,763 Class S shares, respectively, under its distribution reinvestment plan.

During the period from July 1, 2026 to July 31, 2026, the Company issued 629,582 Class S shares for gross proceeds of $15,639 at an average price per share of $24.84. The gross proceeds received during the period from July 1, 2026 to July 31, 2026 include reinvested shareholder distributions of $3,597 for which the Company issued 144,799 Class S shares under its distribution reinvestment plan.

Discretionary Share Repurchase Program

Beginning with the quarter ended September 30, 2024, the Company commenced a discretionary share repurchase program in which it intends, subject to market conditions and the discretion of the Company’s Board of Trustees, or the Board, to offer to repurchase, in each quarter, up to 5% of the Common Shares outstanding (either by number of shares or aggregate net asset value, or NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of the Company’s shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Company’s discretionary share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, or the Valuation Date. If shareholders tender Common Shares in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common Shares, the Company may repurchase such Common Shares subject to an “early repurchase deduction” of 2% of the aggregate NAV of the Common Shares repurchased, or the Early Repurchase Deduction. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares. Common Shares that are issued pursuant to the distribution reinvestment plan, or DRP, and tendered will not be subject to the Early Repurchase Deduction. Common Shares repurchased will be treated as having been repurchased on a “first in-first out” basis for purposes of determining whether and to what extent the Early Repurchase Deduction is applicable. Therefore, the portion of Common Shares repurchased will be deemed to have been taken from the earliest Common Shares purchased by such shareholder for purposes of determining whether and to what extent the Early Repurchase Deduction is applicable, except that in all cases Common Shares issued pursuant to the DRP will be treated as having been repurchased first. This Early Repurchase Deduction will also generally apply to minimum account repurchases.

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Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 3. Share Transactions (continued)

arrangements) as approved by the Company; and/or submitted in connection with or by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. Shareholders should be aware that their financial intermediary’s operational systems may not support participation in a Company-approved discretionary transfer program or may impose additional or different requirements in connection with such requests.

As set forth above, the Company may waive the Early Repurchase Deduction in respect of a repurchase of Common Shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a shareholder who is a natural person, including Common Shares held by such shareholder through a trust or an individual retirement account or other retirement or profit-sharing plan, after (i) in the case of death, receiving written notice from the estate of the shareholder, the recipient of the Common Shares through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request repurchase on behalf of the trust, (ii) in the case of qualified disability, receiving written notice from such shareholder, provided that the condition causing the qualifying disability was not pre-existing on the date that the shareholder became a shareholder of the Company or (iii) in the case of divorce, receiving written notice from the shareholder of the divorce and the shareholder’s instructions to effect a transfer of the Common Shares (through the repurchase of the Common Shares by us and the subsequent purchase by the shareholder) to a different account held by the shareholder (including trust or an individual retirement account or other retirement or profit-sharing plan). The Company must receive the written repurchase request within 12 months after the death of the shareholder, the initial determination of the shareholder’s disability or divorce in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death, disability or divorce of a shareholder. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the shareholder. If spouses are joint registered holders of Common Shares, the request to have the Common Shares repurchased may be made if either of the registered holders dies or acquires a qualified disability. If the shareholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Early Repurchase Deduction upon death, disability or divorce does not apply.

The following table sets forth information regarding repurchases of Common Shares effectuated under the Company’s discretionary share repurchase program during the six months ended June 30, 2026:


Repurchase Date	Offer Date	Tender Offer Expiration	Purchase Price per Share	Common Shares Repurchased(1)	Aggregate Dollar Amount of Common Shares Accepted for Repurchase(1)
January 2, 2026	December 1, 2025	December 29, 2025	$25.58	243,832	$	6,197
April 1, 2026	March 2, 2026	March 30, 2026	$25.06	1,350,592	33,693
Total				1,594,424	$	39,890

________________

(1)Certain of the amounts herein have been rounded for convenience of presentation.

On June 1, 2026, the Company commenced a tender offer pursuant to which it offered to repurchase up to 2,030,181 Common Shares tendered prior to the offer expiring on June 29, 2026. During the period from July 1, 2026 to July 31, 2026, the Company repurchased 1,439,362 Common Shares that were validly tendered by shareholders at a purchase price of $24.84 per share for aggregate consideration, net of any applicable Early Repurchase Deduction, of $35,720.

Note 4. Related Party Transactions

Compensation of the Investment Adviser and its Affiliates

Pursuant to the Advisory Agreement, the Adviser is entitled to a base management fee calculated at an annual rate of 1.25% of the average monthly value of the Company’s net assets during the most recently completed quarter and an incentive fee based on the Company’s performance. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that the Adviser may be entitled to under the Advisory Agreement. The Adviser agreed to waive the base management fee and the subordinated income incentive fee under the Advisory Agreement through September 30, 2025. The Adviser elected to defer the payment by the Company of the October 2025 and November 2025 portions of the subordinated income incentive fee due from the Company to the Adviser under the Advisory Agreement for the quarter ended December 31, 2025. Such deferred portions of the subordinated income incentive fee will be deferred without interest and may be paid to the Adviser in any such month prior to the termination of the Advisory Agreement, as the Adviser may determine upon written notice to the Company. Such deferral will be construed as an Expense Payment (as defined below) under the Expense Support Agreement (as defined below), and payment of such deferred fees is subject to the requirements for reimbursement of an Expense Payment under the Expense Support Agreement.

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Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 4. Related Party Transactions (continued)

Pursuant to the Administration Agreement, the Adviser oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. The Adviser also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company’s shareholders and reports filed with the SEC. In addition, the Adviser assists the Company in calculating its NAV, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to the Company’s shareholders, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others.

Pursuant to the Administration Agreement, the Company reimburses the Adviser for expenses necessary to perform services related to its administration and operations, including the Adviser’s allocable portion of the compensation and related expenses of certain personnel of Franklin Square Holdings, L.P. (which does business as Future Standard), or Future Standard, and KKR Credit Advisers (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Adviser. The Company reimburses the Adviser no less than monthly for all costs and expenses incurred by the Adviser in performing its obligations and providing personnel and facilities under the Administration Agreement. The Adviser allocates the cost of such services to the Company based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. The Board reviews the methodology employed in determining how the expenses are allocated to the Company and the proposed allocation of administrative expenses among the Company and certain affiliates of the Adviser. The Board then assesses the reasonableness of such reimbursements for expenses allocated to the Company based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party service providers known to be available. In addition, the Board considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Board compares the total amount paid to the Adviser for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs.

Distribution/Servicing Fees

The Company has entered into a placement agent agreement, or a Placement Agent Agreement, and, together, the Placement Agent Agreements, with each of KKR Capital Markets LLC and FS Investment Solutions, LLC, the Company’s principal placement agents for the Private Offering and affiliates of the Adviser, or the Placement Agents, pursuant to which the Placement Agents have agreed to, among other things, manage the Company’s relationships with third-party brokers engaged by the Placement Agents to participate in the distribution of Common Shares, which are referred to as “participating brokers,” and financial advisors. The Placement Agents also coordinate the Company’s marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the Private Offering, the Company’s investment strategies, material aspects of the Company’s operations and subscription procedures.

Subject to any applicable Financial Industry Regulatory Authority, Inc., or FINRA, limitations on underwriting compensation, the Company is obligated to pay the Placement Agents a shareholder servicing and/or distribution fee, or the Distribution/Servicing Fees, for Class S shares equal to 0.85% per annum of the aggregate NAV, as of the beginning of the first calendar day of the applicable month, for the Class S shares. The annual Distribution/Servicing Fees are paid by the Company to the Placement Agents pursuant to the Company’s amended and restated distribution and servicing plan, or the Distribution and Servicing Plan.

The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of Distribution/Servicing Fees charged. The Distribution/Servicing Fees will be payable to the Placement Agents, but the Placement Agents anticipate that all or a portion of the Distribution/Servicing Fees will be retained by, or re-allowed (paid) to, eligible participating brokers and servicing broker-dealers for ongoing services performed by such broker-dealers. The Company may pay for expenses related to its distribution out of its own assets under the Distribution and Servicing Plan outside of the Distribution/Servicing Fees, including but not limited to, expenses associated with advertising, compensation of underwriters, dealers, and sales personnel, the printing and mailing of prospectuses to other than current shareholders, and the printing and mailing of sales literature, each as may be determined to be in the best interests of the Company.

All or a portion of the Distribution/Servicing Fees may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services that are not required to be paid pursuant to the shareholder servicing and/or distribution fees under applicable FINRA rules; however, the Company also may pay for these sub-transfer agency, sub-accounting and certain other administrative services outside of the Distribution/Servicing Fees and its Distribution and Servicing Plan. The total amount that will be paid over time for other underwriting compensation depends on the average length of time for which shares remain outstanding, the term over which such amount is measured and the performance of the Company’s investments. The Company will also pay or reimburse certain

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Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 4. Related Party Transactions (continued)

organizational and offering expenses, including, subject to FINRA limitations on underwriting compensation, certain wholesaling expenses.

The Board, including a majority of the members of the Board who are not “interested persons” (as defined in the 1940 Act) of the Company, or the Independent Trustees, have reviewed and approved the Placement Agent Agreements in accordance with Section 15(c) of the 1940 Act, and will annually review the Placement Agent Agreements and Distribution/Servicing Fees to determine that the provisions of the Placement Agent Agreements are carried out satisfactorily and to determine, among other things, whether the fees payable under such agreements are reasonable in light of the services provided and that there is a reasonable likelihood that the continuation of the plan for the Distribution/Servicing Fees will benefit the Company and its shareholders. The Board assesses the reasonableness of such fees based on the breadth, depth and quality of the distribution services to be provided to the Company, and reviews other information relating to the Placement Agents, such as their relationships with financial intermediaries and the adequacy of their compliance program.

The following table describes the fees and expenses accrued under the Advisory Agreement, the Administration Agreement and the Distribution and Servicing Plan (as defined herein), as applicable, during the three and six months ended June 30, 2026 and 2025:


Related Party			Three Months Ended June 30,				Six Months Ended June 30,
	Source Agreement	Description	2026		2025		2026		2025
The Adviser	Investment advisory agreement	Base Management Fee(1)	$	3,141	$	1,776	$	6,237	$	3,087
The Adviser	Investment advisory agreement	Capital Gains Incentive Fee(2)	$	—	$	170	$	(1,576)	$	489
The Adviser	Investment advisory agreement	Subordinated Income Incentive Fee(3)	$	2,775	$	1,858	$	5,468	$	3,423
The Adviser	Administration agreement	Administrative Services Expenses(4)	$	821	$	325	$	1,436	$	681

Placement Agents	Distribution and servicing plan	Distribution/Servicing Fees(5)	$	—	$	—	$	—	$	—

________________

(1)The Adviser agreed to waive all management fees accrued under the Advisory Agreement through September 30, 2025. As of June 30, 2026, $3,141 in management fees were payable to the Adviser.

(2)During the six months ended June 30, 2026 and 2025, the Company accrued capital gains incentive fees of $(1,576) and $489, respectively, based on the performance of its portfolio. As of June 30, 2026, the Company had no capital gains incentive fees payable. No capital gains incentive fees are actually payable by the Company with respect to unrealized gains unless and until those gains are actually realized. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees.

(3)The Adviser agreed to waive all subordinated income incentive fees accrued under the Advisory Agreement through September 30, 2025. As of June 30, 2026, $2,775 in subordinated income incentive fees were payable to the Adviser.

(4)During the six months ended June 30, 2026 and 2025, $1,300 and $621, respectively, of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $55 and $71 for the six months ended June 30, 2026 and 2025, respectively. The Company paid $825 and $463 in administrative services expenses to the Adviser during the six months ended June 30, 2026 and 2025, respectively.

(5)Represents the Distribution/Servicing Fees retained by the Placement Agents and not re-allowed to selected broker-dealers or financial representatives.

Potential Conflicts of Interest

The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. For example, the Adviser is the investment adviser to FS KKR Capital Corp. and KKR FS Income Trust, and the officers, managers and other personnel of the Adviser may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with Future Standard or KKR Credit. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company’s best interests or in the best interest of the Company’s shareholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.

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Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 4. Related Party Transactions (continued)

Affiliated Borrowing

The Company is permitted to borrow from an affiliate of the Adviser. Such borrowings do not accrue interest, are unsecured and repaid within 1-2 days. There were no borrowings outstanding under this arrangement during the periods presented.

Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.

In an order dated January 5, 2021, the SEC granted exemptive relief that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser or KKR Credit, with certain affiliates of the Adviser.

On June 11, 2026, the Company and the Adviser received an updated form of co-investment exemptive relief from the SEC, or the Co-Investment Exemptive Order, to allow certain managed funds and investment vehicles, each of whose investment adviser is the Adviser or an investment adviser controlling, controlled by or under common control with the Adviser, or other affiliated entities, to participate in negotiated co-investment transactions, including investments originated and directly negotiated by the Adviser or KKR Credit, where doing so is consistent with regulatory requirements and other pertinent factors, and pursuant to the conditions of the exemptive relief. The Co-Investment Exemptive Order supersedes the January 5, 2021 co-investment exemptive relief order and simplifies certain of the conditions and provide more flexibility than the prior order.

Capital Commitments

Affiliates of the Adviser committed to invest an aggregate of $35,000 in Common Shares, or the Seed Contribution, and will not transfer or otherwise dispose of their respective capital commitment or Common Shares without the Company’s prior written consent for a period ending on the third anniversary of the BDC Election Date.

As of June 30, 2026, the full $35,000 of capital commitments under the Seed Contribution had been called and funded.

As of June 30, 2026, an additional $25,000 of capital commitments from third-party private investors had been called and funded in connection with the Private Offering.

Expense Support and Conditional Reimbursement

The Company has entered into an amended and restated Expense Support and Conditional Reimbursement Agreement, or the Expense Support Agreement, with the Adviser. The Adviser may elect to pay certain of the Company’s expenses on its behalf, including, but not limited to, organizational and offering expenses and any of the Company’s expenses related to investor relations, outside legal counsel and other outside advisors and experts, finance, operations and administration, each, an Expense Payment, provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 90 days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess referred to as Excess Operating Funds), the Company will pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company are referred to as a Reimbursement Payment. Available Operating Funds means the sum of (i) the Company’s net investment income (excluding organizational and offering costs and extraordinary expenses, taxes (including excise tax) and accrued capital gains incentive fees on unrealized appreciation) and (ii) the Company’s net capital gains.

