KKR Alternative Assets LLC filed a statement of changes in beneficial ownership with the SEC on November 3, 2026, disclosing the acquisition of 66,167.612 shares of KKR Real Estate Select Trust Inc. Class I Common Stock on October 30, 2026, at a price of $22.23 per share.

Key Highlights

  • Transaction date: October 30, 2026, with 66,167.612 shares of Class I Common Stock (par value $0.001 per share) acquired by KKR Alternative Assets LLC.
  • Price per share: $22.23, with the transaction coded "J" indicating it was not an open-market purchase.
  • Post-transaction ownership: KKR Alternative Assets LLC beneficially owned 9,996,346.931 shares of Class I Common Stock following the reported transaction, held indirectly.
  • Source of shares: The shares 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.
  • Reporting persons: Ten entities and individuals are listed as reporting persons, including KKR & Co. Inc., KKR Management LLP, Henry R. Kravis, and George R. Roberts, all at 30 Hudson Yards, New York.
  • Beneficial ownership disclaimed: Each reporting person disclaimed beneficial ownership except to the extent of their own pecuniary interest, according to the filing.

Fee-Based Share Issuance to KKR Alternative Assets LLC by KKR Real Estate Select Trust

According to the filing, the 66,167.612 shares of Class I Common Stock were not acquired through an open-market purchase. Instead, the filing states they "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." KKR Registered Advisor LLC directed that its affiliate, KKR Alternative Assets LLC, receive the shares on its behalf. The transaction code reported is "J," which the SEC uses to designate transactions not otherwise specified by standard codes.

KKR Real Estate Select Trust Inc. is a non-traded real estate investment trust externally managed by an affiliate of KKR & Co. Inc., a global investment firm headquartered at 30 Hudson Yards, New York. The filing identifies the ticker symbol for KKR Real Estate Select Trust Inc. as NONE, indicating the issuer's shares are not listed on a national securities exchange. Following the October 30, 2026 transaction, the total indirect beneficial ownership reported for KKR Alternative Assets LLC stood at 9,996,346.931 shares, held indirectly through a chain of affiliated entities.

The filing lists ten reporting persons connected through a layered ownership structure. The Common Stock is held by KKR Alternative Assets LLC, whose sole member is KKR Group Assets Holdings II L.P. That entity's general partner is KKR Group Assets II GP LLC, whose sole member is KKR Group Partnership L.P. KKR Group Holdings Corp. serves as the general partner of KKR Group Partnership L.P., with KKR Group Co. Inc. as its sole shareholder. KKR & Co. Inc. is the sole shareholder of KKR Group Co. Inc., and KKR Management LLP is the Series I preferred stockholder of KKR & Co. Inc. Henry R. Kravis and George R. Roberts are identified as the founding partners of KKR Management LLP.

What Was Disclosed

The filing reported the acquisition of 66,167.612 shares of KKR Real Estate Select Trust Inc. Class I Common Stock by KKR Alternative Assets LLC on October 30, 2026, at $22.23 per share, as fee-based compensation under an investment advisory agreement, bringing indirect beneficial ownership to 9,996,346.931 shares.