KKR Real Estate Select Trust Inc.
MD
Real estateTender-offer fund1099
Compared against all funds (its own peer group has too few funds with data yet).
1Y return
+0.7%
8th pctile · behind most peersas of 2026-08-27
Since inception
+5.0%
annualized, as reported
Distribution rate
5.6%
exceeds net investment incomeNet assets
$1.47B
as of 2026-08-27
Net expenses
2.4%
28th pctile · cheaper than medianup 30 bps since 2026
Repurchase
5% Quarterly tender offers
7 of 293 peers matchLevel 3
70.1%
45th pctile · less model-priced than peersLast offer
Prorated
15 offers on record · prorated 9 times
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)2.40%
Minus interest on borrowings, the cost of portfolio leverage0.14%
Minus incentive fees accrued this period, which vary with returns0.50%
Ongoing cost, determined from the filings1.76%
Class I costs about 1.8% a year: a 1.25% management fee on net assets plus roughly 0.5% of legal, administration, transfer agent, director, audit and other operating costs, after a small adviser reimbursement. Borrowing costs of 0.14% and the 0.50% incentive fee accrued are left out. Class U and S add 0.85% servicing and distribution fees, and Class S up to a 3.5% sales charge.
The class this figure is for carries no front-end load. Other classes charge up to 3%.none
Total drag per year1.76%
This is the cost for class I (institutional, no distribution or servicing fee, no load).
Based on Year ended December 31, 2025 (annual report, Class I ratio already annual, after waivers). Interest 0.14% and incentive 0.50% derived from the same ye.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Quarterly Incentive Fee at the annual rate of 12.5% of the Fund's Portfolio Operating Income (share of net operating income from real estate equity plus net investment income from debt, preferred equity and traded securities, minus expenses excluding the incentive fee and distribution/servicing fees) apply only to returns earned. Net expenses reflect a fee waiver expiring June 30, 2027; the gross ratio is 2.5%. How this is calculated
Against all funds
Total drag
37th pctile · cheaper than most
1Y return
8th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Year ended December 31, 2025 (annual report, Class I ratio already annual, after waivers). Interest 0.14% and incentive 0.50% derived from the same year's dollar amounts divided by average net assets of $1,298,931,680 (management fee $16,236,646 / 1.25%). Interim report to June 30, 2026 shows the same fee structure; the incentive fee waiver running May 20, 2026 to June 30, 2027 does not change the figure because incentive fees are excluded..
Open the filing on sec.gov (0001193125-26-371381)Size and leverage
Net assets$1.47B?
Borrowings$0?
Leveragedebt to equity0.00x?
Started2020-07-02?
What the manager charges
Management feeof net assets1.25%?
Performance feeQuarterly incentive fee at an annual rate of 12.5% of Portfolio Operating Income (Fund's share of net operating income from real estate equity plus net investment income from debt/preferred/securities, minus Fund expenses excluding the incentive fee and distribution and servicing fees); waived from May 20, 2026 through June 30, 2027?
Expense cap0.50%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersQuarterly tender offers?
Share of the fund offered5.00%?
Last offer filled in fullYes?
Where distributions come from
Distribution rate5.59%?
Return of your own capital100.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position9.80%?
Floating rate20.00%?
Priced by the managerno market price available70.10%?
MostlyPrivate real estate equity (68.5% of net assets, industrial and residential) with real estate credit/CMBS (20.0%)?
Who is involved
AdviserKKR Registered Advisor LLC?
AuditorDeloitte & Touche LLP?
ValuedMonthly by the Independent Valuation Advisor, with third-party appraisal of each asset at least once per year?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class I | 0.00% | 0.00% | 2.40% | - |
| Class D | 0.25% | 0.00% | 2.65% | - |
| Class U | 0.85% | 0.00% | 3.25% | - |
| Class S | 0.85% | 3.50% | 3.24% | - |
Also worth knowing
- KKR agreed to waive the incentive fee from May 20, 2026 through June 30, 2027.
- Effective May 20, 2026 the Fund adopted a new distribution framework targeting an approximately 5.5% annualized net distribution rate (Class I), down from a 6.66% rate at December 31, 2025.