For the six months ended June 30, 2026 and the year ended December 31, 2025, the Adviser has agreed to pay $0 and $2,340, respectively, in Expense Payments, subject to reimbursement by the Company in accordance with the Expense Support Agreement. As

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Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 4. Related Party Transactions (continued)

of June 30, 2026, the conditions precedent to the Company’s obligation to reimburse the Adviser for such Expense Payments have not been met and management believes that reimbursement to the Adviser is not probable.

The following table reflects the amounts agreed to be paid by the Adviser and subject to reimbursement by the Company under the Expense Support Agreement and the expiration for future possible reimbursements by the Company as of June 30, 2026:

For the Three Months Ended

Amount

Expiration Date

June 30, 2024

347

June 30, 2027

September 30, 2024

662

September 30, 2027

December 31, 2024

1,206

December 31, 2027

March 31, 2025

895

March 31, 2028

June 30, 2025

—

June 30, 2028

September 30, 2025

—

September 30, 2028

December 31, 2025

1,445

December 31, 2028

March 31, 2026

—

March 31, 2029

June 30, 2026

—

June 30, 2029

Total

4,555

Note 5. Distributions

The following tables reflect the cash distributions per share that the Company has declared on its Common Shares during the six months ended June 30, 2026 and 2025:

For the Six Months Ended June 30, 2026

Date Declared

Distribution

Record Date

Payment Date

Distribution per Share

January 12, 2026

Regular

January 30, 2026

February 25, 2026

0.175

February 6, 2026

Regular

February 27, 2026

March 27, 2026

0.175

March 3, 2026

Regular

March 31, 2026

April 28, 2026

0.175

April 13, 2026

Regular

April 30, 2026

May 27, 2026

0.175

April 30, 2026

Regular

May 29, 2026

June 26, 2026

0.175

June 8, 2026

Regular

June 30, 2026

July 29, 2026

0.175

Total

1.050

For the Six Months Ended June 30, 2025

Date Declared

Distribution

Record Date

Payment Date

Distribution per Share

January 10, 2025

Regular

January 31, 2025

February 26, 2025

0.200

February 11, 2025

Regular

February 28, 2025

March 27, 2025

0.200

March 10, 2025

Regular

March 31, 2025

April 28, 2025

0.200

March 10, 2025

Special

March 31, 2025

April 28, 2025

0.080

April 14, 2025

Regular

April 30, 2025

May 28, 2025

0.200

May 9, 2025

Regular

May 30, 2025

June 26, 2025

0.200

June 6, 2025

Regular

June 30, 2025

July 29, 2025

0.200

Total

1.280

Subject to applicable legal restrictions and the sole discretion of the Company’s Board, the Company intends to declare and pay regular cash distributions on a monthly basis. From time to time, the Company may also declare and pay special interim distributions in the form of cash or shares of its Common Shares at the discretion of the Company’s Board. These distributions have been or will be paid monthly to shareholders of record as of monthly record dates previously determined by the Company’s Board. Shareholders receive the distribution payments in cash or in Common Shares in accordance with their election under the Company’s distribution reinvestment plan. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Company’s Board.

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Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 5. Distributions (continued)

The Company may fund its cash distributions to shareholders from any sources of funds legally available to it, including proceeds from the sale of Common Shares in the Private Offering, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital) will be mailed to the Company’s shareholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.

The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its Common Shares during the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30,
	2026				2025
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Offering proceeds	$	—	—		$	—	—
Borrowings	—		—		—		—
Net investment income(1)	33,663		80	%	25,905		100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—
Non-capital gains proceeds from the sale of assets	—		—		—		—
Distributions on account of preferred and common equity	—		—		—		—
Return of capital	8,232		20	%	—		—
Total	$	41,895	100	%	$	25,905	100	%

________________

(1)During the six months ended June 30, 2026 and 2025, 96.8% and 95.6%, respectively, of the Company’s gross investment income was attributable to cash income earned, 0.5% and 0.8%, respectively, was attributable to non-cash accretion of discount and 2.7% and 3.6%, respectively, was attributable to paid-in-kind, or PIK, interest.

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company’s distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV.

As of June 30, 2026 and December 31, 2025, the Company’s gross unrealized appreciation on a tax basis was $16,725 and $17,956, respectively. As of June 30, 2026 and December 31, 2025, the Company’s gross unrealized depreciation on a tax basis was $22,483 and $4,366, respectively.

The aggregate cost of the Company’s investments for U.S. federal income tax purposes totaled $1,559,370 and $1,520,898 as of June 30, 2026 and December 31, 2025, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $(5,823) and $15,470 as of June 30, 2026 and December 31, 2025, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from foreign currency forward contracts and foreign currency transactions. Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of June 30, 2026, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $3,832.

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 6. Investment Portfolio

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2026 and December 31, 2025:


	June 30, 2026 (Unaudited)						December 31, 2025
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	1,173,912	$	1,156,241	74.4	%	$	1,156,542	$	1,162,247	75.6	%


Subordinated Debt	1,032		1,032		0.1	%	—		—		—
Asset Based Finance	383,071		393,890		25.3	%	365,151		374,121		24.4	%
Equity/Other	2,384		2,384		0.2	%	—		—		—
Total	$	1,560,399	$	1,553,547	100.0	%	$	1,521,693	$	1,536,368	100.0	%

________________

(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

As of June 30, 2026, the Company held investments in one portfolio company of which it may be deemed to be an “affiliated person” but is not deemed to “control.” As of June 30, 2026, the Company held investments in six portfolio companies of which it may be deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (o) and (p) to the unaudited consolidated schedule of investments as of June 30, 2026.

As of December 31, 2025, the Company held investments in one portfolio company of which it may be deemed to be an “affiliated person” but was not deemed to “control.” As of December 31, 2025, the Company held investments in four portfolio companies of which it may be deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (l) and (m) to the consolidated schedule of investments as of December 31, 2025.

The Company’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of June 30, 2026, the Company had unfunded debt investments with aggregate unfunded commitments of $279,396 and unfunded equity/other commitments of $9,122. As of December 31, 2025, the Company had unfunded debt investments with aggregate unfunded commitments of $314,321 and unfunded equity/other commitments of $5,080. The Company maintains sufficient cash on hand and available capital in connection with undrawn commitments to fund such unfunded commitments should the need arise. For additional details regarding the Company’s unfunded debt investments, see the Company’s unaudited consolidated schedule of investments as of June 30, 2026 and the Company’s audited consolidated schedule of investments as of December 31, 2025.

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 6. Investment Portfolio (continued)

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2026 and December 31, 2025:


	June 30, 2026 (Unaudited)				December 31, 2025
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Automobiles & Components	$	5,545	0.4	%	$	5,230	0.3	%
Banks	35,281		2.3	%	38,764		2.5	%
Capital Goods	260,379		16.8	%	242,916		15.8	%
Commercial & Professional Services	115,520		7.4	%	121,571		7.9	%

Consumer Durables & Apparel	5,983		0.4	%	6,646		0.4	%
Consumer Services	91,892		5.9	%	88,795		5.8	%



Equity Real Estate Investment Trusts (REITs)	—		—		5,176		0.3	%
Financial Services	198,933		12.8	%	182,324		11.9	%
Food, Beverage & Tobacco	16,570		1.1	%	24,325		1.6	%
Health Care Equipment & Services	162,436		10.5	%	167,089		10.9	%
Household & Personal Products	—		—		3,742		0.3	%
Insurance	103,230		6.6	%	106,165		6.9	%
Materials	31,392		2.0	%	45,100		2.9	%
Media & Entertainment	31,282		2.0	%	32,490		2.1	%
Pharmaceuticals, Biotechnology & Life Sciences	14,692		0.9	%	12,627		0.8	%
Real Estate Management & Development	74,358		4.8	%	71,983		4.7	%

Software & Services	348,823		22.4	%	327,284		21.3	%
Technology Hardware & Equipment	1,062		0.1	%	1,318		0.1	%

Transportation	55,426		3.6	%	51,974		3.4	%
Utilities	743		0.0	%	849		0.1	%
Total	$	1,553,547	100.0	%	$	1,536,368	100.0	%

Note 7. Financial Instruments

The following is a summary of the fair value and location of the Company’s derivative instruments not designated as a qualifying hedge accounting relationship in the consolidated statements of assets and liabilities held as of June 30, 2026 and December 31, 2025:


Derivative Instrument	Statement Location	June 30, 2026 (Unaudited)		December 31, 2025
Foreign currency forward contracts	Unrealized appreciation on foreign currency forward contracts	$	6	$	194
Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts	(199)		(221)
Total		$	(193)	$	(27)

Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recorded by the Company for the six months ended June 30, 2026 and 2025 are in the following locations in the unaudited consolidated statements of operations:


		Six Months Ended June 30,
Derivative Instrument	Statement Location	2026		2025
Foreign currency forward contracts	Net realized gain (loss) on foreign currency forward contracts	$	(6)	$	(51)
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	(166)		(450)
Total		$	(172)	$	(501)

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 7. Financial Instruments (continued)

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated statements of assets and liabilities. The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2026 and December 31, 2025:


	As of June 30, 2026 (Unaudited)
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
Goldman Sachs Bank USA	$	6	$	(6)	$	—	$	—	$	—

Total	$	6	$	(6)	$	—	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged(1)		Cash Collateral Pledged(1)		Net Amount of Derivative Liabilities(3)
Goldman Sachs Bank USA	$	(199)	$	6	$	—	$	—	$	(193)

Total	$	(199)	$	6	$	—	$	—	$	(193)


	As of December 31, 2025
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
Goldman Sachs Bank USA	$	194	$	(194)	$	—	$	—	$	—

Total	$	194	$	(194)	$	—	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged(1)		Cash Collateral Pledged(1)		Net Amount of Derivative Liabilities(3)
Goldman Sachs Bank USA	$	(221)	$	194	$	—	$	—	$	(27)

Total	$	(221)	$	194	$	—	$	—	$	(27)

________________

(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Foreign Currency Forward Contracts

The Company may enter into foreign currency forward contracts from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts. The Company attempts to limit counterparty risk by only dealing with well-known counterparties.

The average notional balance of foreign currency forward contracts during the six months ended June 30, 2026 and 2025 were $18,483 and $4,908, respectively.

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 8. Fair Value of Financial Instruments

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or would pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.

Level 3: Inputs that are unobservable for an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of June 30, 2026 and December 31, 2025, the Company’s investments were categorized as follows in the fair value hierarchy:


Valuation Inputs	June 30, 2026 (Unaudited)		December 31, 2025
Level 1—Price quotations in active markets	$	—	$	—
Level 2—Significant other observable inputs	113,776		145,102
Level 3—Significant unobservable inputs	1,439,771		1,391,266
	$	1,553,547	$	1,536,368

As of June 30, 2026 and December 31, 2025, the Company had $9,425 and $7,834, respectively, of cash equivalents invested in money market funds which were categorized as Level 1 in the fair value hierarchy. In addition, the Company had foreign currency forward contracts, as described in Note 7, which were categorized as Level 2 in the fair value hierarchy as of June 30, 2026 and December 31, 2025.

The Board is responsible for overseeing the valuation of the Company’s portfolio investments at fair value as determined in good faith pursuant to the Adviser’s valuation policy. The Board has designated the Adviser as the Company’s valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser’s valuation policy.

The Company’s investments consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company’s equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if the Adviser determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, the Adviser typically values the Company’s other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by independent third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy.

The Adviser periodically benchmarks the bid and ask prices it receives from the third-party pricing services and/or dealers and independent valuation firms, as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 8. Fair Value of Financial Instruments (continued)

investments, the Adviser believes that these prices are reliable indicators of fair value. The Adviser reviewed and approved the valuation determinations made with respect to these investments in a manner consistent with the Adviser’s valuation policy.

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended June 30, 2026 and 2025:


	For the Six Months Ended June 30, 2026
	Senior Secured Loans—First Lien		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	1,089,801	$	—	$	301,465	$	—	$	1,391,266
Accretion of discount (amortization of premium)	342		—		707		—		1,049
Net realized gain (loss)	(4,342)		—		32		—		(4,310)
Net change in unrealized appreciation (depreciation)	(19,590)		—		(107)		—		(19,697)
Purchases	139,429		1,032		88,228		2,384		231,073
Paid-in-kind interest	977		—		950		—		1,927
Sales and repayments	(89,232)		—		(72,305)		—		(161,537)
Transfers into Level 3	—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—
Fair value at end of period	$	1,117,385	$	1,032	$	318,970	$	2,384	$	1,439,771
The amount of total gains or (losses) for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(19,968)	$	—	$	470	$	—	$	(19,498)


	For the Six Months Ended June 30, 2025
	Senior Secured Loans—First Lien		Asset Based Finance		Total
Fair value at beginning of period	$	385,040	$	33,348	$	418,388
Accretion of discount (amortization of premium)	153		89		242
Net realized gain (loss)	(133)		(49)		(182)
Net change in unrealized appreciation (depreciation)	2,994		2,295		5,289
Purchases	308,997		98,505		407,502
Paid-in-kind interest	717		393		1,110
Sales and repayments	(21,209)		(18,056)		(39,265)
Transfers into Level 3	—		—		—
Transfers out of Level 3	—		—		—
Fair value at end of period	$	676,559	$	116,525	$	793,084
The amount of total gains or (losses) for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	3,033	$	2,295	$	5,328

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 8. Fair Value of Financial Instruments (continued)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2026 and December 31, 2025 were as follows:

Type of Investment

Fair Value at June 30, 2026

(Unaudited)

Valuation
Technique

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(1)

Senior Debt

1,088,971

Discounted Cash Flow

Discount Rate

4.3% - 15.6% (9.2%)

Decrease

11,178

Waterfall

EBITDA Multiple

6.7x - 16.7x (12.0x)

Increase

17,236

Cost(2)

Subordinated Debt

1,032

Waterfall

EBITDA Multiple

7.2x - 7.2x (7.2x)

Increase

Asset Based Finance

307,086

Discounted Cash Flow

Discount Rate

6.1% - 18.4% (11.0%)

Decrease

5,901

Cost(2)

5,983

Other(3)

Equity/Other

2,384

Waterfall

EBITDA Multiple

7.2x - 7.2x (7.2x)

Increase

Total

1,439,771

Type of Investment

Fair Value at December 31, 2025

Valuation
Technique

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(1)

Senior Debt

992,515

Discounted Cash Flow

Discount Rate

4.6% - 12.7% (8.4%)

Decrease

97,286

Cost(2)

Asset Based Finance

151,963

Discounted Cash Flow

Discount Rate

4.7% - 16.0% (9.2%)

Decrease

80,653

Cost(2)

68,849

Other(3)

Total

1,391,266

________________

(1)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(2)Fair value was determined based on recent transaction pricing with no material changes in operations of the related portfolio company since the transaction date.

