The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

BDC portfolio

KKR FS Income Trust

BDCnon-tradedCIK 1930679file 814-01620PHILADELPHIA, PAmanaged by FS/KKR ADVISOR, LLC
Fair value
$3.2B
as of Jun 30, 2026
Principal held
$3.1B
debt pieces, the filer's figure
Cost
$3.2B
100c on cost
Unfunded
$511M
commitments not yet drawn
Positions
673
168 borrowers
First lien
n/a
93% debt by fair value
Quarters on the tape
14
since Dec 31, 2022
Facilities held
177
28 sponsors financed
Portfolio through time
Fair value by quarter end$3.2B as of Jun 30, 2026
Dec 31, 2022$8.3M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$3.2B16899c7488 bp
Mar 31, 2026$3.2B169100c3487 bp
Dec 31, 2025$3.2B169101c3491 bp
Sep 30, 2025$2.5B154101c7504 bp
Jun 30, 2025$1.9B136101c6509 bp
Mar 31, 2025$1.6B118101c17521 bp
Dec 31, 2024$2.7B103101c14528 bp
Sep 30, 2024$1.1B87101c9577 bp
Jun 30, 2024$768M64101c11584 bp
Mar 31, 2024$540M49101c7591 bp
Dec 31, 2023$356M33101c2667 bp
Sep 30, 2023$213M22101c0675 bp
Jun 30, 2023$144M18101c0669 bp
Dec 31, 2022$8.3M14100c0637 bp

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed
No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Jun 30, 2026
673 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Homrich & Berg Incunstated lien unstated$10.3M$10.2M
99c
S+450 bp
Sotheby's, Revolver | Consumer Services 1
Consumer Services
revolver lien unstated$10.2M$10.2M
100c
4.80%
Circana Group (f.k.a. NPD Group)unstated lien unstated$9.8M$9.8M
100c
S+430 bp
Med-Metrixunstated lien unstated$10.0M$9.8M
98c
S+450 bp
Orion Services Groupunstated lien unstated$9.8M$9.8M
100c
S+450 bp
Integrated Power Services LLCunstated lien unstated$10.0M$9.8M
98c
S+480 bp
Follett Software Counstated lien unstated$9.8M$9.7M
99c
S+450 bp
Veriforce LLCunstated lien unstated$9.8M$9.7M
100c
S+450 bp
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABSunstated lien unstated$9.7M$9.7M
103c
7.00%
Eagle Railcar Services Roscoe Incunstated lien unstated$9.6M$9.5M
99c
S+450 bp
SureScripts LLCunstated lien unstated$9.3M$9.3M
100c
S+480 bp
Flexsys Holdings Inc, Private Equity
Materials
unstated lien unstatedn/a$9.2M
100c
TPSI Receivables LLC (Tropicana Products Inc)revolver lien unstated$9.1M$9.2M
100c
4.80%
Magna Legal Services LLCunstated lien unstated$9.1M$9.1M
101c
S+450 bp
DOXA Insurance Holdings LLCunstated lien unstated$9.1M$9.0M
100c
S+530 bp
Solera LLC
Software & Services
unstated lien unstated$10.3M$9.0M
90c
S+400 bp
Cadence Education LLCunstated lien unstated$9.0M$9.0M
100c
S+500 bp
MEMIC Insurance, ABS
Insurance
unstated lien unstated$9.0M$9.0M
100c
9.00%
Clarience Technologies LLCunstated lien unstated$8.9M$8.8M
100c
S+480 bp
Vermont Information Processing Incunstated lien unstated$9.0M$8.7M
97c
S+450 bp
Keystone Agency Partners LLCunstated lien unstated$8.7M$8.7M
99c
S+430 bp
Newday Group Jersey Ltd, ABF Equity
Financial Services
unstated lien unstatedn/a$8.5M
152c
Opendoor Labs Inc, Structured
Real Estate Management & Development
subordinated debt unsecured or subordinated$8.3M$8.4M
101c
12.50%
Sphera Solutions Incunstated lien unstated$8.7M$8.2M
94c
