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
Filed fund value · as of 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% Pending
- Total return, 12m
- Pending SEC-filed periodic 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.
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
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% | Pending | filled |
| 2026-01-09 | 6.1% | 100% | Pending | filled |
| 2025-10-17 | 3.1% | 100% | Pending | filled |
| 2025-07-11 | 5.0% | 100% | Pending | filled |
| 2025-04-11 | 4.4% | 100% | Pending | filled |
| 2025-01-10 | 4.3% | 100% | Pending | filled |
| 2024-10-11 | 7.2% | 100% | Pending | filled |
| 2024-07-12 | 8.9% | 100% | Pending | filled |
| 2024-04-12 | 10.4% | 100% | Pending | filled |
| 2024-01-12 | 6.6% | 100% | Pending | filled |
| 2023-10-06 | 6.5% | 100% | Pending | filled |
| 2023-07-07 | 5.5% | 100% | Pending | filled |
| 2023-04-14 | 6.8% | 100% | Pending | filled |
| 2023-01-13 | 8.1% | 100% | Pending | filled |
| 2022-10-20 | 1.3% | 100% | Pending | filled |
| 2022-07-20 | 1.0% | 100% | Pending | filled |
| 2022-04-20 | 0.1% | 100% | Pending | filled |
| 2022-01-19 | 1.7% | 100% | Pending | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
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.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | Pending |
Management fee: 1.25% of avg daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-26-086188.
Filed fee conditions
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.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.25% | Pending | Pending | Pending | 2.50%filed basis*Filed label: Expenses, before waivers (5); period 2025-12-31. before/excluding fee relief (explicit filing row); waiver state: before / excluding disclosed support. SEC source 0001193125-26-086188 |
2.40%filed basis*Filed label: Expenses, after waivers (5); period 2025-12-31. After waiver: not separately stated; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001193125-26-086188 *Filed label: Expenses, after waivers and excluding expenses outside the Expense Limitation Agreement (5); period 2025-12-31. After waiver: not separately stated; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001193125-26-086188 |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| 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 | Pending |
| incentive_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 (the “Management Fee”) and a quarterly Incentive Fee at the annual rate of 12.5% of the Fund’s Portfolio Operating Income, as defined below. | 12.5 pct_of_portfolio_operating_income | Pending |
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 |