# KKR: DST sponsor profile

> KKR Real Estate Select Trust (KREST) facts: a closed-end fund that qualifies as a REIT, not a DST. Its structure, minimums, SEC filings and distributor.

Source: https://baker1031.com/sponsors/kkr


Facts checked November 1, 2026. Listed alphabetically in the Baker 1031 sponsor directory; not ranked and not an endorsement. Draft for review; not yet approved by Aurora Securities.

## The short answer

KKR is a global investment firm co-founded in 1976 that offers individual investors private real estate through KKR Real Estate Select Trust, known as KREST. KREST is a registered closed-end fund that qualifies as a REIT. It is not a DST. An SEC EDGAR search found no Form D filings for a KKR-sponsored DST.

## Key facts

- **Sponsoring entity:** KKR Real Estate Select Trust Inc.
- **Founded:** 1976
- **Program types:** Closed-end real estate fund
- **Property types:** Commercial real estate, Real estate debt
- **Managing broker-dealer:** KKR Capital Markets LLC (FINRA CRD 143571, https://brokercheck.finra.org/firm/summary/143571)
- **SEC filings:** EDGAR CIK 0001803958, https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001803958
- **Website:** https://www.kkr.com

## KKR offerings on Baker 1031

No offerings from this sponsor are currently available through Baker 1031.

## About KKR

KKR's website says Henry Kravis and George Roberts co-founded the firm in 1976, alongside their mentor Jerome Kohlberg. KKR's business covers credit, private equity, infrastructure, real estate and capital markets. It also owns Global Atlantic, an insurance company.

For people researching real estate after selling a property, the relevant KKR product is KREST, which is open to individual investors.

KKR's broker-dealer, KKR Capital Markets LLC, is registered with FINRA under CRD 143571. BrokerCheck lists its address as 30 Hudson Yards in New York.

## KKR's real estate programs for individual investors

### Is there a KKR DST?

A Delaware statutory trust, or DST, is a trust that owns real estate. Many investors each hold a fractional interest, and DST interests can qualify as replacement property in a 1031 exchange. An EDGAR full-text search of Form D filings for "KKR" and "DST" returned no results as of November 1, 2026. A Form D is the notice that private offerings, including DSTs, file with the SEC.

This page found no KKR-sponsored DST. If you are offered one, ask for the Form D and the private placement memorandum (PPM) and confirm who the sponsor is.

### KKR Real Estate Select Trust (KREST)

KKR announced KREST in a May 2021 press release. The release called it "a continuously offered, registered closed-end fund." It said KKR seeded the fund with over $150 million from its own balance sheet.

KREST's prospectus, dated January 26, 2026, gives the structure:

| Feature | As stated in the prospectus |
|---|---|
| Legal form | Non-diversified closed-end management investment company, registered under the Investment Company Act of 1940 |
| Tax status | Has elected and qualified as a real estate investment trust (REIT) |
| Liquidity | Intends, but is not obligated, to hold quarterly tender offers for up to 5.0% of NAV |
| Distributor | KKR Capital Markets LLC |
| Minimum initial investment | $10,000 for Class S, D and U; $1,000,000 for Class I |

The prospectus says Class S and Class U shares "are available to the general public through Selling Agents." Unlike most DSTs, the fund is not limited to accredited investors.

The fund invests in several kinds of real estate. The prospectus names multifamily, single-family rental, industrial and single-tenant "prime" properties. It also says the fund "has historically invested a significant portion of its portfolio in CMBS." CMBS are bonds backed by commercial mortgages.

KREST is not a DST, and it is not real property. Its shares are shares of a fund. Section 1031 of the tax code covers exchanges of real property, so KREST shares generally cannot be bought as replacement property in a 1031 exchange. The guide [can you 1031 into a REIT](/learn/can-you-1031-into-a-reit) explains the rules. Confirm your situation with your CPA and qualified intermediary. Tender offers are not guaranteed, the fund's value can fall, and distributions are not guaranteed.

