# EDGAR Filing Document

**Accession Number:** 0001930679
**File Stem:** 0001628280-26-034545
**Filing Date:** 2026-5
**Character Count:** 430896
**Document Hash:** ef5c1dd1bba095479e3a10c69c851245
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-034545.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001628280-26-034545

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR FS Income Trust
- **CENTRAL INDEX KEY:** 0001930679

**ORGANIZATION NAME:**
- **EIN:** 880591692
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01620
- **FILM NUMBER:** 26972852

**BUSINESS ADDRESS:**
- **STREET 1:** 3025 JFK BOULEVARD, OFC 500
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19104
- **BUSINESS PHONE:** 215-495-1150

**MAIL ADDRESS:**
- **STREET 1:** 3025 JFK BOULEVARD, OFC 500
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FS KKR Income Trust
- **DATE OF NAME CHANGE:** 20220523

?xml version='1.0' encoding='ASCII'? kfit-20260331

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**______________________________________________**

**FORM 10-Q**

**_________________________________________________**

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

**FOR THE QUARTERLY PERIOD ENDED MARCH 31, 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**<br>**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.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;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 | ⌧ | Smaller reporting company | ◻ |
| | | Emerging growth company | ⌧ |

---

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 ◻&nbsp;&nbsp;&nbsp;&nbsp;No ⌧.

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act.** | **Securities registered pursuant to Section 12(b) of the Act.** | **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** | **N/A** | **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 April 30, 2026 was 54,133,709 of Class I shares.

    

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | <u>Page</u> |
| **PART I—FINANCIAL INFORMATION** | **PART I—FINANCIAL INFORMATION** | **PART I—FINANCIAL INFORMATION** |
| &nbsp;&nbsp;ITEM 1. | <u>[FINANCIAL STATEMENTS](#i57f063243b73458eb5e1ce12a285e5f4_16)</u> | <u>[1](#i57f063243b73458eb5e1ce12a285e5f4_13)</u> |
| | <u>[Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025](#i57f063243b73458eb5e1ce12a285e5f4_19)</u> | <u>[1](#i57f063243b73458eb5e1ce12a285e5f4_19)</u> |
| | <u>[Unaudited Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025](#i57f063243b73458eb5e1ce12a285e5f4_22)</u> | <u>[2](#i57f063243b73458eb5e1ce12a285e5f4_22)</u> |
| | <u>[Unaudited Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025](#i57f063243b73458eb5e1ce12a285e5f4_25)</u> | <u>[3](#i57f063243b73458eb5e1ce12a285e5f4_25)</u> |
| | <u>[Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#i57f063243b73458eb5e1ce12a285e5f4_28)</u> | <u>[4](#i57f063243b73458eb5e1ce12a285e5f4_28)</u> |
| | <u>[Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025](#i57f063243b73458eb5e1ce12a285e5f4_31)</u> | <u>[5](#i57f063243b73458eb5e1ce12a285e5f4_31)</u> |
| | <u>[Notes to Unaudited Consolidated Financial Statements](#i57f063243b73458eb5e1ce12a285e5f4_37)</u> | <u>[39](#i57f063243b73458eb5e1ce12a285e5f4_37)</u> |
| &nbsp;&nbsp;ITEM 2. | <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i57f063243b73458eb5e1ce12a285e5f4_88)</u> | <u>[62](#i57f063243b73458eb5e1ce12a285e5f4_88)</u> |
| &nbsp;&nbsp;ITEM 3. | <u>[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i57f063243b73458eb5e1ce12a285e5f4_130)</u> | <u>[80](#i57f063243b73458eb5e1ce12a285e5f4_130)</u> |
| &nbsp;&nbsp;ITEM 4. | <u>[CONTROLS AND PROCEDURES](#i57f063243b73458eb5e1ce12a285e5f4_133)</u> | <u>[81](#i57f063243b73458eb5e1ce12a285e5f4_133)</u> |
| **PART II—OTHER INFORMATION** | **PART II—OTHER INFORMATION** | |
| &nbsp;&nbsp;ITEM 1. | <u>[LEGAL PROCEEDINGS](#i57f063243b73458eb5e1ce12a285e5f4_139)</u> | <u>[82](#i57f063243b73458eb5e1ce12a285e5f4_139)</u> |
| &nbsp;&nbsp;ITEM 1A. | <u>[RISK FACTORS](#i57f063243b73458eb5e1ce12a285e5f4_142)</u> | <u>[82](#i57f063243b73458eb5e1ce12a285e5f4_142)</u> |
| &nbsp;&nbsp;ITEM 2. | <u>[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i57f063243b73458eb5e1ce12a285e5f4_145)</u> | <u>[82](#i57f063243b73458eb5e1ce12a285e5f4_145)</u> |
| &nbsp;&nbsp;ITEM 3. | <u>[DEFAULTS UPON SENIOR SECURITIES](#i57f063243b73458eb5e1ce12a285e5f4_148)</u> | <u>[84](#i57f063243b73458eb5e1ce12a285e5f4_148)</u> |
| &nbsp;&nbsp;ITEM 4. | <u>[MINE SAFETY DISCLOSURES](#i57f063243b73458eb5e1ce12a285e5f4_151)</u> | <u>[84](#i57f063243b73458eb5e1ce12a285e5f4_151)</u> |
| &nbsp;&nbsp;ITEM 5. | <u>[OTHER INFORMATION](#i57f063243b73458eb5e1ce12a285e5f4_154)</u> | <u>[84](#i57f063243b73458eb5e1ce12a285e5f4_154)</u> |
| &nbsp;&nbsp;ITEM 6. | <u>[EXHIBITS](#i57f063243b73458eb5e1ce12a285e5f4_157)</u> | <u>[85](#i57f063243b73458eb5e1ce12a285e5f4_157)</u> |
| | <u>[SIGNATURES](#i57f063243b73458eb5e1ce12a285e5f4_160)</u> | <u>[86](#i57f063243b73458eb5e1ce12a285e5f4_160)</u> |

---

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**PART I—FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements.** 

**KKR FS Income Trust**

**Consolidated Statements of Assets and Liabilities** 

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

---

| | | |
|:---|:---|:---|
| | **March 31, 2026**<br>**(Unaudited)** | **December 31, 2025** |
| **Assets** | | |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;Non-controlled/unaffiliated investments (amortized cost—$2,595,289 and $2,540,429, respectively) | $2590996 | $2567525 |
| &nbsp;&nbsp;Non-controlled/affiliated investments (amortized cost—$19,423 and $13,502, respectively) | 20154 | 14032 |
| &nbsp;&nbsp;Controlled/affiliated investments (amortized cost—$66,589 and $42,993, respectively) | 67175 | 43538 |
| Total investments, at fair value (amortized cost—$2,681,301 and $2,596,924, respectively) | 2678325 | 2625095 |
| Cash and cash equivalents<sup>(1)</sup> | 45903 | 98224 |
| Foreign currency (amortized cost—$3,027 and $1,028, respectively) | 3022 | 1028 |
| Receivable for investments sold and repaid | 48079 | 1969 |
| Income receivable | 14488 | 12582 |
| Unrealized appreciation on foreign currency forward contracts | 129 | 321 |
| Deferred financing costs | 9383 | 9808 |
| Prepaid expenses and other assets | 2601 | 2062 |
| &nbsp;&nbsp;**Total assets** | $2801930 | $2751089 |
| **Liabilities** |  |  |
| Payable for investments purchased | $1744 | $41845 |
| Debt<sup>(2)</sup> | 1117244 | 1134208 |
| Unrealized depreciation on foreign currency forward contracts | 382 | 208 |
| Shareholders' distributions payable | 12687 | 11663 |
| Management fees payable | 5007 | 4630 |
| Subordinated income incentive fees payable<sup>(3)</sup> | 4876 | 4370 |
| Accrued capital gains incentive fee<sup>(3)</sup> |  | 2947 |
| Administrative services expense payable | 529 | 378 |
| Accrued accounting and administrative fees | 293 | 252 |
| Interest payable | 8811 | 7452 |
| Other accrued expenses and liabilities | 1077 | 975 |
| &nbsp;&nbsp;**Total liabilities** | 1152650 | 1208928 |
| Commitments and contingencies<sup>(4)</sup> |  |  |
| **Shareholders' equity** |  |  |
| Common Shares, $0.01 par value, unlimited shares authorized, 56,385,434 and 51,837,481 Class I shares issued and outstanding, respectively | 564 | 518 |
| Capital in excess of par value | 1657235 | 1522370 |
| Retained earnings (accumulated deficit) | (8519) | 19273 |
| &nbsp;&nbsp;**Total shareholders' equity** | 1649280 | 1542161 |
| &nbsp;&nbsp;**Total liabilities and shareholders' equity** | $2801930 | $2751089 |
| Net asset value per share of common shares at period end | $29.25 | $29.75 |

---

_______________

(1)Includes $18,947 and $50,527 of cash equivalents invested in money market accounts as of March 31, 2026 and December 31, 2025, respectively.

(2)See Note 9 for a discussion of the Company's financing arrangements.

(3)See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees and capital gains incentive fees.

(4)See Note 10 for a discussion of the Company's commitments and contingencies.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Statements of Operations**

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

  

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Investment income** |  |  |
| From non-controlled/unaffiliated investments: |  |  |
| &nbsp;&nbsp;Interest income | $53092 | $27742 |
| &nbsp;&nbsp;Paid-in-kind interest income | 1345 | 1539 |
| &nbsp;&nbsp;Fee income | 2450 | 1756 |
| &nbsp;&nbsp;Dividend and other income | 3772 | 623 |
| From non-controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;Interest income | 173 |  |
| &nbsp;&nbsp;Paid-in-kind interest income | 106 | 93 |
| &nbsp;&nbsp;Dividend and other income | 49 |  |
| From controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;Interest income | 643 | 352 |
| &nbsp;&nbsp;Fee income | 1 | 23 |
| &nbsp;&nbsp;Dividend and other income | 292 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 61923 | 32472 |
| **Operating expenses** |  |  |
| Management fees | 5007 | 2808 |
| Subordinated income incentive fees<sup>(1)</sup> | 4876 | 3195 |
| Capital gains incentive fees<sup>(1)</sup> | (2947) | 516 |
| Interest expense<sup>(2)</sup> | 16107 | 5640 |
| Administrative services expense | 686 | 592 |
| Accounting and administrative fees | 221 | 104 |
| Audit expense | 207 | 144 |
| Other general and administrative expenses | 687 | 430 |
| &nbsp;&nbsp;Total operating expenses | 24844 | 13429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and incentive fee waivers |  | (6003) |
| &nbsp;&nbsp;Net expenses | 24844 | 7426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 37079 | 25046 |
| **Realized and unrealized gain/loss** |  |  |
| Net realized gain (loss) on investments: |  |  |
| &nbsp;&nbsp;Non-controlled/unaffiliated investments | (1) | (31) |
| Net realized gain (loss) on foreign currency forward contracts | (20) |  |
| Net realized gain (loss) on foreign currency | (238) | (45) |
| Net change in unrealized appreciation (depreciation) on investments: |  |  |
| &nbsp;&nbsp;Non-controlled/unaffiliated investments | (31389) | 5842 |
| &nbsp;&nbsp;Non-controlled/affiliated investments | 201 | 127 |
| &nbsp;&nbsp;Controlled/affiliated investments | 41 | 24 |
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (366) | (148) |
| Net change in unrealized gain (loss) on foreign currency | 3988 | (1637) |
| &nbsp;&nbsp;Total net realized and unrealized gain (loss) | (27784) | 4132 |
| **Net increase (decrease) in net assets resulting from operations** | $9295 | $29178 |
| **Per share information—basic and diluted** |  |  |
| Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) | $0.17 | $0.94 |
| Weighted average shares outstanding | 54878419 | 31084297 |

---

_______________

(1)See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees and capital gains incentive fees.

(2)See Note 9 for a discussion of the Company's financing arrangements.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Statements of Changes in Net Assets**

**(dollar amounts in thousands unless otherwise noted)**

  

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Operations** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $37079 | $25046 |
| &nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency | (259) | (76) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts | (31513) | 5845 |
| &nbsp;&nbsp;Net change in unrealized gain (loss) on foreign currency | 3988 | (1637) |
| Net increase (decrease) in net assets resulting from operations | 9295 | 29178 |
| **Shareholder distributions**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Distributions to common shareholders | (37087) | (26723) |
| Net decrease in net assets resulting from shareholder distributions | (37087) | (26723) |
| **Capital transactions**<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;Issuance of common shares | 150526 | 149716 |
| &nbsp;&nbsp;Reinvestment of shareholder distributions | 7637 | 4270 |
| &nbsp;&nbsp;Repurchases of common shares | (23252) |  |
| Net increase (decrease) in net assets resulting from capital share transactions | 134911 | 153986 |
| Total increase (decrease) in net assets | 107119 | 156441 |
| Net assets at beginning of period | 1542161 | 829242 |
| Net assets at end of period | $1649280 | $985683 |

---

_______________

(1)See Note 5 for a discussion of the sources of distributions paid by the Company.

(2)See Note 3 for a discussion of the Company's capital share transactions.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Statements of Cash Flows**

**(dollar amounts in thousands unless otherwise noted)**

  