- KKR Alternative Assets LLC has committed to hold approximately 7.7 million Class I shares and, if needed, contribute them to support a $27.00 NAV per share on June 1, 2027; contributing all shares today would produce $26.02 per share.
- Tender offers in December 2025 and March 2026 were oversubscribed and prorated (March 2026: 3,250,764 Class I shares tendered, 2,402,727 repurchased); for the 2025 tax year 100% of distributions were return of capital.
- Affiliate property-level and financing fees outside the expense ratio: 2,626,703 USD for the six months ended June 30, 2026 (These KKR-affiliated property management, asset management, platform cost allocations and debt arrangement fees are borne at the joint venture or transaction level and are not captured in the Fund's expense ratio, adding roughly 0.35% a year of economics to the manager.)
- Property-level leverage despite zero fund-level debt: 44% combined net leverage; $2,462,792,880 financing secured by properties at unconsolidated subsidiaries percent / USD (All leverage sits inside the joint ventures, so mortgage interest never appears in the Fund's expense ratio but drives NAV volatility.)
- Management and incentive fees paid in Fund shares: 385,158 shares for Management Fees and 123,443 shares for net Incentive Fees in H1 2026; affiliate held 11,666,587 Class I shares shares (The adviser is paid in stock rather than cash, preserving Fund liquidity but steadily increasing affiliate ownership and dilution of other holders.)
- Expense cap covers only a narrow slice of costs: 0.50% of net assets on Specified Expenses; $94,898 reimbursed in H1 2026 percent / USD (The 0.50% cap excludes the management fee, incentive fee, servicing and distribution fees, property level expenses, interest and taxes, so it limits only a small part of total cost and the waived amounts can be recouped for 36 months.)
- Repurchase requests exceeded the offer size in two consecutive quarters: March 2026 offer: 3,250,764 Class I shares tendered, 2,402,727 repurchased (74% filled); 963,669 Class U tendered, 712,248 repurchased shares (Shows liquidity was rationed at the gate, a signal of redemption pressure; the following July 2026 offer was filled in full.)
- Distribution coverage by AFFO: AFFO $38,016,230 versus total distributions and servicing fees $45,893,389 for H1 2026; 81% of 2025 distributions funded through AFFO USD / percent (Distributions have exceeded adjusted funds from operations, and the payout was reset to a 5.5% target rate designed to be covered by distributable earnings.)
- Shareholder Priority Plan shortfall: $26.02 per share if all 7.7 million support shares were contributed today, versus the $27.00 target USD per share (The NAV support commitment would no longer be sufficient to reach $27.00 at the June 1, 2027 measurement date on current values.)
- Level 3 valuation inputs: Discount rate 4.20%-8.50% (7.12% weighted average); exit capitalization rate 3.90%-7.01% (5.97% weighted average) percent (70% of assets are valued with unobservable inputs, so NAV depends on these cap rate and discount rate assumptions.)
