Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Accrued Fees and Expenses and Amounts Subject to Reimbursement

The following table describes the fees and expenses accrued under the Advisory Agreement, the Administration Agreement and the Expense Support Agreement (as defined herein), as applicable, during the three months ended March 31, 2026 and 2025:


Related Party			Three Months Ended March 31,
	Source Agreement	Description		2026		2025
The Adviser	Investment advisory agreement	Base Management Fee(1)		$	5,007	$	2,808
The Adviser	Investment advisory agreement	Capital Gains Incentive Fee(2)		$	(2,947)	$	516
The Adviser	Investment advisory agreement	Subordinated Incentive Fee on Income(3)		$	4,876	$	3,195
The Adviser	Administration agreement	Administrative Services Expenses(4)		$	686	$	592
The Adviser	Administration agreement	Organizational & Offering Costs		$	—	$	—
The Adviser	Expense support agreement	Expense Recoupment		$	—	$	—

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

(2)During the three months ended March 31, 2026 and 2025, the Company accrued capital gains incentive fees of $(2,947) and $516, respectively, based on the performance of its portfolio. As of March 31, 2026, the Company had no capital gains incentive fees payable. No capital gains incentive fees are actually payable by the Company with respect to unrealized gains unless and until those gains are actually realized. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees.

(3)The Adviser agreed to waive all subordinated incentive fees on income accrued under the Advisory Agreement through September 30, 2025. As of March 31, 2026, $4,876 in subordinated incentive fees on income were payable to the Adviser.

(4)During the three months ended March 31, 2026 and 2025, $652 and $533, respectively, of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $57 and $86 for the three months ended March 31, 2026 and 2025, respectively. The Company paid $535 and $352 in administrative services expenses to the Adviser during the three months ended March 31, 2026 and 2025, respectively.

KKR FS Income Trust 10-Q