KKR FS Income Trust
Sponsored by Future Standard. BDC structure focused on private credit.
BDCPrivate Credit
- Net assets
- $1.65B
source
Quarterly report (Form 10-Q) · filed 2026-05-13 · period 2026-03-31
Assets net
“{'end': '2026-03-31', 'val': 1649280000, 'accn': '0001628280-26-034545', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-13', 'frame': 'CY2026Q1I', 'unit': 'USD'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $29.18
source
Current report (Form 8-K) · filed 2026-06-18 · period 2026-05-31
Item 8.01
“Net Asset Value The net asset value per share of the Class I Shares as of May 31, 2026, as determined in accordance with the Company’s valuation policy, is $29.18. As of May 31, 2026, the Company’s aggregate net asset value was approximately $1.589 billion. Status of Offering The Company is currently conducting ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2026-05-31 - Net flows, last qtr
- +8.2% qtr ended 2026-03-31
- Distribution coverage (NII)
- 100% period ended 2026-03-31
- Leverage in use
- 60% debt / equity 0.68x
- Total return, 12m
- +8.2% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Credit facility new or amended: 8 occurrence(s), 2023-07-19 to 2026-05-28
Most recent (2026-05-28): KKR FS Income Trust entered the Third Amendment to its Senior Secured Revolving Credit Agreement (SMBC): margin increased (1.125%->1.25% ABR; 2.125%->2.25% term/RFR loans), commitment termination extended to May 28, 2030, maturity extended to May 28, 2031, accordion cap raised to $1.2 billion, revolving commitments increased $570M to $750M.
Why it matters and what changed
Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 8 of these in the covered window; the cadence itself is part of the signal.
8 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.
Source: https://www.sec.gov/Archives/edgar/data/1930679/000110465926069953/tm2616720d1_8k.htm | verified read during build session
Net investment income covered only 100% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.
Net investment income covered only 100% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)
Why it matters and what changed
Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.
95.29 -> 99.98 (up 4.9% vs prior period); trailing 4-period average 102.99; same period prior year 95.29; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~12 months (2025-03-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)
The fund leaned harder on leverage: 48% -> 64% of its allowed leverage in use in one period (period ended 2025-12-31).
The fund leaned harder on leverage: 48% -> 64% of its allowed leverage in use in one period (period ended 2025-12-31). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)
Why it matters and what changed
The fund leaned meaningfully harder on its leverage in a single period. Even far from the ceiling, the direction and speed of travel matter; creep compounds quietly.
108.00 -> 57.33 (down 46.9% vs prior period); trailing 4-period average 100.50; same period prior year 208.00; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: (asset_coverage_ratio 236.0 - leverage_ceiling 150.0) / leverage_ceiling * 100
The Base Management Fee and Subordinated Incentive Fee on Income waiver (last extended through September 30, 2025 per the 2025-03-17 8-K) was not further extended. (2025-09-30)
The Base Management Fee and Subordinated Incentive Fee on Income waiver (last extended through September 30, 2025 per the 2025-03-17 8-K) was not further extended. The Q1 2026 10-Q MD&A attributes the expense increase versus Q1 2025 partly to 'the expiration of the waiver of the base management fee and the subordinated income incentive fee.' Ratio of waived expenses to average net assets: 2.61% (Q1 2025) -> 0.00% (Q1 2026). This is a live, in-universe example of the quiet expense-support expiry the plan's fund_terms design (Section 5.6A) exists to catch.
Why it matters and what changed
A fee waiver ended. Net expenses rise immediately and net returns fall by roughly the waived amount; because no dramatic filing accompanies a quiet lapse, this is exactly the kind of change a wholesaler will not volunteer.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1930679/000162828026034545/kfit-20260331.htm | verified read during build session (periodic-report fallback, R2)
Historical findings (7)
Brian Gerson resigned as Co-President effective June 28, 2025, to pursue other opportunities; will serve as a senior advisor to affiliate Franklin Square Holdings, L.P. (2025-06-28)
A dated fee waiver or expense-support arrangement expires within six months.
FS/KKR Advisor, LLC extended its waiver of K-FIT's Base Management Fee and Subordinated Incentive Fee on Income through September 30, 2025 (previously waived through March 31,... (2025-03-17)
Brian Gerson, Co-President, placed on a leave of absence effective February 3, 2025. (2025-02-03)
KKR FS Income Trust directed redemption of all 515 issued and outstanding 12.0% Series A Cumulative Preferred Shares, at $1,000.00 per share plus accrued/unpaid dividends and a... (2024-10-28)
A dated fee waiver or expense-support arrangement expires within six months.