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $9295 | $29178 |
| &nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;Purchases of investments | (242675) | (334604) |
| &nbsp;&nbsp;Paid-in-kind interest | (1451) | (1632) |
| &nbsp;&nbsp;Proceeds from sales and repayments of investments | 73550 | 26933 |
| &nbsp;&nbsp;Net realized (gain) loss on investments | 1 | 31 |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 31147 | (5993) |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | 366 | 148 |
| &nbsp;&nbsp;Net change in unrealized (gain) loss on foreign currency | (3988) | 1637 |
| &nbsp;&nbsp;Accretion of discount | (302) | (517) |
| &nbsp;&nbsp;Amortization of deferred financing costs | 614 | 326 |
| &nbsp;&nbsp;(Increase) decrease in receivable for investments sold and repaid |  | (265) |
| &nbsp;&nbsp;(Increase) decrease in income receivable | (1617) | (542) |
| &nbsp;&nbsp;(Increase) decrease in prepaid expenses and other assets | (539) | (1795) |
| &nbsp;&nbsp;Increase (decrease) in payable for investments purchased |  | (23219) |
| &nbsp;&nbsp;Increase (decrease) in organizational and offering costs payable |  | (103) |
| &nbsp;&nbsp;Increase (decrease) in management fees payable | 377 |  |
| &nbsp;&nbsp;Increase (decrease) in subordinated income incentive fees payable | 506 |  |
| &nbsp;&nbsp;Increase (decrease) in accrued capital gains incentive fee | (2947) | 516 |
| &nbsp;&nbsp;Increase (decrease) in administrative services expense payable | 151 | 239 |
| &nbsp;&nbsp;Increase (decrease) in accrued accounting and administrative fees | 41 | 25 |
| &nbsp;&nbsp;Increase (decrease) in interest payable | 1359 | 1164 |
| &nbsp;&nbsp;Increase (decrease) in other accrued expenses and liabilities | 102 | 201 |
| Net cash provided by (used in) operating activities | (136010) | (308272) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Issuance of common shares | 150526 | 149716 |
| &nbsp;&nbsp;Repurchases of common shares | (23252) |  |
| &nbsp;&nbsp;Distributions to common shareholders | (28426) | (20633) |
| &nbsp;&nbsp;Borrowings under financing arrangements | 119246 | 355025 |
| &nbsp;&nbsp;Repayments under financing arrangements | (132170) | (158719) |
| &nbsp;&nbsp;Deferred financing costs paid | (189) | (2118) |
| Net cash provided by (used in) financing activities | 85735 | 323271 |
| Effect of exchange rate changes on cash | (52) | (57) |
| Total increase (decrease) in cash | (50327) | 14942 |
| Cash, cash equivalents and foreign currency at beginning of period | 99252 | 19693 |
| Cash, cash equivalents and foreign currency at end of period | $48925 | $34635 |
| **Supplemental disclosure** |  |  |
| Reinvestment of shareholder distributions | $7637 | $4270 |
| Interest paid during the period | $14134 | $4150 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| **Senior Secured Loans—First Lien—119.2%** | | | | | | | | | | | | |
| &nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | (f) | Health Care Equipment & Services | SF | + | 6.3% |  |  | 1.0% | 05/27 | $814 | $814 | $814 |
| &nbsp;&nbsp;Affordable Care Inc | (f)(l)(m) | Health Care Equipment & Services | SF | + | 6.0% | (3.3% PIK | / 3.3% PIK) | 0.8% | 08/28 | 1727 | 1713 | 1247 |
| &nbsp;&nbsp;AGS Health LLC | (f) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | 1679 | 1675 | 1628 |
| &nbsp;&nbsp;AGS Health LLC | (f) | Software & Services | SF | + | 4.3% |  |  | 0.5% | 08/32 | 3195 | 3188 | 3099 |
| &nbsp;&nbsp;AGS Health LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | 1679 | 1679 | 1628 |
| &nbsp;&nbsp;AGS Health LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | 596 | 596 | 578 |
| &nbsp;&nbsp;A-Lign Assurance LLC | (f) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 3.0% PIK) | 0.8% | 08/32 | 11204 | 11099 | 10821 |
| &nbsp;&nbsp;A-Lign Assurance LLC | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 3.0% PIK) | 0.8% | 08/32 | 3303 | 3287 | 3191 |
| &nbsp;&nbsp;A-Lign Assurance LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 08/32 | 1586 | 1570 | 1531 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 1722 | 1693 | 1722 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/30 | 2550 | 2538 | 2576 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f)(g)(h) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/30 | 54616 | 54052 | 55160 |
| &nbsp;&nbsp;Apex Service Partners LLC | (i) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 2029 | 2029 | 2029 |
| &nbsp;&nbsp;Arcfield Acquisition Corp | (g) | Capital Goods | SF | + | 5.0% |  |  | 0.5% | 10/31 | 17191 | 17191 | 17191 |
| &nbsp;&nbsp;Arcfield Acquisition Corp | (i) | Capital Goods | SF | + | 5.0% |  |  | 0.5% | 10/31 | 2780 | 2780 | 2780 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (g)(h) | Commercial & Professional Services | SF | + | 5.3% |  |  | 0.8% | 01/31 | 19653 | 19541 | 19653 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (f)(g) | Commercial & Professional Services | SF | + | 5.0% |  |  | 0.8% | 01/31 | 3605 | 3603 | 3605 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (i) | Commercial & Professional Services | SF | + | 5.3% |  |  | 0.8% | 01/30 | 2797 | 2797 | 2797 |
| &nbsp;&nbsp;Area Wide Protective Inc | (f)(g) | Commercial & Professional Services | SF | + | 4.5% |  |  | 1.0% | 12/30 | 5276 | 5241 | 5276 |
| &nbsp;&nbsp;Area Wide Protective Inc | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 1.0% | 12/30 | 2769 | 2769 | 2769 |
| &nbsp;&nbsp;AVE Holdings I Corp (fka Amerivet Partners Management Inc) | (f) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/28 | 3257 | 3257 | 2983 |
| &nbsp;&nbsp;Avetta LLC | (h) | Software & Services | SF | + | 4.2% | (0.0% PIK | / 2.6% PIK) | 0.5% | 07/31 | 6557 | 6504 | 6557 |
| &nbsp;&nbsp;Avetta LLC | (i) | Software & Services | SF | + | 4.2% |  |  | 0.5% | 07/30 | 780 | 780 | 780 |
| &nbsp;&nbsp;Avetta LLC | (i) | Software & Services | SF | + | 4.3% |  |  | 0.5% | 07/30 | 367 | 367 | 367 |
| &nbsp;&nbsp;Avetta LLC | (i) | Software & Services | SF | + | 4.2% | (0.0% PIK | / 2.6% PIK) | 0.5% | 07/31 | 1605 | 1605 | 1605 |
| &nbsp;&nbsp;BCA Marketplace Ltd | (f)(k) | Commercial & Professional Services | SA | + | 6.3% | (0.0% PIK | / 2.5% PIK) | 0.0% | 03/31 | £9211 | 11742 | 12048 |
| &nbsp;&nbsp;BCA Marketplace Ltd | (f)(k) | Commercial & Professional Services | E | + | 6.3% | (0.0% PIK | / 2.5% PIK) | 0.0% | 04/31 | 3808 | 4070 | 4350 |
| &nbsp;&nbsp;BDO USA PA | (g) | Commercial & Professional Services | SF | + | 5.0% |  |  | 2.0% | 08/28 | $16629 | 16465 | 16562 |
| &nbsp;&nbsp;BDO USA PA | (f) | Commercial & Professional Services | SF | + | 4.5% |  |  | 2.0% | 08/28 | 978 | 970 | 975 |
| &nbsp;&nbsp;BGB Group LLC | (g)(h) | Media & Entertainment | SF | + | 5.3% |  |  | 1.0% | 02/30 | 26299 | 26299 | 26299 |
| &nbsp;&nbsp;BGB Group LLC | (i) | Media & Entertainment | SF | + | 5.3% |  |  | 1.0% | 02/30 | 2185 | 2185 | 2185 |
| &nbsp;&nbsp;BGB Group LLC | (i) | Media & Entertainment | SF | + | 5.3% |  |  | 1.0% | 02/30 | 3278 | 3278 | 3278 |
| &nbsp;&nbsp;Bonterra LLC | (f)(g)(h) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 03/32 | 39645 | 39467 | 38947 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Bonterra LLC | (f) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 03/32 | $1051 | $1048 | $1033 |
| &nbsp;&nbsp;Bonterra LLC | (f) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 03/32 | 614 | 608 | 603 |
| &nbsp;&nbsp;Bonterra LLC | (i) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 03/32 | 2843 | 2843 | 2793 |
| &nbsp;&nbsp;Bonterra LLC | (i) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 03/32 | 590 | 590 | 579 |
| &nbsp;&nbsp;Cadence Education LLC | (h) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/31 | 9067 | 9031 | 8953 |
| &nbsp;&nbsp;Cadence Education LLC | (f) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/31 | 2384 | 2381 | 2354 |
| &nbsp;&nbsp;Cadence Education LLC | (i) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/30 | 1414 | 1412 | 1396 |
| &nbsp;&nbsp;Cambrex Corp | (f) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 03/32 | 14398 | 14335 | 14542 |
| &nbsp;&nbsp;Cambrex Corp | (f) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% |  |  | 0.8% | 03/32 | 432 | 432 | 432 |
| &nbsp;&nbsp;Cambrex Corp | (f) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% |  |  | 0.8% | 03/32 | 2154 | 2154 | 2176 |
| &nbsp;&nbsp;Cambrex Corp | (i) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% |  |  | 0.8% | 03/32 | 1458 | 1458 | 1458 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.5% | 07/30 | 740 | 732 | 740 |
| &nbsp;&nbsp;Carrier Fire Protection | (f)(h) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.0% PIK) | 0.5% | 07/31 | 8104 | 8035 | 8185 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | E | + | 4.5% | (0.0% PIK | / 2.0% PIK) | 0.5% | 07/31 | 1910 | 2067 | 2221 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | E | + | 4.5% |  |  | 0.5% | 07/30 | 232 | 258 | 267 |
| &nbsp;&nbsp;Carrier Fire Protection | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.5% | 07/30 | $1052 | 1052 | 1052 |
| &nbsp;&nbsp;Carrier Fire Protection | (i) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.0% PIK) | 0.5% | 07/31 | 1656 | 1656 | 1673 |
| &nbsp;&nbsp;Carrier Fire Protection | (i) | Commercial & Professional Services | E | + | 4.5% |  |  | 0.5% | 07/30 | 26 | 21 | 21 |
| &nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | (h) | Consumer Services | SF | + | 4.3% |  |  | 0.8% | 12/29 | $9812 | 9812 | 9910 |
| &nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | (i) | Consumer Services | SF | + | 4.3% |  |  | 0.8% | 12/28 | 718 | 718 | 718 |
| &nbsp;&nbsp;Clarience Technologies LLC | (f)(g)(h) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 3.1% PIK) | 0.8% | 02/32 | 37216 | 37211 | 36844 |
| &nbsp;&nbsp;Clarience Technologies LLC | (f) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 02/32 | 835 | 836 | 826 |
| &nbsp;&nbsp;Clarience Technologies LLC | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 02/31 | 3995 | 4000 | 3955 |
| &nbsp;&nbsp;Clarience Technologies LLC | (i) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 3.1% PIK) | 0.8% | 02/32 | 8851 | 8848 | 8763 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (g) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.5% PIK) | 0.8% | 08/31 | 12337 | 12235 | 12461 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (i) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.8% | 08/31 | 3123 | 3108 | 3155 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (i) | Commercial & Professional Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 2082 | 2066 | 2082 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | (f) | Consumer Services | SF | + | 4.8% |  |  | 1.0% | 07/32 | 18868 | 18741 | 18779 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | (i) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/31 | 2061 | 2061 | 2051 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | (i) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/32 | 1237 | 1237 | 1231 |
| &nbsp;&nbsp;Com Laude Group Ltd | (g)(h)(k) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 12/32 | 21796 | 21689 | 21288 |
| &nbsp;&nbsp;Com Laude Group Ltd | (i)(k) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 12/32 | 4284 | 4263 | 4185 |
| &nbsp;&nbsp;Com Laude Group Ltd | (i)(k) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 12/32 | 1714 | 1714 | 1674 |
| &nbsp;&nbsp;Community Brands Inc | (f)(g) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 07/31 | 11892 | 11846 | 11269 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Community Brands Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 07/31 | $795 | $795 | $754 |
| &nbsp;&nbsp;Conservice LLC | (f) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 02/33 | 17231 | 17188 | 16972 |
| &nbsp;&nbsp;Conservice LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 02/33 | 2347 | 2347 | 2311 |
| &nbsp;&nbsp;CSafe Global | (f)(g)(h) | Transportation | SF | + | 5.8% |  |  | 0.8% | 12/28 | 29342 | 29348 | 29342 |
| &nbsp;&nbsp;CSafe Global | (f) | Transportation | SA | + | 5.8% |  |  | 0.8% | 12/28 | £3810 | 4811 | 5023 |
| &nbsp;&nbsp;CSafe Global | (f) | Transportation | SF | + | 5.8% |  |  | 0.8% | 03/29 | $950 | 952 | 950 |
| &nbsp;&nbsp;CSafe Global | (i) | Transportation | SF | + | 5.8% |  |  | 0.8% | 03/29 | 1929 | 1929 | 1929 |
| &nbsp;&nbsp;Dental365 LLC | (f)(g) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 08/28 | 15091 | 15091 | 15091 |
| &nbsp;&nbsp;Dental365 LLC | (h) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 08/28 | 5950 | 5950 | 5950 |
| &nbsp;&nbsp;Dental365 LLC | (i) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 05/28 | 2216 | 2216 | 2216 |
| &nbsp;&nbsp;Dental365 LLC | (i) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 08/28 | 2213 | 2213 | 2213 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (f) | Insurance | SF | + | 4.5% |  |  | 0.8% | 12/29 | 349 | 349 | 348 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (f)(h) | Insurance | SF | + | 4.5% |  |  | 0.8% | 12/30 | 11517 | 11475 | 11478 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (i) | Insurance | SF | + | 4.5% |  |  | 0.8% | 12/29 | 883 | 883 | 880 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (i) | Insurance | SF | + | 4.5% |  |  | 0.8% | 12/30 | 317 | 317 | 316 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (f)(g) | Materials | SF | + | 5.0% |  |  | 0.8% | 06/31 | 14303 | 14252 | 14308 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (i) | Materials | SF | + | 5.0% |  |  | 0.8% | 06/31 | 2138 | 2138 | 2138 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (i) | Materials | SF | + | 5.0% |  |  | 0.8% | 06/31 | 621 | 621 | 621 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | (h) | Transportation | SF | + | 4.5% |  |  | 0.5% | 06/32 | 9590 | 9568 | 9570 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | (i) | Transportation | SF | + | 4.5% |  |  | 0.5% | 06/32 | 1807 | 1807 | 1803 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | (i) | Transportation | SF | + | 4.5% |  |  | 1.0% | 06/32 | 2008 | 2008 | 2004 |
| &nbsp;&nbsp;Excelitas Technologies Corp | (f) | Technology Hardware & Equipment | SF | + | 5.3% |  |  | 0.8% | 08/29 | 264 | 266 | 260 |
| &nbsp;&nbsp;Flexera Software LLC | (g)(h) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.5% | 08/32 | 37266 | 37244 | 35965 |
| &nbsp;&nbsp;Flexera Software LLC | (f) | Software & Services | E | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.5% | 08/32 | 11246 | 13135 | 12500 |
| &nbsp;&nbsp;Flexera Software LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | $3023 | 3024 | 2917 |
| &nbsp;&nbsp;Follett Software Co | (h) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/31 | 9860 | 9860 | 9781 |
| &nbsp;&nbsp;Follett Software Co | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/30 | 925 | 925 | 918 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (f)(g) | Capital Goods | SF | + | 5.0% | (2.3% PIK | / 2.3% PIK) | 0.0% | 03/32 | 40956 | 40807 | 40865 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (f) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 2.3% PIK) | 0.0% | 03/32 | 344 | 344 | 343 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.0% | 03/32 | 4151 | 4151 | 4142 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (i) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 2.3% PIK) | 0.0% | 03/32 | 326 | 326 | 326 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (f) | Insurance | SF | + | 4.5% |  |  | 0.8% | 09/28 | 349 | 349 | 349 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (h) | Insurance | SF | + | 4.5% |  |  | 0.8% | 09/28 | 7977 | 7977 | 7977 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (i) | Insurance | SF | + | 4.5% |  |  | 0.8% | 09/28 | 569 | 569 | 569 |
| &nbsp;&nbsp;GE Digital LLC | (f)(h) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 03/33 | 17220 | 17134 | 17134 |
| &nbsp;&nbsp;GE Digital LLC | (i) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 03/33 | 3055 | 3055 | 3055 |
| &nbsp;&nbsp;Gigamon Inc | (f) | Software & Services | SF | + | 5.8% |  |  | 0.8% | 03/29 | 814 | 814 | 770 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Granicus Inc | (f) | Software & Services | SF | + | 5.8% | (2.3% PIK | / 2.3% PIK) | 0.8% | 01/31 | $332 | $330 | $332 |
| &nbsp;&nbsp;Granicus Inc | (f) | Software & Services | SF | + | 5.3% | (2.3% PIK | / 2.3% PIK) | 0.8% | 01/31 | 4275 | 4275 | 4275 |
| &nbsp;&nbsp;Granicus Inc | (i) | Software & Services | SF | + | 5.3% | (0.0% PIK | / 1.8% PIK) | 0.8% | 01/31 | 46 | 46 | 46 |
| &nbsp;&nbsp;Granicus Inc | (i) | Software & Services | SF | + | 5.3% | (2.3% PIK | / 2.3% PIK) | 0.8% | 01/31 | 636 | 636 | 636 |
| &nbsp;&nbsp;Hexion International Cooperatief UA | (e)(f) | Materials | SF | + | 4.0% |  |  | 0.5% | 03/29 | 3035 | 2966 | 2910 |
| &nbsp;&nbsp;Higginbotham Insurance Agency Inc | (g)(h) | Insurance | SF | + | 4.5% |  |  | 1.0% | 06/31 | 24754 | 24754 | 24630 |
| &nbsp;&nbsp;Higginbotham Insurance Agency Inc | (i) | Insurance | SF | + | 4.5% |  |  | 1.0% | 06/31 | 4233 | 4233 | 4212 |
| &nbsp;&nbsp;Highgate Hotels Inc | (g) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 11/29 | 12450 | 12339 | 12450 |
| &nbsp;&nbsp;Highgate Hotels Inc | (f) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 11/29 | 541 | 529 | 541 |
| &nbsp;&nbsp;Highgate Hotels Inc | (i) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 11/29 | 1051 | 1051 | 1051 |
| &nbsp;&nbsp;Highgate Hotels Inc | (i) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 11/29 | 3206 | 3206 | 3238 |
| &nbsp;&nbsp;Homrich & Berg Inc | (f) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 1237 | 1237 | 1237 |
| &nbsp;&nbsp;Homrich & Berg Inc | (g)(h) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 17122 | 17106 | 17202 |
| &nbsp;&nbsp;Homrich & Berg Inc | (f) | Financial Services | SF | + | 4.5% |  |  | 0.8% | 11/31 | 1755 | 1755 | 1746 |
| &nbsp;&nbsp;Homrich & Berg Inc | (i) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 649 | 649 | 649 |
| &nbsp;&nbsp;Homrich & Berg Inc | (i) | Financial Services | SF | + | 4.5% |  |  | 0.8% | 11/31 | 10430 | 10430 | 10378 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (f)(h) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.8% | 03/32 | 14401 | 14349 | 14362 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (f) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/32 | 1132 | 1132 | 1129 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (g) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 03/32 | 17059 | 17059 | 17015 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/32 | 5300 | 5300 | 5286 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (i) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 03/32 | 7108 | 7108 | 7090 |
| &nbsp;&nbsp;Inhabit IQ | (g) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 01/32 | 4260 | 4250 | 4302 |
| &nbsp;&nbsp;Inhabit IQ | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 01/32 | 1192 | 1192 | 1204 |
| &nbsp;&nbsp;Inhabit IQ | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 01/32 | 745 | 745 | 745 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 05/28 | 466 | 466 | 447 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF | + | 5.3% |  |  | 1.0% | 05/28 | 466 | 466 | 448 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF | + | 5.3% |  |  | 1.0% | 05/28 | 7075 | 7075 | 6792 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 05/28 | 4015 | 4015 | 3854 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 1.0% | 05/28 | 423 | 423 | 406 |
| &nbsp;&nbsp;Integrated Power Services LLC | (g) | Commercial & Professional Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 15200 | 15200 | 15200 |
| &nbsp;&nbsp;Integrated Power Services LLC | (f)(h) | Commercial & Professional Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 17274 | 17274 | 17274 |
| &nbsp;&nbsp;Integrated Power Services LLC | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.8% | 11/30 | 4215 | 4215 | 4215 |
| &nbsp;&nbsp;Integrated Power Services LLC | (i) | Commercial & Professional Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 8687 | 8687 | 8687 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (f)(g)(h) | Insurance | SF | + | 5.0% |  |  | 0.8% | 08/28 | 43610 | 43517 | 43610 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (i) | Insurance | SF | + | 5.0% |  |  | 0.8% | 08/28 | 6058 | 6056 | 6058 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (i) | Insurance | SF | + | 5.0% |  |  | 0.8% | 08/28 | 7588 | 7611 | 7588 |
| &nbsp;&nbsp;IntraFi Network LLC | (e)(f) | Financial Services | SF | + | 4.0% |  |  | 0.0% | 07/31 | 6684 | 6623 | 6492 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;J S Held LLC | (f) | Insurance | SF | + | 4.8% |  |  | 1.0% | 06/28 | $794 | $794 | $794 |
| &nbsp;&nbsp;J S Held LLC | (f)(g)(h) | Insurance | SF | + | 4.8% |  |  | 1.0% | 06/28 | 26544 | 26544 | 26544 |
| &nbsp;&nbsp;J S Held LLC | (i) | Insurance | SF | + | 4.8% |  |  | 1.0% | 06/28 | 794 | 794 | 794 |
| &nbsp;&nbsp;J S Held LLC | (i) | Insurance | SF | + | 4.8% |  |  | 1.0% | 06/28 | 2040 | 2040 | 2040 |
| &nbsp;&nbsp;Jeppesen Holdings LLC | (g)(h)(k) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.6% PIK) | 0.5% | 10/32 | 23544 | 23461 | 23033 |
| &nbsp;&nbsp;Jeppesen Holdings LLC | (i)(k) | Software & Services | SF | + | 4.8% |  |  | 0.5% | 10/32 | 1221 | 1221 | 1194 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | (f)(g)(h) | Insurance | SF | + | 4.3% | (0.0% PIK | / 2.6% PIK) | 0.8% | 08/32 | 45378 | 45166 | 45149 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | (i) | Insurance | SF | + | 4.3% | (0.0% PIK | / 2.6% PIK) | 0.8% | 08/32 | 8749 | 8749 | 8705 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | (i) | Insurance | SF | + | 4.3% |  |  | 0.8% | 08/32 | 3888 | 3884 | 3869 |
| &nbsp;&nbsp;Lazer Logistics Inc | (f) | Transportation | SF | + | 4.8% |  |  | 0.8% | 05/30 | 3382 | 3367 | 3416 |
| &nbsp;&nbsp;Lazer Logistics Inc | (f)(g) | Transportation | SF | + | 4.8% |  |  | 0.8% | 05/30 | 12231 | 12112 | 12353 |
| &nbsp;&nbsp;Lazer Logistics Inc | (i) | Transportation | SF | + | 4.8% |  |  | 0.8% | 05/29 | 1244 | 1234 | 1244 |
| &nbsp;&nbsp;Lazer Logistics Inc | (i) | Transportation | SF | + | 4.8% |  |  | 0.8% | 05/30 | 833 | 833 | 842 |
| &nbsp;&nbsp;Learning Experience Corp/The | (h) | Consumer Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 07/32 | 3642 | 3626 | 3663 |
| &nbsp;&nbsp;Learning Experience Corp/The | (i) | Consumer Services | SF | + | 4.8% |  |  | 0.8% | 07/32 | 801 | 801 | 801 |
| &nbsp;&nbsp;Legends Hospitality LLC | (f) | Consumer Services | SF | + | 5.0% | (0.0% PIK | / 2.5% PIK) | 0.8% | 08/30 | 1055 | 1055 | 1050 |
| &nbsp;&nbsp;Legends Hospitality LLC | (f)(g)(h) | Consumer Services | SF | + | 5.0% | (0.0% PIK | / 2.8% PIK) | 0.8% | 08/31 | 18569 | 18385 | 18476 |
| &nbsp;&nbsp;Legends Hospitality LLC | (i) | Consumer Services | SF | + | 5.0% | (0.0% PIK | / 2.5% PIK) | 0.8% | 08/30 | 955 | 955 | 950 |
| &nbsp;&nbsp;Lipari Foods LLC | (f)(g) | Consumer Staples Distribution & Retail | SF | + | 6.5% |  |  | 1.0% | 10/28 | 16442 | 16313 | 16437 |
| &nbsp;&nbsp;Magna Legal Services LLC | (f)(g) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.8% | 11/29 | 9169 | 9047 | 9169 |
| &nbsp;&nbsp;Magna Legal Services LLC | (f) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.8% | 11/29 | 3330 | 3330 | 3330 |
| &nbsp;&nbsp;Magna Legal Services LLC | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.8% | 11/28 | 861 | 852 | 861 |
| &nbsp;&nbsp;Magna Legal Services LLC | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.8% | 11/29 | 4971 | 4971 | 4971 |
| &nbsp;&nbsp;MAI Capital Management LLC | (f)(h) | Financial Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.8% | 08/31 | 14073 | 14011 | 14214 |
| &nbsp;&nbsp;MAI Capital Management LLC | (f) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 920 | 920 | 920 |
| &nbsp;&nbsp;MAI Capital Management LLC | (f) | Financial Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 08/31 | 4166 | 4166 | 4208 |
| &nbsp;&nbsp;MAI Capital Management LLC | (i) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 1566 | 1566 | 1566 |
| &nbsp;&nbsp;MAI Capital Management LLC | (i) | Financial Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 08/31 | 2040 | 2040 | 2060 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (f)(g) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 24297 | 24088 | 24507 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (f) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 76 | 57 | 76 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (i) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 1825 | 1825 | 1825 |
| &nbsp;&nbsp;Med-Metrix | (f)(g)(h) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.9% PIK) | 0.8% | 07/32 | 24269 | 24158 | 24075 |
| &nbsp;&nbsp;Med-Metrix | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.9% PIK) | 0.8% | 07/32 | 10018 | 10018 | 9938 |
| &nbsp;&nbsp;Med-Metrix | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 07/32 | 4286 | 4286 | 4252 |
| &nbsp;&nbsp;Mercer Advisors Inc | (f)(g) | Financial Services | SF | + | 4.5% |  |  | 0.8% | 10/30 | 22452 | 22407 | 22339 |
| &nbsp;&nbsp;Mercer Advisors Inc | (i) | Financial Services | SF | + | 4.5% |  |  | 0.8% | 10/30 | 11995 | 11995 | 11935 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Milano Acquisition Corp | (e)(f) | Health Care Equipment & Services | SF | + | 4.0% |  |  | 0.8% | 10/27 | $25843 | $25125 | $25144 |
| &nbsp;&nbsp;Misys Ltd | (e)(f)(k) | Software & Services | SF | + | 4.0% |  |  | 0.0% | 09/32 | 27489 | 27231 | 25880 |
| &nbsp;&nbsp;Model N Inc | (g) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 12859 | 12816 | 12756 |
| &nbsp;&nbsp;Model N Inc | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 2664 | 2664 | 2643 |
| &nbsp;&nbsp;Model N Inc | (i) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 06/31 | 1421 | 1421 | 1410 |
| &nbsp;&nbsp;NAVEX Global Inc | (f) | Software & Services | SF |  | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 10/32 | 15054 | 14983 | 14640 |
| &nbsp;&nbsp;NAVEX Global Inc | (i) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 10/31 | 326 | 326 | 317 |
| &nbsp;&nbsp;NAVEX Global Inc | (i) | Software & Services | SF |  | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 10/32 | 6900 | 6883 | 6710 |
| &nbsp;&nbsp;NEFCO Corp | (g)(h) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 01/33 | 15504 | 15467 | 15466 |
| &nbsp;&nbsp;NEFCO Corp | (f) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 01/33 | 443 | 443 | 442 |
| &nbsp;&nbsp;NEFCO Corp | (i) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 01/33 | 3322 | 3322 | 3314 |
| &nbsp;&nbsp;NEFCO Corp | (i) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 01/33 | 1772 | 1772 | 1768 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (f)(h) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 09/32 | 15185 | 15132 | 14744 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 2646 | 2646 | 2570 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 09/32 | 3522 | 3522 | 3420 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (f)(g)(h) | Health Care Equipment & Services | SF | + | 5.2% | (2.7% PIK | / 2.7% PIK) | 0.8% | 08/31 | 37022 | 36893 | 36507 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (i) | Health Care Equipment & Services | SF | + | 5.0% | (2.5% PIK | / 2.5% PIK) | 0.8% | 08/31 | 4258 | 4236 | 4198 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (i) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 4343 | 4343 | 4282 |
| &nbsp;&nbsp;OEConnection LLC | (f)(g)(h) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.5% | 12/32 | 23608 | 23516 | 23079 |
| &nbsp;&nbsp;OEConnection LLC | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.5% | 12/32 | 5183 | 5183 | 5067 |
| &nbsp;&nbsp;OEConnection LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 12/32 | 2604 | 2600 | 2546 |
| &nbsp;&nbsp;Orion Services Group | (f)(g) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 11/32 | 8937 | 8877 | 8852 |
| &nbsp;&nbsp;Orion Services Group | (i) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 11/32 | 2207 | 2207 | 2186 |
| &nbsp;&nbsp;PCI Pharma Services | (f)(h)(k) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 10/32 | 16161 | 16103 | 15999 |
| &nbsp;&nbsp;PCI Pharma Services | (i)(k) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 10/32 | 19947 | 19886 | 19748 |
| &nbsp;&nbsp;PCI Pharma Services | (i)(k) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 10/32 | 5817 | 5817 | 5759 |
| &nbsp;&nbsp;Personify Health Inc | (g) | Software & Services | SF |  | 5.8% | (0.0% PIK | / 3.0% PIK) | 0.8% | 11/29 | 13375 | 13333 | 12155 |
| &nbsp;&nbsp;Pike Corp | (g)(h) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.8% | 12/32 | 20932 | 20881 | 20565 |
| &nbsp;&nbsp;Pike Corp | (i) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.8% | 12/32 | 4550 | 4539 | 4471 |
| &nbsp;&nbsp;Pike Corp | (i) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 12/32 | 3034 | 3034 | 2980 |
| &nbsp;&nbsp;Precisely Software Inc | (e)(f) | Software & Services | SF | + | 4.0% |  |  | 0.8% | 04/28 | 25740 | 25057 | 20013 |
| &nbsp;&nbsp;Premise Health Holding Corp | (f) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/32 | 4681 | 4638 | 4643 |
| &nbsp;&nbsp;Premise Health Holding Corp | (f) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/32 | 660 | 653 | 654 |
| &nbsp;&nbsp;Premise Health Holding Corp | (i) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 369 | 369 | 366 |
| &nbsp;&nbsp;Premise Health Holding Corp | (i) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/32 | 633 | 633 | 628 |
| &nbsp;&nbsp;PROS Holdings Inc | (f) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.0% | 12/32 | 7430 | 7421 | 7341 |
| &nbsp;&nbsp;PROS Holdings Inc | (i) | Software & Services | SF | + | 4.8% |  |  | 0.0% | 12/32 | 861 | 861 | 851 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;PSC Group | (f) | Transportation | SF | + | 5.3% |  |  | 0.8% | 04/30 | $231 | $231 | $231 |
| &nbsp;&nbsp;PSC Group | (f) | Transportation | SF | + | 5.3% |  |  | 0.8% | 04/31 | 3161 | 3145 | 3161 |
| &nbsp;&nbsp;PSC Group | (i) | Transportation | SF | + | 5.3% |  |  | 0.8% | 04/30 | 177 | 177 | 177 |
| &nbsp;&nbsp;PSKW LLC (dba ConnectiveRx) | (f)(g) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 1.0% | 03/28 | 27889 | 27889 | 27889 |
| &nbsp;&nbsp;Radwell International LLC | (f) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 04/30 | 423 | 394 | 421 |
| &nbsp;&nbsp;Radwell International LLC | (f)(g)(h) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 04/30 | 37460 | 37208 | 37273 |
| &nbsp;&nbsp;Radwell International LLC | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 04/30 | 1391 | 1391 | 1384 |
| &nbsp;&nbsp;Railpros Inc | (f) | Commercial & Professional Services | SF | + | 4.3% |  |  | 0.8% | 05/32 | 1274 | 1274 | 1274 |
| &nbsp;&nbsp;Railpros Inc | (i) | Commercial & Professional Services | SF | + | 4.3% |  |  | 0.8% | 05/32 | 252 | 252 | 252 |
| &nbsp;&nbsp;Railpros Inc | (i) | Commercial & Professional Services | SF | + | 4.3% |  |  | 0.8% | 05/32 | 180 | 180 | 180 |
| &nbsp;&nbsp;Resa Power LLC | (f)(h) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.8% | 04/32 | 15938 | 15893 | 16098 |
| &nbsp;&nbsp;Resa Power LLC | (i) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.8% | 04/32 | 2254 | 2254 | 2276 |
| &nbsp;&nbsp;Resa Power LLC | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.8% | 04/32 | 1975 | 1975 | 1975 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (g) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 2332 | 2323 | 2312 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (f) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 141 | 138 | 139 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (f)(g) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 16392 | 16336 | 16251 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (i) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 913 | 913 | 906 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (i) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 238 | 238 | 236 |
| &nbsp;&nbsp;Rialto Capital Management LLC | (g)(h) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 12/30 | 16626 | 16530 | 16792 |
| &nbsp;&nbsp;Rialto Capital Management LLC | (i) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 12/30 | 834 | 834 | 834 |
| &nbsp;&nbsp;Rockefeller Capital Management LP | (g)(h) | Financial Services | SF | + | 4.5% |  |  | 0.5% | 12/32 | 41000 | 40804 | 40819 |
| &nbsp;&nbsp;Rockefeller Capital Management LP | (i) | Financial Services | SF | + | 4.5% |  |  | 0.5% | 12/32 | 4000 | 4000 | 3982 |
| &nbsp;&nbsp;SAMBA Safety Inc | (g) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 1.0% | 12/32 | 4964 | 4952 | 4865 |
| &nbsp;&nbsp;SAMBA Safety Inc | (f) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 12/32 | 26 | 26 | 25 |
| &nbsp;&nbsp;SAMBA Safety Inc | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 1.0% | 12/32 | 603 | 603 | 591 |
| &nbsp;&nbsp;SAMBA Safety Inc | (i) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 12/32 | 423 | 423 | 414 |
| &nbsp;&nbsp;Service Express Inc | (g)(h) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 12/32 | 21137 | 21137 | 21002 |
| &nbsp;&nbsp;Service Express Inc | (f)(h) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 12/32 | 14306 | 14250 | 14215 |
| &nbsp;&nbsp;Service Express Inc | (i) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 12/32 | 4207 | 4207 | 4180 |
| &nbsp;&nbsp;Service Express Inc | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.5% | 12/32 | 5008 | 5008 | 4976 |
| &nbsp;&nbsp;Service Logic LLC | (g)(h) | Commercial & Professional Services | SF | + | 4.8% | (2.3% PIK | / 2.3% PIK) | 0.0% | 12/32 | 19830 | 19783 | 19645 |
| &nbsp;&nbsp;Service Logic LLC | (f) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.0% | 12/32 | 798 | 798 | 790 |
| &nbsp;&nbsp;Service Logic LLC | (i) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.0% | 12/32 | 5440 | 5440 | 5389 |
| &nbsp;&nbsp;Service Logic LLC | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.0% | 12/32 | 1922 | 1922 | 1904 |
| &nbsp;&nbsp;Shaw Development LLC | (g)(h) | Capital Goods | SF | + | 6.0% |  |  | 0.5% | 10/29 | 16909 | 16753 | 16723 |
| &nbsp;&nbsp;Solera LLC | (e)(f) | Software & Services | SF | + | 4.0% |  |  | 0.5% | 06/28 | 10361 | 9992 | 9146 |
| &nbsp;&nbsp;Sphera Solutions Inc | (f)(h) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 42534 | 42433 | 40471 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Sphera Solutions Inc | (f) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | $1278 | $1275 | $1216 |
| &nbsp;&nbsp;Sphera Solutions Inc | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 8702 | 8702 | 8280 |
| &nbsp;&nbsp;Sphera Solutions Inc | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 4524 | 4524 | 4304 |
| &nbsp;&nbsp;Spins LLC | (f)(h) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 01/29 | 10919 | 10919 | 10832 |
| &nbsp;&nbsp;Spins LLC | (h) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 01/29 | 7226 | 7226 | 7178 |
| &nbsp;&nbsp;Spins LLC | (i) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 01/29 | 1063 | 1063 | 1055 |
| &nbsp;&nbsp;Spotless Brands LLC | (g)(h) | Consumer Services | SF | + | 5.8% |  |  | 1.0% | 07/28 | 15952 | 15767 | 16035 |
| &nbsp;&nbsp;Spotless Brands LLC | (f) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 07/28 | 6629 | 6596 | 6629 |
| &nbsp;&nbsp;Spotless Brands LLC | (f) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/28 | 1287 | 1261 | 1273 |
| &nbsp;&nbsp;Spotless Brands LLC | (i) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/28 | 5537 | 5537 | 5478 |
| &nbsp;&nbsp;STV Group Inc | (g) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/31 | 6775 | 6721 | 6775 |
| &nbsp;&nbsp;STV Group Inc | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/30 | 1383 | 1382 | 1383 |
| &nbsp;&nbsp;STV Group Inc | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/31 | 1975 | 1974 | 1975 |
| &nbsp;&nbsp;SureScripts LLC | (f)(g)(h) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 11/31 | 29391 | 29143 | 29685 |
| &nbsp;&nbsp;SureScripts LLC | (g) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 9328 | 9328 | 9379 |
| &nbsp;&nbsp;SureScripts LLC | (i) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 6405 | 6405 | 6405 |
| &nbsp;&nbsp;Trackunit ApS | (f)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.8% PIK) | 0.0% | 05/32 | 12442 | 12271 | 11981 |
| &nbsp;&nbsp;Trackunit ApS | (i)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.8% PIK) | 0.0% | 05/32 | 2765 | 2746 | 2663 |
| &nbsp;&nbsp;Trackunit ApS | (i)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.8% PIK) |  | 05/32 | 5530 | 5493 | 5325 |
| &nbsp;&nbsp;Turnpoint Services Inc | (f) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/30 | 277 | 277 | 271 |
| &nbsp;&nbsp;Turnpoint Services Inc | (g) | Capital Goods | SF | + | 5.5% | (2.8% PIK | / 2.8% PIK) | 0.8% | 06/31 | 5650 | 5604 | 5520 |
| &nbsp;&nbsp;Turnpoint Services Inc | (i) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/30 | 415 | 415 | 406 |
| &nbsp;&nbsp;Turnpoint Services Inc | (i) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 1108 | 1108 | 1082 |
| &nbsp;&nbsp;USIC Holdings Inc | (f)(g)(h) | Commercial & Professional Services | SF | + | 5.5% |  |  | 0.8% | 09/31 | 16579 | 16510 | 16911 |
| &nbsp;&nbsp;USIC Holdings Inc | (f) | Commercial & Professional Services | SF | + | 5.3% |  |  | 0.8% | 09/31 | 2710 | 2707 | 2710 |
| &nbsp;&nbsp;USIC Holdings Inc | (i) | Commercial & Professional Services | SF | + | 5.5% |  |  | 0.8% | 09/31 | 339 | 339 | 346 |
| &nbsp;&nbsp;USIC Holdings Inc | (i) | Commercial & Professional Services | SF | + | 5.3% |  |  | 0.8% | 09/31 | 410 | 410 | 410 |
| &nbsp;&nbsp;Veriforce LLC | (g)(k) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 9795 | 9755 | 9664 |
| &nbsp;&nbsp;Veriforce LLC | (f)(k) | Software & Services | SA | + | 4.8% |  |  | 0.8% | 11/31 | £3349 | 4197 | 4357 |
| &nbsp;&nbsp;Veriforce LLC | (i)(k) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | $518 | 518 | 511 |
| &nbsp;&nbsp;Veriforce LLC | (i)(k) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 935 | 935 | 923 |
| &nbsp;&nbsp;Veriforce LLC | (i)(k) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.8% | 11/31 | 20071 | 20071 | 19533 |
| &nbsp;&nbsp;Vermont Information Processing Inc | (f) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.5% | 01/32 | 9062 | 9023 | 8824 |
| &nbsp;&nbsp;Vermont Information Processing Inc | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.5% | 01/32 | 3804 | 3804 | 3704 |
| &nbsp;&nbsp;Vermont Information Processing Inc | (i) | Software & Services | SF | + | 4.8% |  |  | 0.5% | 01/32 | 1141 | 1141 | 1111 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (f)(g) | Health Care Equipment & Services | SF | + | 5.8% |  |  | 0.8% | 08/29 | 24439 | 24428 | 23786 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (f) | Health Care Equipment & Services | SF | + | 5.8% |  |  | 0.8% | 08/29 | 171 | 170 | 167 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (f)(g) | Health Care Equipment & Services | SF | + | 6.0% |  |  | 0.8% | 08/29 | $574 | $574 | $563 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (i) | Health Care Equipment & Services | SF | + | 5.8% |  |  | 0.8% | 08/29 | 285 | 285 | 278 |
| &nbsp;&nbsp;Vitu | (g)(h) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 01/32 | 21974 | 21903 | 22141 |
| &nbsp;&nbsp;Vitu | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 01/31 | 3598 | 3598 | 3598 |
| &nbsp;&nbsp;Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | (f) | Household & Personal Products | SF | + | 6.3% |  |  | 1.0% | 11/27 | 6142 | 6142 | 6142 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (f) | Financial Services | SF | + | 4.3% |  |  | 1.0% | 10/28 | 4607 | 4607 | 4607 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (g) | Financial Services | SF | + | 4.3% |  |  | 1.0% | 10/28 | 2447 | 2447 | 2447 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (i) | Financial Services | SF | + | 4.3% |  |  | 1.0% | 10/28 | 298 | 298 | 298 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (i) | Financial Services | SF | + | 4.5% |  |  | 1.0% | 10/28 | 1775 | 1775 | 1775 |
| &nbsp;&nbsp;WebPros Holding Sarl | (f)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.3% PIK) | 0.0% | 12/32 | 28683 | 28268 | 27624 |
| &nbsp;&nbsp;WebPros Holding Sarl | (i)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.3% PIK) | 0.0% | 12/32 | 3585 | 3560 | 3453 |
| &nbsp;&nbsp;Wedgewood Weddings | (f)(h) | Consumer Services | SF | + | 4.5% |  |  | 0.8% | 06/32 | 23393 | 23288 | 23393 |
| &nbsp;&nbsp;Wedgewood Weddings | (i) | Consumer Services | SF | + | 4.5% |  |  | 0.8% | 06/32 | 4702 | 4702 | 4702 |
| &nbsp;&nbsp;Wedgewood Weddings | (i) | Consumer Services | SF | + | 4.5% |  |  | 0.8% | 06/32 | 4702 | 4702 | 4702 |
| &nbsp;&nbsp;West Star Aviation Inc | (h) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 05/32 | 14745 | 14694 | 14833 |
| &nbsp;&nbsp;West Star Aviation Inc | (f) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 05/32 | 207 | 207 | 207 |
| &nbsp;&nbsp;West Star Aviation Inc | (f) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.0% | 05/32 | 2374 | 2362 | 2388 |
| &nbsp;&nbsp;West Star Aviation Inc | (i) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 05/32 | 1865 | 1865 | 1865 |
| &nbsp;&nbsp;West Star Aviation Inc | (i) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.0% | 05/32 | 725 | 725 | 730 |
| &nbsp;&nbsp;Woolpert Inc | (f) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/31 | 1573 | 1573 | 1573 |
| &nbsp;&nbsp;Woolpert Inc | (f)(g)(h) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/32 | 45846 | 45853 | 46016 |
| &nbsp;&nbsp;Woolpert Inc | (i) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/31 | 3850 | 3850 | 3850 |
| &nbsp;&nbsp;Woolpert Inc | (i) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/32 | 7267 | 7267 | 7294 |
| &nbsp;&nbsp;Xylem Kendall | (f) | Commercial & Professional Services | SF | + | 5.8% |  |  | 1.0% | 04/30 | 6360 | 6360 | 6312 |
| &nbsp;&nbsp;Xylem Kendall | (f) | Commercial & Professional Services | SF | + | 5.9% |  |  | 1.0% | 04/30 | 710 | 710 | 707 |
| &nbsp;&nbsp;Xylem Kendall | (i) | Commercial & Professional Services | SF | + | 5.8% |  |  | 1.0% | 04/30 | 5739 | 5739 | 5695 |
| &nbsp;&nbsp;Xylem Kendall | (i) | Commercial & Professional Services | SF | + | 5.9% |  |  | 1.0% | 04/30 | 267 | 267 | 266 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (f) | Health Care Equipment & Services | SF | + | 5.4% |  |  | 0.8% | 02/30 | 435 | 418 | 410 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (f)(h) | Health Care Equipment & Services | SF | + | 5.4% | (0.0% PIK | / 3.0% PIK) | 0.8% | 02/31 | 25475 | 25269 | 24048 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (i) | Health Care Equipment & Services | SF | + | 5.4% |  |  | 0.8% | 02/30 | 2826 | 2826 | 2668 |
| **Total Senior Secured Loans—First Lien** |  |  |  |  |  |  |  |  |  |  | 2415774 | 2396109 |
| &nbsp;&nbsp;Unfunded Loan Commitments |  |  |  |  |  |  |  |  |  |  | (430150) | (430150) |
| **Net Senior Secured Loans—First Lien** |  |  |  |  |  |  |  |  |  |  | 1985624 | 1965959 |
| **Subordinated Debt—0.1%** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services |  |  | 14.3% | PIK |  |  | 04/31 | 2025 | 2008 | 2086 |
| **Total Subordinated Debt** |  |  |  |  |  |  |  |  |  |  | 2008 | 2086 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| **Asset Based Finance—43.1%** | | | | | | | | | | | | |
| &nbsp;&nbsp;Australis Maritime II, ABF Equity | (f)(k)(o) | Transportation |  |  |  |  |  |  |  | 788828 | $789 | $826 |
| &nbsp;&nbsp;Auxilior Capital Partners Inc, Preferred Equity | (f) | Financial Services |  |  | 14.5% | (9.5% PIK | / 9.5% PIK) |  | 04/30 | $1327 | 1327 | 1330 |
| &nbsp;&nbsp;Bankers Healthcare Group LLC, Term Loan | (f)(k) | Financial Services | SF | + | 3.9% |  |  | 0.0% | 11/27 | $771 | 771 | 775 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, ABF Equity | (f)(l)(n) | Transportation |  |  |  |  |  |  |  | 78953 | 79 | 105 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | (f)(n) | Transportation |  |  | 9.0% |  |  |  | 10/33 | $11546 | 11546 | 11546 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | (f)(n) | Transportation |  |  | 9.0% | (0.0% PIK | / 9.0% PIK) |  | 10/33 | $711 | 711 | 711 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | (i)(n) | Transportation |  |  | 9.0% |  |  |  | 10/33 | $11349 | 11349 | 11349 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | (i)(n) | Transportation |  |  | 9.0% | (0.0% PIK | / 9.0% PIK) |  | 10/33 | $5329 | 5329 | 5329 |
| &nbsp;&nbsp;Builders Capital Loan Acquisition Trust 2022-RTL1, Structured Mezzanine | (f)(k) | Real Estate Management & Development |  |  | 8.0% |  |  |  | 07/30 | $185 | 185 | 61 |
| &nbsp;&nbsp;Builders Capital Loan Acquisition Trust 2022-RTL1, Structured Mezzanine | (f)(k)(l)(m) | Real Estate Management & Development |  |  | 18.0% |  |  |  | 07/30 | $78 | 60 |  |
| &nbsp;&nbsp;Builders Capital Loan Acquisition Trust 2022-RTL1, Term Loan | (f)(k) | Real Estate Management & Development |  |  | 7.3% |  |  |  | 07/30 | $1112 | 1112 | 1059 |
| &nbsp;&nbsp;CPS Auto Securitization Trust 2026-1, ABS | (f)(k) | Financial Services |  |  | 8.8% |  |  |  | 05/33 | $5000 | 5000 | 4981 |
| &nbsp;&nbsp;Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver | (f)(k) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 6.3% |  |  | 1.0% | 01/29 | $10500 | 10374 | 10605 |
| &nbsp;&nbsp;Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver | (i)(k) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 6.3% |  |  | 1.0% | 01/29 | $10333 | 10333 | 10437 |
| &nbsp;&nbsp;Discover Financial Services, ABF Equity | (f)(k)(o) | Financial Services |  |  |  |  |  |  |  | 4294806 | 4295 | 4388 |
| &nbsp;&nbsp;Discover Financial Services, Subordinated Loan | (f)(k)(o) | Financial Services |  |  | 15.0% |  |  |  | 09/34 | $7870 | 7870 | 7870 |
| &nbsp;&nbsp;Drive Revel, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 840322 | 942 | 1019 |
| &nbsp;&nbsp;EFMT 2024-INV1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.4% |  |  |  | 03/69 | $6380 | 6084 | 6341 |
| &nbsp;&nbsp;FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver | (f)(k) | Food, Beverage & Tobacco | SF | + | 4.8% |  |  | 1.0% | 06/28 | $4706 | 4706 | 4706 |
| &nbsp;&nbsp;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 |
| &nbsp;&nbsp;Fidelis Mortgage Trust 2025-RTL1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.0% |  |  |  | 02/40 | $4500 | 4427 | 4521 |
| &nbsp;&nbsp;FIGRE Trust 2024-HE3, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.3% |  |  |  | 07/54 | $1913 | 1921 | 2004 |
| &nbsp;&nbsp;Fortna AR LLC (FKA Fortna Group Inc), Revolver | (f)(k) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 06/29 | $17811 | 17811 | 17811 |
| &nbsp;&nbsp;Fortna AR LLC (FKA Fortna Group Inc), Revolver | (i)(k) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 06/29 | $1003 | 1003 | 1003 |
| &nbsp;&nbsp;Galaxy Container, ABF Equity | (f)(l)(o) | Transportation |  |  |  |  |  |  |  | 235566 | 236 | 232 |
| &nbsp;&nbsp;Galaxy Container, Bond | (f)(o) | Transportation |  |  | 8.6% |  |  |  | 01/34 | $196 | 196 | 196 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Global Lending Services LLC, ABF Equity | (f)(k)(l) | Financial Services |  |  |  |  | 3390371 | $3390 | $4793 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services | 12.5% |  |  | 12/32 | $3692 | 3692 | 3692 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services | 12.5% |  |  | 02/33 | $2330 | 2330 | 2330 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services | 12.5% |  |  | 05/33 | $1402 | 1402 | 1402 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services | 12.5% |  |  | 08/33 | $1348 | 1348 | 1348 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services | 12.5% |  |  | 11/33 | $2335 | 2335 | 2335 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services | 12.5% |  |  | 02/34 | $2454 | 2454 | 2454 |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | (f)(l)(n) | Financial Services |  |  |  |  | 1332761 | 1333 | 1865 |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | (f)(k)(n) | Financial Services |  |  |  |  | 1621857 | 1622 | 1795 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | (f)(n) | Financial Services | 9.3% | PIK |  | 03/34 | $4132 | 4132 | 4132 |
| &nbsp;&nbsp;Harley-Davidson Financial Services Inc, ABF Equity | (f)(k) | Financial Services |  |  |  |  | 7415463 | 7415 | 7660 |
| &nbsp;&nbsp;Harley-Davidson Financial Services Inc, ABF Equity | (f)(k) | Financial Services |  |  |  |  | 25990438 | 25990 | 26363 |
| &nbsp;&nbsp;Harley-Davidson Financial Services Inc, ABF Equity | (f)(k)(l) | Financial Services |  |  |  |  | 1896424 | 1896 | 1913 |
| &nbsp;&nbsp;HOMES 2024-AFC1 Trust, Structured Mezzanine | (e)(f)(k) | Real Estate Management & Development | 7.6% |  |  | 08/59 | $1944 | 1849 | 1936 |
| &nbsp;&nbsp;Homeward Opportunities Fund Trust 2024-RRTL2, ABS | (e)(f)(k) | Real Estate Management & Development | 9.1% |  |  | 09/39 | $7878 | 7878 | 7886 |
| &nbsp;&nbsp;Income Contingent Student Loans 1 2002-2006 PLC, ABS | (f)(k) | Financial Services | 8.0% |  |  | 07/56 | £4904 | 6102 | 7402 |
| &nbsp;&nbsp;Income Contingent Student Loans 2 2007-2009 PLC, ABS | (f)(k) | Financial Services | 8.0% |  |  | 07/58 | £14626 | 18200 | 21398 |
| &nbsp;&nbsp;IQUW UK Ltd, Bond | (f)(k) | Insurance | 8.8% |  |  | 03/35 | $6072 | 6072 | 6191 |
| &nbsp;&nbsp;Kilter Finance 2.0, Common Stock | (f)(k)(l)(o) | Insurance |  |  |  |  | 1946213 | 1946 | 1977 |
| &nbsp;&nbsp;KKR Altitude II Offshore Aggregator LP, Partnership Interest | (f)(k)(o) | Capital Goods |  |  |  |  | 2314050 | 2314 | 2509 |
| &nbsp;&nbsp;KSC I Aircraft LP, ABF Equity | (f)(k)(l)(o) | Capital Goods |  |  |  |  | 33658208 | 33658 | 33702 |
| &nbsp;&nbsp;Laurel Road Prime Student Loan Trust 2017-B, ABS | (f)(k) | Financial Services | 7.2% |  |  | 08/42 | $1384 | 2048 | 2128 |
| &nbsp;&nbsp;LHOME Mortgage Trust 2025-RTL3, ABS | (e)(f)(k) | Real Estate Management & Development | 6.9% |  |  | 08/40 | $759 | 759 | 762 |
| &nbsp;&nbsp;LHOME Mortgage Trust 2025-RTL3, ABS | (e)(f)(k) | Real Estate Management & Development | 8.7% |  |  | 08/40 | $543 | 543 | 549 |
| &nbsp;&nbsp;MEMIC Insurance, ABS | (f)(k) | Insurance | 9.0% |  |  | 12/45 | $8966 | 8966 | 8968 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development | 6.4% |  |  | 09/70 | $3155 | 3111 | 3100 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development | 7.2% |  |  | 09/70 | $5450 | 5187 | 5214 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development | 1.9% |  |  | 09/70 | $110549 | $6058 | $6302 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development | 0.3% |  |  | 09/70 | $110549 | 625 | 674 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development | 7.3% |  |  | 03/70 | $2135 | 1905 | 2104 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development | 0.3% |  |  | 03/70 | $70179 | 418 | 377 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development | 7.3% |  |  | 03/70 | $1920 | 1763 | 1933 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development | 1.1% |  |  | 03/70 | $70179 | 2266 | 1750 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development | 7.3% |  |  | 03/70 | $1410 | 1161 | 1369 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development | 6.6% |  |  | 07/70 | $2468 | 2434 | 2452 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development | 7.2% |  |  | 07/70 | $4481 | 4274 | 4366 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development | 1.8% |  |  | 07/70 | $112645 | 4771 | 4429 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development | 0.3% |  |  | 07/70 | $112645 | 643 | 643 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS | (e)(f)(k) | Financial Services | 6.6% |  |  | 09/70 | $2149 | 2140 | 2132 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS | (e)(f)(k) | Financial Services | 7.0% |  |  | 09/70 | $3425 | 3187 | 3229 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS | (e)(f)(k) | Financial Services | 1.8% |  |  | 09/70 | $125900 | 5722 | 5440 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS | (e)(f)(k) | Financial Services | 0.3% |  |  | 09/70 | $125900 | 707 | 725 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS | (e)(f)(k) | Real Estate Management & Development | 6.5% |  |  | 01/71 | $2910 | 2910 | 2862 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS | (e)(f)(k) | Real Estate Management & Development | 6.8% |  |  | 01/71 | $1735 | 1557 | 1556 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS | (e)(f)(k) | Real Estate Management & Development | 0.3% |  |  | 01/71 | $111221 | 690 | 706 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS | (e)(f)(k) | Real Estate Management & Development | 1.9% |  |  | 01/71 | $111221 | 6072 | 6325 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABS | (e)(f)(k) | Real Estate Management & Development | 6.8% |  |  | 01/71 | $3303 | 3227 | 3182 |
| &nbsp;&nbsp;Newday Group Jersey Ltd, ABF Equity | (f)(k)(l) | Financial Services |  |  |  |  | 4172556 | 5570 | 7845 |
| &nbsp;&nbsp;Newday Group Jersey Ltd, Bond | (f)(k) | Financial Services | 12.8% | PIK |  | 08/36 | £23921 | 31926 | 31538 |
| &nbsp;&nbsp;Norway_France, ABF Equity | (f)(k) | Financial Services |  |  |  |  | 1178464 | 1311 | 1423 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver | (f)(k) | Telecommunication Services | SA | + | 7.0% |  |  | 1.5% | 09/26 | £21384 | $27924 | $28431 |
| &nbsp;&nbsp;Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver | (i)(k) | Telecommunication Services | SA | + | 7.0% |  |  | 1.5% | 09/26 | £9762 | 12861 | 12969 |
| &nbsp;&nbsp;Octane Receivables Trust 2025-1, ABS | (f)(k)(l) | Automobiles & Components |  |  |  |  |  |  | 04/33 | 32605 | 5761 | 6163 |
| &nbsp;&nbsp;Octane Receivables Trust 2025-1, ABS | (e)(f)(k) | Automobiles & Components |  |  | 7.0% |  |  |  | 04/33 | $2574 | 2573 | 2609 |
| &nbsp;&nbsp;Opendoor Labs Inc, Structured Mezzanine | (f)(k) | Real Estate Management & Development |  |  | 12.5% |  |  |  | 02/29 | $8259 | 8259 | 8406 |
| &nbsp;&nbsp;Opendoor Labs Inc, Structured Mezzanine | (i)(k) | Real Estate Management & Development |  |  | 12.5% |  |  |  | 02/29 | $4130 | 4130 | 4203 |
| &nbsp;&nbsp;Orange Maple 2025-2 DAC, ABF Equity | (f)(k) | Banks |  |  |  |  |  |  |  | 34529000 | 39979 | 39799 |
| &nbsp;&nbsp;PayPal Danube 2, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 13571473 | 15770 | 15691 |
| &nbsp;&nbsp;PayPal Europe Sarl et Cie SCA, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 2033744 | 2233 | 2164 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (f)(k) | Transportation |  |  | 6.5% |  |  |  | 10/27 | $4474 | 4474 | 4480 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (f)(k) | Transportation |  |  | 6.5% |  |  |  | 12/27 | $4473 | 4473 | 4477 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (i)(k) | Transportation |  |  | 6.5% |  |  |  | 10/27 | $2831 | 2831 | 2835 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (i)(k) | Transportation |  |  | 6.5% |  |  |  | 12/27 | $2831 | 2831 | 2833 |
| &nbsp;&nbsp;Powin Energy Corp/NV, Warrants | (l) | Capital Goods |  |  |  |  |  |  |  | 861398 |  |  |
| &nbsp;&nbsp;Pretium Partners LLC P1, Structured Mezzanine | (f)(k) | Equity Real Estate Investment Trusts (REITs) |  |  | 8.0% | (5.3% PIK | / 5.3% PIK) |  | 10/26 | $17253 | 17031 | 17253 |
| &nbsp;&nbsp;Progress Residential 2024-SFR4 Trust, Structured Mezzanine | (e)(f)(k) | Real Estate Management & Development |  |  | 3.4% |  |  |  | 07/41 | $6250 | 4913 | 5732 |
| &nbsp;&nbsp;Rosemawr Management LLC, ABS | (f) | Utilities |  |  | 5.0% |  |  |  | 08/54 | $910 | 819 | 849 |
| &nbsp;&nbsp;Rosemawr Management LLC, Structured Mezzanine | (f) | Utilities |  |  | 7.3% |  |  |  | 08/54 | $411 | 371 | 383 |
| &nbsp;&nbsp;Sallie Mae Levered, ABF Equity | (f)(k)(l)(o) | Financial Services |  |  |  |  |  |  |  | 2054267 | 2054 | 2175 |
| &nbsp;&nbsp;Sallie Mae Levered, Bond | (f)(k)(o) | Financial Services |  |  | 13.0% |  |  |  | 11/33 | $4319 | 4319 | 4319 |
| &nbsp;&nbsp;Sallie Mae Levered, Bond | (f)(k)(o) | Financial Services |  |  | 13.0% |  |  |  | 01/34 | $4320 | 4320 | 4320 |
| &nbsp;&nbsp;Sallie Mae Levered, Bond | (f)(k)(o) | Financial Services |  |  | 13.0% |  |  |  | 03/34 | $1161 | 1161 | 1161 |
| &nbsp;&nbsp;Sallie Mae Levered, Bond | (f)(k)(o) | Financial Services |  |  | 13.0% |  |  |  | 03/34 | $554 | 554 | 554 |
| &nbsp;&nbsp;Sallie Mae Levered, Term Loan | (f)(k)(o) | Financial Services | SF | + | 2.8% |  |  |  | 11/32 | $304 | 304 | 306 |
| &nbsp;&nbsp;Sallie Mae Levered, Term Loan | (i)(k)(o) | Financial Services | SF | + | 2.8% |  |  |  | 11/32 | $76 | 76 | 76 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine | (f)(k) | Real Estate Management & Development |  |  | 18.9% |  |  |  | 10/53 | $324980 | 467 | 377 |
| &nbsp;&nbsp;Santander Consumer Bank AS, ABF Equity | (f)(k) | Banks |  |  |  |  |  |  |  | 186427028 | 18692 | 19425 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development |  |  | 1.4% |  |  |  | 01/65 | $67882 | 2117 | 3045 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development |  |  | 0.4% |  |  |  | 01/65 | $67882 | 430 | 405 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development |  |  | 7.3% |  |  |  | 01/65 | $1335 | $1302 | $1254 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development |  |  | 7.3% |  |  |  | 01/65 | $1295 | 1254 | 1254 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.1% |  |  |  | 07/65 | $9746 | 9422 | 9605 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 1.5% |  |  |  | 07/65 | $119213 | 4063 | 3877 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 0.4% |  |  |  | 07/65 | $119213 | 753 | 867 |
| &nbsp;&nbsp;SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver | (f)(k) | Media & Entertainment | SF | + | 6.3% |  |  | 0.8% | 03/28 | $9115 | 9115 | 9161 |
| &nbsp;&nbsp;SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver | (i)(k) | Media & Entertainment | SF | + | 6.3% |  |  | 0.8% | 03/28 | $6683 | 6683 | 6716 |
| &nbsp;&nbsp;Setna SPV I, Term Loan | (f)(k) | Transportation |  |  | 5.9% |  |  |  | 12/31 | $12456 | 12456 | 12336 |
| &nbsp;&nbsp;Setna SPV I, Term Loan | (i)(k) | Transportation |  |  | 5.9% |  |  |  | 12/31 | $191 | 191 | 189 |
| &nbsp;&nbsp;SKP German Bank, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 1463703 | 1719 | 1689 |
| &nbsp;&nbsp;Slate Venture Holdings LP, ABF Equity | (f)(l) | Consumer Durables & Apparel |  |  |  |  |  |  |  | 5523032 | 5523 | 6986 |
| &nbsp;&nbsp;Slate Venture Holdings LP, Term Loan | (f) | Consumer Durables & Apparel |  |  | 10.8% | (0.0% PIK | / 10.8% PIK) |  | 08/29 | $4088 | 4088 | 4088 |
| &nbsp;&nbsp;Sotheby's, Revolver | (i) | Consumer Services | SF | + | 4.8% |  |  | 0.8% | 02/29 | $31849 | 31849 | 31849 |
| &nbsp;&nbsp;Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver | (f)(k) | Materials | SF | + | 4.8% |  |  | 1.0% | 01/28 | $15935 | 15935 | 16094 |
| &nbsp;&nbsp;Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver | (i)(k) | Materials | SF | + | 4.8% |  |  | 1.0% | 01/28 | $1138 | 1138 | 1150 |
| &nbsp;&nbsp;SunPower Financial, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 112454 | 112 | 121 |
| &nbsp;&nbsp;Synovus Financial Corp, ABF Equity | (f)(k) | Banks |  |  |  |  |  |  |  | 351935 | 352 | 433 |
| &nbsp;&nbsp;TDC LLP, ABF Equity | (f)(k)(l)(o) | Financial Services |  |  |  |  |  |  |  | 69097 | 87 | 98 |
| &nbsp;&nbsp;TDC LLP, Preferred Equity | (f)(k)(o) | Financial Services |  |  | 8.0% |  |  |  |  | $1929 | 2486 | 2542 |
| &nbsp;&nbsp;TPSI Receivables LLC (Tropicana Products Inc), Revolver | (f)(k) | Food, Beverage & Tobacco | SF | + | 4.8% |  |  | 1.0% | 01/29 | $27822 | 27822 | 27910 |
| &nbsp;&nbsp;TPSI Receivables LLC (Tropicana Products Inc), Revolver | (i)(k) | Food, Beverage & Tobacco | SF | + | 4.8% |  |  | 1.0% | 01/29 | $8632 | 8632 | 8659 |
| &nbsp;&nbsp;Unison Trust 2025-1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 6.0% |  |  |  | 07/55 | $14980 | 13777 | 14038 |
| &nbsp;&nbsp;Vehicle Secured Funding Trust, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 2614213 | 2614 | 2748 |
| &nbsp;&nbsp;Vehicle Secured Funding Trust, Term Loan | (f)(k) | Financial Services |  |  | 15.0% |  |  |  | 01/46 | $7843 | 7843 | 7843 |
| &nbsp;&nbsp;VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc) | (f)(k) | Materials | SF | + | 4.8% |  |  | 1.0% | 04/29 | $30616 | 30616 | 30616 |
| &nbsp;&nbsp;VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc) | (i)(k) | Materials | SF | + | 4.8% |  |  | 1.0% | 04/29 | $14384 | 14384 | 14384 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Vietjet Aviation JSC, Term Loan | (f)(k) | Transportation |  |  | 9.4% |  | 03/37 | $19337 | $19337 | $19319 |
| &nbsp;&nbsp;Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver | (f)(k) | Capital Goods | SF | + | 5.5% | 0.8% | 10/28 | $24315 | 24244 | 24290 |
| &nbsp;&nbsp;Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver | (i)(k) | Capital Goods | SF | + | 5.5% | 0.8% | 10/28 | $26341 | 26341 | 26314 |
| **Total Asset Based Finance** |  |  |  |  |  |  |  |  | 834553 | 851164 |
| &nbsp;&nbsp;Unfunded Commitments |  |  |  |  |  |  |  |  | (140884) | (140884) |
| **Net Asset Based Finance** |  |  |  |  |  |  |  |  | 693669 | 710280 |
| **TOTAL INVESTMENTS—162.4%** |  |  |  |  |  |  |  |  | $2681301 | 2678325 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS—(62.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(62.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(62.4)%** |  |  |  |  |  |  |  | (1029045) |
| **NET ASSETS—100.0%** |  |  |  |  |  |  |  |  |  | $1649280 |