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

Note 9. Financing Arrangements

In accordance with the 1940 Act, the Company is allowed to borrow amounts such that its asset coverage, as calculated pursuant to the 1940 Act, equals at least 150% after such borrowing. As of June 30, 2026, the aggregate amount outstanding of the senior securities issued by the Company was $572,938. As of June 30, 2026, the Company’s asset coverage was 276%.

The following tables present summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2026 and December 31, 2025. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2025. See Note 9 to the financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for a description of amendments or other changes to the financing arrangements during the three months ended March 31, 2026. Any significant changes to the Company’s financing arrangements during the three months ended June 30, 2026 are discussed below.

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 9. Financing Arrangements (continued)

As of June 30, 2026 (Unaudited)

Arrangement

Type of Arrangement

Rate

Amount
Outstanding

Amount
Available

Maturity Date

Senior Secured Revolving Credit Facility(1)

Revolving Credit Facility

SOFR+2.125%(2)

123,438

(3)

201,562

July 2, 2029

K-FITS Eiffel-1 Credit Facility(1)

Revolving Credit Facility

SOFR+1.95%(4)

349,000

251,000

September 19, 2030

K-FITS Mount Royal Credit Facility(1)

Revolving Credit Facility

SOFR+1.60%(5)

100,500

299,500

February 13, 2031

Total

572,938

752,062

________________

(1)The carrying amount outstanding under the facility approximates its fair value.

(2)The benchmark rate is subject to a 0% floor.

(3)Amount includes borrowings in Euros and British pounds. Euro balance outstanding of €45,000 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.14 as of June 30, 2026. British pound balance outstanding of £35,500 has been converted to U.S. dollars at an exchange rate of £1.00 to $1.33 as of June 30, 2026 to reflect total amount outstanding in U.S. dollars.

(4)The benchmark is determined by reference to the currency advanced, and the applicable margin is determined by the currency advanced. During the reinvestment period, the applicable margin can range from 1.95% to 2.15%; following the reinvestment period, each applicable margin increases by 0.50%.

(5)The benchmark is determined by reference to the currency advanced and is subject to a 0% floor. During the reinvestment period, the applicable margin is 1.60%; following the reinvestment period, the applicable margin increases by 0.25%.


	As of December 31, 2025
Arrangement	Type of Arrangement	Rate	Amount Outstanding			Amount Available		Maturity Date
Senior Secured Revolving Credit Facility(1)	Revolving Credit Facility	SOFR+2.125%(2)	$	246,562	(3)	$	78,438	July 2, 2029
K-FITS Eiffel-1 Credit Facility(1)	Revolving Credit Facility	SOFR+1.95%(4)	357,500			42,500		September 19, 2030
Total			$	604,062		$	120,938

________________

(1)The carrying amount outstanding under the facility approximates its fair value.

(2)The benchmark rate is subject to a 0% floor.

(3)Amount includes borrowings in Euros and British pounds. Euro balance outstanding of €46,450 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.17 as of December 31, 2025. British pound balance outstanding of £35,000 has been converted to U.S. dollars at an exchange rate of £1.00 to $1.34 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars.

For the six months ended June 30, 2026 and 2025, the components of total interest expense for the Company’s financing arrangements were as follows:


	Six Months Ended June 30,
	2026						2025
Arrangement(1)	Direct Interest Expense(2)		Amortization of Deferred Financing Costs		Total Interest Expense		Direct Interest Expense		Amortization of Deferred Financing Costs		Total Interest Expense
Senior Secured Revolving Credit Facility	$	4,229	$	288	$	4,517	$	1,948	$	177	$	2,125
K-FITS Eiffel-1 Credit Facility	10,355		376		10,731		3,658		204		3,862
K-FITS Mount Royal Credit Facility	2,639		254		2,893		—		—		—
Total	$	17,223	$	918	$	18,141	$	5,606	$	381	$	5,987

________________

(1)Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2)Direct interest expense includes the effect of non-usage fees.

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 9. Financing Arrangements (continued)

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2026 were $593,236 and 5.81%, respectively. As of June 30, 2026, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.95%.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2025 were $158,698 and 7.07%, respectively. As of June 30, 2025, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 6.88%.

Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of June 30, 2026.

K-FITS Eiffel-1 Credit Facility

On May 14, 2026, the Company and K-FITS Finance Eiffel-1 LLC, or Eiffel-1, a wholly-owned, special purpose financing subsidiary of the Company, entered into a Second Amendment to Revolving Credit and Security Agreement, or the Second Amendment, which amends the Revolving Credit and Security Agreement, originally dated as of December 23, 2024, by and among Eiffel-1, as borrower, the Company, as equityholder and as servicer, BNP Paribas, as administrative agent, each of the lenders from time to time party thereto, and Computershare Trust Company, N.A., as collateral agent. The Second Amendment provides for, among other things, a maximum facility amount increase from $400,000 to $600,000.

Note 10. Commitments and Contingencies

On May 9, 2024, and as amended on March 24, 2025, the Company entered into a facility agreement, or the Cliffwater Facility Agreement, with Cliffwater Corporate Lending Fund, or Cliffwater, and CCLF Holdings (D34) LLC, or the Financing Provider, each an unaffiliated third party, to acquire portfolio investments from time to time by purchasing all or a portion of certain investments owned and held by the Financing Provider at the Company’s or the Financing Provider’s request pursuant to the terms and provisions of the Cliffwater Facility Agreement, or the Warehousing Transaction. The Cliffwater Facility Agreement creates a forward obligation of the Financing Provider to sell, and a forward obligation of the Company or its designee to purchase, all or a portion of certain investments owned and held by the Financing Provider at the Company’s or Cliffwater’s request pursuant to the terms and conditions of the Cliffwater Facility Agreement. Prior to the date on which (i) an insolvency proceeding is commenced by the Company or (ii) an insolvency proceeding is commenced against the Company and is not dismissed or stayed within 60 days, the Company’s obligation to purchase such investments is conditional upon satisfying certain conditions, including that the Company has called and received cash funding from subscriptions in an aggregate amount of at least $700 million, such condition, the Capital Condition.

During the six months ended June 30, 2026, the Company purchased investments, including unfunded commitments, with a cost of $7,852 from the Financing Provider. As of June 30, 2026, $5,317 of these purchases from the Financing Provider are included in payable for investments purchased in the unaudited consolidated statement of assets and liabilities. For the period from July 1, 2026 through July 31, 2026, there were no investments purchased by the Company from the Financing Provider.

As of June 30, 2026, the conditions precedent to the Company’s obligation to purchase any additional investments from the Financing Provider had not been met. The Company did not hold any beneficial interest in the warehouse.

The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Adviser has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.

The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 10. Commitments and Contingencies (continued)

Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated statements of assets and liabilities. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of June 30, 2026, the Company’s unfunded commitments consisted of the following:


Category / Company(1)	Commitment Amount
Senior Secured Loans—First Lien
AGS Health LLC	$	357
AGS Health LLC	1,007
A-Lign Assurance LLC	1,964
A-Lign Assurance LLC	938
Arcfield Acquisition Corp	1,943
Atwell LLC	488
Avetta LLC	501
Avetta LLC	236
Avetta LLC	1,032
BGB Group LLC	1,045
BGB Group LLC	1,959
Bonterra LLC	2,662
Cadence Education LLC	353
Cadence Education LLC	2,524
Cambrex Corp	1,154
Carrier Fire Protection	201
Carrier Fire Protection	414
Carrier Fire Protection	8
Circana Group (f.k.a. NPD Group)	790
Clarience Technologies LLC	2,462
Clarience Technologies LLC	5,445
CLEAResult Consulting Inc	1,496
CLEAResult Consulting Inc	1,766
Clearwater Analytics LLC	1,690
Clearwater Analytics LLC	1,101
ClubCorp Club Operations Inc	555
ClubCorp Club Operations Inc	832
Com Laude Group Ltd	2,547
Com Laude Group Ltd	1,024
Community Brands Inc	739
Conservice LLC	1,402
CSafe Global	298
Dental365 LLC	1,961
Dental365 LLC	789
DuBois Chemicals Inc	1,888
Eagle Railcar Services Roscoe Inc	1,988
Eagle Railcar Services Roscoe Inc	2,209
Flexera Software LLC	1,807
Follett Software Co	1,018
Frontline Road Safety LLC	3,013
Galway Partners Holdings LLC	626
GE Vernova Electrification Software LLC	1,826
Higginbotham Insurance Agency Inc	1,160
Homrich & Berg Inc	691
Homrich & Berg Inc	5,640

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 10. Commitments and Contingencies (continued)


Category / Company(1)	Commitment Amount
Horizon CTS Buyer LLC	$	1,986
Horizon CTS Buyer LLC	1,243
Inhabit IQ	1,311
Inhabit IQ	820
Insightsoftware.Com Inc	2,378
Insightsoftware.Com Inc	0
Integrated Power Services LLC	1,384
Integrated Power Services LLC	2,624
Integrity Marketing Group LLC	5
Integrity Marketing Group LLC	4
J S Held LLC	1,357
J S Held LLC	878
Jeppesen Holdings LLC	671
Keystone Agency Partners LLC	5,228
Keystone Agency Partners LLC	1,092
Learning Experience Corp/The	685
Legends Hospitality LLC	1,291
Likewize Corp	3,774
MAI Capital Management LLC	1,684
MAI Capital Management LLC	1,269
MAI Capital Management LLC	928
MB2 Dental Solutions LLC	929
Med-Metrix	6,165
Med-Metrix	2,637
Mercer Advisors Inc	7,368
Mercer Advisors Inc	235
Model N Inc	1,256
NAVEX Global Inc	183
NAVEX Global Inc	3,857
NEFCO Corp	1,985
NEFCO Corp	596
NeoGov Newt Holdco Inc	340
NeoGov Newt Holdco Inc	643
NeoGov Newt Holdco Inc	1,074
Netsmart Technologies Inc	2,908
Netsmart Technologies Inc	2,959
OEConnection LLC	4,231
OEConnection LLC	1,091
Orion Services Group	791
Pavement Preservation Group Inc	321
PCI Pharma Services	11,702
PCI Pharma Services	3,347
Pike Corp	2,712
Pike Corp	1,813
Premise Health Holding Corp	221
Premise Health Holding Corp	378
PROS Holdings Inc	515
PSC Group	53
Radwell International LLC	1,012
Railpros Inc	108
Railpros Inc	151

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 10. Commitments and Contingencies (continued)


Category / Company(1)	Commitment Amount
Resa Power LLC	$	1,768
Resa Power LLC	1,501
Revere Superior Holdings Inc	643
Rialto Capital Management LLC	511
Rockefeller Capital Management LP	2,400
SAMBA Safety Inc	360
SAMBA Safety Inc	252
Schellman Inc	663
Schellman Inc	995
Service Express Inc	2,920
Service Express Inc	2,619
Service Logic LLC	2,657
Service Logic LLC	870
Sphera Solutions Inc	5,156
Sphera Solutions Inc	2,302
Spins LLC	772
Spotless Brands LLC	820
Spotless Brands LLC	1,568
SureScripts LLC	3,755
Trackunit ApS	1,511
Trackunit ApS	3,022
Turnpoint Services Inc	343
USIC Holdings Inc	133
USIC Holdings Inc	204
Veriforce LLC	468
Veriforce LLC	259
Veriforce LLC	12,450
Vermont Information Processing Inc	2,763
Vermont Information Processing Inc	691
VetCor Professional Practices LLC	74
Vitu	2,613
Wealth Enhancement Group LLC	192
Wealth Enhancement Group LLC	360
Wealth Enhancement Group LLC	999
WebPros Holding Sarl	2,128
Wedgewood Weddings	2,879
Wedgewood Weddings	2,894
West Star Aviation Inc	1,938
West Star Aviation Inc	798
Woolpert Inc	2,917
Xylem Kendall	3,532
Xylem Kendall	164
Asset Based Finance
Bond Aviation Holdings LLC, Term Loan	4,675
Bond Aviation Holdings LLC, Term Loan	3,331
Cast & Crew LLC, Revolver	3,028
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver	788
Philippine Airlines 777, Term Loan	1,887
Philippine Airlines 777, Term Loan	1,887
Sallie Mae Levered, Term Loan	28
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	3,939

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 10. Commitments and Contingencies (continued)


Category / Company(1)	Commitment Amount
Setna SPV I, Term Loan	$	119
Sotheby's, Revolver	9,135
TPSI Receivables LLC (Tropicana Products Inc), Revolver	2,895
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)	6,208
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	7,870
Total	$	279,396
Unfunded Equity/Other commitments	$	9,122

____________________

(1)May be commitments to one or more entities affiliated with the named company.

As of June 30, 2026, the Company’s debt commitments are comprised of $129,610 revolving credit facilities and $149,786 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $(3,116). The Company’s unfunded Equity/Other commitments generally require certain conditions to be met or actual approval from the Adviser prior to funding.

While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so.

In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company had no such guarantees outstanding at June 30, 2026 and December 31, 2025.

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 11. Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30,
	2026			2025
Per Share Data:
Net asset value, beginning of period	$	25.58		$	25.40
Results of operations
Net investment income (loss)(1)	0.90			1.23
Net realized gain (loss) and unrealized appreciation (depreciation)(2)	(0.59)			0.20
Net increase (decrease) in net assets resulting from operations	0.31			1.43
Shareholder distributions(3)
Distributions from net investment income	(0.84)			(1.28)
Return of capital	(0.21)			—
Net decrease in net assets resulting from shareholder distributions	(1.05)			(1.28)
Capital share transactions
Issuance of Common Shares(4)	—			—
Net increase (decrease) in net assets resulting from capital share transactions	—			—
Net asset value, end of period	$	24.84		$	25.55
Shares outstanding, end of period	40,509,275			25,684,995
Total return based on net asset value(5)	1.23		%	5.75		%
Ratio/Supplemental Data:
Net assets, end of period	$	1,006,058		$	656,310
Ratio of net investment income to average net assets(6)	6.98		%	9.75		%

Ratio of total operating expenses to average net assets(6)	7.26		%	6.39		%
Ratio of waived expenses to average net assets(6)	—			(2.86)		%
Ratio of net operating expenses to average net assets(6)	7.26		%	3.53		%
Portfolio turnover(7)	12.55		%	6.84		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	572,938		$	216,611
Asset coverage per unit(8)	2.76			4.03

____________________

(1)The per share data was derived by using the weighted average shares outstanding during the applicable period.

