kfit-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: 814-01620

_________________________________________________

KKR FS Income Trust

(Exact name of registrant as specified in its charter)

_________________________________________________


Delaware						88-0591692
(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 56,669,251 of Class I 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	40
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	63
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	81
ITEM 4.	CONTROLS AND PROCEDURES	83

PART II—OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	84
ITEM 1A.	RISK FACTORS	84
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	84
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	86
ITEM 4.	MINE SAFETY DISCLOSURES	86
ITEM 5.	OTHER INFORMATION	86
ITEM 6.	EXHIBITS	87
	SIGNATURES	88

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

KKR FS Income Trust

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—$2,542,416 and $2,540,429, respectively)	$	2,531,125	$	2,567,525
Non-controlled/affiliated investments (amortized cost—$23,096 and $13,502, respectively)	24,019		14,032
Controlled/affiliated investments (amortized cost—$93,669 and $42,993, respectively)	94,020		43,538
Total investments, at fair value (amortized cost—$2,659,181 and $2,596,924, respectively)	2,649,164		2,625,095
Cash and cash equivalents	39,779		98,224
Foreign currency (amortized cost—$1,309 and $1,028, respectively)	1,303		1,028
Receivable for investments sold and repaid	9,379		1,969
Income receivable	16,447		12,582

Unrealized appreciation on foreign currency forward contracts	24		321
Deferred financing costs	12,216		9,808
Prepaid expenses and other assets	2,721		2,062
Total assets	$	2,731,033	$	2,751,089

Liabilities
Payable for investments purchased	$	11,734	$	41,845
Debt	1,018,489		1,134,208
Unrealized depreciation on foreign currency forward contracts	190		208
Shareholders’ distributions payable	12,887		11,663


Management fees payable	5,030		4,630
Subordinated income incentive fees payable	5,020		4,370
Accrued capital gains incentive fee	—		2,947
Administrative services expense payable	863		378
Accrued accounting and administrative fees	477		252
Interest payable	8,751		7,452

Other accrued expenses and liabilities	2,067		975
Total liabilities	1,065,508		1,208,928
Commitments and contingencies (Note 10)



Shareholders’ equity
Common Shares, $0.01 par value, unlimited shares authorized, 57,284,588 and 51,837,481 Class I shares issued and outstanding, respectively	573		518
Capital in excess of par value	1,683,448		1,522,370
Retained earnings (accumulated deficit)	(18,496)		19,273
Total shareholders’ equity	1,665,525		1,542,161
Total liabilities and shareholders’ equity	$	2,731,033	$	2,751,089
Net asset value per share of common shares at period end	$	29.07	$	29.75

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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	$	55,182	$	36,098	$	108,274	$	63,840
Paid-in-kind interest income	1,909		812		3,254		2,351
Fee income	1,997		1,213		4,447		2,969
Dividend and other income	2,650		495		6,422		1,118
From non-controlled/affiliated investments:
Interest income	335		—		508		—
Paid-in-kind interest income	97		111		203		204
Fee income	43		—		43		—
Dividend and other income	43		320		92		320
From controlled/affiliated investments:
Interest income	919		383		1,562		735
Paid-in-kind interest income	27		—		27		—
Fee income	16		—		17		23
Dividend and other income	1,171		95		1,463		439
Total investment income	64,389		39,527		126,312		71,999

Operating expenses
Management fees	5,030		3,347		10,037		6,155
Subordinated income incentive fees	5,020		3,680		9,896		6,875
Capital gains incentive fees	—		(18)		(2,947)		498
Interest expense	16,915		8,115		33,022		13,755
Administrative services expense	1,012		546		1,698		1,138
Accounting and administrative fees	236		154		457		258
Organizational and offering costs	—		440		—		440

Audit expense	201		186		408		330
Other general and administrative expenses	838		646		1,525		1,076
Total operating expenses	29,252		17,096		54,096		30,525
Management and incentive fee waivers	—		(7,027)		—		(13,030)


Net expenses	29,252		10,069		54,096		17,495
Net investment income	35,137		29,458		72,216		54,504

Realized and unrealized gain/loss
Net realized gain (loss) on investments:
Non-controlled/unaffiliated investments	(777)		(223)		(778)		(254)


Net realized gain (loss) on foreign currency forward contracts	—		(88)		(20)		(88)
Net realized gain (loss) on foreign currency	(653)		(41)		(891)		(86)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/unaffiliated investments	(6,998)		5,204		(38,387)		11,046
Non-controlled/affiliated investments	192		(453)		393		(326)
Controlled/affiliated investments	(235)		114		(194)		138
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	87		(356)		(279)		(504)
Net change in unrealized gain (loss) on foreign currency	586		(4,305)		4,574		(5,942)
Total net realized and unrealized gain (loss)	(7,798)		(148)		(35,582)		3,984
Net increase (decrease) in net assets resulting from operations	$	27,339	$	29,310	$	36,634	$	58,488

Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share)	$	0.49	$	0.79	$	0.67	$	1.72
Weighted average shares outstanding	55,276,587		36,969,324		55,078,603		34,043,068

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)	$	35,137	$	29,458	$	72,216	$	54,504
Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency	(1,430)		(352)		(1,689)		(428)
Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts	(6,954)		4,509		(38,467)		10,354
Net change in unrealized gain (loss) on foreign currency	586		(4,305)		4,574		(5,942)
Net increase (decrease) in net assets resulting from operations	27,339		29,310		36,634		58,488

Shareholder distributions
Distributions to common shareholders	(37,316)		(27,745)		(74,403)		(54,468)

Net decrease in net assets resulting from shareholder distributions	(37,316)		(27,745)		(74,403)		(54,468)

Capital transactions
Issuance of common shares	94,945		145,281		245,471		294,997
Reinvestment of shareholder distributions	6,616		5,761		14,253		10,031
Repurchases of common shares	(75,339)		(547)		(98,591)		(547)


Net increase (decrease) in net assets resulting from capital share transactions	26,222		150,495		161,133		304,481
Total increase (decrease) in net assets	16,245		152,060		123,364		308,501
Net assets at beginning of period	1,649,280		985,683		1,542,161		829,242
Net assets at end of period	$	1,665,525	$	1,137,743	$	1,665,525	$	1,137,743

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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	$	36,634	$	58,488
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(502,796)		(680,789)
Paid-in-kind interest	(3,484)		(2,555)
Proceeds from sales and repayments of investments	407,853		150,840
Net realized (gain) loss on investments	778		254
Net change in unrealized (appreciation) depreciation on investments	38,188		(10,858)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	279		504
Net change in unrealized (gain) loss on foreign currency	(4,574)		5,942
Accretion of discount	(2,471)		(1,987)
Amortization of deferred financing costs	1,404		755
(Increase) decrease in receivable for investments sold and repaid	—		(5,693)
(Increase) decrease in income receivable	(3,523)		(3,314)

(Increase) decrease in prepaid expenses and other assets	(659)		(5,995)
Increase (decrease) in payable for investments purchased	—		1,145

Increase (decrease) in organizational and offering costs payable	—		337
Increase (decrease) in management fees payable	400		—
Increase (decrease) in subordinated income incentive fees payable	650		—
Increase (decrease) in accrued capital gains incentive fee	(2,947)		498
Increase (decrease) in administrative services expense payable	485		507
Increase (decrease) in accrued accounting and administrative fees	225		65
Increase (decrease) in interest payable	1,299		2,201
Increase (decrease) in other accrued expenses and liabilities	1,092		349
Net cash provided by (used in) operating activities	(31,167)		(489,306)
Cash flows from financing activities
Issuance of common shares	245,471		294,997

Repurchases of common shares	(98,591)		(547)

Distributions to common shareholders	(58,926)		(44,678)

Borrowings under financing arrangements	348,675		486,859
Repayments under financing arrangements	(459,790)		(214,620)
Deferred financing costs paid	(3,812)		(2,762)
Net cash provided by (used in) financing activities	(26,973)		519,249
Effect of exchange rate changes on cash	(30)		48
Total increase (decrease) in cash	(58,170)		29,991
Cash, cash equivalents and foreign currency at beginning of period	99,252		19,693
Cash, cash equivalents and foreign currency at end of period	$	41,082	$	49,684
Supplemental information
Reinvestment of shareholder distributions	$	14,253	$	10,031
Federal income taxes paid during the period	—		$	7
Interest paid during the period	$	30,319	$	10,799

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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—119.2%
Advanced Dermatology & Cosmetic Surgery	(f)	Health Care Equipment & Services	SF	+	6.5%			1.0%	05/27	$	812	$	812	$	751
Affordable Care Inc	(f)	Health Care Equipment & Services	SF	+	6.3%	(0.0% PIK	/ 3.1% PIK)	0.8%	06/31	232		232		232
Affordable Care Inc	(f)	Health Care Equipment & Services	SF	+	5.5%			0.7%	06/31	89		85		89
AGS Health LLC	(f)	Software & Services	SF	+	4.3%			0.5%	08/32	4,873		4,863		4,748
AGS Health LLC	(i)	Software & Services	SF	+	4.5%			0.5%	08/32	596		596		580
AGS Health LLC	(i)	Software & Services	SF	+	4.5%			0.5%	08/32	1,679		1,679		1,635
A-Lign Assurance LLC	(f)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/32	11,176		11,074		10,776
A-Lign Assurance LLC	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/32	3,303		3,287		3,185
A-Lign Assurance LLC	(i)	Software & Services	SF	+	4.5%			0.8%	08/32	1,586		1,570		1,529
Apex Service Partners LLC	(f)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/29	1,722		1,693		1,722
Apex Service Partners LLC	(f)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/30	2,544		2,531		2,544
Apex Service Partners LLC	(f)(g)(h)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/30	54,477		53,936		54,477
Apex Service Partners LLC	(i)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/29	2,029		2,029		2,029
Arcfield Acquisition Corp	(g)	Capital Goods	SF	+	5.0%			0.5%	10/31	15,959		15,959		15,959
Arcfield Acquisition Corp	(i)	Capital Goods	SF	+	5.0%			0.5%	10/31	2,780		2,780		2,780
Atwell LLC	(f)(h)	Capital Goods	SF	+	5.0%			0.8%	04/33	6,495		6,465		6,469
Atwell LLC	(i)	Capital Goods	SF	+	5.0%			0.8%	04/33	792		792		789
AVE Holdings I Corp (fka Amerivet Partners Management Inc)	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/28	3,249		3,249		2,908
Avetta LLC	(h)	Software & Services	SF	+	4.2%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/31	6,557		6,506		6,532
Avetta LLC	(i)	Software & Services	SF	+	4.2%			0.5%	07/30	780		780		776
Avetta LLC	(i)	Software & Services	SF	+	4.3%			0.5%	07/30	367		367		365
Avetta LLC	(i)	Software & Services	SF	+	4.2%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/31	1,605		1,605		1,599
BCA Marketplace Ltd	(f)(k)	Commercial & Professional Services	SA	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	03/31	£	9,211	11,750		12,212
BCA Marketplace Ltd	(f)(k)	Commercial & Professional Services	E	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	04/31	€	3,808	4,073		4,347
BDO USA PA	(g)	Commercial & Professional Services	SF	+	5.0%			2.0%	08/28	$	16,586	16,437		16,536
BDO USA PA	(f)	Commercial & Professional Services	SF	+	4.5%			2.0%	08/28	976		968		973
BGB Group LLC	(f)(g)(h)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	26,670		26,670		26,830
BGB Group LLC	(i)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	1,748		1,748		1,759
BGB Group LLC	(i)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	3,278		3,278		3,278
Bonterra LLC	(f)(g)(h)	Software & Services	SF	+	5.0%			0.8%	03/32	35,661		35,492		34,844
Bonterra LLC	(f)	Software & Services	SF	+	5.0%			0.8%	03/32	779		775		761
Bonterra LLC	(f)	Software & Services	SF	+	5.0%			0.8%	03/32	612		606		598
Bonterra LLC	(f)	Software & Services	SF	+	4.8%			0.8%	03/32	3,884		3,882		3,795
Bonterra LLC	(i)	Software & Services	SF	+	5.0%			0.8%	03/32	3,115		3,115		3,044
Bonterra LLC	(i)	Software & Services	SF	+	5.0%			0.8%	03/32	590		590		576

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Cadence Education LLC	(h)	Consumer Services	SF	+	5.0%			0.8%	05/31	$	9,044	$	9,009	$	8,999
Cadence Education LLC	(f)	Consumer Services	SF	+	5.0%			0.8%	05/31	2,381		2,378		2,369
Cadence Education LLC	(f)	Consumer Services	SF	+	5.0%			0.8%	05/31	848		848		844
Cadence Education LLC	(i)	Consumer Services	SF	+	5.0%			0.8%	05/30	1,414		1,412		1,407
Cadence Education LLC	(i)	Consumer Services	SF	+	5.0%			0.8%	05/31	3,222		3,222		3,206
Cambrex Corp	(f)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%	(0.0% PIK	/ 2.8% PIK)	0.8%	03/32	14,362		14,301		14,486
Cambrex Corp	(f)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%			0.8%	03/32	540		540		540
Cambrex Corp	(f)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%			0.8%	03/32	2,149		2,149		2,167
Cambrex Corp	(i)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%			0.8%	03/32	1,350		1,350		1,350
Carrier Fire Protection	(f)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/30	992		985		992
Carrier Fire Protection	(f)(h)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/31	8,090		8,023		8,090
Carrier Fire Protection	(f)	Commercial & Professional Services	E	+	4.5%			0.5%	07/31	€	1,905	2,062		2,175
Carrier Fire Protection	(f)	Commercial & Professional Services	E	+	4.5%			0.5%	07/30	218		242		249
Carrier Fire Protection	(i)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/30	$	800	800		800
Carrier Fire Protection	(i)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/31	1,656		1,656		1,656
Carrier Fire Protection	(i)	Commercial & Professional Services	E	+	4.5%			0.5%	07/30	€	40	37		37
Circana Group (f.k.a. NPD Group)	(h)	Consumer Services	SF	+	4.3%			0.8%	12/29	$	9,812	9,812		9,812
Circana Group (f.k.a. NPD Group)	(i)	Consumer Services	SF	+	4.3%			0.8%	12/28	718		718		718
Clarience Technologies LLC	(f)(g)(h)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/32	37,122		37,116		36,973
Clarience Technologies LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	02/32	833		834		829
Clarience Technologies LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	02/31	3,995		4,000		3,979
Clarience Technologies LLC	(i)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/32	8,852		8,848		8,816
CLEAResult Consulting Inc	(g)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/31	12,306		12,208		12,306
CLEAResult Consulting Inc	(f)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	1,369		1,353		1,369
CLEAResult Consulting Inc	(i)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	1,751		1,751		1,751
CLEAResult Consulting Inc	(i)	Commercial & Professional Services	SF	+	4.8%			0.8%	08/31	2,082		2,067		2,082
Clearwater Analytics LLC	(f)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	06/33	15,255		15,179		15,179
Clearwater Analytics LLC	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	06/33	2,825		2,818		2,811
Clearwater Analytics LLC	(i)	Software & Services	SF	+	4.5%			0.5%	06/33	1,836		1,836		1,836
ClubCorp Club Operations Inc	(h)	Consumer Services	SF	+	5.3%	(0.0% PIK	/ 3.1% PIK)	0.8%	06/32	13,639		13,572		13,571
ClubCorp Club Operations Inc	(i)	Consumer Services	SF	+	5.3%	(0.0% PIK	/ 3.1% PIK)	0.8%	06/32	925		925		920
ClubCorp Club Operations Inc	(i)	Consumer Services	SF	+	5.3%			0.8%	06/32	1,387		1,387		1,387
Com Laude Group Ltd	(g)(h)(k)	Software & Services	SF	+	5.0%			0.8%	12/32	21,742		21,637		21,161
Com Laude Group Ltd	(i)(k)	Software & Services	SF	+	5.0%			0.8%	12/32	4,284		4,263		4,170
Com Laude Group Ltd	(i)(k)	Software & Services	SF	+	5.0%			0.8%	12/32	1,714		1,714		1,668

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Community Brands Inc	(f)(g)	Software & Services	SF	+	5.3%			0.8%	07/31	$	11,813	$	11,768	$	11,233
Community Brands Inc	(i)	Software & Services	SF	+	5.3%			0.8%	07/31	845		845		804
Conservice LLC	(f)	Software & Services	SF	+	4.5%			0.8%	02/33	17,231		17,190		16,843
Conservice LLC	(i)	Software & Services	SF	+	4.5%			0.8%	02/33	2,347		2,347		2,294
CSafe Global	(f)(g)(h)	Transportation	SF	+	5.8%			0.8%	12/28	23,256		23,251		23,256
CSafe Global	(f)	Transportation	SA	+	5.8%			0.8%	12/28	£	3,800	4,798		5,038
CSafe Global	(f)	Transportation	SF	+	5.8%			0.8%	03/29	$	881	883		881
CSafe Global	(i)	Transportation	SF	+	5.8%			0.8%	03/29	1,268		1,268		1,268
Dental365 LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	15,738		15,738		15,738
Dental365 LLC	(h)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	5,935		5,935		5,935
Dental365 LLC	(i)	Health Care Equipment & Services	SF	+	5.0%			0.8%	05/28	2,216		2,216		2,216
Dental365 LLC	(i)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	1,531		1,531		1,531
DOXA Insurance Holdings LLC	(f)	Insurance	SF	+	4.8%			0.8%	12/29	349		349		341
DOXA Insurance Holdings LLC	(f)(h)	Insurance	SF	+	4.8%			0.8%	12/30	10,969		10,929		10,719
DOXA Insurance Holdings LLC	(f)	Insurance	SF	+	4.9%			0.8%	12/30	519		519		516
DOXA Insurance Holdings LLC	(i)	Insurance	SF	+	4.8%			0.8%	12/29	883		883		863
DOXA Insurance Holdings LLC	(i)	Insurance	SF	+	5.3%			0.8%	12/30	9,055		9,055		9,012
DOXA Insurance Holdings LLC	(i)	Insurance	SF	+	5.0%			0.8%	12/30	317		317		315
DuBois Chemicals Inc	(f)(g)	Materials	SF	+	5.0%			0.8%	06/31	14,303		14,254		14,056
DuBois Chemicals Inc	(i)	Materials	SF	+	5.0%			0.8%	06/31	2,138		2,138		2,101
Eagle Railcar Services Roscoe Inc	(h)	Transportation	SF	+	4.5%			0.5%	06/32	9,565		9,545		9,489
Eagle Railcar Services Roscoe Inc	(i)	Transportation	SF	+	4.5%			0.5%	06/32	1,807		1,807		1,793
Eagle Railcar Services Roscoe Inc	(i)	Transportation	SF	+	4.5%			0.5%	06/32	2,008		2,008		1,992
Excelitas Technologies Corp	(f)	Technology Hardware & Equipment	SF	+	5.3%			0.8%	08/29	213		215		212
Flexera Software LLC	(g)(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.5%	08/32	37,266		37,245		35,935
Flexera Software LLC	(f)	Software & Services	E	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.5%	08/32	€	11,246	13,135		12,381
Flexera Software LLC	(i)	Software & Services	SF	+	4.8%			0.5%	08/32	$	3,023	3,024		2,915
Follett Software Co	(h)	Software & Services	SF	+	4.5%			0.5%	08/31	9,835		9,835		9,701
Follett Software Co	(i)	Software & Services	SF	+	4.5%			0.5%	08/30	925		925		913
Foundation Risk Partners Corp	(f)	Insurance	SF	+	4.8%			0.8%	10/30	4,937		4,925		4,937
Frontline Road Safety LLC	(f)(g)	Capital Goods	SF	+	5.0%	(2.3% PIK	/ 2.3% PIK)	0.0%	03/32	41,190		41,043		40,032
Frontline Road Safety LLC	(f)	Capital Goods	SF	+	7.0%	(2.3% PIK	/ 2.3% PIK)	0.0%	03/32	667		667		648
Frontline Road Safety LLC	(i)	Capital Goods	SF	+	4.8%			0.0%	03/32	4,151		4,151		4,034
Frontline Road Safety LLC	(i)	Capital Goods	SF	+	7.0%	(2.3% PIK	/ 2.3% PIK)	0.0%	03/32	6		6		6
Galway Partners Holdings LLC	(f)	Insurance	SF	+	4.5%			0.8%	09/28	291		291		291
Galway Partners Holdings LLC	(h)	Insurance	SF	+	4.5%			0.8%	09/28	7,957		7,957		7,957
Galway Partners Holdings LLC	(i)	Insurance	SF	+	4.5%			0.8%	09/28	626		626		626