---

**Foreign currency forward contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Amount and Transaction** | **Amount and Transaction** | **US$ Value at Settlement Date** | **US$ Value at** <br>**March 31, 2026** | **Unrealized Appreciation (Depreciation)** |
| EUR | 3/30/28 | Goldman Sachs Bank USA | 930 | Sold | $1088 | $1095 | $(7) |
| EUR | 5/25/28 | Goldman Sachs Bank USA | 1300 | Sold | 1470 | 1532 | (62) |
| EUR | 5/25/28 | Goldman Sachs Bank USA | 548 | Sold | 605 | 646 | (41) |
| GBP | 6/1/26 | Goldman Sachs Bank USA | £2500 | Sold | 3386 | 3296 | 90 |
| GBP | 12/31/26 | Goldman Sachs Bank USA | £650 | Sold | 871 | 854 | 17 |
| GBP | 3/29/29 | Goldman Sachs Bank USA | £1000 | Sold | 1319 | 1297 | 22 |
| NOK | 1/28/28 | Goldman Sachs Bank USA | 206623 | Sold | 20619 | 20891 | (272) |
| Total |  |  |  |  | $29358 | $29611 | $(253) |

---

________________

(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 March 31, 2026, the Secured Overnight Financing Rate, or SOFR or "SF", was 3.68%, the Sterling Overnight Index Average, or SONIA or "SA", was 3.85% and the Euro Interbank Offered Rate, or EURIBOR or "E", was 2.08%. 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.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 2026** 

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

(j)Position or portion thereof unsettled as of March 31, 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 March 31, 2026, 70.1% of the Company's total assets represented qualifying assets.

