KKR FS Income Trust 8-K

What Happened

• KKR FS Income Trust filed an 8-K (Dec 23, 2025) announcing that on December 1, 2025 it issued and sold 1,075,920.002 Class I shares for aggregate consideration of approximately $32.03 million as part of its continuous private offering. The final number of shares issued was determined on December 23, 2025.
• The company reported a net asset value (NAV) per Class I share of $29.77 and an aggregate NAV of about $1.508 billion as of November 30, 2025. The offering is being conducted continuously for up to $5.0 billion of shares and the company intends to continue monthly sales.

Key Details

• Issuance on Dec 1, 2025: 1,075,920.002 Class I Shares for ~ $32.030 million.
• NAV as of Nov 30, 2025: $29.77 per Class I share; aggregate NAV ≈ $1.508 billion.
• Total issued in private offering to date: 51,167,676.017 Class I Shares for ~ $1.502 billion (figures reflect revisions to prior October and November issuances).
• Securities were sold in reliance on Securities Act exemptions (Section 4(a)(2) and/or Regulation D) with investors representing they are accredited investors.

Why It Matters

• Dilution & Supply: Ongoing monthly share issuances increase the number of outstanding shares, which can affect per-share metrics for existing investors.
• Fund Growth & Liquidity: The company is actively raising capital toward a $5.0 billion cap, which supports growth of the trust’s investment base and potential scale benefits.
• NAV Transparency: The NAV disclosure gives investors a recent per-share valuation ($29.77) and a snapshot of the trust’s size (~$1.508B) to help assess current valuation and track changes over time.

Keywords: private offering, NAV, Class I shares, Regulation D, accredited investor, issuance, dilution, investment trust.