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
GE Vernova Electrification Software LLC	(f)(h)	Software & Services	SF	+	4.8%			0.8%	03/33	$	17,220	$	17,136	$	16,755
GE Vernova Electrification Software LLC	(i)	Software & Services	SF	+	4.8%			0.8%	03/33	3,055		3,055		2,973
Gigamon Inc	(f)	Software & Services	SF	+	5.8%			0.8%	03/29	812		812		767
Granicus Inc	(f)	Software & Services	SF	+	5.5%	(2.0% PIK	/ 2.0% PIK)	0.8%	01/31	332		331		330
Granicus Inc	(f)	Software & Services	SF	+	5.3%			0.8%	01/31	4		4		4
Granicus Inc	(f)	Software & Services	SF	+	5.3%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/31	4,286		4,286		4,259
Granicus Inc	(i)	Software & Services	SF	+	5.3%			0.8%	01/31	42		42		42
Granicus Inc	(i)	Software & Services	SF	+	5.3%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/31	636		636		632
Hexion International Cooperatief UA	(e)(f)	Materials	SF	+	4.0%			0.5%	03/29	3,035		2,971		2,940
Higginbotham Insurance Agency Inc	(f)(g)(h)	Insurance	SF	+	4.5%			1.0%	06/31	26,978		26,978		26,978
Higginbotham Insurance Agency Inc	(i)	Insurance	SF	+	4.5%			1.0%	06/31	1,942		1,942		1,942
Highgate Hotels Inc	(g)	Consumer Services	SF	+	5.5%			1.0%	11/29	12,418		12,314		12,418
Highgate Hotels Inc	(f)	Consumer Services	SF	+	5.5%			1.0%	11/29	159		147		159
Highgate Hotels Inc	(i)	Consumer Services	SF	+	5.5%			1.0%	11/29	1,433		1,433		1,433
Highgate Hotels Inc	(i)	Consumer Services	SF	+	5.5%			1.0%	11/29	3,206		3,206		3,238
Homrich & Berg Inc	(f)	Financial Services	SF	+	4.8%			0.8%	08/31	973		973		973
Homrich & Berg Inc	(g)(h)	Financial Services	SF	+	4.8%			0.8%	11/31	17,079		17,063		17,079
Homrich & Berg Inc	(f)	Financial Services	SF	+	4.5%			0.8%	11/31	1,915		1,915		1,903
Homrich & Berg Inc	(i)	Financial Services	SF	+	4.8%			0.8%	08/31	913		913		913
Homrich & Berg Inc	(i)	Financial Services	SF	+	4.5%			0.8%	11/31	10,264		10,264		10,197
Horizon CTS Buyer LLC	(f)(h)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	03/32	14,364		14,315		14,339
Horizon CTS Buyer LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	03/32	3,857		3,859		3,850
Horizon CTS Buyer LLC	(f)(g)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	03/32	24,835		24,846		24,793
Horizon CTS Buyer LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	03/32	3,475		3,475		3,469
Horizon CTS Buyer LLC	(i)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	03/32	5,403		5,403		5,393
Inhabit IQ	(g)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/32	4,249		4,240		4,177
Inhabit IQ	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/32	1,192		1,192		1,172
Inhabit IQ	(i)	Software & Services	SF	+	4.5%			0.8%	01/32	745		745		732
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			0.8%	05/28	464		465		415
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			1.0%	05/28	888		888		793
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			1.0%	05/28	7,056		7,056		6,304
Insightsoftware.Com Inc	(i)	Software & Services	SF	+	5.3%			0.8%	05/28	4,015		4,015		3,587
Insightsoftware.Com Inc	(i)	Software & Services	SF	+	5.3%			1.0%	05/28	1		1		1
Integrated Power Services LLC	(f)	Commercial & Professional Services	SF	+	4.8%			0.8%	11/30	265		265		260
Integrated Power Services LLC	(f)(g)(h)	Commercial & Professional Services	SF	+	4.8%			0.8%	11/31	39,152		39,152		38,369
Integrated Power Services LLC	(i)	Commercial & Professional Services	SF	+	4.8%			0.8%	11/30	5,258		5,258		5,153
Integrated Power Services LLC	(i)	Commercial & Professional Services	SF	+	4.8%			0.8%	11/31	9,969		9,969		9,770

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Integrity Marketing Group LLC	(f)(g)(h)	Insurance	SF	+	5.0%			0.8%	08/28	$	43,500	$	43,415	$	43,500
Integrity Marketing Group LLC	(i)	Insurance	SF	+	5.0%			0.8%	08/28	6,058		6,056		6,058
Integrity Marketing Group LLC	(i)	Insurance	SF	+	5.0%			0.8%	08/28	7,588		7,608		7,588
IntraFi Network LLC	(e)(f)	Financial Services	SF	+	4.0%			0.0%	07/31	125		124		121
J S Held LLC	(f)(g)(h)	Insurance	SF	+	4.8%			1.0%	06/28	22,674		22,674		22,504
J S Held LLC	(i)	Insurance	SF	+	4.8%			1.0%	06/28	1,588		1,588		1,576
J S Held LLC	(i)	Insurance	SF	+	4.8%			1.0%	06/28	1,028		1,028		1,020
Jeppesen Holdings LLC	(g)(h)(k)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.6% PIK)	0.5%	10/32	23,544		23,463		23,158
Jeppesen Holdings LLC	(i)(k)	Software & Services	SF	+	4.8%			0.5%	10/32	1,221		1,221		1,201
Keystone Agency Partners LLC	(f)(g)(h)	Insurance	SF	+	4.3%	(0.0% PIK	/ 2.6% PIK)	0.8%	08/32	45,378		45,173		45,151
Keystone Agency Partners LLC	(f)	Insurance	SF	+	4.3%			0.8%	08/32	2,061		2,057		2,051
Keystone Agency Partners LLC	(i)	Insurance	SF	+	4.3%	(0.0% PIK	/ 2.6% PIK)	0.8%	08/32	8,749		8,749		8,705
Keystone Agency Partners LLC	(i)	Insurance	SF	+	4.3%			0.8%	08/32	1,828		1,828		1,818
Lazer Logistics Inc	(f)	Transportation	SF	+	4.8%			0.8%	05/30	3,373		3,358		3,370
Lazer Logistics Inc	(f)(g)	Transportation	SF	+	4.8%			0.8%	05/30	12,199		12,087		12,186
Lazer Logistics Inc	(i)	Transportation	SF	+	4.8%			0.8%	05/29	1,244		1,235		1,243
Lazer Logistics Inc	(i)	Transportation	SF	+	4.8%			0.8%	05/30	833		833		832
Learning Experience Corp/The	(h)	Consumer Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	3,642		3,627		3,679
Learning Experience Corp/The	(i)	Consumer Services	SF	+	4.8%			0.8%	07/32	801		801		801
Legends Hospitality LLC	(f)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/30	553		553		547
Legends Hospitality LLC	(g)(h)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/31	17,648		17,470		17,471
Legends Hospitality LLC	(f)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/31	996		996		986
Legends Hospitality LLC	(i)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/30	1,457		1,457		1,443
Likewize Corp	(f)(k)	Commercial & Professional Services	SF	+	5.0%			1.0%	05/29	3,032		3,032		3,032
Likewize Corp	(i)(k)	Commercial & Professional Services	SF	+	5.0%			1.0%	05/29	6,039		6,039		6,039
Lipari Foods LLC	(f)(g)	Consumer Staples Distribution & Retail	SF	+	5.5%			1.0%	10/31	36,362		36,362		36,362
Lipari Foods LLC	(i)	Consumer Staples Distribution & Retail	SF	+	5.5%			1.0%	10/31	10,201		10,199		10,201
Magna Legal Services LLC	(f)(g)	Commercial & Professional Services	SF	+	4.5%			0.8%	11/29	9,146		9,030		9,146
Magna Legal Services LLC	(f)	Commercial & Professional Services	SF	+	4.5%			0.8%	11/29	3,421		3,421		3,421
Magna Legal Services LLC	(i)	Commercial & Professional Services	SF	+	4.5%			0.8%	11/28	861		853		861
Magna Legal Services LLC	(i)	Commercial & Professional Services	SF	+	4.5%			0.8%	11/29	4,872		4,872		4,872
MAI Capital Management LLC	(f)(h)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	10,271		10,226		10,271
MAI Capital Management LLC	(f)(j)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	08/31	3,674		3,670		3,674
MAI Capital Management LLC	(i)(j)	Financial Services	SF	+	4.8%			0.8%	08/31	2,568		2,567		2,568
MAI Capital Management LLC	(i)(j)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	08/31	2,143		2,143		2,143
MAI Capital Management LLC	(i)	Financial Services	SF	+	4.8%			0.8%	08/31	1,720		1,720		1,720

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)(g)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	$	24,237	$	24,035	$	24,237
MB2 Dental Solutions LLC	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	285		266		285
MB2 Dental Solutions LLC	(i)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	1,616		1,616		1,616
Med-Metrix	(f)(g)(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	24,269		24,162		23,730
Med-Metrix	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	10,018		10,018		9,796
Med-Metrix	(i)	Software & Services	SF	+	4.5%			0.8%	07/32	4,286		4,286		4,191
Mercer Advisors Inc	(f)(g)	Financial Services	SF	+	4.5%			0.8%	10/30	29,347		29,263		29,168
Mercer Advisors Inc	(i)	Financial Services	SF	+	4.5%			0.8%	10/30	11,399		11,399		11,330
Mercer Advisors Inc	(i)	Financial Services	SF	+	4.5%			0.8%	10/30	227		226		226
Milano Acquisition Corp	(e)(f)	Health Care Equipment & Services	SF	+	4.0%			0.8%	10/27	25,775		25,170		25,431
Misys Ltd	(e)(f)(k)	Software & Services	SF	+	4.0%			0.0%	09/32	14,014		13,886		12,956
Model N Inc	(f)(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	14,155		14,114		14,040
Model N Inc	(i)	Software & Services	SF	+	4.8%			0.8%	06/31	1,421		1,421		1,409
NAVEX Global Inc	(f)	Software & Services	SF	+	5.0%			0.8%	10/32	15,054		14,985		14,637
NAVEX Global Inc	(i)	Software & Services	SF	+	5.0%			0.8%	10/31	326		326		317
NAVEX Global Inc	(i)	Software & Services	SF	+	5.0%			0.8%	10/32	6,900		6,883		6,709
NEFCO Corp	(g)(h)	Capital Goods	SF	+	4.5%			0.8%	01/33	15,504		15,468		15,504
NEFCO Corp	(f)	Capital Goods	SF	+	4.5%			0.8%	01/33	1,218		1,218		1,218
NEFCO Corp	(i)	Capital Goods	SF	+	4.5%			0.8%	01/33	3,322		3,322		3,322
NEFCO Corp	(i)	Capital Goods	SF	+	4.5%			0.8%	01/33	997		997		997
NeoGov Newt Holdco Inc	(f)	Software & Services	SF	+	4.3%			0.5%	09/32	274		274		267
NeoGov Newt Holdco Inc	(f)(h)	Software & Services	SF	+	4.3%	(0.0% PIK	/ 2.1% PIK)	0.5%	09/32	16,115		16,065		15,699
NeoGov Newt Holdco Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	821		821		800
NeoGov Newt Holdco Inc	(i)	Software & Services	SF	+	4.3%			0.5%	09/32	1,551		1,551		1,511
NeoGov Newt Holdco Inc	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	09/32	2,592		2,592		2,525
Netsmart Technologies Inc	(f)(g)(h)	Health Care Equipment & Services	SF	+	5.2%	(2.7% PIK	/ 2.7% PIK)	0.8%	08/31	41,932		41,796		41,343
Netsmart Technologies Inc	(i)	Health Care Equipment & Services	SF	+	5.0%	(2.5% PIK	/ 2.5% PIK)	0.8%	08/31	4,258		4,236		4,198
Netsmart Technologies Inc	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	08/31	4,343		4,343		4,282
OEConnection LLC	(f)(g)(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	12/32	23,608		23,516		23,079
OEConnection LLC	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	12/32	5,183		5,183		5,067
OEConnection LLC	(i)	Software & Services	SF	+	4.5%			0.5%	12/32	2,604		2,600		2,546
Orion Services Group	(f)(g)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	11/32	9,820		9,761		9,781
Orion Services Group	(i)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	11/32	1,324		1,324		1,319
Pavement Preservation Group Inc	(g)	Capital Goods	SF	+	5.3%			1.0%	08/30	5,358		5,358		5,358
Pavement Preservation Group Inc	(f)	Capital Goods	SF	+	5.3%			1.0%	08/30	342		342		342
Pavement Preservation Group Inc	(i)	Capital Goods	SF	+	5.3%			1.0%	08/30	535		535		535
PCI Pharma Services	(f)(h)(k)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	13,523		13,474		13,286

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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	$	19,148	$	19,090	$	18,813
PCI Pharma Services	(i)(k)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	5,518		5,518		5,422
Personify Health Inc	(g)	Software & Services	SF	+	5.8%			0.8%	11/29	13,343		13,304		12,080
Pike Corp	(g)(h)	Capital Goods	SF	+	4.3%	(0.0% PIK	/ 2.5% PIK)	0.8%	12/32	20,932		20,883		20,644
Pike Corp	(i)	Capital Goods	SF	+	4.3%	(0.0% PIK	/ 2.5% PIK)	0.8%	12/32	4,550		4,539		4,488
Pike Corp	(i)	Capital Goods	SF	+	4.3%			0.8%	12/32	3,034		3,034		2,992
Precisely Software Inc	(e)(f)	Software & Services	SF	+	4.0%			0.8%	04/28	25,672		25,060		19,725
Premise Health Holding Corp	(f)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/32	4,669		4,627		4,631
Premise Health Holding Corp	(f)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/32	658		652		653
Premise Health Holding Corp	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	369		369		366
Premise Health Holding Corp	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/32	633		633		627
PROS Holdings Inc	(f)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.0%	12/32	7,430		7,421		7,192
PROS Holdings Inc	(i)	Software & Services	SF	+	4.8%			0.0%	12/32	861		861		834
PSC Group	(f)	Transportation	SF	+	5.3%			0.8%	04/30	196		196		196
PSC Group	(f)	Transportation	SF	+	5.3%			0.8%	04/31	3,153		3,138		3,153
PSC Group	(i)	Transportation	SF	+	5.3%			0.8%	04/30	212		212		212
PSKW LLC (dba ConnectiveRx)	(f)(g)	Health Care Equipment & Services	SF	+	5.5%			1.0%	03/28	27,819		27,819		27,819
Radwell International LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	04/30	484		454		482
Radwell International LLC	(f)(g)(h)	Capital Goods	SF	+	4.8%			0.8%	04/30	29,947		29,751		29,859
Radwell International LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	04/30	159		159		158
Radwell International LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	04/30	1,330		1,330		1,326
Radwell International LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	04/30	5,404		5,404		5,388
Railpros Inc	(f)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	1,163		1,163		1,163
Railpros Inc	(f)	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	180		180		180
Railpros Inc	(i)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	252		252		252
Resa Power LLC	(f)(h)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/32	16,077		16,033		16,238
Resa Power LLC	(f)	Commercial & Professional Services	SF	+	4.5%			0.8%	04/32	219		219		219
Resa Power LLC	(i)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/32	2,075		2,075		2,096
Resa Power LLC	(i)	Commercial & Professional Services	SF	+	4.5%			0.8%	04/32	1,756		1,756		1,756
Revere Superior Holdings Inc	(g)	Software & Services	SF	+	5.0%			1.0%	10/29	2,332		2,323		2,267
Revere Superior Holdings Inc	(f)	Software & Services	SF	+	5.0%			1.0%	10/29	141		138		137
Revere Superior Holdings Inc	(f)(g)	Software & Services	SF	+	5.0%			1.0%	10/29	16,392		16,338		15,937
Revere Superior Holdings Inc	(i)	Software & Services	SF	+	5.0%			1.0%	10/29	913		913		888
Rialto Capital Management LLC	(g)(h)	Financial Services	SF	+	5.0%			0.8%	12/30	13,218		13,142		13,254
Rialto Capital Management LLC	(g)	Financial Services	SF	+	5.0%			0.8%	12/30	3,408		3,392		3,417
Rialto Capital Management LLC	(i)	Financial Services	SF	+	5.0%			0.8%	12/30	834		834		834

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Rockefeller Capital Management LP	(g)(h)	Financial Services	SF	+	4.5%			0.5%	12/32	$	40,898	$	40,708	$	41,306
Rockefeller Capital Management LP	(i)	Financial Services	SF	+	4.5%			0.5%	12/32	4,000		4,000		4,040
SAMBA Safety Inc	(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	1.0%	12/32	4,951		4,940		4,823
SAMBA Safety Inc	(f)	Software & Services	SF	+	4.8%			1.0%	12/32	26		26		25
SAMBA Safety Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	1.0%	12/32	603		603		587
SAMBA Safety Inc	(i)	Software & Services	SF	+	4.8%			1.0%	12/32	423		423		412
Schellman Inc	(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	04/33	11,521		11,465		11,262
Schellman Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	04/33	1,077		1,077		1,053
Schellman Inc	(i)	Software & Services	SF	+	4.8%			0.8%	04/33	1,615		1,615		1,579
Service Express Inc	(g)(h)	Commercial & Professional Services	SF	+	4.3%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	21,137		21,137		21,126
Service Express Inc	(f)	Commercial & Professional Services	SF	+	4.5%			0.5%	12/32	489		489		488
Service Express Inc	(f)(h)	Commercial & Professional Services	SF	+	4.3%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	14,306		14,251		14,299
Service Express Inc	(i)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	4,207		4,207		4,205
Service Express Inc	(i)	Commercial & Professional Services	SF	+	4.5%			0.5%	12/32	4,519		4,519		4,517
Service Logic LLC	(f)	Commercial & Professional Services	SF	+	4.8%	(2.3% PIK	/ 2.3% PIK)	0.0%	12/32	997		997		988
Service Logic LLC	(g)(h)	Commercial & Professional Services	SF	+	4.8%	(2.3% PIK	/ 2.3% PIK)	0.0%	12/32	19,944		19,898		19,759
Service Logic LLC	(f)	Commercial & Professional Services	SF	+	4.5%			0.0%	12/32	1,264		1,264		1,252
Service Logic LLC	(i)	Commercial & Professional Services	SF	+	4.8%	(2.3% PIK	/ 2.3% PIK)	0.0%	12/32	4,446		4,446		4,405
Service Logic LLC	(i)	Commercial & Professional Services	SF	+	4.5%			0.0%	12/32	1,456		1,456		1,443
Shaw Development LLC	(g)(h)	Capital Goods	SF	+	6.0%			0.5%	10/29	16,533		16,389		16,533
Solera LLC	(e)(f)	Software & Services	SF	+	4.0%			0.5%	06/28	10,333		10,003		9,007
Sphera Solutions Inc	(f)(h)	Software & Services	SF	+	4.5%			0.5%	09/32	42,427		42,330		40,026
Sphera Solutions Inc	(f)	Software & Services	SF	+	4.5%			0.5%	09/32	1,916		1,913		1,807
Sphera Solutions Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	8,702		8,702		8,210
Sphera Solutions Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	3,886		3,886		3,666
Spins LLC	(f)(h)	Software & Services	SF	+	4.8%			1.0%	01/29	18,099		18,099		17,785
Spins LLC	(i)	Software & Services	SF	+	4.8%			1.0%	01/29	1,063		1,063		1,045
Spotless Brands LLC	(g)(h)	Consumer Services	SF	+	5.8%			1.0%	07/28	15,911		15,736		15,911
Spotless Brands LLC	(f)	Consumer Services	SF	+	5.5%			1.0%	07/28	6,612		6,579		6,612
Spotless Brands LLC	(f)	Consumer Services	SF	+	5.0%			1.0%	07/28	2,573		2,548		2,551
Spotless Brands LLC	(i)	Consumer Services	SF	+	5.0%			1.0%	07/28	4,248		4,248		4,211
SureScripts LLC	(f)(g)(h)	Health Care Equipment & Services	SF	+	5.0%			0.8%	11/31	29,316		29,078		29,610
SureScripts LLC	(g)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	9,305		9,305		9,323
SureScripts LLC	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	6,405		6,405		6,405
Trackunit ApS	(f)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)	0.0%	06/32	12,442		12,276		11,919
Trackunit ApS	(i)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)	0.0%	05/32	2,765		2,747		2,649
Trackunit ApS	(i)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)		05/32	5,530		5,494		5,297

