Private company

KKR FS Income Trust

Investment fund that raised $1.4 billion in 2023 (SEC Form D)2

In its 2026 annual report the company says: “We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, we have elected to be treated and intend to qualify annually as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code.”5 It is headquartered in New York, United States.2

Last updated Oct 20, 2026.

Overview

  • HeadquartersNew York, United States2
  • Incorporated inDE3
  • Business address3025 Jfk Boulevard, Ofc 500, Philadelphia, Pa 191043
  • Filer category, Emerging growth company3
  • Legal formBusiness Trust2
  • Kind of organizationInvestment fund2
  • LEI254900GJAUEI4FG24E892
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 65959882

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KKR FS Income Trust, or the Company, which may also be referred to as “we,” “us” or “our,” was formed on February 4, 2022, as a Delaware statutory trust. We were organized to invest primarily in the debt of private middle market U.S. companies with a focus on originated transactions sourced through the network of FS/KKR Advisor, LLC, or the Adviser, and its affiliates.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income6$130.1M in 2025+876% since 2023
0$50.0M$100.0M$150.0M2023: $13.3M$13.3M20232024: $62.5M$62.5M2024+369%2025: $130.1M$130.1M2025+108%
Fiscal year20222023202420252026
Interest$1.1M6$13.8M6$36.5M6
Net income$13.3M6$62.5M6$130.1M6
Earnings per share$3.626$3.866$3.206
Earnings per share (diluted)$3.626$3.866$3.206
Shares (weighted, basic)3.7M shares616.2M shares640.6M shares6
Shares (weighted, diluted)3.7M shares616.2M shares640.6M shares6

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Corporate structure

KKR FS Income Trust sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of KKR FS Income Trust

  • Bayshore Capital Advisors, LLC Filed SCHEDULE 13G/A on KKR FS Income Trust, latest Apr 28, 2026 (2 filings since Sep 6, 2023)
  • KKR Alternative Assets LLC Filed SCHEDULE 13D/A on KKR FS Income Trust, latest Mar 5, 2025 (3 filings since Jun 9, 2023)
  • Franklin Square Holdings, L.P. Filed SC 13D/A on KKR FS Income Trust, latest Aug 30, 2023 (3 filings since May 31, 2023)
  • KKR FS Income Trust New York, New York, United States
    • K-FIT Finance AB-1 LLC Subsidiary · Delaware, United States
    • K-FIT Investments II, LLC Subsidiary · Delaware, United States
    • K-FIT Investments, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What KKR FS Income Trust reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 3025 John F. Kennedy Boulevard, OFC 500, Philadelphia, Pennsylvania, 19104, where we occupy office space pursuant to the Administration Agreement. We believe that our office facilities are suitable and adequate for our business as it is presently conducted.

Item 2 of the 10-K filed Mar 12, 2026.5

Leadership

Who has led KKR FS Income Trust, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael C. Forman2023

President

  1. Brian Gerson2023
  2. Daniel Pietrzak2023
  3. Michael C. Forman2023

Chief financial officer

  1. Steven C. Lilly2023
2025
Board members and other officers (13)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerDrew S. O'Toole named Apr 3, 202326
  • Executive OfficerRyan S. Wilson named Apr 3, 202326
  • Executive OfficerZach F. Chalfant named Apr 3, 202326
  • DirectorBrian R. Ford named Apr 3, 2023 to Nov 18, 202527

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • K-FIT Finance AB-1 LLC Delaware4
  • K-FIT Finance CO-1 LLC Delaware4
  • K-FIT Investments II, LLC Delaware4
  • K-FIT Investments, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 13, 20268-K Entered a material agreement28
  2. Oct 5, 20268-K Other events29
  3. Sep 18, 20268-K Unregistered sale of shares; Other events30
  4. Sep 4, 20268-K Other events31
  5. Aug 21, 20268-K Unregistered sale of shares; Other events32
  6. Jul 31, 20268-K Other events33
  7. Jul 21, 20268-K Unregistered sale of shares; Other events34
  8. Jul 9, 20268-K Other events35
  9. Jun 18, 20268-K Unregistered sale of shares; Other events36
  10. Jun 8, 20268-K Other events37
  11. Jun 3, 20268-K Entered a material agreement; New debt or obligation38
  12. May 21, 20268-K Unregistered sale of shares; Other events39
  13. May 30, 2023New chief executive Michael C. Forman becomes CEO11
  14. Feb 4, 2022Founded KKR FS Income Trust is founded2

