KKR entities get 105,871 fee shares in KREST
KKR Real Estate Select Trust Inc. issued 105,871.447 shares of Class I common stock at $22.88 per share as payment for management and/or incentive fees under its investment advisory agreement with KKR Registered Advisor LLC.
Accepted by SEC EDGAR
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Sentiment and the balance of points
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Form Type
4
Rhea-AI Filing Summary
KKR Real Estate Select Trust Inc. issued 105,871.447 shares of Class I common stock at $22.88 per share as payment for management and/or incentive fees under its investment advisory agreement with KKR Registered Advisor LLC. KKR Registered Advisor directed these fee shares to its affiliate, KKR Alternative Assets LLC.
After this non-market, other-type transaction, indirect holdings reported for the KKR-affiliated entities increased to 11,666,586.95 shares. The complex ownership chain runs through several KKR entities, and all reporting persons expressly disclaim beneficial ownership beyond any pecuniary interest.
Insider Trade Summary
Other: 105,871.447 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 | 105,871.447 | $22.88 | $2.42M |
Holdings After Transaction:
Class I Common Stock, par value $0.001 per share — 11,666,586.95 shares (Indirect, See footnotes)
Holdings Before and After:
Class I Common Stock, par value $0.001 per share, 11,560,715.503 to 11,666,586.95 shares (Indirect, See footnotes)
Footnotes (3)
- 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.
- 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.
- 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
Fee shares issued: 105,871.447 shares
Implied share value: $22.88 per share
Indirect holdings after transaction: 11,666,586.95 shares
3 metrics
Fee shares issued
105,871.447 shares
Class I Common Stock issued as management/incentive fees
Implied share value
$22.88 per share
Value used for fee-share issuance
Indirect holdings after transaction
11,666,586.95 shares
Total Class I common shares reported post-transaction
Key Terms
investment advisory agreement, management and/or incentive fees, beneficial ownership, pecuniary interest, +1 more
5 terms
investment advisory agreement financial
"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"
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
"These shares of common stock ... were issued as payment for management and/or incentive fees pursuant to the investment advisory agreement"
beneficial ownership regulatory
"Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein"
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
"disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein"
Section 16 regulatory
"shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise"
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did the Form 4 for KKR Real Estate Select Trust Inc. report?
The Form 4 reports that KKR Real Estate Select Trust Inc. issued 105,871.447 Class I common shares as payment for management or incentive fees, directed to KKR Alternative Assets LLC under an existing investment advisory agreement with KKR Registered Advisor LLC.
Was this KREST Form 4 a market buy or sell by KKR insiders?
No, the filing shows an “other” transaction, not a market buy or sell. Shares were issued as fee compensation under an advisory agreement, so no open-market trading price decision by insiders is involved in this Form 4 event.
How are KKR’s ownership interests in KREST structured in this filing?
The shares are held by KKR Alternative Assets LLC, with ownership cascading 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, plus founding partners Henry Kravis and George Roberts.
AI-generated analysis. How Rhea-AI works. Not financial advice.