(l)Security is non-income producing.

(m)Asset is on non-accrual status.

(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 March 31, 2026, the Company held investments in portfolio companies of which it is 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 was deemed to be an affiliated person as of March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2025** | **Gross Additions**<sup>(1)</sup> | **Gross Reductions**<sup>(2)</sup> | **Net Realized Gain (Loss)** | **Net Change in Unrealized Appreciation (Depreciation)** | **Fair Value at March 31, 2026** | **Interest Income**<sup>(3)</sup> | **PIK Income**<sup>(3)</sup> | **Fee Income**<sup>(3)</sup> | **Dividend and Other Income**<sup>(3)</sup> |
| **Asset Based Finance** | | | | | | | | | | |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, ABF Equity | $80 | $— | $— | $— | $25 | $105 | $— | $— | $— | $— |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | 4934 | 6612 |  |  |  | 11546 | 150 |  |  |  |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | 711 |  |  |  |  | 711 | 23 |  |  |  |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | 1806 |  |  |  | 59 | 1865 |  |  |  |  |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | 1908 |  | (230) |  | 117 | 1795 |  |  |  | 49 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | 4593 |  | (461) |  |  | 4132 |  | 106 |  |  |
| Total | $14032 | $6612 | $(691) | $— | $201 | $20154 | $173 | $106 | $— | $49 |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Interest, PIK, Fee and Dividend and Other income presented for the full three months ended March 31, 2026.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**KKR FS Income Trust**

**Unaudited Consolidated Schedule of Investments (continued)**

**As of March 31, 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 March 31, 2026, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" and deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2025** | **Gross Additions**<sup>(1)</sup> | **Gross Reductions**<sup>(2)</sup> | **Net Realized Gain (Loss)** | **Net Change in Unrealized Appreciation (Depreciation)** | **Fair Value at March 31, 2026** | **Interest Income**<sup>(3)</sup> | **PIK Income**<sup>(3)</sup> | **Fee Income**<sup>(3)</sup> | **Dividend and Other Income**<sup>(3)</sup> |
| **Asset Based Finance** | | | | | | | | | | |
| &nbsp;&nbsp;Australis Maritime II, ABF Equity | $814 | $— | $— | $— | $12 | $826 | $— | $— | $— | $— |
| &nbsp;&nbsp;Discover Financial Services, ABF Equity | 4574 |  | (14) |  | (172) | 4388 |  |  |  | 232 |
| &nbsp;&nbsp;Discover Financial Services, Subordinated Loan | 7896 |  | (26) |  |  | 7870 | 314 |  |  |  |
| &nbsp;&nbsp;Galaxy Container, ABF Equity | 236 |  |  |  | (4) | 232 |  |  |  |  |
| &nbsp;&nbsp;Galaxy Container, Bond |  | 196 |  |  |  | 196 |  |  |  |  |
| &nbsp;&nbsp;Kilter Finance 2.0, Common Stock |  | 1946 |  |  | 31 | 1977 |  |  |  |  |
| &nbsp;&nbsp;KKR Altitude II Offshore Aggregator LP, Partnership Interest | 2502 |  |  |  | 7 | 2509 |  |  |  | 60 |
| &nbsp;&nbsp;KSC I Aircraft LP, ABF Equity | 19442 | 14217 |  |  | 43 | 33702 |  |  |  |  |
| &nbsp;&nbsp;Sallie Mae Levered, ABF Equity | 1089 | 1305 | (394) |  | 175 | 2175 |  |  |  |  |
| &nbsp;&nbsp;Sallie Mae Levered, Bond | 4319 |  |  |  |  | 4319 | 140 |  |  |  |
| &nbsp;&nbsp;Sallie Mae Levered, Bond |  | 4320 |  |  |  | 4320 | 98 |  |  |  |
| &nbsp;&nbsp;Sallie Mae Levered, Bond |  | 1161 |  |  |  | 1161 |  |  |  |  |
| &nbsp;&nbsp;Sallie Mae Levered, Bond |  | 554 |  |  |  | 554 |  |  |  |  |
| &nbsp;&nbsp;Sallie Mae Levered, Term Loan | 130 | 193 | (19) |  | 2 | 306 | 4 |  | 1 |  |
| &nbsp;&nbsp;TDC LLP, ABF Equity | 90 |  |  |  | 8 | 98 |  |  |  |  |
| &nbsp;&nbsp;TDC LLP, Preferred Equity | 2446 | 157 |  |  | (61) | 2542 | 87 |  |  |  |
| Total | $43538 | $24049 | $(453) | $— | $41 | $67175 | $643 | $— | $1 | $292 |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Interest, PIK, Fee and Dividend and Other income presented for the full three months ended March 31, 2026.

