KKR FS Income Trust Select
Sponsored by Future Standard. BDC structure focused on private credit.
BDCPrivate Credit
- Net assets
- $1.02B
source
Quarterly report (Form 10-Q) · filed 2026-05-13 · period 2026-03-31
Assets net
“{'end': '2026-03-31', 'val': 1017680000, 'accn': '0001628280-26-034547', '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
- $25.06
source
Quarterly report (Form 10-Q) · filed 2026-05-13 · period 2026-03-31
Net asset value per share
“{'end': '2026-03-31', 'val': 25.06, 'accn': '0001628280-26-034547', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-13', 'frame': 'CY2026Q1I', 'unit': 'USD/shares'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2026-03-31 - Net flows, last qtr
- +9.3% qtr ended 2026-03-31
- Distribution coverage (NII)
- 90% period ended 2026-03-31
- Leverage in use
- 55% debt / equity 0.58x
- Total return, 12m
- +7.4% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Net investment income covered only 90% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.
Net investment income covered only 90% 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.
97.06 -> 90.38 (down 6.9% vs prior period); trailing 4-period average 93.72; same period prior year 97.06; 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: NII/share 0.47 / dist/share 0.52 * 100 (quarterly per-share reconstruction)
83% of committed credit facility capacity is drawn as of 2025-12-31.
83% of committed credit facility capacity is drawn as of 2025-12-31. (Rule B9: Facility utilization > 80% of committed capacity; Notify.)
Why it matters and what changed
More than 80% of committed credit facility capacity is drawn. Less dry powder is available to fund redemptions or new investments without raising new capital.
55.14 -> 83.32 (up 51.1% vs prior period); trailing 4-period average 60.95; same period prior year 17.59; 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: drawn_facility_amount / (drawn_facility_amount + undrawn_capacity) * 100
The fund leaned harder on leverage: 45% -> 59% of its allowed leverage in use in one period (period ended 2025-12-31).
The fund leaned harder on leverage: 45% -> 59% 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.
124.00 -> 70.67 (down 43.0% vs prior period); trailing 4-period average 122.00; same period prior year 305.33; 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 256.0 - leverage_ceiling 150.0) / leverage_ceiling * 100
Historical findings (1)
The fund is at or near its allowed leverage limit (150% of permitted leverage in use as of 2024-09-30).
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.
- PIK income share
- 2.1% 2026-03-31
| Date | Position change |
|---|---|
| 2026-03-31 | New position Newday Group Jersey Ltd, Bond: 1.3% of portfolio value ($19,712,000) 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 ($19,031,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2025-12-31 | Bonterra LLC, Software & Services 1 (2.7% of portfolio value in the 2025-09-30 report, $30,705,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Cambrex Corp, Pharmaceuticals, Biotechnology & Life Sciences 1 (1.1% of portfolio value in the 2025-09-30 report, $12,613,000) 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, $18,881,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | ClubCorp Club Operations Inc, Consumer Services 1 (1.0% of portfolio value in the 2025-09-30 report, $11,611,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | CPM Holdings Inc, Capital Goods (1.3% of portfolio value in the 2025-09-30 report, $14,898,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | DuBois Chemicals Inc, Materials 1 (1.1% of portfolio value in the 2025-09-30 report, $12,585,000) 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 (1.7% of portfolio value in the 2025-09-30 report, $18,903,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Fortna Group Inc, Revolver, Capital Goods 1 (1.2% of portfolio value in the 2025-09-30 report, $14,041,000) 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 (1.6% of portfolio value in the 2025-09-30 report, $17,942,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Homrich & Berg Inc, Financial Services 2 (1.2% of portfolio value in the 2025-09-30 report, $13,065,000) 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. The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-06-29 | 3.4% | 100% | 69% | filled |
| 2026-03-30 | 3.3% | 100% | 67% | filled |
| 2025-12-29 | 0.7% | 100% | 14% | filled |
| 2025-09-30 | 0.6% | 100% | 12% | filled |
| 2025-06-30 | 0.0% | 100% | 1% | filled |
| 2025-03-28 | 0.2% | 100% | 4% | filled |
| 2024-12-30 | 0.2% | 100% | 5% | 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 S 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class S | Servicing-fee class for brokerage or platform distribution. | 0.00% | 85 bps | Not disclosed | $1,017,680,0002026-03-31 |
Management fee: 1.25% of avg monthly net assets per year. source. Pursuant to the Advisory Agreement, 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, and an incentive fee based on the Company's performance. The Adviser agreed to waive the base management fee and the subordinated incentive fee on income through September 30, 2025 (a past, expired waiver).
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Pursuant to the Advisory Agreement, 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, and an incentive fee based on the Company's performance. The Adviser agreed to waive the base management fee and the subordinated incentive fee on income through September 30, 2025 (a past, expired waiver). | 1.25 pct_annual_of_avg_monthly_net_assets | Date not captured |
| repurchase_program_terms | Discretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of Shares outstanding per quarter (most recently confirmed 2026-06-29). KKR FS Income Trust Select (K-FITS) -- recently onboarded; SC TO-I offer terms have already read a consistent 5% of Shares outstanding per quarter across every offer sampled (2025-06 through 2026-06). | 5.0 pct_of_shares_outstanding_per_quarter | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-07-06 | SC TO-I/A | 0001104659-26-080756 |
| 2026-06-01 | SC TO-I | 0001104659-26-069021 |
| 2026-05-13 | 10-Q | 0001628280-26-034547 |
| 2026-04-27 | SC TO-I/A | 0001104659-26-049193 |
| 2026-04-01 | SC TO-I/A | 0001104659-26-038554 |
| 2026-03-12 | 10-K | 0001628280-26-017328 |
| 2026-03-02 | SC TO-I | 0001104659-26-021812 |
| 2026-01-28 | SC TO-I/A | 0001104659-26-007289 |
| 2026-01-06 | SC TO-I/A | 0001104659-26-001148 |
| 2025-12-01 | SC TO-I | 0001104659-25-117117 |
| 2025-11-12 | 10-Q | 0001628280-25-051537 |
| 2025-10-27 | SC TO-I/A | 0001104659-25-102589 |
| 2025-10-03 | SC TO-I/A | 0001104659-25-096636 |
| 2025-09-02 | SC TO-I | 0001104659-25-086041 |
| 2025-08-13 | 10-Q | 0001628280-25-040144 |