SCHEDULE: Cliffwater Discloses 3.1% Stake in KKR FS Income Trust

Cliffwater Corporate Lending Fund, along with its adviser Cliffwater LLC and CEO Stephen Nesbitt, reported a 3.1% beneficial ownership stake in KKR FS Income Trust Select as of September 30, 2025.

Summary

• Cliffwater Corporate Lending Fund, Cliffwater LLC, and Stephen Nesbitt collectively reported beneficial ownership of 992,565.60 Common Shares of Beneficial Interest in KKR FS Income Trust Select.
• This represents 3.1% of the outstanding shares of KKR FS Income Trust Select, based on 31,746,969 shares outstanding as of September 30, 2025.
• The reporting persons hold shared voting and shared dispositive power over these 992,565.60 shares.
• Cliffwater Corporate Lending Fund has waived voting rights in excess of 4.99%.
• This filing is an Amendment No. 1 to a previously filed Schedule 13G.

Sentiment

Score: 5

Explanation: A Schedule 13G filing is a routine regulatory disclosure of beneficial ownership and typically carries a neutral sentiment unless it indicates a significant new stake or a change in investment intent. This amendment reports a 3.1% stake, which is not inherently positive or negative for the issuer.

Future Outlook

NA

Industry Context

Schedule 13G filings are routine disclosures by institutional investors, such as investment advisers and funds, when they acquire more than 5% of a company's voting stock, or in this case, an amendment to a previous filing. They indicate passive investment intent, meaning the investor does not intend to influence or change control of the issuer. The waiver of voting rights above 4.99% by Cliffwater Corporate Lending Fund reinforces this passive stance.

Stakeholder Impact

• Shareholders of KKR FS Income Trust Select: Provides transparency regarding institutional ownership, confirming a passive stake by Cliffwater Corporate Lending Fund, Cliffwater LLC, and Stephen Nesbitt.
• Investment Community: Offers insight into the institutional holdings of KKR FS Income Trust Select, which can be a factor in market analysis.

Key Dates

Keywords

KKR FS Income Trust Select, Cliffwater Corporate Lending Fund, Cliffwater LLC, Stephen Nesbitt, Schedule 13G, beneficial ownership, investment adviser, common shares, institutional ownership