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12025-09-300001930679srt:MaximumMemberHorizon CTS Buyer LLC, Capital Goods 12025-09-300001930679Horizon CTS Buyer LLC, Capital Goods 22025-09-300001930679Horizon CTS Buyer LLC, Capital Goods 32025-09-300001930679srt:MinimumMemberHorizon CTS Buyer LLC, Capital Goods 32025-09-300001930679srt:MaximumMemberHorizon CTS Buyer LLC, Capital Goods 32025-09-300001930679Horizon CTS Buyer LLC, Capital Goods 42025-09-300001930679Individual FoodService, Capital Goods 12025-09-300001930679Individual FoodService, Capital Goods 22025-09-300001930679Inhabit IQ, Software & Services 12025-09-300001930679srt:MinimumMemberInhabit IQ, Software & Services 12025-09-300001930679srt:MaximumMemberInhabit IQ, Software & Services 12025-09-300001930679Inhabit IQ, Software & Services 22025-09-300001930679srt:MinimumMemberInhabit IQ, Software & Services 22025-09-300001930679srt:MaximumMemberInhabit IQ, Software & Services 22025-09-300001930679Inhabit IQ, Software & Services 32025-09-300001930679Insightsoftware.Com Inc, Software & Services 12025-09-300001930679Insightsoftware.Com Inc, Software & Services 22025-09-300001930679Insightsoftware.Com Inc, Software & Services 32025-09-300001930679Insightsoftware.Com Inc, Software & Services 42025-09-300001930679Insightsoftware.Com Inc, Software & Services 52025-09-300001930679Integrated Power Services LLC, Commercial & Professional Services2025-09-300001930679Integrity Marketing Group LLC, Insurance 12025-09-300001930679Integrity Marketing Group LLC, Insurance 22025-09-300001930679Integrity Marketing Group LLC, Insurance 32025-09-300001930679IntraFi Network LLC, Financial Services2025-09-300001930679J S Held LLC, Insurance 12025-09-300001930679J S Held LLC, Insurance 22025-09-300001930679J S Held LLC, Insurance 32025-09-300001930679J S Held LLC, Insurance 42025-09-300001930679Keystone Agency Partners LLC, Insurance 12025-09-300001930679srt:MinimumMemberKeystone Agency Partners LLC, Insurance 12025-09-300001930679srt:MaximumMemberKeystone Agency Partners LLC, Insurance 12025-09-300001930679Keystone Agency Partners LLC, Insurance 22025-09-300001930679srt:MinimumMemberKeystone Agency Partners LLC, Insurance 22025-09-300001930679srt:MaximumMemberKeystone Agency Partners LLC, Insurance 22025-09-300001930679Keystone Agency Partners LLC, Insurance 32025-09-300001930679Lazer Logistics Inc, Transportation 12025-09-300001930679Lazer Logistics Inc, Transportation 22025-09-300001930679Learning Experience Corp/The, Consumer Services 12025-09-300001930679srt:MinimumMemberLearning Experience Corp/The, Consumer Services 12025-09-300001930679srt:MaximumMemberLearning Experience Corp/The, Consumer Services 12025-09-300001930679Learning Experience Corp/The, Consumer Services 22025-09-300001930679Legends Hospitality LLC, Consumer Services 12025-09-300001930679srt:MinimumMemberLegends Hospitality LLC, Consumer Services 12025-09-300001930679srt:MaximumMemberLegends Hospitality LLC, Consumer Services 12025-09-300001930679Legends Hospitality LLC, Consumer Services 22025-09-300001930679srt:MinimumMemberLegends Hospitality LLC, Consumer Services 22025-09-300001930679srt:MaximumMemberLegends Hospitality LLC, Consumer Services 22025-09-300001930679Legends Hospitality LLC, Consumer Services 32025-09-300001930679srt:MinimumMemberLegends Hospitality LLC, Consumer Services 32025-09-300001930679srt:MaximumMemberLegends Hospitality LLC, Consumer Services 32025-09-300001930679Legends Hospitality LLC, Consumer Services 42025-09-300001930679srt:MinimumMemberLegends Hospitality LLC, Consumer Services 42025-09-300001930679srt:MaximumMemberLegends Hospitality LLC, Consumer Services 42025-09-300001930679Lipari Foods LLC, Consumer Staples Distribution & Retail2025-09-300001930679Magna Legal Services LLC, Commercial & Professional Services 12025-09-300001930679Magna Legal Services LLC, Commercial & Professional Services 22025-09-300001930679Magna Legal Services LLC, Commercial & Professional Services 32025-09-300001930679MAI Capital Management LLC, 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Solutions LLC, Health Care Equipment & Services 32025-09-300001930679Med-Metrix, Software & Services 12025-09-300001930679srt:MinimumMemberMed-Metrix, Software & Services 12025-09-300001930679srt:MaximumMemberMed-Metrix, Software & Services 12025-09-300001930679Med-Metrix, Software & Services 22025-09-300001930679srt:MinimumMemberMed-Metrix, Software & Services 22025-09-300001930679srt:MaximumMemberMed-Metrix, Software & Services 22025-09-300001930679Med-Metrix, Software & Services 32025-09-300001930679Mercer Advisors Inc, Financial Services 12025-09-300001930679Mercer Advisors Inc, Financial Services 22025-09-300001930679Milano Acquisition Corp, Health Care Equipment & Services2025-09-300001930679Misys Ltd, Software & Services2025-09-300001930679Model N Inc, Software & Services 12025-09-300001930679srt:MinimumMemberModel N Inc, Software & Services 12025-09-300001930679srt:MaximumMemberModel N Inc, Software & Services 12025-09-300001930679Model N Inc, Software & Services 22025-09-300001930679srt:MinimumMemberModel N Inc, Software & Services 22025-09-300001930679srt:MaximumMemberModel N Inc, Software & Services 22025-09-300001930679Model N Inc, Software & Services 32025-09-300001930679NeoGov Newt Holdco Inc, Software & Services 12025-09-300001930679srt:MinimumMemberNeoGov Newt Holdco Inc, Software & Services 12025-09-300001930679srt:MaximumMemberNeoGov Newt Holdco Inc, Software & Services 12025-09-300001930679NeoGov Newt Holdco Inc, Software & Services 22025-09-300001930679NeoGov Newt Holdco Inc, Software & Services 32025-09-300001930679NeoGov Newt Holdco Inc, Software & Services 42025-09-300001930679srt:MinimumMemberNeoGov Newt Holdco Inc, Software & Services 42025-09-300001930679srt:MaximumMemberNeoGov Newt Holdco Inc, Software & Services 42025-09-300001930679Netsmart Technologies Inc, Health Care Equipment & Services 12025-09-300001930679srt:MinimumMemberNetsmart Technologies Inc, Health Care Equipment & Services 12025-09-300001930679srt:MaximumMemberNetsmart Technologies Inc, Health Care Equipment & Services 12025-09-300001930679Netsmart Technologies Inc, Health Care Equipment & Services 22025-09-300001930679srt:MinimumMemberNetsmart Technologies Inc, Health Care Equipment & Services 22025-09-300001930679srt:MaximumMemberNetsmart Technologies Inc, Health Care Equipment & Services 22025-09-300001930679Netsmart Technologies Inc, Health Care Equipment & Services 32025-09-300001930679OEConnection LLC, Software & Services 12025-09-300001930679srt:MinimumMemberOEConnection LLC, Software & Services 12025-09-300001930679srt:MaximumMemberOEConnection LLC, Software & Services 12025-09-300001930679OEConnection LLC, Software & Services 22025-09-300001930679OEConnection LLC, Software & Services 32025-09-300001930679srt:MinimumMemberOEConnection LLC, Software & Services 32025-09-300001930679srt:MaximumMemberOEConnection LLC, Software & Services 32025-09-300001930679PCI Pharma Services, Health Care Equipment & Services 12025-09-300001930679PCI Pharma Services, Health Care Equipment & Services 22025-09-300001930679PCI Pharma Services, Health Care Equipment & Services 32025-09-300001930679PCI Pharma Services, Health Care Equipment & Services 42025-09-300001930679Personify Health Inc, Software & Services2025-09-300001930679srt:MinimumMemberPersonify Health Inc, Software & Services2025-09-300001930679srt:MaximumMemberPersonify Health Inc, Software & Services2025-09-300001930679Precisely Software Inc, Software & Services2025-09-300001930679PSC Group, Transportation 12025-09-300001930679PSC Group, Transportation 22025-09-300001930679PSC Group, Transportation 32025-09-300001930679PSC Group, Transportation 42025-09-300001930679PSKW LLC (dba ConnectiveRx), Health Care Equipment & Services2025-09-300001930679Radwell International LLC, Capital Goods 12025-09-300001930679Radwell International LLC, Capital Goods 22025-09-300001930679Radwell International LLC, Capital Goods 32025-09-300001930679Radwell International LLC, Capital Goods 42025-09-300001930679Railpros Inc, Commercial & Professional Services 12025-09-300001930679Railpros Inc, Commercial & Professional Services 22025-09-300001930679Railpros Inc Commercial & Professional Services 32025-09-300001930679Resa Power LLC, Commercial & Professional Services 12025-09-300001930679srt:MinimumMemberResa Power LLC, Commercial & Professional Services 12025-09-300001930679srt:MaximumMemberResa Power LLC, Commercial & Professional Services 12025-09-300001930679Resa Power LLC, Commercial & Professional Services 22025-09-300001930679srt:MinimumMemberResa Power LLC, Commercial & Professional Services 22025-09-300001930679srt:MaximumMemberResa Power LLC, Commercial & Professional Services 22025-09-300001930679Resa Power LLC, Commercial & Professional Services 32025-09-300001930679Revere Superior Holdings Inc, Software & Services 12025-09-300001930679Revere Superior Holdings Inc, Software & Services 22025-09-300001930679Revere Superior Holdings Inc, Software & Services 32025-09-300001930679Revere Superior Holdings Inc, Software & Services 42025-09-300001930679Revere Superior Holdings Inc, Software & Services 52025-09-300001930679Rialto Capital Management LLC, Financial Services 12025-09-300001930679Rialto Capital Management LLC, Financial Services 22025-09-300001930679Rockefeller Capital Management LP, Financial Services 12025-09-300001930679Rockefeller Capital Management LP, Financial Services 22025-09-300001930679RxBenefits Inc, Health Care Equipment & Services2025-09-300001930679Service Express Inc, Commercial & Professional Services 12025-09-300001930679srt:MinimumMemberService Express Inc, Commercial & Professional Services 12025-09-300001930679srt:MaximumMemberService Express Inc, Commercial & Professional Services 12025-09-300001930679Service Express Inc, Commercial & Professional Services 22025-09-300001930679srt:MinimumMemberService Express Inc, Commercial & Professional Services 22025-09-300001930679srt:MaximumMemberService Express Inc, Commercial & Professional Services 22025-09-300001930679Service Express Inc, Commercial & Professional Services 32025-09-300001930679Shaw Development LLC, Capital Goods2025-09-300001930679Solera LLC, Software & Services2025-09-300001930679Sphera Solutions Inc, Software & Services 12025-09-300001930679Sphera Solutions Inc, Software & Services 22025-09-300001930679Sphera Solutions Inc, Software & Services 32025-09-300001930679Sphera Solutions Inc, Software & Services 42025-09-300001930679Spins LLC, Software & Services 12025-09-300001930679Spins LLC, Software & Services 22025-09-300001930679Spotless Brands LLC, Consumer Services 12025-09-300001930679Spotless Brands LLC, Consumer Services 22025-09-300001930679Spotless Brands LLC, Consumer Services 32025-09-300001930679Spotless Brands LLC, Consumer Services 42025-09-300001930679STV Group Inc, Capital Goods 12025-09-300001930679STV Group Inc, Capital Goods 22025-09-300001930679STV Group Inc, Capital Goods 