(2)The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s Common Shares in relation to fluctuating market values for the portfolio.

(3)The per share data for distributions reflect the actual amount of distributions declared per share during the applicable period.

(4)The issuance of Common Shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Shares in connection with the Seed Contribution. The issuance of Common Shares at a price that is less than the net asset value per share results in a decrease in net asset value per share.

(5)The total return based on NAV for each period presented was calculated based on the change in NAV per share during the applicable period, assuming the reinvestment of all distributions that were declared during the period at the Company’s most recent available NAV per share for such shares at the time the distribution was payable. Total return based on NAV does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of Common Shares. The historical calculation of total return based on NAV in the table should not be considered a representation of the Company’s future total return based on NAV, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to shareholders.

(6)Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2026 and 2025 are annualized, with the exception of capital gains incentive fees. Annualized ratios for the six months ended June 30, 2026 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2026. The following is a schedule of supplemental ratios for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30,
	2026		2025

Ratio of accrued capital gains incentive fees to average net assets	(0.16)	%	0.09	%

Ratio of interest expense to average net assets	3.61	%	2.31	%

(7)Portfolio turnover for the six months ended June 30, 2026 and 2025 are not annualized.

(8)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.

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KKR FS Income Trust Select

Notes to Unaudited Consolidated Financial Statements (continued)

(dollar amounts in thousands, except per share amounts, unless otherwise noted)

Note 12. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, long-term capital appreciation. The chief operating decision maker, or CODM, is comprised of the Company’s chief executive officer and chief investment officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in shareholders’ equity resulting from operations, or net income. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s shareholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations.

Note 13. Subsequent Events

Distributions

On July 9, 2026, the Board declared a distribution of $0.175 per Common Share, payable on or about August 27, 2026 to shareholders of record as of the close of business on July 31, 2026. Additionally, on July 30, 2026, the Board declared a distribution of $0.175 per Common Share, payable on or about September 28, 2026 to shareholders of record as of the close of business on August 31, 2026. Shareholders may receive the distribution payments in cash or in Common Shares in accordance with their election under the Company’s distribution reinvestment plan. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Board of Trustees.

Private Offering Closings

On July 1, 2026, the Company issued and sold 484,783 Common Shares in the Private Offering (with the final number of Common Shares issued being determined on July 21, 2026) pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $12,042.

On August 3, 2026, the Company issued and sold Common Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of approximately $6,053. The final number of Common Shares issued as of August 3, 2026 in connection with the monthly closing will be determined at a later date in connection with the Company’s determination of its net asset value per Common Share as of July 31, 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(dollar amounts in thousands, except per share amounts)

All dollar amounts (except per share amounts) in this Management’s Discussion and Analysis of Financial Condition and Results of Operations are presented in thousands unless otherwise noted.

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, “we,” “us,” “our” and the “Company” refer to KKR FS Income Trust Select and the “Adviser” refers to FS/KKR Advisor, LLC.

Forward-Looking Statements

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:

•our future operating results;

•our business prospects and the prospects of the companies in which we may invest;

•the impact of the investments that we expect to make;

•the ability of our portfolio companies to achieve their objectives;

•our current and expected financings and investments;

•the impact of changing interest rate and inflation levels, and their impact on our portfolio companies and on the industries in which we invest;

•the adequacy of our cash resources, financing sources and working capital;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with the other funds managed by the Adviser, Future Standard, KKR Credit or any of their respective affiliates;

•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•our use of financial leverage;

•the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

•our ability to maintain our qualification as a RIC and as a BDC;

•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•the effect of changes to tax legislation on us and the portfolio companies in which we may invest and our and their tax position; and

•the tax status of the enterprises in which we may invest.

Words such as “anticipate,” “believe,” “expect,” “intend,” “project” and “future” or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q are not guarantees of future performance or events and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause our actual results or future events to differ materially from those expressed or forecasted in the forward-looking statements for any reason, including those factors set forth in “Item 1A. Risk Factors,” in the Company’s annual report on Form 10-K and subsequent filings. Factors that could cause actual results or future events to differ materially include changes relating to those set forth above and the following, among others:

•changes in the economy;

•geo-political risks;

•risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters or pandemics; and

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•future changes in laws or regulations and conditions in our operating areas.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report on Form 10-Q. Shareholders should not place undue reliance on these forward-looking statements. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Shareholders are advised to consult any additional disclosures that we may make directly to shareholders or through reports that we may file in the future with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements and projections contained in this quarterly report on Form 10-Q are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act.

Overview

We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on April 19, 2023, we are externally managed by the Adviser, which manages our day-to-day operations and provides us with investment advisory and administrative services pursuant to the terms of the Advisory Agreement and the Administration Agreement. The Adviser is registered as an investment adviser with the SEC. We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code. We commenced operations concurrent with the initial closing on the Seed Contribution on February 27, 2024.

The Adviser oversees (subject to the oversight of the Board, a majority of whom are not “interested persons,” as defined in Section 2(a)(19) of the 1940 Act) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Advisory Agreement. Under the Advisory Agreement, we have agreed to pay the Adviser an annual management fee, or the Base Management Fee, as well as an incentive fee, or the Incentive Fee, based on our investment performance.

We are conducting the continuous Private Offering of our Common Shares in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act.

Investments

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by:

•utilizing the experience and expertise of the management team of the Adviser;

•employing a defensive investment approach focused on long-term credit performance and preservation of principal;

•focusing primarily on debt investments in a broad array of private U.S. companies, including middle-market companies, which we define as companies with annual EBITDA of $50 million to $150 million at the time of investment;

•investing primarily in established, stable enterprises with positive cash flows; and

•maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio, such as an event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company.

We pursue our investment objective by investing primarily in the debt of private middle market U.S. companies with a focus on originated transactions sourced through the network of the Adviser and its affiliates. We define direct originations as any investment where our investment adviser or its affiliates had negotiated the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These directly originated transactions include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions.

See “Item 1. Business—Investment Objectives and Strategy” in the annual report on Form 10-K for the year ended December 31, 2025 filed with the SEC for more information.

Revenues

The principal measure of our financial performance is net change in net assets resulting from operations, which includes net investment income, net realized gain or loss on investments, net realized gain or loss on foreign currency, net unrealized appreciation or depreciation on investments and net unrealized gain or loss on foreign currency. Net investment income is the difference between

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our income from interest, dividends, fees and other investment income and our operating and other expenses. Net realized gain or loss on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost, including the respective realized gain or loss on foreign currency for those foreign-denominated investment transactions. Net realized gain or loss on foreign currency is the portion of realized gain or loss attributable to foreign currency fluctuations. Net unrealized appreciation or depreciation on investments is the net change in the fair value of our investment portfolio, including the respective unrealized gain or loss on foreign currency for those foreign-denominated investments. Net unrealized gain or loss on foreign currency is the net change in the value of receivables or accruals due to the impact of foreign currency fluctuations.

We principally generate revenues in the form of interest income on the debt investments and asset-based finance investments, or ABF Investments, we hold, as well as dividends and other distributions on the equity or other securities we hold. In addition, we generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, monitoring fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees.

Expenses

Our primary operating expenses include the payment of management and incentive fees and other expenses under the Advisory Agreement and the Administration Agreement, interest expense from financing arrangements and other indebtedness, and other expenses necessary for our operations. The management and incentive fees compensate the Adviser for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments.

The Adviser oversees our day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. The Adviser also performs, or oversees the performance of, our corporate operations and required administrative services, which includes being responsible for the financial records that we are required to maintain and preparing reports for our shareholders and reports filed with the SEC. In addition, the Adviser assists us in calculating our NAV, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to our shareholders, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others.

Pursuant to the Administration Agreement, we reimburse the Adviser for expenses necessary to perform services related to our administration and operations, including the Adviser’s allocable portion of the compensation and related expenses of certain personnel of Future Standard and KKR Credit providing administrative services to us on behalf of the Adviser. We reimburse the Adviser no less than monthly for all costs and expenses incurred by the Adviser in performing its obligations and providing personnel and facilities under the Administration Agreement. The Adviser allocates the cost of such services to us based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. The Board reviews the methodology employed in determining how the expenses are allocated to us and the proposed allocation of administrative expenses among us and certain affiliates of the Adviser. The Board then assesses the reasonableness of such reimbursements for expenses allocated to us based on the breadth, depth and quality of such services as compared to the estimated cost to us of obtaining similar services from third-party service providers known to be available. In addition, the Board considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Board compares the total amount paid to the Adviser for such services as a percentage of our net assets to the same ratio as reported by other comparable BDCs.

Except as provided in the Administration Agreement and the Advisory Agreement, we bear all expenses of our operations and transactions, including all other expenses incurred by the Adviser in performing services for us and administrative personnel paid by the Adviser, subject to the limitations included in the Advisory Agreement and the Administration Agreement. See Note 4 to our unaudited consolidated financial statements included herein for more information regarding the expenses borne by us and, thus, our shareholders.

In addition, we have contracted with State Street Bank and Trust Company to provide various accounting and administrative services, including, but not limited to, preparing preliminary financial information for review by the Adviser, preparing and monitoring expense budgets, maintaining accounting and corporate books and records, processing trade information provided by us and performing testing with respect to RIC compliance. We pay State Street Bank and Trust Company directly for the costs of such services.

The Adviser has agreed to advance all of our organizational and offering expenses on our behalf (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between our systems and those of our participating brokers, reasonable bona fide due diligence expenses of participating brokers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of our transfer agent, fees to attend retail seminars sponsored by participating brokers and costs, expenses and reimbursements for travel (provided that we will not be required to bear the cost of private airfare in excess of comparable first-class/business rates on a commercial airline, if available), meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, brokers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution fee) through a date determined by

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the Adviser in its discretion. As of June 30, 2026, we had incurred organizational and offering expenses of $760 and $3,044, respectively, which expenses the Adviser elected to cover pursuant to the Expense Support Agreement, subject to reimbursement by us pursuant to its terms. See “Expense Support and Conditional Reimbursement” below for more information. In no event will we bear in excess of $1.5 million in organizational expenses; the Adviser has agreed to be responsible for any organizational expenses in excess of $1.5 million.

From time to time, the Adviser or its affiliates may pay third-party providers of goods or services. We will reimburse the Adviser or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

Expense Support and Conditional Reimbursement

We have entered into the Expense Support Agreement with the Adviser. The Adviser may elect to pay certain of our expenses on our behalf, including, but not limited to, organizational and offering expenses and any of our expenses related to investor relations, outside legal counsel and other outside advisors and experts, finance, operations and administration, each, an Expense Payment, provided that no portion of the payment will be used to pay any of our interest expense or distribution and/or shareholder servicing fees. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to us in any combination of cash or other immediately available funds no later than 90 days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates. See Note 4 to our unaudited consolidated financial statements included herein for more information regarding the Expense Support Agreement.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to our shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess referred to as Excess Operating Funds), we will pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to us within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by us are referred to as a Reimbursement Payment. Available Operating Funds means the sum of (i) our net investment income (excluding organizational and offering costs and extraordinary expenses, taxes (including excise tax) and accrued capital gains incentive fees on unrealized appreciation) and (ii) our net capital gains.

For the six months ended June 30, 2026 and the year ended December 31, 2025, the Adviser has agreed to pay $0 and $2,340, respectively, in Expense Payments, subject to reimbursement by us in accordance with the Expense Support Agreement.

Fees and Expenses

The following table illustrates the aggregate fees and expenses that we expect to incur and that shareholders can expect to bear, either directly or indirectly, during the following twelve months.


Shareholder transaction expenses (fees paid directly from shareholder investment)
Maximum sales load imposed on purchases(1)	3.00	%
Maximum Early Repurchase Deduction(2)	2.00	%
Annual operating expenses (as a percentage of average net assets attributable to shares)(3)
Base Management Fee(4)	1.25	%
Incentive fees payable under our investment advisory agreement(5)	—
Interest payments on borrowed funds(6)	4.53	%
Distribution/Servicing Fees(7)	0.85	%
Organizational and offering costs(8)	—
Other expenses(9)	0.59	%
Total annual expenses	7.22	%

_______________

(1)If Class S shares are purchased through certain financial intermediaries, they may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine. Class S shares will be subject to a maximum sales load of up to 3.0% of the offering price, or may forgo a sales load in favor of a brokerage commission imposed by a selling agent. Certain participating broker-dealers in the Private Offering may offer Class S shares subject to a placement agent fee of 0.50% of the offering price, and up to 1.5%, provided that the sum of the sales load and placement agent fee will not exceed 3.5% of the offering price. Investors should consult with their selling agents about the upfront placement fees or brokerage commissions and any additional fees or charges their selling agents might impose.

(2)Under our discretionary share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, or the last

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Valuation Date. If Common Shares are tendered in a tender offer with a Valuation Date that is within the 12-month period following the initial date of the tendered Common Shares, we may repurchase such Common Shares subject to a deduction of 2% of the aggregate NAV of the Common Shares repurchased. We refer to this as the Early Repurchase Deduction. The Early Repurchase Deduction may be waived, at the Company’s discretion, in respect of any repurchase request arising from, or in connection with, the following circumstances: (i) arising from the death or qualified disability or divorce of the shareholder; (ii) in the event that a shareholder’s Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; (iii) due to trade or operational error; (iv) submitted in connection with discretionary transfer programs (and similar arrangements) as approved by the Company; and/or (v) submitted in connection with or by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares.

(3)Amount assumes that we sell $120.0 million worth of Class S shares during the following twelve months and that we receive proceeds from such sales of approximately $116.4 million, resulting in estimated average net assets of $1,064 million based on current asset levels. That amount also assumes that we borrow funds of approximately 76% of our average net assets during such period. Actual expenses will depend on the number of Class S shares we sell in the Private Offering and the amount of leverage we employ, if any. There can be no assurance that we will sell $120.0 million worth of Class S shares during the following twelve months.