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Turnpoint Services Inc	(f)	Capital Goods	SF	+	5.3%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/30	$	305	$	305	$	285
Turnpoint Services Inc	(g)	Capital Goods	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	06/31	5,675		5,631		5,313
Turnpoint Services Inc	(i)	Capital Goods	SF	+	5.3%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/30	388		388		363
USIC Holdings Inc	(f)(g)(h)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/31	16,664		16,600		16,571
USIC Holdings Inc	(f)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/31	2,799		2,796		2,783
USIC Holdings Inc	(i)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/31	211		211		210
USIC Holdings Inc	(i)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/31	321		321		319
Veriforce LLC	(g)(k)	Software & Services	SF	+	4.5%			0.8%	11/31	9,771		9,733		9,691
Veriforce LLC	(f)(k)	Software & Services	SA	+	4.5%			0.8%	11/31	£	3,341	4,187		4,393
Veriforce LLC	(i)(k)	Software & Services	SF	+	4.8%			0.8%	11/31	$	935	935		928
Veriforce LLC	(i)(k)	Software & Services	SF	+	4.8%			0.8%	11/31	518		518		514
Veriforce LLC	(i)(k)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	11/31	20,071		20,071		19,698
Vermont Information Processing Inc	(f)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/32	9,040		9,002		8,719
Vermont Information Processing Inc	(f)	Software & Services	SF	+	4.8%			0.5%	01/32	190		190		183
Vermont Information Processing Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/32	3,804		3,804		3,669
Vermont Information Processing Inc	(i)	Software & Services	SF	+	4.8%			0.5%	01/32	951		951		917
VetCor Professional Practices LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	24,377		24,367		23,684
VetCor Professional Practices LLC	(f)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	160		159		155
VetCor Professional Practices LLC	(f)(g)	Health Care Equipment & Services	SF	+	6.0%			0.8%	08/29	573		573		560
VetCor Professional Practices LLC	(i)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	297		297		288
Vitu	(g)(h)	Software & Services	SF	+	4.5%			0.8%	01/32	21,918		21,850		22,137
Vitu	(i)	Software & Services	SF	+	4.5%			0.8%	01/31	3,598		3,598		3,598
Wealth Enhancement Group LLC	(f)(j)	Financial Services	SF	+	4.3%			1.0%	10/28	10,359		10,327		10,359
Wealth Enhancement Group LLC	(f)(g)(j)	Financial Services	SF	+	4.3%			1.0%	10/28	3,517		3,510		3,517
Wealth Enhancement Group LLC	(i)(j)	Financial Services	SF	+	4.3%			1.0%	10/28	355		355		355
Wealth Enhancement Group LLC	(i)(j)	Financial Services	SF	+	4.3%			1.0%	10/28	413		413		413
Wealth Enhancement Group LLC	(i)	Financial Services	SF	+	4.5%			1.0%	10/28	1,775		1,775		1,775
WebPros Holding Sarl	(f)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	28,683		28,279		27,593
WebPros Holding Sarl	(i)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	3,585		3,561		3,449
Wedgewood Weddings	(f)(h)	Consumer Services	SF	+	4.3%			0.8%	06/32	23,334		23,233		23,334
Wedgewood Weddings	(i)	Consumer Services	SF	+	4.3%			0.8%	06/32	4,702		4,702		4,702
Wedgewood Weddings	(i)	Consumer Services	SF	+	4.3%			0.8%	06/32	4,702		4,702		4,702
West Star Aviation Inc	(h)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	05/32	14,708		14,660		14,708
West Star Aviation Inc	(f)	Capital Goods	SF	+	4.5%			0.8%	05/32	311		311		311
West Star Aviation Inc	(f)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.0%	05/32	2,368		2,356		2,368
West Star Aviation Inc	(i)	Capital Goods	SF	+	4.5%			0.8%	05/32	1,762		1,762		1,762
West Star Aviation Inc	(i)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.0%	05/32	725		725		725

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Woolpert Inc	(f)	Capital Goods	SF	+	4.5%			1.0%	04/31	$	542	$	542	$	531
Woolpert Inc	(f)(g)(h)	Capital Goods	SF	+	4.5%			1.0%	04/32	52,970		52,975		51,881
Woolpert Inc	(i)	Capital Goods	SF	+	4.5%			1.0%	04/31	4,881		4,881		4,780
Xylem Kendall	(f)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/30	6,344		6,344		6,344
Xylem Kendall	(f)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/30	710		710		710
Xylem Kendall	(i)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/30	5,739		5,739		5,739
Xylem Kendall	(i)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/30	267		267		267
Zeus Industrial Products Inc	(f)	Health Care Equipment & Services	SF	+	5.4%			0.8%	02/30	544		527		516
Zeus Industrial Products Inc	(f)	Health Care Equipment & Services	SF	+	5.4%			0.8%	02/31	25,411		25,212		24,115
Zeus Industrial Products Inc	(i)	Health Care Equipment & Services	SF	+	5.4%			0.8%	02/30	2,718		2,718		2,579
Total Senior Secured Loans—First Lien												2,451,592		2,422,897
Unfunded Loan Commitments												(437,045)		(437,045)
Net Senior Secured Loans—First Lien												2,014,547		1,985,852

Subordinated Debt—0.1%
Affordable Care Inc	(f)	Health Care Equipment & Services			10.0%	PIK			06/32	206		206		206
Apex Service Partners LLC	(f)	Commercial & Professional Services			14.3%	PIK			04/31	2,097		2,080		2,160
Total Subordinated Debt												2,286		2,366

Asset Based Finance—39.7%
Altitude III, ABF Equity	(f)(k)(l)(p)	Capital Goods								227,451		227		227
Australis Maritime II, ABF Equity	(f)(k)(p)	Transportation								788,828		789		823
Auxilior Capital Partners Inc, Preferred Equity	(f)	Financial Services			14.5%	(9.5% PIK	/ 9.5% PIK)		04/30	$	1,362	1,362		1,360
Bankers Healthcare Group LLC, Term Loan	(f)(k)	Financial Services	SF	+	3.9%			0.0%	11/27	$	771	771		780
Bond Aviation Holdings LLC, ABF Equity	(f)(l)(o)	Transportation								78,953		79		121
Bond Aviation Holdings LLC, Term Loan	(f)(o)	Transportation			9.0%				10/33	$	15,415	15,415		15,415
Bond Aviation Holdings LLC, Term Loan	(f)(o)	Transportation			9.0%	(0.0% PIK	/ 9.0% PIK)		10/33	$	711	711		711
Bond Aviation Holdings LLC, Term Loan	(i)(o)	Transportation			9.0%				10/33	$	7,480	7,480		7,480
Bond Aviation Holdings LLC, Term Loan	(i)(o)	Transportation			9.0%	(0.0% PIK	/ 9.0% PIK)		10/33	$	5,329	5,329		5,329
Builders Capital Loan Acquisition Trust 2022-RTL1, Structured Mezzanine	(f)(k)(l)(m)	Real Estate Management & Development			8.0%				07/30	$	164	162		29
Builders Capital Loan Acquisition Trust 2022-RTL1, Structured Mezzanine	(f)(k)(l)(m)	Real Estate Management & Development			18.0%				07/30	$	67	51		—
Builders Capital Loan Acquisition Trust 2022-RTL1, Term Loan	(f)(k)	Real Estate Management & Development			7.3%				07/30	$	981	981		836
Cast & Crew LLC, Revolver	(f)	Media & Entertainment	SF	+	4.8%			1.0%	12/28	$	10,208	10,208		10,208
Cast & Crew LLC, Revolver	(i)	Media & Entertainment	SF	+	4.8%			1.0%	12/28	$	4,915	4,915		4,915

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
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							4,294,806		4,295		4,175
Discover Financial Services, Subordinated Loan	(f)(k)(p)	Financial Services			15.0%			09/34	$	7,870	7,870		7,870
Drive Revel, ABF Equity	(f)(k)	Financial Services							907,781		1,020		1,180
EFMT 2024-INV1, ABS	(e)(f)(k)	Real Estate Management & Development			7.4%			03/69	$	6,380	6,084		6,359
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver	(f)(k)	Food, Beverage & Tobacco	SF	+	4.8%		1.0%	06/28	$	4,706	4,706		4,706
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver	(i)(k)	Food, Beverage & Tobacco	SF	+	4.8%		1.0%	06/28	$	923	923		923
Fidelis Mortgage Trust 2025-RTL1, ABS	(e)(f)(k)	Real Estate Management & Development			9.0%			02/40	$	4,500	4,428		4,514
FIGRE Trust 2024-HE3, ABS	(e)(f)(k)	Real Estate Management & Development			9.3%			07/54	$	1,913	1,921		2,001
Flexsys Holdings Inc, Private Equity	(f)	Materials							9,209,221		9,209		9,218
Fortna AR LLC (FKA Fortna Group Inc), Revolver	(f)(k)	Capital Goods	SF	+	4.8%		0.8%	06/29	$	10,348	10,348		10,348
Galaxy Container, ABF Equity	(f)(l)(p)	Transportation							235,566		236		234
Galaxy Container, Bond	(f)(p)	Transportation			8.6%	PIK		01/34	$	204	204		204
Galaxy Container, Bond	(f)(p)	Transportation			13.6%	PIK		04/34	$	647	647		647
Galaxy Container, Bond	(f)(p)	Transportation			13.6%	PIK		06/34	$	397	397		397
Global Lending Services LLC, ABF Equity	(f)(k)(l)	Financial Services							2,920,258		2,920		4,957
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			12/32	$	921	921		921
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			02/33	$	2,330	2,330		2,330
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			05/33	$	1,402	1,402		1,402
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			08/33	$	1,348	1,348		1,348
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			11/33	$	2,335	2,335		2,335
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			02/34	$	2,454	2,454		2,454
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			05/34	$	891	891		891
GreenSky Holdings LLC, ABF Equity	(f)(l)(o)	Financial Services							1,332,761		1,333		2,020
GreenSky Holdings LLC, ABF Equity	(f)(k)(o)	Financial Services							1,426,301		1,426		1,620
GreenSky Holdings LLC, Term Loan	(f)(o)	Financial Services			9.3%	PIK		03/34	$	4,132	4,132		4,132
Harley-Davidson Financial Services Inc, ABF Equity	(f)(k)	Financial Services							5,748,248		5,748		6,059
Harley-Davidson Financial Services Inc, ABF Equity	(f)(k)	Financial Services							25,268,026		25,268		25,431
Harley-Davidson Financial Services Inc, ABF Equity	(f)(k)(l)	Financial Services							1,896,424		1,896		1,998

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
HOMES 2024-AFC1 Trust, Structured Mezzanine	(e)(f)(k)	Real Estate Management & Development		7.6%		08/59	$	1,944	$	1,850	$	1,945
Homeward Opportunities Fund Trust 2024-RRTL2, ABS	(e)(f)(k)	Real Estate Management & Development		9.1%		09/39	$	7,878	7,878		7,910
Income Contingent Student Loans 1 2002-2006 PLC, ABS	(f)(k)	Financial Services		8.0%		07/56	£	4,904	6,102		7,224
Income Contingent Student Loans 2 2007-2009 PLC, ABS	(f)(k)	Financial Services		8.0%		07/58	£	14,626	18,200		21,301
Kilter Finance 2.0, Common Stock	(f)(k)(l)(p)	Insurance					1,946,213		1,946		1,986
KKR Altitude II Offshore Aggregator LP, Partnership Interest	(f)(k)(p)	Capital Goods					2,546,262		2,546		2,795
KSC I Aircraft LP, ABF Equity	(f)(k)(p)	Capital Goods					59,028,823		59,029		59,214
Laurel Road Prime Student Loan Trust 2017-B, ABS	(f)(k)	Financial Services		7.2%		08/42	$	1,384	1,947		1,955
LHOME Mortgage Trust 2025-RTL3, ABS	(e)(f)(k)	Real Estate Management & Development		6.9%		08/40	$	759	759		760
LHOME Mortgage Trust 2025-RTL3, ABS	(e)(f)(k)	Real Estate Management & Development		8.7%		08/40	$	543	543		547
MEMIC Insurance, ABS	(f)(k)	Insurance		9.0%		12/45	$	8,966	8,966		8,967
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development		6.4%		09/70	$	3,155	3,111		3,146
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development		7.2%		09/70	$	5,450	5,187		5,305
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development		1.9%		09/70	$	107,192	5,678		6,221
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development		0.3%		09/70	$	107,192	555		566
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		7.3%		03/70	$	2,135	1,871		2,104
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		0.3%		03/70	$	66,041	362		290
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		7.3%		03/70	$	1,920	1,733		1,928
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		1.1%		03/70	$	66,041	2,146		2,727
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		7.3%		03/70	$	1,410	1,139		1,371
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		6.6%		07/70	$	2,468	2,434		2,463
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		7.2%		07/70	$	4,481	4,274		4,394
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		1.8%		07/70	$	104,209	4,421		5,065

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development			0.3%			07/70	$	104,209	$	561	$	485
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services			6.6%			09/70	$	2,149	2,140		2,141
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services			7.0%			09/70	$	3,425	3,187		3,281
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services			1.8%			09/70	$	117,516	5,320		5,247
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services			0.3%			09/70	$	117,516	630		652
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS	(e)(f)(k)	Real Estate Management & Development			6.5%			01/71	$	2,910	2,910		2,888
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS	(e)(f)(k)	Real Estate Management & Development			6.8%			01/71	$	1,735	1,557		1,586
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS	(e)(f)(k)	Real Estate Management & Development			0.3%			01/71	$	109,643	623		667
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS	(e)(f)(k)	Real Estate Management & Development			1.9%			01/71	$	109,643	5,703		6,272
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS	(e)(f)(k)	Real Estate Management & Development			6.8%			01/71	$	3,303	3,227		3,220
Newday Group Jersey Ltd, ABF Equity	(f)(k)(l)	Financial Services							4,172,556		5,570		8,474
Newday Group Jersey Ltd, Bond	(f)(k)	Financial Services			12.8%	PIK		08/36	£	24,700	32,973		32,746
Norway_France, ABF Equity	(f)(k)	Financial Services							873,935		972		1,077
Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver	(f)(k)	Telecommunication Services	SA	+	7.0%		1.5%	09/26	£	20,505	27,324		27,324
Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver	(i)(k)	Telecommunication Services	SA	+	7.0%		1.5%	09/26	£	4,412	5,622		5,652
Octane Receivables Trust 2025-1, ABS	(f)(k)	Automobiles & Components			11.8%			04/33	$	33	5,761		6,262
Octane Receivables Trust 2025-1, ABS	(e)(f)(k)	Automobiles & Components			7.0%			04/33	$	2,574	2,573		2,610
Opendoor Labs Inc, Structured Mezzanine	(f)(k)	Real Estate Management & Development			12.5%			02/29	$	8,259	8,259		8,365
Orange Maple 2025-2 DAC, ABF Equity	(f)(k)	Banks							34,529,000		39,979		39,508
PayPal Danube 2, ABF Equity	(f)(k)	Financial Services							13,913,415		16,175		16,479
PayPal Danube 2, ABF Equity	(f)(k)(l)	Financial Services							1,191,743		1,575		1,639
PayPal Europe Sarl et Cie SCA, ABF Equity	(f)(k)	Financial Services							789,601		883		695
Philippine Airlines 777, Term Loan	(f)(k)	Transportation			6.5%			10/27	$	4,241	4,241		4,247
Philippine Airlines 777, Term Loan	(f)(k)	Transportation			6.5%			12/27	$	4,241	4,241		4,242
Philippine Airlines 777, Term Loan	(i)(k)	Transportation			6.5%			10/27	$	2,831	2,831		2,835
Philippine Airlines 777, Term Loan	(i)(k)	Transportation			6.5%			12/27	$	2,831	2,831		2,832
Progress Residential 2024-SFR4 Trust, Structured Mezzanine	(e)(f)(k)	Real Estate Management & Development			3.4%			07/41	$	6,250	4,927		5,730

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Rosemawr Management LLC, ABS	(f)	Utilities			5.0%				08/54	$	910	$	820	$	827
Rosemawr Management LLC, Structured Mezzanine	(f)	Utilities			7.3%				08/54	$	411	371		411
Sallie Mae Levered, ABF Equity	(f)(k)(p)	Financial Services								2,146,440		2,146		1,999
Sallie Mae Levered, Bond	(f)(k)(p)	Financial Services			13.0%				11/33	$	2,959	2,959		2,959
Sallie Mae Levered, Bond	(f)(k)(p)	Financial Services			13.0%				01/34	$	4,320	4,320		4,320
Sallie Mae Levered, Bond	(f)(k)(p)	Financial Services			13.0%				03/34	$	1,161	1,161		1,161
Sallie Mae Levered, Bond	(f)(k)(p)	Financial Services			13.0%				03/34	$	554	554		554
Sallie Mae Levered, Bond	(f)(k)(p)	Financial Services			13.0%				04/34	$	1,185	1,185		1,185
Sallie Mae Levered, Term Loan	(f)(k)(p)	Financial Services	SF	+	2.8%				11/32	$	336	336		337
Sallie Mae Levered, Term Loan	(i)(k)(p)	Financial Services	SF	+	2.8%				11/32	$	44	44		44
Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine	(f)(k)	Real Estate Management & Development			18.9%				10/53	$	324,980	440		362
Santander Consumer Bank AS, ABF Equity	(f)(k)	Banks								166,929,718		16,737		16,940
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			1.4%				01/65	$	63,948	1,947		2,366
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			0.4%				01/65	$	63,948	363		348
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			7.3%				01/65	$	1,335	1,302		1,248
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			7.3%				01/65	$	1,295	1,254		1,243
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(k)	Real Estate Management & Development			7.0%				07/65	$	9,746	9,422		9,679
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(k)	Real Estate Management & Development			1.5%				07/65	$	113,476	3,781		4,380
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(k)	Real Estate Management & Development			0.4%				07/65	$	113,476	647		642
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	(f)(k)	Media & Entertainment	SF	+	6.3%			0.8%	03/28	$	10,948	10,948		11,003
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	(i)(k)	Media & Entertainment	SF	+	6.3%			0.8%	03/28	$	4,850	4,850		4,874
Setna SPV I, Term Loan	(f)(k)	Transportation			5.9%				12/31	$	12,209	12,209		12,054
Setna SPV I, Term Loan	(i)(k)	Transportation			5.9%				12/31	$	191	191		189
SKP German Bank, ABF Equity	(f)(k)	Financial Services								1,305,882		1,534		1,492
Slate Venture Holdings LP, ABF Equity	(f)(l)	Consumer Durables & Apparel								5,523,032		5,523		6,844
Slate Venture Holdings LP, Term Loan	(f)	Consumer Durables & Apparel			10.8%	(0.0% PIK	/ 10.8% PIK)		08/29	$	3,129	3,129		3,129
Sotheby's, Revolver	(f)	Consumer Services	SF	+	4.8%			0.8%	02/29	$	10,192	10,192		10,192
Sotheby's, Revolver	(i)	Consumer Services	SF	+	4.8%			0.8%	02/29	$	15,287	15,287		15,287
SunPower Financial, ABF Equity	(f)(k)	Financial Services								112,454		112		106

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Synovus Financial Corp, ABF Equity	(f)(k)	Banks						331,593		$	332	$	446
TDC LLP, ABF Equity	(f)(k)(l)(p)	Financial Services						72,892		92		93
TDC LLP, Preferred Equity	(f)(k)(p)	Financial Services			8.0%			£	2,114	2,730		2,840
TPSI Receivables LLC (Tropicana Products Inc), Revolver	(f)(k)	Food, Beverage & Tobacco	SF	+	4.8%	1.0%	01/29	$	9,146	9,146		9,187
TPSI Receivables LLC (Tropicana Products Inc), Revolver	(i)(k)	Food, Beverage & Tobacco	SF	+	4.8%	1.0%	01/29	$	2,837	2,837		2,850
Unison Trust 2025-1, ABS	(e)(f)(k)	Real Estate Management & Development			6.0%		07/55	$	14,937	13,737		14,074
Vehicle Secured Funding Trust, ABF Equity	(f)(k)	Financial Services						2,440,521		2,441		1,984
Vehicle Secured Funding Trust, Term Loan	(f)(k)	Financial Services			15.0%		01/46	$	7,322	7,322		7,322
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)	(f)(j)(k)	Materials	SF	+	4.8%	1.0%	04/29	$	16,297	16,163		16,297
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)	(i)(j)(k)	Materials	SF	+	4.8%	1.0%	04/29	$	7,656	7,656		7,656
Vietjet Aviation JSC, Term Loan	(f)(k)	Transportation			9.4%		03/37	$	18,914	18,914		18,832
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	(f)(k)	Capital Goods	SF	+	5.5%	0.8%	10/28	$	12,158	12,087		12,238
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	(i)(k)	Capital Goods	SF	+	5.5%	0.8%	10/28	$	13,171	13,171		13,258
Total Asset Based Finance										715,836		734,434
Unfunded Commitments										(73,967)		(73,967)
Net Asset Based Finance										641,869		660,467

Equity/Other—0.0%
Affordable Care Inc, Class A Common Stock	(f)(l)	Health Care Equipment & Services						1,001		479		479
Total Equity/Other										479		479
TOTAL INVESTMENTS—159.0%										2,659,181		2,649,164

Money Market Funds (included in cash and cash equivalents)—1.0%
Allspring Government Money Market Fund Select Class	(n)				3.6%					12,856		12,856
Allspring Government Money Market Fund Institutional Class	(n)				3.5%					3,771		3,771
Total Money Market Funds										$	16,627	16,627

LIABILITIES IN EXCESS OF OTHER ASSETS—(60.0)%												(1,000,266)
NET ASSETS—100.0%												$	1,665,525

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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	3/30/28	Goldman Sachs Bank USA	€	930	Sold	$	1,088	$	1,091	$	(3)
EUR	5/25/28	Goldman Sachs Bank USA	€	1,300	Sold	1,470		1,529		(59)
EUR	5/25/28	Goldman Sachs Bank USA	€	548	Sold	605		644		(39)
GBP	12/31/26	Goldman Sachs Bank USA	£	650	Sold	871		862		9
GBP	3/30/28	Goldman Sachs Bank USA	£	2,500	Sold	3,329		3,314		15
GBP	3/29/29	Goldman Sachs Bank USA	£	1,000	Sold	1,319		1,324		(5)
NOK	1/28/28	Goldman Sachs Bank USA	NOK	187,623	Sold	18,723		18,807		(84)
Total						$	27,405	$	27,571	$	(166)

________________

(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-FIT Finance AB-1 LLC and is pledged as collateral supporting the amounts outstanding under the K-FIT AB-1 Credit Facility (see Note 9).