32025-09-300001930679SureScripts LLC, Health Care Equipment & Services 12025-09-300001930679SureScripts LLC, Health Care Equipment & Services 22025-09-300001930679Trackunit ApS, Software & Services 12025-09-300001930679srt:MinimumMemberTrackunit ApS, Software & Services 12025-09-300001930679srt:MaximumMemberTrackunit ApS, Software & Services 12025-09-300001930679Trackunit ApS, Software & Services 22025-09-300001930679srt:MinimumMemberTrackunit ApS, Software & Services 22025-09-300001930679srt:MaximumMemberTrackunit ApS, Software & Services 22025-09-300001930679Turnpoint Services Inc, Capital Goods 12025-09-300001930679srt:MinimumMemberTurnpoint Services Inc, Capital Goods 12025-09-300001930679srt:MaximumMemberTurnpoint Services Inc, Capital Goods 12025-09-300001930679Turnpoint Services Inc, Capital Goods 22025-09-300001930679srt:MinimumMemberTurnpoint Services Inc, Capital Goods 22025-09-300001930679srt:MaximumMemberTurnpoint Services Inc, Capital Goods 22025-09-300001930679Turnpoint Services Inc, Capital Goods 32025-09-300001930679srt:MinimumMemberTurnpoint Services Inc, Capital Goods 32025-09-300001930679srt:MaximumMemberTurnpoint Services Inc, Capital Goods 32025-09-300001930679Turnpoint Services Inc, Capital Goods 42025-09-300001930679srt:MinimumMemberTurnpoint Services Inc, Capital Goods 42025-09-300001930679srt:MaximumMemberTurnpoint Services Inc, Capital Goods 42025-09-300001930679USIC Holdings Inc, Commercial & Professional Services 12025-09-300001930679USIC Holdings Inc, Commercial & Professional Services 22025-09-300001930679USIC Holdings Inc, Commercial & Professional Services 32025-09-300001930679USIC Holdings Inc, Commercial & Professional Services 42025-09-300001930679Veriforce LLC, Software & Services 12025-09-300001930679Veriforce LLC, Software & Services 22025-09-300001930679Veriforce LLC, Software & Services 32025-09-300001930679Veriforce LLC, Software & Services 42025-09-300001930679Veriforce LLC, Software & Services 52025-09-300001930679srt:MinimumMemberVeriforce LLC, Software & Services 52025-09-300001930679srt:MaximumMemberVeriforce LLC, Software & Services 52025-09-300001930679Vermont Information Processing Inc, Software & Services 12025-09-300001930679srt:MinimumMemberVermont Information Processing Inc, Software & Services 12025-09-300001930679srt:MaximumMemberVermont Information Processing Inc, Software & Services 12025-09-300001930679Vermont Information Processing Inc, Software & Services 22025-09-300001930679Vermont Information Processing Inc, Software & Services 32025-09-300001930679srt:MinimumMemberVermont Information Processing Inc, Software & Services 32025-09-300001930679srt:MaximumMemberVermont Information Processing Inc, Software & Services 32025-09-300001930679Vermont Information Processing Inc, Software & Services 42025-09-300001930679VetCor Professional Practices LLC, Health Care Equipment & Services 12025-09-300001930679VetCor Professional Practices LLC, Health Care 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32025-09-300001930679srt:MinimumMemberWest Star Aviation Inc, Capital Goods 32025-09-300001930679srt:MaximumMemberWest Star Aviation Inc, Capital Goods 32025-09-300001930679West Star Aviation Inc, Capital Goods 42025-09-300001930679Woolpert Inc, Capital Goods 12025-09-300001930679Woolpert Inc, Capital Goods 22025-09-300001930679Woolpert Inc, Capital Goods 32025-09-300001930679Woolpert Inc, Capital Goods 42025-09-300001930679Xylem Kendall, Commercial & Professional Services 12025-09-300001930679Xylem Kendall, Commercial & Professional Services 22025-09-300001930679Xylem Kendall, Commercial & Professional Services 32025-09-300001930679Xylem Kendall, Commercial & Professional Services 42025-09-300001930679Zeus Industrial Products Inc, Health Care Equipment & Services 12025-09-300001930679srt:MinimumMemberZeus Industrial Products Inc, Health Care Equipment & Services 12025-09-300001930679srt:MaximumMemberZeus Industrial Products Inc, Health Care Equipment & Services 12025-09-300001930679Zeus Industrial Products Inc, Health Care Equipment & Services 22025-09-300001930679Zeus Industrial Products Inc, Health Care Equipment & Services 32025-09-300001930679Zeus Industrial Products Inc, Health Care Equipment & Services 42025-09-300001930679kfit:FundedSeniorSecuredLoansFirstLienMember2025-09-300001930679kfit:UnfundedSeniorSecuredLoansFirstLienMember2025-09-300001930679us-gaap:SubordinatedDebtMember2025-09-300001930679Apex Service Partners LLC, Commercial & Professional Services2025-09-300001930679kfit:AssetBasedFinanceMember2025-09-300001930679Australis Maritime II, ABF Equity, Transportation2025-09-300001930679Auxilior Capital Partners Inc, Preferred Equity, Financial Services2025-09-300001930679srt:MinimumMemberAuxilior Capital Partners Inc, Preferred Equity, Financial Services2025-09-300001930679srt:MaximumMemberAuxilior Capital Partners Inc, Preferred Equity, Financial Services2025-09-300001930679Bankers Healthcare Group LLC, Term Loan, Financial 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Real Estate Management & Development2025-09-300001930679FIGRE Trust 2024-HE3, ABS, Real Estate Management & Development2025-09-300001930679Florida Food Products LLC, Revolver, Food, Beverage & Tobacco 12025-09-300001930679Florida Food Products LLC, Revolver, Food, Beverage & Tobacco 22025-09-300001930679Fortna Group Inc, Revolver, Capital Goods 12025-09-300001930679Fortna Group Inc, Revolver, Capital Goods 22025-09-300001930679Global Lending Services LLC, ABF Equity, Financial Services2025-09-300001930679Global Lending Services LLC, Bond, Financial Services 12025-09-300001930679Global Lending Services LLC, Bond, Financial Services 22025-09-300001930679Global Lending Services LLC, Bond, Financial Services 32025-09-300001930679Global Lending Services LLC, Bond, Financial Services 42025-09-300001930679GreenSky Holdings LLC, ABF Equity, Financial Services 12025-09-300001930679GreenSky Holdings LLC, ABF Equity, Financial Services 22025-09-300001930679GreenSky Holdings LLC, Term Loan, Financial Services 12025-09-300001930679GreenSky Holdings LLC, Term Loan, Financial Services 22025-09-300001930679Harley-Davidson Financial Services Inc, ABF Equity, Financial Services2025-09-300001930679HOMES 2024-AFC1 Trust, Structured Mezzanine, Real Estate Management & Development2025-09-300001930679Homeward Opportunities Fund Trust 2024-RRTL2, ABS, Real Estate Management & Development2025-09-300001930679Income Contingent Student Loans 1 2002-2006 PLC, ABS, Financial Services2025-09-300001930679Income Contingent Student Loans 2 2007-2009 PLC, ABS, Financial Services2025-09-300001930679IQUW UK Ltd, Bond, Insurance2025-09-300001930679John Wood Group PLC, Revolver, Capital Goods 12025-09-300001930679John Wood Group PLC, Revolver, Capital Goods 22025-09-300001930679KKR Altitude II Offshore Aggregator LP, Partnership Interest, Capital Goods2025-09-300001930679Laurel Road Prime Student Loan Trust 2017-B, ABS, Financial Services2025-09-300001930679LHOME Mortgage Trust 2024-RTL4, ABS, Real 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Loan Trust 2025-HX1, ABS, Real Estate Management & Development 32025-09-300001930679Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS, Real Estate Management & Development 42025-09-300001930679Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS, Real Estate Management & Development 52025-09-300001930679Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS, Real Estate Management & Development 12025-09-300001930679Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS, Real Estate Management & Development 22025-09-300001930679Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS, Real Estate Management & Development 32025-09-300001930679Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABS, Real Estate Management & Development 42025-09-300001930679Newday Group Jersey Ltd, ABF Equity, Financial Services2025-09-300001930679Norway_France, ABF Equity, Financial Services2025-09-300001930679Opendoor Labs Inc, Structured Mezzanine, Real Estate Management & Development 12025-09-300001930679Opendoor Labs Inc, Structured Mezzanine, Real Estate Management & Development 22025-09-300001930679PayPal Europe Sarl et Cie SCA, ABF Equity, Financial Services2025-09-300001930679Philippine Airlines 777, Term Loan, Transportation 12025-09-300001930679Philippine Airlines 777, Term Loan, Transportation 22025-09-300001930679Philippine Airlines 777, Term Loan, Transportation 32025-09-300001930679Philippine Airlines 777, Term Loan, Transportation 42025-09-300001930679Powin Energy Corp/NV, Warrants, Capital Goods2025-09-300001930679Pretium Partners LLC P1, Structured Mezzanine, Equity Real Estate Investment Trusts (REITs)2025-09-300001930679srt:MinimumMemberPretium Partners LLC P1, Structured Mezzanine, Equity Real Estate Investment Trusts (REITs)2025-09-300001930679srt:MaximumMemberPretium Partners LLC P1, Structured Mezzanine, Equity Real Estate Investment Trusts (REITs)2025-09-300001930679Progress Residential 2024-SFR4 Trust, Structured 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12025-09-300001930679Tropicana Products Inc, Revolver, Food, Beverage & Tobacco 22025-09-300001930679Unison Trust 2025-1, ABS, Real Estate Management & Development2025-09-300001930679Vehicle Secured Funding Trust, ABF Equity, Financial Services2025-09-300001930679Vehicle Secured Funding Trust, Term Loan, Financial Services2025-09-300001930679Vietjet Aviation JSC, Term Loan, Transportation 12025-09-300001930679Vietjet Aviation JSC, Term Loan, Transportation 22025-09-300001930679Vontive Mortgage Trust 2025-RTL1, ABS, Real Estate Management & Development 12025-09-300001930679Vontive Mortgage Trust 2025-RTL1, ABS, Real Estate Management & Development 22025-09-300001930679Weber-Stephen Products LLC, Revolver, Consumer Discretionary Distribution & Retail 12025-09-300001930679Weber-Stephen Products LLC, Revolver, Consumer Discretionary Distribution & Retail 22025-09-300001930679kfit:FundedAssetBasedFinanceMember2025-09-300001930679kfit:UnfundedAssetBasedFiannceMember2025-09-300001930679 Goldman Sachs Bank USA, EUR, March 20282025-09-300001930679 Goldman Sachs Bank USA, EUR, March 20282025-09-300001930679 Goldman Sachs Bank USA, EUR, May 2028, 12025-09-300001930679 Goldman Sachs Bank USA, EUR, May 2028, 22025-09-300001930679 Goldman Sachs Bank USA, GBP, June 20262025-09-300001930679 Goldman Sachs Bank USA, GBP, March 20292025-09-300001930679 Goldman Sachs Bank USA, NOK, January 20282025-09-300001930679us-gaap:SecuredOvernightFinancingRateSofrMember2025-09-300001930679kfit:SterlingOvernightIndexAverageMember2025-09-300001930679kfit:EuroInterbankOfferedRateEURIBORMember2025-09-300001930679us-gaap:InvestmentsMemberkfit:QualifyingAssetsConcentrationRiskMemberus-gaap:AssetsTotalMember2025-01-012025-09-300001930679GreenSky Holdings LLC, ABF Equity, Financial Services 12024-12-310001930679GreenSky Holdings LLC, ABF Equity, Financial Services 12025-01-012025-09-300001930679GreenSky Holdings LLC, ABF Equity, Financial