# EDGAR Filing Document

**Accession Number:** 0001803958
**File Stem:** 0001193125-25-159401
**Filing Date:** 2025-7
**Character Count:** 19115
**Document Hash:** e3a8595df1d0c7fbe2158dd514aa53b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-159401.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001193125-25-159401

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

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**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:** 251125350

**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 July 15, 2025** 

**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** 

**Benjamin C. Wells** 

**Simpson Thacher & Bartlett LLP** 

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

**Washington, DC 20001** 

**June 11, 2025** 

**(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: $9,618.50 | Filing Party: KKR Real Estate Select Trust Inc. |
| Form or Registration No.: Schedule TO | Date Filed: June 11, 2025 |

---

☐ 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 June 11, 2025 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 2,619,888 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 July 11, 2025 (the "Valuation Date"), upon the terms and subject to the conditions set forth in the Offer to Purchase dated June 11, 2025 (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):

1. The Offer expired at 4:00 p.m., Eastern Time, on July 11, 2025.

2. 2,626,012 Shares of the Fund were validly tendered and not withdrawn prior to the expiration of the Offer, and 2,626,012 Shares were accepted for repurchase by the Fund, in accordance with the terms of the Offer.

3. The Shares were repurchased at a price of $23.90 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 elected to exercise this right in connection with the Offer and repurchased additional Shares representing 0.01% of the aggregate NAV of the Fund's Outstanding Shares. As a result, the Fund repurchased Shares equating to 5.01% of NAV for the quarter, or $62,761,696.

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: July 15, 2025

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** |  |
| (a)(1)(i) | [Cover Letter to Offer to Purchase and Letter of Transmittal\*](http://www.sec.gov/Archives/edgar/data/1803958/000119312525138920/d66924dex99a1i.htm) |
| (a)(1)(ii) | [Offer to Purchase\*](http://www.sec.gov/Archives/edgar/data/1803958/000119312525138920/d66924dex99a1ii.htm) |
| (a)(1)(iii) | [Forms of Letter of Transmittal\*](http://www.sec.gov/Archives/edgar/data/1803958/000119312525138920/d66924dex99a1iii.htm) |
| (a)(1)(iv) | [Forms of Notice of Withdrawal of Tender\*](http://www.sec.gov/Archives/edgar/data/1803958/000119312525138920/d66924dex99a1iv.htm) |
| (b) | [Filing Fee Table\*](http://www.sec.gov/Archives/edgar/data/1803958/000119312525138920/d66924dexfilingfees.htm) |
| (c) | [KREST Q3 2025 Tender Offer Communication](d111118dex99c.htm) |

---

\* Previously filed with Schedule TO-I on June 11, 2025.

## Ex-99.(C)

![LOGO](g111118g50j76.jpg)

July 15, 2025

Thank you for your continued partnership and support of KKR Real Estate Select Trust Inc. ("KREST" or the "Fund"). We are pleased to share that in the Q3 2025 tender offer, 100% of requested repurchases were fulfilled, reflecting our ongoing commitment to shareholder liquidity and transparency. KREST received and repurchased tender requests equal to $63 million or 5.0% of net asset value ("NAV") in the Q3 2025 tender offer period.

KREST aims to provide access to high-quality, income oriented private real estate equity and credit, supporting consistent and tax-efficient dividend income for shareholders through evolving macroeconomic conditions. We believe our focus on higher-credit tenants, sectors and markets with structural undersupply, and long-term secular demand trends—such as healthcare, housing, and domestic industrial growth—will provide a foundation for relative resilience as well as growth potential. While short-term performance has been impacted by third-party valuation adjustments, KREST's portfolio continues to deliver stable net operating income ("NOI") growth – approximately 3% year-to-date through May – and support a tax-efficient dividend (currently 6.5% annualized for Class I, traded as 100% Return of Capital ("ROC") since inception.<sup>(1) (2)</sup>

We continue to believe KREST's current NAV represents a compelling entry point and our strategy is well-positioned to navigate current market opportunities. We are confident in our ability to capitalize on the long-term fundamentals underpinning our target sectors, such as materially reduced supply pipelines, continued elevated construction costs, and healthy market occupancy rates. These dynamics support the long-term pricing power and cash flow durability of high-quality real estate.

