Real Estate Select Trust Inc. Fund Class U
KRSOX
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- KKR Real Estate Select Trust Inc. (KREST) operates as a non-listed, U.S. registered closed-end fund structured as a '40 Act REIT, managed by KKR Registered Advisor LLC, an affiliate of KKR & Co. Inc., providing investors with access to KKR's global real estate investing capabilities through an income-focused portfolio. The Fund thematically invests at least 80% of its net assets (plus borrowings for investment purposes) in real estate across three primary strategies: stabilized, income-generating commercial real estate including industrial, residential, and medical office properties; prime single-tenant real estate; and private real estate debt and preferred equity interests, encompassing real estate loans and commercial mortgage-backed securities; up to 20% of net assets may be allocated to securities and cash for liquidity purposes. As of December 31, 2024, the portfolio includes $3.1 billion in gross property value across 81 properties with 98% occupancy, diversified by sector (28% real estate credit, 25% industrial, 23% residential, 18% prime single tenant, 6% medical office) and geography (30% West U.S., 25% East U.S., 23% South U.S., 14% Midwest U.S., 8% non-U.S.), with total net assets of $1.3 billion and combined net leverage of 50%. KREST offers four share classes—Class I (KRSTX, inception July 2020, $1 million minimum), Class U (KRSOX, inception June 2021, $10,000 minimum), Class D (KRSDX, inception March 2022, $10,000 minimum), and Class S (KRSSX, inception September 2022, $10,000 minimum)—with daily subscriptions and NAV calculations, quarterly tender offers for liquidity (generally up to 5% of NAV at board discretion), monthly income distributions (e.g., Class U net distribution rate of 5.40% as of December 2024, 100% return of capital for tax purposes), and an automatic dividend reinvestment plan. The Fund targets accredited investors with no eligibility restrictions, charges a 1.25% management fee on average daily net assets and a 12.50% incentive fee on portfolio operating income, and employs fund-level leverage up to 33 1/3% of assets under the 1940 Act; an expense cap limits specified expenses to 0.50% of net assets through at least April 30, 2026. Headquartered in New York with operations leveraging KKR's global platform, KREST commenced operations in 2020. Recent strategic developments include the June 2024 announcement of the KREST Shareholder Priority Plan, under which KKR Alternative Assets LLC committed to hold approximately 7.7 million Class I shares (valued at $192 million as of December 31, 2024) through June 1, 2027, and contribute them as needed to support a $27 per share NAV for all classes on that date, mitigating near-term volatility while preserving tax-efficient dividends and upside potential; this led to increased inflows (nearly triple in Q4 2024 vs. Q1) and a 60% decline in repurchase requests. In 2024, the Fund exited all office exposure in its real estate credit portfolio amid spread tightening, sold the 80 Dekalb multifamily asset in Brooklyn, NY at a premium to prior valuation in October, and added eight new real estate credit positions including loans backed by trophy hospitality assets like Four Seasons Hualalai and Fontainebleau Miami Beach; additionally, on August 14, 2025, it acquired a 405,000 square foot Class A industrial warehouse in Northwest Atlanta, fully leased to the largest U.S. rural lifestyle retailer. The Fund repurchased 100% of Q1 2025 tender requests (4.3% of NAV), reflecting improved liquidity demand trends.