Services 22024-12-310001930679GreenSky Holdings LLC, ABF Equity, Financial Services 22025-01-012025-09-300001930679GreenSky Holdings LLC, Term Loan, Financial Services2024-12-310001930679GreenSky Holdings LLC, Term Loan, Financial Services2025-01-012025-09-300001930679GreenSky Holdings LLC, Term Loan, Financial Services2025-09-300001930679us-gaap:InvestmentAffiliatedIssuerControlledMemberkfit:AssetBasedFinanceMember2024-12-310001930679us-gaap:InvestmentAffiliatedIssuerControlledMemberkfit:AssetBasedFinanceMember2025-01-012025-09-300001930679us-gaap:InvestmentAffiliatedIssuerControlledMemberkfit:AssetBasedFinanceMember2025-09-300001930679Australis Maritime II, ABF Equity, Transportation2024-12-310001930679Australis Maritime II, ABF Equity, Transportation2025-01-012025-09-300001930679Discover Financial Services, ABF Equity, Financial Services2024-12-310001930679Discover Financial Services, ABF Equity, Financial Services2025-01-012025-09-300001930679Discover Financial Services, Subordinated Loan, Financial Services2024-12-310001930679Discover Financial Services, Subordinated Loan, Financial Services2025-01-012025-09-300001930679KKR Altitude II Offshore Aggregator LP, Partnership Interest, Capital Goods2024-12-310001930679KKR Altitude II Offshore Aggregator LP, Partnership Interest, Capital Goods2025-01-012025-09-300001930679TDC LLP, ABF Equity, Financial Services, 12024-12-310001930679TDC LLP, ABF Equity, Financial Services, 12025-01-012025-09-300001930679TDC LLP, ABF Equity, Financial Services, 12025-09-300001930679TDC LLP, Preferred Equity, Financial Services, 12024-12-310001930679TDC LLP, Preferred Equity, Financial Services, 12025-01-012025-09-300001930679TDC LLP, Preferred Equity, Financial Services, 12025-09-300001930679kfit:SeniorSecuredLoansFirstLienMember2024-12-310001930679Advanced Dermatology & Cosmetic Surgery, Health Care Equipment & Services2024-12-310001930679Affordable Care Inc, Health Care Equipment & Services2024-12-310001930679srt:MaximumMemberAffordable Care Inc, Health Care Equipment & Services2024-12-310001930679Alera Group Intermediate Holdings Inc, Insurance2024-12-310001930679Amerivet Partners Management Inc, Health Care Equipment & Services2024-12-310001930679Apex Service Partners LLC, Commercial & Professional Services 12024-12-310001930679Apex Service Partners LLC, Commercial & Professional Services 22024-12-310001930679Apex Service Partners LLC, Commercial & Professional Services 32024-12-310001930679Apex Service Partners LLC, Commercial & Professional Services 42024-12-310001930679Apex Service Partners LLC, Commercial & Professional Services 52024-12-310001930679Arcfield Acquisition Corp, Capital Goods 12024-12-310001930679Arcfield Acquisition Corp, Capital Goods 22024-12-310001930679Ardonagh Group Ltd/The, Insurance2024-12-310001930679Area Wide Protective Inc, Commercial & Professional Services 12024-12-310001930679Area Wide Protective Inc, Commercial & Professional Services 22024-12-310001930679Avetta LLC, Software & Services 12024-12-310001930679srt:MaximumMemberAvetta LLC, Software & Services 12024-12-310001930679Avetta LLC, Software & Services 22024-12-310001930679Avetta LLC, Software & Services 32024-12-310001930679srt:MaximumMemberAvetta LLC, Software & Services 32024-12-310001930679BDO USA PA, Commercial & Professional Services2024-12-310001930679Cadence Education LLC, Consumer Services 12024-12-310001930679Cadence Education LLC, Consumer Services 22024-12-310001930679Cadence Education LLC, Consumer Services 32024-12-310001930679Cadence Education LLC, Consumer Services 42024-12-310001930679Carrier Fire Protection, Commercial & Professional Services 12024-12-310001930679srt:MaximumMemberCarrier Fire Protection, Commercial & Professional Services 12024-12-310001930679Carrier Fire Protection, Commercial & Professional Services 22024-12-310001930679Carrier Fire Protection, Commercial & Professional Services 32024-12-310001930679srt:MaximumMemberCarrier Fire Protection, Commercial & Professional Services 32024-12-310001930679Carrier Fire Protection, Financial Services 12024-12-310001930679Carrier Fire Protection, Commercial & Professional Services 42024-12-310001930679srt:MaximumMemberCarrier Fire Protection, Commercial & Professional Services 42024-12-310001930679Carrier Fire Protection, Commercial & Professional Services 52024-12-310001930679Carrier Fire Protection, Financial Services 22024-12-310001930679Clarience Technologies LLC, Capital Goods 12024-12-310001930679srt:MaximumMemberClarience Technologies LLC, Capital Goods 12024-12-310001930679Clarience Technologies LLC, Capital Goods 22024-12-310001930679Clarience Technologies LLC, Capital Goods 32024-12-310001930679srt:MaximumMemberClarience Technologies LLC, Capital Goods 32024-12-310001930679CLEAResult Consulting Inc, Commercial & Professional Services 12024-12-310001930679srt:MaximumMemberCLEAResult Consulting Inc, Commercial & Professional Services 12024-12-310001930679CLEAResult Consulting Inc, Commercial & Professional Services 22024-12-310001930679CLEAResult Consulting Inc, Commercial & Professional Services 32024-12-310001930679srt:MaximumMemberCLEAResult Consulting Inc, Commercial & Professional Services 32024-12-310001930679CLEAResult Consulting Inc, Commercial & Professional Services 42024-12-310001930679Community Brands Inc, Software & Services 12024-12-310001930679Community Brands Inc, Software & Services 22024-12-310001930679Community Brands Inc, Software & Services 32024-12-310001930679CSafe Global, Transportation 12024-12-310001930679CSafe Global, Transportation 22024-12-310001930679CSafe Global, Transportation 32024-12-310001930679CSafe Global, Transportation 42024-12-310001930679Dental365 LLC, Health Care Equipment & Services 12024-12-310001930679Dental365 LLC, Health Care Equipment & Services 22024-12-310001930679Dental365 LLC, Health Care Equipment & Services 32024-12-310001930679Dental365 LLC, Health Care Equipment & Services 42024-12-310001930679Dental365 LLC, Health Care Equipment & Services 52024-12-310001930679DOXA Insurance Holdings LLC, Insurance 12024-12-310001930679DOXA Insurance Holdings LLC, Insurance 22024-12-310001930679DOXA Insurance Holdings LLC, Insurance 32024-12-310001930679DOXA Insurance Holdings LLC, Insurance 42024-12-310001930679DuBois Chemicals Inc, Materials 12024-12-310001930679DuBois Chemicals Inc, Materials 22024-12-310001930679DuBois Chemicals Inc, Materials 32024-12-310001930679Excelitas Technologies Corp, Technology Hardware & Equipment2024-12-310001930679Galway Partners Holdings LLC, Insurance 12024-12-310001930679Galway Partners Holdings LLC, Insurance 22024-12-310001930679srt:MaximumMemberGalway Partners Holdings LLC, Insurance 22024-12-310001930679Galway Partners Holdings LLC, Insurance 32024-12-310001930679Gigamon Inc, Software & Services2024-12-310001930679Granicus Inc, Software & Services 12024-12-310001930679srt:MaximumMemberGranicus Inc, Software & Services 12024-12-310001930679Granicus Inc, Software & Services 22024-12-310001930679srt:MaximumMemberGranicus Inc, Software & Services 22024-12-310001930679Granicus Inc, Software & Services 32024-12-310001930679Granicus Inc, Software & Services 42024-12-310001930679srt:MaximumMemberGranicus Inc, Software & Services 42024-12-310001930679Heritage Environmental Services Inc, Commercial & Professional Services 12024-12-310001930679Heritage Environmental Services Inc, Commercial & Professional Services 22024-12-310001930679Heritage Environmental Services Inc, Commercial & Professional Services 32024-12-310001930679Heritage Environmental Services Inc, Commercial & Professional Services 42024-12-310001930679Highgate Hotels Inc, Consumer Services 12024-12-310001930679Highgate Hotels Inc, Consumer Services 22024-12-310001930679Homrich & Berg Inc, Financial Services 12024-12-310001930679Homrich & Berg Inc, Financial Services 22024-12-310001930679Homrich & Berg Inc, Financial Services 32024-12-310001930679Homrich & Berg Inc, Financial Services 42024-12-310001930679Individual FoodService, Capital Goods 12024-12-310001930679Individual FoodService, Capital Goods 22024-12-310001930679Insightsoftware.Com Inc, Software & Services 12024-12-310001930679Insightsoftware.Com Inc, Software & Services 22024-12-310001930679Insightsoftware.Com Inc, Software & Services 32024-12-310001930679Insightsoftware.Com Inc, Software & Services 42024-12-310001930679Integrated Power Services LLC, Commercial & Professional Services2024-12-310001930679Integrity Marketing Group LLC, Insurance 12024-12-310001930679Integrity Marketing Group LLC, Insurance 22024-12-310001930679Integrity Marketing Group LLC, Insurance 32024-12-310001930679J S Held LLC, Insurance 12024-12-310001930679J S Held LLC, Insurance 22024-12-310001930679J S Held LLC, Insurance 32024-12-310001930679Karman Space Inc, Capital Goods2024-12-310001930679Lazer Logistics Inc, Transportation 12024-12-310001930679Lazer Logistics Inc, Transportation 22024-12-310001930679Lazer Logistics Inc, Transportation 32024-12-310001930679Legends Hospitality LLC, Consumer Services 12024-12-310001930679srt:MaximumMemberLegends Hospitality LLC, Consumer Services 12024-12-310001930679Legends Hospitality LLC, Consumer Services 22024-12-310001930679srt:MaximumMemberLegends Hospitality LLC, Consumer Services 22024-12-310001930679Legends Hospitality LLC, Consumer Services 32024-12-310001930679srt:MaximumMemberLegends Hospitality LLC, Consumer Services 32024-12-310001930679Legends Hospitality LLC, Consumer Services 42024-12-310001930679srt:MaximumMemberLegends Hospitality LLC, Consumer Services 42024-12-310001930679Lexitas Inc, Commercial & Professional Services2024-12-310001930679Lipari Foods LLC, Consumer Staples Distribution & Retail2024-12-310001930679Magna Legal Services LLC, Commercial & Professional Services 12024-12-310001930679Magna Legal Services LLC, Commercial & Professional Services 22024-12-310001930679Magna Legal Services LLC, Commercial & Professional Services 32024-12-310001930679Magna Legal Services LLC, Commercial & Professional Services 42024-12-310001930679MAI Capital Management LLC, Financial Services 12024-12-310001930679srt:MaximumMemberMAI Capital Management LLC, Financial Services 12024-12-310001930679MAI Capital Management LLC, Financial Services 22024-12-310001930679MAI Capital Management LLC, Financial Services 32024-12-310001930679srt:MaximumMemberMAI Capital Management LLC, Financial Services 32024-12-310001930679MAI Capital Management LLC, Financial Services 42024-12-310001930679MB2 Dental Solutions LLC, Health Care Equipment & Services 12024-12-310001930679MB2 Dental Solutions LLC, Health Care Equipment & Services 22024-12-310001930679MB2 Dental Solutions LLC, Health Care Equipment & Services 32024-12-310001930679Mercer Advisors Inc, Financial Services 12024-12-310001930679Mercer Advisors Inc, Financial Services 22024-12-310001930679Model N Inc, Software & Services 12024-12-310001930679srt:MaximumMemberModel N Inc, Software 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________________________________

