KKR affiliate acquires 65,833.763 KREST shares

KKR & Co. Inc., through affiliated entities, reported an indirect acquisition of 65,833.763 shares of Class I Common Stock of KKR Real Estate Select Trust Inc. on August 31, 2026, in an “other” transaction.

Rhea-AI Filing Summary

KKR & Co. Inc., through affiliated entities, reported an indirect acquisition of 65,833.763 shares of Class I Common Stock of KKR Real Estate Select Trust Inc. on August 31, 2026, in an “other” transaction. The shares were issued as payment of management and/or incentive fees under an investment advisory agreement and were directed to KKR Alternative Assets LLC, an affiliate of the adviser.

After this stock-for-fees issuance, KKR Alternative Assets LLC indirectly holds 11,799,634.787 shares, and the reporting parties disclaim beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

Other: 65,833.763 shares

Other 1 txn

Insider KKR Alternative Assets LLC, KKR Group Assets Holdings II L.P., KKR Group Assets II GP LLC, KKR Group Partnership L.P., KKR Group Holdings Corp., KKR Group Co. Inc., KKR & Co. Inc., KKR Management LLP, KRAVIS HENRY R, ROBERTS GEORGE R

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Other	Class I Common Stock, par value $0.001 per share F1, F2, F3	65,833.763	$22.59	$1.49M

Holdings After Transaction: Class I Common Stock, par value $0.001 per share — 11,799,634.787 shares (Indirect, See footnotes)

Footnotes (3)

1. F1. These shares of common stock of KKR Real Estate Select Trust Inc. ("Common Stock") were issued as payment for management and/or incentive fees pursuant to the investment advisory agreement between KKR Real Estate Select Trust Inc. and KKR Registered Advisor LLC. Pursuant to such investment advisory agreement, KKR Registered Advisor LLC directed that KKR Alternative Assets LLC, its affiliate, receive these shares on its behalf.
2. F2. The Common Stock is held by KKR Alternative Assets LLC. KKR Group Assets Holdings II L.P. is the sole member of KKR Alternative Assets LLC. KKR Group Assets II GP LLC is the general partner of KKR Group Assets Holdings II L.P. KKR Group Partnership L.P. is the sole member of KKR Group Assets II GP LLC. KKR Group Holdings Corp. is the general partner of KKR Group Partnership L.P. KKR Group Co. Inc. is the sole shareholder of KKR Group Holdings Corp. KKR & Co. Inc. is the sole shareholder of KKR Group Co. Inc. KKR Management LLP is the Series I preferred stockholder of KKR & Co. Inc. Messrs. Henry R. Kravis and George R. Roberts are the founding partners of KKR Management LLP.
3. F3. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

Key Figures

Shares acquired: 65,833.763 shares Per-share value: $22.59 per share Shares held after transaction: 11,799,634.787 shares

3 metrics

Shares acquired 65,833.763 shares Class I Common Stock of KKR Real Estate Select Trust Inc. acquired August 31, 2026

Per-share value $22.59 per share Value reported for the 65,833.763 shares issued as fee payment

Shares held after transaction 11,799,634.787 shares Indirect holdings of KKR Alternative Assets LLC after the August 31, 2026 transaction

Key Terms

investment advisory agreement, management and/or incentive fees, beneficial ownership, pecuniary interest

4 terms

investment advisory agreement financial

"pursuant to the investment advisory agreement between KKR Real Estate Select Trust Inc. and KKR Registered Advisor LLC"

A written contract between an investor and a professional who manages or gives ongoing advice about the investor’s money, spelling out the services provided, fees charged, how decisions are made, who holds the assets, and how either side can end the relationship. It matters to investors because it sets expectations, protects rights, clarifies costs that affect returns, and reveals any potential conflicts of interest—like a roadmap and fee schedule for a paid service.

management and/or incentive fees financial

"were issued as payment for management and/or incentive fees pursuant to the investment advisory agreement"

beneficial ownership financial

"disclaims beneficial ownership of the securities reported herein, except to the extent"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of such Reporting Person's pecuniary interest therein"

FAQ

What insider transaction did KKR (KKR) report in this Form 4?

