# EDGAR Filing Document

**Accession Number:** 0001803958
**File Stem:** 0001193125-26-153292
**Filing Date:** 2026-4
**Character Count:** 17592
**Document Hash:** a712dbd140fc77d8f3ac338789fa8471
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-153292.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001193125-26-153292

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260414

**DATE AS OF CHANGE**: 20260413

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR Real Estate Select Trust Inc.
- **CENTRAL INDEX KEY:** 0001803958

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92816
- **FILM NUMBER:** 26858821

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2127508300

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KKR KREST Fund Inc.
- **DATE OF NAME CHANGE:** 20200219
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR Real Estate Select Trust Inc.
- **CENTRAL INDEX KEY:** 0001803958

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2127508300

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KKR KREST Fund Inc.
- **DATE OF NAME CHANGE:** 20200219

**As filed with the Securities and Exchange Commission on April 14, 2026** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE TO** 

**(Rule 13e-4)** 

**TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1) OR 13(e)(1)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**(Final Amendment)** 

**KKR Real Estate Select Trust Inc.** 

**(Name of Issuer)** 

**KKR Real Estate Select Trust Inc.** 

**(Name of Person(s) Filing Statement)** 

**Class I, Class D, Class S and Class U Shares of Common Stock** 

**(Title of Class of Securities)** 

**49836N502, 49836N304, 49836N106 and 49836N403** 

**(CUSIP Number of class of securities)** 

**Lori Hoffman** 

**c/o KKR Registered Advisor LLC** 

**30 Hudson Yards** 

**New York, New York 10001** 

**(212) 750-8300** 

**(Name, Address and Telephone No. of Person Authorized to** 

**Receive Notices and Communications on Behalf of the Person(s) Filing Statement)** 

***With a copy to:***

**Rajib Chanda, Esq.** 

**Nathan D. Somogie, Esq.** 

**Benjamin C. Wells, Esq.** 

**Simpson Thacher & Bartlett LLP** 

**900 G Street, N.W.** 

**Washington, DC 20001** 

**March 13, 2026** 

**(Date Tender Offer First Published, Sent or Given to Security Holders)** 

**CALCULATION OF FILING FEE** 

☒ Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.

Amount Previously Paid: $9,971.53 Filing Party: KKR Real Estate Select Trust Inc.

Form or Registration No.: Schedule TO Date Filed: March 13, 2026

☐ Check the box if the filing relates solely to preliminary communications made before commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐ third-party tender offer subject to Rule 14d-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ issuer tender offer subject to Rule 13e-4.

☐ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☒

------

This Final Amendment relates to the Issuer Tender Offer Statement on Schedule TO (the "Statement") originally filed on March 13, 2026 by KKR Real Estate Select Trust Inc., a Maryland corporation ("KREST" or the "Fund") in connection with an offer by the Fund (the "Offer") to purchase up to 3,114,975 of its outstanding shares of common stock (including Class I shares of common stock, Class D shares of common stock, Class S shares of common stock and Class U shares of common stock (the "Shares")), at a price equal to the net asset value per Share as of April 10, 2026 (the "Valuation Date"), upon the terms and subject to the conditions set forth in the Offer to Purchase dated March 13, 2026 (the "Offer to Purchase") and the related Letter of Transmittal.

This is the Final Amendment to the Statement and is being filed to report the results of the Offer. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Offer to Purchase.

The following information is furnished pursuant to Rule 13e-4(c)(4):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Offer expired at 4:00 p.m., Eastern Time, on April 10, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 4,214,434 Shares of the Fund were validly tendered and not withdrawn prior to the expiration of the Offer,
and 3,114,975 Shares were accepted for repurchase by the Fund, in accordance with the terms of the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Shares were repurchased at a price of $23.16 per Share, which was the net asset value per Share as of the
Valuation Date.

As described in its prospectus and in the Offer to Purchase, the Fund allows for quarterly tender offers to repurchase up to 5% of the NAV of the Fund's outstanding Shares at the sole discretion of KREST's Board of Directors. In the event a tender offer is oversubscribed, the Fund reserves the right to repurchase additional Shares representing up to 2.0% of the aggregate NAV of the Fund's outstanding Shares without amending or extending the tender offer. The Fund did not exercise this right in connection with the Offer.

For its Q2 2026 tender offer period ending April 10, 2026, KREST received repurchase requests exceeding 5% of its aggregate NAV. KREST repurchased Shares equating to 5% of NAV for the quarter, or $72,142,811. Accordingly, redemption requests were fulfilled at a prorated amount equal to 74% of each shareholder's Q2 2026 tender request.