FORM 10-Q

_________________________________________________


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

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025


¨			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)

201 Rouse Boulevard Philadelphia, Pennsylvania						19112
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (215) 495-1150

_______________________________________

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	¨	Accelerated filer	¨

Non-accelerated filer	x	Smaller reporting company	¨

		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x.

Securities registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

N/A

Indicate the number of shares outstanding of each of the issuer’s classes of common shares, as of the latest practicable date.

The number of shares of the registrant’s common shares of beneficial interest, par value $0.01 per share, outstanding as of October 31, 2025 was 49,100,279 of Class I shares.

TABLE OF CONTENTS



		Page
PART I—FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	1
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	1
	Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	2
	Unaudited Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024	4
	Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	5
	Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024	6
	Notes to Unaudited Consolidated Financial Statements	30
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	53
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	71
ITEM 4.	CONTROLS AND PROCEDURES	73

PART II—OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	74
ITEM 1A.	RISK FACTORS	74
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	74
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	75
ITEM 4.	MINE SAFETY DISCLOSURES	75
ITEM 5.	OTHER INFORMATION	75
ITEM 6.	EXHIBITS	76
	SIGNATURES	77

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

KKR FS Income Trust

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	September 30, 2025 (Unaudited)		December 31, 2024
Assets
Investments, at fair value
Non-controlled/unaffiliated investments (amortized cost—$1,968,598 and $1,027,138, respectively)	$	1,995,558	$	1,037,289
Non-controlled/affiliated investments (amortized cost—$8,156 and $8,095, respectively)	8,655		8,841
Controlled/affiliated investments (amortized cost—$17,158 and $17,630, respectively)	17,498		17,943
Total investments, at fair value (amortized cost—$1,993,912 and $1,052,863, respectively)	2,021,711		1,064,073
Cash and cash equivalents	42,849		19,277
Foreign currency (cost—$470 and $424, respectively)	470		416
Receivable for investments sold and repaid	2,836		216
Income receivable	15,818		10,401

Unrealized appreciation on foreign currency forward contracts	111		200
Deferred financing costs	5,320		3,659
Prepaid expenses and other assets	2,082		254
Total assets	$	2,091,197	$	1,098,496

Liabilities
Payable for investments purchased	$	1,978	$	23,746
Debt(1)	661,820		229,355
Unrealized depreciation on foreign currency forward contracts	223		—
Shareholders’ distributions payable	11,753		9,818

Organizational and offering costs payable	—		103


Accrued capital gains incentive fee(2)	2,845		1,467
Administrative services expense payable	1,194		365
Accrued accounting and administrative fees	209		83
Interest payable	5,761		3,150

Other accrued expenses and liabilities	2,041		1,167
Total liabilities	687,824		269,254
Commitments and contingencies(3)



Shareholders’ equity
Common Shares, $0.01 par value, unlimited shares authorized, 47,002,485 and 28,051,771 Class I shares issued and outstanding, respectively	470		281
Capital in excess of par value	1,378,221		815,969
Retained earnings (accumulated deficit)	24,682		12,992
Total shareholders’ equity	1,403,373		829,242
Total liabilities and shareholders’ equity	$	2,091,197	$	1,098,496
Net asset value per share of common shares at period end	$	29.86	$	29.56

_______________

(1)See Note 9 for a discussion of the Company’s financing arrangements.