(h)Security or portion thereof held within K-FIT Finance CO-1 LLC and is pledged as collateral supporting the amounts outstanding under the K-FIT CO-1 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, 72.9% of the Company’s total assets represented qualifying assets.

(l)Security is non-income producing.

(m)Asset is on non-accrual status.

(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

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	$	80	$	—	$	—	$	—	$	41	$	121	$	—	$	—	$	—	$	—
Bond Aviation Holdings LLC, Term Loan	4,934		10,481		—		—		—		15,415		481		—		43		—
Bond Aviation Holdings LLC, Term Loan	711		—		—		—		—		711		27		—		—		—
GreenSky Holdings LLC, ABF Equity	1,806		—		—		—		214		2,020		—		—		—		—
GreenSky Holdings LLC, ABF Equity	1,908		—		(426)		—		138		1,620		—		—		—		92
GreenSky Holdings LLC, Term Loan	4,593		—		(461)		—		—		4,132		—		203		—		—



Total	$	14,032	$	10,481	$	(887)	$	—	$	393	$	24,019	$	508	$	203	$	43	$	92

__________

(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

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	$	—	$	227	$	—	$	—	$	—	$	227	$	—	$	—	$	—	$	—
Australis Maritime II, ABF Equity	814		—		—		—		9		823		—		—		—		25
Discover Financial Services, ABF Equity	4,574		—		(14)		—		(385)		4,175		—		—		—		232
Discover Financial Services, Subordinated Loan	7,896		—		(26)		—		—		7,870		668		—		—		—
Galaxy Container, ABF Equity	236		—		—		—		(2)		234		—		—		—		—
Galaxy Container, Bond	—		204		—		—		—		204		—		4		—		—
Galaxy Container, Bond	—		647		—		—		—		647		—		19		—		—
Galaxy Container, Bond	—		397		—		—		—		397		—		4		—		—
Kilter Finance 2.0, Common Stock	—		1,946		—		—		40		1,986		—		—		—		—
KKR Altitude II Offshore Aggregator LP, Partnership Interest	2,502		232		—		—		61		2,795		—		—		16		141
KSC I Aircraft LP, ABF Equity	19,442		39,588		—		—		184		59,214		—		—		—		611
Sallie Mae Levered, ABF Equity	1,089		1,601		(598)		—		(93)		1,999		—		—		—		454
Sallie Mae Levered, Bond	4,319		—		(1,360)		—		—		2,959		329		—		—		—
Sallie Mae Levered, Bond	—		4,320		—		—		—		4,320		267		—		—		—
Sallie Mae Levered, Bond	—		1,161		—		—		—		1,161		33		—		—		—
Sallie Mae Levered, Bond	—		554		—		—		—		554		13		—		—		—
Sallie Mae Levered, Bond	—		1,185		—		—		—		1,185		40		—		—		—
Sallie Mae Levered, Term Loan	130		225		(19)		—		1		337		10		—		1		—
TDC LLP, ABF Equity	90		5		—		—		(2)		93		—		—		—		—
TDC LLP, Preferred Equity	2,446		401		—		—		(7)		2,840		202		—		—		—

Total	$	43,538	$	52,693	$	(2,017)	$	—	$	(194)	$	94,020	$	1,562	$	27	$	17	$	1,463

__________

(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

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—127.4%
Advanced Dermatology & Cosmetic Surgery	(f)	Health Care Equipment & Services	SF	+	6.3%			1.0%	05/27	$	816	$	816	$	816
Affordable Care Inc	(f)	Health Care Equipment & Services	SF	+	6.0%	(3.3% PIK	/ 3.3% PIK)	0.8%	08/28	1,713		1,713		1,597
AGS Health LLC	(f)	Software & Services	SF	+	4.5%			0.5%	08/32	4,873		4,862		4,873
AGS Health LLC	(i)	Software & Services	SF	+	4.5%			0.5%	08/32	1,679		1,679		1,679
AGS Health LLC	(i)	Software & Services	SF	+	4.5%			0.5%	08/32	596		596		596
A-Lign Assurance LLC	(f)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/32	11,232		11,124		11,123
A-Lign Assurance LLC	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/32	3,303		3,287		3,271
A-Lign Assurance LLC	(i)	Software & Services	SF	+	4.5%			0.8%	08/32	1,586		1,570		1,570
Amerivet Partners Management Inc	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/28	3,266		3,266		3,199
Apex Service Partners LLC	(f)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/29	984		955		984
Apex Service Partners LLC	(f)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/30	2,557		2,544		2,582
Apex Service Partners LLC	(f)(g)(h)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/30	54,754		54,166		55,302
Apex Service Partners LLC	(i)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/29	2,767		2,767		2,767
Arcfield Acquisition Corp	(g)	Capital Goods	SF	+	5.0%			0.5%	10/31	17,234		17,234		17,234
Arcfield Acquisition Corp	(i)	Capital Goods	SF	+	5.0%			0.5%	10/31	2,780		2,780		2,780
Arcwood Environmental (fka Heritage Environmental Services Inc)	(g)(h)	Commercial & Professional Services	SF	+	5.3%			0.8%	01/31	19,703		19,586		19,703
Arcwood Environmental (fka Heritage Environmental Services Inc)	(f)(g)	Commercial & Professional Services	SF	+	5.0%			0.8%	01/31	3,607		3,605		3,607
Arcwood Environmental (fka Heritage Environmental Services Inc)	(i)	Commercial & Professional Services	SF	+	5.3%			0.8%	01/30	2,797		2,797		2,797
Area Wide Protective Inc	(f)(g)	Commercial & Professional Services	SF	+	4.5%			1.0%	12/30	5,289		5,254		5,289
Area Wide Protective Inc	(i)	Commercial & Professional Services	SF	+	4.5%			1.0%	12/30	2,769		2,769		2,769
Avetta LLC	(h)	Software & Services	SF	+	4.2%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/31	6,557		6,502		6,557
Avetta LLC	(i)	Software & Services	SF	+	4.2%			0.5%	07/30	780		780		780
Avetta LLC	(i)	Software & Services	SF	+	4.3%			0.5%	07/30	367		367		367
Avetta LLC	(i)	Software & Services	SF	+	4.2%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/31	1,605		1,605		1,605
BCA Marketplace Ltd	(f)(k)	Commercial & Professional Services	SA	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	03/31	£	9,211	11,734		12,249
BCA Marketplace Ltd	(f)(k)	Commercial & Professional Services	E	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	04/31	€	3,808	4,066		4,419
BDO USA PA	(g)	Commercial & Professional Services	SF	+	5.0%			2.0%	08/28	$	16,671	16,493		16,671
BDO USA PA	(f)	Commercial & Professional Services	SF	+	4.5%			2.0%	08/28	981		972		981
BGB Group LLC	(g)(h)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	26,365		26,365		26,365
BGB Group LLC	(i)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	2,185		2,185		2,185
BGB Group LLC	(i)	Media & Entertainment	SF	+	5.3%			1.0%	02/30	3,278		3,278		3,278
Bonterra LLC	(f)(g)(h)	Software & Services	SF	+	4.8%			0.8%	03/32	39,735		39,551		39,735
Bonterra LLC	(f)	Software & Services	SF	+	4.8%			0.8%	03/32	584		580		584

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Bonterra LLC	(f)	Software & Services	SF	+	5.0%			0.8%	03/32	$	313	$	307	$	313
Bonterra LLC	(i)	Software & Services	SF	+	4.8%			0.8%	03/32	3,310		3,310		3,310
Bonterra LLC	(i)	Software & Services	SF	+	5.0%			0.8%	03/32	890		890		890
Cadence Education LLC	(h)	Consumer Services	SF	+	5.0%			0.8%	05/31	9,090		9,053		9,106
Cadence Education LLC	(f)	Consumer Services	SF	+	5.0%			0.8%	05/31	1,714		1,712		1,718
Cadence Education LLC	(i)	Consumer Services	SF	+	5.0%			0.8%	05/30	1,414		1,412		1,414
Cadence Education LLC	(i)	Consumer Services	SF	+	5.0%			0.8%	05/31	672		672		673
Cambrex Corp	(f)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	03/32	14,435		14,371		14,579
Cambrex Corp	(f)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%			0.8%	03/32	108		108		108
Cambrex Corp	(i)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%			0.8%	03/32	1,782		1,782		1,782
Cambrex Corp	(i)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	03/32	2,160		2,160		2,181
Cambrex Corp	(i)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%	(0.0% PIK	/ 2.4% PIK)	0.8%	03/32	11,348		11,348		11,461
Carrier Fire Protection	(f)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/30	476		469		476
Carrier Fire Protection	(f)(h)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.0% PIK)	0.5%	07/31	8,105		8,034		8,186
Carrier Fire Protection	(f)	Commercial & Professional Services	E	+	4.5%	(0.0% PIK	/ 2.0% PIK)	0.5%	07/31	€	1,915	2,072		2,269
Carrier Fire Protection	(f)	Commercial & Professional Services	E	+	5.0%			0.5%	07/31	143		160		167
Carrier Fire Protection	(i)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/30	$	1,316	1,316		1,316
Carrier Fire Protection	(i)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.0% PIK)	0.5%	07/31	1,656		1,656		1,673
Carrier Fire Protection	(i)	Commercial & Professional Services	E	+	5.0%			0.5%	07/31	€	115	120		120
Circana Group (f.k.a. NPD Group)	(f)	Consumer Services	SF	+	4.3%			0.8%	12/29	$	9,812	9,812		9,910
Circana Group (f.k.a. NPD Group)	(i)	Consumer Services	SF	+	4.5%			0.8%	12/28	718		718		718
Clarience Technologies LLC	(f)(g)(h)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/32	48,034		48,066		48,178
Clarience Technologies LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	02/32	938		940		941
Clarience Technologies LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	02/31	4,478		4,483		4,478
Clarience Technologies LLC	(i)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/32	9,923		9,920		9,953
Clarience Technologies LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	02/32	672		672		674
CLEAResult Consulting Inc	(g)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/31	12,368		12,263		12,492
CLEAResult Consulting Inc	(i)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	3,123		3,108		3,155
CLEAResult Consulting Inc	(i)	Commercial & Professional Services	SF	+	4.8%			0.8%	08/31	2,082		2,065		2,082
ClubCorp Club Operations Inc	(f)	Consumer Services	SF	+	5.0%			1.0%	07/32	18,915		18,783		18,956
ClubCorp Club Operations Inc	(i)	Consumer Services	SF	+	5.0%			1.0%	07/31	2,061		2,061		2,061
ClubCorp Club Operations Inc	(i)	Consumer Services	SF	+	5.0%			1.0%	07/32	1,237		1,237		1,239
Com Laude Group Ltd	(g)(h)(k)	Software & Services	SF	+	5.0%			0.8%	12/32	21,851		21,742		21,742

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Com Laude Group Ltd	(i)(k)	Software & Services	SF	+	5.0%			0.8%	12/32	$	4,284	$	4,263	$	4,263
Com Laude Group Ltd	(i)(k)	Software & Services	SF	+	5.0%			0.8%	12/32	1,714		1,714		1,714
Community Brands Inc	(f)	Software & Services	SF	+	5.3%			0.8%	07/31	59		59		59
Community Brands Inc	(f)(g)	Software & Services	SF	+	5.3%			0.8%	07/31	10,141		10,093		10,242
Community Brands Inc	(i)	Software & Services	SF	+	5.3%			0.8%	07/31	873		873		873
Community Brands Inc	(i)	Software & Services	SF	+	5.3%			0.8%	07/31	1,640		1,640		1,657
CPM Holdings Inc	(e)(f)	Capital Goods	SF	+	4.5%			0.5%	09/28	24,877		24,487		24,794
CSafe Global	(f)(g)(h)	Transportation	SF	+	5.8%			0.8%	12/28	29,417		29,422		29,418
CSafe Global	(f)	Transportation	SA	+	5.8%			0.8%	12/28	£	3,819	4,824		5,135
CSafe Global	(f)	Transportation	SF	+	5.8%			0.8%	03/29	$	576	578		576
CSafe Global	(i)	Transportation	SF	+	5.8%			0.8%	03/29	2,303		2,303		2,303
Dental365 LLC	(f)	Health Care Equipment & Services	SF	+	5.0%			0.8%	05/28	222		222		222
Dental365 LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	13,064		13,064		13,064
Dental365 LLC	(f)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	5,965		5,965		5,965
Dental365 LLC	(i)	Health Care Equipment & Services	SF	+	5.0%			0.8%	05/28	1,995		1,995		1,995
Dental365 LLC	(i)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	4,271		4,271		4,271
DOXA Insurance Holdings LLC	(f)	Insurance	SF	+	4.5%			0.8%	12/29	148		148		148
DOXA Insurance Holdings LLC	(f)(h)	Insurance	SF	+	4.5%			0.8%	12/30	11,166		11,123		11,166
DOXA Insurance Holdings LLC	(i)	Insurance	SF	+	4.5%			0.8%	12/29	1,085		1,085		1,085
DOXA Insurance Holdings LLC	(i)	Insurance	SF	+	4.5%			0.8%	12/30	696		696		696
DuBois Chemicals Inc	(f)(g)	Materials	SF	+	5.0%			0.8%	06/31	14,303		14,250		14,402
DuBois Chemicals Inc	(i)	Materials	SF	+	5.0%			0.8%	06/31	2,138		2,138		2,138
DuBois Chemicals Inc	(i)	Materials	SF	+	5.0%			0.8%	06/31	621		621		625
Eagle Railcar Services Roscoe Inc	(h)	Transportation	SF	+	4.5%			0.5%	06/32	9,614		9,592		9,681
Eagle Railcar Services Roscoe Inc	(i)	Transportation	SF	+	4.5%			0.5%	06/32	1,807		1,807		1,807
Eagle Railcar Services Roscoe Inc	(i)	Transportation	SF	+	4.5%			1.0%	06/32	2,008		2,008		2,022
Excelitas Technologies Corp	(f)	Technology Hardware & Equipment	SF	+	5.3%			0.8%	08/29	264		266		264
Flexera Software LLC	(g)(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	08/32	37,266		37,244		37,234
Flexera Software LLC	(f)	Software & Services	E	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	08/32	€	11,246	13,135		13,185
Flexera Software LLC	(i)	Software & Services	SF	+	4.5%			0.5%	08/32	$	3,023	3,024		3,020
Follett Software Co	(h)	Software & Services	SF	+	4.5%			0.5%	08/31	9,885		9,885		9,983
Follett Software Co	(i)	Software & Services	SF	+	4.5%			0.5%	08/30	925		925		925
Frontline Road Safety LLC	(f)(g)	Capital Goods	SF	+	4.8%	(2.0% PIK	/ 2.0% PIK)	0.0%	03/32	24,719		24,609		24,826
Frontline Road Safety LLC	(f)	Capital Goods	SF	+	4.8%	(2.0% PIK	/ 2.0% PIK)	0.0%	03/32	7,253		7,218		7,284
Frontline Road Safety LLC	(f)	Capital Goods	SF	+	4.8%	(2.0% PIK	/ 2.0% PIK)	0.0%	03/32	8,755		8,747		8,793
Frontline Road Safety LLC	(f)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.3% PIK)	0.0%	03/32	261		261		262

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Frontline Road Safety LLC	(i)	Capital Goods	SF	+	4.8%			0.0%	03/32	$	4,151	$	4,151	$	4,151
Frontline Road Safety LLC	(i)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.3% PIK)	0.0%	03/32	408		408		410
Galway Partners Holdings LLC	(f)	Insurance	SF	+	4.5%			0.8%	09/28	161		161		161
Galway Partners Holdings LLC	(h)	Insurance	SF	+	4.5%			0.8%	09/28	7,996		7,996		7,996
Galway Partners Holdings LLC	(i)	Insurance	SF	+	4.5%			0.8%	09/28	757		757		757
Gigamon Inc	(f)	Software & Services	SF	+	5.8%			0.8%	03/29	816		816		800
Granicus Inc	(f)	Software & Services	SF	+	5.8%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/31	331		329		331
Granicus Inc	(f)	Software & Services	SF	+	5.3%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/31	4,263		4,263		4,263
Granicus Inc	(i)	Software & Services	SF	+	5.3%			0.8%	01/31	46		46		46
Granicus Inc	(i)	Software & Services	SF	+	5.3%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/31	636		636		636
Hexion International Cooperatief UA	(e)(f)	Materials	SF	+	4.0%			0.5%	03/29	3,982		3,885		3,850
Higginbotham Insurance Agency Inc	(g)(h)	Insurance	SF	+	4.5%			1.0%	06/31	24,817		24,817		24,846
Higginbotham Insurance Agency Inc	(i)	Insurance	SF	+	4.5%			1.0%	06/31	4,233		4,233		4,238
Highgate Hotels Inc	(g)	Consumer Services	SF	+	5.5%			1.0%	11/29	12,482		12,364		12,482
Highgate Hotels Inc	(i)	Consumer Services	SF	+	5.5%			1.0%	11/29	1,592		1,580		1,592
Highgate Hotels Inc	(i)	Consumer Services	SF	+	5.5%			1.0%	11/29	3,206		3,206		3,270
Homrich & Berg Inc	(f)	Financial Services	SF	+	4.8%			0.8%	08/31	1,038		1,038		1,038
Homrich & Berg Inc	(g)(h)	Financial Services	SF	+	4.8%			0.8%	11/31	17,165		17,148		17,199
Homrich & Berg Inc	(i)	Financial Services	SF	+	4.8%			0.8%	08/31	849		849		849
Horizon CTS Buyer LLC	(f)(h)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	03/32	14,437		14,383		14,422
Horizon CTS Buyer LLC	(f)	Capital Goods	SF	+	4.8%			0.8%	03/32	1,132		1,132		1,131
Horizon CTS Buyer LLC	(g)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	03/32	17,059		17,059		17,042
Horizon CTS Buyer LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	03/32	5,300		5,300		5,294
Horizon CTS Buyer LLC	(i)	Capital Goods	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	03/32	7,108		7,108		7,101
Inhabit IQ	(g)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/32	4,270		4,261		4,313
Inhabit IQ	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/32	1,192		1,192		1,204
Inhabit IQ	(i)	Software & Services	SF	+	4.5%			0.8%	01/32	745		745		753
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			0.8%	05/28	467		467		467
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			1.0%	05/28	329		329		329
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			1.0%	05/28	7,094		7,094		7,094
Insightsoftware.Com Inc	(i)	Software & Services	SF	+	5.3%			0.8%	05/28	4,805		4,805		4,805
Insightsoftware.Com Inc	(i)	Software & Services	SF	+	5.3%			1.0%	05/28	560		560		560
Integrated Power Services LLC	(g)	Commercial & Professional Services	SF	+	4.8%			0.8%	11/28	15,239		15,239		15,239
Integrity Marketing Group LLC	(f)(g)(h)	Insurance	SF	+	5.0%			0.8%	08/28	43,721		43,619		43,721
Integrity Marketing Group LLC	(i)	Insurance	SF	+	5.0%			0.8%	08/28	6,058		6,056		6,058
Integrity Marketing Group LLC	(i)	Insurance	SF	+	5.0%			0.8%	08/28	7,588		7,613		7,588