The filing reports an indirect acquisition of 65,833.763 shares of Class I Common Stock of KKR Real Estate Select Trust Inc. on August 31, 2026, coded as an “other” acquisition transaction rather than an open-market purchase or sale.

At what value were the KKR Real Estate Select Trust shares recorded in the KKR filing?

The acquired shares were reported at a value of $22.59 per share. This figure applies to the 65,833.763 shares issued as payment for management and/or incentive fees under the investment advisory agreement.

How many KKR Real Estate Select Trust shares do KKR affiliates hold after this transaction?

Following the transaction, KKR Alternative Assets LLC is reported to indirectly hold 11,799,634.787 shares of Class I Common Stock of KKR Real Estate Select Trust Inc., reflecting the added shares received as fee compensation.

Why did KKR affiliates receive shares of KKR Real Estate Select Trust instead of cash?

The shares were issued as payment for management and/or incentive fees under the investment advisory agreement between KKR Real Estate Select Trust Inc. and KKR Registered Advisor LLC, which directed that its affiliate KKR Alternative Assets LLC receive the shares.

Do the KKR reporting persons claim full beneficial ownership of these KKR Real Estate Select Trust shares?

No. The reporting persons disclaim beneficial ownership of the securities reported, except to the extent of their pecuniary interest. The filing states it should not be deemed an admission that they are the beneficial owners for Section 16 or other purposes.

Were these KKR-related transactions made under a Rule 10b5-1 trading plan?

No. The filing’s Rule 10b5-1 indicator is unchecked, and there is no footnote stating that the August 31, 2026 acquisition was made pursuant to a Rule 10b5-1 or other pre-arranged trading plan.

Who holds the KKR Real Estate Select Trust shares within the KKR structure?

The Common Stock is held by KKR Alternative Assets LLC. The filing describes an ownership chain through KKR Group Assets Holdings II L.P., KKR Group Assets II GP LLC, KKR Group Partnership L.P., KKR Group Holdings Corp., KKR Group Co. Inc., KKR & Co. Inc., and KKR Management LLP, with Henry R. Kravis and George R. Roberts as founding partners of KKR Management LLP.

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Available on EDGAR 09/02/2026 - 04:11 PM Accepted by SEC EDGAR 09/02/2026 - 04:05 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KKR Alternative Assets LLC

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
KKR Real Estate Select Trust Inc. [ NONE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class I Common Stock, par value $0.001 per share	08/31/2026		J(1)		65,833.763	A	$22.59	11,799,634.787	I	See footnotes(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

KKR Alternative Assets LLC

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

KKR Group Assets Holdings II L.P.

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

KKR Group Assets II GP LLC

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

KKR Group Partnership L.P.

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

KKR Group Holdings Corp.

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

KKR Group Co. Inc.

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

KKR & Co. Inc.

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

KKR Management LLP

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

KRAVIS HENRY R

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ROBERTS GEORGE R

(Last) (First) (Middle)

C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.

2800 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. These shares of common stock of KKR Real Estate Select Trust Inc. ("Common Stock") were issued as payment for management and/or incentive fees pursuant to the investment advisory agreement between KKR Real Estate Select Trust Inc. and KKR Registered Advisor LLC. Pursuant to such investment advisory agreement, KKR Registered Advisor LLC directed that KKR Alternative Assets LLC, its affiliate, receive these shares on its behalf.

2. The Common Stock is held by KKR Alternative Assets LLC. KKR Group Assets Holdings II L.P. is the sole member of KKR Alternative Assets LLC. KKR Group Assets II GP LLC is the general partner of KKR Group Assets Holdings II L.P. KKR Group Partnership L.P. is the sole member of KKR Group Assets II GP LLC. KKR Group Holdings Corp. is the general partner of KKR Group Partnership L.P. KKR Group Co. Inc. is the sole shareholder of KKR Group Holdings Corp. KKR & Co. Inc. is the sole shareholder of KKR Group Co. Inc. KKR Management LLP is the Series I preferred stockholder of KKR & Co. Inc. Messrs. Henry R. Kravis and George R. Roberts are the founding partners of KKR Management LLP.

3. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

	See Exhibit 99.1	09/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)