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

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

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Investment income
From non-controlled/unaffiliated investments:
Interest income	$	40,345	$	18,763	$	104,185	$	41,221
Paid-in-kind interest income	1,397		1,046		3,748		1,574
Fee income	2,336		2,253		5,305		4,812
Dividend and other income	401		115		1,519		1,158
From non-controlled/affiliated investments:
Interest income	—		136		—		200
Paid-in-kind interest income	102		—		306		—
Fee income	—		8		—		8
Dividend and other income	75		—		395		—
From controlled/affiliated investments:
Interest income	363		—		1,098		—

Fee income	—		—		23		—
Dividend and other income	714		86		1,153		114
Total investment income	45,733		22,407		117,732		49,087

Operating expenses
Management fees	3,912		1,596		10,067		3,428
Subordinated income incentive fees(1)	4,266		2,034		11,141		4,250
Capital gains incentive fees(1)	880		247		1,378		971
Interest expense(2)	9,444		3,804		23,199		9,172
Administrative services expense	759		560		1,897		1,376
Accounting and administrative fees	164		72		422		186
Organizational and offering costs	—		1,025		440		2,290
Insurance expense	38		46		104		137
Audit expense	219		147		549		436
Other general and administrative expenses	981		469		1,991		1,008
Total operating expenses	20,663		10,000		51,188		23,254
Management and incentive fee waivers	(8,178)		(3,630)		(21,208)		(7,678)

Recoupment of previously waived expenses(3)	—		—		—		436
Net expenses	12,485		6,370		29,980		16,012
Net investment income	33,248		16,037		87,752		33,075

Realized and unrealized gain/loss
Net realized gain (loss) on investments:
Non-controlled/unaffiliated investments	367		21		113		77


Net realized gain (loss) on foreign currency forward contracts	(114)		9		(202)		9
Net realized gain (loss) on foreign currency	(602)		(192)		(688)		(141)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/unaffiliated investments	5,763		2,921		16,809		8,388
Non-controlled/affiliated investments	79		319		(247)		306
Controlled/affiliated investments	(111)		(29)		27		41
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	192		(113)		(312)		(119)
Net change in unrealized gain (loss) on foreign currency	1,470		(962)		(4,472)		(793)
Total net realized and unrealized gain (loss)	7,044		1,974		11,028		7,768
Net increase (decrease) in net assets resulting from operations	$	40,292	$	18,011	$	98,780	$	40,843

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Statements of Operations (continued)

(in thousands, except share and per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share)	$	0.93	$	0.98	$	2.66	$	3.12
Weighted average shares outstanding	43,411,691		18,447,883		37,200,259		13,059,527

_______________

(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.

(3)See Note 4 for a discussion of the Company’s expense support and conditional reimbursement.

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Operations
Net investment income (loss)	$	33,248	$	16,037	$	87,752	$	33,075
Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency	(349)		(162)		(777)		(55)
Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts	5,923		3,098		16,277		8,616
Net change in unrealized gain (loss) on foreign currency	1,470		(962)		(4,472)		(793)
Net increase (decrease) in net assets resulting from operations	40,292		18,011		98,780		40,843

Shareholder distributions
Distributions to common shareholders	(32,622)		(16,030)		(87,090)		(32,828)
Distributions to preferred shareholders	—		(15)		—		(46)
Net decrease in net assets resulting from shareholder distributions	(32,622)		(16,045)		(87,090)		(32,874)

Capital transactions(1)
Issuance of capital	253,210		222,940		548,207		363,244
Reinvestment of shareholder distributions	5,937		1,349		15,968		1,552
Repurchases of common shares	(1,187)		—		(1,734)		—


Net increase (decrease) in net assets resulting from capital share transactions	257,960		224,289		562,441		364,796
Total increase (decrease) in net assets	265,630		226,255		574,131		372,765
Net assets at beginning of period	1,137,743		390,404		829,242		243,894
Net assets at end of period	$	1,403,373	$	616,659	$	1,403,373	$	616,659

_______________

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

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Statements of Cash Flows

(in thousands)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	98,780	$	40,843
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(1,179,295)		(613,073)
Paid-in-kind interest	(4,054)		(1,574)
Proceeds from sales and repayments of investments	244,685		60,091
Net realized (gain) loss on investments	(113)		(77)
Net change in unrealized (appreciation) depreciation on investments	(16,589)		(8,735)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	312		119
Accretion of discount	(2,747)		(794)
Amortization of deferred financing costs	1,199		722
Unrealized (gain)/loss on borrowings in foreign currency	4,478		795
(Increase) decrease in receivable for investments sold and repaid	(2,620)		59
(Increase) decrease in income receivable	(4,942)		(4,548)
(Increase) decrease in expense support receivable	—		436
(Increase) decrease in prepaid expenses and other assets	(1,828)		(82)
Increase (decrease) in payable for investments purchased	(21,768)		15,500

Increase (decrease) in organizational and offering costs payable	(103)		1,749


Increase (decrease) in accrued capital gains incentive fee	1,378		972
Increase (decrease) in administrative services expense payable	829		416
Increase (decrease) in accrued accounting and administrative fees	126		12
Increase (decrease) in interest payable	2,611		1,984
Increase (decrease) in other accrued expenses and liabilities	874		(57)
Net cash provided by (used in) operating activities	(878,787)		(505,242)
Cash flows from financing activities
Issuance of common shares	548,207		363,244

Repurchases of common shares	(1,734)		—

Distributions to common shareholders	(69,187)		(26,004)
Distributions to preferred shareholders	—		(46)
Borrowings under financing arrangements	795,237		439,252
Repayments under financing arrangements	(367,250)		(312,050)
Deferred financing costs paid	(2,860)		(530)
Net cash provided by (used in) financing activities	902,413		463,866
Total increase (decrease) in cash	23,626		(41,376)
Cash and foreign currency at beginning of period	19,693		78,991
Cash and foreign currency at end of period	$	43,319	$	37,615
Supplemental disclosure
Reinvestment of shareholder distributions	$	15,968	$	1,552
Federal and income taxes paid during the period	$	145	—
Interest paid during the period	$	19,389	$	6,469

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Schedule of Investments

As of September 30, 2025

(in thousands, expect share amounts)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—110.0%
Advanced Dermatology & Cosmetic Surgery	(f)	Health Care Equipment & Services	SF	+	6.3%			1.0%	05/27	$	818	$	818	$	818
Affordable Care Inc	(f)	Health Care Equipment & Services	SF	+	6.0%	(3.3% PIK	/ 3.3% PIK)	0.8%	08/28	1,699		1,699		1,628
AGS Health LLC	(f)	Software & Services	SF	+	4.5%			0.5%	08/32	4,873		4,861		4,873
AGS Health LLC	(i)	Software & Services	SF	+	4.5%			0.5%	08/32	1,679		1,679		1,679
AGS Health LLC	(i)	Software & Services	SF	+	4.5%			0.5%	08/32	596		596		596
A-Lign Assurance LLC	(f)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/32	11,232		11,121		11,120
A-Lign Assurance LLC	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	08/32	3,303		3,287		3,270
A-Lign Assurance LLC	(i)	Software & Services	SF	+	4.8%			0.8%	08/32	1,586		1,570		1,570
Amerivet Partners Management Inc	(f)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/28	3,274		3,274		3,227
Apex Service Partners LLC	(f)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/30	2,563		2,550		2,589
Apex Service Partners LLC	(f)(g)(h)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/30	54,893		54,285		55,442
Apex Service Partners LLC	(i)	Commercial & Professional Services	SF	+	5.0%			1.0%	10/29	3,751		3,722		3,751
Arcfield Acquisition Corp	(f)(g)	Capital Goods	SF	+	5.0%			0.5%	10/31	12,126		12,126		12,149
Arcfield Acquisition Corp	(i)	Capital Goods	SF	+	5.0%			0.5%	10/31	1,375		1,375		1,375
Arcwood Environmental (fka Heritage Environmental Services Inc)	(g)(h)	Commercial & Professional Services	SF	+	5.5%			0.8%	01/31	19,753		19,632		19,951
Arcwood Environmental (fka Heritage Environmental Services Inc)	(f)	Commercial & Professional Services	SF	+	5.0%			0.8%	01/31	794		793		802
Arcwood Environmental (fka Heritage Environmental Services Inc)	(f)	Commercial & Professional Services	SF	+	5.0%			0.8%	01/31	1,483		1,483		1,483
Arcwood Environmental (fka Heritage Environmental Services Inc)	(i)	Commercial & Professional Services	SF	+	5.5%			0.8%	01/30	2,797		2,797		2,797
Arcwood Environmental (fka Heritage Environmental Services Inc)	(i)	Commercial & Professional Services	SF	+	5.0%			0.8%	01/31	1,331		1,331		1,331
Area Wide Protective Inc	(f)(g)	Commercial & Professional Services	SF	+	4.5%			1.0%	12/30	5,302		5,267		5,302
Area Wide Protective Inc	(i)	Commercial & Professional Services	SF	+	4.5%			1.0%	12/30	2,769		2,769		2,769
Avetta LLC	(h)	Software & Services	SF	+	4.3%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/31	6,557		6,500		6,623
Avetta LLC	(i)	Software & Services	SF	+	4.3%			0.5%	07/30	780		780		780
Avetta LLC	(i)	Software & Services	SF	+	4.5%			0.5%	07/30	367		367		367
Avetta LLC	(i)	Software & Services	SF	+	4.3%	(0.0% PIK	/ 2.6% PIK)	0.5%	07/31	1,605		1,605		1,621
BCA Marketplace Ltd	(f)(k)	Commercial & Professional Services	SA	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	03/31	£	9,211	11,726		12,185
BCA Marketplace Ltd	(f)(k)	Commercial & Professional Services	E	+	6.3%	(0.0% PIK	/ 2.5% PIK)	0.0%	04/31	€	3,808	4,062		4,397
BDO USA PA	(f)(g)	Commercial & Professional Services	SF	+	5.0%			2.0%	08/28	$	16,714	16,521		16,848
Bonterra LLC	(f)(g)	Software & Services	SF	+	5.0%			0.8%	03/32	35,931		35,744		35,931
Bonterra LLC	(f)	Software & Services	SF	+	5.0%			0.8%	03/32	584		580		584
Bonterra LLC	(i)	Software & Services	SF	+	5.0%			0.8%	03/32	3,894		3,890		3,894
Bonterra LLC	(i)	Software & Services	SF	+	5.0%			0.8%	03/32	3,310		3,310		3,310