(4)The Base Management Fee is calculated and payable quarterly in arrears at an annual rate of 1.25% of our average monthly net assets during such period. The Adviser waived the Base Management Fee through September 30, 2025.

(5)Based on our current business plan, we anticipate that we may have capital gains and interest income that could result in the payment of an Incentive Fee to the Adviser in the following twelve months. However, the Incentive Fee payable to the Adviser is based on our performance and will not be paid unless we achieve certain performance targets. As we cannot predict whether we will meet the necessary performance targets, we have assumed that no Incentive Fee will be paid for purposes of this table. We expect the Incentive Fees we pay to increase to the extent we earn greater interest income through our investments in portfolio companies, and realize capital gains upon the sale of investments in our portfolio companies. The Adviser waived the subordinated income incentive fee through September 30, 2025.

(6)Interest payments on borrowed funds represents an estimate of our annualized interest expense based on our total borrowings as of June 30, 2026. At June 30, 2026, the weighted average effective interest rate for total outstanding debt was 5.95%. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. To the extent that we determine it is appropriate to borrow funds to make investments, the costs associated with such borrowing will be indirectly borne by our shareholders.

Our ability to incur leverage during the following twelve months depends, in large part, on the amount of money we are able to raise through the sale of Class S shares in the Private Offering and capital markets conditions.

(7)Distribution/Servicing Fees reflect an annual shareholder servicing and/or distribution fee of 0.85% per annum of the aggregate NAV, as of the beginning of the first calendar day of the applicable month, of the Class S shares. The Distribution/Servicing Fees will accrue daily and be paid monthly beginning on the first day of the applicable month.

(8)The Adviser previously agreed to advance all our organizational and offering expenses on our behalf through a date determined by the Adviser in its discretion. As of June 30, 2026, we had incurred organizational and offering expenses of $760 and $3,044, respectively, which expenses the Adviser elected to cover pursuant to the Expense Support Agreement, subject to reimbursement by us pursuant to its terms. In no event will the Company bear in excess of $1.5 million in organizational expenses; the Adviser has agreed to be responsible for any organizational expenses in excess of $1.5 million. See “Expenses” and “Expense Support and Conditional Reimbursement” sections above for more information.

(9)Other expenses primarily include accounting, legal and auditing fees, as well as the reimbursement of the compensation of administrative personnel and fees payable to our trustees who do not also serve in an executive officer capacity for us or the Adviser. The amount presented in the table reflects estimated amounts we expect to pay during the following twelve months and does not include preferred pricing arrangements we may receive from certain parties as a newly formed entity.

Example

The following example demonstrates the projected dollar amount of total expenses that would be incurred over various periods with respect to a $10,000 hypothetical investment in the Class S shares assuming reinvestment of all distributions at NAV and that our direct and indirect annual operating expenses would remain at the percentage levels set forth in the table above (assuming we borrow an amount of approximately 76% of our average net assets):


	1 Year	3 Years	5 Years	10 Years
Shareholders would pay the following expenses on a $10,000 investment, assuming a 5% annual return(1)	$993	$2,332	$3,612	$6,573
Shareholders would pay the following expenses on a $10,000 investment, assuming a 5% annual return entirely from realized capital gains	$1,050	$2,487	$3,843	$6,910

_______________

(1)Assumes no return from net realized capital gains or net unrealized capital appreciation.

While the example assumes, as required by SEC rules, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. As noted, the example includes the capital gains incentive fee but does not include the subordinated income incentive fee under the Advisory Agreement, which, assuming a 5% annual return, would either not be payable or have an immaterial impact on the expense amounts shown above. If we achieve sufficient returns on our investments to trigger an Incentive Fee of a material amount, our expenses, and returns to our investors, would be higher.

This example and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown.

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Portfolio Investment Activity for the Three and Six Months Ended June 30, 2026 and for the Year Ended December 31, 2025

Total Portfolio Activity

The following tables present certain selected information regarding our portfolio investment activity for the three and six months ended June 30, 2026:


	For the Three Months Ended		For the Six Months Ended
Net Investment Activity	June 30, 2026		June 30, 2026
Purchases	$	124,920	$	235,726
Sales and Repayments	(121,976)		(195,701)
Net Portfolio Activity	$	2,944	$	40,025


	For the Three Months Ended								For the Six Months Ended
	June 30, 2026								June 30, 2026
New Investment Activity by Asset Class	Purchases		Percentage		Sales and Repayments		Percentage		Purchases		Percentage		Sales and Repayments		Percentage
Senior Secured Loans—First Lien	$	73,590	59	%	$	60,296	49	%	$	138,270	59	%	$	114,552	59	%



Asset Based Finance	51,330		41	%	61,680		51	%	97,456		41	%	81,149		41	%

Total	$	124,920	100	%	$	121,976	100	%	$	235,726	100	%	$	195,701	100	%

The following table summarizes the composition of our investment portfolio at cost and fair value as of June 30, 2026 and December 31, 2025:


	June 30, 2026 (Unaudited)						December 31, 2025
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	1,173,912	$	1,156,241	74.4	%	$	1,156,542	$	1,162,247	75.6	%


Subordinated Debt	1,032		1,032		0.1	%	—		—		—
Asset Based Finance	383,071		393,890		25.3	%	365,151		374,121		24.4	%
Equity/Other	2,384		2,384		0.2	%	—		—		—
Total	$	1,560,399	$	1,553,547	100.0	%	$	1,521,693	$	1,536,368	100.0	%

_____________________

(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

The following table presents certain selected information regarding the composition of our investment portfolio as of June 30, 2026 and December 31, 2025:


	June 30, 2026	December 31, 2025
Number of Portfolio Companies	149	146
% Variable Rate Debt Investments (based on fair value)(1)(2)	83.6%	85.7%
% Fixed Rate Debt Investments (based on fair value)(1)(2)	8.0%	6.4%
% Other Income Producing Investments (based on fair value)(3)	7.2%	1.8%
% Non-Income Producing Investments (based on fair value)(2)	1.2%	6.1%
% of Investments on Non-Accrual (based on fair value)	—	—
Weighted Average Annual Yield on Accruing Debt Investments(2)(4)	8.8%	8.8%
Weighted Average Annual Yield on All Debt Investments(5)	8.8%	8.8%
% of Direct Originations in Investment Portfolio (based on fair value)(6)	97.5%	100.0%
Median Loan-to-Value (LTV)(7)	39%	39%
Weighted Average EBITDA(8)	$224,000	$221,000
Median EBITDA(8)	$143,000	$143,000

_____________________

(1)“Debt Investments” means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar stated return.

(2)Does not include investments on non-accrual status.

(3)“Other Income Producing Investments” means investments that pay or are expected to pay interest, dividends or other income to the Company on an ongoing basis but do not have a stated interest rate, stated dividend rate or other similar stated return.

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(4)The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of June 30, 2026, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of June 30, 2026.

(5)The Weighted Average Annual Yield on All Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of June 30, 2026, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of June 30, 2026.

(6)“Direct Originations” means investments where the Adviser or its affiliates negotiates the terms of the transactions beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These Direct Originations include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions.

(7)Median Loan-to-Value (LTV) is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company using most recently reported financial information as of June 30, 2026 and may include pro forma adjustments. The above Median LTV figures relate only to the direct lending investments in the investment portfolio.

(8)EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. The above EBITDA metrics relate only to the direct lending investments in the investment portfolio. Weighted Average EBITDA is calculated based on each portfolio company’s EBITDA weighted by the amortized cost of each respective investment as of June 30, 2026. Median EBITDA represents the midpoint EBITDA of portfolio companies as of June 30, 2026. Amounts were derived from the most recently available portfolio company financial statements as of June 30, 2026, have not been independently verified by us, and may reflect a normalized or adjusted amount.

For the six months ended June 30, 2026, our total return based on NAV was 1.23%. For the year ended December 31, 2025, our total return based on NAV was 10.82%. See footnote 5 to the table included in Note 11 to our unaudited consolidated financial statements included herein for information regarding the calculation of our total return based on NAV.

Portfolio Composition by Industry Classification


	June 30, 2026 (Unaudited)				December 31, 2025
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Automobiles & Components	$	5,545	0.4	%	$	5,230	0.3	%
Banks	35,281		2.3	%	38,764		2.5	%
Capital Goods	260,379		16.8	%	242,916		15.8	%
Commercial & Professional Services	115,520		7.4	%	121,571		7.9	%

Consumer Durables & Apparel	5,983		0.4	%	6,646		0.4	%
Consumer Services	91,892		5.9	%	88,795		5.8	%



Equity Real Estate Investment Trusts (REITs)	—		—		5,176		0.3	%
Financial Services	198,933		12.8	%	182,324		11.9	%
Food, Beverage & Tobacco	16,570		1.1	%	24,325		1.6	%
Health Care Equipment & Services	162,436		10.5	%	167,089		10.9	%
Household & Personal Products	—		—		3,742		0.3	%
Insurance	103,230		6.6	%	106,165		6.9	%
Materials	31,392		2.0	%	45,100		2.9	%
Media & Entertainment	31,282		2.0	%	32,490		2.1	%
Pharmaceuticals, Biotechnology & Life Sciences	14,692		0.9	%	12,627		0.8	%
Real Estate Management & Development	74,358		4.8	%	71,983		4.7	%

Software & Services	348,823		22.4	%	327,284		21.3	%
Technology Hardware & Equipment	1,062		0.1	%	1,318		0.1	%

Transportation	55,426		3.6	%	51,974		3.4	%
Utilities	743		0.0	%	849		0.1	%
Total	$	1,553,547	100.0	%	$	1,536,368	100.0	%

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Portfolio Asset Quality

In addition to various risk management and monitoring tools, the Adviser uses an investment rating system to characterize and monitor the expected level of returns on each investment in our portfolio. The Adviser uses an investment rating scale of 1 to 4. The following is a description of the conditions associated with each investment rating:


Investment Rating						Summary Description
1						Performing investment—generally executing in accordance with plan and there are no concerns about the portfolio company’s performance or ability to meet covenant requirements.

2						Performing investment—no concern about repayment of both interest and our cost basis but company’s recent performance or trends in the industry require closer monitoring.

3						Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment.

4						Underperforming investment—concerns about the recoverability of principal or interest.

The following table shows the distribution of our investments on the 1 to 4 investment rating scale at fair value as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
Investment Rating	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
1	$	1,515,590	98	%	$	1,516,935	99	%
2	34,541		2	%	19,433		1	%
3	1,032		0	%	—		—
4	2,384		0	%	—		—
Total	$	1,553,547	100	%	$	1,536,368	100	%

The amount of the portfolio in each grading category may vary substantially from period to period resulting primarily from changes in the composition of the portfolio as a result of new investment, repayment and exit activities. In addition, changes in the grade of investments may be made to reflect our expectation of performance and changes in investment values.

Results of Operations

Comparison of the Three and Six Months Ended June 30, 2026 and June 30, 2025

Revenues

Our investment income for the three and six months ended June 30, 2026 and 2025 was as follows:


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
	Amount		Percentage of Total Income		Amount		Percentage of Total Income		Amount		Percentage of Total Income		Amount		Percentage of Total Income
Interest income	$	32,313	88.1	%	$	18,035	92.6	%	$	63,483	88.7	%	$	30,306	88.2	%
Paid-in-kind interest income	1,183		3.2	%	571		2.9	%	1,931		2.7	%	1,255		3.7	%
Fee income	1,012		2.8	%	853		4.4	%	1,942		2.7	%	2,520		7.3	%
Dividend and other income	2,157		5.9	%	28		0.1	%	4,247		5.9	%	288		0.8	%
Total investment income(1)	$	36,665	100.0	%	$	19,487	100.0	%	$	71,603	100.0	%	$	34,369	100.0	%

___________

(1)Such revenues represent $35,293 and $18,716 of cash income earned as well as $1,372 and $771 in non-cash portions relating to accretion of discount and PIK interest for the three months ended June 30, 2026 and 2025, respectively. Such revenues represent $69,332 and $32,849 of cash income earned as well as $2,271 and $1,520 in non-cash portions relating to accretion of discount and PIK interest for the six months ended June 30, 2026 and 2025, respectively. Cash flows related to such non-cash revenues may not occur for a number of reporting periods or years after such revenues are recognized.

The level of interest income we receive is generally related to the balance of income-producing investments, multiplied by the weighted average yield of our investments. We expect the dollar amount of interest and any dividend income that we earn to increase as the size of our investments portfolio increases.

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Fee income is transaction based, and typically consists of amendment and consent fees, prepayment fees, structuring fees and other non-recurring fees. As such, fee income is generally dependent on new direct origination investments and the occurrence of events at existing portfolio companies resulting in such fees.

The increase in interest, PIK, fee and dividend and other income for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 is primarily due to the increase in the size of our investment portfolio, partially offset by a decline in overall portfolio yields.

Expenses

Our operating expenses for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Management fees	$	3,141	$	1,776	$	6,237	$	3,087
Subordinated income incentive fees	2,775		1,858		5,468		3,423
Capital gains incentive fees	—		170		(1,576)		489
Interest expense	9,409		3,623		18,141		5,987
Administrative services expenses	821		325		1,436		681
Distribution/servicing fees	1,999		1,132		3,983		1,922
Share transfer agent fees	163		109		309		135
Accounting and administrative fees	170		93		357		151


Audit expense	172		137		342		273
Other expenses	587		336		1,035		655
Total operating expenses	19,237		9,559		35,732		16,803
Management and incentive fee waivers	—		(3,634)		—		(6,510)
Expense waiver	—		—		—		(895)
Net operating expenses	$	19,237	$	5,925	$	35,732	$	9,398

The following table reflects selected expense ratios as a percent of average net assets for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Ratio of operating expenses to average net assets	1.91	%	1.60	%	3.55	%	3.25	%
Ratio of expense waivers to average net assets(1)	—		(0.61)	%	—		(1.43)	%
Ratio of net operating expenses to average net assets	1.91	%	0.99	%	3.55	%	1.82	%
Ratio of net incentive fees and interest expense to average net assets(1)	1.21	%	0.63	%	2.19	%	1.25	%
Ratio of net operating expenses, excluding certain expenses, to average net assets	0.70	%	0.36	%	1.36	%	0.57	%

__________

(1)Ratio data may be rounded in order to recompute the ending ratio of net operating expenses to average net assets or net operating expenses, excluding certain expenses, to average net assets.