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| **Senior Secured Loans—First Lien—127.4%** | | | | | | | | | | | | |
| &nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | (f) | Health Care Equipment & Services | SF | + | 6.3% |  |  | 1.0% | 05/27 | $816 | $816 | $816 |
| &nbsp;&nbsp;Affordable Care Inc | (f) | Health Care Equipment & Services | SF | + | 6.0% | (3.3% PIK | / 3.3% PIK) | 0.8% | 08/28 | 1713 | 1713 | 1597 |
| &nbsp;&nbsp;AGS Health LLC | (f) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | 4873 | 4862 | 4873 |
| &nbsp;&nbsp;AGS Health LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | 1679 | 1679 | 1679 |
| &nbsp;&nbsp;AGS Health LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | 596 | 596 | 596 |
| &nbsp;&nbsp;A-Lign Assurance LLC | (f) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 3.0% PIK) | 0.8% | 08/32 | 11232 | 11124 | 11123 |
| &nbsp;&nbsp;A-Lign Assurance LLC | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 3.0% PIK) | 0.8% | 08/32 | 3303 | 3287 | 3271 |
| &nbsp;&nbsp;A-Lign Assurance LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 08/32 | 1586 | 1570 | 1570 |
| &nbsp;&nbsp;Amerivet Partners Management Inc | (f) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/28 | 3266 | 3266 | 3199 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 984 | 955 | 984 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/30 | 2557 | 2544 | 2582 |
| &nbsp;&nbsp;Apex Service Partners LLC | (f)(g)(h) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/30 | 54754 | 54166 | 55302 |
| &nbsp;&nbsp;Apex Service Partners LLC | (i) | Commercial & Professional Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 2767 | 2767 | 2767 |
| &nbsp;&nbsp;Arcfield Acquisition Corp | (g) | Capital Goods | SF | + | 5.0% |  |  | 0.5% | 10/31 | 17234 | 17234 | 17234 |
| &nbsp;&nbsp;Arcfield Acquisition Corp | (i) | Capital Goods | SF | + | 5.0% |  |  | 0.5% | 10/31 | 2780 | 2780 | 2780 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (g)(h) | Commercial & Professional Services | SF | + | 5.3% |  |  | 0.8% | 01/31 | 19703 | 19586 | 19703 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (f)(g) | Commercial & Professional Services | SF | + | 5.0% |  |  | 0.8% | 01/31 | 3607 | 3605 | 3607 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | (i) | Commercial & Professional Services | SF | + | 5.3% |  |  | 0.8% | 01/30 | 2797 | 2797 | 2797 |
| &nbsp;&nbsp;Area Wide Protective Inc | (f)(g) | Commercial & Professional Services | SF | + | 4.5% |  |  | 1.0% | 12/30 | 5289 | 5254 | 5289 |
| &nbsp;&nbsp;Area Wide Protective Inc | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 1.0% | 12/30 | 2769 | 2769 | 2769 |
| &nbsp;&nbsp;Avetta LLC | (h) | Software & Services | SF | + | 4.2% | (0.0% PIK | / 2.6% PIK) | 0.5% | 07/31 | 6557 | 6502 | 6557 |
| &nbsp;&nbsp;Avetta LLC | (i) | Software & Services | SF | + | 4.2% |  |  | 0.5% | 07/30 | 780 | 780 | 780 |
| &nbsp;&nbsp;Avetta LLC | (i) | Software & Services | SF | + | 4.3% |  |  | 0.5% | 07/30 | 367 | 367 | 367 |
| &nbsp;&nbsp;Avetta LLC | (i) | Software & Services | SF | + | 4.2% | (0.0% PIK | / 2.6% PIK) | 0.5% | 07/31 | 1605 | 1605 | 1605 |
| &nbsp;&nbsp;BCA Marketplace Ltd | (f)(k) | Commercial & Professional Services | SA | + | 6.3% | (0.0% PIK | / 2.5% PIK) | 0.0% | 03/31 | £9211 | 11734 | 12249 |
| &nbsp;&nbsp;BCA Marketplace Ltd | (f)(k) | Commercial & Professional Services | E | + | 6.3% | (0.0% PIK | / 2.5% PIK) | 0.0% | 04/31 | 3808 | 4066 | 4419 |
| &nbsp;&nbsp;BDO USA PA | (g) | Commercial & Professional Services | SF | + | 5.0% |  |  | 2.0% | 08/28 | $16671 | 16493 | 16671 |
| &nbsp;&nbsp;BDO USA PA | (f) | Commercial & Professional Services | SF | + | 4.5% |  |  | 2.0% | 08/28 | 981 | 972 | 981 |
| &nbsp;&nbsp;BGB Group LLC | (g)(h) | Media & Entertainment | SF | + | 5.3% |  |  | 1.0% | 02/30 | 26365 | 26365 | 26365 |
| &nbsp;&nbsp;BGB Group LLC | (i) | Media & Entertainment | SF | + | 5.3% |  |  | 1.0% | 02/30 | 2185 | 2185 | 2185 |
| &nbsp;&nbsp;BGB Group LLC | (i) | Media & Entertainment | SF | + | 5.3% |  |  | 1.0% | 02/30 | 3278 | 3278 | 3278 |
| &nbsp;&nbsp;Bonterra LLC | (f)(g)(h) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 03/32 | 39735 | 39551 | 39735 |
| &nbsp;&nbsp;Bonterra LLC | (f) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 03/32 | 584 | 580 | 584 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Bonterra LLC | (f) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 03/32 | $313 | $307 | $313 |
| &nbsp;&nbsp;Bonterra LLC | (i) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 03/32 | 3310 | 3310 | 3310 |
| &nbsp;&nbsp;Bonterra LLC | (i) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 03/32 | 890 | 890 | 890 |
| &nbsp;&nbsp;Cadence Education LLC | (h) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/31 | 9090 | 9053 | 9106 |
| &nbsp;&nbsp;Cadence Education LLC | (f) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/31 | 1714 | 1712 | 1718 |
| &nbsp;&nbsp;Cadence Education LLC | (i) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/30 | 1414 | 1412 | 1414 |
| &nbsp;&nbsp;Cadence Education LLC | (i) | Consumer Services | SF | + | 5.0% |  |  | 0.8% | 05/31 | 672 | 672 | 673 |
| &nbsp;&nbsp;Cambrex Corp | (f) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 03/32 | 14435 | 14371 | 14579 |
| &nbsp;&nbsp;Cambrex Corp | (f) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% |  |  | 0.8% | 03/32 | 108 | 108 | 108 |
| &nbsp;&nbsp;Cambrex Corp | (i) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% |  |  | 0.8% | 03/32 | 1782 | 1782 | 1782 |
| &nbsp;&nbsp;Cambrex Corp | (i) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 03/32 | 2160 | 2160 | 2181 |
| &nbsp;&nbsp;Cambrex Corp | (i) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 4.5% | (0.0% PIK | / 2.4% PIK) | 0.8% | 03/32 | 11348 | 11348 | 11461 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.5% | 07/30 | 476 | 469 | 476 |
| &nbsp;&nbsp;Carrier Fire Protection | (f)(h) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.0% PIK) | 0.5% | 07/31 | 8105 | 8034 | 8186 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | E | + | 4.5% | (0.0% PIK | / 2.0% PIK) | 0.5% | 07/31 | 1915 | 2072 | 2269 |
| &nbsp;&nbsp;Carrier Fire Protection | (f) | Commercial & Professional Services | E | + | 5.0% |  |  | 0.5% | 07/31 | 143 | 160 | 167 |
| &nbsp;&nbsp;Carrier Fire Protection | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.5% | 07/30 | $1316 | 1316 | 1316 |
| &nbsp;&nbsp;Carrier Fire Protection | (i) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.0% PIK) | 0.5% | 07/31 | 1656 | 1656 | 1673 |
| &nbsp;&nbsp;Carrier Fire Protection | (i) | Commercial & Professional Services | E | + | 5.0% |  |  | 0.5% | 07/31 | 115 | 120 | 120 |
| &nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | (f) | Consumer Services | SF | + | 4.3% |  |  | 0.8% | 12/29 | $9812 | 9812 | 9910 |
| &nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | (i) | Consumer Services | SF | + | 4.5% |  |  | 0.8% | 12/28 | 718 | 718 | 718 |
| &nbsp;&nbsp;Clarience Technologies LLC | (f)(g)(h) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 3.1% PIK) | 0.8% | 02/32 | 48034 | 48066 | 48178 |
| &nbsp;&nbsp;Clarience Technologies LLC | (f) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 02/32 | 938 | 940 | 941 |
| &nbsp;&nbsp;Clarience Technologies LLC | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 02/31 | 4478 | 4483 | 4478 |
| &nbsp;&nbsp;Clarience Technologies LLC | (i) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 3.1% PIK) | 0.8% | 02/32 | 9923 | 9920 | 9953 |
| &nbsp;&nbsp;Clarience Technologies LLC | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 02/32 | 672 | 672 | 674 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (g) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.5% PIK) | 0.8% | 08/31 | 12368 | 12263 | 12492 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (i) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.8% | 08/31 | 3123 | 3108 | 3155 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | (i) | Commercial & Professional Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 2082 | 2065 | 2082 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | (f) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/32 | 18915 | 18783 | 18956 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | (i) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/31 | 2061 | 2061 | 2061 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | (i) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/32 | 1237 | 1237 | 1239 |
| &nbsp;&nbsp;Com Laude Group Ltd | (g)(h)(k) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 12/32 | 21851 | 21742 | 21742 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Com Laude Group Ltd | (i)(k) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 12/32 | $4284 | $4263 | $4263 |
| &nbsp;&nbsp;Com Laude Group Ltd | (i)(k) | Software & Services | SF | + | 5.0% |  |  | 0.8% | 12/32 | 1714 | 1714 | 1714 |
| &nbsp;&nbsp;Community Brands Inc | (f) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 07/31 | 59 | 59 | 59 |
| &nbsp;&nbsp;Community Brands Inc | (f)(g) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 07/31 | 10141 | 10093 | 10242 |
| &nbsp;&nbsp;Community Brands Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 07/31 | 873 | 873 | 873 |
| &nbsp;&nbsp;Community Brands Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 07/31 | 1640 | 1640 | 1657 |
| &nbsp;&nbsp;CPM Holdings Inc | (e)(f) | Capital Goods | SF | + | 4.5% |  |  | 0.5% | 09/28 | 24877 | 24487 | 24794 |
| &nbsp;&nbsp;CSafe Global | (f)(g)(h) | Transportation | SF | + | 5.8% |  |  | 0.8% | 12/28 | 29417 | 29422 | 29418 |
| &nbsp;&nbsp;CSafe Global | (f) | Transportation | SA | + | 5.8% |  |  | 0.8% | 12/28 | £3819 | 4824 | 5135 |
| &nbsp;&nbsp;CSafe Global | (f) | Transportation | SF | + | 5.8% |  |  | 0.8% | 03/29 | $576 | 578 | 576 |
| &nbsp;&nbsp;CSafe Global | (i) | Transportation | SF | + | 5.8% |  |  | 0.8% | 03/29 | 2303 | 2303 | 2303 |
| &nbsp;&nbsp;Dental365 LLC | (f) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 05/28 | 222 | 222 | 222 |
| &nbsp;&nbsp;Dental365 LLC | (f)(g) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 08/28 | 13064 | 13064 | 13064 |
| &nbsp;&nbsp;Dental365 LLC | (f) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 08/28 | 5965 | 5965 | 5965 |
| &nbsp;&nbsp;Dental365 LLC | (i) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 05/28 | 1995 | 1995 | 1995 |
| &nbsp;&nbsp;Dental365 LLC | (i) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 08/28 | 4271 | 4271 | 4271 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (f) | Insurance | SF | + | 4.5% |  |  | 0.8% | 12/29 | 148 | 148 | 148 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (f)(h) | Insurance | SF | + | 4.5% |  |  | 0.8% | 12/30 | 11166 | 11123 | 11166 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (i) | Insurance | SF | + | 4.5% |  |  | 0.8% | 12/29 | 1085 | 1085 | 1085 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | (i) | Insurance | SF | + | 4.5% |  |  | 0.8% | 12/30 | 696 | 696 | 696 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (f)(g) | Materials | SF | + | 5.0% |  |  | 0.8% | 06/31 | 14303 | 14250 | 14402 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (i) | Materials | SF | + | 5.0% |  |  | 0.8% | 06/31 | 2138 | 2138 | 2138 |
| &nbsp;&nbsp;DuBois Chemicals Inc | (i) | Materials | SF | + | 5.0% |  |  | 0.8% | 06/31 | 621 | 621 | 625 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | (h) | Transportation | SF | + | 4.5% |  |  | 0.5% | 06/32 | 9614 | 9592 | 9681 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | (i) | Transportation | SF | + | 4.5% |  |  | 0.5% | 06/32 | 1807 | 1807 | 1807 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | (i) | Transportation | SF | + | 4.5% |  |  | 1.0% | 06/32 | 2008 | 2008 | 2022 |
| &nbsp;&nbsp;Excelitas Technologies Corp | (f) | Technology Hardware & Equipment | SF | + | 5.3% |  |  | 0.8% | 08/29 | 264 | 266 | 264 |
| &nbsp;&nbsp;Flexera Software LLC | (g)(h) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.5% | 08/32 | 37266 | 37244 | 37234 |
| &nbsp;&nbsp;Flexera Software LLC | (f) | Software & Services | E | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.5% | 08/32 | 11246 | 13135 | 13185 |
| &nbsp;&nbsp;Flexera Software LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/32 | $3023 | 3024 | 3020 |
| &nbsp;&nbsp;Follett Software Co | (h) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/31 | 9885 | 9885 | 9983 |
| &nbsp;&nbsp;Follett Software Co | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 08/30 | 925 | 925 | 925 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (f)(g) | Capital Goods | SF | + | 4.8% | (2.0% PIK | / 2.0% PIK) | 0.0% | 03/32 | 24719 | 24609 | 24826 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (f) | Capital Goods | SF | + | 4.8% | (2.0% PIK | / 2.0% PIK) | 0.0% | 03/32 | 7253 | 7218 | 7284 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (f) | Capital Goods | SF | + | 4.8% | (2.0% PIK | / 2.0% PIK) | 0.0% | 03/32 | 8755 | 8747 | 8793 |
| &nbsp;&nbsp;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.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Frontline Road Safety LLC | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.0% | 03/32 | $4151 | $4151 | $4151 |
| &nbsp;&nbsp;Frontline Road Safety LLC | (i) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 2.3% PIK) | 0.0% | 03/32 | 408 | 408 | 410 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (f) | Insurance | SF | + | 4.5% |  |  | 0.8% | 09/28 | 161 | 161 | 161 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (h) | Insurance | SF | + | 4.5% |  |  | 0.8% | 09/28 | 7996 | 7996 | 7996 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | (i) | Insurance | SF | + | 4.5% |  |  | 0.8% | 09/28 | 757 | 757 | 757 |
| &nbsp;&nbsp;Gigamon Inc | (f) | Software & Services | SF | + | 5.8% |  |  | 0.8% | 03/29 | 816 | 816 | 800 |
| &nbsp;&nbsp;Granicus Inc | (f) | Software & Services | SF | + | 5.8% | (2.3% PIK | / 2.3% PIK) | 0.8% | 01/31 | 331 | 329 | 331 |
| &nbsp;&nbsp;Granicus Inc | (f) | Software & Services | SF | + | 5.3% | (2.3% PIK | / 2.3% PIK) | 0.8% | 01/31 | 4263 | 4263 | 4263 |
| &nbsp;&nbsp;Granicus Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 01/31 | 46 | 46 | 46 |
| &nbsp;&nbsp;Granicus Inc | (i) | Software & Services | SF | + | 5.3% | (2.3% PIK | / 2.3% PIK) | 0.8% | 01/31 | 636 | 636 | 636 |
| &nbsp;&nbsp;Hexion International Cooperatief UA | (e)(f) | Materials | SF | + | 4.0% |  |  | 0.5% | 03/29 | 3982 | 3885 | 3850 |
| &nbsp;&nbsp;Higginbotham Insurance Agency Inc | (g)(h) | Insurance | SF | + | 4.5% |  |  | 1.0% | 06/31 | 24817 | 24817 | 24846 |
| &nbsp;&nbsp;Higginbotham Insurance Agency Inc | (i) | Insurance | SF | + | 4.5% |  |  | 1.0% | 06/31 | 4233 | 4233 | 4238 |
| &nbsp;&nbsp;Highgate Hotels Inc | (g) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 11/29 | 12482 | 12364 | 12482 |
| &nbsp;&nbsp;Highgate Hotels Inc | (i) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 11/29 | 1592 | 1580 | 1592 |
| &nbsp;&nbsp;Highgate Hotels Inc | (i) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 11/29 | 3206 | 3206 | 3270 |
| &nbsp;&nbsp;Homrich & Berg Inc | (f) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 1038 | 1038 | 1038 |
| &nbsp;&nbsp;Homrich & Berg Inc | (g)(h) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 17165 | 17148 | 17199 |
| &nbsp;&nbsp;Homrich & Berg Inc | (i) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 849 | 849 | 849 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (f)(h) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.8% | 03/32 | 14437 | 14383 | 14422 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (f) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/32 | 1132 | 1132 | 1131 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (g) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 03/32 | 17059 | 17059 | 17042 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/32 | 5300 | 5300 | 5294 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | (i) | Capital Goods | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 03/32 | 7108 | 7108 | 7101 |
| &nbsp;&nbsp;Inhabit IQ | (g) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 01/32 | 4270 | 4261 | 4313 |
| &nbsp;&nbsp;Inhabit IQ | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 01/32 | 1192 | 1192 | 1204 |
| &nbsp;&nbsp;Inhabit IQ | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 01/32 | 745 | 745 | 753 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 05/28 | 467 | 467 | 467 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF | + | 5.3% |  |  | 1.0% | 05/28 | 329 | 329 | 329 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (f) | Software & Services | SF | + | 5.3% |  |  | 1.0% | 05/28 | 7094 | 7094 | 7094 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 0.8% | 05/28 | 4805 | 4805 | 4805 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | (i) | Software & Services | SF | + | 5.3% |  |  | 1.0% | 05/28 | 560 | 560 | 560 |
| &nbsp;&nbsp;Integrated Power Services LLC | (g) | Commercial & Professional Services | SF | + | 4.8% |  |  | 0.8% | 11/28 | 15239 | 15239 | 15239 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (f)(g)(h) | Insurance | SF | + | 5.0% |  |  | 0.8% | 08/28 | 43721 | 43619 | 43721 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (i) | Insurance | SF | + | 5.0% |  |  | 0.8% | 08/28 | 6058 | 6056 | 6058 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | (i) | Insurance | SF | + | 5.0% |  |  | 0.8% | 08/28 | 7588 | 7613 | 7588 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;IntraFi Network LLC | (e)(f) | Financial Services | SF | + | 4.0% |  |  | 0.0% | 07/31 | $9826 | $9733 | $9767 |
| &nbsp;&nbsp;J S Held LLC | (g)(h) | Insurance | SF | + | 4.8% |  |  | 1.0% | 06/28 | 27285 | 27285 | 27334 |
| &nbsp;&nbsp;J S Held LLC | (f) | Insurance | SF | + | 4.8% |  |  | 1.0% | 06/28 | 2113 | 2113 | 2117 |
| &nbsp;&nbsp;J S Held LLC | (i) | Insurance | SF | + | 4.8% |  |  | 1.0% | 06/28 | 1588 | 1588 | 1588 |
| &nbsp;&nbsp;J S Held LLC | (i) | Insurance | SF | + | 4.8% |  |  | 1.0% | 06/28 | 2470 | 2470 | 2474 |
| &nbsp;&nbsp;Jeppesen Holdings LLC | (g)(h)(k) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.6% PIK) | 0.5% | 10/32 | 23544 | 23458 | 23456 |
| &nbsp;&nbsp;Jeppesen Holdings LLC | (i)(k) | Software & Services | SF | + | 4.8% |  |  | 0.5% | 10/32 | 1221 | 1221 | 1216 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | (f)(g)(h) | Insurance | SF | + | 4.3% | (0.0% PIK | / 2.3% PIK) | 0.8% | 08/32 | 45378 | 45159 | 45153 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | (i) | Insurance | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.8% | 08/32 | 8749 | 8749 | 8705 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | (i) | Insurance | SF | + | 4.5% |  |  | 0.8% | 08/32 | 3888 | 3884 | 3869 |
| &nbsp;&nbsp;Lazer Logistics Inc | (f) | Transportation | SF | + | 4.8% |  |  | 0.8% | 05/30 | 1191 | 1176 | 1202 |
| &nbsp;&nbsp;Lazer Logistics Inc | (f)(g) | Transportation | SF | + | 4.8% |  |  | 0.8% | 05/30 | 13626 | 13501 | 13762 |
| &nbsp;&nbsp;Lazer Logistics Inc | (i) | Transportation | SF | + | 4.8% |  |  | 0.8% | 05/29 | 1244 | 1233 | 1244 |
| &nbsp;&nbsp;Lazer Logistics Inc | (i) | Transportation | SF | + | 4.8% |  |  | 0.8% | 05/30 | 1667 | 1667 | 1683 |
| &nbsp;&nbsp;Learning Experience Corp/The | (h) | Consumer Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 07/32 | 3642 | 3625 | 3668 |
| &nbsp;&nbsp;Learning Experience Corp/The | (i) | Consumer Services | SF | + | 4.8% |  |  | 0.8% | 07/32 | 801 | 801 | 801 |
| &nbsp;&nbsp;Legends Hospitality LLC | (f) | Consumer Services | SF | + | 5.0% | (0.0% PIK | / 2.5% PIK) | 0.8% | 08/30 | 653 | 653 | 653 |
| &nbsp;&nbsp;Legends Hospitality LLC | (f)(g)(h) | Consumer Services | SF | + | 5.5% | (2.8% PIK | / 2.8% PIK) | 0.8% | 08/31 | 18391 | 18201 | 18437 |
| &nbsp;&nbsp;Legends Hospitality LLC | (i) | Consumer Services | SF | + | 5.0% | (0.0% PIK | / 2.5% PIK) | 0.8% | 08/30 | 1357 | 1357 | 1357 |
| &nbsp;&nbsp;Legends Hospitality LLC | (i) | Consumer Services | SF | + | 5.5% | (2.8% PIK | / 2.8% PIK) | 0.8% | 08/31 | 171 | 171 | 171 |
| &nbsp;&nbsp;Lipari Foods LLC | (f)(g) | Consumer Staples Distribution & Retail | SF | + | 6.5% |  |  | 1.0% | 10/28 | 16442 | 16303 | 15981 |
| &nbsp;&nbsp;Magna Legal Services LLC | (f)(g) | Commercial & Professional Services | SF | + | 5.0% |  |  | 0.8% | 11/29 | 12532 | 12403 | 12532 |
| &nbsp;&nbsp;Magna Legal Services LLC | (i) | Commercial & Professional Services | SF | + | 5.0% |  |  | 0.8% | 11/28 | 861 | 852 | 861 |
| &nbsp;&nbsp;MAI Capital Management LLC | (f)(h) | Financial Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.8% | 08/31 | 14109 | 14045 | 14250 |
| &nbsp;&nbsp;MAI Capital Management LLC | (f) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 460 | 460 | 460 |
| &nbsp;&nbsp;MAI Capital Management LLC | (f) | Financial Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 08/31 | 3336 | 3336 | 3369 |
| &nbsp;&nbsp;MAI Capital Management LLC | (i) | Financial Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 2026 | 2026 | 2026 |
| &nbsp;&nbsp;MAI Capital Management LLC | (i) | Financial Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 08/31 | 2881 | 2881 | 2909 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (f)(g) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 23925 | 23695 | 24164 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (f) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 342 | 323 | 342 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (i) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 3050 | 3050 | 3080 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | (i) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 1559 | 1559 | 1559 |
| &nbsp;&nbsp;Med-Metrix | (g)(h) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 07/32 | 24215 | 24101 | 24270 |
| &nbsp;&nbsp;Med-Metrix | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.8% | 07/32 | 10072 | 10072 | 10095 |
| &nbsp;&nbsp;Med-Metrix | (i) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 07/32 | 4286 | 4286 | 4286 |
| &nbsp;&nbsp;Mercer Advisors Inc | (f)(g) | Financial Services | SF | + | 4.5% |  |  | 0.8% | 10/30 | 17743 | 17699 | 17743 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Mercer Advisors Inc | (i) | Financial Services | SF | + | 4.5% |  |  | 0.8% | 10/30 | $16755 | $16755 | $16755 |
| &nbsp;&nbsp;Milano Acquisition Corp | (e)(f) | Health Care Equipment & Services | SF | + | 4.0% |  |  | 0.8% | 10/27 | 25912 | 25081 | 25504 |
| &nbsp;&nbsp;Misys Ltd | (e)(f)(k) | Software & Services | SF | + | 4.0% |  |  | 0.0% | 09/32 | 27489 | 27225 | 26962 |
| &nbsp;&nbsp;Model N Inc | (g) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 12891 | 12847 | 13020 |
| &nbsp;&nbsp;Model N Inc | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 2664 | 2664 | 2691 |
| &nbsp;&nbsp;Model N Inc | (i) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 06/31 | 1421 | 1421 | 1421 |
| &nbsp;&nbsp;NAVEX Global Inc | (f) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 10/32 | 15054 | 14981 | 15010 |
| &nbsp;&nbsp;NAVEX Global Inc | (i) | Software & Services | SA | + | 5.0% |  |  | 0.8% | 10/31 | 326 | 326 | 325 |
| &nbsp;&nbsp;NAVEX Global Inc | (i) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 10/32 | 6900 | 6883 | 6879 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (h) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 09/32 | 15057 | 15003 | 14995 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (i) | Software & Services | SA | + | 4.5% |  |  | 0.5% | 09/32 | 821 | 821 | 818 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 1825 | 1825 | 1818 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 09/32 | 3650 | 3650 | 3635 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (f)(g)(h) | Health Care Equipment & Services | SF | + | 5.2% | (2.7% PIK | / 2.7% PIK) | 0.8% | 08/31 | 36773 | 36640 | 36773 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (i) | Health Care Equipment & Services | SF | + | 5.0% | (2.5% PIK | / 2.5% PIK) | 0.8% | 08/31 | 4258 | 4236 | 4258 |
| &nbsp;&nbsp;Netsmart Technologies Inc | (i) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 08/31 | 4343 | 4343 | 4343 |
| &nbsp;&nbsp;OEConnection LLC | (f)(g)(h) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.5% | 12/32 | 23608 | 23512 | 23844 |
| &nbsp;&nbsp;OEConnection LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 11/32 | 1003 | 1003 | 1003 |
| &nbsp;&nbsp;OEConnection LLC | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.8% | 11/32 | 3807 | 3807 | 3797 |
| &nbsp;&nbsp;OEConnection LLC | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 12/32 | 1602 | 1597 | 1602 |
| &nbsp;&nbsp;OEConnection LLC | (i) | Software & Services | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.5% | 12/32 | 1376 | 1376 | 1390 |
| &nbsp;&nbsp;Orion Services Group | (g) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 11/32 | 8386 | 8324 | 8323 |
| &nbsp;&nbsp;Orion Services Group | (i) | Capital Goods | C | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.7% | 11/32 | 2758 | 2758 | 2738 |
| &nbsp;&nbsp;PCI Pharma Services | (f)(k) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 10/32 | 16023 | 15968 | 16059 |
| &nbsp;&nbsp;PCI Pharma Services | (f)(k) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 10/32 | 85 | 85 | 85 |
| &nbsp;&nbsp;PCI Pharma Services | (i)(k) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 10/32 | 19789 | 19727 | 19833 |
| &nbsp;&nbsp;PCI Pharma Services | (i)(k) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 10/32 | 252 | 252 | 252 |
| &nbsp;&nbsp;PCI Pharma Services | (i)(k) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 10/32 | 5817 | 5817 | 5817 |
| &nbsp;&nbsp;Personify Health Inc | (g) | Software & Services | SF | + | 5.8% |  |  | 0.8% | 11/29 | 13379 | 13335 | 12685 |
| &nbsp;&nbsp;Pike Corp | (g)(h) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.8% | 12/32 | 20932 | 20879 | 20879 |
| &nbsp;&nbsp;Pike Corp | (i) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.5% PIK) | 0.8% | 12/32 | 4550 | 4539 | 4539 |
| &nbsp;&nbsp;Pike Corp | (i) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 12/32 | 3034 | 3034 | 3034 |
| &nbsp;&nbsp;Precisely Software Inc | (e)(f) | Software & Services | SF | + | 4.0% |  |  | 0.8% | 04/28 | 25807 | 25055 | 24084 |
| &nbsp;&nbsp;Premise Health Holding Corp | (f) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/32 | 3744 | 3707 | 3707 |
| &nbsp;&nbsp;Premise Health Holding Corp | (i) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 369 | 369 | 365 |
| &nbsp;&nbsp;Premise Health Holding Corp | (i) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/32 | 1582 | 1574 | 1566 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;PROS Holdings Inc | (f) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 0.0% | 12/32 | $7430 | $7421 | $7421 |
| &nbsp;&nbsp;PROS Holdings Inc | (i) | Software & Services | SF | + | 4.8% |  |  | 0.0% | 12/32 | 861 | 861 | 861 |
| &nbsp;&nbsp;PSC Group | (f) | Transportation | SF | + | 5.3% |  |  | 0.8% | 04/30 | 174 | 174 | 174 |
| &nbsp;&nbsp;PSC Group | (f) | Transportation | SF | + | 5.3% |  |  | 0.8% | 04/31 | 2911 | 2894 | 2941 |
| &nbsp;&nbsp;PSC Group | (i) | Transportation | SF | + | 5.3% |  |  | 0.8% | 04/30 | 234 | 234 | 234 |
| &nbsp;&nbsp;PSC Group | (i) | Transportation | SF | + | 5.3% |  |  | 0.8% | 04/31 | 258 | 258 | 260 |
| &nbsp;&nbsp;PSKW LLC (dba ConnectiveRx) | (f)(g) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 1.0% | 03/28 | 27960 | 27960 | 27960 |
| &nbsp;&nbsp;Radwell International LLC | (f) | Capital Goods | SF | + | 5.5% |  |  | 0.8% | 04/29 | 302 | 273 | 302 |
| &nbsp;&nbsp;Radwell International LLC | (f)(g)(h) | Capital Goods | SF | + | 5.5% |  |  | 0.8% | 04/29 | 37556 | 37286 | 37932 |
| &nbsp;&nbsp;Radwell International LLC | (i) | Capital Goods | SF | + | 5.5% |  |  | 0.8% | 04/29 | 1512 | 1512 | 1512 |
| &nbsp;&nbsp;Railpros Inc | (f) | Commercial & Professional Services | SF | + | 4.3% |  |  | 0.8% | 05/32 | 1169 | 1169 | 1169 |
| &nbsp;&nbsp;Railpros Inc | (i) | Commercial & Professional Services | SF | + | 4.3% |  |  | 0.8% | 05/32 | 361 | 361 | 361 |
| &nbsp;&nbsp;Railpros Inc | (i) | Commercial & Professional Services | SF | + | 4.3% |  |  | 0.8% | 05/32 | 180 | 180 | 180 |
| &nbsp;&nbsp;RBmedia | (f)(j) | Media & Entertainment | SF | + | 5.8% |  |  | 0.8% | 09/30 | 13589 | 13657 | 13725 |
| &nbsp;&nbsp;RBmedia | (i)(j) | Media & Entertainment | SF | + | 5.8% |  |  | 0.8% | 08/28 | 1163 | 1163 | 1163 |
| &nbsp;&nbsp;Resa Power LLC | (f)(h) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.5% PIK) | 0.8% | 04/32 | 15390 | 15342 | 15482 |
| &nbsp;&nbsp;Resa Power LLC | (i) | Commercial & Professional Services | SF | + | 4.8% | (0.0% PIK | / 2.5% PIK) | 0.8% | 04/32 | 2802 | 2802 | 2819 |
| &nbsp;&nbsp;Resa Power LLC | (i) | Commercial & Professional Services | SF | + | 4.8% |  |  | 0.8% | 04/32 | 1975 | 1975 | 1975 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (g)(j) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 2332 | 2322 | 2332 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (f)(j) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 141 | 138 | 141 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (f)(g)(j) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 16392 | 16332 | 16388 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (i)(j) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 913 | 913 | 913 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | (i) | Software & Services | SF | + | 5.0% |  |  | 1.0% | 10/29 | 238 | 238 | 238 |
| &nbsp;&nbsp;Rialto Capital Management LLC | (g)(h) | Financial Services | SF | + | 5.0% |  |  | 0.8% | 12/30 | 16626 | 16526 | 16792 |
| &nbsp;&nbsp;Rialto Capital Management LLC | (i) | Financial Services | SF | + | 5.0% |  |  | 0.8% | 12/30 | 834 | 834 | 834 |
| &nbsp;&nbsp;Rockefeller Capital Management LP | (g)(h) | Financial Services | SF | + | 4.5% |  |  | 0.5% | 12/32 | 41000 | 40797 | 40795 |
| &nbsp;&nbsp;Rockefeller Capital Management LP | (i) | Financial Services | SF | + | 4.5% |  |  | 0.5% | 12/32 | 4000 | 4000 | 3980 |
| &nbsp;&nbsp;SAMBA Safety Inc | (g) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 1.0% | 12/32 | 4976 | 4964 | 4964 |
| &nbsp;&nbsp;SAMBA Safety Inc | (f) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 12/32 | 26 | 26 | 26 |
| &nbsp;&nbsp;SAMBA Safety Inc | (i) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 12/32 | 423 | 423 | 423 |
| &nbsp;&nbsp;SAMBA Safety Inc | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.9% PIK) | 1.0% | 12/32 | 603 | 603 | 603 |
| &nbsp;&nbsp;Service Express Inc | (f)(h) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 12/32 | 14306 | 14249 | 14449 |
| &nbsp;&nbsp;Service Express Inc | (g)(h) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 12/32 | 21096 | 21096 | 21096 |
| &nbsp;&nbsp;Service Express Inc | (f) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.5% | 12/32 | 427 | 427 | 427 |
| &nbsp;&nbsp;Service Express Inc | (g) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.5% | 12/32 | 40 | 40 | 40 |
| &nbsp;&nbsp;Service Express Inc | (i) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.5% | 12/32 | 4207 | 4207 | 4197 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Service Express Inc | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.5% | 12/32 | $4580 | $4580 | $4580 |
| &nbsp;&nbsp;Service Logic LLC | (g)(h) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.0% | 12/32 | 19719 | 19670 | 19670 |
| &nbsp;&nbsp;Service Logic LLC | (i) | Commercial & Professional Services | SF | + | 4.5% | (0.0% PIK | / 2.3% PIK) | 0.0% | 12/32 | 5440 | 5440 | 5426 |
| &nbsp;&nbsp;Service Logic LLC | (i) | Commercial & Professional Services | SF | + | 4.5% |  |  | 0.0% | 12/32 | 2720 | 2720 | 2720 |
| &nbsp;&nbsp;Shaw Development LLC | (g)(h) | Capital Goods | SF | + | 6.0% |  |  | 0.5% | 10/29 | 16952 | 16788 | 16768 |
| &nbsp;&nbsp;Solera LLC | (e)(f) | Software & Services | SF | + | 3.8% |  |  | 0.5% | 06/28 | 10388 | 9983 | 10041 |
| &nbsp;&nbsp;Sphera Solutions Inc | (f)(h) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 42640 | 42535 | 42534 |
| &nbsp;&nbsp;Sphera Solutions Inc | (f) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 1104 | 1101 | 1101 |
| &nbsp;&nbsp;Sphera Solutions Inc | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 8702 | 8702 | 8680 |
| &nbsp;&nbsp;Sphera Solutions Inc | (i) | Software & Services | SF | + | 4.5% |  |  | 0.5% | 09/32 | 4698 | 4698 | 4686 |
| &nbsp;&nbsp;Spins LLC | (f)(h) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 01/29 | 10946 | 10946 | 10946 |
| &nbsp;&nbsp;Spins LLC | (i) | Software & Services | SF | + | 4.8% |  |  | 1.0% | 01/29 | 1063 | 1063 | 1063 |
| &nbsp;&nbsp;Spotless Brands LLC | (g)(h) | Consumer Services | SF | + | 5.8% |  |  | 1.0% | 07/28 | 15993 | 15797 | 16153 |
| &nbsp;&nbsp;Spotless Brands LLC | (f) | Consumer Services | SF | + | 5.5% |  |  | 1.0% | 07/28 | 6646 | 6612 | 6672 |
| &nbsp;&nbsp;Spotless Brands LLC | (f) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/28 | 986 | 960 | 979 |
| &nbsp;&nbsp;Spotless Brands LLC | (i) | Consumer Services | SF | + | 5.0% |  |  | 1.0% | 07/28 | 5841 | 5841 | 5797 |
| &nbsp;&nbsp;STV Group Inc | (g) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/31 | 6793 | 6736 | 6793 |
| &nbsp;&nbsp;STV Group Inc | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/30 | 1383 | 1382 | 1383 |
| &nbsp;&nbsp;STV Group Inc | (i) | Capital Goods | SF | + | 4.8% |  |  | 0.8% | 03/31 | 1975 | 1974 | 1975 |
| &nbsp;&nbsp;SureScripts LLC | (f)(g)(h) | Health Care Equipment & Services | SF | + | 5.0% |  |  | 0.8% | 11/31 | 29465 | 29208 | 29759 |
| &nbsp;&nbsp;SureScripts LLC | (g) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 9351 | 9351 | 9351 |
| &nbsp;&nbsp;SureScripts LLC | (i) | Health Care Equipment & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 6405 | 6405 | 6405 |
| &nbsp;&nbsp;Trackunit ApS | (f)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.8% PIK) |  | 05/32 | 12442 | 12266 | 12336 |
| &nbsp;&nbsp;Trackunit ApS | (i)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.8% PIK) |  | 05/32 | 8294 | 8237 | 8224 |
| &nbsp;&nbsp;Turnpoint Services Inc | (f) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/30 | 277 | 277 | 274 |
| &nbsp;&nbsp;Turnpoint Services Inc | (g) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 5650 | 5603 | 5590 |
| &nbsp;&nbsp;Turnpoint Services Inc | (i) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/30 | 415 | 415 | 411 |
| &nbsp;&nbsp;Turnpoint Services Inc | (i) | Capital Goods | SF | + | 5.0% | (0.0% PIK | / 3.0% PIK) | 0.8% | 06/31 | 1108 | 1108 | 1096 |
| &nbsp;&nbsp;USIC Holdings Inc | (f)(g)(h) | Commercial & Professional Services | SF | + | 5.5% |  |  | 0.8% | 09/31 | 33807 | 33749 | 34483 |
| &nbsp;&nbsp;USIC Holdings Inc | (f) | Commercial & Professional Services | SF | + | 5.3% |  |  | 0.8% | 09/31 | 2178 | 2176 | 2178 |
| &nbsp;&nbsp;USIC Holdings Inc | (i) | Commercial & Professional Services | SF | + | 5.5% |  |  | 0.8% | 09/31 | 919 | 919 | 937 |
| &nbsp;&nbsp;USIC Holdings Inc | (i) | Commercial & Professional Services | SF | + | 5.3% |  |  | 0.8% | 09/31 | 2470 | 2470 | 2470 |
| &nbsp;&nbsp;Veriforce LLC | (g)(k) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 9820 | 9780 | 9820 |
| &nbsp;&nbsp;Veriforce LLC | (f)(k) | Software & Services | SA | + | 4.8% |  |  | 0.8% | 11/31 | £3358 | 4207 | 4515 |
| &nbsp;&nbsp;Veriforce LLC | (i)(k) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | $518 | 518 | 518 |
| &nbsp;&nbsp;Veriforce LLC | (i)(k) | Software & Services | SF | + | 4.8% |  |  | 0.8% | 11/31 | 935 | 935 | 935 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Veriforce LLC | (i)(k) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.5% PIK) | 0.8% | 11/31 | $20071 | $20071 | $20071 |
| &nbsp;&nbsp;Vermont Information Processing Inc | (f) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.5% | 01/32 | 9085 | 9045 | 9092 |
| &nbsp;&nbsp;Vermont Information Processing Inc | (i) | Software & Services | SF | + | 4.8% | (0.0% PIK | / 2.4% PIK) | 0.5% | 01/32 | 3804 | 3804 | 3807 |
| &nbsp;&nbsp;Vermont Information Processing Inc | (i) | Software & Services | SF | + | 4.8% |  |  | 0.5% | 01/32 | 1141 | 1141 | 1141 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (f)(g) | Health Care Equipment & Services | SF | + | 5.8% |  |  | 0.8% | 08/29 | 24501 | 24490 | 24501 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (f) | Health Care Equipment & Services | SF | + | 5.8% |  |  | 0.8% | 08/29 | 57 | 56 | 57 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (f)(g) | Health Care Equipment & Services | SF | + | 6.0% |  |  | 0.8% | 08/29 | 576 | 576 | 576 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | (i) | Health Care Equipment & Services | SF | + | 5.8% |  |  | 0.8% | 08/29 | 400 | 400 | 400 |
| &nbsp;&nbsp;Vitu | (g)(h) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 01/32 | 22029 | 21956 | 22249 |
| &nbsp;&nbsp;Vitu | (i) | Software & Services | SF | + | 4.5% |  |  | 0.8% | 01/31 | 3598 | 3598 | 3598 |
| &nbsp;&nbsp;Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | (f) | Household & Personal Products | SF | + | 6.3% |  |  | 1.0% | 11/27 | 6237 | 6237 | 6237 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (f) | Financial Services | SF | + | 4.5% |  |  | 1.0% | 10/28 | 4619 | 4619 | 4619 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (g) | Financial Services | SF | + | 4.5% |  |  | 1.0% | 10/28 | 2453 | 2453 | 2453 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (i) | Financial Services | SF | + | 4.5% |  |  | 1.0% | 10/28 | 1775 | 1775 | 1775 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | (i) | Financial Services | SF | + | 4.5% |  |  | 1.0% | 10/28 | 298 | 298 | 298 |
| &nbsp;&nbsp;WebPros Holding Sarl | (f)(k) | Software & Services | SF | + | 5.0% |  |  | 0.0% | 06/32 | 287 | 287 | 283 |
| &nbsp;&nbsp;WebPros Holding Sarl | (f)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.3% PIK) | 0.0% | 12/32 | 28683 | 28257 | 28252 |
| &nbsp;&nbsp;WebPros Holding Sarl | (i)(k) | Software & Services | SF | + | 5.0% |  |  | 0.0% | 06/32 | 2581 | 2581 | 2543 |
| &nbsp;&nbsp;WebPros Holding Sarl | (i)(k) | Software & Services | SF | + | 5.0% | (0.0% PIK | / 2.3% PIK) | 0.0% | 12/32 | 3585 | 3559 | 3532 |
| &nbsp;&nbsp;Wedgewood Weddings | (f)(h) | Consumer Services | SF | + | 4.5% |  |  | 0.8% | 06/32 | 23452 | 23343 | 23426 |
| &nbsp;&nbsp;Wedgewood Weddings | (i) | Consumer Services | SF | + | 4.5% |  |  | 0.8% | 06/32 | 4702 | 4702 | 4697 |
| &nbsp;&nbsp;Wedgewood Weddings | (i) | Consumer Services | SF | + | 4.5% |  |  | 0.8% | 06/32 | 4702 | 4702 | 4697 |
| &nbsp;&nbsp;West Star Aviation Inc | (f)(h) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 05/32 | 16229 | 16167 | 16326 |
| &nbsp;&nbsp;West Star Aviation Inc | (f) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 05/32 | 311 | 311 | 311 |
| &nbsp;&nbsp;West Star Aviation Inc | (i) | Capital Goods | SF | + | 4.5% | (0.0% PIK | / 2.8% PIK) | 0.8% | 05/32 | 1658 | 1658 | 1668 |
| &nbsp;&nbsp;West Star Aviation Inc | (i) | Capital Goods | SF | + | 4.5% |  |  | 0.8% | 05/32 | 1762 | 1762 | 1762 |
| &nbsp;&nbsp;Woolpert Inc | (f) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/31 | 705 | 705 | 705 |
| &nbsp;&nbsp;Woolpert Inc | (f)(g)(h) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/32 | 42374 | 42374 | 42703 |
| &nbsp;&nbsp;Woolpert Inc | (i) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/31 | 4718 | 4718 | 4718 |
| &nbsp;&nbsp;Woolpert Inc | (i) | Capital Goods | SF | + | 4.5% |  |  | 1.0% | 04/32 | 10846 | 10852 | 10930 |
| &nbsp;&nbsp;Xylem Kendall | (f) | Commercial & Professional Services | SF | + | 5.8% |  |  | 1.0% | 04/30 | 6376 | 6376 | 6313 |
| &nbsp;&nbsp;Xylem Kendall | (f) | Commercial & Professional Services | SF | + | 5.9% |  |  | 1.0% | 04/30 | 547 | 547 | 543 |
| &nbsp;&nbsp;Xylem Kendall | (i) | Commercial & Professional Services | SF | + | 5.8% |  |  | 1.0% | 04/30 | 5739 | 5739 | 5681 |
| &nbsp;&nbsp;Xylem Kendall | (i) | Commercial & Professional Services | SF | + | 5.9% |  |  | 1.0% | 04/30 | 430 | 430 | 426 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (f)(h) | Health Care Equipment & Services | SF | + | 6.0% | (3.0% PIK | / 3.0% PIK) | 0.8% | 02/31 | 23378 | 23189 | 22209 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (f) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 2161 | 2139 | 2053 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (i) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/30 | $3261 | $3244 | $3098 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | (i) | Health Care Equipment & Services | SF | + | 5.5% |  |  | 0.8% | 02/31 | 2174 | 2174 | 2065 |
| **Total Senior Secured Loans—First Lien** |  |  |  |  |  |  |  |  |  |  | 2400569 | 2410354 |
| &nbsp;&nbsp;Unfunded Loan Commitments |  |  |  |  |  |  |  |  |  |  | (446139) | (446139) |
| **Net Senior Secured Loans—First Lien** |  |  |  |  |  |  |  |  |  |  | 1954430 | 1964215 |
| **Subordinated Debt—0.1%** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Apex Service Partners LLC | (f) | Commercial & Professional Services |  |  | 14.3% | PIK |  |  | 04/31 | 1957 | 1938 | 2015 |
| **Total Subordinated Debt** |  |  |  |  |  |  |  |  |  |  | 1938 | 2015 |
| **Asset Based Finance—42.7%** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Australis Maritime II, ABF Equity | (f)(k)(n) | Transportation |  |  |  |  |  |  |  | 788828 | 789 | 814 |
| &nbsp;&nbsp;Auxilior Capital Partners Inc, Preferred Equity | (f) | Financial Services |  |  | 14.5% | (9.5% PIK | / 9.5% PIK) |  | 04/30 | $1295 | 1295 | 1308 |
| &nbsp;&nbsp;Bankers Healthcare Group LLC, Term Loan | (f)(k) | Financial Services | SF | + | 3.9% |  |  | 0.0% | 11/27 | $771 | 771 | 769 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, ABF Equity | (f)(l)(m) | Transportation |  |  |  |  |  |  |  | 78953 | 79 | 80 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | (f)(m) | Transportation |  |  | 9.0% |  |  |  | 10/33 | $4934 | 4934 | 4934 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | (f)(m) | Transportation |  |  | 9.0% | (0.0% PIK | / 9.0% PIK) |  | 10/33 | $711 | 711 | 711 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | (i)(m) | Transportation |  |  | 9.0% |  |  |  | 10/33 | $13619 | 13619 | 13619 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | (i)(m) | Transportation |  |  | 9.0% | (0.0% PIK | / 9.0% PIK) |  | 10/33 | $5329 | 5329 | 5329 |
| &nbsp;&nbsp;Builders Capital Loan Acquisition Trust 2022-RTL1, Structured Mezzanine | (f)(k) | Real Estate Management & Development |  |  | 8.0% |  |  |  | 07/30 | $208 | 208 | 209 |
| &nbsp;&nbsp;Builders Capital Loan Acquisition Trust 2022-RTL1, Structured Mezzanine | (f)(k) | Real Estate Management & Development |  |  | 18.0% |  |  |  | 07/30 | $147 | 112 | 48 |
| &nbsp;&nbsp;Builders Capital Loan Acquisition Trust 2022-RTL1, Term Loan | (f)(k) | Real Estate Management & Development |  |  | 7.3% |  |  |  | 07/30 | $1250 | 1250 | 1255 |
| &nbsp;&nbsp;CAFL 2024-RTL1 Issuer LLC, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 10.2% |  |  |  | 11/31 | $2500 | 2500 | 2558 |
| &nbsp;&nbsp;Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver | (f)(k) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 6.3% |  |  | 1.0% | 01/29 | $10500 | 10365 | 10605 |
| &nbsp;&nbsp;Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver | (i)(k) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 6.3% |  |  | 1.0% | 01/29 | $10333 | 10333 | 10437 |
| &nbsp;&nbsp;Discover Financial Services, ABF Equity | (f)(k)(n) | Financial Services |  |  |  |  |  |  |  | 4308946 | 4309 | 4574 |
| &nbsp;&nbsp;Discover Financial Services, Subordinated Loan | (f)(k)(n) | Financial Services |  |  | 15.0% |  |  |  | 09/34 | $7896 | 7896 | 7896 |
| &nbsp;&nbsp;Drive Revel, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 784855 | 876 | 973 |
| &nbsp;&nbsp;EFMT 2024-INV1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.4% |  |  |  | 03/69 | $6380 | 6084 | 6357 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver | (f)(k) | Food, Beverage & Tobacco | SF | + | 4.8% |  | 1.0% | 06/28 | $4706 | $4706 | $4706 |
| &nbsp;&nbsp;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 |
| &nbsp;&nbsp;Fidelis Mortgage Trust 2025-RTL1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.0% |  |  | 02/40 | $4500 | 4426 | 4546 |
| &nbsp;&nbsp;FIGRE Trust 2024-HE3, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.3% |  |  | 07/54 | $1913 | 1921 | 2032 |
| &nbsp;&nbsp;Fortna AR LLC (FKA Fortna Group Inc), Revolver | (f)(k) | Capital Goods | SF | + | 4.8% |  | 0.8% | 06/29 | $18814 | 18814 | 18814 |
| &nbsp;&nbsp;Galaxy Container, ABF Equity | (f)(l)(n) | Transportation |  |  |  |  |  |  | 235566 | 236 | 236 |
| &nbsp;&nbsp;Global Lending Services LLC, ABF Equity | (f)(k)(l) | Financial Services |  |  |  |  |  |  | 2776798 | 2777 | 4527 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services |  |  | 12.5% |  |  | 12/32 | $3692 | 3692 | 3692 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services |  |  | 12.5% |  |  | 02/33 | $2330 | 2330 | 2330 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services |  |  | 12.5% |  |  | 05/33 | $1402 | 1402 | 1402 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services |  |  | 12.5% |  |  | 08/33 | $1348 | 1348 | 1348 |
| &nbsp;&nbsp;Global Lending Services LLC, Bond | (f)(k) | Financial Services |  |  | 12.5% |  |  | 11/33 | $2335 | 2335 | 2335 |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | (f)(l)(m) | Financial Services |  |  |  |  |  |  | 1332761 | 1333 | 1806 |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | (f)(k)(m) | Financial Services |  |  |  |  |  |  | 1852457 | 1852 | 1908 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | (f)(m) | Financial Services |  |  | 9.3% | PIK |  | 03/34 | $4593 | 4593 | 4593 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | (i)(m) | Financial Services |  |  | 9.3% | PIK |  | 03/34 | $374 | 374 | 374 |
| &nbsp;&nbsp;Harley-Davidson Financial Services Inc, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  | 7415463 | 7415 | 7781 |
| &nbsp;&nbsp;Harley-Davidson Financial Services Inc, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  | 25990438 | 25990 | 27013 |
| &nbsp;&nbsp;Harley-Davidson Financial Services Inc, ABF Equity | (f)(k)(l) | Financial Services |  |  |  |  |  |  | 1896424 | 1896 | 1901 |
| &nbsp;&nbsp;HOMES 2024-AFC1 Trust, Structured Mezzanine | (e)(f)(k) | Real Estate Management & Development |  |  | 7.6% |  |  | 08/59 | $1944 | 1849 | 1944 |
| &nbsp;&nbsp;Homeward Opportunities Fund Trust 2024-RRTL2, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.1% |  |  | 09/39 | $7878 | 7878 | 7881 |
| &nbsp;&nbsp;Income Contingent Student Loans 1 2002-2006 PLC, ABS | (f)(k) | Financial Services |  |  | 8.0% |  |  | 07/56 | £4904 | 6102 | 7345 |
| &nbsp;&nbsp;Income Contingent Student Loans 2 2007-2009 PLC, ABS | (f)(k) | Financial Services |  |  | 8.0% |  |  | 07/58 | £14626 | 18200 | 21338 |
| &nbsp;&nbsp;IQUW UK Ltd, Bond | (f)(k) | Insurance |  |  | 8.8% |  |  | 03/35 | $6072 | 6072 | 6245 |
| &nbsp;&nbsp;KKR Altitude II Offshore Aggregator LP, Partnership Interest | (f)(k)(n) | Capital Goods |  |  |  |  |  |  | 2314050 | 2314 | 2502 |
| &nbsp;&nbsp;KSC I Aircraft LP, ABF Equity | (f)(k)(l)(n) | Capital Goods |  |  |  |  |  |  | 19440923 | 19441 | 19442 |
| &nbsp;&nbsp;Laurel Road Prime Student Loan Trust 2017-B, ABS | (f)(k) | Financial Services |  |  | 7.2% |  |  | 08/42 | $1384 | 2048 | 2180 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;LHOME Mortgage Trust 2025-RTL3, ABS | (e)(f)(k) | Real Estate Management & Development | 6.9% |  | 08/40 | $759 | $759 | $771 |
| &nbsp;&nbsp;LHOME Mortgage Trust 2025-RTL3, ABS | (e)(f)(k) | Real Estate Management & Development | 8.7% |  | 08/40 | $543 | 543 | 560 |
| &nbsp;&nbsp;MEMIC Insurance, ABS | (f)(k) | Insurance | 9.0% |  | 12/45 | $8966 | 8966 | 8966 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development | 6.4% |  | 09/70 | $3155 | 3111 | 3121 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development | 7.1% |  | 09/70 | $5450 | 5187 | 5235 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development | 1.9% |  | 09/70 | $112989 | 6486 | 6671 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABS | (e)(f)(k) | Real Estate Management & Development | 0.3% |  | 09/70 | $112989 | 695 | 715 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development | 7.3% |  | 03/70 | $2135 | 1938 | 2115 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development | 0.3% |  | 03/70 | $76583 | 479 | 453 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development | 7.3% |  | 03/70 | $1920 | 1794 | 1953 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development | 1.2% |  | 03/70 | $76583 | 2404 | 2099 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (e)(f)(k) | Real Estate Management & Development | 7.3% |  | 03/70 | $1410 | 1182 | 1346 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development | 6.6% |  | 07/70 | $2468 | 2434 | 2455 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development | 7.2% |  | 07/70 | $4481 | 4274 | 4324 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development | 1.8% |  | 07/70 | $122785 | 5203 | 5174 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS | (e)(f)(k) | Real Estate Management & Development | 0.3% |  | 07/70 | $122785 | 731 | 756 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS | (e)(f)(k) | Financial Services | 6.6% |  | 09/70 | $2149 | 2140 | 2146 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS | (e)(f)(k) | Financial Services | 7.0% |  | 09/70 | $3425 | 3187 | 3200 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS | (e)(f)(k) | Financial Services | 1.8% |  | 09/70 | $131879 | 6168 | 6203 |
| &nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABS | (e)(f)(k) | Financial Services | 0.3% |  | 09/70 | $131879 | 788 | 803 |
| &nbsp;&nbsp;Newday Group Jersey Ltd, ABF Equity | (f)(k)(l) | Financial Services |  |  |  | 27817038 | 37132 | 37392 |
| &nbsp;&nbsp;Norway_France, ABF Equity | (f)(k) | Financial Services |  |  |  | 1415456 | 1575 | 1712 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver | (f)(k) | Telecommunication Services | SA | + | 7.0% |  |  | 1.5% | 09/26 | £7955 | $9988 | $10773 |
| &nbsp;&nbsp;Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver | (i)(k) | Telecommunication Services | SA | + | 7.0% |  |  | 1.5% | 09/26 | £2888 | 3656 | 3684 |
| &nbsp;&nbsp;Octane Receivables Trust 2025-1, ABF Equity | (f)(k)(l) | Automobiles & Components |  |  |  |  |  |  |  | 32605 | 5761 | 5748 |
| &nbsp;&nbsp;Octane Receivables Trust 2025-1, ABS | (e)(f)(k) | Automobiles & Components |  |  | 7.0% |  |  |  | 04/33 | $2574 | 2573 | 2619 |
| &nbsp;&nbsp;Opendoor Labs Inc, Structured Mezzanine | (f)(k) | Real Estate Management & Development |  |  | 12.5% |  |  |  | 02/29 | $8259 | 8259 | 8362 |
| &nbsp;&nbsp;Opendoor Labs Inc, Structured Mezzanine | (i)(k) | Real Estate Management & Development |  |  | 12.5% |  |  |  | 02/29 | $4130 | 4130 | 4181 |
| &nbsp;&nbsp;Orange Maple 2025-2 DAC, ABF Equity | (f)(k)(l) | Banks |  |  |  |  |  |  |  | 34529000 | 39979 | 40502 |
| &nbsp;&nbsp;PayPal Danube 2, ABF Equity | (f)(k)(l) | Financial Services |  |  |  |  |  |  |  | 13066637 | 15180 | 15174 |
| &nbsp;&nbsp;PayPal Europe Sarl et Cie SCA, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 2714616 | 2980 | 3187 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (f)(k) | Transportation |  |  | 6.5% |  |  |  | 10/27 | $4703 | 4703 | 4730 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (f)(k) | Transportation |  |  | 6.5% |  |  |  | 12/27 | $4703 | 4703 | 4730 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (i)(k) | Transportation |  |  | 6.5% |  |  |  | 10/27 | $2831 | 2831 | 2847 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | (i)(k) | Transportation |  |  | 6.5% |  |  |  | 12/27 | $2831 | 2831 | 2848 |
| &nbsp;&nbsp;Powin Energy Corp/NV, Warrants | (l) | Capital Goods |  |  |  |  |  |  |  | 861398 |  |  |
| &nbsp;&nbsp;Pretium Partners LLC P1, Structured Mezzanine | (f)(k) | Equity Real Estate Investment Trusts (REITs) |  |  | 8.0% | (5.3% PIK | / 5.3% PIK) |  | 10/26 | $17253 | 16991 | 17253 |
| &nbsp;&nbsp;Progress Residential 2024-SFR4 Trust, Structured Mezzanine | (e)(f)(k) | Real Estate Management & Development |  |  | 3.4% |  |  |  | 07/41 | $6250 | 5169 | 5720 |
| &nbsp;&nbsp;Rain City Mortgage Trust 2024-RTL1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 10.2% |  |  |  | 09/29 | $3290 | 3290 | 3321 |
| &nbsp;&nbsp;Rosemawr Management LLC, ABS | (f) | Utilities |  |  | 5.0% |  |  |  | 08/54 | $1025 | 922 | 951 |
| &nbsp;&nbsp;Rosemawr Management LLC, Structured Mezzanine | (f) | Utilities |  |  | 7.3% |  |  |  | 08/54 | $499 | 450 | 464 |
| &nbsp;&nbsp;Sallie Mae Levered, ABF Equity | (f)(k)(l)(n) | Financial Services |  |  |  |  |  |  |  | 1143192 | 1143 | 1089 |
| &nbsp;&nbsp;Sallie Mae Levered, Bond | (f)(k)(n) | Financial Services |  |  | 13.0% |  |  |  | 11/33 | $4319 | 4319 | 4319 |
| &nbsp;&nbsp;Sallie Mae Levered, Term Loan | (f)(k)(n) | Financial Services | SF | + | 2.8% |  |  |  | 11/32 | $130 | 130 | 130 |
| &nbsp;&nbsp;Sallie Mae Levered, Term Loan | (i)(k)(n) | Financial Services | SF | + | 2.8% |  |  |  | 11/32 | $250 | 250 | 250 |
| &nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine | (f)(k) | Real Estate Management & Development |  |  | 20.3% |  |  |  | 10/53 | $324980 | 497 | 395 |
| &nbsp;&nbsp;Santander Consumer Bank AS, ABF Equity | (f)(k)(l) | Banks |  |  |  |  |  |  |  | 210223000 | 21078 | 21520 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development |  |  | 1.5% |  |  |  | 01/65 | $72149 | 2356 | 3102 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development |  |  | 0.4% |  |  |  | 01/65 | $72149 | 501 | 469 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development |  |  | 7.3% |  |  |  | 01/65 | $1335 | 1302 | 1243 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS | (f)(k) | Real Estate Management & Development |  |  | 7.3% |  |  |  | 01/65 | $1295 | $1254 | $1247 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 7.1% |  |  |  | 07/65 | $9746 | 9422 | 9608 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 1.5% |  |  |  | 07/65 | $124998 | 4448 | 4463 |
| &nbsp;&nbsp;Santander Mortgage Asset Receivable Trust 2025-NQM4, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 0.4% |  |  |  | 07/65 | $124998 | 862 | 986 |
| &nbsp;&nbsp;SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver | (f)(j)(k) | Media & Entertainment | SF | + | 6.3% |  |  | 0.8% | 03/28 | $10379 | 10379 | 10437 |
| &nbsp;&nbsp;SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver | (i)(j)(k) | Media & Entertainment | SF | + | 6.3% |  |  | 0.8% | 03/28 | $5419 | 5419 | 5449 |
| &nbsp;&nbsp;Setna SPV I, Term Loan | (f)(k) | Transportation |  |  | 5.9% |  |  |  | 12/31 | $12698 | 12698 | 12739 |
| &nbsp;&nbsp;Setna SPV I, Term Loan | (i)(k) | Transportation |  |  | 5.9% |  |  |  | 12/31 | $191 | 191 | 192 |
| &nbsp;&nbsp;SKP German Bank, ABF Equity | (f)(k)(l) | Financial Services |  |  |  |  |  |  |  | 1711026 | 2010 | 2012 |
| &nbsp;&nbsp;Slate Venture Holdings LP, ABF Equity | (f)(k) | Consumer Durables & Apparel |  |  |  |  |  |  |  | 5523032 | 5523 | 6449 |
| &nbsp;&nbsp;Slate Venture Holdings LP, Term Loan | (f)(k) | Consumer Durables & Apparel |  |  | 10.8% | (0.0% PIK | / 10.8% PIK) |  | 08/29 | $4629 | 4629 | 4629 |
| &nbsp;&nbsp;Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver | (f)(k) | Materials | SF | + | 4.8% |  |  | 1.0% | 01/28 | $13431 | 13431 | 13565 |
| &nbsp;&nbsp;Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver | (i)(k) | Materials | SF | + | 4.8% |  |  | 1.0% | 01/28 | $3642 | 3642 | 3679 |
| &nbsp;&nbsp;SunPower Financial, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 118680 | 119 | 127 |
| &nbsp;&nbsp;Synovus Financial Corp, ABF Equity | (f)(k) | Banks |  |  |  |  |  |  |  | 377598 | 378 | 461 |
| &nbsp;&nbsp;TDC LLP, ABF Equity | (f)(k)(l)(n) | Financial Services |  |  |  |  |  |  |  | 69097 | 87 | 90 |
| &nbsp;&nbsp;TDC LLP, Preferred Equity | (f)(k)(n) | Financial Services |  |  | 8.0% |  |  |  |  | £1812 | 2329 | 2446 |
| &nbsp;&nbsp;TPSI Receivables LLC (Tropicana Products Inc), Revolver | (f)(k) | Food, Beverage & Tobacco | SF | + | 4.8% |  |  | 1.0% | 01/29 | $27822 | 27822 | 27889 |
| &nbsp;&nbsp;TPSI Receivables LLC (Tropicana Products Inc), Revolver | (i)(k) | Food, Beverage & Tobacco | SF | + | 4.8% |  |  | 1.0% | 01/29 | $8632 | 8632 | 8652 |
| &nbsp;&nbsp;Unison Trust 2025-1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 6.0% |  |  |  | 07/55 | $15298 | 14067 | 14371 |
| &nbsp;&nbsp;Vehicle Secured Funding Trust, ABF Equity | (f)(k) | Financial Services |  |  |  |  |  |  |  | 2638928 | 2639 | 3579 |
| &nbsp;&nbsp;Vehicle Secured Funding Trust, Term Loan | (f)(k) | Financial Services |  |  | 15.0% |  |  |  | 01/46 | $7917 | 7917 | 7917 |
| &nbsp;&nbsp;VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc) | (f)(k) | Materials | SF | + | 4.8% |  |  | 1.0% | 04/29 | $30616 | 30616 | 30616 |
| &nbsp;&nbsp;VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc) | (i)(k) | Materials | SF | + | 4.8% |  |  | 1.0% | 04/29 | $14384 | 14384 | 14384 |
| &nbsp;&nbsp;Vietjet Aviation JSC, Term Loan | (f)(k) | Transportation |  |  | 9.4% |  |  |  | 03/37 | $9598 | 9598 | 9816 |
| &nbsp;&nbsp;Vietjet Aviation JSC, Term Loan | (f)(k) | Transportation |  |  | 9.4% |  |  |  | 12/37 | $10163 | 10163 | 10394 |

---

*See notes to unaudited consolidated financial statements.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(a)</sup> | **Footnotes** | **Industry** | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Rate**<sup>(b)</sup> | **Floor**<sup>(b)</sup> | **Maturity** | **Principal Amount**<sup>(c)</sup>**/Shares** | **Amortized Cost** | **Fair Value**<sup>(d)</sup> |
| &nbsp;&nbsp;Vontive Mortgage Trust 2025-RTL1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 8.0% |  | 03/30 | $976 | $976 | $988 |
| &nbsp;&nbsp;Vontive Mortgage Trust 2025-RTL1, ABS | (e)(f)(k) | Real Estate Management & Development |  |  | 9.5% |  | 03/30 | $2370 | 2346 | 2377 |
| &nbsp;&nbsp;Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver | (f)(k) | Capital Goods | SF | + | 5.5% | 0.8% | 10/28 | $24315 | 24244 | 24378 |
| &nbsp;&nbsp;Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver | (i)(k) | Capital Goods | SF | + | 5.5% | 0.8% | 10/28 | $26341 | 26341 | 26409 |
| **Total Asset Based Finance** |  |  |  |  |  |  |  |  | 743441 | 761750 |
| &nbsp;&nbsp;Unfunded Commitments |  |  |  |  |  |  |  |  | (102885) | (102885) |
| **Net Asset Based Finance** |  |  |  |  |  |  |  |  | 640556 | 658865 |
| **TOTAL INVESTMENTS—170.2%** |  |  |  |  |  |  |  |  | $2596924 | 2625095 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS—(70.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(70.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS—(70.2)%** |  |  |  |  |  |  |  | (1082934) |
| **NET ASSETS—100.0%** |  |  |  |  |  |  |  |  |  | $1542161 |

---

**Foreign currency forward contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Amount and Transaction** | **Amount and Transaction** | **US$ Value at Settlement Date** | **US$ Value at <br>December 31, 2025** | **Unrealized Appreciation (Depreciation)** |
| EUR | 3/30/28 | Goldman Sachs Bank USA | 930 | Sold | $1088 | $1122 | $(34) |
| EUR | 5/25/28 | Goldman Sachs Bank USA | 1300 | Sold | 1470 | 1571 | (101) |
| EUR | 5/25/28 | Goldman Sachs Bank USA | 548 | Sold | 605 | 662 | (57) |
| GBP | 6/1/26 | Goldman Sachs Bank USA | £2500 | Sold | 3386 | 3360 | 26 |
| GBP | 3/29/29 | Goldman Sachs Bank USA | £1000 | Sold | 1319 | 1335 | (16) |
| NOK | 1/28/28 | Goldman Sachs Bank USA | 210223 | Sold | 20978 | 20683 | 295 |
| Total |  |  |  |  | $28846 | $28733 | $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.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 is 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 was deemed to be an affiliated person as of December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2024** | **Gross Additions**<sup>(1)</sup> | **Gross Reductions**<sup>(2)</sup> | **Net Realized Gain (Loss)** | **Net Change in Unrealized Appreciation (Depreciation)** | **Fair Value at December 31, 2025** | **Interest Income**<sup>(3)</sup> | **PIK Income**<sup>(3)</sup> | **Fee Income**<sup>(3)</sup> | **Dividend and Other Income**<sup>(3)</sup> |
| **Asset Based Finance** | | | | | | | | | | |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, ABF Equity | $— | $79 | $— | $— | $1 | $80 | $— | $— | $— | $— |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan |  | 4934 |  |  |  | 4934 | 75 |  | 185 |  |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan |  | 711 |  |  |  | 711 | 19 |  |  |  |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | 1863 |  |  |  | (57) | 1806 |  |  |  |  |
| &nbsp;&nbsp;GreenSky Holdings LLC, ABF Equity | 2790 | 330 | (1052) |  | (160) | 1908 |  |  |  | 455 |
| &nbsp;&nbsp;GreenSky Holdings LLC, Term Loan | 4188 | 405 |  |  |  | 4593 |  | 408 |  |  |
| Total | $8841 | $6459 | $(1052) | $— | $(216) | $14032 | $94 | $408 | $185 | $455 |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

*See notes to unaudited consolidated financial statements.*

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 is deemed to be an "affiliated person" and deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value at December 31, 2024** | **Gross Additions**<sup>(1)</sup> | **Gross Reductions**<sup>(2)</sup> | **Net Realized Gain (Loss)** | **Net Change in Unrealized Appreciation (Depreciation)** | **Fair Value at December 31, 2025** | **Interest Income**<sup>(3)</sup> | **PIK Income**<sup>(3)</sup> | **Fee Income**<sup>(3)</sup> | **Dividend and Other Income**<sup>(3)</sup> |
| **Asset Based Finance** | | | | | | | | | | |
| &nbsp;&nbsp;Australis Maritime II, ABF Equity | $694 | $344 | $(245) | $— | $21 | $814 | $— | $— | $— | $56 |
| &nbsp;&nbsp;Discover Financial Services, ABF Equity | 5402 |  | (918) |  | 90 | 4574 |  |  |  | 990 |
| &nbsp;&nbsp;Discover Financial Services, Subordinated Loan | 9708 |  | (1812) |  |  | 7896 | 1290 |  |  |  |
| &nbsp;&nbsp;Galaxy Container, ABF Equity |  | 236 |  |  |  | 236 |  |  |  |  |
| &nbsp;&nbsp;KKR Altitude II Offshore Aggregator LP, Partnership Interest | 2139 | 535 | (226) |  | 54 | 2502 |  |  | 23 | 279 |
| &nbsp;&nbsp;KSC I Aircraft LP, ABF Equity |  | 19441 |  |  | 1 | 19442 |  |  |  |  |
| &nbsp;&nbsp;Sallie Mae Levered, ABF Equity |  | 1143 |  |  | (54) | 1089 |  |  |  |  |
| &nbsp;&nbsp;Sallie Mae Levered, Bond |  | 4319 |  |  |  | 4319 | 56 |  |  |  |
| &nbsp;&nbsp;Sallie Mae Levered, Term Loan |  | 130 |  |  |  | 130 | 1 |  | 1 |  |
| &nbsp;&nbsp;TDC LLP, ABF Equity |  | 87 |  |  | 3 | 90 |  |  |  |  |
| &nbsp;&nbsp;TDC LLP, Preferred Equity |  | 2329 |  |  | 117 | 2446 | 175 |  |  |  |
| Total | $17943 | $28564 | $(3201) | $— | $232 | $43538 | $1522 | $— | $24 | $1325 |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.*

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 March 31, 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 months ended March 31, 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

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 March 31, 2026 and December 31, 2025, the Adviser has paid $6,238 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 incentive fee on income. The subordinated incentive fee on income 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 incentive fee on income 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

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 three months ended March 31, 2026 and 2025, the Company recognized $2,093 and $2,199, 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 three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Gross Proceeds from Offering | 5072324 | $150526 | 5055647 | $149716 |
| Reinvestment of Distributions | 257517 | 7637 | 144262 | 4270 |
| Share Repurchase Program | (781888) | (23252) |  |  |
| Net Proceeds from Share Transactions | 4547953 | $134911 | 5199909 | $153986 |

---

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 March 31, 2026, the Company has issued 57,447,131 Class I shares in the Private Offering for gross proceeds of $1,689,261, including Class I shares issued under its distribution reinvestment plan. Of the 57,447,131 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 March 31, 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 three months ended March 31, 2026 and 2025, the Company issued 5,329,841 and 5,199,909 Class I shares, respectively, for gross proceeds of $158,163 and $153,986, respectively, at an average price per share of $29.67 and $29.61, respectively. The gross proceeds received during the three months ended March 31, 2026 and 2025 include reinvested shareholder distributions of $7,637 and $4,270, respectively, for which the Company issued 257,517 and 144,262 Class I shares, respectively, under its distribution reinvestment plan.

During the period from April 1, 2026 to April 30, 2026, the Company issued 340,104 Class I shares for gross proceeds of $9,947 at an average price per share of $29.25. The gross proceeds received during the period from April 1, 2026 to April 30, 2026 include reinvested shareholder distributions of $2,303 for which the Company issued 78,755 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.

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

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 three months ended March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Date** | **Offer Date** | **Tender Offer Expiration** | **Purchase Price per Share** | **Common Shares Repurchased**<sup>(1)</sup> | **Aggregate Dollar Amount of Common Shares Accepted for Repurchase**<sup>(1)</sup> |
| January 2, 2026 | December 1, 2025 | December 29, 2025 | $29.75 | 781888 | $23252 |

---

________________

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

On March 2, 2026, the Company commenced a tender offer pursuant to which it offered to repurchase up to 2,591,874 Common Shares tendered prior to the offer expiring on March 30, 2026. During the period from April 1, 2026 to April 30, 2026, the Company repurchased 2,591,829 Common Shares that were validly tendered by shareholders at a purchase price of $29.25 per share for aggregate consideration, net of any applicable Early Repurchase Deduction, of $75,677. Due to the oversubscription of the repurchase offer expiring on March 30, 2026, based on the final count by SS&C GIDS, Inc., the Company's transfer agent, the Company accepted for purchase on a pro rata basis approximately 80% of the Common Shares properly tendered and not properly withdrawn.

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**

*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 incentive fee on income under the Advisory Agreement through September 30, 2025.

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

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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)**

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 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 months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related Party** | | | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **Related Party** |<br>**Source Agreement** |<br>**Description** | **2026** | **2025** |
| The Adviser | Investment advisory agreement | Base Management Fee<sup>(1)</sup> | $5007 | $2808 |
| The Adviser | Investment advisory agreement | Capital Gains Incentive Fee<sup>(2)</sup> | $(2947) | $516 |
| The Adviser | Investment advisory agreement | Subordinated Incentive Fee on Income<sup>(3)</sup> | $4876 | $3195 |
| The Adviser | Administration agreement | Administrative Services Expenses<sup>(4)</sup> | $686 | $592 |
| The Adviser | Administration agreement | Organizational & Offering Costs | $— | $— |
| The Adviser | Expense support agreement | Expense Recoupment | $— | $— |

---

________________

(1)The Adviser agreed to waive all management fees accrued under the Advisory Agreement through September 30, 2025. As of March 31, 2026, $5,007 in management fees were payable to the Adviser.

(2)During the three months ended March 31, 2026 and 2025, the Company accrued capital gains incentive fees of $(2,947) and $516, respectively, based on the performance of its portfolio. As of March 31, 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 incentive fees on income accrued under the Advisory Agreement through September 30, 2025. As of March 31, 2026, $4,876 in subordinated incentive fees on income were payable to the Adviser.

(4)During the three months ended March 31, 2026 and 2025, $652 and $533, 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 $57 and $86 for the three months ended March 31, 2026 and 2025, respectively. The Company paid $535 and $352 in administrative services expenses to the Adviser during the three months ended March 31, 2026 and 2025, respectively.

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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. As of March 31, 2026, no borrowings are outstanding under this arrangement.

*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 16, 2025, the Company applied for amended co-investment exemptive relief, which, if granted by the SEC, would supersede the existing co-investment exemptive relief and similarly permit co-investments with certain affiliates, but would simplify certain of the conditions and provide more flexibility than the current 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 March 31, 2026, the full $35,000 of capital commitments under the Seed Contribution had been called and funded.

As of March 31, 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.

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

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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)**

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 three months ended March 31, 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 March 31, 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 three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
|<br>**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 |
| Total |  |  |  | $0.675 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
|<br>**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 |
| Total |  |  |  | $0.850 |

---

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. 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.

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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)**

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 three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
|<br>**Source of Distribution** | **Distribution Amount** | **Percentage** | **Distribution Amount** | **Percentage** |
| Offering proceeds | $— |  | $— |  |
| Borrowings |  |  |  |  |
| Net investment income<sup>(1)</sup> | 37087 | 100% | 26723 | 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 | $37087 | 100% | $26723 | 100% |

---

________________

(1)During the three months ended March 31, 2026 and 2025, 97.3% and 93.7%, respectively, of the Company's gross investment income was attributable to cash income earned, 0.4% and 1.3%, respectively, was attributable to non-cash accretion of discount and 2.3% and 5.0%, 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 March 31, 2026 and December 31, 2025, the Company's gross unrealized appreciation on a tax basis was $31,514 and $36,745, respectively. As of March 31, 2026 and December 31, 2025, the Company's gross unrealized depreciation on a tax basis was $34,314 and $12,813, respectively.

The aggregate cost of the Company's investments for U.S. federal income tax purposes totaled $2,680,283 and $2,596,699 as of March 31, 2026 and December 31, 2025, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $(1,958) and $28,396 as of March 31, 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 March 31, 2026, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $311.

**Note 6. Investment Portfolio**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026**<br>**(Unaudited)** | **March 31, 2026**<br>**(Unaudited)** | **March 31, 2026**<br>**(Unaudited)** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost**<sup>(1)</sup> | **Fair Value** | **Percentage of Portfolio** | **Amortized Cost**<sup>(1)</sup> | **Fair Value** | **Percentage of Portfolio** |
| Senior Secured Loans—First Lien | $1985624 | $1965959 | 73.4% | $1954430 | $1964215 | 74.8% |
| Subordinated Debt | 2008 | 2086 | 0.1% | 1938 | 2015 | 0.1% |
| Asset Based Finance | 693669 | 710280 | 26.5% | 640556 | 658865 | 25.1% |
| Total | $2681301 | $2678325 | 100.0% | $2596924 | $2625095 | 100.0% |

---

________________

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

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

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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)**

As of March 31, 2026, the Company held investments in two portfolio companies of which it is deemed to be an "affiliated person" but is not deemed to "control." As of March 31, 2026, the Company held investments in eight portfolio companies of which it is deemed to "control." For additional information with respect to such portfolio companies, see footnotes (n) and (o) to the unaudited consolidated schedule of investments as of March 31, 2026.

As of December 31, 2025, the Company held investments in two portfolio companies of which it was 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 was 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 March 31, 2026, the Company had unfunded debt investments with aggregate unfunded commitments of $570,751 and unfunded equity/other commitments of $15,522. 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 March 31, 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 March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026**<br>**(Unaudited)** | **March 31, 2026**<br>**(Unaudited)** | **December 31, 2025** | **December 31, 2025** |
|<br>**Industry Classification** | **Fair Value** | **Percentage of Portfolio** | **Fair Value** | **Percentage of Portfolio** |
| Automobiles & Components | $8772 | 0.3% | $8367 | 0.3% |
| Banks | 59657 | 2.2% | 62483 | 2.4% |
| Capital Goods | 383840 | 14.3% | 387085 | 14.7% |
| Commercial & Professional Services | 292429 | 10.9% | 291011 | 11.1% |
| Consumer Durables & Apparel | 11074 | 0.4% | 11078 | 0.4% |
| Consumer Services | 123440 | 4.6% | 122173 | 4.7% |
| Consumer Staples Distribution & Retail | 16437 | 0.6% | 15981 | 0.6% |
| Equity Real Estate Investment Trusts (REITs) | 17253 | 0.7% | 17253 | 0.7% |
| Financial Services | 344349 | 12.9% | 327038 | 12.5% |
| Food, Beverage & Tobacco | 32643 | 1.2% | 32615 | 1.2% |
| Health Care Equipment & Services | 248991 | 9.3% | 247745 | 9.4% |
| Household & Personal Products | 6142 | 0.2% | 6237 | 0.2% |
| Insurance | 177927 | 6.7% | 177799 | 6.8% |
| Materials | 63940 | 2.4% | 62474 | 2.4% |
| Media & Entertainment | 35493 | 1.3% | 50557 | 1.9% |
| Pharmaceuticals, Biotechnology & Life Sciences | 27859 | 1.0% | 25530 | 1.0% |
| Real Estate Management & Development | 123396 | 4.6% | 121281 | 4.6% |
| Software & Services | 556373 | 20.8% | 533769 | 20.3% |
| Technology Hardware & Equipment | 260 | 0.0% | 264 | 0.0% |
| Telecommunication Services | 28539 | 1.1% | 10801 | 0.4% |
| Transportation | 118279 | 4.4% | 112139 | 4.3% |
| Utilities | 1232 | 0.1% | 1415 | 0.1% |
| Total | $2678325 | 100.0% | $2625095 | 100.0% |

---

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 March 31, 2026 and December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Instrument** | **Statement Location** | **March 31, 2026**<br>**(Unaudited)** | **December 31, 2025** |
| Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $129 | $321 |
| Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (382) | (208) |
| Total |  | $(253) | $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 three months ended March 31, 2026 and 2025 are in the following locations in the unaudited consolidated statements of operations:

---

| | | | |
|:---|:---|:---|:---|
| | | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|<br>**Derivative Instrument** |<br>**Statement Location** | **2026** | **2025** |
| Foreign currency forward contracts | Net realized gain (loss) on foreign currency forward contracts | $(20) | $— |
| Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (366) | (148) |
| Total |  | $(386) | $(148) |

---

*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 March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026 (Unaudited)** | **As of March 31, 2026 (Unaudited)** | **As of March 31, 2026 (Unaudited)** | **As of March 31, 2026 (Unaudited)** | **As of March 31, 2026 (Unaudited)** |
|<br>**Counterparty** | **Derivative Assets Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Received**<sup>(1)</sup> | **Cash Collateral Received**<sup>(1)</sup> | **Net Amount of Derivative Assets**<sup>(2)</sup> |
| Goldman Sachs Bank USA | $129 | $(129) | $— | $— | $— |
| Total | $129 | $(129) | $— | $— | $— |
| **Counterparty** | **Derivative Liabilities Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Pledged**<sup>(1)</sup> | **Cash Collateral Pledged**<sup>(1)</sup> | **Net Amount of Derivative Liabilities**<sup>(3)</sup> |
| Goldman Sachs Bank USA | $(382) | $129 | $— | $— | $(253) |
| Total | $(382) | $129 | $— | $— | $(253) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|<br>**Counterparty** | **Derivative Assets Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Received**<sup>(1)</sup> | **Cash Collateral Received**<sup>(1)</sup> | **Net Amount of Derivative Assets**<sup>(2)</sup> |
| 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**<sup>(1)</sup> | **Cash Collateral Pledged**<sup>(1)</sup> | **Net Amount of Derivative Liabilities**<sup>(3)</sup> |
| 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.

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 three months ended March 31, 2026 and 2025 were $29,409 and $5,068, 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 March 31, 2026 and December 31, 2025, the Company's investments were categorized as follows in the fair value hierarchy:

---

| | | |
|:---|:---|:---|
| **Valuation Inputs** | **March 31, 2026**<br>**(Unaudited)** | **December 31, 2025** |
| Level 1—Price quotations in active markets | $— | $— |
| Level 2—Significant other observable inputs | 211182 | 244873 |
| Level 3—Significant unobservable inputs | 2467143 | 2380222 |
|  | $2678325 | $2625095 |

---

As of March 31, 2026 and December 31, 2025, the Company had certain cash equivalents invested in money market accounts 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 March 31, 2026 and December 31, 2025.

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

The Company's investments consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower's ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company's equity/other investments are also valued by independent valuation firms, which determine the

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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)**

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 three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **Senior Secured Loans—First Lien** | **Subordinated Debt** | **Asset Based Finance** | **Total** |
| Fair value at beginning of period | $1839213 | $2015 | $538994 | $2380222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount (amortization of premium) | 310 | 1 | 70 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (522) |  | 53 | (469) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (22488) | 1 | (948) | (23435) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | 116162 |  | 71643 | 187805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | 695 | 69 | 398 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and repayments | (56996) |  | (21527) | (78523) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |  |  |  |
| Fair value at end of period | $1876374 | $2086 | $588683 | $2467143 |
| 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 | $(22360) | $1 | $(694) | $(23053) |

---

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **Senior Secured Loans—First Lien** | **Subordinated Debt** | **Asset Based Finance** | **Total** |
| Fair value at beginning of period | $865488 | $1667 | $155263 | $1022418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount (amortization of premium) | 328 | (1) | 130 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3 |  | (34) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3004 | 95 | 2341 | 5440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | 211812 |  | 113401 | 325213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | 511 | 60 | 1061 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and repayments | (12604) |  | (14329) | (26933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |  |  |  |
| Fair value at end of period | $1068542 | $1821 | $257833 | $1328196 |
| 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 | $3133 | $95 | $2341 | $5569 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | **Fair Value at March 31, 2026**<br>**(Unaudited)** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range (Weighted Average)** | **Impact to Valuation from an Increase in Input**<sup>(1)</sup> |
| Senior Debt | $1855010 | Discounted Cash Flow | Discount Rate | 7.2% - 12.1% (8.7%) | Decrease |
|  | 4230 | Waterfall | EBITDA Multiple | 10.5x - 14.6x (13.4x) | Increase |
|  | 17134 | Cost<sup>(2)</sup> |  |  |  |
| Subordinated Debt | 2086 | Discounted Cash Flow | Discount Rate | 14.1% - 14.1% (14.1%) | Decrease |
| Asset Based Finance | 476626 | Discounted Cash Flow | Discount Rate | 4.6% - 92.5% (11.7%) | Decrease |
|  | 44364 | Cost<sup>(2)</sup> |  |  |  |
|  | 67693 | Other<sup>(3)</sup> |  |  |  |
| Total | $2467143 |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | **Fair Value at December 31, 2025** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range (Weighted Average)** | **Impact to Valuation from an Increase in Input**<sup>(1)</sup> |
| Senior Debt | $1667582 | Discounted Cash Flow | Discount Rate | 4.6% - 12.7% (8.4%) | Decrease |
|  | 171631 | Cost<sup>(2)</sup> |  |  |  |
| Subordinated Debt | 2015 | Discounted Cash Flow | Discount Rate | 14.1% - 14.1% (14.1%) | Decrease |
| Asset Based Finance | 298014 | Discounted Cash Flow | Discount Rate | 4.7% - 43.7% (9.9%) | Decrease |
|  | 130135 | Cost<sup>(2)</sup> |  |  |  |
|  | 110845 | Other<sup>(3)</sup> |  |  |  |
| Total | $2380222 |  |  |  |  |

---

________________

(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.

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 March 31, 2026, the aggregate amount outstanding of the senior securities issued by the Company was $1,117,244. As of March 31, 2026, the Company's asset coverage was 248%.

The following tables present summary information with respect to the Company's outstanding financing arrangements as of March 31, 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. Any significant changes to the Company's financing arrangements during the three months ended March 31, 2026 are discussed below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026 (Unaudited)** | **As of March 31, 2026 (Unaudited)** | **As of March 31, 2026 (Unaudited)** | **As of March 31, 2026 (Unaudited)** | **As of March 31, 2026 (Unaudited)** | **As of March 31, 2026 (Unaudited)** |
|<br>**Arrangement** | **Type of Arrangement** | **Rate** | **Amount<br>Outstanding** | | **Amount<br>Available** | **Maturity Date** |
| Senior Secured Revolving Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.125%<sup>(2)</sup> | $347414 | <sup>(3)</sup> | $222586 | July 19, 2028 |
| K-FIT AB-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+1.85%<sup>(2)</sup> | 435080 |  | 64920 | October 16, 2030 |
| K-FIT CO-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+1.85%<sup>(2)</sup> | 334750 |  | 65250 | March 4, 2030 |
| Total |  |  | $1117244 |  | $352756 |  |

---

________________

(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 €79,250 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.15 as of March 31, 2026. British pound balance outstanding of £84,300 has been converted to U.S. dollars at an exchange rate of £1.00 to $1.32 as of March 31, 2026 to reflect total amount outstanding in U.S. dollars.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|<br>**Arrangement** | **Type of Arrangement** | **Rate** | **Amount<br>Outstanding** | | **Amount<br>Available** | **Maturity Date** |
| Senior Secured Revolving Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.125%<sup>(2)</sup> | $390708 | <sup>(3)</sup> | $129292 | July 19, 2028 |
| K-FIT AB-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+1.85%<sup>(2)</sup> | 427000 |  | 73000 | October 16, 2030 |
| K-FIT CO-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+1.85%<sup>(2)</sup> | 316500 |  | 83500 | March 4, 2030 |
| Total |  |  | $1134208 |  | $285792 |  |

---

________________

(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 three months ended March 31, 2026 and 2025, the components of total interest expense for the Company's financing arrangements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|<br>**Arrangement**<sup>(1)</sup> | **Direct Interest Expense**<sup>(2)</sup> | **Amortization of Deferred Financing Costs** | **Total Interest Expense** | **Direct Interest Expense**<sup>(2)</sup> | **Amortization of Deferred Financing Costs** | **Total Interest Expense** |
| Senior Secured Revolving Credit Facility | $4699 | $181 | $4880 | $1209 | $109 | $1318 |
| K-FIT AB-1 Credit Facility | 6131 | 246 | 6377 | 3668 | 186 | 3854 |
| K-FIT CO-1 Credit Facility | 4663 | 187 | 4850 | 437 | 31 | 468 |
| Total | $15493 | $614 | $16107 | $5314 | $326 | $5640 |

---

________________

(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.

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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)**

The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the three months ended March 31, 2026 were $1,100,803 and 5.63%, respectively. As of March 31, 2026, the Company's weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.60%.

The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the three months ended March 31, 2025 were $316,326 and 6.72%, respectively. As of March 31, 2025, the Company's weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 6.66%.

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 March 31, 2026.

*Senior Secured Revolving Credit Facility*

On March 17, 2026, the Company entered into the Second Amendment to Senior Secured Revolving Credit Agreement, or Second Amendment, amending that certain Senior Secured Revolving Credit Agreement, originally dated July 19, 2023 (as previously amended by that certain First Amendment to Senior Secured Revolving Credit Agreement, dated as of January 26, 2024), 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 Second Amendment provides for, among other things, an increase in the aggregate revolving commitments under the Credit Agreement from $520,000 to $570,000. The Second Amendment also increased the maximum aggregate amount of commitments that may be incurred pursuant to the commitment increase provisions of the Credit Agreement to $1.0 billion.

**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 three months ended March 31, 2026, there were no investments purchased by the Company from the Financing Provider. As of March 31, 2026, no 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 April 1, 2026 through April 30, 2026, there were no investments purchased by the Company from the Financing Provider.

As of March 31, 2026, the conditions precedent to the Company's obligation to purchase any additional investments from the Financing Provider had not been met. The Company did not hold any beneficial interest in the warehouse.

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

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

------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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)**

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 March 31, 2026, the Company's unfunded commitments consisted of the following:

---

| | |
|:---|:---|
| **Category / Company**<sup>(1)</sup> | **Commitment Amount** |
| Senior Secured Loans—First Lien |  |
| &nbsp;&nbsp;AGS Health LLC | $1679 |
| &nbsp;&nbsp;AGS Health LLC | 596 |
| &nbsp;&nbsp;A-Lign Assurance LLC | 3287 |
| &nbsp;&nbsp;A-Lign Assurance LLC | 1570 |
| &nbsp;&nbsp;Apex Service Partners LLC | 2029 |
| &nbsp;&nbsp;Arcfield Acquisition Corp | 2780 |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | 2797 |
| &nbsp;&nbsp;Area Wide Protective Inc | 2769 |
| &nbsp;&nbsp;Avetta LLC | 780 |
| &nbsp;&nbsp;Avetta LLC | 367 |
| &nbsp;&nbsp;Avetta LLC | 1605 |
| &nbsp;&nbsp;BGB Group LLC | 2185 |
| &nbsp;&nbsp;BGB Group LLC | 3278 |
| &nbsp;&nbsp;Bonterra LLC | 2843 |
| &nbsp;&nbsp;Bonterra LLC | 590 |
| &nbsp;&nbsp;Cadence Education LLC | 1412 |
| &nbsp;&nbsp;Cambrex Corp | 1458 |
| &nbsp;&nbsp;Carrier Fire Protection | 1052 |
| &nbsp;&nbsp;Carrier Fire Protection | 1656 |
| &nbsp;&nbsp;Carrier Fire Protection | 21 |
| &nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | 718 |
| &nbsp;&nbsp;Clarience Technologies LLC | 4000 |
| &nbsp;&nbsp;Clarience Technologies LLC | 8848 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | 3108 |
| &nbsp;&nbsp;CLEAResult Consulting Inc | 2066 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | 2061 |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | 1237 |
| &nbsp;&nbsp;Com Laude Group Ltd | 4263 |
| &nbsp;&nbsp;Com Laude Group Ltd | 1714 |
| &nbsp;&nbsp;Community Brands Inc | 795 |
| &nbsp;&nbsp;Conservice LLC | 2347 |
| &nbsp;&nbsp;CSafe Global | 1929 |
| &nbsp;&nbsp;Dental365 LLC | 2216 |
| &nbsp;&nbsp;Dental365 LLC | 2213 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | 883 |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | 317 |
| &nbsp;&nbsp;DuBois Chemicals Inc | 2138 |
| &nbsp;&nbsp;DuBois Chemicals Inc | 621 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | 1807 |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | 2008 |
| &nbsp;&nbsp;Flexera Software LLC | 3024 |
| &nbsp;&nbsp;Follett Software Co | 925 |
| &nbsp;&nbsp;Frontline Road Safety LLC | 4151 |
| &nbsp;&nbsp;Frontline Road Safety LLC | 326 |
| &nbsp;&nbsp;Galway Partners Holdings LLC | 569 |
| &nbsp;&nbsp;GE Digital LLC | 3055 |

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(1)</sup> | **Commitment Amount** |
| &nbsp;&nbsp;Granicus Inc | $46 |
| &nbsp;&nbsp;Granicus Inc | 636 |
| &nbsp;&nbsp;Higginbotham Insurance Agency Inc | 4233 |
| &nbsp;&nbsp;Highgate Hotels Inc | 1051 |
| &nbsp;&nbsp;Highgate Hotels Inc | 3206 |
| &nbsp;&nbsp;Homrich & Berg Inc | 649 |
| &nbsp;&nbsp;Homrich & Berg Inc | 10430 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | 5300 |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | 7108 |
| &nbsp;&nbsp;Inhabit IQ | 1192 |
| &nbsp;&nbsp;Inhabit IQ | 745 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | 4015 |
| &nbsp;&nbsp;Insightsoftware.Com Inc | 423 |
| &nbsp;&nbsp;Integrated Power Services LLC | 4215 |
| &nbsp;&nbsp;Integrated Power Services LLC | 8687 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | 6056 |
| &nbsp;&nbsp;Integrity Marketing Group LLC | 7611 |
| &nbsp;&nbsp;J S Held LLC | 794 |
| &nbsp;&nbsp;J S Held LLC | 2040 |
| &nbsp;&nbsp;Jeppesen Holdings LLC | 1221 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | 8749 |
| &nbsp;&nbsp;Keystone Agency Partners LLC | 3884 |
| &nbsp;&nbsp;Lazer Logistics Inc | 1234 |
| &nbsp;&nbsp;Lazer Logistics Inc | 833 |
| &nbsp;&nbsp;Learning Experience Corp/The | 801 |
| &nbsp;&nbsp;Legends Hospitality LLC | 955 |
| &nbsp;&nbsp;Magna Legal Services LLC | 852 |
| &nbsp;&nbsp;Magna Legal Services LLC | 4971 |
| &nbsp;&nbsp;MAI Capital Management LLC | 1566 |
| &nbsp;&nbsp;MAI Capital Management LLC | 2040 |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | 1825 |
| &nbsp;&nbsp;Med-Metrix | 10018 |
| &nbsp;&nbsp;Med-Metrix | 4286 |
| &nbsp;&nbsp;Mercer Advisors Inc | 11995 |
| &nbsp;&nbsp;Model N Inc | 2664 |
| &nbsp;&nbsp;Model N Inc | 1421 |
| &nbsp;&nbsp;NAVEX Global Inc | 326 |
| &nbsp;&nbsp;NAVEX Global Inc | 6883 |
| &nbsp;&nbsp;NEFCO Corp | 3322 |
| &nbsp;&nbsp;NEFCO Corp | 1772 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | 2646 |
| &nbsp;&nbsp;NeoGov Newt Holdco Inc | 3522 |
| &nbsp;&nbsp;Netsmart Technologies Inc | 4236 |
| &nbsp;&nbsp;Netsmart Technologies Inc | 4343 |
| &nbsp;&nbsp;OEConnection LLC | 5183 |
| &nbsp;&nbsp;OEConnection LLC | 2600 |
| &nbsp;&nbsp;Orion Services Group | 2207 |
| &nbsp;&nbsp;PCI Pharma Services | 19886 |
| &nbsp;&nbsp;PCI Pharma Services | 5817 |
| &nbsp;&nbsp;Pike Corp | 4539 |
| &nbsp;&nbsp;Pike Corp | 3034 |

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(1)</sup> | **Commitment Amount** |
| &nbsp;&nbsp;Premise Health Holding Corp | $369 |
| &nbsp;&nbsp;Premise Health Holding Corp | 633 |
| &nbsp;&nbsp;PROS Holdings Inc | 861 |
| &nbsp;&nbsp;PSC Group | 177 |
| &nbsp;&nbsp;Radwell International LLC | 1391 |
| &nbsp;&nbsp;Railpros Inc | 252 |
| &nbsp;&nbsp;Railpros Inc | 180 |
| &nbsp;&nbsp;Resa Power LLC | 1975 |
| &nbsp;&nbsp;Resa Power LLC | 2254 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | 913 |
| &nbsp;&nbsp;Revere Superior Holdings Inc | 238 |
| &nbsp;&nbsp;Rialto Capital Management LLC | 834 |
| &nbsp;&nbsp;Rockefeller Capital Management LP | 4000 |
| &nbsp;&nbsp;SAMBA Safety Inc | 603 |
| &nbsp;&nbsp;SAMBA Safety Inc | 423 |
| &nbsp;&nbsp;Service Express Inc | 4207 |
| &nbsp;&nbsp;Service Express Inc | 5008 |
| &nbsp;&nbsp;Service Logic LLC | 5440 |
| &nbsp;&nbsp;Service Logic LLC | 1922 |
| &nbsp;&nbsp;Sphera Solutions Inc | 8702 |
| &nbsp;&nbsp;Sphera Solutions Inc | 4524 |
| &nbsp;&nbsp;Spins LLC | 1063 |
| &nbsp;&nbsp;Spotless Brands LLC | 5537 |
| &nbsp;&nbsp;STV Group Inc | 1382 |
| &nbsp;&nbsp;STV Group Inc | 1974 |
| &nbsp;&nbsp;SureScripts LLC | 6405 |
| &nbsp;&nbsp;Trackunit ApS | 2746 |
| &nbsp;&nbsp;Trackunit ApS | 5493 |
| &nbsp;&nbsp;Turnpoint Services Inc | 415 |
| &nbsp;&nbsp;Turnpoint Services Inc | 1108 |
| &nbsp;&nbsp;USIC Holdings Inc | 339 |
| &nbsp;&nbsp;USIC Holdings Inc | 410 |
| &nbsp;&nbsp;Veriforce LLC | 518 |
| &nbsp;&nbsp;Veriforce LLC | 935 |
| &nbsp;&nbsp;Veriforce LLC | 20071 |
| &nbsp;&nbsp;Vermont Information Processing Inc | 3804 |
| &nbsp;&nbsp;Vermont Information Processing Inc | 1141 |
| &nbsp;&nbsp;VetCor Professional Practices LLC | 285 |
| &nbsp;&nbsp;Vitu | 3598 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | 298 |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | 1775 |
| &nbsp;&nbsp;WebPros Holding Sarl | 3560 |
| &nbsp;&nbsp;Wedgewood Weddings | 4702 |
| &nbsp;&nbsp;Wedgewood Weddings | 4702 |
| &nbsp;&nbsp;West Star Aviation Inc | 1865 |
| &nbsp;&nbsp;West Star Aviation Inc | 725 |
| &nbsp;&nbsp;Woolpert Inc | 3850 |
| &nbsp;&nbsp;Woolpert Inc | 7267 |
| &nbsp;&nbsp;Xylem Kendall | 5739 |
| &nbsp;&nbsp;Xylem Kendall | 267 |
| &nbsp;&nbsp;Zeus Industrial Products Inc | 2826 |

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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**<sup>(1)</sup> | **Commitment Amount** |
| Asset Based Finance |  |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | $11349 |
| &nbsp;&nbsp;Bond Aviation Holdings LLC, Term Loan | 5329 |
| &nbsp;&nbsp;Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver | 10333 |
| &nbsp;&nbsp;FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver | 923 |
| &nbsp;&nbsp;Fortna AR LLC (FKA Fortna Group Inc), Revolver | 1003 |
| &nbsp;&nbsp;Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd), Revolver | 12861 |
| &nbsp;&nbsp;Opendoor Labs Inc, Structured Mezzanine | 4130 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | 2831 |
| &nbsp;&nbsp;Philippine Airlines 777, Term Loan | 2831 |
| &nbsp;&nbsp;Sallie Mae Levered, Term Loan | 76 |
| &nbsp;&nbsp;SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver | 6683 |
| &nbsp;&nbsp;Setna SPV I, Term Loan | 191 |
| &nbsp;&nbsp;Sotheby's, Revolver | 31849 |
| &nbsp;&nbsp;Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver | 1138 |
| &nbsp;&nbsp;TPSI Receivables LLC (Tropicana Products Inc), Revolver | 8632 |
| &nbsp;&nbsp;VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc) | 14384 |
| &nbsp;&nbsp;Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver | 26341 |
| Total | $570751 |
| Unfunded Equity/Other commitments | $15522 |

---

____________________

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

As of March 31, 2026, the Company's debt commitments are comprised of $275,409 revolving credit facilities and $295,342 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $(3,969). 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 March 31, 2026 and December 31, 2025.

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Per Share Data:** |  |  |
| Net asset value, beginning of period | $29.75 | $29.56 |
| Results of operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | 0.68 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) and unrealized appreciation (depreciation)<sup>(2)</sup> | (0.51) | 0.12 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 0.17 | 0.93 |
| Shareholder distributions<sup>(3)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.67) | (0.85) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from shareholder distributions | (0.67) | (0.85) |
| Capital share transactions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Common Shares<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital share transactions |  |  |
| Net asset value, end of period | $29.25 | $29.64 |
| Shares outstanding, end of period | 56385434 | 33251680 |
| Total return based on net asset value<sup>(5)</sup> | 0.59% | 3.17% |
| **Ratio/Supplemental Data:** |  |  |
| Net assets, end of period | $1649280 | $985683 |
| Ratio of net investment income to average net assets<sup>(6)</sup> | 8.59% | 11.05% |
| Ratio of total operating expenses to average net assets<sup>(6)</sup> | 6.67% | 5.67% |
| Ratio of waived expenses to average net assets<sup>(6)</sup> | —% | (2.61)% |
| Ratio of net operating expenses to average net assets<sup>(6)</sup> | 6.67% | 3.06% |
| Portfolio turnover<sup>(7)</sup> | 4.48% | 2.22% |
| Total amount of senior securities outstanding, exclusive of treasury securities | $1117244 | $427241 |
| Asset coverage per unit<sup>(8)</sup> | 2.48 | 3.31 |

---

____________________

(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 three months ended March 31, 2026 and 2025 are annualized, with the exception of capital gains incentive fees and recoupment of previously waived expenses. Annualized ratios for the three months ended March 31, 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 three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Ratio of accrued capital gains incentive fees to average net assets | (0.18)% | 0.06% |
| Ratio of interest expense to average net assets | 3.97% | 2.45% |

---

(7)Portfolio turnover for the three months ended March 31, 2026 and 2025 are not annualized.

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

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**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 April 13, 2026, the Board declared a distribution of $0.225 per Common Share, payable on or about May 27, 2026 to shareholders of record as of the close of business on April 30, 2026. Additionally, on April 30, 2026, the Board declared a distribution of $0.225 per Common Share, payable on or about June 26, 2026 to shareholders of record as of the close of business on May 29, 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.

*Private Offering Closings*

On April 1, 2026, the Company issued and sold 261,349 Common Shares in the Private Offering (with the final number of Common Shares issued being determined on April 21, 2026) pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $7,644.

On May 1, 2026, the Company issued and sold Common Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of approximately $6,574. The final number of Common Shares issued as of May 1, 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 April 30, 2026.

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**Item 2. &nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financings and investments;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our use of financial leverage;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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

Words such as "anticipate," "believe," "expect" and "intend" 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 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 to differ materially from those expressed or forecasted in the forward-looking statements. Factors that could cause actual results to differ materially include changes relating to those set forth above and the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• geo-political risks;

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

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

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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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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,

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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 the Adviser in its discretion. As of March 31, 2026, we had incurred organizational and offering expenses of $991 and $5,247, respectively, which expenses the Adviser elected to cover pursuant to the Expense Support Agreement, subject to reimbursement by us

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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 three months ended March 31, 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 March 31, 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.

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| | |
|:---|:---|
| **Shareholder transaction expenses (fees paid directly from shareholder investment)** | |
| Maximum sales load imposed on purchases<sup>(1)</sup> |  |
| Maximum Early Repurchase Deduction<sup>(2)</sup> | 2.00% |
| **Annual operating expenses (as a percentage of average net assets attributable to shares)**<sup>(3)</sup> |  |
| Base Management Fee<sup>(4)</sup> | 1.25% |
| Incentive fees payable under our investment advisory agreement<sup>(5)</sup> |  |
| Interest payments on borrowed funds<sup>(6)</sup> | 4.88% |
| Distribution/Servicing Fees<sup>(7)</sup> |  |
| Organizational and offering costs<sup>(8)</sup> |  |
| Other expenses<sup>(9)</sup> | 0.39% |
| &nbsp;&nbsp;Total annual expenses | 6.52% |

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_______________

(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 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

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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 $256.6 million worth of Class I shares during the following twelve months, resulting in estimated average net assets of $1,778 million based on current asset levels. That amount also assumes that we borrow funds of approximately 87% 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 $256.6 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 March 31, 2026. At March 31, 2026, the weighted average effective interest rate for total outstanding debt was 5.60%. 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 March 31, 2026, we had incurred organizational and offering expenses of $991 and $5,247, 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 87% of our average net assets):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Shareholders would pay the following expenses on a $10,000 investment, assuming a 5% annual return<sup>(1)</sup> | $647 | $1912 | $3138 | $6045 |
| Shareholders would pay the following expenses on a $10,000 investment, assuming a 5% annual return entirely from realized capital gains | $707 | $2075 | $3386 | $6424 |

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_______________

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

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

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

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**Portfolio Investment Activity for the Three Months Ended March 31, 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 months ended March 31, 2026:

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| | |
|:---|:---|
|<br>**Net Investment Activity** | **For the Three Months Ended**<br>**March 31, 2026** |
| Purchases | $202574 |
| Sales and Repayments | (119660) |
| Net Portfolio Activity | $82914 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**New Investment Activity by Asset Class** | **Purchases** | **Percentage** | **Sales and Repayments** | **Percentage** |
| Senior Secured Loans—First Lien | $116162 | 57% | $86028 | 72% |
| Asset Based Finance | 86412 | 43% | 33632 | 28% |
| Total | $202574 | 100% | $119660 | 100% |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026**<br>**(Unaudited)** | **March 31, 2026**<br>**(Unaudited)** | **March 31, 2026**<br>**(Unaudited)** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized<br>Cost**<sup>(1)</sup> | **Fair Value** | **Percentage<br>of Portfolio** | **Amortized<br>Cost**<sup>(1)</sup> | **Fair Value** | **Percentage<br>of Portfolio** |
| Senior Secured Loans—First Lien | $1985624 | $1965959 | 73.4% | $1954430 | $1964215 | 74.8% |
| Subordinated Debt | 2008 | 2086 | 0.1% | 1938 | 2015 | 0.1% |
| Asset Based Finance | 693669 | 710280 | 26.5% | 640556 | 658865 | 25.1% |
| Total | $2681301 | $2678325 | 100.0% | $2596924 | $2625095 | 100.0% |

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_____________________

(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 March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Number of Portfolio Companies | 175 | 173 |
| % Variable Rate Debt Investments (based on fair value)<sup>(1)(2)</sup> | 83.9% | 84.6% |
| % Fixed Rate Debt Investments (based on fair value)<sup>(1)(2)</sup> | 8.7% | 7.3% |
| % Other Income Producing Investments (based on fair value)<sup>(3)</sup> | 4.8% | 2.3% |
| % Non-Income Producing Investments (based on fair value)<sup>(2)</sup> | 2.5% | 5.8% |
| % of Investments on Non-Accrual (based on fair value) | 0.1% |  |
| Weighted Average Annual Yield on Accruing Debt Investments<sup>(2)(4)</sup> | 8.9% | 8.9% |
| Weighted Average Annual Yield on All Debt Investments<sup>(5)</sup> | 8.8% | 8.9% |
| % of Direct Originations in Investment Portfolio (based on fair value)<sup>(6)</sup> | 96.7% | 100.0% |
| Median Loan-to-Value (LTV)<sup>(7)</sup> | 38% | 38% |
| Weighted Average EBITDA<sup>(8)</sup> | $229000 | $229000 |
| Median EBITDA<sup>(8)</sup> | $140000 | $140000 |

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_____________________

(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.

(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

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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 March 31, 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 March 31, 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 March 31, 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 March 31, 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 March 31, 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 March 31, 2026. Median EBITDA represents the midpoint EBITDA of portfolio companies as of March 31, 2026. Amounts were derived from the most recently available portfolio company financial statements as of March 31, 2026, have not been independently verified by us, and may reflect a normalized or adjusted amount.

For the three months ended March 31, 2026, our total return based on NAV was 0.59%. 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.

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*Portfolio Composition by Industry Classification*

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 March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026**<br>**(Unaudited)** | **March 31, 2026**<br>**(Unaudited)** | **December 31, 2025** | **December 31, 2025** |
|<br>**Industry Classification** | **Fair Value** | **Percentage of Portfolio** | **Fair Value** | **Percentage of Portfolio** |
| Automobiles & Components | $8772 | 0.3% | $8367 | 0.3% |
| Banks | 59657 | 2.2% | 62483 | 2.4% |
| Capital Goods | 383840 | 14.3% | 387085 | 14.7% |
| Commercial & Professional Services | 292429 | 10.9% | 291011 | 11.1% |
| Consumer Durables & Apparel | 11074 | 0.4% | 11078 | 0.4% |
| Consumer Services | 123440 | 4.6% | 122173 | 4.7% |
| Consumer Staples Distribution & Retail | 16437 | 0.6% | 15981 | 0.6% |
| Equity Real Estate Investment Trusts (REITs) | 17253 | 0.7% | 17253 | 0.7% |
| Financial Services | 344349 | 12.9% | 327038 | 12.5% |
| Food, Beverage & Tobacco | 32643 | 1.2% | 32615 | 1.2% |
| Health Care Equipment & Services | 248991 | 9.3% | 247745 | 9.4% |
| Household & Personal Products | 6142 | 0.2% | 6237 | 0.2% |
| Insurance | 177927 | 6.7% | 177799 | 6.8% |
| Materials | 63940 | 2.4% | 62474 | 2.4% |
| Media & Entertainment | 35493 | 1.3% | 50557 | 1.9% |
| Pharmaceuticals, Biotechnology & Life Sciences | 27859 | 1.0% | 25530 | 1.0% |
| Real Estate Management & Development | 123396 | 4.6% | 121281 | 4.6% |
| Software & Services | 556373 | 20.8% | 533769 | 20.3% |
| Technology Hardware & Equipment | 260 | 0.0% | 264 | 0.0% |
| Telecommunication Services | 28539 | 1.1% | 10801 | 0.4% |
| Transportation | 118279 | 4.4% | 112139 | 4.3% |
| Utilities | 1232 | 0.1% | 1415 | 0.1% |
| Total | $2678325 | 100.0% | $2625095 | 100.0% |

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**Portfolio Asset Quality**

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

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| | |
|:---|:---|
| **Investment <br>Rating** | **Summary Description** |
| &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment. |
| &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;Underperforming investment—concerns about the recoverability of principal or interest. |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<br>**Investment Rating** | **Fair<br>Value** | **Percentage of<br>Portfolio** | **Fair<br>Value** | **Percentage of<br>Portfolio** |
| 1 | $2611037 | 98% | $2586384 | 99% |
| 2 | 65980 | 2% | 38663 | 1% |
| 3 | 1308 | 0% | 48 | 0% |
| 4 |  |  |  |  |
| Total | $2678325 | 100% | $2625095 | 100% |

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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 Months Ended March 31, 2026 and March 31, 2025**

*Revenues* 

Our investment income for the three months ended March 31, 2026 and 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | **Amount** | **Percentage of Total Income** | **Amount** | **Percentage of Total Income** |
| Interest income | $53908 | 87.1% | $28094 | 86.5% |
| Paid-in-kind interest income | 1451 | 2.3% | 1632 | 5.0% |
| Fee income | 2451 | 4.0% | 1779 | 5.5% |
| Dividend income | 4113 | 6.6% | 967 | 3.0% |
| Total investment income<sup>(1)</sup> | $61923 | 100.0% | $32472 | 100.0% |

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___________

(1)Such revenues represent $60,241 and $30,408 of cash income earned as well as $1,682 and $2,064 in non-cash portions relating to accretion of discount and PIK interest for the three months ended March 31, 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, fee and dividend income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily due to the increase in the size of our investment portfolio, partially offset by a decline in yields due to the lower interest rate environment.

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*Expenses*

Our operating expenses for the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Management fees | $5007 | $2808 |
| Subordinated income incentive fees | 4876 | 3195 |
| Capital gains incentive fees | (2947) | 516 |
| Interest expense | 16107 | 5640 |
| Administrative services expenses | 686 | 592 |
| Accounting and administrative fees | 221 | 104 |
| Audit expense | 207 | 144 |
| Other expenses | 687 | 430 |
| Total operating expenses | 24844 | 13429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and incentive fee waivers |  | (6003) |
| Net operating expenses | $24844 | $7426 |

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The following table reflects selected expense ratios as a percent of average net assets for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Ratio of operating expenses to average net assets | 1.53% | 1.46% |
| &nbsp;&nbsp;Ratio of expense waivers to average net assets<sup>(1)</sup> | —% | (0.65)% |
| Ratio of net operating expenses to average net assets | 1.53% | 0.81% |
| &nbsp;&nbsp;Ratio of net incentive fees and interest expense to average net assets<sup>(1)</sup> | 1.11% | 0.67% |
| Ratio of net operating expenses, excluding certain expenses, to average net assets | 0.42% | 0.14% |

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__________

(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 months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily due to the increase in the size of our investment portfolio, the acceleration of our operational activity during the three months ended March 31, 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 $37,079 ($0.68 per share) and $25,046 ($0.81 per share) for the three months ended March 31, 2026 and 2025, respectively. The increase in net investment income during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 can primarily be attributed to the increase in interest, fee and dividend income discussed above.

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*Net Realized Gains or Losses*

Our net realized gains (losses) on investments, foreign currency forward contracts and foreign currency for the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Net realized gain (loss) on investments<sup>(1)</sup> | $(1) | $(31) |
| Net realized gain (loss) on foreign currency forward contracts | (20) |  |
| Net realized gain (loss) on foreign currency | (238) | (45) |
| Total net realized gain (loss) | $(259) | $(76) |

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______________

(1)We sold investments and received principal repayments of $101,858 and $17,802, respectively, during the three months ended March 31, 2026 and $1,487 and $25,446, respectively, during the three months ended March 31, 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 months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Net change in unrealized appreciation (depreciation) on investments | $(31147) | $5993 |
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (366) | (148) |
| Net change in unrealized gain (loss) on foreign currency | 3988 | (1637) |
| Total net change in unrealized appreciation (depreciation) | $(27525) | $4208 |

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The net change in unrealized appreciation (depreciation) during the three months ended March 31, 2026 was driven primarily by a general widening of credit spreads. The net change in unrealized appreciation (depreciation) during the three months ended March 31, 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 March 31, 2026, the net increase in net assets resulting from operations was $9,295 ($0.17 per share) compared to a net increase in net assets resulting from operations of $29,178 ($0.94 per share) for the three months ended March 31, 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 March 31, 2026, we had $48,925 in cash and foreign currency, which we held in custodial accounts, $352,756 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 March 31, 2026, we had unfunded debt investments with aggregate unfunded commitments of $570,751 and unfunded equity/other commitments of $15,522. We maintain sufficient cash on hand, available borrowings and liquid securities to fund such unfunded commitments should the need arise.

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

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*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 March 31, 2026, the aggregate amount outstanding of the senior securities issued by us was $1,117,244. As of March 31, 2026, our asset coverage ratio as calculated under the 1940 Act was 248%.

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 March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026**<br>**(Unaudited)** | **As of March 31, 2026**<br>**(Unaudited)** | **As of March 31, 2026**<br>**(Unaudited)** | **As of March 31, 2026**<br>**(Unaudited)** | **As of March 31, 2026**<br>**(Unaudited)** | **As of March 31, 2026**<br>**(Unaudited)** |
|<br>**Arrangement** | **Type of Arrangement** | **Rate** | **Amount<br>Outstanding** | | **Amount<br>Available** | **Maturity Date** |
| Senior Secured Revolving Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+2.125%<sup>(2)</sup> | $347414 | <sup>(3)</sup> | $222586 | July 19, 2028 |
| K-FIT AB-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+1.85%<sup>(2)</sup> | 435080 |  | 64920 | October 16, 2030 |
| K-FIT CO-1 Credit Facility<sup>(1)</sup> | Revolving Credit Facility | SOFR+1.85%<sup>(2)</sup> | 334750 |  | 65250 | March 4, 2030 |
| Total |  |  | $1117244 |  | $352756 |  |

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______________

(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 €79,250 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.15 as of March 31, 2026. British pound balance outstanding of £84,300 has been converted to U.S. dollars at an exchange rate of £1.00 to $1.32 as of March 31, 2026 to reflect total amount outstanding in U.S. dollars.

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

**RIC Status and Distributions** 

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

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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 three months ended March 31, 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 three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
|<br>**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 |
| Total |  |  |  | $0.675 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
|<br>**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 |
| Total |  |  |  | $0.850 |

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

**Recent Developments**

*Distributions*

On April 13, 2026, the Board declared a distribution of $0.225 per Common Share, payable on or about May 27, 2026 to shareholders of record as of the close of business on April 30, 2026. Additionally, on April 30, 2026, the Board declared a distribution of $0.225 per Common Share, payable on or about June 26, 2026 to shareholders of record as of the close of business on May 29, 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.

*Private Offering Closings*

On April 1, 2026, we issued and sold 261,349 Common Shares in the Private Offering (with the final number of Common Shares issued being determined on April 21, 2026) pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of $7,644.

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On May 1, 2026, we issued and sold Common Shares in the Private Offering pursuant to Subscription Agreements entered into with the participating investors for aggregate consideration of approximately $6,574. The final number of Common Shares issued as of May 1, 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 April 30, 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 March 31, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 95.59% 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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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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 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.

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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 three months ended March 31, 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 March 31, 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 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)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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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 March 31, 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.

During the three months ended March 31, 2026, there were no investments purchased by the Company from the Financing Provider. As of March 31, 2026, no 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 April 1, 2026 through April 30, 2026, there were no investments purchased by the Company from the Financing Provider.

As of April 30, 2026, there were 18 loans with an aggregate commitment par value of $207,567, inclusive of $55,947 of unfunded commitments, that the Financing Provider purchased and was holding at the Company's request pursuant to the Cliffwater Facility Agreement.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

*Interest Rate Risk*

We are subject to financial market risks, including changes in interest rates. As of March 31, 2026, 83.9% of our portfolio investments (based on fair value) were debt investments paying variable interest rates, 8.7% were debt investments paying fixed interest rates, 4.8% were other income producing investments, 2.5% consisted of non-income producing investments and the remaining 0.1% 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 incentive fee on income, 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. 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.

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 March 31, 2026 (dollar amounts are presented in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Basis Point Change in Interest Rates** | **Increase**<br>**(Decrease)**<br>**in Interest**<br>**Income**<sup>(1)</sup> | **Increase**<br>**(Decrease)**<br>**in Interest**<br>**Expense**<sup>(2)</sup> | **Increase**<br>**(Decrease) in**<br>**Net Interest**<br>**Income**<sup>(1)</sup> | **Percentage<br>Change in Net<br>Interest Income** |
| Down 250 basis points | $(53755) | $(27950) | $(25805) | (12.8)% |
| Down 200 basis points | (43163) | (22360) | (20803) | (10.4)% |
| Down 150 basis points | (32468) | (16770) | (15698) | (7.8)% |
| Down 100 basis points | (21650) | (11180) | (10470) | (5.2)% |
| Down 50 basis points | (10825) | (5590) | (5235) | (2.6)% |
| Up 50 basis points | 10825 | 5590 | 5235 | 2.6% |
| Up 100 basis points | 21650 | 11180 | 10470 | 5.2% |
| Up 150 basis points | 32475 | 16770 | 15705 | 7.8% |
| Up 200 basis points | 43300 | 22360 | 20940 | 10.4% |
| Up 250 basis points | 54125 | 27950 | 26175 | 13.0% |

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_______________

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

(2)Assumes current debt outstanding as of March 31, 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 three months ended March 31, 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 March 31, 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 March 31, 2026 to hedge against foreign currency risks. Dollar amounts are presented in thousands.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Investments Denominated in Foreign Currencies**<br>**As of March 31, 2026** | **Investments Denominated in Foreign Currencies**<br>**As of March 31, 2026** | **Investments Denominated in Foreign Currencies**<br>**As of March 31, 2026** | **Investments Denominated in Foreign Currencies**<br>**As of March 31, 2026** | **Economic Hedging**<br>**As of March 31, 2026** | **Economic Hedging**<br>**As of March 31, 2026** |
| | **Cost in Local Currency** | **Cost in US$** | **Fair Value** | **Reduction in Fair Value as of March 31, 2026 if 10% Adverse Change in Exchange Rate**<sup>(1)</sup> | **Net Foreign Currency Hedge Amount in Local Currency** | **Net Foreign Currency Hedge Amount in US$** |
| British Pounds | £85741 | $113045 | $120790 | $12079 | £4132 | $5447 |
| Euros | 70754 | 81484 | 81123 | 8112 | 2843 | 3273 |
| Norwegian Krone | 182206 | 18692 | 19425 | 1943 | 182206 | 18692 |
| Total |  | $213221 | $221338 | $22134 |  | $27412 |

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(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.

As of March 31, 2026, the net contractual amount of our foreign currency forward contracts totaled $29,358, all of which related to hedging of our foreign currency denominated debt investments. As of March 31, 2026, we had outstanding borrowings denominated in foreign currencies of €79,250 and £84,300 under our Senior Secured Revolving Credit Facility.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;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 March 31, 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 March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**PART II—OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings.** 

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.

**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;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 March 31, 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.&nbsp;&nbsp;&nbsp;&nbsp;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 March 31, 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 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

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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.

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.

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 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.

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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 March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Date** | **Offer Date** | **Tender Offer Expiration** | **Purchase Price per Share** | **Common Shares Repurchased**<sup>(1)</sup> | **Aggregate Dollar Amount of Common Shares Accepted for Repurchase**<sup>(1)</sup> **(in thousands)** |
| January 2, 2026 | December 1, 2025 | December 29, 2025 | $29.75 | 781888 | $23252 |

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________________

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

On March 2, 2026, we commenced a tender offer, or the March 2026 Tender Offer, pursuant to which we offered to repurchase up to 2,591,874 Common Shares tendered prior to 11:59 p.m., E.T. on March 30, 2026, or the March 2026 Tender Offer Expiration Date. The Company repurchased 2,591,829 Common Shares that were validly tendered by shareholders. Due to the oversubscription of the March 2026 Tender Offer, based on the final count by SS&C GIDS, Inc., the Company's transfer agent, the Company accepted for purchase on a pro rata basis approximately 80% of the Common Shares properly tendered and not properly withdrawn.

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

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Defaults upon Senior Securities.** 

Not applicable.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures.** 

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information.** 

*Rule 10b5-1 Trading Plans*

During the fiscal quarter ended March 31, 2026, none of our trustees or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits** 

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|:---|:---|
| 3.1 | <u>[Certificate of Trust](https://www.sec.gov/Archives/edgar/data/1930679/000119312522287200/d418460dex31.htm)</u>*<u>[(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)](https://www.sec.gov/Archives/edgar/data/1930679/000119312522287200/d418460dex31.htm)</u>* |
| 3.2 | <u>[Certificate of Amendment to Certificate of Trust](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex32.htm)</u>*<u>[(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)](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex32.htm)</u>* |
| 3.3 | <u>[Certificate of Amendment to Certificate of Trust](https://www.sec.gov/Archives/edgar/data/1930679/000162828025040140/exhibit33certificateofamen.htm)</u>*<u>[(Previously filed as an exhibit to the Registrant's Form 10-Q filed on August 13, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000162828025040140/exhibit33certificateofamen.htm)</u>* |
| 3.4 | <u>[Supplement to the Amended and Restated Declaration of Trust of KKR FS Income Trust Relating to 12.0% Series A Cumulative Preferred Shares](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex33.htm)</u>*<u>[(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)](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex33.htm)</u>* |
| 3.5 | <u>[Second Amended and Restated Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex34.htm)</u>*<u>[(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)](https://www.sec.gov/Archives/edgar/data/1930679/000119312523155179/d463407dex34.htm)</u>* |
| 3.6 | <u>[Bylaws](https://www.sec.gov/Archives/edgar/data/1930679/000119312522287200/d418460dex33.htm)</u>*<u>[(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)](https://www.sec.gov/Archives/edgar/data/1930679/000119312522287200/d418460dex33.htm)</u>* |
| 10.1 | <u>[Third Amendment to Loan, Security and Servicing Agreement, dated as of March 3, 2026, by and between K-FIT Finance CO-1 LLC and Capital One, National Association](https://www.sec.gov/Archives/edgar/data/1930679/000162828026017326/exhibit1021thirdamendmentt.htm)</u>*<u>[(Previously filed as an exhibit to the Registrant's Annual Report on Form 10-K filed on March 12, 2026 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000162828026017326/exhibit1021thirdamendmentt.htm)</u>* |
| 10.2 | <u>[Second Amendment to Senior Secured Revolving Credit Agreement, dated as of March 17, 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](https://www.sec.gov/Archives/edgar/data/1930679/000110465926032051/tm269289d1_ex10-1.htm)</u>*<u>[(Previously filed as an exhibit to the Registrant's Current Report on Form 8-K filed on March 19, 2026 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1930679/000110465926032051/tm269289d1_ex10-1.htm)</u>* |
| 31.1\* | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](kfitq12026exhibit311.htm)</u> |
| 31.2\* | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](kfitq12026exhibit312.htm)</u> |
| 32.1\*\* | <u>[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](kfitq12026exhibit321.htm)</u> |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| \* | Filed herewith. |
| \*\* | Furnished herewith. |

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------

**<u>[**Table of Contents**](#i57f063243b73458eb5e1ce12a285e5f4_7)</u>**

**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 May 13, 2026.

---

| | |
|:---|:---|
| KKR FS Income Trust | KKR FS Income Trust |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Michael C. Forman |
|  | **Michael C. Forman<br>Chief Executive Officer<br>(Principal Executive Officer)** |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Steven Lilly |
|  | **Steven Lilly<br>Chief Financial Officer<br>(Principal Financial Officer)** |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;William Goebel |
|  | **William Goebel<br>Chief Accounting Officer** |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer (Principal Executive Officer)**

**Pursuant to Rule 13a-14(a) and Rule 15d-14(a) Under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael C. Forman, as Chief Executive Officer (Principal Executive Officer) of KKR FS Income Trust, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of KKR FS Income Trust;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026

---

| |
|:---|
| /s/ Michael C. Forman |
| Michael C. Forman<br>Chief Executive Officer<br>(Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer (Principal Financial Officer)**

**Pursuant to Rule 13a-14(a) and Rule 15d-14(a) Under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Steven Lilly, as Chief Financial Officer (Principal Financial Officer) of KKR FS Income Trust, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of KKR FS Income Trust;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026

---

| |
|:---|
| /s/ Steven Lilly |
| Steven Lilly<br>Chief Financial Officer<br>(Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION of CEO and CFO PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of KKR FS Income Trust (the "Company") for the three months ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), Michael C. Forman, as Chief Executive Officer (Principal Executive Officer) of the Company, and Steven Lilly, as Chief Financial Officer (Principal Financial Officer) of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Form 10-Q of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: May 13, 2026 |
| /s/ Michael C. Forman |
| Michael C. Forman<br>Chief Executive Officer<br>(Principal Executive Officer) |
| /s/ Steven Lilly |
| Steven Lilly<br>Chief Financial Officer<br>(Principal Financial Officer) |

---

<br>