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2025

(in thousands, except share amounts)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Cadence Education LLC	(h)	Consumer Services	SF	+	5.0%			0.8%	05/31	$	9,113	$	9,074	$	9,204
Cadence Education LLC	(f)	Consumer Services	SF	+	5.0%			0.8%	05/31	1,334		1,331		1,347
Cadence Education LLC	(i)	Consumer Services	SF	+	5.0%			0.8%	05/30	1,414		1,412		1,414
Cadence Education LLC	(i)	Consumer Services	SF	+	5.0%			0.8%	05/31	1,056		1,056		1,066
Cambrex Corp	(f)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	03/32	14,471		14,404		14,760
Cambrex Corp	(i)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.5%			0.8%	03/32	1,890		1,890		1,890
Cambrex Corp	(i)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%			0.8%	03/32	2,160		2,160		2,203
Cambrex Corp	(i)	Pharmaceuticals, Biotechnology & Life Sciences	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	03/32	11,348		11,348		11,234
Carrier Fire Protection	(f)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/30	366		358		366
Carrier Fire Protection	(h)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 2.0% PIK)	0.5%	07/31	7,740		7,680		7,817
Carrier Fire Protection	(f)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 3.0% PIK)	0.5%	07/31	412		398		416
Carrier Fire Protection	(f)	Commercial & Professional Services	E	+	4.5%	(0.0% PIK	/ 2.0% PIK)	0.5%	07/31	€	1,920	2,077		2,275
Carrier Fire Protection	(f)	Commercial & Professional Services	E	+	4.5%			0.5%	07/30	63		68		74
Carrier Fire Protection	(i)	Commercial & Professional Services	SF	+	4.5%			0.5%	07/30	$	1,426	1,426		1,426
Carrier Fire Protection	(i)	Commercial & Professional Services	SF	+	4.5%	(0.0% PIK	/ 3.0% PIK)	0.5%	07/31	1,656		1,656		1,673
Carrier Fire Protection	(i)	Commercial & Professional Services	E	+	4.5%			0.5%	07/30	€	195	212		212
Circana Group (f.k.a. NPD Group)	(f)	Consumer Services	SF	+	4.5%			0.8%	12/29	$	9,812	9,812		9,910
Circana Group (f.k.a. NPD Group)	(i)	Consumer Services	SF	+	4.5%			0.8%	12/28	718		718		718
Clarience Technologies LLC	(f)(g)(h)	Capital Goods	SF	+	5.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/32	33,649		33,649		33,986
Clarience Technologies LLC	(i)	Capital Goods	SF	+	4.8%			0.8%	02/31	3,129		3,129		3,129
Clarience Technologies LLC	(i)	Capital Goods	SF	+	5.8%	(0.0% PIK	/ 3.1% PIK)	0.8%	02/32	6,933		6,933		7,002
Clarience Technologies LLC	(i)	Capital Goods	SF	+	5.8%			0.8%	02/32	1,126		1,126		1,138
CLEAResult Consulting Inc	(f)(g)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/31	12,400		12,290		12,524
CLEAResult Consulting Inc	(i)	Commercial & Professional Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/31	3,123		3,108		3,155
CLEAResult Consulting Inc	(i)	Commercial & Professional Services	SF	+	4.8%			0.8%	08/31	2,082		2,064		2,082
ClubCorp Club Operations Inc	(f)	Consumer Services	SF	+	5.0%			1.0%	07/32	18,963		18,825		18,868
ClubCorp Club Operations Inc	(i)	Consumer Services	SF	+	5.0%			1.0%	07/31	2,061		2,061		2,051
ClubCorp Club Operations Inc	(i)	Consumer Services	SF	+	5.0%			1.0%	07/32	1,237		1,237		1,231
Community Brands Inc	(f)(g)	Software & Services	SF	+	5.3%			0.8%	07/31	10,167		10,116		10,268
Community Brands Inc	(i)	Software & Services	SF	+	5.3%			0.8%	07/31	932		932		932
Community Brands Inc	(i)	Software & Services	SF	+	5.3%			0.8%	07/31	1,640		1,640		1,657
CPM Holdings Inc	(e)(f)	Capital Goods	SF	+	4.5%			0.5%	09/28	24,940		24,519		24,911
CSafe Global	(f)(g)(h)	Transportation	SF	+	5.8%			0.8%	12/28	29,492		29,498		29,785
CSafe Global	(f)	Transportation	SA	+	5.8%			0.8%	12/28	£	3,829	4,836		5,199

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2025

(in thousands, except share amounts)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
CSafe Global	(f)	Transportation	SF	+	5.8%			0.8%	03/29	$	2,303	$	2,305	$	2,303
CSafe Global	(i)	Transportation	SF	+	5.8%			0.8%	03/29	576		576		576
Dental365 LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	11,358		11,358		11,358
Dental365 LLC	(f)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	5,976		5,976		5,976
Dental365 LLC	(i)	Health Care Equipment & Services	SF	+	5.0%			0.8%	05/28	2,216		2,216		2,216
Dental365 LLC	(i)	Health Care Equipment & Services	SF	+	5.0%			0.8%	08/28	6,001		6,001		6,001
DOXA Insurance Holdings LLC	(f)	Insurance	SF	+	5.3%			0.8%	12/29	148		148		148
DOXA Insurance Holdings LLC	(f)(h)	Insurance	SF	+	5.3%			0.8%	12/30	11,002		10,956		11,002
DOXA Insurance Holdings LLC	(i)	Insurance	SF	+	5.3%			0.8%	12/29	1,085		1,085		1,085
DOXA Insurance Holdings LLC	(i)	Insurance	SF	+	5.3%			0.8%	12/30	51		51		51
DOXA Insurance Holdings LLC	(i)	Insurance	SF	+	5.0%			0.8%	12/30	838		838		842
DuBois Chemicals Inc	(f)(g)	Materials	SF	+	5.0%			0.8%	06/31	14,069		14,014		14,209
DuBois Chemicals Inc	(i)	Materials	SF	+	5.0%			0.8%	06/31	2,138		2,138		2,138
DuBois Chemicals Inc	(i)	Materials	SF	+	5.0%			0.8%	06/31	855		855		864
Eagle Railcar Services Roscoe Inc	(h)	Transportation	SF	+	4.5%			0.5%	06/32	9,638		9,615		9,638
Eagle Railcar Services Roscoe Inc	(i)	Transportation	SF	+	4.5%			0.5%	06/32	2,008		2,008		2,008
Eagle Railcar Services Roscoe Inc	(i)	Transportation	SF	+	4.5%			0.5%	06/32	1,807		1,807		1,807
Excelitas Technologies Corp	(f)	Technology Hardware & Equipment	SF	+	5.3%			0.8%	08/29	264		266		264
Flexera Software LLC	(f)(g)(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.5%	08/32	31,537		31,499		31,505
Flexera Software LLC	(f)	Software & Services	E	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.5%	08/32	€	9,518	11,127		11,158
Flexera Software LLC	(i)	Software & Services	SF	+	4.8%			0.5%	08/32	$	2,550	2,550		2,548
Follett Software Co	(h)	Software & Services	SF	+	4.5%			0.5%	08/31	9,910		9,910		9,992
Follett Software Co	(i)	Software & Services	SF	+	4.5%			0.5%	08/30	925		925		925
Frontline Road Safety LLC	(f)(g)	Capital Goods	SF	+	4.8%	(2.0% PIK	/ 2.0% PIK)	0.0%	03/32	24,577		24,464		24,708
Frontline Road Safety LLC	(f)	Capital Goods	SF	+	4.8%			0.0%	03/32	726		726		726
Frontline Road Safety LLC	(f)	Capital Goods	SF	+	5.0%	(2.3% PIK	/ 2.3% PIK)	0.0%	03/32	15,191		15,149		15,272
Frontline Road Safety LLC	(i)	Capital Goods	SF	+	4.8%			0.0%	03/32	3,424		3,424		3,424
Frontline Road Safety LLC	(i)	Capital Goods	SF	+	5.0%	(2.3% PIK	/ 2.3% PIK)	0.0%	03/32	726		726		730
Galway Partners Holdings LLC	(f)	Insurance	SF	+	4.5%			0.8%	09/28	194		194		194
Galway Partners Holdings LLC	(h)	Insurance	SF	+	4.5%	(0.0% PIK	/ 1.0% PIK)	0.8%	09/28	8,019		8,019		8,019
Galway Partners Holdings LLC	(i)	Insurance	SF	+	4.5%			0.8%	09/28	724		724		724
Gigamon Inc	(f)	Software & Services	SF	+	5.8%			0.8%	03/29	818		818		765
Granicus Inc	(f)	Software & Services	SF	+	5.8%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/31	330		328		333
Granicus Inc	(f)	Software & Services	SF	+	5.3%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/31	3,550		3,550		3,585
Granicus Inc	(i)	Software & Services	SF	+	5.3%			0.8%	01/31	46		46		46
Granicus Inc	(i)	Software & Services	SF	+	5.3%	(2.3% PIK	/ 2.3% PIK)	0.8%	01/31	1,339		1,339		1,352
Hexion International Cooperatief UA	(e)(f)(j)	Materials	SF	+	4.0%			0.5%	03/29	4,400		4,283		4,400