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
IntraFi Network LLC	(e)(f)	Financial Services	SF	+	4.0%			0.0%	07/31	$	9,826	$	9,733	$	9,767
J S Held LLC	(g)(h)	Insurance	SF	+	4.8%			1.0%	06/28	27,285		27,285		27,334
J S Held LLC	(f)	Insurance	SF	+	4.8%			1.0%	06/28	2,113		2,113		2,117
J S Held LLC	(i)	Insurance	SF	+	4.8%			1.0%	06/28	1,588		1,588		1,588
J S Held LLC	(i)	Insurance	SF	+	4.8%			1.0%	06/28	2,470		2,470		2,474
Jeppesen Holdings LLC	(g)(h)(k)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.6% PIK)	0.5%	10/32	23,544		23,458		23,456
Jeppesen Holdings LLC	(i)(k)	Software & Services	SF	+	4.8%			0.5%	10/32	1,221		1,221		1,216
Keystone Agency Partners LLC	(f)(g)(h)	Insurance	SF	+	4.3%	(0.0% PIK	/ 2.3% PIK)	0.8%	08/32	45,378		45,159		45,153
Keystone Agency Partners LLC	(i)	Insurance	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	08/32	8,749		8,749		8,705
Keystone Agency Partners LLC	(i)	Insurance	SF	+	4.5%			0.8%	08/32	3,888		3,884		3,869
Lazer Logistics Inc	(f)	Transportation	SF	+	4.8%			0.8%	05/30	1,191		1,176		1,202
Lazer Logistics Inc	(f)(g)	Transportation	SF	+	4.8%			0.8%	05/30	13,626		13,501		13,762
Lazer Logistics Inc	(i)	Transportation	SF	+	4.8%			0.8%	05/29	1,244		1,233		1,244
Lazer Logistics Inc	(i)	Transportation	SF	+	4.8%			0.8%	05/30	1,667		1,667		1,683
Learning Experience Corp/The	(h)	Consumer Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	3,642		3,625		3,668
Learning Experience Corp/The	(i)	Consumer Services	SF	+	4.8%			0.8%	07/32	801		801		801
Legends Hospitality LLC	(f)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/30	653		653		653
Legends Hospitality LLC	(f)(g)(h)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/31	18,391		18,201		18,437
Legends Hospitality LLC	(i)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/30	1,357		1,357		1,357
Legends Hospitality LLC	(i)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/31	171		171		171
Lipari Foods LLC	(f)(g)	Consumer Staples Distribution & Retail	SF	+	6.5%			1.0%	10/28	16,442		16,303		15,981
Magna Legal Services LLC	(f)(g)	Commercial & Professional Services	SF	+	5.0%			0.8%	11/29	12,532		12,403		12,532
Magna Legal Services LLC	(i)	Commercial & Professional Services	SF	+	5.0%			0.8%	11/28	861		852		861
MAI Capital Management LLC	(f)(h)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	14,109		14,045		14,250
MAI Capital Management LLC	(f)	Financial Services	SF	+	4.8%			0.8%	08/31	460		460		460
MAI Capital Management LLC	(f)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	08/31	3,336		3,336		3,369
MAI Capital Management LLC	(i)	Financial Services	SF	+	4.8%			0.8%	08/31	2,026		2,026		2,026
MAI Capital Management LLC	(i)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	08/31	2,881		2,881		2,909
MB2 Dental Solutions LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	23,925		23,695		24,164
MB2 Dental Solutions LLC	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	342		323		342
MB2 Dental Solutions LLC	(i)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	3,050		3,050		3,080
MB2 Dental Solutions LLC	(i)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	1,559		1,559		1,559
Med-Metrix	(g)(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	24,215		24,101		24,270
Med-Metrix	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	10,072		10,072		10,095
Med-Metrix	(i)	Software & Services	SF	+	4.8%			0.8%	07/32	4,286		4,286		4,286
Mercer Advisors Inc	(f)(g)	Financial Services	SF	+	4.5%			0.8%	10/30	17,743		17,699		17,743

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Mercer Advisors Inc	(i)	Financial Services	SF	+	4.5%			0.8%	10/30	$	16,755	$	16,755	$	16,755
Milano Acquisition Corp	(e)(f)	Health Care Equipment & Services	SF	+	4.0%			0.8%	10/27	25,912		25,081		25,504
Misys Ltd	(e)(f)(k)	Software & Services	SF	+	4.0%			0.0%	09/32	27,489		27,225		26,962
Model N Inc	(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	12,891		12,847		13,020
Model N Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	2,664		2,664		2,691
Model N Inc	(i)	Software & Services	SF	+	4.8%			0.8%	06/31	1,421		1,421		1,421
NAVEX Global Inc	(f)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	10/32	15,054		14,981		15,010
NAVEX Global Inc	(i)	Software & Services	SA	+	5.0%			0.8%	10/31	326		326		325
NAVEX Global Inc	(i)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	10/32	6,900		6,883		6,879
NeoGov Newt Holdco Inc	(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	09/32	15,057		15,003		14,995
NeoGov Newt Holdco Inc	(i)	Software & Services	SA	+	4.5%			0.5%	09/32	821		821		818
NeoGov Newt Holdco Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	1,825		1,825		1,818
NeoGov Newt Holdco Inc	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	09/32	3,650		3,650		3,635
Netsmart Technologies Inc	(f)(g)(h)	Health Care Equipment & Services	SF	+	5.2%	(2.7% PIK	/ 2.7% PIK)	0.8%	08/31	36,773		36,640		36,773
Netsmart Technologies Inc	(i)	Health Care Equipment & Services	SF	+	5.0%	(2.5% PIK	/ 2.5% PIK)	0.8%	08/31	4,258		4,236		4,258
Netsmart Technologies Inc	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	08/31	4,343		4,343		4,343
OEConnection LLC	(f)(g)(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	12/32	23,608		23,512		23,844
OEConnection LLC	(i)	Software & Services	SF	+	4.5%			0.8%	11/32	1,003		1,003		1,003
OEConnection LLC	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	11/32	3,807		3,807		3,797
OEConnection LLC	(i)	Software & Services	SF	+	4.5%			0.5%	12/32	1,602		1,597		1,602
OEConnection LLC	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.5%	12/32	1,376		1,376		1,390
Orion Services Group	(g)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	11/32	8,386		8,324		8,323
Orion Services Group	(i)	Capital Goods	C	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.7%	11/32	2,758		2,758		2,738
PCI Pharma Services	(f)(k)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	16,023		15,968		16,059
PCI Pharma Services	(f)(k)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	85		85		85
PCI Pharma Services	(i)(k)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	19,789		19,727		19,833
PCI Pharma Services	(i)(k)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	252		252		252
PCI Pharma Services	(i)(k)	Health Care Equipment & Services	SF	+	5.0%			0.8%	10/32	5,817		5,817		5,817
Personify Health Inc	(g)	Software & Services	SF	+	5.8%			0.8%	11/29	13,379		13,335		12,685
Pike Corp	(g)(h)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	12/32	20,932		20,879		20,879
Pike Corp	(i)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	12/32	4,550		4,539		4,539
Pike Corp	(i)	Capital Goods	SF	+	4.5%			0.8%	12/32	3,034		3,034		3,034
Precisely Software Inc	(e)(f)	Software & Services	SF	+	4.0%			0.8%	04/28	25,807		25,055		24,084
Premise Health Holding Corp	(f)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/32	3,744		3,707		3,707
Premise Health Holding Corp	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	369		369		365
Premise Health Holding Corp	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/32	1,582		1,574		1,566

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
PROS Holdings Inc	(f)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.0%	12/32	$	7,430	$	7,421	$	7,421
PROS Holdings Inc	(i)	Software & Services	SF	+	4.8%			0.0%	12/32	861		861		861
PSC Group	(f)	Transportation	SF	+	5.3%			0.8%	04/30	174		174		174
PSC Group	(f)	Transportation	SF	+	5.3%			0.8%	04/31	2,911		2,894		2,941
PSC Group	(i)	Transportation	SF	+	5.3%			0.8%	04/30	234		234		234
PSC Group	(i)	Transportation	SF	+	5.3%			0.8%	04/31	258		258		260
PSKW LLC (dba ConnectiveRx)	(f)(g)	Health Care Equipment & Services	SF	+	5.5%			1.0%	03/28	27,960		27,960		27,960
Radwell International LLC	(f)	Capital Goods	SF	+	5.5%			0.8%	04/29	302		273		302
Radwell International LLC	(f)(g)(h)	Capital Goods	SF	+	5.5%			0.8%	04/29	37,556		37,286		37,932
Radwell International LLC	(i)	Capital Goods	SF	+	5.5%			0.8%	04/29	1,512		1,512		1,512
Railpros Inc	(f)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	1,169		1,169		1,169
Railpros Inc	(i)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	361		361		361
Railpros Inc	(i)	Commercial & Professional Services	SF	+	4.3%			0.8%	05/32	180		180		180
RBmedia	(f)(j)	Media & Entertainment	SF	+	5.8%			0.8%	09/30	13,589		13,657		13,725
RBmedia	(i)(j)	Media & Entertainment	SF	+	5.8%			0.8%	08/28	1,163		1,163		1,163
Resa Power LLC	(f)(h)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/32	15,390		15,342		15,482
Resa Power LLC	(i)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/32	2,802		2,802		2,819
Resa Power LLC	(i)	Commercial & Professional Services	SF	+	4.8%			0.8%	04/32	1,975		1,975		1,975
Revere Superior Holdings Inc	(g)(j)	Software & Services	SF	+	5.0%			1.0%	10/29	2,332		2,322		2,332
Revere Superior Holdings Inc	(f)(j)	Software & Services	SF	+	5.0%			1.0%	10/29	141		138		141
Revere Superior Holdings Inc	(f)(g)(j)	Software & Services	SF	+	5.0%			1.0%	10/29	16,392		16,332		16,388
Revere Superior Holdings Inc	(i)(j)	Software & Services	SF	+	5.0%			1.0%	10/29	913		913		913
Revere Superior Holdings Inc	(i)	Software & Services	SF	+	5.0%			1.0%	10/29	238		238		238
Rialto Capital Management LLC	(g)(h)	Financial Services	SF	+	5.0%			0.8%	12/30	16,626		16,526		16,792
Rialto Capital Management LLC	(i)	Financial Services	SF	+	5.0%			0.8%	12/30	834		834		834
Rockefeller Capital Management LP	(g)(h)	Financial Services	SF	+	4.5%			0.5%	12/32	41,000		40,797		40,795
Rockefeller Capital Management LP	(i)	Financial Services	SF	+	4.5%			0.5%	12/32	4,000		4,000		3,980
SAMBA Safety Inc	(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	1.0%	12/32	4,976		4,964		4,964
SAMBA Safety Inc	(f)	Software & Services	SF	+	4.8%			1.0%	12/32	26		26		26
SAMBA Safety Inc	(i)	Software & Services	SF	+	4.8%			1.0%	12/32	423		423		423
SAMBA Safety Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	1.0%	12/32	603		603		603
Service Express Inc	(f)(h)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	14,306		14,249		14,449
Service Express Inc	(g)(h)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	21,096		21,096		21,096
Service Express Inc	(f)	Commercial & Professional Services	SF	+	4.5%			0.5%	12/32	427		427		427
Service Express Inc	(g)	Commercial & Professional Services	SF	+	4.5%			0.5%	12/32	40		40		40
Service Express Inc	(i)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	12/32	4,207		4,207		4,197

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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	(i)	Commercial & Professional Services	SF	+	4.5%			0.5%	12/32	$	4,580	$	4,580	$	4,580
Service Logic LLC	(g)(h)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	19,719		19,670		19,670
Service Logic LLC	(i)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	5,440		5,440		5,426
Service Logic LLC	(i)	Commercial & Professional Services	SF	+	4.5%			0.0%	12/32	2,720		2,720		2,720
Shaw Development LLC	(g)(h)	Capital Goods	SF	+	6.0%			0.5%	10/29	16,952		16,788		16,768
Solera LLC	(e)(f)	Software & Services	SF	+	3.8%			0.5%	06/28	10,388		9,983		10,041
Sphera Solutions Inc	(f)(h)	Software & Services	SF	+	4.5%			0.5%	09/32	42,640		42,535		42,534
Sphera Solutions Inc	(f)	Software & Services	SF	+	4.5%			0.5%	09/32	1,104		1,101		1,101
Sphera Solutions Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	8,702		8,702		8,680
Sphera Solutions Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	4,698		4,698		4,686
Spins LLC	(f)(h)	Software & Services	SF	+	4.8%			1.0%	01/29	10,946		10,946		10,946
Spins LLC	(i)	Software & Services	SF	+	4.8%			1.0%	01/29	1,063		1,063		1,063
Spotless Brands LLC	(g)(h)	Consumer Services	SF	+	5.8%			1.0%	07/28	15,993		15,797		16,153
Spotless Brands LLC	(f)	Consumer Services	SF	+	5.5%			1.0%	07/28	6,646		6,612		6,672
Spotless Brands LLC	(f)	Consumer Services	SF	+	5.0%			1.0%	07/28	986		960		979
Spotless Brands LLC	(i)	Consumer Services	SF	+	5.0%			1.0%	07/28	5,841		5,841		5,797
STV Group Inc	(g)	Capital Goods	SF	+	4.8%			0.8%	03/31	6,793		6,736		6,793
STV Group Inc	(i)	Capital Goods	SF	+	4.8%			0.8%	03/30	1,383		1,382		1,383
STV Group Inc	(i)	Capital Goods	SF	+	4.8%			0.8%	03/31	1,975		1,974		1,975
SureScripts LLC	(f)(g)(h)	Health Care Equipment & Services	SF	+	5.0%			0.8%	11/31	29,465		29,208		29,759
SureScripts LLC	(g)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	9,351		9,351		9,351
SureScripts LLC	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	11/31	6,405		6,405		6,405
Trackunit ApS	(f)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)		05/32	12,442		12,266		12,336
Trackunit ApS	(i)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)		05/32	8,294		8,237		8,224
Turnpoint Services Inc	(f)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/30	277		277		274
Turnpoint Services Inc	(g)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	5,650		5,603		5,590
Turnpoint Services Inc	(i)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/30	415		415		411
Turnpoint Services Inc	(i)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	1,108		1,108		1,096
USIC Holdings Inc	(f)(g)(h)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/31	33,807		33,749		34,483
USIC Holdings Inc	(f)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/31	2,178		2,176		2,178
USIC Holdings Inc	(i)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/31	919		919		937
USIC Holdings Inc	(i)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/31	2,470		2,470		2,470
Veriforce LLC	(g)(k)	Software & Services	SF	+	4.8%			0.8%	11/31	9,820		9,780		9,820
Veriforce LLC	(f)(k)	Software & Services	SA	+	4.8%			0.8%	11/31	£	3,358	4,207		4,515
Veriforce LLC	(i)(k)	Software & Services	SF	+	4.8%			0.8%	11/31	$	518	518		518
Veriforce LLC	(i)(k)	Software & Services	SF	+	4.8%			0.8%	11/31	935		935		935

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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	(i)(k)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	11/31	$	20,071	$	20,071	$	20,071
Vermont Information Processing Inc	(f)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/32	9,085		9,045		9,092
Vermont Information Processing Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/32	3,804		3,804		3,807
Vermont Information Processing Inc	(i)	Software & Services	SF	+	4.8%			0.5%	01/32	1,141		1,141		1,141
VetCor Professional Practices LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	24,501		24,490		24,501
VetCor Professional Practices LLC	(f)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	57		56		57
VetCor Professional Practices LLC	(f)(g)	Health Care Equipment & Services	SF	+	6.0%			0.8%	08/29	576		576		576
VetCor Professional Practices LLC	(i)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	400		400		400
Vitu	(g)(h)	Software & Services	SF	+	4.5%			0.8%	01/32	22,029		21,956		22,249
Vitu	(i)	Software & Services	SF	+	4.5%			0.8%	01/31	3,598		3,598		3,598
Vytalogy Wellness LLC (fka Jarrow Formulas Inc)	(f)	Household & Personal Products	SF	+	6.3%			1.0%	11/27	6,237		6,237		6,237
Wealth Enhancement Group LLC	(f)	Financial Services	SF	+	4.5%			1.0%	10/28	4,619		4,619		4,619
Wealth Enhancement Group LLC	(g)	Financial Services	SF	+	4.5%			1.0%	10/28	2,453		2,453		2,453
Wealth Enhancement Group LLC	(i)	Financial Services	SF	+	4.5%			1.0%	10/28	1,775		1,775		1,775
Wealth Enhancement Group LLC	(i)	Financial Services	SF	+	4.5%			1.0%	10/28	298		298		298
WebPros Holding Sarl	(f)(k)	Software & Services	SF	+	5.0%			0.0%	06/32	287		287		283
WebPros Holding Sarl	(f)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	28,683		28,257		28,252
WebPros Holding Sarl	(i)(k)	Software & Services	SF	+	5.0%			0.0%	06/32	2,581		2,581		2,543
WebPros Holding Sarl	(i)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.3% PIK)	0.0%	12/32	3,585		3,559		3,532
Wedgewood Weddings	(f)(h)	Consumer Services	SF	+	4.5%			0.8%	06/32	23,452		23,343		23,426
Wedgewood Weddings	(i)	Consumer Services	SF	+	4.5%			0.8%	06/32	4,702		4,702		4,697
Wedgewood Weddings	(i)	Consumer Services	SF	+	4.5%			0.8%	06/32	4,702		4,702		4,697
West Star Aviation Inc	(f)(h)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	05/32	16,229		16,167		16,326
West Star Aviation Inc	(f)	Capital Goods	SF	+	4.5%			0.8%	05/32	311		311		311
West Star Aviation Inc	(i)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	05/32	1,658		1,658		1,668
West Star Aviation Inc	(i)	Capital Goods	SF	+	4.5%			0.8%	05/32	1,762		1,762		1,762
Woolpert Inc	(f)	Capital Goods	SF	+	4.5%			1.0%	04/31	705		705		705
Woolpert Inc	(f)(g)(h)	Capital Goods	SF	+	4.5%			1.0%	04/32	42,374		42,374		42,703
Woolpert Inc	(i)	Capital Goods	SF	+	4.5%			1.0%	04/31	4,718		4,718		4,718
Woolpert Inc	(i)	Capital Goods	SF	+	4.5%			1.0%	04/32	10,846		10,852		10,930
Xylem Kendall	(f)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/30	6,376		6,376		6,313
Xylem Kendall	(f)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/30	547		547		543
Xylem Kendall	(i)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/30	5,739		5,739		5,681
Xylem Kendall	(i)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/30	430		430		426
Zeus Industrial Products Inc	(f)(h)	Health Care Equipment & Services	SF	+	6.0%	(3.0% PIK	/ 3.0% PIK)	0.8%	02/31	23,378		23,189		22,209
Zeus Industrial Products Inc	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	2,161		2,139		2,053

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Zeus Industrial Products Inc	(i)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/30	$	3,261	$	3,244	$	3,098
Zeus Industrial Products Inc	(i)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	2,174		2,174		2,065
Total Senior Secured Loans—First Lien												2,400,569		2,410,354
Unfunded Loan Commitments												(446,139)		(446,139)
Net Senior Secured Loans—First Lien												1,954,430		1,964,215


















