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42026-03-310001975736kfits:FundedSeniorSecuredLoansFirstLienMember2026-03-310001975736kfits:UnfundedSeniorSecuredLoansFirstLienMember2026-03-310001975736kfits:AssetBasedFinanceMember2026-03-310001975736Auxilior Capital Partners Inc, Preferred Equity | Financial Services2026-03-310001975736srt:MinimumMemberAuxilior Capital Partners Inc, Preferred Equity | Financial Services2026-03-310001975736srt:MaximumMemberAuxilior Capital Partners Inc, Preferred Equity | Financial Services2026-03-310001975736Bond Aviation Holdings LLC, ABF Equity | Transportation2026-03-310001975736Bond Aviation Holdings LLC, Term Loan | Transportation 12026-03-310001975736Bond Aviation Holdings LLC, Term Loan | Transportation 22026-03-310001975736srt:MinimumMemberBond Aviation Holdings LLC, Term Loan | Transportation 22026-03-310001975736srt:MaximumMemberBond Aviation Holdings LLC, Term Loan | Transportation 22026-03-310001975736Bond Aviation Holdings LLC, Term Loan | Transportation 32026-03-310001975736Bond 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22026-03-310001975736Harley-Davidson Financial Services Inc, ABF Equity | Financial Services 32026-03-310001975736HOMES 2024-AFC1 Trust, Structured Mezzanine | Real Estate Management & Development2026-03-310001975736Homeward Opportunities Fund Trust 2024-RRTL2, ABS | Real Estate Management & Development2026-03-310001975736Income Contingent Student Loans 1 2002-2006 PLC, ABS | Financial Services2026-03-310001975736Income Contingent Student Loans 2 2007-2009 PLC, ABS | Financial Services2026-03-310001975736IQUW UK Ltd, Bond | Insurance2026-03-310001975736Kilter Finance 2.0, Common Stock | Insurance2026-03-310001975736KSC I Aircraft LP, ABF Equity | Capital Goods2026-03-310001975736Laurel Road Prime Student Loan Trust 2017-B, ABS | Financial Services2026-03-310001975736LHOME Mortgage Trust 2025-RTL3, ABS | Real Estate Management & Development 12026-03-310001975736LHOME Mortgage Trust 2025-RTL3, ABS | Real Estate Management & Development 22026-03-310001975736MEMIC Insurance, ABS | 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Automobiles & Components 22026-03-310001975736Opendoor Labs Inc, Structured Mezzanine | Real Estate Management & Development 12026-03-310001975736Opendoor Labs Inc, Structured Mezzanine | Real Estate Management & Development 22026-03-310001975736Orange Maple 2025-2 DAC, ABF Equity | Banks2026-03-310001975736PayPal Danube 2, ABF Equity | Financial Services2026-03-310001975736Philippine Airlines 777, Term Loan | Transportation 12026-03-310001975736Philippine Airlines 777, Term Loan | Transportation 22026-03-310001975736Philippine Airlines 777, Term Loan | Transportation 32026-03-310001975736Philippine Airlines 777, Term Loan | Transportation 42026-03-310001975736Powin Energy Corp/NV, Warrants | Capital Goods2026-03-310001975736Pretium Partners LLC P1, Structured Mezzanine | Equity Real Estate Investment Trusts (REITs)2026-03-310001975736srt:MinimumMemberPretium Partners LLC P1, Structured Mezzanine | Equity Real Estate Investment Trusts (REITs)2026-03-310001975736srt:MaximumMemberPretium 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Term Loan | Transportation 22026-03-310001975736SKP German Bank, ABF Equity | Financial Services2026-03-310001975736Slate Venture Holdings LP, ABF Equity | Consumer Durables & Apparel2026-03-310001975736Slate Venture Holdings LP, Term Loan | Consumer Durables & Apparel2026-03-310001975736srt:MinimumMemberSlate Venture Holdings LP, Term Loan | Consumer Durables & Apparel2026-03-310001975736srt:MaximumMemberSlate Venture Holdings LP, Term Loan | Consumer Durables & Apparel2026-03-310001975736Sotheby's, Revolver | Consumer Services2026-03-310001975736Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver | Materials 12026-03-310001975736Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver | Materials 22026-03-310001975736TPSI Receivables LLC (Tropicana Products Inc), Revolver | Food, Beverage & Tobacco 12026-03-310001975736TPSI Receivables LLC (Tropicana Products Inc), Revolver | Food, Beverage & Tobacco 22026-03-310001975736Unison Trust 2025-1, ABS | Real Estate Management & Development2026-03-310001975736VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc) | Materials 12026-03-310001975736VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc) | Materials 22026-03-310001975736Vietjet Aviation JSC, Term Loan | Transportation2026-03-310001975736Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver | Capital Goods 12026-03-310001975736Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver | Capital Goods 22026-03-310001975736kfits:FundedAssetBasedFinanceMember2026-03-310001975736kfits:UnfundedAssetBasedFiannceMember2026-03-310001975736EUR | May 2028 | Goldman Sachs Bank USA2026-03-310001975736EUR | February 2027 | Goldman Sachs Bank USA2026-03-310001975736GBP | June 2026 | Goldman Sachs Bank USA 2026-03-310001975736GBP | November 2027 | Goldman Sachs Bank USA2026-03-310001975736GBP | March 2029 | Goldman Sachs Bank USA2026-03-310001975736NOK | January 2028 | Goldman Sachs Bank USA2026-03-310001975736Goldman Sachs Bank USA, Foreign Exchange Forward2026-03-310001975736us-gaap:SecuredOvernightFinancingRateSofrMember2026-03-310001975736kfits:SterlingOvernightIndexAverageMember2026-03-310001975736kfits:EuroInterbankOfferedRateEURIBORMember2026-03-310001975736us-gaap:InvestmentsMemberkfits:QualifyingAssetsConcentrationRiskMemberus-gaap:AssetsTotalMember2026-01-012026-03-310001975736Affiliated Issuer | Bond Aviation Holdings LLC, ABF Equity2025-12-310001975736Affiliated Issuer | Bond Aviation Holdings LLC, ABF Equity2026-01-012026-03-310001975736Affiliated Issuer | Bond Aviation Holdings LLC, ABF Equity2026-03-310001975736Affiliated Issuer | Bond Aviation Holdings LLC, Term Loan 12025-12-310001975736Affiliated Issuer | Bond Aviation Holdings LLC, Term Loan 12026-01-012026-03-310001975736Affiliated Issuer | Bond Aviation Holdings LLC, Term Loan 12026-03-310001975736Affiliated Issuer | Bond Aviation Holdings LLC, Term Loan 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Galaxy Container, Bond2026-01-012026-03-310001975736Affiliated Issuer | Galaxy Container, Bond2026-03-310001975736Affiliated Issuer | Kilter Finance 2.0, Common Stock2025-12-310001975736Affiliated Issuer | Kilter Finance 2.0, Common Stock2026-01-012026-03-310001975736Affiliated Issuer | Kilter Finance 2.0, Common Stock2026-03-310001975736Affiliated Issuer | KSC I Aircraft LP, ABF Equity2025-12-310001975736Affiliated Issuer | KSC I Aircraft LP, ABF Equity2026-01-012026-03-310001975736Affiliated Issuer | KSC I Aircraft LP, ABF Equity2026-03-310001975736Affiliated Issuer | Sallie Mae Levered, ABF Equity2025-12-310001975736Affiliated Issuer | Sallie Mae Levered, ABF Equity2026-01-012026-03-310001975736Affiliated Issuer | Sallie Mae Levered, ABF Equity2026-03-310001975736Affiliated Issuer | Sallie Mae Levered, Bond 12025-12-310001975736Affiliated Issuer | Sallie Mae Levered, Bond 12026-01-012026-03-310001975736Affiliated Issuer | Sallie Mae Levered, Bond 12026-03-310001975736Affiliated 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Inc | Health Care Equipment & Services2025-12-310001975736srt:MinimumMemberAffordable Care Inc | Health Care Equipment & Services2025-12-310001975736srt:MaximumMemberAffordable Care Inc | Health Care Equipment & Services2025-12-310001975736AGS Health LLC | Software & Services 12025-12-310001975736AGS Health LLC | Software & Services 22025-12-310001975736AGS Health LLC | Software & Services 32025-12-310001975736A-Lign Assurance LLC | Software & Services 12025-12-310001975736srt:MinimumMemberA-Lign Assurance LLC | Software & Services 12025-12-310001975736srt:MaximumMemberA-Lign Assurance LLC | Software & Services 12025-12-310001975736A-Lign Assurance LLC | Software & Services 22025-12-310001975736srt:MinimumMemberA-Lign Assurance LLC | Software & Services 22025-12-310001975736srt:MaximumMemberA-Lign