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2025

(in thousands, except share amounts)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Highgate Hotels Inc	(g)	Consumer Services	SF	+	5.5%			1.0%	11/29	$	12,514	$	12,389	$	12,514
Highgate Hotels Inc	(f)	Consumer Services	SF	+	5.5%			1.0%	11/29	350		338		350
Highgate Hotels Inc	(i)	Consumer Services	SF	+	5.5%			1.0%	11/29	1,242		1,242		1,242
Homrich & Berg Inc	(f)	Financial Services	SF	+	4.8%			0.8%	08/31	1,038		1,038		1,038
Homrich & Berg Inc	(g)(h)	Financial Services	SF	+	4.8%			0.8%	11/31	17,208		17,191		17,272
Homrich & Berg Inc	(i)	Financial Services	SF	+	4.8%			0.8%	08/31	849		849		849
Horizon CTS Buyer LLC	(h)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	03/32	12,171		12,115		12,239
Horizon CTS Buyer LLC	(f)	Capital Goods	SF	+	4.5%			0.8%	03/32	921		921		921
Horizon CTS Buyer LLC	(i)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	03/32	2,302		2,302		2,315
Horizon CTS Buyer LLC	(i)	Capital Goods	SF	+	4.5%			0.8%	03/32	1,957		1,957		1,957
Individual FoodService	(f)(g)(h)	Capital Goods	SF	+	5.0%			1.0%	10/29	22,290		21,973		22,290
Individual FoodService	(i)	Capital Goods	SF	+	5.0%			1.0%	10/29	439		439		439
Inhabit IQ	(g)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/32	4,281		4,271		4,335
Inhabit IQ	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	01/32	1,192		1,192		1,207
Inhabit IQ	(i)	Software & Services	SF	+	4.5%			0.8%	01/32	745		745		745
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			0.8%	05/28	468		468		468
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			1.0%	05/28	296		296		296
Insightsoftware.Com Inc	(f)	Software & Services	SF	+	5.3%			1.0%	05/28	7,113		7,113		7,113
Insightsoftware.Com Inc	(i)	Software & Services	SF	+	5.3%			0.8%	05/28	4,805		4,805		4,805
Insightsoftware.Com Inc	(i)	Software & Services	SF	+	5.3%			1.0%	05/28	593		593		593
Integrated Power Services LLC	(f)(g)	Commercial & Professional Services	SF	+	4.5%			0.8%	11/28	15,278		15,278		15,278
Integrity Marketing Group LLC	(f)(g)(h)	Insurance	SF	+	5.0%			0.8%	08/28	42,984		42,870		42,984
Integrity Marketing Group LLC	(i)	Insurance	SF	+	5.0%			0.8%	08/28	6,058		6,056		6,058
Integrity Marketing Group LLC	(i)	Insurance	SF	+	5.0%			0.8%	08/28	8,435		8,466		8,435
IntraFi Network LLC	(e)(f)	Financial Services	SF	+	4.0%			0.0%	07/31	9,851		9,754		9,863
J S Held LLC	(f)(g)(h)	Insurance	SF	+	5.5%			1.0%	06/28	27,354		27,354		27,354
J S Held LLC	(f)	Insurance	SF	+	5.5%			1.0%	06/28	1,934		1,934		1,953
J S Held LLC	(i)	Insurance	SF	+	5.5%			1.0%	06/28	1,588		1,588		1,588
J S Held LLC	(i)	Insurance	SF	+	5.5%			1.0%	06/28	2,654		2,654		2,680
Keystone Agency Partners LLC	(f)(h)	Insurance	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	08/32	35,198		35,024		35,022
Keystone Agency Partners LLC	(i)	Insurance	SF	+	4.5%	(0.0% PIK	/ 2.3% PIK)	0.8%	08/32	6,786		6,786		6,752
Keystone Agency Partners LLC	(i)	Insurance	SF	+	4.5%			0.8%	08/32	3,016		3,016		3,001
Lazer Logistics Inc	(f)(g)	Transportation	SF	+	5.0%			0.8%	05/30	13,661		13,531		13,661
Lazer Logistics Inc	(i)	Transportation	SF	+	5.0%			0.8%	05/29	1,244		1,232		1,244
Learning Experience Corp/The	(h)	Consumer Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	3,642		3,625		3,642
Learning Experience Corp/The	(i)	Consumer Services	SF	+	4.8%			0.8%	07/32	801		801		801
Legends Hospitality LLC	(f)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/30	201		201		201

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2025

(in thousands, except share amounts)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Legends Hospitality LLC	(f)(g)(h)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/31	$	18,060	$	17,865	$	18,060
Legends Hospitality LLC	(i)	Consumer Services	SF	+	5.0%	(0.0% PIK	/ 2.5% PIK)	0.8%	08/30	1,809		1,809		1,809
Legends Hospitality LLC	(i)	Consumer Services	SF	+	5.5%	(2.8% PIK	/ 2.8% PIK)	0.8%	08/31	382		382		382
Lipari Foods LLC	(f)(g)	Consumer Staples Distribution & Retail	SF	+	6.5%			1.0%	10/28	16,527		16,377		16,066
Magna Legal Services LLC	(f)(g)	Commercial & Professional Services	SF	+	5.0%			0.8%	11/29	12,564		12,428		12,564
Magna Legal Services LLC	(i)	Commercial & Professional Services	SF	+	5.0%			0.8%	11/28	861		851		861
Magna Legal Services LLC	(i)	Commercial & Professional Services	SF	+	5.0%			0.8%	11/29	228		228		228
MAI Capital Management LLC	(f)(h)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	11,653		11,588		11,715
MAI Capital Management LLC	(f)	Financial Services	SF	+	4.8%			0.8%	08/31	448		448		448
MAI Capital Management LLC	(i)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.8%	08/31	2,491		2,491		2,504
MAI Capital Management LLC	(i)	Financial Services	SF	+	4.8%			0.8%	08/31	2,039		2,039		2,039
MAI Capital Management LLC	(i)	Financial Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	08/31	6,225		6,225		6,258
MB2 Dental Solutions LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	23,577		23,339		23,812
MB2 Dental Solutions LLC	(i)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	3,456		3,456		3,491
MB2 Dental Solutions LLC	(i)	Health Care Equipment & Services	SF	+	5.5%			0.8%	02/31	1,901		1,882		1,901
Med-Metrix	(g)(h)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	24,215		24,097		24,094
Med-Metrix	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.9% PIK)	0.8%	07/32	10,072		10,072		10,021
Med-Metrix	(i)	Software & Services	SF	+	4.8%			0.8%	07/32	4,286		4,286		4,264
Mercer Advisors Inc	(f)(g)	Financial Services	SF	+	4.8%			0.8%	10/30	14,388		14,388		14,388
Mercer Advisors Inc	(i)	Financial Services	SF	+	4.8%			0.8%	10/30	2,499		2,499		2,499
Milano Acquisition Corp	(e)(f)	Health Care Equipment & Services	SF	+	4.0%			0.8%	10/27	25,980		25,040		25,616
Misys Ltd	(e)(f)(k)	Software & Services	SF	+	4.0%			0.0%	09/32	27,489		27,216		27,406
Model N Inc	(f)(g)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	12,924		12,878		13,028
Model N Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	2,664		2,664		2,686
Model N Inc	(i)	Software & Services	SF	+	4.8%			0.8%	06/31	1,421		1,421		1,421
NeoGov Newt Holdco Inc	(h)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	09/32	15,057		15,001		15,000
NeoGov Newt Holdco Inc	(i)	Software & Services	SA	+	4.5%			0.5%	09/32	821		821		821
NeoGov Newt Holdco Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	1,825		1,825		1,825
NeoGov Newt Holdco Inc	(i)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.5%	09/32	3,650		3,650		3,636
Netsmart Technologies Inc	(f)(h)	Health Care Equipment & Services	SF	+	5.0%	(2.5% PIK	/ 2.5% PIK)	0.8%	08/31	32,774		32,636		33,102
Netsmart Technologies Inc	(i)	Health Care Equipment & Services	SF	+	5.0%	(2.5% PIK	/ 2.5% PIK)	0.8%	08/31	4,258		4,236		4,300
Netsmart Technologies Inc	(i)	Health Care Equipment & Services	SF	+	4.8%			0.8%	08/31	4,343		4,343		4,343
OEConnection LLC	(f)(g)	Software & Services	SF	+	5.3%	(0.0% PIK	/ 3.0% PIK)	0.8%	04/31	17,121		17,039		17,292
OEConnection LLC	(i)	Software & Services	SF	+	5.3%			0.8%	04/31	1,602		1,597		1,602
OEConnection LLC	(i)	Software & Services	SF	+	5.3%	(0.0% PIK	/ 1.3% PIK)	0.8%	04/31	1,376		1,376		1,390
PCI Pharma Services	(f)(k)	Health Care Equipment & Services	SF	+	4.8%			0.8%	01/32	12,225		12,197		12,323

