# EDGAR Filing Document

**Accession Number:** 0001803958
**File Stem:** 0001140361-25-028602
**Filing Date:** 2025-8
**Character Count:** 40305
**Document Hash:** ed037ec5eac1125eb835f0162b27a7b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-028602.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001140361-25-028602

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**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:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92816
- **FILM NUMBER:** 251180205

**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 Alternative Assets LLC
- **CENTRAL INDEX KEY:** 0001820655

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
- **STREET 2:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2127508300

**MAIL ADDRESS:**
- **STREET 1:** C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
- **STREET 2:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

## Exhibit 99.1

------

#### Exhibit A <br>

#### <br>

#### POWER OF ATTORNEY
Know all by these presents that the undersigned hereby constitutes and appoints each of Joseph Y. Bae, Scott C. Nuttall, Robert H. Lewin, Dane E. Holmes, Ryan D. Stork, Kathryn K. Sudol, and Christopher B. Lee (each, an "<u>Attorney</u><u>-</u><u>in</u><u>-</u><u>Fact</u>"), acting singly, as the undersigned's true and lawful attorney-in-fact, for and in the name, place and stead of the undersigned (both in the undersigned's individual capacity and as a manager or member of any limited liability company, as a partner of any partnership, as a director or officer of any corporate or other entity, as a trustee of a trust, or in the undersigned's capacity in any position similar to the foregoing at any entity or organization, in each case, for which the undersigned is otherwise authorized to sign) to:

<sup>(1)</sup> execute for and on behalf of the undersigned such forms, schedules, statements and other documents ("<u>Filings</u>") as may be required to be filed from time to time in connection with either (x) the undersigned's ownership of or transactions with respect to securities of KKR & Co. Inc. or any successor (the "<u>Issuer</u>") or (y) the investments, business or other activities of the Issuer or any of its affiliates with any U.S. or non-U.S. governmental authority or self-regulatory organization, including but not limited to Filings with the United States Securities and Exchange Commission ("SEC") with respect to (i) Form 144 under the Securities Act of 1933, as amended, and Rule 144 thereunder; (ii) Sections 13(d), 13(f), 13(g), 13(h) and 16(a) of the Securities Exchange Act of 1934, as amended, and the rules thereunder, including without limitation filings on Schedule 13D, Schedule 13G, Form 13F, Form 13H, Form 3, Form 4 and Form 5; and (iii) in connection with any applications for EDGAR access codes, including without limitation the Form ID;<br>

<sup>(2)</sup> do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Filings identified in sub-paragraph (1) above, complete and execute any amendment or amendments thereto, and file such form with the SEC, any other U.S. or non-U.S. governmental authority and any stock exchange or similar authority; and<br>

<sup>(3)</sup> take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such Attorney-in-Fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such Attorney-in-Fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such Attorney-in-Fact may approve in such Attorney-in-Fact's discretion.<br>

The foregoing powers granted to each Attorney-in-Fact may only be exercised by an Attorney-in-Fact if, at the time of such exercise, such Attorney-in-Fact is a director, officer or employee of the Issuer, or any of the Issuer's subsidiaries. Subject to the foregoing, the undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such Attorney-in-Fact, or such Attorney-in-Fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that each Attorney-in-Fact, in serving in such capacity at the request of the undersigned, is not assuming, nor is the Issuer, or any of the Issuer's subsidiaries assuming, any of the undersigned's responsibilities to comply with the Securities Exchange Act of 1934, as amended, or any rules thereunder, or the Securities Act of 1933, as amended, or any rules thereunder.

This Power of Attorney shall remain in full force and effect with respect to the undersigned until such person ceases to be subject to the requirements enumerated in sub-paragraph (1) above, unless earlier revoked in writing with respect to an Attorney-in-Fact by such person and has provided notice of the same to such Attorney-in-Fact. The undersigned revokes all other powers of attorney granted by the undersigned prior to the date hereof with respect to the requirements enumerated in sub-paragraph (1) above.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of the date set forth below.