Assurance LLC | Software & Services 22025-12-310001975736A-Lign Assurance LLC | Software & Services 32025-12-310001975736Amerivet Partners Management Inc | Health Care Equipment & 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Professional Practices LLC | Health Care Equipment & Services 32025-12-310001975736VetCor Professional Practices LLC | Health Care Equipment & Services 42025-12-310001975736Vitu | Software & Services 12025-12-310001975736Vitu | Software & Services 22025-12-310001975736Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | Household & Personal Products2025-12-310001975736Wealth Enhancement Group LLC | Financial Services 12025-12-310001975736Wealth Enhancement Group LLC | Financial Services 22025-12-310001975736Wealth Enhancement Group LLC | Financial Services 32025-12-310001975736Wealth Enhancement Group LLC | Financial Services 42025-12-310001975736WebPros Holding Sarl | Software & Services 12025-12-310001975736WebPros Holding Sarl | Software & Services 22025-12-310001975736srt:MinimumMemberWebPros Holding Sarl | Software & Services 22025-12-310001975736srt:MaximumMemberWebPros Holding Sarl | Software & Services 22025-12-310001975736WebPros Holding Sarl | Software & Services 32025-12-310001975736WebPros Holding Sarl | Software & Services 42025-12-310001975736srt:MinimumMemberWebPros Holding Sarl | Software & Services 42025-12-310001975736srt:MaximumMemberWebPros Holding Sarl | Software & Services 42025-12-310001975736Wedgewood Weddings | Consumer Services 12025-12-310001975736Wedgewood Weddings | Consumer Services 22025-12-310001975736Wedgewood Weddings | Consumer Services 32025-12-310001975736West Star Aviation Inc | Capital Goods 12025-12-310001975736srt:MinimumMemberWest Star Aviation Inc | Capital Goods 12025-12-310001975736srt:MaximumMemberWest Star Aviation Inc | Capital Goods 12025-12-310001975736West Star Aviation Inc | Capital Goods 22025-12-310001975736West Star Aviation Inc | Capital Goods 32025-12-310001975736srt:MinimumMemberWest Star Aviation Inc | Capital Goods 32025-12-310001975736srt:MaximumMemberWest Star Aviation Inc | Capital Goods 32025-12-310001975736West Star Aviation Inc | Capital Goods 42025-12-310001975736Woolpert Inc | Capital Goods 12025-12-310001975736Woolpert Inc | Capital Goods 22025-12-310001975736Woolpert Inc | Capital Goods 32025-12-310001975736Woolpert Inc | Capital Goods 42025-12-310001975736Xylem Kendall | Commercial & Professional Services 12025-12-310001975736Xylem Kendall | Commercial & Professional Services 22025-12-310001975736Xylem Kendall | Commercial & Professional Services 32025-12-310001975736Xylem Kendall | Commercial & Professional Services 42025-12-310001975736kfits:FundedSeniorSecuredLoansFirstLienMember2025-12-310001975736kfits:UnfundedSeniorSecuredLoansFirstLienMember2025-12-310001975736kfits:AssetBasedFinanceMember2025-12-310001975736Auxilior Capital Partners Inc, Preferred Equity | Financial Services2025-12-310001975736srt:MinimumMemberAuxilior Capital Partners Inc, Preferred Equity | Financial Services2025-12-310001975736srt:MaximumMemberAuxilior Capital Partners Inc, Preferred Equity | Financial Services2025-12-310001975736Bond Aviation Holdings LLC, ABF Equity | 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Services LLC, Bond | Financial Services 52025-12-310001975736Harley-Davidson Financial Services Inc, ABF Equity | Financial Services 12025-12-310001975736Harley-Davidson Financial Services Inc, ABF Equity | Financial Services 22025-12-310001975736Harley-Davidson Financial Services Inc, ABF Equity | Financial Services 32025-12-310001975736HOMES 2024-AFC1 Trust, Structured Mezzanine | Real Estate Management & Development2025-12-310001975736Homeward Opportunities Fund Trust 2024-RRTL2, ABS | Real Estate Management & Development2025-12-310001975736Income Contingent Student Loans 1 2002-2006 PLC, ABS | Financial Services2025-12-310001975736Income Contingent Student Loans 2 2007-2009 PLC, ABS | Financial Services2025-12-310001975736IQUW