S+450 bp
Carrier Fire Protectionunstated lien unstated$8.1M$8.1M
101c
S+450 bp
Galway Partners Holdings LLCunstated lien unstated$8.0M$8.0M
100c
S+450 bp
Homeward Opportunities Fund Trust 2024-RRTL2, ABS
Real Estate Management & Development
unstated lien unstated$7.9M$7.9M
100c
9.10%
Discover
Financial Services
term loan unsecured or subordinated$7.9M$7.9M
100c
15.00%
VIB Trade Receivables DAC (FKA Vibrantz Technologies Inc)unstated lien unstated$7.7M$7.7M
100c
4.80%
Integrity Marketing Group LLCunstated lien unstated$7.6M$7.6M
100c
S+500 bp
Bond Aviation Holdings LLC, Term Loan | Transportation 3
Transportation
term loan lien unstated$7.5M$7.5M
100c
9.00%
Vehicle Secured Funding Trust
Financial Services
term loan lien unstated$7.3M$7.3M
100c
15.00%
Income Contingent Student Loans 1 2002-2006 PLC, ABS
Financial Services
unstated lien unstated$4.9M$7.2M
118c
8.00%
PROS Holdings Incunstated lien unstated$7.4M$7.2M
97c
S+480 bp
Slate Venture Holdings LP, ABF Equityunstated lien unstatedn/a$6.8M
124c
NAVEX Global Incunstated lien unstated$6.9M$6.7M
97c
S+500 bp
Spotless Brands LLCunstated lien unstated$6.6M$6.6M
101c
S+550 bp
Avetta LLCunstated lien unstated$6.6M$6.5M
100c
S+420 bp
Atwell LLCunstated lien unstated$6.5M$6.5M
100c
S+500 bp
SureScripts LLCunstated lien unstated$6.4M$6.4M
100c
S+480 bp
EFMT 2024-INV1, ABS
Real Estate Management & Development
term loan lien unstated$6.4M$6.4M
105c
7.40%
Xylem Kendallunstated lien unstated$6.3M$6.3M
100c
S+580 bp
Insightsoftware.Com Incunstated lien unstated$7.1M$6.3M
89c
S+530 bp
Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1, ABSunstated lien unstated$110M$6.3M
110c
1.90%
Octane Receivables Trust 2025-1, ABSunstated lien unstated$33,000$6.3M
109c
11.80%
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABSunstated lien unstated$107M$6.2M
110c
1.90%
Harley-Davidson Financial Services Inc, ABF Equityunstated lien unstatedn/a$6.1M
105c
Integrity Marketing Group LLCunstated lien unstated$6.1M$6.1M
100c
S+500 bp
Likewize Corpunstated lien unstated$6.0M$6.0M
100c
S+500 bp
Dental365 LLCunstated lien unstated$5.9M$5.9M
100c
S+500 bp
Xylem Kendallunstated lien unstated$5.7M$5.7M
100c
S+580 bp
Progress Residential 2024-SFR4 Trust, Structured
Real Estate Management & Development
subordinated debt unsecured or subordinated$6.3M$5.7M
116c
3.40%
Nottingdale Receivables Limited (FKA TalkTalk Telecom Group Ltd)revolver lien unstated$4.4M$5.7M
101c
S+700 bp
PCI Pharma Servicesunstated lien unstated$5.5M$5.4M
98c
S+500 bp
Horizon CTS Buyer LLCunstated lien unstated$5.4M$5.4M
100c
S+480 bp
Radwell International LLCunstated lien unstated$5.4M$5.4M
100c
S+480 bp
Pavement Preservation Group Incunstated lien unstated$5.4M$5.4M
100c
S+530 bp
Bond Aviation Holdings LLC, Term Loan | Transportation 4
Transportation
term loan lien unstated$5.3M$5.3M
100c
9.00%
Turnpoint Services Incunstated lien unstated$5.7M$5.3M
94c
S+550 bp
Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3, ABSunstated lien unstated$5.5M$5.3M
102c
7.20%
Trackunit ApSunstated lien unstated$5.5M$5.3M
96c
S+500 bp
