KRAVIS HENRY R 4

What Happened
KKR Alternative Assets LLC, identified as a 10% owner, acquired 63,458.557 shares of KKR Real Estate Select Trust Inc. on April 30, 2026. The shares were issued at $23.27 per share as payment for management and/or incentive fees, for a total reported value of $1,476,681. This was an issuance in lieu of cash fees (an acquisition), not an open-market purchase.

Key Details

• Transaction date: 2026-04-30; Price: $23.27 per share; Shares: 63,458.557; Total value: $1,476,681.
• Transaction code: J (other acquisition or disposition) — the Form 4 notes the shares were issued as fee payment.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Filing date: 2026-05-04 — filing appears timely given the transaction date.
• Footnotes:
  • F1: Shares were issued to satisfy management/incentive fees under the investment advisory agreement; KKR Registered Advisor LLC directed that KKR Alternative Assets LLC receive these shares on its behalf.
  • F2: Ownership chain details link KKR Alternative Assets LLC up through KKR & Co. Inc.; founding partners Henry Kravis and George Roberts are noted.
  • F3: The reporting persons disclaim beneficial ownership except to the extent of pecuniary interest.

Context
This was an institutional receipt of shares as fee compensation, a common corporate practice and not a personal purchase or sale by an individual executive. Such fee-issued shares reflect compensation mechanics rather than a direct trading signal from company insiders.