Unfulfilled tender requests will not be carried over to the next quarter automatically. Investors will need to resubmit any unsatisfied portion of their Q2 2026 tender request for repurchase in the future.

Except as specifically provided herein, the information contained in the Statement, as amended, and the Letter of Transmittal remains unchanged and this Final Amendment does not modify any of the information previously reported on the Statement, as amended, or the Letter of Transmittal.

------

**SIGNATURE** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | | |
|:---|:---|:---|
|  KKR REAL ESTATE SELECT TRUST INC. | KKR REAL ESTATE SELECT TRUST INC. | KKR REAL ESTATE SELECT TRUST INC. |
|  By: | /s/ Lori Hoffman | /s/ Lori Hoffman |
|  | Name: | Lori Hoffman |
|  | Title: | Chief Legal Officer and Secretary |

---

Dated: April 14, 2026

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **<u>Exhibit</u>** |  |
| (a)(1)(i) | [Cover Letter to Offer to Purchase and Letter of Transmittal\*](http://www.sec.gov/Archives/edgar/data/1803958/000119312526106312/d105714dex99a1i.htm) |
| (a)(1)(ii) | [Offer to Purchase\*](http://www.sec.gov/Archives/edgar/data/1803958/000119312526106312/d105714dex99a1ii.htm) |
| (a)(1)(iii) | [Forms of Letter of Transmittal\*](http://www.sec.gov/Archives/edgar/data/1803958/000119312526106312/d105714dex99a1iii.htm) |
| (a)(1)(iv) | [Forms of Notice of Withdrawal of Tender\*](http://www.sec.gov/Archives/edgar/data/1803958/000119312526106312/d105714dex99a1iv.htm) |
| (b) | [Filing Fee Table\*](http://www.sec.gov/Archives/edgar/data/1803958/000119312526106312/d105714dexfilingfees.htm) |
| (c) | [KREST Q2 2026 Tender Offer Communication](d277745dex99c.htm) |

---

 <br> \* Previously filed with Schedule TO-I on March 13, 2026.

## Ex-99.(C)

**Exhibit (c)**![LOGO](g277745g0414022557387.jpg)

April 14, 2026

Dear Shareholders,

As we navigate a dynamic market environment, we remain focused on executing KKR Real Estate Select Trust Inc.'s ("KREST" or the "Fund") strategy and supporting our shareholders by providing consistent access to liquidity.

In this quarter's tender offer, demand exceeded 5% of the Fund's historical net asset value ("NAV") and repurchases were therefore prorated. Importantly, liquidity demand was driven primarily by a relatively small number of shareholders, rather than by broad-based redemption activity across the KREST shareholder base. KREST continues to experience positive net flows, reflecting ongoing conviction in the strategy among both existing and new shareholders.

KREST's redemption framework<sup>(1)</sup> is designed to provide consistent access to liquidity while maintaining long-term portfolio stability. The Fund pursues a flexible strategy across real estate equity and credit, with a focus on diversified portfolio construction and disciplined liquidity management, and aims to deliver consistent, tax-efficient income and long-term growth.

We have executed this strategy through a portfolio focused on acquiring and lending against high-quality properties in sectors with durable demand drivers and in markets with higher barriers-to-entry, helping to limit potential disruption from new supply. Our portfolio construction aims to capitalize on investment themes such as supply constraints, flight-to-quality, eCommerce and logistics supply chains, and favorable demographic trends, including the growth of the U.S. population aged 85 and older, alongside the ongoing structural undersupply of high-quality housing. These dynamics are underscored by current property values following a -22% peak-to-trough decline from 2022-2024.<sup>(2)</sup> Within the KREST portfolio, occupancy remains high, currently at 98%, and our portfolio generated year-over-year net operating income ("NOI") growth of more than 3% in 2025.<sup>(3)</sup>

In an environment where real estate fundamentals remain favorable yet markets must contend with shocks such as new tariff regimes and, more recently, escalating conflicts globally and in the Middle East, we believe maintaining a defensive and nimble posture is prudent. Recent capital deployment has focused on newer-vintage industrial and senior living properties acquired below replacement cost, while real estate credit continues to benefit from structural seniority and attractive yields. KREST's diversified portfolio is supported by a strong balance sheet, with no near-term maturities, net positive flows since Q4 2024<sup>(4)</sup>, and robust liquidity across cash, liquid assets, and a fully undrawn credit facility. This positions us to protect capital, pursue new pipeline opportunities, and consistently provide up to 5% of NAV in quarterly liquidity to shareholders. The KREST Shareholder Priority Plan<sup>(5)</sup> remains in place to support a higher NAV per share, up to $27.00 per share, on June 1, 2027 through the commitment to contribute up to 7.7 million KREST shares owned by KKR Alternative Assets LLC ("KAA").

