Private Placement (Form 8-K)

On December 1, 2025, KKR FS Income Trust Select (the "Company") issued and sold 1,166,006.551 Class I shares (the "Class I Shares") of the Company's common shares of beneficial interest (the "Shares") (with the final number of Class I Shares issued being determined on December 23, 2025) pursuant to subscription agreements entered into with the participating investors for aggregate consideration of approximately $29.861 million.

The offer and sale of the Class I Shares were conducted in connection with the Company's continuous private offering of Shares (the "Private Offering") in reliance on the exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder. The Company relied, in part, upon representations from each participating investor in the relevant subscription agreement that such investor is an "accredited investor" as defined in Regulation D under the Securities Act.

Net Asset Value

The net asset value per share of the Class I Shares as of November 30, 2025, as determined in accordance with the Company's valuation policy, is $25.61.

As of November 30, 2025, the Company's aggregate net asset value was approximately $910.8 million.

Status of Offering

The Company is currently conducting the Private Offering on a continuous basis for up to $5.0 billion in Shares. As of the date hereof, the Company has issued an aggregate of 35,660,221.908 Class I Shares in the Private Offering for total consideration of approximately $907.342 million (which amounts reflect the issuance of 1,665,042.691 Class I Shares on November 3, 2025 for aggregate consideration of $42.691 million, as revised from the Company's Current Report on Form 8-K filed on November 21, 2025.). These figures do not include any Shares sold through the Company's distribution reinvestment plan (if any). The Company intends to continue selling Shares in the Private Offering on a monthly basis.