KKR Real Estate Select Trust Inc.
Sponsored by KKR. Tender-Offer Fund structure focused on private real estate.
Tender-Offer FundPrivate Real Estate
- Net assets
- $1.46B
source
Monthly portfolio report (Form N-PORT) · filed 2026-05-27 · period 2026-03-31
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $23.45
source
Shareholder report (Form N-CSR) · filed 2026-03-03 · period 2025-12-31
financial-highlights end-of-period NAV (fallback)
“Net asset value, end of year $ 23.45”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2025-12-31 - Net flows, last qtr
- +2.3% qtr ended 2026-03-31
- Distribution coverage (NII)
- 45% period ended 2025-12-31
- Leverage in use
- 0% unlevered
- Total return, 12m
- Insufficient history computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
NAV per share fell 2.1% from $23.96 to $23.45 (2025-12-31).
NAV per share fell 2.1% from $23.96 to $23.45 (2025-12-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)
Why it matters and what changed
Private-market NAVs move slowly by construction, so a 2%+ single-month markdown is a genuine valuation event, not noise.
23.96 -> 23.45 (down 2.1% vs prior period); trailing 4-period average 24.47; same period prior year 24.86; comparison interval: ~6 months (2025-06-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: https://www.sec.gov/Archives/edgar/data/1803958/000119312526086188/d108508dncsr.htm | financial-highlights end-of-period NAV (fallback)
NAV per share ($23.45) is 4.2% below its trailing four-observation average ($24.47) as of 2025-12-31.
NAV per share ($23.45) is 4.2% below its trailing four-observation average ($24.47) as of 2025-12-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)
Why it matters and what changed
Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average.
23.96 -> 23.45 (down 2.1% vs prior period); trailing 4-period average 24.47; same period prior year 24.86; breach persisted 6 consecutive periods (escalated per the two-stage ladder); comparison interval: ~6 months (2025-06-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: https://www.sec.gov/Archives/edgar/data/1803958/000119312526086188/d108508dncsr.htm | financial-highlights end-of-period NAV (fallback)
Historical findings (10)
NAV per share fell 5.1% from $27.00 to $25.62 (2024-06-30).
NAV per share fell 6.4% from $28.85 to $27.00 (2023-12-31).
NAV per share fell 5.1% from $30.39 to $28.85 (2023-06-30).
NAV per share fell 5.4% from $32.11 to $30.39 (2023-03-07).
NAV per share fell 3.6% from $24.86 to $23.96 (2025-06-30).
NAV per share ($23.96) is 5.5% below its trailing four-observation average ($25.36) as of 2025-06-30.
NAV per share fell 3.0% from $25.62 to $24.86 (2024-12-31).
NAV per share ($24.86) is 6.5% below its trailing four-observation average ($26.58) as of 2024-12-31.
NAV per share ($25.62) is 8.4% below its trailing four-observation average ($27.97) as of 2024-06-30.
NAV per share ($27.00) is 8.7% below its trailing four-observation average ($29.59) as of 2023-12-31.
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
No structured portfolio-health series or position-change events have been captured for this fund.
Where exit demand met the cap.
The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-04-10 | 6.8% | 100% | Not disclosed | filled |
| 2026-01-09 | 6.1% | 100% | Not disclosed | filled |
| 2025-10-17 | 3.1% | 100% | Not disclosed | filled |
| 2025-07-11 | 5.0% | 100% | Not disclosed | filled |
| 2025-04-11 | 4.4% | 100% | Not disclosed | filled |
| 2025-01-10 | 4.3% | 100% | Not disclosed | filled |
| 2024-10-11 | 7.2% | 100% | Not disclosed | filled |
| 2024-07-12 | 8.9% | 100% | Not disclosed | filled |
| 2024-04-12 | 10.4% | 100% | Not disclosed | filled |
| 2024-01-12 | 6.6% | 100% | Not disclosed | filled |
| 2023-10-06 | 6.5% | 100% | Not disclosed | filled |
| 2023-07-07 | 5.5% | 100% | Not disclosed | filled |
| 2023-04-14 | 6.8% | 100% | Not disclosed | filled |
| 2023-01-13 | 8.1% | 100% | Not disclosed | filled |
| 2022-10-20 | 1.3% | 100% | Not disclosed | filled |
| 2022-07-20 | 1.0% | 100% | Not disclosed | filled |
| 2022-04-20 | 0.1% | 100% | Not disclosed | filled |
| 2022-01-19 | 1.7% | 100% | Not disclosed | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
No structured financing components have been captured for this fund.
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.25% of avg daily net assets per year. source. In consideration of the advisory and other services provided by the Adviser to the Fund, the Fund pays the Adviser a monthly Management Fee at the annual rate of 1.25% of the average daily value of the Fund's net assets and a quarterly Incentive Fee at the annual rate of 12.5% of the Fund's Portfolio Operating Income.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (1)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | In consideration of the advisory and other services provided by the Adviser to the Fund, the Fund pays the Adviser a monthly Management Fee at the annual rate of 1.25% of the average daily value of the Fund's net assets and a quarterly Incentive Fee at the annual rate of 12.5% of the Fund's Portfolio Operating Income. | 1.25 pct_annual_of_avg_daily_net_assets | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-17 | SC TO-I | 0001193125-26-274097 |
| 2026-05-27 | NPORT-P | 0000940400-26-021183 |
| 2026-04-14 | SC TO-I/A | 0001193125-26-153292 |
| 2026-03-13 | SC TO-I | 0001193125-26-106312 |
| 2026-03-03 | N-CSR | 0001193125-26-086188 |
| 2026-02-26 | NPORT-P | 0000940400-26-008397 |
| 2026-01-13 | SC TO-I/A | 0001193125-26-011820 |
| 2025-12-10 | SC TO-I | 0001193125-25-314149 |
| 2025-11-26 | NPORT-P | 0000940400-25-011046 |
| 2025-11-17 | SC TO-I/A | 0001193125-25-284709 |
| 2025-10-22 | SC TO-I/A | 0001193125-25-245392 |
| 2025-09-18 | SC TO-I | 0001193125-25-206752 |
| 2025-08-29 | NPORT-P | 0001752724-25-212559 |
| 2025-08-27 | N-CSRS | 0001193125-25-189863 |
| 2025-07-15 | SC TO-I/A | 0001193125-25-159401 |