We generally expect our general and administrative expenses to decrease as a percentage of our average net assets because of the anticipated growth in the size of our asset base.

The increase in expenses for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 is primarily due to the increase in the size of our investment portfolio, the acceleration of our operational activity during the three and six months ended June 30, 2026, the expiration of the waiver of the base management fee and the subordinated income incentive fee and the incurrence of borrowings under the K-FITS Mount Royal Credit Facility, the K-FITS Eiffel-1 Credit Facility and the Senior Secured Revolving Credit Facility, each as defined in Note 9 to our unaudited consolidated financial statements, which increased interest expense.

Incentive fees and interest expense, among other things, may increase or decrease our expense ratios relative to comparative periods depending on portfolio performance and changes in amounts outstanding under our financing arrangements and benchmark interest rates such as SOFR, among other factors.

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Net Investment Income

Our net investment income totaled $17,428 ($0.43 per share) and $13,562 ($0.58 per share) for the three months ended June 30, 2026 and 2025, respectively. The increase in net investment income during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 can primarily be attributed to the increase in interest, PIK, fee and dividend and other income discussed above.

Our net investment income totaled $35,871 ($0.90 per share) and $24,971 ($1.23 per share) for the six months ended June 30, 2026 and 2025, respectively. The increase in net investment income during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 can primarily be attributed to the increase in interest, PIK, fee and dividend and other income discussed above.

Net Realized Gains or Losses

Our net realized gains (losses) on investments, foreign currency forward contracts and foreign currency for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net realized gain (loss) on investments(1)	$	(4,451)	$	(170)	$	(4,418)	$	(180)

Net realized gain (loss) on foreign currency forward contracts	(6)		(47)		(6)		(51)
Net realized gain (loss) on foreign currency	(17)		27		(47)		(39)
Total net realized gain (loss)	$	(4,474)	$	(190)	$	(4,471)	$	(270)

______________

(1)We sold investments and received principal repayments of $95,118 and $26,858, respectively, during the three months ended June 30, 2026 and $13,462 and $24,030, respectively, during the three months ended June 30, 2025. We sold investments and received principal repayments of $153,589 and $42,112, respectively, during the six months ended June 30, 2026 and $13,696 and $31,481, respectively, during the six months ended June 30, 2025.

Net Change in Unrealized Appreciation (Depreciation)

Our net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and unrealized gain (loss) on foreign currency for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Net change in unrealized appreciation (depreciation) on investments	$	(1,525)	$	3,384	$	(21,527)	$	6,599

Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	51		(310)		(166)		(450)
Net change in unrealized gain (loss) on foreign currency	226		(1,526)		2,111		(1,969)
Total net change in unrealized appreciation (depreciation)	$	(1,248)	$	1,548	$	(19,582)	$	4,180

The net change in unrealized appreciation (depreciation) during the three and six months ended June 30, 2026 was driven primarily by a general widening of credit spreads. The net change in unrealized appreciation (depreciation) during the three and six months ended June 30, 2025 was driven primarily by appreciation on several specific assets in the portfolio.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended June 30, 2026, the net increase in net assets resulting from operations was $11,706 ($0.29 per share) compared to a net increase in net assets resulting from operations of $14,920 ($0.64 per share) for the three months ended June 30, 2025.

For the six months ended June 30, 2026, the net increase in net assets resulting from operations was $11,818 ($0.30 per share) compared to a net increase in net assets resulting from operations of $28,881 ($1.42 per share) for the six months ended June 30, 2025.

Financial Condition, Liquidity and Capital Resources

Overview

We intend to generate cash primarily from the net proceeds from the Private Offering and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our

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investments through borrowings from banks and issuances of senior securities or other financing transactions. Our primary use of cash will be investments in portfolio companies, payments of our expenses, including management fees, incentive fees and cost of any borrowings or other financing arrangements, including interest expenses, payment of cash distributions to our shareholders and repurchases of our Common Shares under our discretionary share repurchase program.

As of June 30, 2026, we had $31,707 in cash and foreign currency, which we held in custodial accounts, and $752,062 in borrowings available under our financing arrangements, subject to borrowing base and other limitations. As of June 30, 2026, we had unfunded debt investments with aggregate unfunded commitments of $279,396 and unfunded equity/other commitments of $9,122. We maintain sufficient cash on hand, available borrowings and liquid securities to fund such unfunded commitments should the need arise.

We intend to utilize leverage to finance our investments. The amount of leverage that we employ will be subject to the restrictions of the 1940 Act and the supervision of the Board. At the time of any proposed borrowing, the amount of leverage we employ will also depend on our Adviser’s assessment of market and other factors. We have established credit facilities and other financing arrangements to facilitate investments and the timely payment of our expenses.

Asset Coverage

Under the provisions of the 1940 Act, following approval from our initial shareholders of the reduced asset coverage requirements under Section 61(a)(2) of the 1940 Act on February 21, 2024, which approval became effective on February 22, 2024, we are currently permitted to issue “senior securities” only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities. For purposes of the 1940 Act, “asset coverage” means the ratio of (1) the total assets of a BDC, less all liabilities and indebtedness not represented by senior securities, to (2) the aggregate amount of senior securities representing indebtedness (plus, in the case of senior securities represented by preferred stock, the aggregate involuntary liquidation preference of such BDC’s preferred stock). While any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase.

As of June 30, 2026, the aggregate amount outstanding of the senior securities issued by us was $572,938. As of June 30, 2026, our asset coverage ratio as calculated under the 1940 Act was 276%.

Prior to investing in securities of portfolio companies, we invest the cash received from fees, interest and dividends earned from our investments and principal repayments and proceeds from sales of our investments primarily in cash, cash equivalents, including money market funds, U.S. government securities, repurchase agreements and high-quality debt instruments maturing in one year or less from the time of investment, consistent with our BDC election and our election to be taxed as a RIC.

Financing Arrangements

The following table presents summary information with respect to our outstanding financing arrangements as of June 30, 2026:

As of June 30, 2026

(Unaudited)

Arrangement

Type of Arrangement

Rate

Amount
Outstanding

Amount
Available

Maturity Date

Senior Secured Revolving Credit Facility(1)

Revolving Credit Facility

SOFR+2.125%(2)

123,438

(3)

201,562

July 2, 2029

K-FITS Eiffel-1 Credit Facility(1)

Revolving Credit Facility

SOFR+1.95%(4)

349,000

251,000

September 19, 2030

K-FITS Mount Royal Credit Facility(1)

Revolving Credit Facility

SOFR+1.60%(5)

100,500

299,500

February 13, 2031

Total

572,938

752,062

______________

(1)The carrying amount outstanding under the facility approximates its fair value.

(2)The benchmark rate is subject to a 0% floor.

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See Note 9 to our unaudited consolidated financial statements included herein for additional information regarding our financing arrangements.

RIC Status and Distributions

We have elected and intend to qualify annually for federal income tax purposes to be treated as a RIC under Subchapter M of the Code. In order to maintain our qualification as a RIC, we must, among other things, make timely distributions of an amount at least equal to 90% of our investment company taxable income, determined without regard to any deduction for distributions paid, each tax year. As long as the distributions are declared by the later of the fifteenth day of the tenth month following the close of a tax year or the due date of the tax return for such tax year, including extensions, distributions paid up to twelve months after the current tax year generally can be carried back to the prior tax year for determining the distributions paid in such tax year. We intend to make sufficient distributions to our shareholders to qualify for and maintain our RIC tax status each tax year. We are also subject to a 4% nondeductible federal excise tax on certain undistributed income unless we make distributions in a timely manner to our shareholders generally of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income, which is the excess of capital gains in excess of capital losses, or “capital gain net income” (adjusted for certain ordinary losses), for the one-year period ending October 31 of that calendar year and (3) any net ordinary income and capital gain net income for the preceding years that were not distributed during such years and on which we paid no U.S. federal income tax. Any distribution declared by us during October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by us, as well as received by our shareholders, on December 31 of the calendar year in which the distribution was declared. We can offer no assurance that we will achieve results that will permit us to pay any cash distributions.

Subject to applicable legal restrictions, and to the extent that we have taxable income available, we intend to make distributions to holders of our Common Shares. We intend to make monthly distributions to holders of our Common Shares and such distributions are recorded on the record date. All such distributions will be paid at the discretion of the Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

The IRS currently requires that a RIC has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends paid to each class for the tax year.

During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions will be mailed to our shareholders. During the six months ended June 30, 2026, approximately $8,232 of the distributions paid represented a return of capital. During the tax year ended December 31, 2025, approximately $199 of the distributions paid represented a return of capital.

We intend to make our regular distributions in the form of cash, out of assets legally available for distribution, except for those shareholders who have elected to receive their distributions in the form of additional Common Shares under our distribution reinvestment plan. Any distributions reinvested under the plan will nevertheless remain taxable to a shareholder.

The following tables reflect the cash distributions per share that we have declared on our Common Shares during the six months ended June 30, 2026 and 2025:

For the Six Months Ended June 30, 2026

Date Declared

Distribution

Record Date

Payment Date

Distribution per Share

January 12, 2026

Regular

January 30, 2026

February 25, 2026

0.175

February 6, 2026

Regular

February 27, 2026

March 27, 2026

0.175

March 3, 2026

Regular

March 31, 2026

April 28, 2026

0.175

April 13, 2026

Regular

April 30, 2026

May 27, 2026

0.175

April 30, 2026

Regular

May 29, 2026

June 26, 2026

0.175

June 8, 2026

Regular

June 30, 2026

July 29, 2026

0.175

Total

1.050

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For the Six Months Ended June 30, 2025

Date Declared

Distribution

Record Date

Payment Date

Distribution per Share

January 10, 2025

Regular

January 31, 2025

February 26, 2025

0.200

February 11, 2025

Regular

February 28, 2025

March 27, 2025

0.200

March 10, 2025

Regular

March 31, 2025

April 28, 2025

0.200

March 10, 2025

Special

March 31, 2025

April 28, 2025

0.080

April 14, 2025

Regular

April 30, 2025

May 28, 2025

0.200

May 9, 2025

Regular

May 30, 2025

June 26, 2025

0.200

June 6, 2025

Regular

June 30, 2025

July 29, 2025

0.200

Total

1.280

See Note 5 to our unaudited consolidated financial statements included herein for additional information regarding our distributions.

Recent Developments

Distributions

Private Offering Closings

On July 1, 2026, we issued and sold 484,783 Common Shares in the Private Offering (with the final number of Common Shares issued being determined on July 21, 2026) pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $12,042.

On August 3, 2026, we issued and sold Common Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of approximately $6,053. The final number of Common Shares issued as of August 3, 2026 in connection with the monthly closing will be determined at a later date in connection with the Company’s determination of its net asset value per Common Share as of July 31, 2026.

Critical Accounting Policies and Estimates

Our financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management utilizes available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in Note 2 to our unaudited consolidated financial statements included herein.

Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. We evaluate our critical accounting estimates and judgments required by our policies on an ongoing basis and update them as necessary based on changing conditions. We have identified one of our accounting policies, valuation of portfolio investments, specifically the valuation of Level 3 investments, as critical because it involves significant judgments and assumptions about highly complex and inherently uncertain matters, and the use of reasonably different estimates and assumptions could have a material impact on our reported results of operations or financial condition. As we execute our operating plans, we will describe additional critical accounting policies in the notes to our future financial statements in addition to those discussed below and in the notes to our unaudited consolidated financial statements included herein.

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As of June 30, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 96.45% of our total assets, as compared to 97.02% of our total assets as of December 31, 2025.

Valuation of Portfolio Investments and Determination of NAV

Valuation of Portfolio Investments

The Board is responsible for overseeing the valuation of our portfolio investments at fair value as determined in good faith pursuant to the Adviser’s valuation policy. As permitted by Rule 2a-5 of the 1940 Act, the Board has designated the Adviser as our valuation designee with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser’s valuation policy.

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC Topic 820, issued by the FASB clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical securities; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Adviser determines the fair value of our investment portfolio on at least a quarterly basis. Securities that are publicly-traded with readily available market prices will be valued at the reported closing price on the valuation date. Securities that are not publicly-traded with readily available market prices will be valued at fair value as determined in good faith by the Adviser, in accordance with valuation policies approved by the Board. In connection with that determination, the Adviser will prepare portfolio company valuations which are based on relevant inputs, including, but not limited to, indicative dealer quotes, values of like securities, recent portfolio company financial statements and forecasts, and valuations prepared by independent third-party pricing and valuation services.

With respect to investments for which market quotations are not readily available, we undertake a multi-step valuation process each quarter, as described below:

•our quarterly fair valuation process begins by the Adviser facilitating the delivery of updated quarterly financial and other information relating to each investment to an independent third-party pricing or valuation service;

•the independent third-party pricing or valuation service then reviews and analyzes the information, along with relevant market and economic data, and determines proposed valuations for each portfolio company or investment according to the valuation methodologies in the Adviser’s valuation policy and communicates the information to the Adviser in the form of a valuation range for Level 3 assets;

•the Adviser then reviews the preliminary valuation information for each portfolio company or investment and provides feedback about the accuracy, completeness and timeliness of the valuation-related inputs considered by the independent third-party pricing or valuation service and any suggested revisions thereto prior to the independent third-party pricing or valuation service finalizing its valuation range;

•the Adviser then provides the Board’s valuation committee with its valuation determinations and valuation-related information for each portfolio company or investment, along with any applicable supporting materials; and other information that is relevant to the fair valuation process as required by the Adviser’s Board-reporting obligations;

•the Board’s valuation committee meets with the Adviser to receive the relevant quarterly reporting from the Adviser and to discuss any questions from the valuation committee in connection with the valuation committee’s role in overseeing the fair valuation process; and

•following the completion of its fair value oversight activities, the valuation committee (with the assistance of the Adviser) provides the Board with a report regarding the quarterly valuation process.

In circumstances where the Adviser deems appropriate, the Adviser’s internal valuation team values certain investments. When performing the internal valuations, the Adviser utilizes similar valuation techniques as an independent third-party pricing service would use. Such valuations are approved by an internal valuation committee of the Adviser, with oversight from the valuation committee of the Board, as described above.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on our consolidated financial statements. In making its determination of fair value, the Adviser may use any independent third-party pricing

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or valuation services for which it has performed the appropriate level of due diligence. However, the Adviser is not required to determine fair value in accordance with the valuation provided by any single source, and may use any relevant data, including information sourced by the Adviser or provided by any independent third-party valuation or pricing service that the Adviser deems to be reliable in determining fair value under the circumstances. Below is a description of factors that the Adviser and any independent third-party valuation services may consider when determining the fair value of our investments.