FS/KKR Advisor, LLC extended its waiver of K-FIT's Base Management Fee and Subordinated Incentive Fee on Income through March 31, 2025 (previously waived through August 30, 2024). (2024-02-05)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
- Non-accruals
- 0.1% 2026-03-31
- PIK income share
- 2.3% 2026-03-31
- Bottom two ratings
- 0.0% 2026-03-31
| Date | Position change |
|---|---|
| 2026-03-31 | New position Newday Group Jersey Ltd, Bond: 1.2% of portfolio value ($31,538,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position Sotheby's, Revolver: 1.2% of portfolio value ($31,849,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2025-12-31 | Apex Service Partners LLC, Commercial & Professional Services 2 (2.7% of portfolio value in the 2025-09-30 report, $55,442,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Bonterra LLC, Software & Services 1 (1.8% of portfolio value in the 2025-09-30 report, $35,931,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Clarience Technologies LLC, Capital Goods 1 (1.7% of portfolio value in the 2025-09-30 report, $33,986,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | CPM Holdings Inc, Capital Goods (1.2% of portfolio value in the 2025-09-30 report, $24,911,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | CSafe Global, Transportation 1 (1.5% of portfolio value in the 2025-09-30 report, $29,785,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Flexera Software LLC, Software & Services 1 (1.6% of portfolio value in the 2025-09-30 report, $31,505,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Frontline Road Safety LLC, Capital Goods 1 (1.2% of portfolio value in the 2025-09-30 report, $24,708,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Individual FoodService, Capital Goods 1 (1.1% of portfolio value in the 2025-09-30 report, $22,290,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Integrity Marketing Group LLC, Insurance 1 (2.1% of portfolio value in the 2025-09-30 report, $42,984,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | J S Held LLC, Insurance 1 (1.4% of portfolio value in the 2025-09-30 report, $27,354,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
Filed portfolio-health history
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. Rationed in 1 of 5 disclosed periods; last gated Q1 2026.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-30 | 5.7% | 80% | 92% | rationed |
| 2025-12-29 | 1.5% | 100% | 30% | filled |
| 2025-09-30 | 0.5% | 100% | 9% | filled |
| 2025-06-30 | 0.1% | 100% | 2% | filled |
| 2025-03-28 | 0.1% | 100% | 1% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
No structured financing components have been captured for this fund.
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Class I 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Servicing-fee class for brokerage or platform distribution. | 0.00% | 85 bps | Not disclosed | $1,649,280,0002026-03-31 |
Management fee: 1.25% of avg monthly net assets per year. source. The Adviser is entitled to a base management fee calculated at an annual rate of 1.25% of the average monthly value of the Company's net assets during the most recently completed quarter. The Fund separately pays a 12.5% subordinated incentive fee on income above a hurdle (tracked as its own incentive_fee_schedule term).
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (8)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The Adviser is entitled to a base management fee calculated at an annual rate of 1.25% of the average monthly value of the Company's net assets during the most recently completed quarter. The Fund separately pays a 12.5% subordinated incentive fee on income above a hurdle (tracked as its own incentive_fee_schedule term). | 1.25 pct_annual_of_avg_monthly_net_assets | Date not captured |
| fee_waiver | Base Management Fee and Subordinated Incentive Fee on Income waived in full. | Text disclosure | Date not captured |
| fee_waiver | Rule 12b-1 Fee Waiver Agreement: Distribution/Servicing Fees for Class I shares (otherwise 0.85% p.a. of aggregate NAV) waived in full by the Placement Agents. | 100.0 pct_of_fee_waived | Date not captured |
| fee_waiver | Base Management Fee and Subordinated Incentive Fee on Income waived in full. | Text disclosure | 2025-03-31 |
| incentive_fee_schedule | Subordinated incentive fee on income: 12.5% of pre-incentive-fee net investment income once the quarterly hurdle rate of 1.25% (5.0% annualized) is exceeded, payable quarterly in arrears, commencing the first full calendar quarter after the BDC Election Date (March 31, 2023). Separately, a Capital Gains Incentive Fee is determined and payable annually in arrears under the same Advisory Agreement. | 12.5 pct_of_pre_incentive_fee_nii_above_hurdle | 2023-03-31 |
| leverage_ceiling | None | 150.0 pct_asset_coverage | 2022-07-26 |
| lockup_or_early_repurchase_fee | Early Repurchase Deduction: 2% of the aggregate NAV of Common Shares repurchased if tendered within the 12-month period following the initial issue date. DRP shares exempt. Waivable at Company discretion for death, qualifying disability, or divorce of the holder. | 2.0 pct_of_aggregate_nav_repurchased | Date not captured |
| repurchase_program_terms | Discretionary share repurchase program: up to 5% of Common Shares outstanding (by number of shares or aggregate NAV) per quarter, subject to market conditions and Board discretion; pro-rata if oversubscribed; no obligation to repurchase; purchase price = NAV per share as of the quarter-end Valuation Date. | 5.0 pct_of_shares_outstanding_per_quarter | 2024-09-30 |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-18 | 8-K | 0001104659-26-075786 |
| 2026-06-08 | 8-K | 0001104659-26-071345 |
| 2026-06-03 | 8-K | 0001104659-26-069953 |
| 2026-06-01 | SC TO-I | 0001104659-26-068634 |
| 2026-05-21 | 8-K | 0001104659-26-065107 |
| 2026-05-13 | 10-Q | 0001628280-26-034545 |
| 2026-05-01 | 8-K | 0001104659-26-053666 |
| 2026-04-27 | SC TO-I/A | 0001104659-26-049188 |
| 2026-04-21 | 8-K | 0001104659-26-046112 |
| 2026-04-13 | 8-K | 0001104659-26-042533 |
| 2026-04-01 | SC TO-I/A | 0001104659-26-038552 |
| 2026-03-24 | 8-K | 0001104659-26-033605 |
| 2026-03-19 | 8-K | 0001104659-26-032051 |
| 2026-03-12 | 10-K | 0001628280-26-017326 |
| 2026-03-03 | 8-K | 0001104659-26-022642 |