KKR affiliate surrenders 1.93M KREST shares

Rhea-AI Filing Summary

KKR & Co. Inc., as a ten percent owner through affiliated entities, reports that on September 16, 2026, KKR Alternative Assets LLC disposed of 1,933,109 Class I shares of KKR Real Estate Select Trust Inc. by contributing them to that issuer for no consideration under an amended and restated Shareholder Priority Plan and NAV Support Agreement dated September 1, 2026. These shares will be permanently cancelled by KKR Real Estate Select Trust Inc., and the affiliated entities indirectly held 9,866,525.787 Class I shares afterward. The reporting persons state that they disclaim beneficial ownership of the reported securities except to the extent of any pecuniary interest and no Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Other: 1,933,109 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	1,933,109	--	--

Holdings After Transaction: Class I Common Stock, par value $0.001 per share — 9,866,525.787 shares (Indirect, See footnotes)

Footnotes (3)

1. F1. Pursuant to an amended and restated Shareholder Priority Plan and NAV Support Agreement entered into on September 1, 2026, KKR Alternative Assets LLC contributed 1,933,109 Class I shares of common stock, par value $0.001 per share ("Common Stock") to the Issuer for no consideration. This Common Stock will be permanently cancelled by the Issuer.
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 disposed: 1,933,109 shares Shares held after transaction: 9,866,525.787 shares Transaction date: September 16, 2026 +2 more

5 metrics

Shares disposed 1,933,109 shares Class I common stock of KKR Real Estate Select Trust Inc. contributed for cancellation on September 16, 2026

Shares held after transaction 9,866,525.787 shares Indirect holdings of Class I common stock of KKR Real Estate Select Trust Inc. after the reported transaction

Transaction date September 16, 2026 Date of the other acquisition or disposition transaction reported on Form 4

Agreement date September 1, 2026 Date of amended and restated Shareholder Priority Plan and NAV Support Agreement under which the contribution occurred

Par value per share $0.001 per share Par value of the Class I common stock of KKR Real Estate Select Trust Inc.

Key Terms

Shareholder Priority Plan, NAV Support Agreement, pecuniary interest, beneficial ownership

4 terms

Shareholder Priority Plan financial

"Pursuant to an amended and restated Shareholder Priority Plan and NAV Support Agreement"

NAV Support Agreement financial

"amended and restated Shareholder Priority Plan and NAV Support Agreement entered into"

pecuniary interest financial

"disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest"

beneficial ownership financial

"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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

KKR reported that an affiliate, KKR Alternative Assets LLC, contributed 1,933,109 Class I shares of KKR Real Estate Select Trust Inc. to that issuer for no consideration, and those shares will be permanently cancelled.

When did the reported KKR (KKR) transaction take place?

The reported transaction took place on September 16, 2026, pursuant to an amended and restated Shareholder Priority Plan and NAV Support Agreement entered into on September 1, 2026.

How many KKR Real Estate Select Trust Inc. shares do KKR affiliates hold after the transaction?

After the transaction, KKR-affiliated entities indirectly held 9,866,525.787 shares of Class I common stock of KKR Real Estate Select Trust Inc., as stated in the filing.

Did KKR or its affiliates receive any consideration for the 1,933,109 KREST shares?

No. The filing states that KKR Alternative Assets LLC contributed 1,933,109 Class I shares of KKR Real Estate Select Trust Inc. to the issuer for no consideration, and these shares will be permanently cancelled.

Were the KKR (KKR) insider transactions made under a Rule 10b5-1 trading plan?

No. The Form 4 indicates that the Rule 10b5-1 checkbox is not marked, and the footnotes do not describe any Rule 10b5-1 trading plan governing this transaction.

How do the KKR reporting persons describe their beneficial ownership of the KREST shares?

The reporting persons state that they disclaim beneficial ownership of the securities reported, except to the extent of any pecuniary interest, and that the filing should not be deemed an admission of beneficial ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/18/2026 - 04:07 PM Accepted by SEC EDGAR 09/18/2026 - 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)
09/16/2026

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	09/16/2026		J(1)		1,933,109	D	(1)	9,866,525.787	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. Pursuant to an amended and restated Shareholder Priority Plan and NAV Support Agreement entered into on September 1, 2026, KKR Alternative Assets LLC contributed 1,933,109 Class I shares of common stock, par value $0.001 per share ("Common Stock") to the Issuer for no consideration. This Common Stock will be permanently cancelled by the Issuer.

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	09/18/2026
	** 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)