Participation of KKR Credit, KKR Capital Markets, and KKR Capstone personnel in the private markets investment process is subject to applicable law and inside information barrier policies and procedures, which may limit the involvement of such personnel in certain circumstances and the Adviser’s ability to leverage such integration with KKR. Discussions with senior advisors and employees of the KKR’s managed portfolio companies are also subject to the inside information barrier policies and procedures, which may restrict or limit discussions and/or collaborations with. See “Conflicts of Interest” in the prospectus for further information on KKR’s information barrier policies and procedures.

There can be no assurance that KREST will achieve its investment objectives or avoid losses. Lower price volatility is no guarantee against future losses. The Fund employs leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if investments decline in value. Diversification does not assure a profit or protect against loss in a declining market. The Fund is classified as “non-diversified” under the 1940 Act and is not intended to be a complete investment program. Please see the Prospectus for further information on the Fund’s terms, provisions and risk factors.

KREST Shareholder Priority Plan: On June 4, 2024, KKR Alternative Assets LLC (“KAA”) contractually committed to the Fund to continue to hold approximately 7.7 million KREST Class I shares owned by KAA through June 1, 2027 (the “Support Shares”), which, as of September 30, 2026, represents approximately $177 million based on the Fund’s NAV per share and, to the extent necessary, contribute such shares to the Fund to support a NAV per share of $27.00 for each class on such date (the “Shareholder Priority Plan”). While the Shareholder Priority Plan is a contractual obligation to support the Fund’s NAV per share, there is no guarantee the contribution of the Support Shares will be sufficient to achieve a $27.00 NAV per share on June 1, 2027. Effective September 1, 2026, KAA and the Fund agreed to implement the Shareholder Priority Plan on an accelerated basis. Under the accelerated plan, KAA contributes, and the Fund cancels, the Support Shares in installments. The first installment, of approximately 1.9 million Support Shares (approximately 25% of the Support Shares), was contributed and cancelled on September 16, 2026. KAA and the Fund currently expect, but are not obligated, to effect comparable installments in each of the next three quarters, and there is no guarantee as to the timing or amount of any future contributions.

There is no assurance KREST will pay distributions in any particular amount, if at all. Any distributions KREST makes will be at the discretion of our board of directors. KREST may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital, or offering proceeds.

The Fund intends, but is not obligated, to conduct quarterly tender offers for up to 5.0% of the aggregate NAV of its outstanding Common Stock at the applicable NAV per share as of the applicable valuation date. Repurchases will be made at such times and on such terms as may be determined by the board of directors of the Fund, in its sole discretion. However, no assurance can be given that repurchases will occur or that any Common Stock properly tendered will be repurchased by the Fund. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity. Investing in the Fund is speculative and involves a high degree of risk, including the risks associated with leverage and the risk of a substantial loss of investment.

(1) There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our board of directors. KREST may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital, or offering proceeds.