KKR Real Estate Select Trust

What KKR Real Estate Select Trust does

KKR Real Estate Select Trust (KREST) is a non-listed, closed-end management investment company structured as a '40 Act real estate investment trust (REIT) and managed by KKR & Co. Inc. (NYSE: KKR). The fund was launched on May 19, 2021, with Class I shares (KRSTX) commencing operations on July 2, 2020, and is incorporated in Maryland. KREST provides individual investors access to institutional-quality, income-oriented private real estate equity and credit through a single investment solution. The portfolio is constructed around three complementary strategy pillars: Stabilized Real Estate (58% of portfolio), Real Estate Credit (26%), and Prime Single Tenant triple-net-leased properties (16%), spanning industrial, residential, medical office, and office property types across U.S. markets with select Asia Pacific exposure.

KREST invests at least 80% of net assets in real estate, leveraging KKR's broader real estate platform with approximately 130 dedicated investment professionals and approximately 100 KKR Capstone operating executives. The portfolio comprised 87 properties with total gross property value of $3.3B and GAAP total assets of $1.5B as of May 31, 2026, with 98% portfolio occupancy. Notable tenants include Tractor Supply Co., Amazon, JPMorgan, and a major global e-commerce company (lease through 2033 at 300 Pine in Seattle). The fund offers daily NAV pricing, monthly income distributions, and quarterly tender-offer liquidity, with an automatic dividend reinvestment plan.

KREST generates revenue through management fees (1.25% of average daily net assets), incentive fees (12.50% of Portfolio Operating Income, waived through June 30, 2027), and distribution/servicing fees that vary by share class. Four share classes are offered: Class I (KRSTX, $1M minimum, 6.24% annualized net distribution rate), Class U (KRSOX, $10K minimum, listed on NASDAQ), Class D (KRSDX, $10K minimum), and Class S (KRSSX, $10K minimum). Distribution is exclusively through financial advisors, RIAs, broker-dealers, and wealth platforms via KKR's Global Wealth Solutions team, with KKR Capital Markets LLC serving as Distributor. A distinctive feature is the KREST Shareholder Priority Plan, under which KKR affiliate KAA committed to cancel up to 7.7 million shares to support a $27.00 NAV per share target on June 1, 2027, alongside a $50M new capital investment from KKR. Distribution policy shifted to discretionary in May 2026 at approximately 5.5% of annualized NAV (Class I), departing from mandatory REIT-qualifying distribution mechanics.

Name

KKR Real Estate Select Trust

Legal name

KKR Real Estate Select Trust Inc.

Website

https://krest.reit

Company type

Private

Founded year

2021

Operating status

Operating

Short description

KKR Real Estate Select Trust (KREST) is a non-listed '40 Act REIT offering individual investors access to institutional-quality private real estate equity and credit across three strategy pillars—stabilized real estate, real estate credit, and prime single-tenant properties—distributed through financial advisors and wealth platforms via KKR's Global Wealth Solutions team.

Ownership category

akta.pro rank

Product category

Non-listed Real Estate Investment Trust (Private Real Estate Fund)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259), Miscellaneous Financial Investment Activities (523999)

SIC

Real Estate Investment Trusts (6798), Investors, Nec (6799)

akta.pro primary industry

Real Estate Funds — Core (Stabilized, Income) (FSANAEAF)

akta.pro secondary industry

Structured Credit & Securitized Products Investing (RMBS/CRT/IO-PO) (FSALAFAG)

Keywords

• Private real estate investment
• Non-listed REIT
• Real estate credit
• Wealth management solutions
• Income-oriented investing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Management Fees: 1.25% annual management fee charged on the average daily value of the Fund's net assets, payable monthly in arrears.
2. Incentive Fees: 12.50% of the Fund's Portfolio Operating Income, payable quarterly. Incentive fees are charged only on income component, not capital gains or appreciation. The Adviser has agreed to waive incentive fees through June 30, 2027.
3. Distribution/Servicing Fees: Distribution fees of 0.60% for Class S and Class U shares; Servicing fees of 0.25% for Class D and Class S shares. KKR Capital Markets LLC acts as Distributor.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

KREST is a non-listed, closed-end management investment company registered under the Investment Company Act of 1940 and structured as a REIT, providing individual investors with daily-NAV access to income-oriented private real estate equity and credit. The fund invests at least 80% of net assets across three pillars — Stabilized Real Estate, Real Estate Credit, and Prime Single Tenant triple-net-leased assets — and offers four share classes (Class I KRSTX, Class U KRSOX, Class D KRSDX, Class S KRSSX) with monthly distributions, quarterly tender-offer liquidity, and tax-efficient 1099-DIV reporting.

