KRAVIS HENRY R 4

What Happened
KKR Alternative Assets LLC (a 10% owner reporting entity) received 149,931.542 shares of KKR Real Estate Select Trust Inc. common stock on March 31, 2026. The shares were recorded at $23.15 per share, for a total value of $3,470,915. The Form 4 reports this as an "other acquisition or disposition" (code J) — these shares were issued as payment of management and/or incentive fees rather than an open-market purchase.

Key Details

• Transaction date and price: 2026-03-31 at $23.15 per share. Total value: $3,470,915.
• Shares received: 149,931.542 common shares.
• Shares owned after transaction: not specified in the provided filing.
• Footnotes: Shares were issued as payment for management and/or incentive fees under the investment advisory agreement; KKR Registered Advisor LLC directed that KKR Alternative Assets LLC receive the shares on its behalf. The filing also details the ownership chain within the KKR group and states the reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest.
• Timeliness: Form filed April 2, 2026; appears to be timely (filed shortly after the transaction).

Context
This was an institutional receipt of stock as fee payment, not an executive buy or sale. Such issuances typically reflect contractual fee arrangements rather than a direct signal of insider sentiment. The reporting entity is part of the KKR group; the filing disclaims beneficial ownership beyond pecuniary interest.