---

| | |
|:---|:---|
| */s/ George R. Roberts*<br>| June 9, 2025 |
| Name: George R. Roberts  | Date: |

---

------

#### Exhibit A<br>

#### <br>

#### POWER OF ATTORNEY
Know all by these presents that the undersigned hereby constitutes and appoints each of Joseph Y. Bae, Scott C. Nuttall, Robert H. Lewin, Dane E. Holmes, Ryan D. Stork, Kathryn K. Sudol, and Christopher B. Lee (each, an "<u>Attorney</u><u>-</u><u>in</u><u>-</u><u>Fact</u>"), acting singly, as the undersigned's true and lawful attorney-in-fact, for and in the name, place and stead of the undersigned (both in the undersigned's individual capacity and as a manager or member of any limited liability company, as a partner of any partnership, as a director or officer of any corporate or other entity, as a trustee of a trust, or in the undersigned's capacity in any position similar to the foregoing at any entity or organization, in each case, for which the undersigned is otherwise authorized to sign) to:

<sup>(1)</sup> execute for and on behalf of the undersigned such forms, schedules, statements and other documents ("<u>Filings</u>") as may be required to be filed from time to time in connection with either (x) the undersigned's ownership of or transactions with respect to securities of KKR & Co. Inc. or any successor (the "<u>Issuer</u>") or (y) the investments, business or other activities of the Issuer or any of its affiliates with any U.S. or non-U.S. governmental authority or self-regulatory organization, including but not limited to Filings with the United States Securities and Exchange Commission ("SEC") with respect to (i) Form 144 under the Securities Act of 1933, as amended, and Rule 144 thereunder; (ii) Sections 13(d), 13(f), 13(g), 13(h) and 16(a) of the Securities Exchange Act of 1934, as amended, and the rules thereunder, including without limitation filings on Schedule 13D, Schedule 13G, Form 13F, Form 13H, Form 3, Form 4 and Form 5; and (iii) in connection with any applications for EDGAR access codes, including without limitation the Form ID;<br>

<sup>(2)</sup> do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Filings identified in sub-paragraph (1) above, complete and execute any amendment or amendments thereto, and file such form with the SEC, any other U.S. or non-U.S. governmental authority and any stock exchange or similar authority; and<br>

<sup>(3)</sup> take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such Attorney-in-Fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such Attorney-in-Fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such Attorney-in-Fact may approve in such Attorney-in-Fact's discretion.<br>

The foregoing powers granted to each Attorney-in-Fact may only be exercised by an Attorney-in-Fact if, at the time of such exercise, such Attorney-in-Fact is a director, officer or employee of the Issuer, or any of the Issuer's subsidiaries. Subject to the foregoing, the undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such Attorney-in-Fact, or such Attorney-in-Fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that each Attorney-in-Fact, in serving in such capacity at the request of the undersigned, is not assuming, nor is the Issuer, or any of the Issuer's subsidiaries assuming, any of the undersigned's responsibilities to comply with the Securities Exchange Act of 1934, as amended, or any rules thereunder, or the Securities Act of 1933, as amended, or any rules thereunder. <br>

This Power of Attorney shall remain in full force and effect with respect to the undersigned until such person ceases to be subject to the requirements enumerated in sub-paragraph (1) above, unless earlier revoked in writing with respect to an Attorney-in-Fact by such person and has provided notice of the same to such Attorney-in-Fact. The undersigned revokes all other powers of attorney granted by the undersigned prior to the date hereof with respect to the requirements enumerated in sub-paragraph (1) above.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of the date set forth below.

---

| | |
|:---|:---|
| */s/ Henry R. Kravis* | June 9, 2025 |
| Name: Henry R. Kravis  | Date: |

---

<u> </u>

------

Exhibit 99.1

#### Annex A

#### Directors of KKR & Co. Inc.

The following sets forth the name and principal occupation of each of the directors of KKR & Co. Inc., whose address (unless otherwise specified in the Schedule 13D) is c/o KKR & Co. Inc., 30 Hudson Yards, New York, New York, 10001. Each of such persons is a citizen of the United States other than Timothy R. Barakett, who is a citizen of Canada, Matthew R. Cohler, who is a citizen of the United States and Malta, Arturo Gutiérrez Hernández, who is a citizen of Mexico, Xavier B. Niel, who is a citizen of France, and Evan T. Spiegel, who is a citizen of the United States and France.