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9, ABSunstated lien unstatedn/a$5.2M
99c
1.80%
Integrated Power Services LLCunstated lien unstated$5.3M$5.2M
98c
S+480 bp
OEConnection LLCunstated lien unstated$5.2M$5.1M
98c
S+450 bp
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABSunstated lien unstatedn/a$5.1M
115c
1.80%
CSafe Globalunstated lien unstated$3.8M$5.0M
105c
S+580 bp
Global Lending Services LLC, ABF Equity
Financial Services
unstated lien unstatedn/a$5.0M
170c
Foundation Risk Partners Corp
Insurance
unstated lien unstated$4.9M$4.9M
100c
S+480 bp
CPS Auto Securitization Trust 2026-1, ABS
Financial Services
unstated lien unstated$5.0M$4.9M
99c
8.80%
Cast & Crew LLCrevolver lien unstated$4.9M$4.9M
100c
S+480 bp
SCRIPPS SPV LLC (FKA EW Scripps Co/The)revolver lien unstated$4.8M$4.9M
100c
6.30%
Magna Legal Services LLCunstated lien unstated$4.9M$4.9M
100c
S+450 bp
SAMBA Safety Incunstated lien unstated$5.0M$4.8M
98c
S+480 bp
Woolpert Incunstated lien unstated$4.9M$4.8M
98c
S+450 bp
AGS Health LLCunstated lien unstated$4.9M$4.7M
98c
S+430 bp
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC)revolver lien unstated$4.7M$4.7M
100c
S+480 bp
Wedgewood Weddingsunstated lien unstated$4.7M$4.7M
100c
S+430 bp
Wedgewood Weddingsunstated lien unstated$4.7M$4.7M
100c
S+430 bp
Premise Health Holding Corpunstated lien unstated$4.7M$4.6M
100c
S+480 bp
Service Express Incunstated lien unstated$4.5M$4.5M
100c
S+450 bp
Fidelis Mortgage Trust 2025-RTL1, ABS
Real Estate Management & Development
unstated lien unstated$4.5M$4.5M
102c
9.00%
Pike Corpunstated lien unstated$4.5M$4.5M
99c
S+430 bp
Service Logic LLCunstated lien unstated$4.4M$4.4M
99c
S+480 bp
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6, ABSunstated lien unstated$4.5M$4.4M
103c
7.20%
Veriforce LLCunstated lien unstated$3.3M$4.4M
105c
S+450 bp
Santander Mortgage Asset Receivable Trust 2025-NQM4, ABSunstated lien unstatedn/a$4.4M
116c
1.50%
BCA Marketplace Ltdunstated lien unstated$3.8M$4.3M
107c
S+630 bp
Sallie Mae Levered, Bond | Financial Services 2
Financial Services
notes lien unstated$4.3M$4.3M
100c
13.00%
Netsmart Technologies Incunstated lien unstated$4.3M$4.3M
99c
S+480 bp
Granicus Incunstated lien unstated$4.3M$4.3M
99c
S+530 bp
Philippine Airlines 777term loan lien unstated$4.2M$4.2M
100c
6.50%
Philippine Airlines 777term loan lien unstated$4.2M$4.2M
100c
6.50%
Spotless Brands LLCunstated lien unstated$4.2M$4.2M
99c
S+500 bp
Service Express Incunstated lien unstated$4.2M$4.2M
100c
S+450 bp
Netsmart Technologies Incunstated lien unstated$4.3M$4.2M
99c
S+500 bp
Med-Metrixunstated lien unstated$4.3M$4.2M
98c
S+450 bp
Inhabit IQunstated lien unstated$4.2M$4.2M
99c
S+450 bp
Discover Financial Services, ABF Equity
Financial Services
unstated lien unstatedn/a$4.2M
97c
Com Laude Group Ltdunstated lien unstated$4.3M$4.2M
98c
S+500 bp
GreenSky Holdings LLC
Financial Services
term loan lien unstated$4.1M$4.1M
100c
PIK 9.30%
Page 2 of 7PreviousNext
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2024 to 2024reported
Filings listed
13reported10-Q and 10-K since 2022
Latest schedule
0001628280-26-056131reported