KRAVIS HENRY R 4

What Happened
KKR Alternative Assets LLC (reported as a 10% owner) acquired 65,490.623 shares of KKR Real Estate Select Trust Inc. on May 29, 2026 at an effective price of $23.26 per share, a total value of $1,523,312. The shares were issued as payment for management and/or incentive fees under the trust’s investment advisory agreement and were directed to KKR Alternative Assets LLC by KKR Registered Advisor LLC. This is an institutional receipt of stock (an issuance as fee payment), not a personal open‑market purchase by an individual executive.

Key Details

• Transaction date: 2026-05-29
• Transaction type/code: Other acquisition/disposition (Code J) — issuance as fee payment
• Shares received: 65,490.623 at $23.26 per share; total value ≈ $1,523,312
• Shares reported as held by: KKR Alternative Assets LLC (entity chain and control structure detailed in filing)
• Footnotes: F1 — shares issued to satisfy management/incentive fees; F2 — describes ownership/control chain up to KKR & Co. Inc. and founding partners; F3 — reporting persons disclaim beneficial ownership except for pecuniary interest
• Filing date: 2026-06-02 (filed within the typical 2 business‑day Form 4 window)

Context
This transaction is an institutional fee issuance to an affiliate of KKR, not an individual insider's buy or sale, so it reflects compensation/administrative allocation rather than a personal investment decision. Such fee‑in‑stock transactions are common and do not necessarily signal management’s view on the company’s short‑term prospects. The filing includes standard disclaimers about beneficial ownership.