Subordinated Debt—0.1%
Apex Service Partners LLC	(f)	Commercial & Professional Services			14.3%	PIK			04/31	1,957		1,938		2,015

Total Subordinated Debt												1,938		2,015



Asset Based Finance—42.7%
Australis Maritime II, ABF Equity	(f)(k)(n)	Transportation								788,828		789		814
Auxilior Capital Partners Inc, Preferred Equity	(f)	Financial Services			14.5%	(9.5% PIK	/ 9.5% PIK)		04/30	$	1,295	1,295		1,308
Bankers Healthcare Group LLC, Term Loan	(f)(k)	Financial Services	SF	+	3.9%			0.0%	11/27	$	771	771		769
Bond Aviation Holdings LLC, ABF Equity	(f)(l)(m)	Transportation								78,953		79		80
Bond Aviation Holdings LLC, Term Loan	(f)(m)	Transportation			9.0%				10/33	$	4,934	4,934		4,934
Bond Aviation Holdings LLC, Term Loan	(f)(m)	Transportation			9.0%	(0.0% PIK	/ 9.0% PIK)		10/33	$	711	711		711
Bond Aviation Holdings LLC, Term Loan	(i)(m)	Transportation			9.0%				10/33	$	13,619	13,619		13,619
Bond Aviation Holdings LLC, Term Loan	(i)(m)	Transportation			9.0%	(0.0% PIK	/ 9.0% PIK)		10/33	$	5,329	5,329		5,329
Builders Capital Loan Acquisition Trust 2022-RTL1, Structured Mezzanine	(f)(k)	Real Estate Management & Development			8.0%				07/30	$	208	208		209
Builders Capital Loan Acquisition Trust 2022-RTL1, Structured Mezzanine	(f)(k)	Real Estate Management & Development			18.0%				07/30	$	147	112		48
Builders Capital Loan Acquisition Trust 2022-RTL1, Term Loan	(f)(k)	Real Estate Management & Development			7.3%				07/30	$	1,250	1,250		1,255
CAFL 2024-RTL1 Issuer LLC, ABS	(e)(f)(k)	Real Estate Management & Development			10.2%				11/31	$	2,500	2,500		2,558
Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver	(f)(k)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	6.3%			1.0%	01/29	$	10,500	10,365		10,605
Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver	(i)(k)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	6.3%			1.0%	01/29	$	10,333	10,333		10,437
Discover Financial Services, ABF Equity	(f)(k)(n)	Financial Services								4,308,946		4,309		4,574
Discover Financial Services, Subordinated Loan	(f)(k)(n)	Financial Services			15.0%				09/34	$	7,896	7,896		7,896
Drive Revel, ABF Equity	(f)(k)	Financial Services								784,855		876		973
EFMT 2024-INV1, ABS	(e)(f)(k)	Real Estate Management & Development			7.4%				03/69	$	6,380	6,084		6,357

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver	(f)(k)	Food, Beverage & Tobacco	SF	+	4.8%		1.0%	06/28	$	4,706	$	4,706	$	4,706
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver	(i)(k)	Food, Beverage & Tobacco	SF	+	4.8%		1.0%	06/28	$	923	923		923
Fidelis Mortgage Trust 2025-RTL1, ABS	(e)(f)(k)	Real Estate Management & Development			9.0%			02/40	$	4,500	4,426		4,546
FIGRE Trust 2024-HE3, ABS	(e)(f)(k)	Real Estate Management & Development			9.3%			07/54	$	1,913	1,921		2,032
Fortna AR LLC (FKA Fortna Group Inc), Revolver	(f)(k)	Capital Goods	SF	+	4.8%		0.8%	06/29	$	18,814	18,814		18,814
Galaxy Container, ABF Equity	(f)(l)(n)	Transportation							235,566		236		236
Global Lending Services LLC, ABF Equity	(f)(k)(l)	Financial Services							2,776,798		2,777		4,527
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			12/32	$	3,692	3,692		3,692
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			02/33	$	2,330	2,330		2,330
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			05/33	$	1,402	1,402		1,402
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			08/33	$	1,348	1,348		1,348
Global Lending Services LLC, Bond	(f)(k)	Financial Services			12.5%			11/33	$	2,335	2,335		2,335
GreenSky Holdings LLC, ABF Equity	(f)(l)(m)	Financial Services							1,332,761		1,333		1,806
GreenSky Holdings LLC, ABF Equity	(f)(k)(m)	Financial Services							1,852,457		1,852		1,908
GreenSky Holdings LLC, Term Loan	(f)(m)	Financial Services			9.3%	PIK		03/34	$	4,593	4,593		4,593
GreenSky Holdings LLC, Term Loan	(i)(m)	Financial Services			9.3%	PIK		03/34	$	374	374		374
Harley-Davidson Financial Services Inc, ABF Equity	(f)(k)	Financial Services							7,415,463		7,415		7,781
Harley-Davidson Financial Services Inc, ABF Equity	(f)(k)	Financial Services							25,990,438		25,990		27,013
Harley-Davidson Financial Services Inc, ABF Equity	(f)(k)(l)	Financial Services							1,896,424		1,896		1,901
HOMES 2024-AFC1 Trust, Structured Mezzanine	(e)(f)(k)	Real Estate Management & Development			7.6%			08/59	$	1,944	1,849		1,944
Homeward Opportunities Fund Trust 2024-RRTL2, ABS	(e)(f)(k)	Real Estate Management & Development			9.1%			09/39	$	7,878	7,878		7,881
Income Contingent Student Loans 1 2002-2006 PLC, ABS	(f)(k)	Financial Services			8.0%			07/56	£	4,904	6,102		7,345
Income Contingent Student Loans 2 2007-2009 PLC, ABS	(f)(k)	Financial Services			8.0%			07/58	£	14,626	18,200		21,338
IQUW UK Ltd, Bond	(f)(k)	Insurance			8.8%			03/35	$	6,072	6,072		6,245
KKR Altitude II Offshore Aggregator LP, Partnership Interest	(f)(k)(n)	Capital Goods							2,314,050		2,314		2,502
KSC I Aircraft LP, ABF Equity	(f)(k)(l)(n)	Capital Goods							19,440,923		19,441		19,442
Laurel Road Prime Student Loan Trust 2017-B, ABS	(f)(k)	Financial Services			7.2%			08/42	$	1,384	2,048		2,180

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
LHOME Mortgage Trust 2025-RTL3, ABS	(e)(f)(k)	Real Estate Management & Development		6.9%		08/40	$	759	$	759	$	771
LHOME Mortgage Trust 2025-RTL3, ABS	(e)(f)(k)	Real Estate Management & Development		8.7%		08/40	$	543	543		560
MEMIC Insurance, ABS	(f)(k)	Insurance		9.0%		12/45	$	8,966	8,966		8,966
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development		6.4%		09/70	$	3,155	3,111		3,121
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development		7.1%		09/70	$	5,450	5,187		5,235
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development		1.9%		09/70	$	112,989	6,486		6,671
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS	(e)(f)(k)	Real Estate Management & Development		0.3%		09/70	$	112,989	695		715
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		7.3%		03/70	$	2,135	1,938		2,115
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		0.3%		03/70	$	76,583	479		453
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		7.3%		03/70	$	1,920	1,794		1,953
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		1.2%		03/70	$	76,583	2,404		2,099
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS	(e)(f)(k)	Real Estate Management & Development		7.3%		03/70	$	1,410	1,182		1,346
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		6.6%		07/70	$	2,468	2,434		2,455
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		7.2%		07/70	$	4,481	4,274		4,324
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		1.8%		07/70	$	122,785	5,203		5,174
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS	(e)(f)(k)	Real Estate Management & Development		0.3%		07/70	$	122,785	731		756
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services		6.6%		09/70	$	2,149	2,140		2,146
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services		7.0%		09/70	$	3,425	3,187		3,200
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services		1.8%		09/70	$	131,879	6,168		6,203
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS	(e)(f)(k)	Financial Services		0.3%		09/70	$	131,879	788		803
Newday Group Jersey Ltd, ABF Equity	(f)(k)(l)	Financial Services					27,817,038		37,132		37,392
Norway_France, ABF Equity	(f)(k)	Financial Services					1,415,456		1,575		1,712

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)
Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver	(f)(k)	Telecommunication Services	SA	+	7.0%			1.5%	09/26	£	7,955	$	9,988	$	10,773
Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver	(i)(k)	Telecommunication Services	SA	+	7.0%			1.5%	09/26	£	2,888	3,656		3,684
Octane Receivables Trust 2025-1, ABF Equity	(f)(k)(l)	Automobiles & Components								32,605		5,761		5,748
Octane Receivables Trust 2025-1, ABS	(e)(f)(k)	Automobiles & Components			7.0%				04/33	$	2,574	2,573		2,619
Opendoor Labs Inc, Structured Mezzanine	(f)(k)	Real Estate Management & Development			12.5%				02/29	$	8,259	8,259		8,362
Opendoor Labs Inc, Structured Mezzanine	(i)(k)	Real Estate Management & Development			12.5%				02/29	$	4,130	4,130		4,181
Orange Maple 2025-2 DAC, ABF Equity	(f)(k)(l)	Banks								34,529,000		39,979		40,502
PayPal Danube 2, ABF Equity	(f)(k)(l)	Financial Services								13,066,637		15,180		15,174
PayPal Europe Sarl et Cie SCA, ABF Equity	(f)(k)	Financial Services								2,714,616		2,980		3,187
Philippine Airlines 777, Term Loan	(f)(k)	Transportation			6.5%				10/27	$	4,703	4,703		4,730
Philippine Airlines 777, Term Loan	(f)(k)	Transportation			6.5%				12/27	$	4,703	4,703		4,730
Philippine Airlines 777, Term Loan	(i)(k)	Transportation			6.5%				10/27	$	2,831	2,831		2,847
Philippine Airlines 777, Term Loan	(i)(k)	Transportation			6.5%				12/27	$	2,831	2,831		2,848
Powin Energy Corp/NV, Warrants	(l)	Capital Goods								861,398		—		—
Pretium Partners LLC P1, Structured Mezzanine	(f)(k)	Equity Real Estate Investment Trusts (REITs)			8.0%	(5.3% PIK	/ 5.3% PIK)		10/26	$	17,253	16,991		17,253
Progress Residential 2024-SFR4 Trust, Structured Mezzanine	(e)(f)(k)	Real Estate Management & Development			3.4%				07/41	$	6,250	5,169		5,720
Rain City Mortgage Trust 2024-RTL1, ABS	(e)(f)(k)	Real Estate Management & Development			10.2%				09/29	$	3,290	3,290		3,321
Rosemawr Management LLC, ABS	(f)	Utilities			5.0%				08/54	$	1,025	922		951
Rosemawr Management LLC, Structured Mezzanine	(f)	Utilities			7.3%				08/54	$	499	450		464
Sallie Mae Levered, ABF Equity	(f)(k)(l)(n)	Financial Services								1,143,192		1,143		1,089
Sallie Mae Levered, Bond	(f)(k)(n)	Financial Services			13.0%				11/33	$	4,319	4,319		4,319
Sallie Mae Levered, Term Loan	(f)(k)(n)	Financial Services	SF	+	2.8%				11/32	$	130	130		130
Sallie Mae Levered, Term Loan	(i)(k)(n)	Financial Services	SF	+	2.8%				11/32	$	250	250		250
Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine	(f)(k)	Real Estate Management & Development			20.3%				10/53	$	324,980	497		395
Santander Consumer Bank AS, ABF Equity	(f)(k)(l)	Banks								210,223,000		21,078		21,520
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			1.5%				01/65	$	72,149	2,356		3,102
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			0.4%				01/65	$	72,149	501		469
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			7.3%				01/65	$	1,335	1,302		1,243

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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 Mortgage Asset Receivable Trust 2025-NQM1, ABS	(f)(k)	Real Estate Management & Development			7.3%				01/65	$	1,295	$	1,254	$	1,247
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(k)	Real Estate Management & Development			7.1%				07/65	$	9,746	9,422		9,608
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(k)	Real Estate Management & Development			1.5%				07/65	$	124,998	4,448		4,463
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS	(e)(f)(k)	Real Estate Management & Development			0.4%				07/65	$	124,998	862		986
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	(f)(j)(k)	Media & Entertainment	SF	+	6.3%			0.8%	03/28	$	10,379	10,379		10,437
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	(i)(j)(k)	Media & Entertainment	SF	+	6.3%			0.8%	03/28	$	5,419	5,419		5,449
Setna SPV I, Term Loan	(f)(k)	Transportation			5.9%				12/31	$	12,698	12,698		12,739
Setna SPV I, Term Loan	(i)(k)	Transportation			5.9%				12/31	$	191	191		192
SKP German Bank, ABF Equity	(f)(k)(l)	Financial Services								1,711,026		2,010		2,012
Slate Venture Holdings LP, ABF Equity	(f)(k)	Consumer Durables & Apparel								5,523,032		5,523		6,449
Slate Venture Holdings LP, Term Loan	(f)(k)	Consumer Durables & Apparel			10.8%	(0.0% PIK	/ 10.8% PIK)		08/29	$	4,629	4,629		4,629
Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver	(f)(k)	Materials	SF	+	4.8%			1.0%	01/28	$	13,431	13,431		13,565
Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver	(i)(k)	Materials	SF	+	4.8%			1.0%	01/28	$	3,642	3,642		3,679
SunPower Financial, ABF Equity	(f)(k)	Financial Services								118,680		119		127
Synovus Financial Corp, ABF Equity	(f)(k)	Banks								377,598		378		461
TDC LLP, ABF Equity	(f)(k)(l)(n)	Financial Services								69,097		87		90
TDC LLP, Preferred Equity	(f)(k)(n)	Financial Services			8.0%					£	1,812	2,329		2,446
TPSI Receivables LLC (Tropicana Products Inc), Revolver	(f)(k)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	01/29	$	27,822	27,822		27,889
TPSI Receivables LLC (Tropicana Products Inc), Revolver	(i)(k)	Food, Beverage & Tobacco	SF	+	4.8%			1.0%	01/29	$	8,632	8,632		8,652
Unison Trust 2025-1, ABS	(e)(f)(k)	Real Estate Management & Development			6.0%				07/55	$	15,298	14,067		14,371
Vehicle Secured Funding Trust, ABF Equity	(f)(k)	Financial Services								2,638,928		2,639		3,579
Vehicle Secured Funding Trust, Term Loan	(f)(k)	Financial Services			15.0%				01/46	$	7,917	7,917		7,917
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)	(f)(k)	Materials	SF	+	4.8%			1.0%	04/29	$	30,616	30,616		30,616
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)	(i)(k)	Materials	SF	+	4.8%			1.0%	04/29	$	14,384	14,384		14,384
Vietjet Aviation JSC, Term Loan	(f)(k)	Transportation			9.4%				03/37	$	9,598	9,598		9,816
Vietjet Aviation JSC, Term Loan	(f)(k)	Transportation			9.4%				12/37	$	10,163	10,163		10,394

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

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)(k)	Real Estate Management & Development			8.0%		03/30	$	976	$	976	$	988
Vontive Mortgage Trust 2025-RTL1, ABS	(e)(f)(k)	Real Estate Management & Development			9.5%		03/30	$	2,370	2,346		2,377
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	(f)(k)	Capital Goods	SF	+	5.5%	0.8%	10/28	$	24,315	24,244		24,378
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	(i)(k)	Capital Goods	SF	+	5.5%	0.8%	10/28	$	26,341	26,341		26,409
Total Asset Based Finance										743,441		761,750
Unfunded Commitments										(102,885)		(102,885)
Net Asset Based Finance										640,556		658,865
TOTAL INVESTMENTS—170.2%										$	2,596,924	2,625,095
LIABILITIES IN EXCESS OF OTHER ASSETS—(70.2)%												(1,082,934)
NET ASSETS—100.0%												$	1,542,161

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	3/30/28	Goldman Sachs Bank USA	€	930	Sold	$	1,088	$	1,122	$	(34)
EUR	5/25/28	Goldman Sachs Bank USA	€	1,300	Sold	1,470		1,571		(101)
EUR	5/25/28	Goldman Sachs Bank USA	€	548	Sold	605		662		(57)
GBP	6/1/26	Goldman Sachs Bank USA	£	2,500	Sold	3,386		3,360		26
GBP	3/29/29	Goldman Sachs Bank USA	£	1,000	Sold	1,319		1,335		(16)
NOK	1/28/28	Goldman Sachs Bank USA	NOK	210,223	Sold	20,978		20,683		295
Total						$	28,846	$	28,733	$	113

_______

(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).

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Consolidated Schedule of Investments (continued)

As of December 31, 2025

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

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

(h)Security or portion thereof held within K-FIT Finance CO-1 LLC and is pledged as collateral supporting the amounts outstanding under the K-FIT CO-1 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 December 31, 2025.

(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 December 31, 2025, 70.6% of the Company’s total assets represented qualifying assets.

(l)Security is non-income producing.

(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” 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	$	—	$	79	$	—	$	—	$	1	$	80	$	—	$	—	$	—	$	—
Bond Aviation Holdings LLC, Term Loan	—		4,934		—		—		—		4,934		75		—		185		—
Bond Aviation Holdings LLC, Term Loan	—		711		—		—		—		711		19		—		—		—
GreenSky Holdings LLC, ABF Equity	1,863		—		—		—		(57)		1,806		—		—		—		—
GreenSky Holdings LLC, ABF Equity	2,790		330		(1,052)		—		(160)		1,908		—		—		—		455
GreenSky Holdings LLC, Term Loan	4,188		405		—		—		—		4,593		—		408		—		—
Total	$	8,841	$	6,459	$	(1,052)	$	—	$	(216)	$	14,032	$	94	$	408	$	185	$	455

__________

(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

Consolidated Schedule of Investments (continued)

As of December 31, 2025

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

(n)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)		PIK Income(3)		Fee Income(3)		Dividend and Other Income(3)
Asset Based Finance
Australis Maritime II, ABF Equity	$	694	$	344	$	(245)	$	—	$	21	$	814	$	—	$	—	$	—	$	56
Discover Financial Services, ABF Equity	5,402		—		(918)		—		90		4,574		—		—		—		990
Discover Financial Services, Subordinated Loan	9,708		—		(1,812)		—		—		7,896		1,290		—		—		—
Galaxy Container, ABF Equity	—		236		—		—		—		236		—		—		—		—
KKR Altitude II Offshore Aggregator LP, Partnership Interest	2,139		535		(226)		—		54		2,502		—		—		23		279
KSC I Aircraft LP, ABF Equity	—		19,441		—		—		1		19,442		—		—		—		—
Sallie Mae Levered, ABF Equity	—		1,143		—		—		(54)		1,089		—		—		—		—
Sallie Mae Levered, Bond	—		4,319		—		—		—		4,319		56		—		—		—
Sallie Mae Levered, Term Loan	—		130		—		—		—		130		1		—		1		—
TDC LLP, ABF Equity	—		87		—		—		3		90		—		—		—		—
TDC LLP, Preferred Equity	—		2,329		—		—		117		2,446		175		—		—		—
Total	$	17,943	$	28,564	$	(3,201)	$	—	$	232	$	43,538	$	1,522	$	—	$	24	$	1,325

__________

(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

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, or the Company, is a specialty finance company, organized on February 4, 2022 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 March 31, 2023, 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 I common shares of beneficial interest, or the Common Shares, or the Class I 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

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 June 30, 2023, 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 $6,555 and $5,972, 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 March 31, 2023, 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

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 $3,483 and $3,072, 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: Prior to making its BDC election, the Company was classified as a partnership for U.S. federal income tax purposes. As such, no provision was made in the accompanying consolidated financial statements for federal, state or local income taxes of the partners for the relevant periods prior to the Company’s BDC election. Each partner is individually responsible for reporting its share of the Company’s taxable income or loss. Interest and other income realized by the Company from non-U.S. sources and capital gains realized on the sale of securities of non-U.S. issuers may be subject to withholding and other taxes levied by the jurisdiction in which the income is sourced. Beginning with its tax year ending December 31, 2023, 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	8,325,131	$	245,471	9,957,124	$	294,997
Reinvestment of Distributions	483,924	14,253		338,615	10,031
Share Repurchase Program	(3,361,948)	(98,591)		(18,836)	(547)
Net Proceeds from Share Transactions	5,447,107	$	161,133	10,276,903	$	304,481

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

Note 3. Share Transactions (continued)

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, 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 60,926,345 Class I shares in the Private Offering for gross proceeds of $1,790,822, including Class I shares issued under its distribution reinvestment plan. Of the 60,926,345 Class I shares issued in the Private Offering, 8,995,947 shares were issued to investors with capital commitments to the Company in exchange for an aggregate of $254,500 in capital contributions. As of June 30, 2026, the Company had received capital commitments of $420,000 from investors in the Private Offering, 60.6% of which has been called for funding. In addition to $165,500 in aggregate amount of remaining uncalled capital commitments for Class I shares, the Company intends to continue selling Class I shares in the Private Offering on a monthly basis.