The valuation methods utilized for each portfolio company may vary depending on industry and company-specific considerations. Typically, the first step is to make an assessment as to the enterprise value of the portfolio company’s business in order to establish whether the portfolio company’s enterprise value is greater than the amount of its debt as of the valuation date. This analysis helps to determine a risk profile for the applicable portfolio company and its related investments, and the appropriate valuation methodology to utilize as part of the security valuation analysis. The enterprise valuation may be determined using a market or income approach.

Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market prices, the Adviser may incorporate these factors into discounted cash flow models to arrive at fair value. Various methods may be used to determine the appropriate discount rate in a discounted cash flow model.

Domestic and foreign fixed-income instruments and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services using data reflecting the earlier closing of the principal markets for those securities. Bank loans, including senior secured floating rate and fixed-rate loans, are valued by using readily available market quotations or another commercially reasonable method selected by an independent, third-party pricing service that has been engaged by the Adviser, or, if such independent, third-party valuations are not available, by using broker quotations. Senior secured adjustable, variable or floating rate loans for which an active secondary market exists to a reliable degree will be valued at the bid price in the market for such loans, as provided by a loan pricing service. Directly originated loans are valued on an individual loan level. In doing so, the Adviser may engage an independent, third-party valuation agent, and fair valuation of such loans will be performed using inputs that incorporate borrower level data, including significant events affecting the issuer or collateral and market developments. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. The value of swaps, including credit default swaps, total return swaps and interest rate swaps will be determined by obtaining at least one dealer quotation (including information from counterparties) or valuations from third-party pricing services. If no quotations or valuations are available, or if such quotations or valuations are believed to be unreliable, swaps will be fair valued pursuant to procedures adopted by the Adviser and overseen by the Board.

Other factors that may be considered include the borrower’s ability to adequately service its debt, the fair market value of the borrower in relation to the face amount of its outstanding debt and the quality of collateral securing the debt investments.

For convertible debt securities, fair value generally approximates the fair value of the debt plus the fair value of an option to purchase the underlying security (i.e., the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used.

Our equity interests in portfolio companies for which there is no liquid public market are valued at fair value. Generally, the value of our equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price. Portfolio securities that carry certain restrictions on sale are typically valued at a discount from the public market value of the security. The Adviser will normally use pricing data for domestic or foreign equity securities received shortly after the close of the primary securities exchange on which such securities trade and does not normally take into account trading, clearances or settlements that take place after the close of the exchange.

When we receive warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. The Adviser subsequently values these warrants or other equity securities received at their fair value.

See Note 8 to our unaudited consolidated financial statements included herein for additional information regarding the fair value of our financial instruments.

Determination of NAV

We expect to determine our NAV for the Common Shares each month as of the last day of each calendar month, and in no event less frequently than quarterly. The NAV per share for our Common Shares is determined by dividing the value of total assets

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attributable to the Common Shares minus liabilities attributable to the Common Shares by the total number of Common Shares outstanding at the date as of which the determination is made. We will use the valuation procedures set forth above in order to determine our NAV, as applied by the Adviser as our valuation designee under Rule 2a-5 under the 1940 Act. Fair value pricing may require subjective determinations about the value of a security. If events materially affecting the price of foreign portfolio securities occur between the time when their price was last determined on such foreign securities exchange or market and the time when our NAV was last calculated (for example, movements in certain U.S. securities indices which demonstrate strong correlation to movements in certain foreign securities markets), such securities may be valued at their fair value as determined in good faith in accordance with procedures established by the Adviser and overseen by the Board.

For purposes of calculating NAV, all assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars at prevailing exchange rates as may be determined in good faith by the Adviser under the supervision of the Board. Although the Adviser’s policy is intended to result in a calculation of our NAV that fairly reflects security values as of the time of pricing, we cannot ensure that fair values determined by the Adviser would accurately reflect the price that we could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Adviser when determining fair value may differ from the value that would be realized if the securities were sold.

The NAV calculation is available generally within 20 business days after the end of the applicable month. Changes in our monthly NAV will reflect factors including, but not limited to, accruals for net portfolio income, interest expense and unrealized/realized gains (losses) on assets, any applicable organizational and offering costs and any expense reimbursements. When the Adviser determines NAV as of a day that is not the last day of a calendar quarter in connection with a drawdown on capital commitments or, for monthly closings to investors for immediate cash investment, as of the last day of a month that is not also the last day of a calendar quarter, we intend to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter-end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Adviser’s valuation policy, pursuant to authority designated by the Board. Additionally, the Adviser may otherwise determine to update the most recent quarter-end valuation of an investment without reliable market quotations that the Adviser considers to be material to the Company using a range of values from an independent valuation firm.

The most recently determined NAV per share for the Common Shares will be reported by the Company under cover of a Current Report on Form 8-K filed with the SEC.

Other Contractual Obligations

We have entered into the Advisory Agreement and Administration Agreement with the Adviser to provide us with investment advisory and administrative services. Payments for investment advisory services under the Advisory Agreement are equal to (a) an annual Base Management Fee based on the average monthly value of the Company’s net assets during the most recently completed calendar quarter, and (b) an Incentive Fee based on our performance. The Adviser is reimbursed for administrative expenses incurred on our behalf. See Note 4 to our unaudited consolidated financial statements included herein for a discussion of these agreements and for the amount of fees and expenses accrued under these agreements during the six months ended June 30, 2026.

If any of our contractual obligations are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Advisory Agreement and our Administration Agreement.

Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30, 2026, we had off-balance sheet arrangements with Cliffwater Corporate Lending Fund, or Cliffwater, and CCLF Holdings (D34) LLC, or the Financing Provider, under the Cliffwater Facility Agreement, as described below.

Warehousing Transaction

On May 9, 2024, and as amended on March 24, 2025, the Company entered into a facility agreement, or the Cliffwater Facility Agreement, with Cliffwater and the Financing Provider, each an unaffiliated third party, to acquire portfolio investments from time to time by purchasing all or a portion of certain investments owned and held by the Financing Provider at the Company’s or the

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Financing Provider’s request pursuant to the terms and provisions of the Cliffwater Facility Agreement, or the Warehousing Transaction. The Cliffwater Facility Agreement creates a forward obligation of the Financing Provider to sell, and a forward obligation of the Company or its designee to purchase, all or a portion of certain investments owned and held by the Financing Provider at the Company’s or Cliffwater’s request pursuant to the terms and conditions of the Cliffwater Facility Agreement. Prior to the date on which (i) an insolvency proceeding is commenced by the Company or (ii) an insolvency proceeding is commenced against the Company and is not dismissed or stayed within 60 days, the Company’s obligation to purchase such investments is conditional upon satisfying certain conditions, including that the Company has called and received cash funding from subscriptions in an aggregate amount of at least $700 million, such condition, the Capital Condition. The Company made customary representations and warranties in the Cliffwater Facility Agreement.

Subject to satisfaction of the Capital Condition, the Cliffwater Facility Agreement provides that, on or prior to March 29, 2026, or the Scheduled Facility End Date, Cliffwater can require the Company to purchase from the Financing Provider such investments entered into in connection with the Cliffwater Facility Agreement (x) with respect to such investment initially acquired by the Financing Provider prior to the date that the Company has raised investor subscriptions that are callable, have been called or received in an aggregate amount of at least $1.0 billion, or the Subscription Threshold Date, in an amount up to 3.0% of the aggregate subscriptions that the Company has raised on or prior to the trade date of any purchase and (y) with respect to such investment initially acquired by the Financing Provider on or after the Subscription Threshold Date, in an amount up to 2.0% of the aggregate subscriptions that the Company has raised on or prior to the trade date of any purchase. Such purchases will be at the prices determined under the Cliffwater Facility Agreement, as discussed further below; provided that, (i) the Company may, on one occasion, extend the Scheduled Facility End Date by three months and (ii) if no notice requiring a purchase or sale, as applicable, of such investments is delivered in accordance with the Cliffwater Facility Agreement by the Scheduled Facility End Date, none of the parties to the Cliffwater Facility Agreement may require the other party to purchase or sell, as applicable, such investments after the Scheduled Facility End Date.

In connection with investments (other than Warehouse Asset Based Finance Investments (as defined below)):

(A) The Financing Provider will receive during the period commencing on the date the Financing Provider acquires an investment and ending on the date immediately preceding the trade date of such investment, or the Holding Period, (i) all principal proceeds, all OID and Fees (as defined in the Cliffwater Facility Agreement) paid on account of any portion of an underlying purchased loan that is repaid or prepaid and not available to be reborrowed and an available unfunded commitment that has been terminated, not funded and is not available to be reborrowed by the underlying obligor and all amendment fees on such investments it holds pursuant to the Cliffwater Facility Agreement, in each case, during the Holding Period, (ii) all cash interest and payment-in-kind interest and all fees (other than one-time fees) that regularly accrue and are payable to all lenders under the underlying documents for such investments on account of such lenders’ loans or commitments outstanding pursuant to such underlying documents, in each case, during the Holding Period and (iii) additional consideration for any such investments transferred to the Purchaser that have paid OID and Fees prior to the trade date during the Holding Period equal to an amount from 0.25% to 1.50% (based on the length of time such asset is held by the Financing Provider) of the par value or unfunded amount, as applicable, of any such investment as of immediately prior to any transfer of such investment by the Financing Provider to the Company, or the Additional Consideration.

(B) Following fulfillment of the conditions precedent to the Company’s obligations to purchase any loans under the Cliffwater Facility Agreement, the Company will purchase such loans owned and held by the Financing Provider under the Cliffwater Facility Agreement at a purchase price equal to (i) the par amount of such loan plus, without duplication, (ii) PIK interest accrued during the Holding Period and PIK interest accrued but not capitalized prior to the Holding Period minus (iii) the sum of (x) OID, upfront fees and other similar fees on account of such purchase loan (all of which are attributable to the Holding Period) plus (y) any termination fees or other similar fees during the Holding Period plus (iv) solely to the extent that such loan has paid OID, upfront fees or other similar fees, the Additional Consideration.

(C) Similarly, following fulfillment of the conditions precedent to the Company’s obligations to purchase any unfunded commitments under the Cliffwater Facility Agreement, the Company will purchase such assets owned and held by the Financing Provider under the Cliffwater Facility Agreement at a purchase price equal to (i) zero plus (ii) solely to the extent that such unfunded commitment has paid OID, upfront fees or other similar fees, the Additional Consideration minus (iii) OID, upfront fees and other similar fees on account of such unfunded commitment. The above purchase price calculations are subject to adjustment in certain circumstances under the Cliffwater Facility Agreement.

In connection with investments, including related unfunded commitments, underwritten primarily on investments backed by large and diversified pools of financial hard and contractual assets, or the Warehouse Asset Based Finance Investments, following fulfillment of the conditions precedent to the Company’s obligations to purchase any Warehouse Asset Based Finance Investments under the Cliffwater Facility Agreement, the Company will purchase such Warehouse Asset Based Finance Investments owned and held by the Financing Provider under the Cliffwater Facility Agreement at a purchase price equal to (i) the funded cost of such Warehouse Asset Based Finance Investments, minus (ii) the amount of any PIK interest accrued during the Holding Period, minus (iii) the amount of any OID upfront fees and other similar fees on account of such Warehouse Asset Based Finance Investments during the

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Holding Period, minus (iv) an amount equal to 11% per annum (or, after the one year anniversary of the date the Financing Provider acquired the Warehouse Asset Based Finance Investments, 12%) on the aggregate funded investment cost during the Holding Period of such Warehouse Asset Based Finance Investments, minus, (v) the amount of interest, dividends, fees and other amounts (other than proceeds of principal and other amounts paid on account of indemnification and reimbursement expenses) received by the Financing Provider during the Holding Period on account of such Warehouse Asset Based Finance Investments. This purchase price calculation is subject to adjustment in certain circumstances under the Cliffwater Facility Agreement. Except as set forth above, the Company receives all other economics arising before, during and after the Holding Period on such Asset-Based Finance.

In the event the settlement date for any purchase by the Company occurs (i) on or before seven business days after the applicable trade date, or a Delayed Comp Trigger Date, the above amounts received by the Financing Provider will be extended to the Delayed Comp Trigger Date and (ii) after the seventh business day after the applicable trade date (in the event such purchase has not occurred by way of a participation), the amounts received by the Financing Provider will include the amounts set forth in the foregoing clause (i) through the Delayed Comp Trigger Date and will also include an amount equal to daily simple SOFR plus 11.448 basis points for each day that elapses between the Delayed Comp Trigger Date and the applicable settlement date. The Company will receive all other OID and Fees and all termination fees, prepayment premiums, make-whole or similar fees or payments with respect to such investments.

Unless otherwise agreed to by the Company, Cliffwater and the Financing Provider, each investment transaction under the Cliffwater Facility Agreement is expected to be for portfolio investments with a purchase price of at least $1.0 million or, if less, the purchase price of all remaining portfolio investments, including related unfunded commitments, held by the Financing Provider.

The fair value of the loans under the Cliffwater Facility Agreement is not reflected in the purchase price. As such, for loans, to the extent the Company is required to buy a loan from the Financing Provider, the Company bears the risk of the fair value of such loan falling below the par value. In contrast, to the extent that the Company is not required to buy a loan, the Financing Provider bears the risk of the fair value of such loan falling below such par value. Similarly, for unfunded commitments, to the extent the Company is required to buy an unfunded commitment, it will bear the risk of being required to buy a loan that, upon funding, may be valued below the par value. In contrast, to the extent that the Company is not required to buy a loan, the Financing Provider will bear such risk.

The portfolio investments expected to be purchased by the Company from time to time pursuant to the Cliffwater Facility Agreement are expected to generally consist of directly originated loans to middle-market U.S. companies consistent with the Company’s investment objective and investment strategies. There are no material differences between the underwriting standards used in the acquisition of the portfolio investments the Company expects to acquire pursuant to the Cliffwater Facility Agreement and the underwriting standards to be employed by the Adviser on the Company’s behalf for any other portfolio investments to be acquired or held by the Company from time to time.

As of June 30, 2026, the conditions precedent to the Company’s obligation to purchase any additional investments from the Financing Provider had not been met. The Company does not hold any beneficial interest in the warehouse.