Filings

184 filings to the SEC since October 2021: 3 annual reports, 10 quarterly reports, 85 major events, 31 insider forms, 8 large holders, 8 private raises, 39 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Oct 5, 2026SC TO-I/A EDGAR
  3. Oct 5, 20268-K EDGAR
  4. Sep 18, 20268-K EDGAR
  5. Sep 4, 20268-K EDGAR
  6. Sep 1, 2026SC TO-I EDGAR
  7. Aug 24, 2026CORRESP EDGAR
  8. Aug 21, 20268-K EDGAR
  9. Aug 12, 202610-Q EDGAR
  10. Jul 31, 20268-K EDGAR
  11. Jul 24, 2026SC TO-I/A EDGAR
  12. Jul 21, 20268-K EDGAR
  13. Jul 9, 20268-K EDGAR
  14. Jul 6, 2026SC TO-I/A EDGAR
  15. Jun 18, 20268-K EDGAR
  16. Jun 8, 20268-K EDGAR
  17. Jun 3, 20268-K EDGAR
  18. Jun 1, 2026SC TO-I EDGAR
  19. May 21, 20268-K EDGAR
  20. May 13, 202610-Q EDGAR

The 184 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 10 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 30, 2023KKR Group Co. Inc.10% ownerBuy459,348$27.99$12.9MForm 4
Jun 30, 2023Adelman David J.10% ownerBuy367,478$27.99$10.3MForm 4
Jun 30, 2023Forman Michael C.President & CEOBuy367,478$27.99$10.3MForm 4
Jun 30, 2023Franklin Square Holdings, L.P.10% ownerBuy183,739$27.99$5.1MForm 4
Jun 30, 2023FSH SEED CAPITAL VEHICLE I LLC10% ownerBuy183,739$27.99$5.1MForm 4
May 30, 2023FSH SEED CAPITAL VEHICLE I LLC10% ownerBuy10,926$26.15$285.7KForm 4
May 30, 2023Franklin Square Holdings, L.P.10% ownerBuy10,926$26.15$285.7KForm 4
May 30, 2023Forman Michael C.President & CEOBuy21,852$26.15$571.4KForm 4
May 30, 2023Adelman David J.10% ownerBuy21,852$26.15$571.4KForm 4
May 30, 2023KKR Group Assets Holdings II L.P.10% ownerBuy27,315$26.15$714.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 13, 2023Raised $1.4 billion in a private offering of equity Form D: $5 billion offered in all Form D
  2. Apr 3, 2023Raised $515,000 in a private offering of equity Form D: 515 investors so far Form D

SEC filer profile

How KKR FS Income Trust is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARKKR FS Income Trust1
  • CIK0001930679
  • Employer ID (EIN)88-05916925
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Business address3025 Jfk Boulevard, Ofc 500, Philadelphia, PA 191041
  • Phone215-495-11501
  • Shares outstanding56,669,251 as of Jul 31, 20268
  • Public float$0 as of Jun 30, 20256
  • AuditorDeloitte & Touche LLP, San Francisco, California PCAOB ID 34; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceNov 17, 20221
  • Filings210 in all: 8-K (84), 3 (21), SC TO-I/A (15), SC 13D/A (11), 10-Q (10), 4 (10), SC TO-I (9), SCHEDULE 13D/A (7)1
    All 28 form types

    D/A (6), 40-17G (4), 40-APP (4), 40-APP/A (4), 10-K (3), SC 13D (3), 10-12G (2), CORRESP (2), D (2), SC 13G (2), SCHEDULE 13G/A (2), 10-12G/A (1), 8-K/A (1), APP NTC (1), APP ORDR (1), APP WDG (1), N-23C-2 (1), N-54A (1), RW (1), SC 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Latest 8-K (8-K) Oct 13, 2026

Risk factors and legal proceedings

The risks KKR FS Income Trust names in Item 1A of its 10-K filed Mar 12, 2026: 75 risks under these headings, as written.5