---

| | |
|:---|:---|
| **Name** | **Principle Occupation** |
| Henry R. Kravis | Co-Executive Chairman of KKR & Co. Inc. |
| George R. Roberts | Co-Executive Chairman of KKR & Co. Inc. |
| Joseph Y. Bae | Co-Chief Executive Officer of KKR & Co. Inc. |
| Scott C. Nuttall | Co-Chief Executive Officer of KKR & Co. Inc. |
| Adriane M. Brown | Managing Partner of Flying Fish Partners |
| Timothy R. Barakett | Founder and Chief Executive Officer of TRB Advisors |
| Matthew R. Cohler | Former General Partner of Benchmark |
| Mary N. Dillon | President and Chief Executive Officer of Foot Locker, Inc. |
| Arturo Gutiérrez Hernández | Chief Executive Officer of Arca Continental, S.A.B. de C.V. |
| Xavier B. Niel | Founder and Chairman of the Board of Iliad SA |
| Kimberly A. Ross | Former Senior Vice President and Chief Financial Officer of Baker Hughes Company |
| Patricia F. Russo | Former Chief Executive Officer of Alcatel-Lucent |
| Robert W. Scully | Former Member of the Office of the Chairman of Morgan Stanley |
| Evan T. Spiegel | Co-Founder and Chief Executive Officer of Snap Inc. |

---

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 14)**

**KKR Real Estate Select Trust Inc.**

*(Name of Issuer)*

**Class I Shares of Common Stock, $0.001 per share**

*(Title of Class of Securities)*

**49836N502**

*(CUSIP Number)*

**Christopher Lee, Esq.**<br>Kohlberg Kravis Roberts & Co. L.P.<br>30 Hudson Yards<br>New York NY 10001<br>(212) 750-8300

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/31/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **49836N502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Alternative Assets LLC** | Name of reporting person<br>**KKR Alternative Assets LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.4%** | Percent of class represented by amount in Row (11)<br>**39.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **49836N502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Group Assets Holdings II L.P.** | Name of reporting person<br>**KKR Group Assets Holdings II L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.4%** | Percent of class represented by amount in Row (11)<br>**39.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **49836N502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Group Assets II GP LLC** | Name of reporting person<br>**KKR Group Assets II GP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.4%** | Percent of class represented by amount in Row (11)<br>**39.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **49836N502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Group Partnership L.P.** | Name of reporting person<br>**KKR Group Partnership L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.4%** | Percent of class represented by amount in Row (11)<br>**39.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **49836N502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Group Holdings Corp.** | Name of reporting person<br>**KKR Group Holdings Corp.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.4%** | Percent of class represented by amount in Row (11)<br>**39.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **49836N502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Group Co. Inc.** | Name of reporting person<br>**KKR Group Co. Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.4%** | Percent of class represented by amount in Row (11)<br>**39.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **49836N502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR & Co. Inc.** | Name of reporting person<br>**KKR & Co. Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.4%** | Percent of class represented by amount in Row (11)<br>**39.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **49836N502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Management LLP** | Name of reporting person<br>**KKR Management LLP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.4%** | Percent of class represented by amount in Row (11)<br>**39.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **49836N502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Henry R. Kravis** | Name of reporting person<br>**Henry R. Kravis** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**10714403.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.4%** | Percent of class represented by amount in Row (11)<br>**39.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **49836N502** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**George R. Roberts** | Name of reporting person<br>**George R. Roberts** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**10714403.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**10714403.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | Aggregate amount beneficially owned by each reporting person<br>**10714403.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**39.4%** | Percent of class represented by amount in Row (11)<br>**39.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class I Shares of Common Stock, $0.001 per share