During the six months ended June 30, 2026 and 2025, the Company issued 8,809,055 and 10,295,739 Class I shares, respectively, for gross proceeds of $259,724 and $305,028, respectively, at an average price per share of $29.48 and $29.63, respectively. The gross proceeds received during the six months ended June 30, 2026 and 2025 include reinvested shareholder distributions of $14,253 and $10,031, respectively, for which the Company issued 483,924 and 338,615 Class I shares, respectively, under its distribution reinvestment plan.

During the period from July 1, 2026 to July 31, 2026, the Company issued 315,016 Class I shares for gross proceeds of $9,158 at an average price per share of $29.07. The gross proceeds received during the period from July 1, 2026 to July 31, 2026 include reinvested shareholder distributions of $2,275 for which the Company issued 78,255 Class I 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.

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

Note 3. Share Transactions (continued)

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.

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	$29.75	781,888	$	23,252
April 1, 2026	March 2, 2026	March 30, 2026	$29.25	2,580,060	75,339

Total				3,361,948	$	98,591

________________

(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 2,819,258 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 930,353 Common Shares that were validly tendered by shareholders at a purchase price of $29.07 per share for aggregate consideration, net of any applicable Early Repurchase Deduction, of $27,028.

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.

Table of Contents

KKR FS Income Trust

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 I 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 I shares. However, pursuant to a fee waiver agreement, or the Rule 12b-1 Fee Waiver Agreement, between the Company and each of the Placement Agents, the Placement Agents have agreed to waive the Distribution/Servicing Fees for Class I shares in full during the term of the Rule 12b-1 Fee Waiver Agreement, and any such waived fees will not be subject to recoupment by the Placement Agents or any other person during or following the term of the Rule 12b-1 Fee Waiver Agreement. The Rule 12b-1 Fee Waiver Agreement will remain in effect until terminated by vote of the Board, including the vote of 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.

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. Following any termination of the Rule 12b-1 Fee Waiver Agreement, 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 amended and restated distribution and servicing plan, or 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

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

Note 4. Related Party Transactions (continued)

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

The Board, including a majority of 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 (giving effect to the Rule 12b-1 Fee Waiver Agreement, while it is effective) 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 Expense Support Agreement (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)	$	5,030	$	3,347	$	10,037	$	6,155
The Adviser	Investment advisory agreement	Capital Gains Incentive Fee(2)	$	—	$	(18)	$	(2,947)	$	498
The Adviser	Investment advisory agreement	Subordinated Income Incentive Fee(3)	$	5,020	$	3,680	$	9,896	$	6,875
The Adviser	Administration agreement	Administrative Services Expenses(4)	$	1,012	$	546	$	1,698	$	1,138
The Adviser	Administration agreement	Organizational & Offering Costs(5)	$	—	$	440	$	—	$	440

________________

(1)The Adviser agreed to waive all management fees accrued under the Advisory Agreement through September 30, 2025. As of June 30, 2026, $5,030 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 $(2,947) and $498, 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, $5,020 in subordinated income incentive fees were payable to the Adviser.

(4)During the six months ended June 30, 2026 and 2025, $1,671 and $1,022, 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 $92 and $86 for the six months ended June 30, 2026 and 2025, respectively. The Company paid $1,213 and $631 in administrative services expenses to the Adviser during the six months ended June 30, 2026 and 2025, respectively.

(5)The Adviser previously agreed to advance all of the Company’s organizational and offering expenses on the Company’s behalf through a date determined by the Adviser in its discretion. As of June 30, 2026, the Company incurred organizational and offering expenses of $991 and $5,564, respectively, which expenses the Adviser elected to cover pursuant to the Expense Support Agreement, subject to reimbursement by the Company 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. During the six months ended June 30, 2026 and 2025, the Company expensed organizational and offering costs of $0 and $440, respectively, which related to reimbursements to the Adviser for organizational and offering costs incurred on the Company’s behalf, including salaries and other direct expenses of the Adviser’s personnel and employees of its affiliates in connection with the offering of the Company’s Common Shares.

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

Note 4. Related Party Transactions (continued)

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 Select, 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.

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. During the six months ended June 30, 2026 and 2025, the Company borrowed $17,188 and $0, respectively, under this arrangement. There were no borrowings outstanding as of June 30, 2026.

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. The contractual restrictions on the ability of the Adviser’s affiliates to transfer the Common Shares acquired in connection with the Seed Contribution expired on March 31, 2026, after which date such Common Shares may be transferred in accordance with the terms of the applicable subscription agreement, including in connection with any tender offer launched by the Company under its discretionary share repurchase program.

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 $219,500 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 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.

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

Note 4. Related Party Transactions (continued)

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, there were no Expense Payments that the Adviser agreed to pay, subject to reimbursement by the Company in accordance with the Expense Support Agreement. As of June 30, 2026, there are no remaining amounts of previously waived expenses subject to recoupment.

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

0.225

February 6, 2026

Regular

February 27, 2026

March 27, 2026

0.225

March 3, 2026

Regular

March 31, 2026

April 28, 2026

0.225

April 13, 2026

Regular

April 30, 2026

May 27, 2026

0.225

April 30, 2026

Regular

May 29, 2026

June 26, 2026

0.225

June 8, 2026

Regular

June 30, 2026

July 29, 2026

0.225

Total

1.350

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

0.250

February 11, 2025

Regular

February 28, 2025

March 27, 2025

0.250

March 10, 2025

Regular

March 31, 2025

April 28, 2025

0.250

March 10, 2025

Special

March 31, 2025

April 28, 2025

0.100

April 14, 2025

Regular

April 30, 2025

May 28, 2025

0.250

May 9, 2025

Regular

May 30, 2025

June 26, 2025

0.250

June 6, 2025

Regular

June 30, 2025

July 29, 2025

0.250

Total

1.600

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.

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.

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

Note 5. Distributions (continued)

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)	74,403		100	%	54,468		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	—		—		—		—
Total	$	74,403	100	%	$	54,468	100	%

________________

(1)During the six months ended June 30, 2026 and 2025, 96.7% and 95.1%, respectively, of the Company’s gross investment income was attributable to cash income earned, 0.5% and 1.4%, respectively, was attributable to non-cash accretion of discount and 2.8% and 3.5%, 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 $33,059 and $36,745, respectively. As of June 30, 2026 and December 31, 2025, the Company’s gross unrealized depreciation on a tax basis was $42,697 and $12,813, respectively.

The aggregate cost of the Company’s investments for U.S. federal income tax purposes totaled $2,658,633 and $2,596,699 as of June 30, 2026 and December 31, 2025, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $(9,469) and $28,396 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 no capital loss carryforwards available to offset future realized capital gains.

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	$	2,014,547	$	1,985,852	75.0	%	$	1,954,430	$	1,964,215	74.8	%


Subordinated Debt	2,286		2,366		0.1	%	1,938		2,015		0.1	%
Asset Based Finance	641,869		660,467		24.9	%	640,556		658,865		25.1	%
Equity/Other	479		479		0.0	%	—		—		—
Total	$	2,659,181	$	2,649,164	100.0	%	$	2,596,924	$	2,625,095	100.0	%

________________

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

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

Note 6. Investment Portfolio (continued)

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 two portfolio companies 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 nine 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 two portfolio companies 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 seven portfolio companies of which it may be deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (m) and (n) 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 $510,744 and unfunded equity/other commitments of $15,095. As of December 31, 2025, the Company had unfunded debt investments with aggregate unfunded commitments of $548,706 and unfunded equity/other commitments of $9,616. 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.

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	$	8,872	0.3	%	$	8,367	0.3	%
Banks	56,894		2.2	%	62,483		2.4	%
Capital Goods	403,634		15.2	%	387,085		14.7	%
Commercial & Professional Services	276,084		10.4	%	291,011		11.1	%

Consumer Durables & Apparel	9,973		0.4	%	11,078		0.4	%
Consumer Services	129,408		4.9	%	122,173		4.7	%
Consumer Staples Distribution & Retail	36,362		1.4	%	15,981		0.6	%


Equity Real Estate Investment Trusts (REITs)	—		—		17,253		0.7	%
Financial Services	342,405		12.9	%	327,038		12.5	%
Food, Beverage & Tobacco	13,906		0.5	%	32,615		1.2	%
Health Care Equipment & Services	251,277		9.5	%	247,745		9.4	%
Household & Personal Products	—		—		6,237		0.2	%
Insurance	175,759		6.6	%	177,799		6.8	%
Materials	42,474		1.6	%	62,474		2.4	%
Media & Entertainment	48,076		1.8	%	50,557		1.9	%
Pharmaceuticals, Biotechnology & Life Sciences	17,193		0.7	%	25,530		1.0	%
Real Estate Management & Development	124,036		4.7	%	121,281		4.6	%

Software & Services	568,540		21.5	%	533,769		20.3	%
Technology Hardware & Equipment	212		0.0	%	264		0.0	%
Telecommunication Services	27,354		1.0	%	10,801		0.4	%
Transportation	115,467		4.4	%	112,139		4.3	%
Utilities	1,238		0.0	%	1,415		0.1	%
Total	$	2,649,164	100.0	%	$	2,625,095	100.0	%

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

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	$	24	$	321
Foreign currency forward contracts	Unrealized depreciation on foreign currency forward contracts	(190)		(208)
Total		$	(166)	$	113

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	$	(20)	$	(88)
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	(279)		(504)
Total		$	(299)	$	(592)

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	$	24	$	(24)	$	—	$	—	$	—

Total	$	24	$	(24)	$	—	$	—	$	—
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	$	(190)	$	24	$	—	$	—	$	(166)

Total	$	(190)	$	24	$	—	$	—	$	(166)


	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	$	321	$	(208)	$	—	$	—	$	113

Total	$	321	$	(208)	$	—	$	—	$	113
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	$	(208)	$	208	$	—	$	—	$	—

Total	$	(208)	$	208	$	—	$	—	$	—

________________

(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.

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

Note 7. Financial Instruments (continued)

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 $29,521 and $5,677, respectively.

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	193,350		244,873
Level 3—Significant unobservable inputs	2,455,814		2,380,222
	$	2,649,164	$	2,625,095

As of June 30, 2026 and December 31, 2025, the Company had $16,627 and $50,527, 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

Table of Contents

KKR FS Income Trust

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)

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 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	$	1,839,213	$	2,015	$	538,994	$	—	$	2,380,222
Accretion of discount (amortization of premium)	1,096		1		1,312		—		2,409
Net realized gain (loss)	(1,406)		—		808		—		(598)
Net change in unrealized appreciation (depreciation)	(31,893)		3		(3,005)		—		(34,895)
Purchases	287,714		206		170,433		479		458,832
Paid-in-kind interest	1,489		141		1,512		—		3,142
Sales and repayments	(180,541)		—		(172,757)		—		(353,298)
Transfers into Level 3	—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—
Fair value at end of period	$	1,915,672	$	2,366	$	537,297	$	479	$	2,455,814
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	$	(31,821)	$	3	$	(1,795)	$	—	$	(33,613)

Table of Contents

KKR FS Income Trust

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)


	For the Six Months Ended June 30, 2025
	Senior Secured Loans—First Lien		Subordinated Debt		Asset Based Finance		Total
Fair value at beginning of period	$	865,488	$	1,667	$	155,263	$	1,022,418
Accretion of discount (amortization of premium)	1,484		—		266		1,750
Net realized gain (loss)	(116)		—		(151)		(267)
Net change in unrealized appreciation (depreciation)	2,127		94		5,996		8,217
Purchases	415,632		—		153,145		568,777
Paid-in-kind interest	1,122		122		1,096		2,340
Sales and repayments	(93,681)		—		(45,332)		(139,013)
Transfers into Level 3	—		—		—		—
Transfers out of Level 3	—		—		—		—
Fair value at end of period	$	1,192,056	$	1,883	$	270,283	$	1,464,222
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	$	3,699	$	94	$	6,125	$	9,918

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

1,882,961

Discounted Cash Flow

Discount Rate

4.3% - 15.6% (9.3%)

Decrease

3,980

Waterfall

EBITDA Multiple

6.7x - 16.7x (14.1x)

Increase

28,731

Cost(2)

Subordinated Debt

2,160

Discounted Cash Flow

Discount Rate

14.1% - 14.1% (14.1%)

Decrease

206

Waterfall

EBITDA Multiple

7.2x - 7.2x (7.2x)

Increase

Asset Based Finance

517,773

Discounted Cash Flow

Discount Rate

6.1% - 43.1% (11.2%)

Decrease

9,445

Cost(2)

10,079

Other(3)

Equity/Other

479

Waterfall

EBITDA Multiple

7.2x - 7.2x (7.2x)

Increase

Total

2,455,814

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

1,667,582

Discounted Cash Flow

Discount Rate

4.6% - 12.7% (8.4%)

Decrease

171,631

Cost(2)

Subordinated Debt

2,015

Discounted Cash Flow

Discount Rate

14.1% - 14.1% (14.1%)

Decrease

Asset Based Finance

298,014

Discounted Cash Flow

Discount Rate

4.7% - 43.7% (9.9%)

Decrease

130,135

Cost(2)

110,845

Other(3)

Total

2,380,222

________________

(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.

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

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 $1,018,489. As of June 30, 2026, the Company’s asset coverage was 264%.

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.

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+2.25%(2)

219,989

(3)

530,011

May 28, 2031

K-FIT AB-1 Credit Facility(1)

Revolving Credit Facility

SOFR+1.85%(2)

456,250

43,750

October 16, 2030

K-FIT CO-1 Credit Facility(1)

Revolving Credit Facility

SOFR+1.85%(2)

342,250

57,750

March 4, 2030

Total

1,018,489

631,511

________________

(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 €73,250 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 £84,000 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.

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)

390,708

(3)

129,292

July 19, 2028

K-FIT AB-1 Credit Facility(1)

Revolving Credit Facility

SOFR+1.85%(2)

427,000

73,000

October 16, 2030

K-FIT CO-1 Credit Facility(1)

Revolving Credit Facility

SOFR+1.85%(2)

316,500

83,500

March 4, 2030

Total

1,134,208

285,792

________________

(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 €80,600 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 £71,500 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(2)		Amortization of Deferred Financing Costs		Total Interest Expense
Senior Secured Revolving Credit Facility	$	9,517	$	528	$	10,045	$	2,590	$	244	$	2,834
K-FIT AB-1 Credit Facility	12,574		497		13,071		7,710		374		8,084
K-FIT CO-1 Credit Facility	9,527		379		9,906		2,700		137		2,837
Total	$	31,618	$	1,404	$	33,022	$	13,000	$	755	$	13,755

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

Note 9. Financing Arrangements (continued)

________________

(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.

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 $1,118,109 and 5.66%, respectively. As of June 30, 2026, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.68%.

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 $380,622 and 6.83%, respectively. As of June 30, 2025, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 6.73%.

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.

Senior Secured Revolving Credit Facility

On May 28, 2026, the Company entered into a Third Amendment to Senior Secured Revolving Credit Agreement, or the Third Amendment, amending that certain Senior Secured Revolving Credit Agreement, originally dated as of July 19, 2023 (as previously amended by that certain First Amendment to Senior Secured Revolving Credit Agreement, dated as of January 26, 2024, and that certain Second Amendment to Senior Secured Revolving Credit Agreement, dated as of March 17, 2026), or the Credit Agreement, by and among the Company, as borrower, the subsidiary guarantors party thereto, the lenders and issuing banks from time to time party thereto, and Sumitomo Mitsui Banking Corporation, as administrative agent and collateral agent.

The Third Amendment provides for, among other things, (i) an increase in the applicable margin from 2.125% to 2.25% per annum; (ii) the removal of a 0.10% credit adjustment spread with respect to borrowings in U.S. dollars; (iii) an extension of the commitment termination date from July 19, 2027 to May 28, 2030; (iv) an extension of the maturity date from July 19, 2028 to May 28, 2031; (v) an increase of the accordion provision to permit increases to the total facility amount to an amount of up to $1.2 billion; (vi) an increase in the aggregate revolving commitments under the Credit Agreement from $570,000 to $750,000; and (vii) a reset of the minimum shareholders’ equity test.

Note 10. Commitments and Contingencies

On May 9, 2024, and most recently amended on March 24, 2025, the Company entered into an amended and restated facility agreement, or the Cliffwater Facility Agreement, with Cliffwater Corporate Lending Fund, or Cliffwater, and CCLF Holdings (D13) LLC, or CCLF Sub, and together with Cliffwater, individually and collectively, 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 the Financing Provider’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 $1.4 billion, such condition, the Capital Condition.

During the six months ended June 30, 2026, the Company purchased investments, including unfunded commitments, with a cost of $35,863 from the Financing Provider. As of June 30, 2026, $8,981 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.

Table of Contents

KKR FS Income Trust

Notes to Unaudited Consolidated Financial Statements (continued)

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

Note 10. Commitments and Contingencies (continued)

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.

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	$	596
AGS Health LLC	1,679
A-Lign Assurance LLC	3,287
A-Lign Assurance LLC	1,570
Apex Service Partners LLC	2,029
Arcfield Acquisition Corp	2,780
Atwell LLC	792
Avetta LLC	780
Avetta LLC	367
Avetta LLC	1,605
BGB Group LLC	1,748
BGB Group LLC	3,278
Bonterra LLC	3,115
Bonterra LLC	590
Cadence Education LLC	1,412
Cadence Education LLC	3,222
Cambrex Corp	1,350
Carrier Fire Protection	800
Carrier Fire Protection	1,656
Carrier Fire Protection	37
Circana Group (f.k.a. NPD Group)	718
Clarience Technologies LLC	4,000
Clarience Technologies LLC	8,848
CLEAResult Consulting Inc	1,751
CLEAResult Consulting Inc	2,067
Clearwater Analytics LLC	2,818
Clearwater Analytics LLC	1,836
ClubCorp Club Operations Inc	925
ClubCorp Club Operations Inc	1,387
Com Laude Group Ltd	4,263
Com Laude Group Ltd	1,714
Community Brands Inc	845
Conservice LLC	2,347
CSafe Global	1,268
Dental365 LLC	2,216
Dental365 LLC	1,531
DOXA Insurance Holdings LLC	883
DOXA Insurance Holdings LLC	9,055
DOXA Insurance Holdings LLC	317
DuBois Chemicals Inc	2,138
Eagle Railcar Services Roscoe Inc	1,807

Table of Contents

KKR FS Income Trust

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
Eagle Railcar Services Roscoe Inc	$	2,008
Flexera Software LLC	3,024
Follett Software Co	925
Frontline Road Safety LLC	4,151
Frontline Road Safety LLC	6
Galway Partners Holdings LLC	626
GE Vernova Electrification Software LLC	3,055
Granicus Inc	42
Granicus Inc	636
Higginbotham Insurance Agency Inc	1,942
Highgate Hotels Inc	1,433
Highgate Hotels Inc	3,206
Homrich & Berg Inc	913
Homrich & Berg Inc	10,264
Horizon CTS Buyer LLC	3,475
Horizon CTS Buyer LLC	5,403
Inhabit IQ	1,192
Inhabit IQ	745
Insightsoftware.Com Inc	4,015
Insightsoftware.Com Inc	1
Integrated Power Services LLC	5,258
Integrated Power Services LLC	9,969
Integrity Marketing Group LLC	6,056
Integrity Marketing Group LLC	7,608
J S Held LLC	1,588
J S Held LLC	1,028
Jeppesen Holdings LLC	1,221
Keystone Agency Partners LLC	8,749
Keystone Agency Partners LLC	1,828
Lazer Logistics Inc	1,235
Lazer Logistics Inc	833
Learning Experience Corp/The	801
Legends Hospitality LLC	1,457
Likewize Corp	6,039
Lipari Foods LLC	10,199
Magna Legal Services LLC	853
Magna Legal Services LLC	4,872
MAI Capital Management LLC	2,567
MAI Capital Management LLC	2,143
MAI Capital Management LLC	1,720
MB2 Dental Solutions LLC	1,616
Med-Metrix	10,018
Med-Metrix	4,286
Mercer Advisors Inc	11,399
Mercer Advisors Inc	226
Model N Inc	1,421
NAVEX Global Inc	326
NAVEX Global Inc	6,883
NEFCO Corp	3,322
NEFCO Corp	997
NeoGov Newt Holdco Inc	821