  • Risks Related to Our Business and Structure
  • We are a relatively new company and have a limited operating history.
  • Our Board of Trustees may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition.
  • Our Board of Trustees may amend our Declaration of Trust without prior shareholder approval.
  • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
  • We may experience fluctuations in our quarterly results.
  • Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.
  • If we, our affiliates and our and their respective third-party service providers are unable to maintain the availability of electronic data systems and safeguard the security of data, our ability to conduct business may be compromised, which could impair our liquidity, disrupt our business, damage our reputation or otherwise adversely affect our business.
  • Our ability to achieve our investment objectives depends on the Adviser’s ability to manage and support our investment process and if the Advisory Agreement were to be terminated, or if the Adviser loses any members of its senior management team, our ability to achieve our investment objectives could be significantly harmed.
  • As an SEC-reporting company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations involve significant expenditures, and non-compliance with such regulations may adversely affect us.
  • Any failure by the Adviser to manage and support our investment process may hinder the achievement of our investment objectives.
  • Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
The other 64 risks
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • There is a risk that investors in our shares may not receive distributions or that distributions may not increase, or may decrease, over time.
  • The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings. Therefore, portions of the distributions that we make may represent a return of capital to shareholders that will reduce shareholders’ tax basis in our shares and reduce the amount of funds we have for investment in targeted assets.
  • We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from the Private Offering, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).
  • Reductions, waivers, deferrals or absorptions of fees and costs can temporarily result in higher returns to investors than they would otherwise receive if full fees and costs were charged.
  • Although we have adopted a discretionary share repurchase program, we have discretion to not repurchase shares or to suspend the program.
  • The timing of our repurchase offers pursuant to our discretionary share repurchase program may be at a time that is disadvantageous to our shareholders.
  • The price at which we may repurchase Common Shares pursuant to our discretionary share repurchase program is determined in accordance with the Adviser’s valuation policy and, as a result, there may be uncertainty as to the value of our Common Shares.
  • BDC industry events or other economic events may cause our shareholders to request that we repurchase their Common Shares, which may materially adversely affect our cash flow and our results of operations and financial condition.
  • Investors may fail to pay their undrawn Capital Commitment.
  • It may be difficult to bring suit or foreclosure in non-U.S. countries.
  • Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • We may not be able to obtain all required state licenses.
  • Increasing scrutiny from stakeholders and regulators with respect to sustainability matters may impose additional costs and expose us to additional risks.
  • Certain ERISA-Related Risks
  • Risks Related to Our Investments
  • Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.
  • Investments in Asset-Based Finance Opportunities.
  • Derivatives and Other Similar Instruments.
  • Asset-backed securities and structured products present additional risks.
  • International investments create additional risks.
  • We are subject to certain risks related to the Warehousing Transaction.
  • Our investments in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities, subject us indirectly to the underlying risks of such private investment funds and additional fees and expenses.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • We generally will not control our portfolio companies.
  • Declines in market values or fair market values of our investments could result in significant net unrealized depreciation of our portfolio, which in turn would reduce our net asset value.
  • We are exposed to risks associated with changes in interest rates.
  • Any second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • Economic recessions or downturns or restrictions on trade could impair our portfolio companies and adversely affect our operating results.
  • Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies.
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
  • A covenant breach or other default by our portfolio companies may adversely affect our operating results.
  • Our portfolio companies may be highly leveraged.
  • Investing in middle-market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.
  • We may not realize gains from our equity investments.
  • An investment strategy focused primarily on privately held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.
  • Any investments in securities or assets of publicly traded companies are subject to the risks inherent in investing in public securities.
  • A lack of liquidity in certain of our investments may adversely affect our business.
  • We may not have the funds or ability to make additional investments in our portfolio companies.
  • Our investments may include original issue discount and payment-in-kind instruments.
  • We may use a wide range of investment techniques that could expose us to a diverse range of risks.
  • We may from time to time enter into total return swaps, credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • We have entered and may enter into additional repurchase agreements or reverse repurchase agreements.
  • We may enter into securities lending agreements.
  • We may acquire various financial instruments for purposes of “hedging” or reducing our risks, which may be costly and ineffective and could reduce our cash available for distribution to our shareholders.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Technological innovations and industry disruptions may negatively impact us.
  • We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, and investments in which we have a non-controlling interest may involve risks specific to third-party management of those investments.
  • Syndication of Co-Investments.
  • Risks Related to the Adviser and Its Affiliates; Conflicts of Interest
  • The Adviser and its affiliates, including our officers and some of our Trustees, face conflicts of interest as a result of compensation arrangements with us and the Adviser, which could result in actions that are not in the best interests of our shareholders.
  • We may be obligated to pay the Adviser incentive compensation on income that we have not received.
  • We may be obligated to pay the Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.
  • There may be conflicts of interest related to obligations the Adviser’s senior management and investment teams have to our affiliates and to other clients.
  • The time and resources that individuals employed by the Adviser devote to us may be diverted and we may face additional competition due to the fact that individuals employed by the Adviser are not prohibited from raising money for or managing other entities that make the same types of investments that we target.
  • Our shares may be purchased by the Adviser or its affiliates.
  • The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.
  • The compensation we pay to the Adviser is determined without independent assessment on our behalf, and these terms may be less advantageous to us than if such terms had been the subject of arm’s-length negotiations.
  • The Placement Agents’ influence on the Private Offering gives them the ability to increase the fees payable to the Adviser.
  • The Adviser’s liability is limited under each of the Advisory Agreement and the Administration Agreement, and we are required to indemnify it against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.
  • Risks Related to Business Development Companies and RICs
  • Failure to maintain our status as a BDC would reduce our operating flexibility.
  • We are uncertain of our future sources for funding our future capital needs and if we cannot obtain debt or equity financing on acceptable terms, or at all, our ability to acquire investments and to expand our operations will be adversely affected.
  • The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.
  • Regulations governing our operation as a BDC and a RIC affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.
  • Our ability to enter into transactions with our affiliates is restricted.

Legal proceedings

Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

The opening of Item 3, Legal Proceedings.5

Sources

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