**(b) Name of Issuer:**
KKR Real Estate Select Trust Inc.

**(c) Address of Issuer's Principal Executive Offices:**
30 Hudson Yards, New York, NY, 10001

This Amendment No. 14 (the "Amendment") amends and supplements the Statement on Schedule 13D filed on August 26, 2021, as amended by Amendment No. 1 filed on April 6, 2022, as amended by Amendment No. 2 filed on September 2, 2022, as amended by Amendment No. 3 filed on December 6, 2022, as amended by Amendment No. 4 filed on February 8, 2023, as amended by Amendment No. 5 filed on May 2, 2023, as amended by Amendment No. 6 filed on June 7, 2023, as amended by Amendment No. 7 filed on October 6, 2023, as amended by Amendment No. 8 filed on January 3, 2024, as amended by Amendment No. 9 filed on April 1, 2024, as amended by Amendment No. 10 filed on June 4, 2024, as amended by Amendment No. 11 filed on September 4, 2024, as amended by Amendment No. 12 filled on December 3, 2024, as amended by Amendment No. 13 filled on April 2, 2025 (as amended, this "Schedule 13D") relating to Class I shares of common stock, par value $0.001 per share (the "Shares"), of KKR Real Estate Select Trust Inc., a non-diversified, closed-end management investment company (the "Issuer"). The Issuer's principal executive offices are located at 30 Hudson Yards, New York, New York 10001.

Except as specifically provided herein, this Amendment No. 14 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 14 shall have the same meanings herein as are ascribed to such terms in the Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Items 5(a) - 5(c) of the Schedule 13D are hereby amended and restated as follows:

The information set forth in the cover pages of this Schedule 13D is hereby incorporated by reference into this Item 5.

The Reporting Persons beneficially own an aggregate of 10,714,403.042 Shares, representing 39.4% of the outstanding Shares. The percentages of beneficial ownership in this Schedule 13D are based on an aggregate of 27,168,703.208 Shares outstanding as of the date hereof based on Information provided by the Issuer. 

KKR Group Assets Holding II L.P. (as the sole member of KKR Alternative Assets LLC), KKR Group Assets II GP LLC (as the general partner of KKR Group Assets Holding II L.P.), KKR Group Partnership L.P. (as the sole member of KKR Group Assets II GP LLC), KKR Group Holdings Corp. (as the general partner of KKR Group Partnership L.P.), KKR Group Co. Inc. (as the sole shareholder of KKR Group Holdings Corp.), KKR & Co. Inc. (as the sole shareholder of KKR Group Co. Inc), KKR Management LLP (as the Series I preferred stockholder of KKR & Co. Inc.), and Messrs. Kravis and Roberts (as the founding partners of KKR Management LLP) may be deemed to be the beneficial owner of the securities reported herein.

The filing of this Schedule 13D shall not be construed as an admission that any of the above-listed entities or individuals is the beneficial owner of any securities covered by this Schedule 13D.

To the best knowledge of the Reporting Persons, none of the individuals named in Item 2 beneficially owns any Shares except as described herein.

**(b)**
See Item 5(a) above.

**(c)**
Other than as set forth in Item 3 of this Amendment No.13, none of the Reporting Persons, or, to the best knowledge of the Reporting Persons, any other individual named in Item 2, has engaged in any transaction in any Shares during the past 60 days.

### SIGNATURE

After reasonable 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.

**Reporting Person:** KKR Alternative Assets LLC

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary

**Date:** 08/04/2025

After reasonable 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.

**Reporting Person:** KKR Group Assets Holdings II L.P.

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary,KKR Group Assets II GP LLC, its general partner

**Date:** 08/04/2025

After reasonable 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.

**Reporting Person:** KKR Group Assets II GP LLC

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary

**Date:** 08/04/2025

After reasonable 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.

**Reporting Person:** KKR Group Partnership L.P.

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary,KKR Group Holdings Corp., its general

**Date:** 08/04/2025

After reasonable 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.

**Reporting Person:** KKR Group Holdings Corp.

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary

**Date:** 08/04/2025

After reasonable 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.

**Reporting Person:** KKR Group Co. Inc.

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary

**Date:** 08/04/2025

After reasonable 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.

**Reporting Person:** KKR & Co. Inc.

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary

**Date:** 08/04/2025

After reasonable 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.

**Reporting Person:** KKR Management LLP

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Assistant Secretary

**Date:** 08/04/2025

After reasonable 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.

**Reporting Person:** Henry R. Kravis

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Attorney-in-fact

**Date:** 08/04/2025

After reasonable 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.

**Reporting Person:** George R. Roberts

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Attorney-in-fact

**Date:** 08/04/2025