As of July 31, 2026, there were 15 loans with an aggregate commitment par value of $102,940, inclusive of $26,371 of unfunded commitments, that the Financing Provider purchased and was holding at the Company’s request pursuant to the Cliffwater Facility Agreement.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

We are subject to financial market risks, including changes in interest rates. As of June 30, 2026, 83.6% of our portfolio investments (based on fair value) were debt investments paying variable interest rates, 8.0% were debt investments paying fixed interest rates, 7.2% were other income producing investments and 1.2% consisted of non-income producing investments. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to any variable rate investments we hold and to declines in the value of any fixed rate investments we hold. However, many of our variable rate investments provide for an interest rate floor, which may prevent our interest income from increasing until benchmark interest rates increase beyond a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the subordinated income incentive fee, and may result in a substantial increase in our net investment income and to the amount of Incentive Fees payable to the Adviser with respect to our increased pre-incentive fee net investment income. A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over the reference rate that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities. Changes in the general level of interest rates can affect our net

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interest income. Changes in interest rates can also affect, among other things, our ability to acquire leveraged loans, high yield bonds and other debt investments and the value of our investment portfolio.

Pursuant to the terms of the Senior Secured Revolving Credit Facility, the K-FITS Eiffel-1 Credit Facility and the K-FITS Mount Royal Credit Facility, we borrow at a floating rate based on a benchmark interest rate. To the extent that any present or future credit facilities or other financing arrangements that we enter into are based on a floating interest rate, we will be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we have such debt outstanding, or financing arrangements in effect, our interest expense would increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments.

The following table shows the effect over a twelve-month period of changes in interest rates on our interest income, interest expense and net interest income assuming no changes in the composition of our investment portfolio, including the accrual status of our investments, and our financing arrangements in effect as of June 30, 2026 (dollar amounts are presented in thousands):


Basis Point Change in Interest Rates	Increase (Decrease) in Interest Income(1)		Increase (Decrease) in Interest Expense(2)		Increase (Decrease) in Net Interest Income(1)		Percentage Change in Net Interest Income
Down 250 basis points	$	(31,262)	$	(14,323)	$	(16,939)	(12.3)	%
Down 200 basis points	(25,042)		(11,459)		(13,583)		(9.9)	%
Down 150 basis points	(18,799)		(8,594)		(10,205)		(7.4)	%
Down 100 basis points	(12,533)		(5,729)		(6,804)		(4.9)	%
Down 50 basis points	(6,266)		(2,865)		(3,401)		(2.5)	%
Up 50 basis points	6,266		2,865		3,401		2.5	%
Up 100 basis points	12,533		5,729		6,804		4.9	%
Up 150 basis points	18,799		8,594		10,205		7.4	%
Up 200 basis points	25,065		11,459		13,606		9.9	%
Up 250 basis points	31,332		14,323		17,009		12.4	%

_______________

(1)Assumes no defaults or prepayments by portfolio companies over the next twelve months.

(2)Assumes current debt outstanding as of June 30, 2026, and no changes over the next twelve months.

We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. During the six months ended June 30, 2026, we did not engage in interest rate hedging activities.

Foreign Currency Risk

From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements.

The table below presents the effect that a 10% immediate, unfavorable change in the foreign currency exchange rates (i.e. strengthening of the U.S. dollar) would have on the fair value of our investments denominated in foreign currencies as of June 30, 2026, by foreign currency, all other valuation assumptions remaining constant. In addition, the table below presents the par value of our investments denominated in foreign currencies and the notional amount of foreign currency forward contracts in local currency in place as of June 30, 2026 to hedge against foreign currency risks. Dollar amounts are presented in thousands.


	Investments Denominated in Foreign Currencies As of June 30, 2026								Economic Hedging As of June 30, 2026
	Cost in Local Currency		Cost in US$		Fair Value		Reduction in Fair Value as of June 30, 2026 if 10% Adverse Change in Exchange Rate(1)		Net Foreign Currency Hedge Amount in Local Currency		Net Foreign Currency Hedge Amount in US$
British Pounds	£	37,270	$	49,411	$	54,074	$	5,407	£	3,223	$	4,273

Euros	€	41,232	47,073		46,707		4,671		€	1,301	1,485
Norwegian Krone	NOK	101,972	10,461		10,588		1,059		NOK	101,972	10,461
Total			$	106,945	$	111,369	$	11,137			$	16,219

_______________

(1)Excludes effect, if any, of any foreign currency hedges.

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As illustrated in the table above, we use derivative instruments from time to time, including foreign currency forward contracts, to manage the impact of fluctuations in foreign currency exchange rates. In addition, we have the ability to borrow in foreign currencies under our Senior Secured Revolving Credit Facility, our K-FITS Eiffel-1 Credit Facility and our K-FITS Mount Royal Credit Facility, which provide a natural hedge with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to foreign exchange rate differences. We are typically a net receiver of these foreign currencies as related for our international investment positions, and, as a result, our investments denominated in foreign currencies, to the extent not hedged, benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar.

As of June 30, 2026, the net contractual amount of our foreign currency forward contracts totaled $17,319, all of which related to hedging of our foreign currency denominated debt investments. As of June 30, 2026, we had outstanding borrowings denominated in foreign currencies of €45,000 and £35,500 under our Senior Secured Revolving Credit Facility.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) under the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026.

Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that we would meet our disclosure obligations.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the three-month period ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

Other than as set forth below, neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

On June 29, 2026, Larry Jones, a purported stockholder of FS KKR Capital Corp., or FSK, an affiliate of the Company, filed a verified shareholder derivative complaint in the United States District Court for the District of Maryland against the Adviser derivatively on behalf of the FSK as nominal defendant. The case is captioned Jones v. FS/KKR Advisor, LLC et al., No. 1:26-cv-02593-JKB (D. Md.). The complaint asserts a single claim against the Adviser for breach of fiduciary duty pursuant to Section 36(b) of the 1940 Act, on the basis that the Adviser’s management, incentive, and administrative fees in respect of FSK are so disproportionately large that they bear no reasonable relationship to the services rendered to FSK and could not have been the product of arm’s-length bargaining.

On July 15, 2026, the Employees Retirement System of the City of St. Louis, a purported stockholder of FSK, an affiliate of the Company, filed a verified shareholder derivative complaint in the United States District Court for the Southern District of New York against the Adviser derivatively on behalf of FSK. The case is captioned Employees Retirement System of the City of St. Louis v. FS/KKR Advisor, LLC, No. 1:26-cv-06003 (S.D.N.Y.). The complaint asserts a single claim against the Adviser for breach of fiduciary duty pursuant to Section 36(b) of the 1940 Act, on the basis that the Adviser’s management, incentive, and administrative fees in respect of FSK are so disproportionately large that they bear no reasonable relationship to the services rendered to FSK and could not have been the product of arm’s-length bargaining.

The Adviser intends to vigorously defend these matters.

Item 1A. Risk Factors.

Investors should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

There have been no material changes during the three months ended June 30, 2026 to the risk factors previously disclosed in our Annual Report on Form 10‑K for the year ended December 31, 2025 (filed with the SEC on March 12, 2026) which could materially affect our business, financial condition or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Equity Securities

We have entered into Subscription Agreements with investors and expect to enter into additional Subscription Agreements with additional investors in connection with the Private Offering, pursuant to which we have issued and sold, and expect to continue to issue and sell, Class I shares in reliance on the exemptions from the registration requirements of the Securities Act provided by Section 4(a)(2) of the Securities Act, Rule 506 of Regulation D thereunder and/or Regulation S under the Securities Act. We relied, in part, upon representations from each participating investor in the relevant Subscription Agreement that such investor is an “accredited investor” as defined in Regulation D under the Securities Act.

Except as previously reported in our current reports on Form 8-K, we did not sell any equity securities during the three months ended June 30, 2026 that were not registered under the Securities Act.

Issuer Purchases of Equity Securities

Discretionary Share Repurchase Program

Beginning with the quarter ended September 30, 2024, we commenced a discretionary share repurchase program in which we intend, subject to market conditions and the discretion of our Board of Trustees, to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The

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Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act.

Under our discretionary share repurchase program, to the extent we offer to repurchase Common Shares in any particular quarter, we expect to repurchase Common Shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the Valuation Date, which will be the last calendar day of the applicable quarter. Shareholders should keep in mind that if they tender Common Shares in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common Shares, the Company may repurchase such Common Shares subject to the 2% Early Repurchase Deduction. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares. Common Shares that are issued pursuant to the DRP and tendered will not be subject to the Early Repurchase Deduction. Common Shares repurchased will be treated as having been repurchased on a “first in-first out” basis for purposes of determining whether and to what extent the Early Repurchase Deduction is applicable. Therefore, the portion of Common Shares repurchased will be deemed to have been taken from the earliest Common Shares purchased by such shareholder for purposes of determining whether and to what extent the Early Repurchase Deduction is applicable, except that in all cases Common Shares issued pursuant to the DRP will be treated as having been repurchased first. This Early Repurchase Deduction will also generally apply to minimum account repurchases.

The Common Shares may be sold to certain feeder vehicles primarily created to hold the Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company may not apply, in its sole discretion, the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. In addition, the Company may, in its sole discretion from time to time, waive the Early Repurchase Deduction in respect of any repurchase request arising from, or in connection with, the following circumstances (subject to the conditions described below, as applicable): arising from the death, qualifying disability or divorce of the shareholder; in the event that a shareholder’s Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; submitted in connection with discretionary transfer programs (and similar arrangements) as approved by the Company; and/or submitted in connection with or by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. Shareholders should be aware that their financial intermediary’s operational systems may not support participation in a Company-approved discretionary transfer program or may impose additional or different requirements in connection with such requests.

Shareholders may tender all of the Common Shares that they own in connection with any of our discretionary quarterly tender offers. In the event the amount of shares tendered exceeds the repurchase offer amount, shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase program, as applicable. We will have no obligation to repurchase shares, including if the repurchase would violate the restrictions on distributions under federal law or Delaware law. The limitations and restrictions described above may prevent us from accommodating all repurchase requests made in any quarter. Our share repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market. We will offer to repurchase shares on such terms as may be determined by the Board in its complete and absolute discretion unless, in the judgment of the Board, such repurchases would not be in the best interests of our shareholders or would violate applicable law. There is no assurance that the Board will exercise its discretion to offer to repurchase shares or that there will be sufficient funds available to accommodate all of our

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shareholders’ requests for repurchase. As a result, we may repurchase less than the full amount of shares that a shareholder requests to have repurchased. If we do not repurchase the full amount of shares that a shareholder has requested to be repurchased, or we determine not to make repurchases of our shares, such shareholder will likely not be able to dispose of its shares, even if we under-perform. Any periodic repurchase offers will be subject in part to our available cash and compliance with the RIC qualification and diversification rules and the 1940 Act. Repurchases of shares from shareholders by the Company in connection with the discretionary quarterly tender offers will be paid in cash within 65 days of the expiration of the applicable tender offer, after the determination of the relevant NAV per share is finalized. Repurchases will be effective after receipt and acceptance by the Company of eligible written tenders of shares from shareholders by the applicable repurchase offer deadline.

The following table sets forth information regarding repurchases of shares of our Common Shares effectuated under our discretionary share repurchase program during the three months ended June 30, 2026:

Repurchase Date

Offer Date

Tender Offer Expiration

Purchase Price per Share

Common Shares Repurchased(1)

Aggregate Dollar Amount of Common Shares Accepted for Repurchase(1) (in thousands)

April 1, 2026

March 2, 2026

March 30, 2026

$25.06

1,350,592

$33,693

________________

(1)Certain of the amounts herein have been rounded for convenience of presentation.

On June 1, 2026, we commenced a tender offer, or the June 2026 Tender Offer, pursuant to which we offered to repurchase up to 2,030,181 Common Shares tendered prior to 11:59 p.m., E.T. on June 29, 2026, or the June 2026 Tender Offer Expiration Date. We repurchased 1,439,362 Common Shares that were validly tendered by shareholders prior to the June 2026 Tender Offer Expiration Date.

See Note 3 to our unaudited consolidated financial statements included herein for more information regarding our discretionary share repurchase program.

Item 3. Defaults upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2026, none of our trustees or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits


3.1						Certificate of Trust (Previously filed as an exhibit to the Registrant’s Registration Statement on Form N-2 (File No. 811-23880) filed on June 7, 2023 and incorporated herein by reference)

3.2						Certificate of Amendment to Certificate of Trust (Previously filed as an exhibit to the Registrant ’s Form 10-Q filed on August 13, 2025 and incorporated herein by reference)

3.3						Second Amended and Restated Declaration of Trust (Previously filed as an exhibit to Amendment No. 1 to the Registrant’s Registration Statement on Form 10 (File No. 000-56633) filed on March 1, 2024 and incorporated herein by reference)

3.4						Supplement to the Second Amended and Restated Declaration of Trust of KKR FS Income Trust Select Relating to 12.0% Series A Cumulative Preferred Shares (Previously filed as an exhibit to the Registrant’s Current Report on Form 8-K (File No. 814-01706) filed on April 1, 2024 and incorporated herein by reference)

3.5						Bylaws (Previously filed as an exhibit to the Registrant’s Registration Statement on Form N-2 (File No. 811-23880) filed on June 7, 2023 and incorporated herein by reference)

10.1						Second Amendment to Revolving Credit and Security Agreement, dated as of May 14, 2026, by and among K-FITS Finance Eiffel-1 LLC, KKR FS Income Trust Select, BNP Paribas, the other lenders from time to time party thereto, and Computershare Trust Company, N.A. (Previously filed as an exhibit to the Registrant’s Current Rep ort on Form 8-K filed on May 20 , 202 6 and incorporated herein by reference)



31.1*						Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended

31.2*						Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended

32.1**						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*						Inline XBRL Instance Document

101.SCH*						Inline XBRL Taxonomy Extension Schema Document

101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

*						Filed herewith.
**						Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report to be signed on its behalf by the undersigned, thereunto duly authorized on August 12, 2026.


KKR FS Income Trust Select

By:			/s/ Michael C. Forman
			Michael C. Forman Chief Executive Officer (Principal Executive Officer)

By:			/s/ Steven Lilly
			Steven Lilly Chief Financial Officer (Principal Financial Officer)

By:			/s/ William Goebel
			William Goebel Chief Accounting Officer