UK Ltd, Bond | Insurance2025-12-310001975736KSC I Aircraft LP, ABF Equity | Capital Goods2025-12-310001975736Laurel Road Prime Student Loan Trust 2017-B, ABS | Financial Services2025-12-310001975736LHOME Mortgage Trust 2025-RTL3, ABS | Real Estate Management 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12026-03-310001975736Com Laude Group Ltd 22026-03-310001975736Community Brands Inc 2026-03-310001975736Conservice LLC2026-03-310001975736CSafe Global2026-03-310001975736Dental365 LLC 12026-03-310001975736Dental365 LLC 22026-03-310001975736DuBois Chemicals Inc 12026-03-310001975736DuBois Chemicals Inc 22026-03-310001975736Eagle Railcar Services Roscoe Inc 12026-03-310001975736Eagle Railcar Services Roscoe Inc 22026-03-310001975736Flexera Software LLC2026-03-310001975736Follett Software Co 2026-03-310001975736Frontline Road Safety LLC 2026-03-310001975736Galway Partners Holdings LLC2026-03-310001975736GE Digital LLC2026-03-310001975736Higginbotham Insurance Agency Inc2026-03-310001975736Homrich & Berg Inc 12026-03-310001975736Homrich & Berg Inc 22026-03-310001975736Horizon CTS Buyer LLC 12026-03-310001975736Horizon CTS Buyer LLC 22026-03-310001975736Inhabit IQ 12026-03-310001975736Inhabit IQ 22026-03-310001975736Insightsoftware.Com Inc 12026-03-310001975736Insightsoftware.Com Inc 22026-03-310001975736Integrated Power Services LLC 12026-03-310001975736Integrated Power Services LLC 22026-03-310001975736Integrity Marketing Group LLC 12026-03-310001975736Integrity Marketing Group LLC 22026-03-310001975736J S Held LLC 12026-03-310001975736J S Held LLC 22026-03-310001975736Jeppesen Holdings LLC2026-03-310001975736Keystone Agency Partners LLC 12026-03-310001975736Keystone Agency Partners LLC 22026-03-310001975736Learning Experience Corp/The2026-03-310001975736Legends Hospitality LLC 2026-03-310001975736MAI Capital Management LLC 12026-03-310001975736MAI Capital Management LLC 22026-03-310001975736MB2 Dental Solutions LLC2026-03-310001975736Med-Metrix 12026-03-310001975736Med-Metrix 22026-03-310001975736Mercer Advisors Inc2026-03-310001975736Model N Inc 12026-03-310001975736Model N Inc 22026-03-310001975736NAVEX Global Inc 12026-03-310001975736NAVEX Global Inc 22026-03-310001975736NEFCO Corp 12026-03-310001975736NEFCO Corp 22026-03-310001975736NeoGov Newt Holdco Inc 12026-03-310001975736NeoGov Newt Holdco Inc 22026-03-310001975736Netsmart Technologies Inc 12026-03-310001975736Netsmart Technologies Inc 22026-03-310001975736OEConnection LLC 12026-03-310001975736OEConnection LLC 22026-03-310001975736Orion Services Group2026-03-310001975736PCI Pharma Services 12026-03-310001975736PCI Pharma Services 22026-03-310001975736Pike Corp 12026-03-310001975736Pike Corp 22026-03-310001975736Premise Health Holding Corp 12026-03-310001975736Premise Health Holding Corp 22026-03-310001975736PROS Holdings Inc2026-03-310001975736PSC Group 2026-03-310001975736Railpros Inc 12026-03-310001975736Railpros Inc 22026-03-310001975736Resa Power LLC 12026-03-310001975736Resa Power LLC 22026-03-310001975736Revere Superior Holdings Inc 12026-03-310001975736Revere Superior Holdings Inc 22026-03-310001975736Rialto Capital Management LLC2026-03-310001975736Rockefeller Capital Management LP2026-03-310001975736SAMBA Safety Inc 12026-03-310001975736SAMBA Safety Inc 22026-03-310001975736Service Express Inc 12026-03-310001975736Service Express Inc 22026-03-310001975736Service Logic LLC 12026-03-310001975736Service Logic LLC 22026-03-310001975736Sphera Solutions Inc 12026-03-310001975736Sphera Solutions Inc 22026-03-310001975736Spins LLC 22026-03-310001975736Spotless Brands LLC 12026-03-310001975736Spotless Brands LLC 22026-03-310001975736STV Group Inc 12026-03-310001975736STV Group Inc 22026-03-310001975736SureScripts LLC2026-03-310001975736Trackunit ApS 12026-03-310001975736Trackunit ApS 22026-03-310001975736Turnpoint Services Inc 12026-03-310001975736Turnpoint Services Inc 22026-03-310001975736USIC Holdings Inc 12026-03-310001975736USIC Holdings