Product overview

KKR Real Estate Select Trust (KREST) is a non-listed, closed-end management investment company structured as a '40 Act REIT managed by KKR. It offers individual investors access to high-quality, income-oriented private real estate equity and credit in a single, income-focused solution. The fund is organized around three complementary investment pillars: Stabilized Real Estate (58% of portfolio as of May 31, 2026), Real Estate Credit (26%), and Prime Single Tenant trophy triple-net-leased properties (16%). These strategies focus on industrial (27%), residential (27%), and medical office (4%) property types, with geographic diversification across U.S. regions and select non-U.S. exposure (7%). KREST is available in four share classes — Class I (KRSTX, minimum $1M), Class U (KRSOX, minimum $10K, listed on NASDAQ), Class D (KRSDX, minimum $10K), and Class S (KRSSX, minimum $10K) — each with different fee structures. The fund provides daily NAV pricing, monthly income distributions, and quarterly tender-offer liquidity, along with an automatic dividend reinvestment plan. A key differentiator is the KREST Shareholder Priority Plan, where a KKR affiliate has committed to contribute up to 7.7 million shares to support a $27 NAV per share target on June 1, 2027.

Differentiator

Problem solved

Functional benefit

Products and services

• KKR Real Estate Select Trust (KREST) Fund Non-listed, closed-end management investment company registered under the Investment Company Act of 1940 and structured as a REIT, providing individual investors access to high-quality, income-oriented private real estate equity and credit. The fund invests at least 80% of net assets across three pillars (Stabilized Real Estate, Real Estate Credit, Prime Single Tenant) and offers four share classes — Class I (KRSTX), Class U (KRSOX), Class D (KRSDX), Class S (KRSSX) — with daily NAV pricing, monthly income distributions and quarterly tender-offer liquidity.
• KREST Share Classes (Class I, U, D, S) Four distinct share classes of the KREST fund with different minimum investments (Class I $1M; Classes U, D, S $10K), fee structures and distribution channels: Class I (KRSTX) is the institutional no-load share class, Class U (KRSOX) is listed on NASDAQ, Class D (KRSDX) is the fee-based intermediary class (re-issued September 19, 2023), and Class S (KRSSX) is the commission-based retail class. Each share class carries the same $22.88 NAV per share as of June 30, 2026, with annual net distribution rates ranging from 5.39% to 6.24%.
• KREST Investor Portal Online investor portal hosted at secureaccountview.com/BFWeb/clients/kkr/index for KREST shareholders to access account information, statements, tax documents, daily NAV subscriptions and manage their investment.
• KREST Distribution Reinvestment Plan (DRIP) Automatic dividend reinvestment plan for KREST shareholders in which monthly distributions are automatically reinvested in additional KREST shares at NAV unless otherwise elected, providing shareholders with compound growth on their investment.
• KREST Quarterly Tender Offer Liquidity Quarterly tender offer mechanism under which KREST intends to repurchase up to 5.0% of the aggregate NAV of its outstanding common stock at the applicable NAV per share, providing periodic liquidity to shareholders in the absence of a public market listing.

Quantifiable outcome

• 5.24% ITD annualized net return for Class I shares since inception July 2020
• +3 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• KKR Real Estate Finance Trust (KREF): KKR's publicly-listed mortgage REIT (NYSE: KREF) focused on real estate credit, sharing leadership and the same KKR Real Estate platform as KREST — comparable in its credit pillar but with externally managed, listed-share structure.
• Apollo Diversified Real Estate Fund: Apollo's non-traded diversified real estate fund offering individual investors access to a multi-strategy real estate portfolio — directly competitive with KREST's three-pillar structure in the wealth channel.
• Blackstone Real Estate Income Trust (BREIT): Blackstone's non-traded, perpetual-life REIT offering individual investors private real estate exposure with daily NAV and periodic liquidity — the most direct competitor to KREST in the wealth-channel non-traded REIT category.
• BlueRock Private Real Estate: Non-traded private real estate fund sponsored by BlueRock Group targeting individual investors — competes with KREST for wealth-advisor shelf space in private real estate allocations.
• Starwood Real Estate Income Trust (SREIT): Starwood Capital's non-traded REIT offering diversified private real estate exposure to individual investors with multiple share classes and periodic tender offers — closely mirrors KREST's structure and target HNW segment.
• Brookfield Real Estate Income Trust (Brookfield REIT): Brookfield's non-traded REIT targeting individual investors with diversified private real estate exposure, share-class structure, and tender-offer liquidity — directly comparable offering to KREST in the wealth channel.
• BlackRock Private Real Estate: BlackRock's private real estate vehicles aimed at individual and institutional investors — competitor to KREST for wealth-channel private real estate allocations.

Broad incumbents

• Cohen & Steers: Public alternative asset manager specializing in real assets including listed REITs and private real estate strategies — comparable as a real estate investment specialist but with broader liquid/illiquid offerings versus KREST.
• Nuveen Real Estate: TIAA/Nuveen's global real estate investment platform with $150B+ AUM offering both private and public real estate products — comparable large-platform alternative that competes for advisor wallet share.
• Ares Real Estate Group: Ares Management's broader real estate investment platform spanning equity and credit strategies — comparable scale and multi-strategy approach to KKR's $84B real estate franchise that powers KREST.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KKR Real Estate Select Trust