Fees
Management feeunchanged, 2 filings1.25%
Incentive feevaries across filings
Sales loadvaries by share class3%
Interest on borrowingsvaries across filings0.46%
Incentive fees accruedvaries across filings0.44%
Total annual expenses, grossvaries across filings2.68%
Waiver expiresvaries across filingsJune 30, 2027
Liquidity terms
Repurchase frequencyvaries across filingsQuarterly tender offers
Repurchase percentage of shares outstanding5%
Minimum investmentunchanged, 3 filings$10,000
Valuation
Fair value determined byunchanged, 6 filingsAdviser as valuation designee
Independent valuation firmunchanged, 6 filingsEngaged, name in filing
Valuation frequencyunchanged, 2 filingsmonthly
Structure
Legal structurechanged · Apr 2026
Use of derivativeschanged · Jun 2026yes, forward foreign currency contracts
Tax reporting formunchanged, 3 filings1099
Stated benchmarkchanged from NFI - ODCE Index · Dec 2025NFI-ODCE Index
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2026-08-272026-09-01
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$1.47B
Total annual expenses, net of waivervaries across filings2.7%
Total annual expenses, grossvaries across filings2.68%
Distribution ratelowered from 6.66% · Aug 20265.59%
Distributions exceed net investment incomeunchanged, 5 filingsyes
Total return, 1 yearlowered from 0.73% · Aug 20260.66%
Since inception, annualizedlowered from 5.28% · Jun 20264.96%
Level 3 inputs70.1%
Leverage, actualunchanged, 5 filings0%
Offer dateOfferedRequestedAcceptedSource
2026-07-21···SC TO-I/A
2026-04-14··prorated 74%SC TO-I/A
2026-01-13··prorated 81%SC TO-I/A
2025-10-22···SC TO-I/A
2025-07-15···SC TO-I/A
2025-04-16···SC TO-I/A
2025-01-14···SC TO-I/A
2024-10-15··prorated 70%SC TO-I/A
2024-07-17··prorated 56%SC TO-I/A
2024-04-17··prorated 48%SC TO-I/A
2024-01-18··prorated 76%SC TO-I/A
2023-10-11··prorated 77%SC TO-I/A
2023-07-12···SC TO-I/A
2023-04-27··prorated 74%SC TO-I/A
2023-01-18··prorated 62%SC TO-I/A
2026-09-01424B3Prospectus supplement2026-08-27N-CSRSSemiannual shareholder report2026-07-24SC TO-I/AAmended issuer tender offer2026-07-21SC TO-I/AAmended issuer tender offer2026-06-17SC TO-IIssuer tender offer2026-05-20424B3Prospectus supplement2026-04-23486BPOSPost-effective amendment, effective2026-04-14SC TO-I/AAmended issuer tender offer2026-03-13SC TO-IIssuer tender offer2026-03-11N-CENAnnual census of service providers2026-03-03N-CSRAnnual shareholder report2026-01-27N-2Registration statement and prospectus2026-01-13SC TO-I/AAmended issuer tender offer2025-12-10SC TO-IIssuer tender offer2025-11-17SC TO-I/AAmended issuer tender offer2025-10-22SC TO-I/AAmended issuer tender offer2025-09-18SC TO-IIssuer tender offer2025-08-27N-CSRSSemiannual shareholder report2025-07-15SC TO-I/AAmended issuer tender offer2025-06-11SC TO-IIssuer tender offer2025-04-16SC TO-I/AAmended issuer tender offer2025-03-14SC TO-IIssuer tender offer2025-03-05N-CSRAnnual shareholder report2025-01-14SC TO-I/AAmended issuer tender offer2024-12-11SC TO-IIssuer tender offer2024-10-15SC TO-I/AAmended issuer tender offer2024-09-13SC TO-IIssuer tender offer2024-08-07424B3Prospectus supplement2024-07-17SC TO-I/AAmended issuer tender offer2024-06-12SC TO-IIssuer tender offer2024-04-17SC TO-I/AAmended issuer tender offer2024-03-15SC TO-IIssuer tender offer2024-03-05N-CSRAnnual shareholder report2024-01-18SC TO-I/AAmended issuer tender offer2023-12-13SC TO-IIssuer tender offer2023-10-11SC TO-I/AAmended issuer tender offer2023-09-08SC TO-IIssuer tender offer2023-07-12SC TO-I/AAmended issuer tender offer2023-06-07SC TO-IIssuer tender offer2023-04-27SC TO-I/AAmended issuer tender offer2023-04-19SC TO-I/AAmended issuer tender offer2023-03-17SC TO-IIssuer tender offer2023-01-18SC TO-I/AAmended issuer tender offer2022-12-14SC TO-IIssuer tender offer2022-10-24SC TO-I/AAmended issuer tender offer2022-09-21SC TO-IIssuer tender offer2022-07-22SC TO-I/AAmended issuer tender offer2022-06-21SC TO-IIssuer tender offer2022-04-22SC TO-I/AAmended issuer tender offer2022-03-23SC TO-IIssuer tender offer2022-01-21SC TO-I/AAmended issuer tender offer2021-12-17SC TO-IIssuer tender offer2021-05-05N-2/AAmended registration statement
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.