The milestone arrives even as net asset value per share dipped modestly and monthly issuance volume slowed compared with earlier in the year.

May 22, 2026

KKR FS Income Trust Select disclosed that it issued and sold approximately 195,291 Class I common shares on May 1, 2026, generating roughly $4.894 million in aggregate consideration. The final share count was determined on May 21, 2026, following the completion of subscription agreements with participating investors.

Continuous Private Offering

The transaction marks the latest tranche in the trust’s ongoing continuous private offering, which is authorized to raise up to $5.0 billion in total. The offering is conducted under exemptions from public registration requirements, with each participating investor confirming accredited investor status under federal securities regulations.

With the latest issuance, the trust has now sold a cumulative total of approximately 39.85 million Class I shares since the private offering began, generating total consideration of roughly $1.013 billion. This crosses a key milestone for the vehicle, building on its progress when it previously approached $1 billion in cumulative share sales in March. Those figures exclude any shares issued through the trust’s distribution reinvestment plan. The company intends to continue selling shares monthly.

Net Asset Value Update

The trust also reported that its net asset value per Class I share stood at $25.06 as of April 30, 2026. That represents a modest decline from the $25.40 per-share figure reported as of February 28. Aggregate net assets across the trust totaled approximately $998.6 million on that date, slightly below the $1.008 billion level reported earlier in the year.

Part Of A Broader KKR Platform

KKR FS Income Trust Select is a Delaware-incorporated entity headquartered in Philadelphia and is classified as an emerging growth company. It operates as a sibling vehicle to KKR FS Income Trust, which recently maintained its $0.225 monthly dividend for April and forms part of KKR’s broader suite of income-focused investment products.

What It Signals

The pace of new share issuance in May, at under $5 million, came in well below the roughly $19.5 million raised in March, suggesting variability in monthly subscription volumes. Even so, the trust’s cumulative milestone of more than $1 billion in shares sold underscores continued investor interest in KKR’s accredited-investor income products.