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2025

(in thousands, except share amounts)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
PCI Pharma Services	(i)(k)	Health Care Equipment & Services	SF	+	4.8%			0.8%	01/32	$	6,285	$	6,285	$	6,335
PCI Pharma Services	(i)(k)	Health Care Equipment & Services	SF	+	4.8%			0.8%	01/32	1,235		1,235		1,235
PCI Pharma Services	(i)(k)	Health Care Equipment & Services	SF	+	4.8%			0.8%	07/32	224		224		226
Personify Health Inc	(g)	Software & Services	SF	+	6.3%	(3.0% PIK	/ 3.0% PIK)	0.8%	11/29	13,375		13,329		12,940
Precisely Software Inc	(e)(f)	Software & Services	SF	+	4.0%			0.8%	04/28	25,874		25,055		25,072
PSC Group	(f)	Transportation	SF	+	5.3%			0.8%	04/30	141		141		141
PSC Group	(f)	Transportation	SF	+	5.0%			0.8%	04/31	2,885		2,867		2,914
PSC Group	(i)	Transportation	SF	+	5.3%			0.8%	04/30	266		266		266
PSC Group	(i)	Transportation	SF	+	5.0%			0.8%	04/31	291		291		294
PSKW LLC (dba ConnectiveRx)	(f)(g)(h)	Health Care Equipment & Services	SF	+	5.5%			1.0%	03/28	28,031		28,031		28,031
Radwell International LLC	(f)	Capital Goods	SF	+	5.5%			0.8%	04/29	484		454		484
Radwell International LLC	(f)(g)(h)	Capital Goods	SF	+	5.5%			0.8%	04/29	28,604		28,316		28,888
Radwell International LLC	(i)	Capital Goods	SF	+	5.5%			0.8%	04/29	1,330		1,330		1,330
Radwell International LLC	(i)	Capital Goods	SF	+	5.5%			0.8%	04/29	9,049		9,049		9,139
Railpros Inc	(f)	Commercial & Professional Services	SF	+	4.5%			0.8%	05/32	1,172		1,172		1,172
Railpros Inc	(i)	Commercial & Professional Services	SF	+	4.5%			0.8%	05/32	361		361		361
Railpros Inc	(i)	Commercial & Professional Services	SF	+	4.5%			0.8%	05/32	180		180		180
Resa Power LLC	(f)(h)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/32	14,208		14,159		14,287
Resa Power LLC	(i)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.5% PIK)	0.8%	04/32	3,984		3,984		4,006
Resa Power LLC	(i)	Commercial & Professional Services	SF	+	4.8%			0.8%	04/32	1,975		1,975		1,975
Revere Superior Holdings Inc	(g)	Software & Services	SF	+	5.0%			1.0%	10/29	348		348		348
Revere Superior Holdings Inc	(f)	Software & Services	SF	+	5.0%			1.0%	10/29	64		64		64
Revere Superior Holdings Inc	(f)(g)	Software & Services	SF	+	5.0%			1.0%	10/29	4,321		4,321		4,321
Revere Superior Holdings Inc	(i)	Software & Services	SF	+	5.0%			1.0%	10/29	413		413		413
Revere Superior Holdings Inc	(i)	Software & Services	SF	+	5.0%			1.0%	10/29	238		238		238
Rialto Capital Management LLC	(h)	Financial Services	SF	+	5.0%			0.8%	12/30	9,706		9,620		9,803
Rialto Capital Management LLC	(i)	Financial Services	SF	+	5.0%			0.8%	12/30	362		362		362
Rockefeller Capital Management LP	(f)	Financial Services	SF	+	4.8%			0.5%	04/31	5,777		5,750		5,777
Rockefeller Capital Management LP	(i)	Financial Services	SF	+	4.8%			0.5%	04/31	2,244		2,244		2,244
RxBenefits Inc	(e)(f)(j)	Health Care Equipment & Services	SF	+	4.5%			0.8%	12/27	1,965		1,940		1,977
Service Express Inc	(f)(h)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	08/31	14,306		14,247		14,449
Service Express Inc	(i)	Commercial & Professional Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	08/31	2,555		2,555		2,580
Service Express Inc	(i)	Commercial & Professional Services	SF	+	4.8%			0.5%	08/31	1,865		1,865		1,865
Shaw Development LLC	(g)(h)	Capital Goods	SF	+	6.0%			0.5%	10/29	16,995		16,822		16,301
Solera LLC	(e)(f)	Software & Services	SF	+	4.0%			0.5%	06/28	10,415		9,975		10,060
Sphera Solutions Inc	(f)	Software & Services	SF	+	4.5%			0.5%	09/32	869		869		869
Sphera Solutions Inc	(f)	Software & Services	SF	+	4.5%			0.5%	09/32	33,579		33,495		33,495

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2025

(in thousands, except share amounts)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Sphera Solutions Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	$	3,699	$	3,699	$	3,699
Sphera Solutions Inc	(i)	Software & Services	SF	+	4.5%			0.5%	09/32	6,853		6,853		6,836
Spins LLC	(f)(h)	Software & Services	SF	+	4.8%			1.0%	01/29	10,974		10,974		11,080
Spins LLC	(i)	Software & Services	SF	+	4.8%			1.0%	01/29	1,063		1,063		1,063
Spotless Brands LLC	(f)(g)(h)	Consumer Services	SF	+	5.8%			1.0%	07/28	16,034		15,827		16,194
Spotless Brands LLC	(f)	Consumer Services	SF	+	5.5%			1.0%	07/28	5,857		5,824		5,892
Spotless Brands LLC	(i)	Consumer Services	SF	+	5.5%			1.0%	07/28	803		803		808
Spotless Brands LLC	(i)	Consumer Services	SF	+	5.0%			1.0%	07/28	6,827		6,801		6,801
STV Group Inc	(g)	Capital Goods	SF	+	4.8%			0.8%	03/31	6,810		6,751		6,878
STV Group Inc	(i)	Capital Goods	SF	+	4.8%			0.8%	03/30	1,383		1,382		1,383
STV Group Inc	(i)	Capital Goods	SF	+	4.8%			0.8%	03/31	1,975		1,974		1,995
SureScripts LLC	(f)(g)(h)	Health Care Equipment & Services	SF	+	4.0%			0.8%	11/31	29,539		29,274		29,834
SureScripts LLC	(i)	Health Care Equipment & Services	SF	+	4.0%			0.8%	11/31	5,938		5,938		5,938
Trackunit ApS	(f)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)		05/32	12,442		12,261		12,346
Trackunit ApS	(i)(k)	Software & Services	SF	+	5.0%	(0.0% PIK	/ 2.8% PIK)		05/32	8,294		8,235		8,231
Turnpoint Services Inc	(f)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/30	138		138		138
Turnpoint Services Inc	(g)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	5,650		5,601		5,628
Turnpoint Services Inc	(i)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/30	554		554		552
Turnpoint Services Inc	(i)	Capital Goods	SF	+	5.0%	(0.0% PIK	/ 3.0% PIK)	0.8%	06/31	1,108		1,108		1,104
USIC Holdings Inc	(f)(g)(h)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/31	24,299		24,189		24,785
USIC Holdings Inc	(f)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/31	1,058		1,055		1,058
USIC Holdings Inc	(i)	Commercial & Professional Services	SF	+	5.5%			0.8%	09/31	764		764		779
USIC Holdings Inc	(i)	Commercial & Professional Services	SF	+	5.3%			0.8%	09/31	1,977		1,977		1,977
Veriforce LLC	(g)(k)	Software & Services	SF	+	4.8%			0.8%	11/31	9,193		9,152		9,193
Veriforce LLC	(f)(k)	Software & Services	SA	+	4.8%			0.8%	11/31	£	3,366	4,218		4,525
Veriforce LLC	(i)(k)	Software & Services	SF	+	5.0%			0.8%	11/31	$	935	935		935
Veriforce LLC	(i)(k)	Software & Services	SF	+	5.0%			0.8%	11/31	1,170		1,170		1,170
Veriforce LLC	(i)(k)	Software & Services	SF	+	4.5%	(0.0% PIK	/ 2.5% PIK)	0.8%	11/31	20,071		20,021		20,071
Vermont Information Processing Inc	(f)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/32	9,108		9,066		9,108
Vermont Information Processing Inc	(f)	Software & Services	SF	+	4.8%			0.5%	01/32	380		380		380
Vermont Information Processing Inc	(i)	Software & Services	SF	+	4.8%	(0.0% PIK	/ 2.4% PIK)	0.5%	01/32	3,804		3,804		3,804
Vermont Information Processing Inc	(i)	Software & Services	SF	+	4.8%			0.5%	01/32	761		761		761
VetCor Professional Practices LLC	(f)(g)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	24,563		24,551		24,563
VetCor Professional Practices LLC	(f)(g)	Health Care Equipment & Services	SF	+	6.0%			0.8%	08/29	577		577		577
VetCor Professional Practices LLC	(i)	Health Care Equipment & Services	SF	+	5.8%			0.8%	08/29	457		456		457
Vitu	(g)(h)	Software & Services	SF	+	4.5%			0.8%	01/32	22,084		22,009		22,524
Vitu	(i)	Software & Services	SF	+	4.5%			0.8%	01/31	3,598		3,598		3,598

See notes to unaudited consolidated financial statements.

Table of Contents

KKR FS Income Trust

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2025

(in thousands, except share amounts)


Portfolio Company(a)	Footnotes	Industry	Rate(b)					Floor(b)	Maturity	Principal Amount(c)/Shares		Amortized Cost		Fair Value(d)
Wealth Enhancement Group LLC	(f)	Financial Services	SF	+	4.5%			1.0%	10/28	$	4,630	$	4,630	$	4,642
Wealth Enhancement Group LLC	(g)	Financial Services	SF	+	4.5%			1.0%	10/28	2,460		2,460		2,466
Wealth Enhancement Group LLC	(i)	Financial Services	SF	+	4.5%			1.0%	10/28	1,775		1,775		1,779
Wealth Enhancement Group LLC	(i)	Financial Services	SF	+	4.5%			1.0%	10/28	298		298		298
Wedgewood Weddings	(f)(h)	Consumer Services	SF	+	4.8%			0.8%	06/32	23,511		23,398		23,493
Wedgewood Weddings	(i)	Consumer Services	SF	+	4.8%			0.8%	06/32	4,702		4,702		4,699
Wedgewood Weddings	(i)	Consumer Services	SF	+	4.8%			0.8%	06/32	4,702		4,702		4,699
West Star Aviation Inc	(h)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	05/32	14,819		14,766		14,878
West Star Aviation Inc	(f)	Capital Goods	SF	+	4.5%			0.8%	05/32	415		415		415
West Star Aviation Inc	(i)	Capital Goods	SF	+	4.5%	(0.0% PIK	/ 2.8% PIK)	0.8%	05/32	3,109		3,097		3,121
West Star Aviation Inc	(i)	Capital Goods	SF	+	4.5%			0.8%	05/32	1,658		1,658		1,658
Woolpert Inc	(f)	Capital Goods	SF	+	4.5%			1.0%	04/31	539		539		539
Woolpert Inc	(f)(g)(h)	Capital Goods	SF	+	4.5%			1.0%	04/32	32,480		32,480		32,480
Woolpert Inc	(i)	Capital Goods	SF	+	4.5%			1.0%	04/31	3,607		3,607		3,607
Woolpert Inc	(i)	Capital Goods	SF	+	4.5%			1.0%	04/32	8,293		8,293		8,210
Xylem Kendall	(f)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/30	6,392		6,392		6,392
Xylem Kendall	(f)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/30	417		417		417
Xylem Kendall	(i)	Commercial & Professional Services	SF	+	5.8%			1.0%	04/30	5,739		5,739		5,739
Xylem Kendall	(i)	Commercial & Professional Services	SF	+	5.9%			1.0%	04/30	560		560		560

KKR FS Income Trust 10-Q