As a reminder, the KREST Shareholder Priority Plan<sup>(3)</sup> remains a meaningful differentiator relative to other investment vehicles that seek to provide access to private real estate. Through a commitment by KKR Alternative Assets LLC ("KAA") to continue to hold approximately 7.7 million KAA-owned KREST shares, all shareholders as of June 1, 2027, may benefit from a potential NAV of up to $27 – helping to mitigate near-term volatility while preserving long-term upside. To the extent necessary, KAA will contribute such shares to the Fund to support a NAV per share of up to $27 per share on June 1, 2027.

Importantly, we believe KREST's balance sheet positioning will support our ability to both mitigate against and capitalize upon uncertainty and volatility, with no fund-level gross leverage, 46% combined net leverage<sup>(4)</sup>, 100% fixed/hedged property-level financing with more than five years of weighted average remaining term and a robust and multifaceted liquidity position.<sup>(5)</sup> With a flexible mandate, ample liquidity, and positive net flows for three consecutive quarters, we are well-positioned to deploy capital with discipline as compelling equity and credit opportunities arise.

These factors, combined with the potential portfolio diversification benefits of private real estate, reinforce our view that the asset class—and the KREST strategy in particular—can remain a stable, long-term component of an investor's portfolio.

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. We remain grateful for your partnership and are here to support you and your clients.

Sincerely,

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

------

![LOGO](g111118g50j76.jpg)

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

All figures are approximate and as of May 31, 2025, unless otherwise indicated. All other statements and information are based on KKR's views as of July 15, 2025 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. 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 May 2024 and May 2025.

2. **Net Distribution Rate:** Reflects the annualized monthly dividend for May 2025 divided by the month-end NAV for the respective share class. KREST intends to make distributions necessary to maintain its qualification as a real estate investment trust. However, there is no assurance that we will pay
distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our board of directors. KREST may pay distributions from sources other than cash flow from operations, including without limitations, the sale
of assets, borrowings, return of capital or offering proceeds. For the year ended December 31, 2024, 80% of KREST's distributions were funded through adjusted funds from operations ("AFFO"). The Fund defines AFFO as the increase
in net assets applicable to common stockholders from operations (calculated in accordance with GAAP), excluding (i) the change in net unrealized (appreciation) depreciation of investments, (ii) amortization premium (accretion of discount)
on real estate securities, (iii) amortization of deferred origination fees on real estate loans, (iv) amortization of deferred financing costs, (v) management and incentive fees paid in shares of the Fund and (vi) realized and
including undistributed income attributable to the Fund's unconsolidated subsidiaries. This statement is not an indication of the tax treatment of any KREST distributions. Stockholders will be informed of the tax characteristics of any
distributions after the close of KREST's fiscal year. For the 2024 tax year, 100% of KREST's distributions were classified as Return of Capital ("ROC"). As of May 31, 2025, the Class I net distribution rate is 6.52%,
the Class U net distribution rate is 5.67%, the Class D net distribution rate is 6.27% and the Class S net distribution rate is 5.66%.

3. **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 $185 million based on the Fund's NAV as of May 31, 2025 (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 per share 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 today it
would contribute 6.0 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 $27.00 per share for each class. KAA's allocation of $50 million in new capital
investment in KREST along with any future investments are not subject to subordination and/or cancellation.

4. **Fund-Level Gross Leverage:** Refers only to borrowings made by the Fund and its consolidated subsidiaries.
The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments.

**Combined Net Leverage** is a calculation provided to illustrate the combined leverage of the Fund and the Weighted Average LTV of the Fund's unconsolidated subsidiaries. It is calculated as the ratio of i) the Fund's borrowings, less cash and subscription proceeds receivable, plus the Equity-Weighted Unconsolidated Debt of the Fund's investments divided by ii) the Fund's total assets plus the Equity-Weighted Unconsolidated Debt of the Fund's investments.

**Equity-Weighted Unconsolidated Debt** is a measure of the non-recourse property level financing of the Fund's investments weighted by the Fund's equity exposure in such investments, calculated as the Fund's total investments divided by one minus the Weighted Average LTV, with the result then multiplied by the Weighted Average LTV.

**Weighted Average LTV** means the loan-to-value ratio of each of the Fund's investments (whether consolidated or unconsolidated) averaged with a weighting based on the value of the Fund's equity in each such investment.

5. Includes assets such as cash, short-term assets and liquid securities, as well as committed and undrawn credit
facility capacity.