In its Q2 2026 tender offer, which ended on April 10, 2026, KREST repurchased shares equal to $72.1 million, representing 5% of the Fund's NAV as of February 27, 2026. Redeeming shareholders received 74% of their requested repurchase amount on a pro rata basis. We remain grateful for your partnership and are here to support you and your clients. Should you have any questions or if you would like to request additional materials, please reach out to your KKR Relationship Manager or contact us at PrivateWealthIR@kkr.com.

Sincerely,

Julia Butler, CEO of KKR Real Estate Select Trust Inc.

------

![LOGO](g277745g0414022557387.jpg)

**<u>Notes:</u>** 

All figures are approximate and as of February 28, 2026, unless otherwise indicated. All other statements and information are based on KKR's views as of April 14, 2026 and are subject to change. The terms "we," "us" and "our" refer to KREST with reference to portfolio and performance data. In all other instances, including with respect to current and forward-looking views and opinions of the market and KREST's portfolio and performance positioning, as well as the experience of KREST's management team, these terms refer to KREST's adviser, KKR Registered Advisor LLC, which is part of the real estate group of Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR"), a leading global investment firm.

Certain information contained in this material constitutes "forward-looking statements" within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as "outlook," "indicator," "believes," "expects," "potential," "continues," "identified," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates", "confident," "conviction" or the negative versions of these words or other comparable words thereof. These may include KREST's financial estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements with respect to acquisitions, statements regarding future performance, and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. KREST believes these factors also include but are not limited to those described under the section entitled "Risk Factors" in its prospectus and most recent annual report, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at <u>www.sec.gov</u>. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the annual report (or KREST's prospectus and other filings). Except as otherwise required by federal securities laws, KREST undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

1. The Fund intends, but is not obligated, to conduct quarterly tender offers for up to 5.0% of the aggregate NAV of its
outstanding Common Stock at the applicable NAV per share as of the applicable valuation date. Repurchases will be made at such times and on such terms as may be determined by the board of directors of the Fund, in its sole discretion. However, no
assurance can be given that repurchases will occur or that any Common Stock properly tendered will be repurchased by the Fund. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity. Investing in
the Fund is speculative and involves a high degree of risk, including the risks associated with leverage and the risk of a substantial loss of investment.

2. Source: Green Street Advisors Commercial Property Price Index as of March 2026.

3. Reflects "same-store" net operating income ("NOI") growth of real estate equity properties in
the KREST portfolio, excluding single family rental homes, that were held as of both December 2024 and December 2025.

4. Reflects total inflows, including new fundraising, distribution reinvestment plan ("DRIP") and fees paid
in shares, less redemptions filled via tender offer.

5. **KREST Shareholder Priority Plan:** On June 4, 2024, KKR Alternative Assets LLC ("KAA")
contractually committed to the Fund to continue to hold approximately 7.7 million of KREST Class I shares currently owned by KAA, representing approximately $179 million based on the Fund's NAV per share as of February 28,
2026 (the "Support Shares") through June 1, 2027 and, to the extent necessary, contribute such shares to the Fund to support a NAV per share of $27.00 for each class on such date (the "Shareholder Priority Plan"). If the
contribution of the Support Shares is not sufficient to reach a NAV per share of $27.00, KAA will contribute all such Support Shares to support KREST's NAV per share on such date. While the Shareholder Priority Plan is a contractual obligation
to support the Fund's NAV per share, there is no guarantee the contribution of the Support Shares will be sufficient to achieve a $27.00 NAV per share on June 1, 2027. For the avoidance of doubt, KAA is not obligated to contribute shares prior
to June 1, 2027, and KAA is not obligated to contribute any of the Support Shares if the NAV per share for each class equals or exceeds $27.00 per share on June 1, 2027. If KAA were to effect the Shareholder Priority Plan as of February 28,
2026, it would contribute 7.7 million shares (out of the total 7.7 million shares agreed to be contributed) to KREST, which would result in a NAV per share of $26.48 for each class. KAA's allocation of $50 million in new capital
investment in KREST on June 4, 2024 along with any subsequent investments are not subject to subordination and/or cancellation.