Inc 22026-03-310001975736Veriforce LLC 12026-03-310001975736Veriforce LLC 22026-03-310001975736Veriforce LLC 32026-03-310001975736Vermont Information Processing Inc 12026-03-310001975736Vermont Information Processing Inc 22026-03-310001975736VetCor Professional Practices LLC2026-03-310001975736Vitu2026-03-310001975736Wealth Enhancement Group LLC 12026-03-310001975736Wealth Enhancement Group LLC 22026-03-310001975736WebPros Holding Sarl2026-03-310001975736Wedgewood Weddings 12026-03-310001975736Wedgewood Weddings 22026-03-310001975736West Star Aviation Inc 12026-03-310001975736West Star Aviation Inc 22026-03-310001975736Woolpert Inc 12026-03-310001975736Woolpert Inc 22026-03-310001975736Xylem Kendall 12026-03-310001975736Xylem Kendall 22026-03-310001975736Trackunit ApSBond Aviation Holdings LLC, Term Loan 12026-03-310001975736Bond Aviation Holdings LLC, Term Loan 22026-03-310001975736FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver2026-03-310001975736Fortna AR LLC (FKA Fortna Group Inc), Revolver2026-03-310001975736Opendoor Labs Inc, Structured Mezzanine2026-03-310001975736Philippine Airlines 777, Term Loan 12026-03-310001975736Philippine Airlines 777, Term Loan 22026-03-310001975736Sallie Mae Levered, Term Loan2026-03-310001975736SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver2026-03-310001975736Setna SPV I, Term Loan2026-03-310001975736Sotheby's, Revolver2026-03-310001975736Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver2026-03-310001975736TPSI Receivables LLC (Tropicana Products Inc), Revolver2026-03-310001975736VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)2026-03-310001975736Wood Group Receivables LLC (FKA John Wood Group PLC), Revolver2026-03-310001975736kfits:DebtSecuritiesRevolvingCreditFacilityMember2026-03-310001975736kfits:DebtSecuritiesDelayedDrawTermLoanMember2026-03-310001975736us-gaap:DebtSecuritiesMember2026-03-310001975736us-gaap:SubsequentEventMember2026-04-132026-04-130001975736us-gaap:SubsequentEventMember2026-04-302026-04-300001975736us-gaap:PrivatePlacementMemberus-gaap:SubsequentEventMember2026-04-012026-04-010001975736us-gaap:PrivatePlacementMemberus-gaap:SubsequentEventMember2026-05-012026-05-01\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n______________________________________________\n\nFORM 10-Q\n\n_________________________________________________\n\nx\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026\n\n¨\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCOMMISSION FILE NUMBER: 814-01706\n\n_________________________________________________\n\nKKR FS Income Trust Select\n\n(Exact name of registrant as specified in its charter)\n\n_________________________________________________\n\nDelaware92-3617067\n\n(State of Organization)(I.R.S. Employer Identification Number)\n\n3025 JFK Boulevard, OFC 500\n\nPhiladelphia, Pennsylvania\n\n19104\n\n(Address of principal executive offices)(Zip Code)\n\nRegistrant’s telephone number, including area code: (215) 495-1150\n\n_______________________________________\n\nIndicate 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  ¨.\n\nIndicate 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  ¨.\n\nIndicate 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.\n\nLarge accelerated filer¨Accelerated filer¨\n\nNon-accelerated filerxSmaller reporting company¨\n\nEmerging growth companyx\n\nIf 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.  ¨ \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨    No  x.\n\nSecurities registered pursuant to Section 12(b) of the Act.\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nN/AN/AN/A\n\nIndicate the number of shares outstanding of each of the issuer’s classes of common shares, as of the latest practicable date.\n\nThe number of shares of the registrant’s common shares of beneficial interest, par value $0.01 per share, outstanding as of April 30, 2026 was 39,841,977 of Class S shares.\n\nTABLE OF CONTENTS\n\nPage\n\nPART I—FINANCIAL INFORMATION"}