KRAVIS HENRY R 4

What Happened
KKR Alternative Assets LLC (reported as a 10% owner) was issued 105,871.447 shares of KKR Real Estate Select Trust Inc. common stock on 2026-06-30. The shares were reported at $22.88 each for a total value of $2,422,339. The transaction is coded as “J” (other acquisition/disposition) and represents shares issued as payment for management and/or incentive fees under the trust’s investment advisory agreement—not an open-market purchase.

Key Details

• Transaction date: 2026-06-30; Form 4 filed: 2026-07-02 (no late-filing flag indicated).
• Price reported: $22.88 per share; total value: $2,422,339.
• Shares reported acquired: 105,871.447 shares.
• Shares owned after transaction: not specified in this filing.
• Footnotes: (F1) Shares issued as payment for management/incentive fees per the investment advisory agreement; KKR Registered Advisor LLC directed that KKR Alternative Assets LLC receive the shares on its behalf. (F2) Describes the ownership chain within KKR entities. (F3) Reporting persons disclaim beneficial ownership except to the extent of pecuniary interest.

Context
This is an institutional/affiliate receipt of stock as fee compensation, not an insider buying stock on the open market. Such issuances are common for fee payment and do not necessarily signal management’s view of the stock. The filing also clarifies complex entity ownership within the KKR group and includes a disclaimer of beneficial ownership by the reporting persons.