EX-10.5





 Exhibit 10.5 

EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT 

This Expense Support and Conditional Reimbursement Agreement (the “Agreement”) is made this November 1, 2022, by and
between KKR FS INCOME TRUST, a Delaware statutory trust (the “Fund”), and FS/KKR ADVISOR, LLC, a Delaware limited liability company (the “Adviser”). 

WHEREAS, the Fund is a non-diversified, closed-end management
investment company that intends to elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “Investment Company Act”); 

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the
amended and restated investment advisory agreement, dated November 1, 2022, entered between the Fund and the Adviser, as may be amended or restated from time to time (the “Investment Advisory Agreement”); 

WHEREAS, the Fund and the Adviser have determined that it is appropriate and in the best interests of the Fund that the Adviser may elect to
pay a portion of the Fund’s expenses from time to time, which the Fund will be obligated to reimburse to the Adviser at a later date if certain conditions are met. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows: 

 

	1.	 Adviser Expense Payments to the Fund 



(a) At such times as the Adviser determines, the Adviser may elect to pay certain expenses of the Fund on the Fund’s behalf (each such
payment, an “Expense Payment”). In making an Expense Payment, the Adviser will designate, as it deems necessary or advisable, what type of Expense it is paying (including, whether it is paying organizational or offering expenses);
provided that no portion of an Expense Payment will be used to pay any interest expense or distribution and/or servicing fees of the Fund. 

(b) The Fund’s right to receive an Expense Payment shall be an asset of the Fund upon the Adviser committing in writing to pay the
Expense Payment pursuant to a notice substantially in the form of Appendix A. Any Expense Payment that the Adviser has committed to pay shall be paid by the Adviser to the Fund 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 the Fund to the Adviser or its affiliates. 
  

	2.	 Reimbursement of Expense Payments by the Fund 



(a) Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the
Fund’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Fund shall pay such Excess
Operating Funds, or a portion thereof in accordance with Section 2(b), as applicable, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar
month have been reimbursed. Any payments required to be made by the Fund pursuant to this Section 2(a) shall be referred to herein as a “Reimbursement Payment.” For purposes of this Agreement, “Available Operating Funds”
means the sum of (i) the Fund’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 Fund’s net capital gains. 












 (b) The amount of the Reimbursement Payment for any calendar month shall equal the lesser of
(i) the Excess Operating Funds in such month and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month that have not been previously
reimbursed by the Fund to the Adviser; provided that the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month, in which case such waived amount will remain unreimbursed Expense
Payments reimbursable in future months pursuant to the terms of this Agreement. 
 (c) The Fund’s obligation to make a Reimbursement
Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. In connection with any
Reimbursement Payment, the Fund may deliver a notice substantially in the form of Appendix A. The Reimbursement Payment for any calendar month shall be paid by the Fund to the Adviser in any combination of cash or other immediately available
funds as promptly as possible following such calendar month and in no event later than 90 days after the end of such calendar month. 
 (d)
All Reimbursement Payments hereunder shall be deemed to relate to the earliest unreimbursed Expense Payments made by the Adviser to the Fund within three years prior to the last business day of the calendar month in which such Reimbursement Payment
obligation is accrued. 
  

	3.	 Termination and Survival 



(a) This Agreement shall become effective as of the date of this Agreement. 

(b) This Agreement may be terminated, without payment of any penalty, by either the Fund or the Adviser at any time, with or without notice.

 (c) This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the Investment Advisory
Agreement; (ii) the board of trustees of the Fund makes a determination to dissolve or liquidate the Fund; or (iii) upon a quotation or listing of the Fund’s securities on a national securities exchange (including through an initial
public offering) or a sale of all or substantially all of the Fund’s assets to, or a merger or other liquidity transaction with, an entity in which the Fund’s shareholders receive shares of a publicly-traded company which continues to be
managed by the Adviser or an affiliate thereof. 
 (d) Sections 3 and 4 of this Agreement shall survive any termination of this Agreement.
Notwithstanding anything to the contrary, Section 2 of this Agreement shall survive any termination of this Agreement with respect to any Expense Payments that have not been reimbursed by the Fund to the Adviser. 

 

	4.	 Miscellaneous 



(a) The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise
affect their construction or effect. 
 (b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements,
understandings and arrangements with respect to the subject matter hereof. 
 (c) Notwithstanding the place where this Agreement may be
executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Fund is regulated as a business development company under the Investment Company Act, this Agreement
shall also be construed in accordance with the applicable provisions of the Investment Company 

  
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Act. In such case, to the extent the applicable laws of the State of New York or any of the provisions herein conflict with the provisions of the Investment Company Act, the latter shall control.
Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund’s Amended and Restated Declaration of Trust or Bylaws, as each may be amended or restated, or to relieve or deprive the board of
trustees of the Fund of its responsibility for and control of the conduct of the affairs of the Fund. 
 (d) If any provision of this
Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable. 

(e) The Fund shall not assign this Agreement or any right, interest or benefit under this Agreement without the prior written consent of the
Adviser. 
 (f) This Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by the parties on
any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the
same instrument. 
 [Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized representatives as of the date first written above. 
  

			
	KKR FS INCOME TRUST
		
	By:	 	/s/ Stephen Sypherd
		 	Name: Stephen Sypherd
		 	Title: General Counsel and Secretary


  

			
	FS/KKR ADVISOR, LLC
		
	By:	 	/s/ Stephen Sypherd
		 	Name: Stephen Sypherd
		 	Title: General Counsel and Secretary



  
 [Signature Page to
Expense Support and Conditional Reimbursement Agreement] 













 Appendix A 

Form of Notice of Expense Payment or Reimbursement Payment 

 

	☐	 Expense Payment 



Expense Payment Effective Date:
                                         
                                         
                                         
  
 Expense Payment Amount:
                                         
                                         
                                         
            
 Organizational Expense:
                                         
                                         
                                         
                
 Offering Expense:
                                         
                                         
                                         
                          

Management Fee:
                                         
                                         
                                         
                           

Incentive Fee:
                                         
                                         
                                         
                                 

Other:
                                         
                                         
                                         
                                         
     
 Total:
                                         
                                         
                                         
                                         
      
 All Expense Payments are subject to reimbursement pursuant to the terms of the Agreement. 

 

	☐	 Reimbursement Payment 



Organizational Expense:
                                         
                                         
                                         
                
 Offering Expense:
                                         
                                         
                                         
                          

Management Fee:
                                         
                                         
                                         
                           

Incentive Fee:
                                         
                                         
                                         
                                 

Other:
                                         
                                         
                                         
                                         
     
 Total: