Document:

EX-10.3

 Exhibit 10.3 

AMENDED AND RESTATED 

INVESTMENT ADVISORY AGREEMENT 

BETWEEN 
 KKR FS INCOME
TRUST 
 AND 

FS/KKR ADVISOR, LLC 
 This
Amended and Restated Investment Advisory Agreement (this “Agreement”) is made this 1st day of November, 2022, by and between KKR FS Income Trust, a Delaware statutory trust (the “Fund”), and FS/KKR
Advisor, LLC, a Delaware limited liability company (the “Adviser”). 
 WHEREAS, the Fund is a non-diversified, closed-end management investment company that intends to elect to be regulated as a business development company (“BDC”) under the
Investment Company Act of 1940, as amended (the “Investment Company Act”); 
 WHEREAS, the Adviser is registered as
an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”); 
 WHEREAS, the
Fund and the Adviser are party to that certain Investment Advisory and Administrative Services Agreement, dated as of July 14, 2022 (the “Original Agreement”), pursuant to which the Fund retained the Adviser to furnish
investment advisory services (the “Investment Advisory Services”) to the Fund and to provide for the administrative services necessary for the operation of the Fund on the terms and conditions set forth therein; and 

WHEREAS, the Fund and Adviser desire to amend and restate the Original Agreement in its entirety as set forth in this Agreement. 

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

 

	1.	 Duties of the Adviser. 

(a) Retention of the Adviser. The Fund hereby appoints the Adviser to act as an investment adviser to the Fund and to manage the
investment and reinvestment of the assets of the Fund, subject to the supervision of the board of trustees of the Fund (the “Board”), for the period and upon the terms herein set forth, in accordance with: 

(i) the investment objectives, policies and restrictions applicable to the Fund as set forth in the Fund’s private
placement memorandum and its filings with the Securities and Exchange Commission (the “SEC”), as they may be supplemented, amended or superseded from time to time; 

(ii) all other applicable federal and state laws, rules and regulations, and the Fund’s declaration of trust (as may be
amended from time to time, the “Declaration of Trust”) and bylaws (as may be amended from time to time, the “Bylaws”); and 

(iii) such investment policies or directives as the Fund may from time to time establish or issue and communicate to the
Adviser in writing and such regulatory restrictions as the Fund may from time to time communicate to the Adviser in writing. 

 (b) Responsibilities of the Adviser. Without limiting the generality of the
foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement: 
 (i) determine the
composition and allocation of the Fund’s investment portfolio, the nature and timing of any changes therein and the manner of implementing such changes; 

(ii) identify, evaluate and negotiate the structure of the investments made by the Fund; 

(iii) execute, monitor and service the Fund’s investments; 

(iv) place orders with respect to, and arrange for, any investment by the Fund; 

(v) determine the securities and other assets that the Fund shall purchase, retain, or sell; 

(vi) perform due diligence on prospective portfolio companies; and 

(vii) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time,
reasonably request or require for the investment of its funds. 
 (c) Power and Authority. To facilitate the Adviser’s
performance of these undertakings, but subject to the restrictions contained herein, the Fund hereby delegates to the Adviser (which power and authority may be delegated by the Adviser to one or more
Sub-Advisers (as defined below)), and the Adviser hereby accepts, the power and authority to act on behalf of the Fund to effectuate investment decisions for the Fund, including the negotiation, execution and
delivery of all documents relating to the Fund’s investments and the placing of orders for other purchase or sale transactions on behalf of the Fund. In the event that the Fund determines to acquire debt or other financing (or to refinance
existing debt financing), the Adviser shall seek to arrange for such financing on the Fund’s behalf, subject to the oversight and approval of the Board. If it is necessary or appropriate for the Adviser to make investments on behalf of the Fund
through one or more special purpose vehicles, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicles and to make such investments through such special purpose vehicles in accordance with applicable
law. The Fund also grants to the Adviser power and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems appropriate, necessary or advisable to carry out its duties pursuant to this
Agreement, including the authority to provide, on behalf of the Fund, significant managerial assistance to the Fund’s portfolio companies to the extent required by the Investment Company Act or otherwise deemed appropriate by the Adviser. 

(d) Acceptance of Appointment. The Adviser hereby accepts such appointment and agrees during the term hereof to render the services
described herein for the compensation provided herein, subject to the limitations contained herein. 
 (e)
Sub-Advisers. The Adviser is hereby authorized to enter into one or more sub-advisory agreements (each, a
“Sub-Advisory Agreement”) with other investment advisers or other service providers (each, a “Sub-Adviser”) pursuant to
which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder, subject to the oversight of the Adviser and the Fund. Specifically, the
Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Fund’s investment objectives, policies and restrictions, and work, along with the Adviser, in
sourcing, structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Fund, subject to the oversight of the Adviser and the Fund, with the scope of such services and
oversight to be set forth in each Sub-Advisory Agreement. 
 (i) The Adviser and not
the Fund shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Fund to pay directly any
Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees and expenses otherwise payable to the Adviser under this Agreement. 

  
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 (ii) Any Sub-Advisory Agreement
entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act, including, without limitation, the requirements relating to the Board and Fund shareholder approval thereunder, and other applicable federal and
state law. 
 (iii) Any Sub-Adviser shall be subject to the same fiduciary duties
imposed on the Adviser pursuant to this Agreement, the Investment Company Act and the Advisers Act, as well as other applicable federal and state law. 

(f) Independent Contractor Status. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and,
except as expressly provided or authorized herein, shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund. 

(g) Record Retention. Subject to review by, and the overall control of, the Board, the Adviser shall keep and preserve for the period
required by the Investment Company Act or the Advisers Act, as applicable, any books and records relevant to the provision of the Investment Advisory Services to the Fund and shall specifically maintain all books and records with respect to the
Fund’s portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request or as may be required under applicable federal and state law, and shall make such records available for inspection
by the Board and its authorized agents, at any time and from time to time during normal business hours. The Adviser agrees that all records that it maintains for the Fund are the property of the Fund and shall surrender promptly to the Fund any such
records upon the Fund’s request and upon termination of this Agreement pursuant to Section 9, provided that the Adviser may retain a copy of such records. The Adviser shall have the right to retain copies, or originals
where required by Rule 204-2 promulgated under the Advisers Act, of such records to the extent required by applicable law. 
  

	2.	 Expenses Payable by the Adviser. 

All personnel of the Adviser, when and to the extent engaged in providing the Investment Advisory Services herein, and the compensation and
routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser or its affiliates and not by the Fund. 
  

	3.	 Compensation of the Adviser. 

Commencing on and after the date of the Fund’s filing of its election to be regulated as a business development company under the
Investment Company Act (the “BDC Election Date”), the Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser herein, a base management fee (the “Base
Management Fee”) and an incentive fee (the “Incentive Fee”) as hereinafter set forth. Any of the fees payable to the Adviser under this Agreement for any partial month or calendar quarter shall be appropriately
prorated. The Adviser may agree to temporarily or permanently waive, in whole or in part, the Base Management Fee and/or the Incentive Fee. Prior to the payment of any fee to the Adviser, the Fund shall obtain written instructions from the Adviser
with respect to any waiver or deferral of any portion of such fees. Any portion of a deferred fee payable to the Adviser and not paid over to the Adviser with respect to any month, calendar quarter or year shall be deferred without interest and may
be paid over in any such other month prior to the termination of this Agreement, as the Adviser may determine upon written notice to the Fund. 

  
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 (a) Base Management Fee. Commencing on and after the BDC Election Date, the Base
Management Fee shall be calculated at an annual rate of 1.25% of the Fund’s average monthly net assets. The Base Management Fee shall be payable quarterly in arrears, and shall be calculated based on the average monthly value of the Fund’s
net assets during the most recently completed calendar quarter. For purposes of this Agreement, “net assets” means the Fund’s total assets less liabilities determined on a consolidated basis in accordance with accounting principles
generally accepted in the United States. All or any part of the Base Management Fee not taken as to any quarter shall be deferred without interest and may be taken in such other quarter as the Adviser shall determine. For the avoidance of doubt, no
Base Management Fee shall be paid for any period occurring prior to the BDC Election Date. 
 (b) Incentive Fee. The Incentive Fee
shall consist of two parts, as follows: 
 (i) The first part of the Incentive Fee, referred to as the
“Subordinated Incentive Fee on Income,” shall be calculated and payable quarterly in arrears, commencing with the first full calendar quarter after the BDC Election Date, based on the Fund’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). The payment of the Subordinated
Incentive Fee on Income shall be subject to a quarterly hurdle rate, expressed as a rate of return on the value of the Fund’s net assets at the end of the most recently completed calendar quarter, of 1.25% (5.0% annualized) (the
“Hurdle Rate”), subject to a “catch up” feature (as described below). 
 For this purpose,
“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance,
such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund’s operating expenses for the quarter (including the
Base Management Fee, expenses reimbursed to the Adviser under that certain Administration Agreement, dated as of November 1, 2022, as the same may be amended from time to time, whereby the Adviser provides administrative services necessary for
the operation of the Fund, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee and any shareholder servicing and/or distribution fees).
Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income does not
include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. 
 The calculation of the
Subordinated Incentive Fee on Income for each quarter is as follows: 
 (A) No Subordinated Incentive Fee on Income shall be
payable to the Adviser in any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate; 

(B) 100% of dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income,
if any, that exceeds the Hurdle Rate but is less than or equal to 1.43% in any calendar quarter (5.72% annualized) shall be payable to the Adviser. This portion of the Fund’s Subordinated Incentive Fee on Income that exceeds the Hurdle Rate but
is less than or equal to 1.43% is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 12.5% on all of the Fund’s Pre-Incentive Fee Net
Investment Income when the Fund’s Pre-Incentive Fee Net Investment Income reaches 1.43 (5.72% annualized) on net assets in any calendar quarter; and 

  
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 (C) 12.5% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.43% (5.72% annualized) on net assets in any calendar quarter shall be payable to the Adviser once the Hurdle Rate and
catch-up have been achieved (12.5% of the Fund’s Pre-Incentive Fee Net Investment Income thereafter shall be allocated to the Adviser). 

(ii) The second part of the Incentive Fee, referred to as the “Incentive Fee on Capital Gains,”
shall be an incentive fee on capital gains and shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement) commencing with the end of the first calendar year in which the BDC Election Date
occurs. This fee shall equal 12.5% of the Fund’s incentive fee capital gains, which shall equal the Fund’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 previously paid Incentive Fee on Capital Gains. For purposes of calculating the Incentive Fee
on Capital Gains under this Section 3(b)(ii), the cost basis for any investment as of the BDC Election Date shall 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. 
  

	4.	 Covenants of the Adviser. 

The Adviser is registered as an investment adviser under the Advisers Act and covenants that it will maintain such registration. The Adviser
agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments. 
  

	5.	 Brokerage Commissions. 

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Fund to pay a member of a national
securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the
Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and
skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular
transaction or its overall responsibilities with respect to the Fund’s portfolio, and is consistent with the Adviser’s duty to seek the best execution on behalf of the Fund. 

 

	6.	 Other Activities of the Adviser. 

The services provided by the Adviser to the Fund are not exclusive, and the Adviser may engage in any other business or render similar or
different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the
Fund, so long as its services to the Fund hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, member (including its members and the owners of its members), officer or employee
of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for
serving as a director of, or providing consulting services to, one or more of the Fund’s portfolio companies, subject to applicable law). The Adviser assumes no responsibility under this Agreement other than to render the services called for
hereunder. It is understood that trustees, officers, 

  
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employees and shareholders of the Fund are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, shareholders, members, managers or otherwise,
and that the Adviser and directors, officers, employees, partners, shareholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Fund as shareholders or otherwise. 

 

	7.	 Responsibility of Dual Directors/Trustees, Officers and/or Employees. 

If any person who is a manager, partner, member, officer or employee of the Adviser is or becomes a trustee, officer and/or employee of the
Fund and acts as such in any business of the Fund, then such manager, partner, member, officer and/or employee of the Adviser shall be deemed to be acting in such capacity solely for the Fund, and not as a manager, partner, member, officer or
employee of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser. 
  

	8.	 Indemnification; Limitation of Liability. 

The Adviser and any Sub-Adviser (and their officers, managers, partners, members (and their members,
including the owners of their members), agents, employees, controlling persons (as defined in the Investment Company Act) and any other person or entity affiliated with, or acting on behalf of the Adviser or
Sub-Adviser) (each an “Indemnified Party” and, collectively, the “Indemnified Parties”), shall not be liable to the Fund for any action taken or omitted to be
taken by any such Indemnified Party in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the Investment
Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Fund shall indemnify, defend and protect the
Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in
settlement) (“Losses”) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or
its security holders) arising out of or otherwise based upon the performance of any of the Indemnified Parties’ duties or obligations under this Agreement, any Sub-Advisory Agreement, or otherwise as an
investment adviser of the Fund, to the extent such Losses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the laws of the State of Delaware, the Investment Company Act or other
applicable law, or the Declaration of Trust or Bylaws. Notwithstanding the preceding sentence of this Section 8 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against
or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of any Losses to the Fund or its shareholders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the
Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder). In addition, notwithstanding any of the foregoing to the contrary, the provisions of this Section 8 shall not be construed so
as to provide for the indemnification of any Indemnified Party for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only
to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of this Section 8 to the fullest extent permitted by law. 

An Indemnified Party shall be entitled to advances from the Fund for payment of the reasonable expenses (including reasonable counsel fees and
expenses) incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under law. Prior to any such advance, the Indemnified Party shall provide to the Fund a written
affirmation of its good faith 

  
 6 

 
belief that the standard of conduct necessary for indemnification by the Fund has been met and a written undertaking to repay any such advance if it should ultimately be determined that the
standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Indemnified Party shall provide a security in form and amount acceptable to the Fund for its undertaking; (b) the
Fund is insured against losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party trustees of the Fund or independent legal counsel, in a written opinion,
shall have determined, based on a review of facts readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Party will ultimately be found to be entitled to indemnification.

  

	9.	 Duration and Termination of Agreement. 

(a) Term. This Agreement shall remain in effect for two (2) years commencing on the date hereof and thereafter shall continue
automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Fund (within the
meaning of Section 2(a)(42) of the Investment Company Act) and (ii) the vote of a majority of the Fund’s trustees who are not parties to this Agreement or “interested persons” (as such term is defined in
Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act. 

(b) Termination. This Agreement may be terminated at any time, without the payment of any penalty, upon sixty (60) days’
written notice (i) by the Fund to the Adviser, (x) upon the vote of a majority of the outstanding voting securities of the Fund (within the meaning of Section 2(a)(42) of the Investment Company Act), or (y) by the vote of the
Board, or (ii) by the Adviser to the Fund. This Agreement shall automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act).
Further, notwithstanding the termination or nonrenewal of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed to it under Section 3 through the date of termination or nonrenewal, the provisions of
Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof. 

(c) Payments to and Duties of Adviser Upon Termination. 

(i) After the termination of this Agreement, the Adviser shall not be entitled to compensation or reimbursement for further
services provided hereunder, except that it shall be entitled to receive from the Fund within thirty (30) days after the effective date of such termination all unpaid reimbursements and all earned but unpaid fees payable to the Adviser prior to
termination of this Agreement. 
 (ii) The Adviser shall promptly upon termination: 

(A) Deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (B) Deliver to the
Board all assets and documents of the Fund then in custody of the Adviser; and 
 (C) Cooperate with the Fund to provide an
orderly management transition. 

  
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	10.	 Proxy Voting. 

The Adviser will exercise voting rights on any assets held in the portfolio securities of portfolio companies. The Adviser is obligated to
furnish to the Fund, in a timely manner, a record of all proxies voted in such form and format that complies with applicable federal statutes and regulations. 
  

	11.	 Notices. 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its
principal office. 
  

	12.	 Amendments. 

This Agreement may be amended in writing by mutual consent of the parties hereto, subject to the provisions of the Investment Company Act. 

 

	13.	 Entire Agreement; Governing Law. 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Fund is regulated
as a BDC under the Investment Company Act and the Adviser is regulated as an investment adviser under the Advisers Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act and the
Advisers Act, respectively, and any other then-current regulatory interpretations thereunder. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company Act,
the latter shall control. 
  

	14.	 Severability. 

If any provision of this Agreement shall be declared illegal, invalid or unenforceable in any jurisdiction, then such provision shall be deemed
to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 
  

	15.	 Counterparts. 

This Agreement may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute
one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 
  

	16.	 Third Party Beneficiaries. 

Except for any Sub-Adviser (with respect to Section 8) and any Indemnified
Party, such Sub-Adviser and the Indemnified Parties each being an intended beneficiary of this Agreement, this Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing
herein express or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder. 

  
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	17.	 Survival. 

The provisions of Sections 8, 9(b), 9(c), 13, 16 and this Section 17 shall survive
termination of this Agreement. 
  

	18.	 Insurance. 

Subject to the requirements of Rule 17d-1(d)(7) under the Investment Company Act, the Fund shall
acquire and maintain a directors and officers liability insurance policy or similar insurance policy, which may name the Adviser and any Sub-Adviser each as an additional insured party (each an
“Additional Insured Party” and collectively the “Additional Insured Parties”). Such insurance policy shall include reasonable coverage from a reputable insurer. The Fund shall make all premium payments
required to maintain such policy in full force and effect; provided, however, each Additional Insured Party, if any, shall pay to the Fund, in advance of the due date of such premium, its allocated share of the premium. Irrespective of
whether the Adviser and any Sub-Adviser is a named Additional Insured Party on such policy, the Fund shall provide the Adviser and any Sub-Adviser with written notice
upon receipt of any notice of: (a) any default under such policy; (b) any pending or threatened termination, cancellation or non-renewal of such policy or (c) any coverage limitation or
reduction with respect to such policy. The foregoing provisions of this Section 18 notwithstanding, the Fund shall not be required to acquire or maintain any insurance policy to the extent that the same is not available
upon commercially reasonable pricing terms or at all, as determined in good faith by the required majority (as defined in Section 57(o) of the Investment Company Act) of the Board. 

 

	19.	 Brand Usage. 

The Adviser conducts its investment advisory business under, and owns all rights to, the trademark “FS/KKR Advisor” and the
“FS/KKR Advisor” design (collectively, the “Brand”). In connection with the Fund’s (a) public filings; (b) requests for information from state and federal regulators; (c) offering materials and
advertising materials; and (d) investor communications, the Fund may state in such materials that investment advisory services are being provided by the Adviser to the Fund under the terms of this Agreement. The Adviser hereby grants a non-exclusive, non-transferable, non-sublicensable and royalty-free license (the “License”) to the Fund for the use of the Brand solely as permitted in
the foregoing sentence. Prior to using the Brand in any manner, the Fund shall submit all proposed uses to the Adviser for prior written approval solely to the extent the Fund’s use of the Brand or any combination or derivation thereof has
materially changed from the Fund’s use of the Brand previously approved by the Adviser. The Adviser reserves the right to terminate the License immediately upon written notice for any reason, including if the usage is not in compliance with its
standards and policies. Notwithstanding the foregoing, the term of the License granted under this Section 19 shall be for the term of this Agreement only, including renewals and extensions, and the right to use the Brand as
provided herein shall terminate immediately upon the termination of this Agreement. The Fund agrees that the Adviser is the sole owner of the Brand, and any and all goodwill in the Brand arising from the Fund’s use shall inure solely to the
benefit of the Adviser. Without limiting the foregoing, the License shall have no effect on the Fund’s ownership rights of the works within which the Brand shall be used. 

[Remainder of page left intentionally blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
date above written. 
  

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

  
 [Signature Page to
Amended and Restated Investment Advisory Agreement]EX-10.4

 Exhibit 10.4 

ADMINISTRATION AGREEMENT 

BETWEEN 
 KKR FS INCOME
TRUST 
 AND 

FS/KKR ADVISOR, LLC 
 This
Administration Agreement (this “Agreement”) is made this 1st day of November, 2022, by and between KKR FS INCOME TRUST, a Delaware statutory trust (the “Company”), and FS/KKR ADVISOR, LLC, a Delaware
limited liability company (the “Administrator”). 
 WHEREAS, the Company is a
non-diversified, closed-end management investment company that intends to elect to be regulated as a business development company under the Investment Company Act of
1940, as amended (the “Investment Company Act”); 
 WHEREAS, simultaneously with the execution of this Agreement,
the Company and the Administrator (in such capacity, the “Adviser”) have entered into that certain amended and restated investment advisory agreement (as the same may be amended from time to time, the “Investment
Advisory Agreement”) whereby the Adviser will furnish investment advisory services (the “Investment Advisory Services”) on the terms and conditions set forth therein; and 

WHEREAS, the Company desires to retain the Administrator to furnish administrative services (the “Administrative
Services”) to the Company on the terms and conditions hereinafter set forth, and the Administrator wishes to be retained to provide such services. 

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

 

	1.	 Duties of the Administrator. 

(a) Retention of Administrator. The Company hereby appoints the Administrator to furnish, or arrange for others to furnish, the
administrative services, personnel and facilities described below, subject to the supervision, direction and control of the board of trustees of the Company (the “Board”), the provisions of the Company’s declaration of
trust (as may be amended from time to time, the “Declaration of Trust”) and bylaws (as may be amended from time to time, the “Bylaws”), and applicable federal and state law. 

(b) Responsibilities of Administrator. The Administrator shall perform (or oversee, or arrange for, the performance of) the
administrative services necessary for the operation of the Company, including providing general ledger accounting, fund accounting, legal services, investor relations and other administrative services. Without limiting the generality of the
foregoing, the Administrator shall: 
 (i) provide the Company with office facilities and equipment, and provide clerical,
bookkeeping, accounting and recordkeeping services, legal services, and shall provide all such other administrative services as the Administrator shall from time to time determine to be necessary or appropriate to perform its obligations under this
Agreement; 

  
 1 

 (ii) on behalf of the Company, enter into agreements and/or conduct
relations with custodians, depositories, transfer agents, distribution disbursing agents, distribution reinvestment plan administrators, shareholder servicing agents, accountants, auditors, tax consultants, advisers and experts, investment advisers,
compliance officers, escrow agents, attorneys, dealer managers, placement agents, underwriters, brokers and dealers, investor custody and share transaction clearing platforms, marketing, sales and advertising materials contractors, public relations
firms, investor communication agents, printers, insurers, banks, third-party pricing or valuation firms, and such other persons in any such other capacity deemed to be necessary or desirable by the Administrator and the Company; 

(iii) have the authority to enter into one or more sub-administration agreements (each, a “Sub-Administration
Agreement”) with other service providers (each, a “Sub-Administrator”) pursuant to which the Administrator may obtain the services of service providers in fulfilling its responsibilities hereunder. Any such
Sub-Administration Agreements shall be in accordance with the requirements of the Investment Company Act and other applicable federal and state law and shall contain a provision requiring the Sub- Administrator to comply with Sections 1(e)
and 2 below as if it were the Administrator. The Administrator and not the Company shall be responsible for any compensation payable to any Sub-Administrator engaged by the Administrator pursuant to this paragraph; 

(iv) as may be requested, make reports to the Board of its performance of obligations hereunder; 

(v) furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as the
Administrator reasonably shall determine to be desirable; 
 (vi) assist the Company in the preparation of and maintaining
the financial and other records that the Company is required to maintain and the preparation, printing and dissemination of reports that the Company is required to furnish to shareholders, and reports and other materials filed with the Securities
and Exchange Commission (the “SEC”), any securities exchange or other regulatory authority; 
 (vii)
provide on the Company’s behalf managerial assistance to those portfolio companies to which the Company is required to provide such assistance to the extent such portfolio companies request such assistance; 

(viii) assist the Company in determining and publishing the Company’s net asset value, oversee the preparation and filing
of the Company’s tax returns, and generally oversee and monitor the payment of the Company’s expenses; and 
 (ix)
oversee the performance of administrative and other professional services rendered to the Company by others. 
 (c) Acceptance of
Appointment. The Administrator hereby accepts such appointment and agrees during the term hereof to render the services described herein, subject to the reimbursement of costs and expenses provided for below, and subject to the limitations
contained herein. 
 (d) Independent Contractor Status. The Administrator, and any others with whom the Administrator subcontracts to
provide the services set forth herein, shall, for all purposes herein provided, be deemed to be independent contractors and, except as expressly provided or authorized herein or by other written agreement of the Company and the Administrator, shall
have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company. 

  
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 (e) Record Retention. Subject to review by, and the overall control of, the Board,
the Administrator shall maintain and keep all books, accounts and other records of the Company that relate to the Administrative Services performed by the Administrator hereunder as required under the Investment Company Act or the Investment
Advisers Act of 1940, as applicable (the “Advisers Act”). The Administrator shall render to the Board such periodic and special reports as the Board may reasonably request or as may be required under applicable federal and
state law, and shall make such records available for inspection by the Board and its authorized agents, at any time and from time to time during normal business hours. The Administrator agrees that all records that it maintains for the Company are
the property of the Company and shall surrender promptly to the Company any such records upon the Company’s request and upon termination of this Agreement pursuant to Section 7, provided that the Administrator may retain a copy of
such records. The Administrator further agrees that the records which it maintains for the Company will be preserved in the manner and for the periods prescribed by the Investment Company Act and the Advisers Act, as applicable, unless any such
records are earlier surrendered as provided above. 
  

	2.	 The Company’s Responsibilities and Expenses Payable by the Company. 

The Company, either directly or through reimbursement to the Administrator, shall bear all costs and expenses of its operations and
transactions not specifically assumed by the Adviser pursuant to the Investment Advisory Agreement, including (without limitation): organizational and offering expenses (excluding any shareholder servicing fee and subject to applicable Financial
Industry Regulatory Authority, Inc. limitations on underwriting compensation); corporate and organizational expenses relating to offerings of the Company’s shares of beneficial interests (the “Shares”), subject to
limitations included in this Agreement; the cost of calculating the Company’s net asset value for each share class, as applicable, including the cost of any third-party pricing or valuation services; the cost of effecting sales and repurchases
of Shares and other securities; investment advisory fees; fees payable to third parties including, without limitation, agents, consultants or other advisors, relating to, or associated with, making investments, monitoring investments and valuing
investments, including fees and expenses associated with performing due diligence reviews of prospective investments; interest payments on the Company’s debt or related obligations; transfer agent and custodial fees; research and market data
(including news and quotation equipment and services, and any computer hardware and connectivity hardware (e.g., telephone and fiber optic lines) incorporated into the cost of obtaining such research and market data); fees and expenses associated
with marketing efforts; federal and state registration or notification fees; federal, state and local taxes; fees and expenses of trustees not also serving in an executive officer capacity for the Company or the Administrator; costs of proxy
statements, shareholders’ reports, notices and other filings; fidelity bond, directors/trustees and officers errors and omissions liability insurance and other insurance premiums; direct costs such as printing, mailing, long distance telephone
and staff costs; fees and expenses associated with accounting, corporate governance, independent audits and outside legal costs; costs associated with the Company’s reporting and compliance obligations under the Investment Company Act and
applicable federal and state securities laws, including compliance with the Sarbanes-Oxley Act of 2002, as amended; all costs of registration and listing the Shares or other securities of the Company on any securities exchange; brokerage commissions
for the Company’s investments; all other expenses incurred by the Administrator, any Sub-Administrator or the Company in connection with administering the Company’s business, including expenses
incurred by the Administrator or any Sub-Administrator in performing the Administrative Services for the Company and administrative personnel paid by the Administrator or any
Sub-Administrator, to the extent they are not controlling 

  
 3 

 
persons of the Administrator, any Sub-Administrator or any of their respective affiliates; and any expenses incurred outside of the ordinary course of
business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding and indemnification expenses as provided for in the Declaration of Trust or
Bylaws. 
  

	3.	 No Fee; Reimbursement of Expenses. 

(a) In full consideration for the provisions of the services provided by the Administrator under this Agreement, the parties acknowledge that
there shall be no separate fee paid in connection with the services provided, notwithstanding that the Company shall reimburse the Administrator no less than monthly for all costs and expenses incurred by the Administrator in performing its
obligations and providing personnel and facilities hereunder. 
 (b) The Administrator shall allocate the cost of such services to the
Company based on factors such as total assets, revenues, time allocations and/or other reasonable metrics consistent with past practice (but solely to the extent such past practice is not inconsistent with the policies of the Administrator). 

 

	4.	 Other Activities of the Administrator. 

The services provided by the Administrator to the Company are not exclusive, and the Administrator may engage in any other business or render
similar or different services to others, so long as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, member (including its members and the owners
of its members), officer or employee of the Administrator to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in
connection therewith (including fees for serving as a director or trustee of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law). The Administrator assumes no responsibility under
this Agreement other than to render the services called for hereunder. It is understood that trustees, officers, employees and shareholders of the Company are or may become interested in the Administrator and its affiliates, as directors, officers,
employees, partners, interestholders, members, managers or otherwise, and that the Administrator and directors, officers, employees, partners, interestholders, members and managers of the Administrator and its affiliates are or may become similarly
interested in the Company as shareholders or otherwise. 
  

	5.	 Responsibility of Dual Directors/Trustees, Officers and/or Employees. 

If any person who is a manager, partner, member, officer or employee of the Administrator is or becomes a trustee, officer and/or employee of
the Company and acts as such in any business of the Company, then such manager, partner, member, officer and/or employee of the Administrator shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner,
member, officer or employee of the Administrator or under the control or direction of the Administrator, even if paid by the Administrator. 

  
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	6.	 Indemnification. 

The Administrator and any Sub-Administrator (and their officers, managers, partners, members (and their members, including the owners of their
members), agents, employees, controlling persons (as defined in the Investment Company Act) and any other person or entity affiliated with, or acting on behalf of, the Administrator or Sub-Administrator) (each, an “Indemnified
Party” and, collectively, the “Indemnified Parties”), shall not be liable to the Company for any action taken or omitted to be taken by any such Indemnified Party in connection with the performance of any of its
duties or obligations under this Agreement or otherwise as the administrator of the Company, and the Company shall indemnify, defend and protect the Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) and hold them
harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) (“Losses”) incurred by the Indemnified Parties in or by reason of
any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the
Indemnified Parties’ duties or obligations under this Agreement, any Sub-Administration Agreement or otherwise as the administrator of the Company, to the extent such Losses are not fully reimbursed by insurance, and to the extent that such
indemnification would not be inconsistent with the laws of the State of Delaware, the Investment Company Act or other applicable law, or the Declaration of Trust or Bylaws. Notwithstanding the preceding sentence of this Section 6 to the
contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any Losses to the Company or its shareholders to
which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Administrator’s duties or by reason of the reckless disregard of the Administrator’s duties
and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder). In addition, notwithstanding any
of the foregoing to the contrary, the provisions of this Section 6 shall not be construed so as to provide for the indemnification of any Indemnified Party for any liability (including liability under federal securities laws which, under
certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of
this Section 6 to the fullest extent permitted by law. 
 An Indemnified Party shall be entitled to advances from the Company for
payment of the reasonable expenses (including reasonable counsel fees and expenses) incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under law. Prior to any
such advance, the Indemnified Party shall provide to the Company a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Company has been met and a written undertaking to repay any such
advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Indemnified Party shall provide a security in form and amount
acceptable to the Company for its undertaking; (b) the Company is insured against losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party trustees
of the Company or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Company at the time the advance is proposed to be made, that there is reason to believe that the
Indemnified Party will ultimately be found to be entitled to indemnification. 

  
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	7.	 Duration and Termination of Agreement. 

(a) Term. This Agreement shall remain in effect with respect to the Company for two (2) years commencing on the date hereof, and
thereafter shall continue automatically for successive annual periods until terminated in accordance herewith. 
 (b) Termination.
This Agreement may be terminated at any time by either party, without the payment of any penalty, upon sixty (60) days’ written notice to the other party. This Agreement and the rights and duties of a party hereunder may not be assigned,
including by operation of law, by a party without the prior consent of the other party. The provisions of Section 6 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof,
notwithstanding any termination of this Agreement. 
 (c) Payments to and Duties
of Administrator Upon Termination. 
 (i) After the termination of this
Agreement, the Administrator shall not be entitled to reimbursement for further services provided hereunder, except that it shall be entitled to receive from the Company within thirty (30) days after the effective date of such termination all
unpaid reimbursements due and payable to the Administrator prior to termination of this Agreement. 
 (ii) The Administrator
shall promptly upon termination: 
 (A) deliver to the Board a full accounting, including a statement showing all payments
collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 

(B) deliver to the Board all assets and documents of the Company then in custody of the Administrator; and 

(C) cooperate with the Company to provide an orderly transition of the Administrative Services. 

 

	8.	 Notices. 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other
party at its principal office. 
  

	9.	 Amendments. 

This Agreement may be amended in writing by mutual consent of the parties hereto, subject to the provisions of the Investment
Company Act. 
  

	10.	 Entire Agreement; Governing Law. 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Company is
regulated as a business development company under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act, and any other then-current regulatory interpretations
thereunder. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. 

  
 6 

	11.	 Severability. 

If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be
deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 

 

	12.	 Counterparts. 

This Agreement may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute
one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 
  

	13.	 Third Party Beneficiaries. 

Except for any Sub-Administrator (with respect to Section 6) and any
Indemnified Party, such Sub-Administrator and Indemnified Party, each being an intended beneficiary of this Agreement, this Agreement is for the sole benefit of the parties hereto and their permitted assigns
and nothing herein express or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder. 

 

	14.	 Survival. 

The provisions of Sections 6, 7(b), 7(c), 10, 13 and this Section 14 shall survive termination of
this Agreement. 
 [Remainder of page intentionally left blank] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
date above written. 
  

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

  

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

  
 [Signature Page to
Administration Agreement]

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