Table of Contents

KKR FS Income Trust

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
NeoGov Newt Holdco Inc	$	1,551
NeoGov Newt Holdco Inc	2,592
Netsmart Technologies Inc	4,236
Netsmart Technologies Inc	4,343
OEConnection LLC	5,183
OEConnection LLC	2,600
Orion Services Group	1,324
Pavement Preservation Group Inc	535
PCI Pharma Services	19,090
PCI Pharma Services	5,518
Pike Corp	4,539
Pike Corp	3,034
Premise Health Holding Corp	369
Premise Health Holding Corp	633
PROS Holdings Inc	861
PSC Group	212
Radwell International LLC	1,330
Radwell International LLC	5,404
Railpros Inc	180
Railpros Inc	252
Resa Power LLC	2,075
Resa Power LLC	1,756
Revere Superior Holdings Inc	913
Rialto Capital Management LLC	834
Rockefeller Capital Management LP	4,000
SAMBA Safety Inc	603
SAMBA Safety Inc	423
Schellman Inc	1,077
Schellman Inc	1,615
Service Express Inc	4,207
Service Express Inc	4,519
Service Logic LLC	4,446
Service Logic LLC	1,456
Sphera Solutions Inc	8,702
Sphera Solutions Inc	3,886
Spins LLC	1,063
Spotless Brands LLC	4,248
SureScripts LLC	6,405
Trackunit ApS	2,747
Trackunit ApS	5,494
Turnpoint Services Inc	388
USIC Holdings Inc	211
USIC Holdings Inc	321
Veriforce LLC	935
Veriforce LLC	518
Veriforce LLC	20,071
Vermont Information Processing Inc	3,804
Vermont Information Processing Inc	951
VetCor Professional Practices LLC	297
Vitu	3,598
Wealth Enhancement Group LLC	355

Table of Contents

KKR FS Income Trust

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
Wealth Enhancement Group LLC	$	413
Wealth Enhancement Group LLC	1,775
WebPros Holding Sarl	3,561
Wedgewood Weddings	4,702
Wedgewood Weddings	4,702
West Star Aviation Inc	1,762
West Star Aviation Inc	725
Woolpert Inc	4,881
Xylem Kendall	5,739
Xylem Kendall	267
Zeus Industrial Products Inc	2,718
Asset Based Finance
Bond Aviation Holdings LLC, Term Loan	7,480
Bond Aviation Holdings LLC, Term Loan	5,329
Cast & Crew LLC, Revolver	4,915
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver	923
Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver	5,622
Philippine Airlines 777, Term Loan	2,831
Philippine Airlines 777, Term Loan	2,831
Sallie Mae Levered, Term Loan	44
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver	4,850
Setna SPV I, Term Loan	191
Sotheby's, Revolver	15,287
TPSI Receivables LLC (Tropicana Products Inc), Revolver	2,837
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)	7,656
Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver	13,171
Total	$	510,744
Unfunded Equity/Other commitments	$	15,095

____________________

(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 $219,059 revolving credit facilities and $291,685 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 $(5,437). 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.

Table of Contents

KKR FS Income Trust

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	$	29.75		$	29.56
Results of operations
Net investment income (loss)(1)	1.31			1.60
Net realized gain (loss) and unrealized appreciation (depreciation)(2)	(0.64)			0.12
Net increase (decrease) in net assets resulting from operations	0.67			1.72
Shareholder distributions(3)
Distributions from net investment income	(1.35)			(1.60)

Net decrease in net assets resulting from shareholder distributions	(1.35)			(1.60)
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	$	29.07		$	29.68
Shares outstanding, end of period	57,284,588			38,328,674
Total return based on net asset value(5)	2.30		%	5.95		%
Ratio/Supplemental Data:
Net assets, end of period	$	1,665,525		$	1,137,743
Ratio of net investment income to average net assets(6)	8.74		%	10.85		%
Ratio of total operating expenses to average net assets(6)	6.87		%	6.00		%
Ratio of waived expenses to average net assets(6)	—			(2.58)		%
Ratio of net operating expenses to average net assets(6)	6.87		%	3.42		%
Portfolio turnover(7)	15.56		%	11.09		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	1,018,489		$	507,584
Asset coverage per unit(8)	2.64			3.24

____________________

(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 and recoupment of previously waived expenses. 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	(0.18)	%	0.05	%

Ratio of interest expense to average net assets	4.08	%	2.73	%

(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.

Table of Contents

KKR FS Income Trust

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 $0.225 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 $0.225 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 236,761 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 $6,883.

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 $10,273. 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.

Table of Contents

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 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

Table of Contents

•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 February 4, 2022, 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 July 25, 2022.

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

Table of Contents

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

Table of Contents

the Adviser in its discretion. As of June 30, 2026, we had incurred organizational and offering expenses of $991 and $5,564, 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, there were no Expense Payments that the Adviser agreed to pay, subject to reimbursement by us in accordance with the Expense Support Agreement. As of June 30, 2026, there are no remaining amounts of previously waived expenses subject to recoupment.

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)	—
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)	4.61	%
Distribution/Servicing Fees(7)	—
Organizational and offering costs(8)	—
Other expenses(9)	0.47	%
Total annual expenses	6.33	%

_______________

(1)If Class I 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, provided that selling agents limit such charges to a 3.5% cap on NAV for Class I shares. In connection with the sales of Class I shares, participating broker-dealers may charge investors a placement agent fee, subject to the discretion of the broker-dealer. Any such placement agent fee is not part of (and is in addition to) an investor’s aggregate purchase price for its Class I shares and will be directly charged to such investor. 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

Table of Contents

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 I shares during the following twelve months, resulting in estimated average net assets of $1,726 million based on current asset levels. That amount also assumes that we borrow funds of approximately 81% of our average net assets during such period. Actual expenses will depend on the number of Class I 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 I 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 5.68%. 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 I 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. However, the Placement Agents have agreed to waive the Distribution/Servicing Fees for Class I shares in full during the term of the Rule 12b-1 Fee Waiver Agreement, and any such waived fees will not be subject to recoupment by the Placement Agents or any other person during or following the term of the Rule 12b-1 Fee Waiver Agreement. The Rule 12b-1 Fee Waiver Agreement will remain in effect until terminated by vote of the Board (including a vote of a majority of its Independent Trustees).

(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 $991 and $5,564, 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 I 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 81% 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)	$629	$1,861	$3,061	$5,925
Shareholders would pay the following expenses on a $10,000 investment, assuming a 5% annual return entirely from realized capital gains	$689	$2,026	$3,311	$6,312

_______________

(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.

Table of Contents

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	$	270,111	$	472,685
Sales and Repayments	(295,603)		(415,263)
Net Portfolio Activity	$	(25,492)	$	57,422


	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	$	171,321	63	%	$	141,968	48	%	$	287,483	61	%	$	227,996	55	%



Asset Based Finance	98,790		37	%	153,635		52	%	185,202		39	%	187,267		45	%

Total	$	270,111	100	%	$	295,603	100	%	$	472,685	100	%	$	415,263	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	$	2,014,547	$	1,985,852	75.0	%	$	1,954,430	$	1,964,215	74.8	%


Subordinated Debt	2,286		2,366		0.1	%	1,938		2,015		0.1	%
Asset Based Finance	641,869		660,467		24.9	%	640,556		658,865		25.1	%
Equity/Other	479		479		0.0	%	—		—		—
Total	$	2,659,181	$	2,649,164	100.0	%	$	2,596,924	$	2,625,095	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	175	173
% Variable Rate Debt Investments (based on fair value)(1)(2)	83.5%	84.6%
% Fixed Rate Debt Investments (based on fair value)(1)(2)	8.2%	7.3%
% Other Income Producing Investments (based on fair value)(3)	7.2%	2.3%
% Non-Income Producing Investments (based on fair value)(2)	1.1%	5.8%
% of Investments on Non-Accrual (based on fair value)	0.0%	—
Weighted Average Annual Yield on Accruing Debt Investments(2)(4)	8.9%	8.9%
Weighted Average Annual Yield on All Debt Investments(5)	8.9%	8.9%
% of Direct Originations in Investment Portfolio (based on fair value)(6)	97.4%	100.0%
Median Loan-to-Value (LTV)(7)	39%	38%
Weighted Average EBITDA(8)	$232,000	$229,000
Median EBITDA(8)	$140,000	$140,000

_____________________

(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.

Table of Contents

(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 2.30%. For the year ended December 31, 2025, our total return based on NAV was 11.57%. 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.

Table of Contents

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	$	8,872	0.3	%	$	8,367	0.3	%
Banks	56,894		2.2	%	62,483		2.4	%
Capital Goods	403,634		15.2	%	387,085		14.7	%
Commercial & Professional Services	276,084		10.4	%	291,011		11.1	%

Consumer Durables & Apparel	9,973		0.4	%	11,078		0.4	%
Consumer Services	129,408		4.9	%	122,173		4.7	%
Consumer Staples Distribution & Retail	36,362		1.4	%	15,981		0.6	%


Equity Real Estate Investment Trusts (REITs)	—		—		17,253		0.7	%
Financial Services	342,405		12.9	%	327,038		12.5	%
Food, Beverage & Tobacco	13,906		0.5	%	32,615		1.2	%
Health Care Equipment & Services	251,277		9.5	%	247,745		9.4	%
Household & Personal Products	—		—		6,237		0.2	%
Insurance	175,759		6.6	%	177,799		6.8	%
Materials	42,474		1.6	%	62,474		2.4	%
Media & Entertainment	48,076		1.8	%	50,557		1.9	%
Pharmaceuticals, Biotechnology & Life Sciences	17,193		0.7	%	25,530		1.0	%
Real Estate Management & Development	124,036		4.7	%	121,281		4.6	%

Software & Services	568,540		21.5	%	533,769		20.3	%
Technology Hardware & Equipment	212		0.0	%	264		0.0	%
Telecommunication Services	27,354		1.0	%	10,801		0.4	%
Transportation	115,467		4.4	%	112,139		4.3	%
Utilities	1,238		0.0	%	1,415		0.1	%
Total	$	2,649,164	100.0	%	$	2,625,095	100.0	%

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.

Table of Contents

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	$	2,574,639	97	%	$	2,586,384	99	%
2	73,840		3	%	38,663		1	%
3	206		0	%	48		0	%
4	479		0	%	—		—
Total	$	2,649,164	100	%	$	2,625,095	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	$	56,436	87.6	%	$	36,481	92.3	%	$	110,344	87.4	%	$	64,575	89.7	%
Paid-in-kind interest income	2,033		3.2	%	923		2.3	%	3,484		2.7	%	2,555		3.5	%
Fee income	2,056		3.2	%	1,213		3.1	%	4,507		3.6	%	2,992		4.2	%
Dividend and other income	3,864		6.0	%	910		2.3	%	7,977		6.3	%	1,877		2.6	%
Total investment income(1)	$	64,389	100.0	%	$	39,527	100.0	%	$	126,312	100.0	%	$	71,999	100.0	%

___________

(1)Such revenues represent $61,905 and $38,049 of cash income earned as well as $2,484 and $1,478 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 $122,146 and $68,457 of cash income earned as well as $4,166 and $3,542 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.

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.

Table of Contents

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	$	5,030	$	3,347	$	10,037	$	6,155
Subordinated income incentive fees	5,020		3,680		9,896		6,875
Capital gains incentive fees	—		(18)		(2,947)		498
Interest expense	16,915		8,115		33,022		13,755
Administrative services expenses	1,012		546		1,698		1,138
Accounting and administrative fees	236		154		457		258
Organizational and offering costs	—		440		—		440

Audit expense	201		186		408		330
Other expenses	838		646		1,525		1,076
Total operating expenses	29,252		17,096		54,096		30,525
Management and incentive fee waivers	—		(7,027)		—		(13,030)

Net operating expenses	$	29,252	$	10,069	$	54,096	$	17,495

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	1.81	%	1.56	%	3.34	%	3.02	%
Ratio of expense waivers to average net assets(1)	—		(0.64)	%	—		(1.29)	%
Ratio of net operating expenses to average net assets	1.81	%	0.92	%	3.34	%	1.73	%
Ratio of net incentive fees and interest expense to average net assets(1)	1.36	%	0.74	%	2.47	%	1.41	%
Ratio of net operating expenses, excluding certain expenses, to average net assets	0.45	%	0.18	%	0.87	%	0.32	%

__________

(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-FIT CO-1 Credit Facility, the K-FIT AB-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.

Net Investment Income

Our net investment income totaled $35,137 ($0.64 per share) and $29,458 ($0.80 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 $72,216 ($1.31 per share) and $54,504 ($1.60 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.

Table of Contents

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)	$	(777)	$	(223)	$	(778)	$	(254)

Net realized gain (loss) on foreign currency forward contracts	—		(88)		(20)		(88)
Net realized gain (loss) on foreign currency	(653)		(41)		(891)		(86)
Total net realized gain (loss)	$	(1,430)	$	(352)	$	(1,689)	$	(428)

______________

(1)We sold investments and received principal repayments of $219,894 and $75,709, respectively, during the three months ended June 30, 2026 and $35,986 and $87,921, respectively, during the three months ended June 30, 2025. We sold investments and received principal repayments of $321,752 and $93,511, respectively, during the six months ended June 30, 2026 and $37,473 and $113,367, 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	$	(7,041)	$	4,865	$	(38,188)	$	10,858

Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	87		(356)		(279)		(504)
Net change in unrealized gain (loss) on foreign currency	586		(4,305)		4,574		(5,942)
Total net change in unrealized appreciation (depreciation)	$	(6,368)	$	204	$	(33,893)	$	4,412

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 $27,339 ($0.49 per share) compared to a net increase in net assets resulting from operations of $29,310 ($0.79 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 $36,634 ($0.67 per share) compared to a net increase in net assets resulting from operations of $58,488 ($1.72 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 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 $41,082 in cash and foreign currency, which we held in custodial accounts, $631,511 in borrowings available under our financing arrangements, subject to borrowing base and other limitations, and $165,500 of remaining uncalled capital commitments from investors in the Private Offering. As of June 30, 2026, we had unfunded debt investments with aggregate unfunded commitments of $510,744 and unfunded equity/other commitments of $15,095. We maintain sufficient cash on hand, available borrowings and liquid securities to fund such unfunded commitments should the need arise.

Table of Contents

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 July 25, 2022, which approval became effective on July 26, 2022, 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 $1,018,489. As of June 30, 2026, our asset coverage ratio as calculated under the 1940 Act was 264%.

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+2.25%(2)

219,989

(3)

530,011

May 28, 2031

K-FIT AB-1 Credit Facility(1)

Revolving Credit Facility

SOFR+1.85%(2)

456,250

43,750

October 16, 2030

K-FIT CO-1 Credit Facility(1)

Revolving Credit Facility

SOFR+1.85%(2)

342,250

57,750

March 4, 2030

Total

1,018,489

631,511

______________

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

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

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

Table of Contents

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. No portion of the distributions paid during the six months ended June 30, 2026 or 2025 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

0.225

February 6, 2026

Regular

February 27, 2026

March 27, 2026

0.225

March 3, 2026

Regular

March 31, 2026

April 28, 2026

0.225

April 13, 2026

Regular

April 30, 2026

May 27, 2026

0.225

April 30, 2026

Regular

May 29, 2026

June 26, 2026

0.225

June 8, 2026

Regular

June 30, 2026

July 29, 2026

0.225

Total

1.350

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

0.250

February 11, 2025

Regular

February 28, 2025

March 27, 2025

0.250

March 10, 2025

Regular

March 31, 2025

April 28, 2025

0.250

March 10, 2025

Special

March 31, 2025

April 28, 2025

0.100

April 14, 2025

Regular

April 30, 2025

May 28, 2025

0.250

May 9, 2025

Regular

May 30, 2025

June 26, 2025

0.250

June 6, 2025

Regular

June 30, 2025

July 29, 2025

0.250

Total

1.600

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

Table of Contents

Recent Developments

Distributions

Private Offering Closings

On July 1, 2026, we issued and sold 236,761 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 $6,883.

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 $10,273. 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.

As of June 30, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 97.00% of our total assets, as compared to 95.42% 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

Table of Contents

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 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.

Table of Contents

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 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

Table of Contents

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 (D13) LLC, or CCLF Sub, and together with Cliffwater, individually and collectively, the Financing Provider, under the Cliffwater Facility Agreement, as described below.

Warehousing Transaction

On May 9, 2024, and most recently amended on March 24, 2025, the Company entered into the Cliffwater Facility Agreement, with the Financing Provider, 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 the Financing Provider’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 $1.4 billion, 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, the Financing Provider 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 $2.0 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

Table of Contents

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 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.

Table of Contents

Unless otherwise agreed to by the Company, Cliffwater and CCLF Sub, 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 12 loans with an aggregate commitment par value of $144,946, inclusive of $38,095 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, 83.5% of our portfolio investments (based on fair value) were debt investments paying variable interest rates, 8.2% were debt investments paying fixed interest rates, 7.2% were other income producing investments, 1.1% consisted of non-income producing investments and the remaining 0.0% consisted of investments on non-accrual status. 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 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-FIT AB-1 Credit Facility and the K-FIT CO-1 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.

Table of Contents

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	$	(53,093)	$	(25,462)	$	(27,631)	(13.9)	%
Down 200 basis points	(42,646)		(20,370)		(22,276)		(11.2)	%
Down 150 basis points	(32,052)		(15,277)		(16,775)		(8.4)	%
Down 100 basis points	(21,368)		(10,185)		(11,183)		(5.6)	%
Down 50 basis points	(10,684)		(5,092)		(5,592)		(2.8)	%
Up 50 basis points	10,684		5,092		5,592		2.8	%
Up 100 basis points	21,368		10,185		11,183		5.6	%
Up 150 basis points	32,052		15,277		16,775		8.4	%
Up 200 basis points	42,736		20,370		22,366		11.2	%
Up 250 basis points	53,420		25,462		27,958		14.0	%

_______________

(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	£	86,970	$	115,301	$	123,314	$	12,331	£	4,148	$	5,500

Euros	€	70,140	80,075		79,583		7,958		€	2,859	3,264
Norwegian Krone	NOK	163,149	16,737		16,940		1,694		NOK	163,149	16,737
Total			$	212,113	$	219,837	$	21,983			$	25,501

_______________

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

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-FIT AB-1 Credit Facility and our K-FIT CO-1 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.

Table of Contents

As of June 30, 2026, the net contractual amount of our foreign currency forward contracts totaled $27,405, 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 €73,250 and £84,000 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.

Table of Contents

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

Table of Contents

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

Table of Contents

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

$29.25

2,580,060

$75,339

________________

(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 2,819,258 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 930,353 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.”

Table of Contents

Item 6. Exhibits


3.1						Certificate of Trust (Previously filed as an exhibit Amendment No. 1 to the Registrant’s Registration Statement on Form 10 (File No. 000-56493) filed on November 17, 2022 and incorporated herein by reference)

3.2						Certificate of Amendment to Certificate of Trust (Previously filed as an exhibit to Amendment No. 1 to the Registrant’s Registration Statement on Form 10 (File No. 000-56493) filed on May 26, 2023 and incorporated herein by reference)

3.3						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)

3.4						Supplement to the Amended and Restated Declaration of Trust of KKR FS Income Trust Relating to 12.0% Series A Cumulative Preferred Shares (Previously filed as an exhibit to Amendment No. 1 to the Registrant’s Registration Statement on Form 10 (File No. 000-56493) filed on May 26, 2023 and incorporated herein by reference)

3.5						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. 000-56493) filed on May 26, 2023 and incorporated herein by reference)

3.6						Bylaws (Previously filed as an exhibit to the Registrant’s Registration Statement on Form 10 (File No. 000-56493) filed on November 17, 2022 and incorporated herein by reference)

10.1						Third Amendment to Senior Secured Revolving Credit Agreement, dated as of May 28, 2026, by and among KKR FS Income Trust, the subsidiary guarantors party thereto, the lenders and issuing banks party thereto, and Sumitomo Mitsui Banking Corporation, as administrative agent and collateral agent (Previously filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on June 3, 2026 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.

Table of Contents

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

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