## How to research KKR's offerings

KREST's prospectus (Form N-2) and its annual and semi-annual reports (Forms N-CSR and N-CSRS) are on SEC EDGAR under CIK 0001803958. You can look up KKR Capital Markets LLC (CRD 143571) on FINRA BrokerCheck. Ask about fees by share class, how often tender offers have been fully met and how much of the fund is in property versus debt. The guides on [non-traded REITs](/learn/non-traded-reits-explained) and [how to evaluate a REIT](/learn/how-to-evaluate-a-reit) explain what to look for. If you are comparing it with a DST, see [how to check a DST sponsor](/learn/how-to-check-a-dst-sponsor).

## Frequently asked questions

### Does KKR offer DSTs?

An SEC EDGAR full-text search of Form D filings found no KKR-sponsored DSTs as of November 1, 2026. KKR's real estate product for individual investors is KREST, a registered closed-end fund that qualifies as a REIT.

### What is KREST?

KKR Real Estate Select Trust Inc. is a closed-end fund registered under the Investment Company Act of 1940 that has qualified as a REIT. KKR launched it in 2021, and its minimum initial investment is $10,000 for most share classes.

### Can I use a 1031 exchange to buy KREST?

Generally, no. KREST is not a DST, and its shares are fund shares, not real property. Section 1031 covers exchanges of real property, so KREST shares generally cannot serve as 1031 replacement property. Your CPA and qualified intermediary can confirm what qualifies.

### When was KKR founded?

KKR's website says it was co-founded in 1976 by Henry Kravis and George Roberts, alongside Jerome Kohlberg.

### Who distributes KREST?

The prospectus names KKR Capital Markets LLC as principal underwriter and distributor. It is registered with FINRA under CRD 143571.

## Questions to ask about any DST sponsor

- **Full-cycle results.** Ask for every program the sponsor has sold, including any that went back to a lender, and how investors came out of each one.
- **Fees and loads.** Find the total load in the private placement memorandum (PPM): selling commissions, dealer-manager fees, acquisition and financing fees, and fees at sale.
- **Debt.** Check the loan amount, rate, term and maturity date, and what happens if the loan can't be refinanced when it comes due.
- **Reserves and capitalization.** See how much is held in reserve for repairs and vacancy, and whether the sponsor has the capital to support a property through a hard stretch.
- **Conflicts of interest.** Read the PPM's conflicts section: affiliated managers, master lease arrangements, and any 721 exchange into the sponsor's own REIT.
- **Regulatory record.** Look up the managing broker-dealer on FINRA BrokerCheck, and search the sponsor's filings on SEC EDGAR.

## Sources

- [KKR: About](https://www.kkr.com/about)
- [Business Wire: KKR Launches KREST to Offer Private Real Estate to Individual Investors (May 2021)](https://www.businesswire.com/news/home/20210519005297/en/KKR-Launches-KREST-to-Offer-Private-Real-Estate-to-Individual-Investors)
- [SEC Form N-2: KKR Real Estate Select Trust Inc. prospectus (January 2026)](https://www.sec.gov/Archives/edgar/data/1803958/000119312526022997/d920471dn2.htm)
- [SEC EDGAR full-text search: "KKR" DST Form D filings](https://efts.sec.gov/LATEST/search-index?q=%22KKR%22%20%22DST%22&forms=D)
- [FINRA BrokerCheck: KKR Capital Markets LLC (CRD 143571)](https://brokercheck.finra.org/firm/summary/143571)
- [26 U.S. Code § 1031 (Cornell Law School LII)](https://www.law.cornell.edu/uscode/text/26/1031)

Baker 1031 may receive compensation from sponsors whose offerings it makes available.

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Securities are offered through Aurora Securities, Inc., member FINRA/SIPC. Baker 1031 Investments, LLC is independent of Aurora Securities, Inc. and is not a registered broker-dealer or investment adviser. This content is general education, not investment, tax, or legal advice, and is not an offer to buy or sell securities. Offers are made only through the offering documents to eligible investors, generally accredited investors. DST interests are illiquid, distributions are not guaranteed, and you can lose your entire investment.

Contact: Jerry Baker, Baker 1031 Investments · hello@baker1031.com · (415) 965-0552 · https://baker1031.com/contact