# EDGAR Filing Document

**Accession Number:** 0001803958
**File Stem:** 0000940400-26-008397
**Filing Date:** 2026-2
**Character Count:** 25607
**Document Hash:** 5ec722096279ecd5db77bf21b7ac43cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008397.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008397

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20251231

**FILER**: 

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23575
- **FILM NUMBER:** 26684149

**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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** KKR REAL ESTATE SELECT TRUST INC.

- **b. Investment Company Act file number:** 811-23575

- **c. CIK number of Registrant:** 0001803958

- **d. LEI of Registrant:** 549300TOUQGPO6G51Q89

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 30 HUDSON YARDS

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10001

  - **Telephone number:** 212-750-8300

**Item A.2. Information about the Series.**

- **a. Name of Series:** KKR Real Estate Select Trust Inc.

- **c. LEI of Series:** 549300TOUQGPO6G51Q89

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1459351382.78

**Total Liabilities:** $13471575.28

**Net Assets:** $1445879807.50

**Cash Not Reported:** $3665132.81

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 16033.43948000 | **5-Year:** 60709.30412000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 23397.57303000 | **5-Year:** 26149.28293000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000001 | 0.65%                | -0.01%               | 0.27%                |
| Class ID C000000002 | 0.57%                | -0.08%               | 0.20%                |
| Class ID C000000003 | 0.62%                | -0.03%               | 0.25%                |
| Class ID C000000004 | 0.57%                | -0.08%               | 0.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $3698741.19                                |
| Month 2  | $1941.56                 | $-4310658.88                               |
| Month 3  | $0.00                    | $983155.97                                 |

### Schedule of Portfolio Investments

| Name                                              | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC | USD/KRW FORWARD                                    | CUSIP: 000000000<br>LEI: 5493003GCX71N8988W38 | N/A              | DFE              | CORP              | US        |         1 | NC      | $4933047.00   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Residential - National Portfolio 1b               | Residential - National Portfolio 1b                | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $87961558.11  | 6.08%             |  |  |  | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-DELC                                 | CUSIP: 05594MAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20000000 | PA      | $20102808.00  | 1.39%             | 2042-12-15      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-21M              | CUSIP: 05609CAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7042700 | PA      | $7039524.45   | 0.49%             | 2036-10-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Boca Commercial Mortgage Trust                    | BOCA Commercial Mortgage Trust 2025-BOCA           | CUSIP: 05619RAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10035252.00  | 0.69%             | 2042-12-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                              | SCG Trust 2025-SNIP                                | CUSIP: 78398JAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18000000 | PA      | $18066859.20  | 1.25%             | 2042-09-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-GPA3             | CUSIP: 123910AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11237224 | PA      | $11277482.74  | 0.78%             | 2039-12-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2025-JDI              | CUSIP: 05594LAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10031684.00  | 0.69%             | 2042-11-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Hawaii Hotel Trust                                | Hawaii Hotel Trust 2025-MAUI                       | CUSIP: 419909AS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        40 | PA      | $0.00         | 0.00%             | 2042-03-15      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-XL2              | CUSIP: 05609KAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2100000 | PA      | $2099378.40   | 0.15%             | 2038-10-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Prime ST - 300 Pine                               | Prime ST - 300 Pine                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $56394324.55  | 3.90%             |  |  |  | No            |                  3 | On Loan: No      |
| STANDARD CHARTERED BANK                           | KRW/USD FORWARD                                    | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-51037.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Industrial - Veterans Point                       | Industrial - Veterans Point                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $66989662.61  | 4.63%             |  |  |  | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-XL2              | CUSIP: 05609KAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11642400 | PA      | $11639448.64  | 0.81%             | 2038-10-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Industrial - Rickenbacker Logistics Park          | Industrial - Rickenbacker Logistics Park           | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $44317212.99  | 3.07%             |  |  |  | No            |                  3 | On Loan: No      |
| Hawaii Hotel Trust                                | Hawaii Hotel Trust 2025-MAUI                       | CUSIP: 419909AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9827833.00   | 0.68%             | 2042-03-15      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Hawaii Hotel Trust                                | Hawaii Hotel Trust 2025-MAUI                       | CUSIP: 419909AP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10600000 | PA      | $10594869.60  | 0.73%             | 2042-03-15      | Floating      | 9.54%                 | No            |                  3 | On Loan: No      |
| DBC 2025-DBC Mortgage Trust                       | DBC 2025-DBC Mortgage Trust                        | CUSIP: 23306HAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20000000 | PA      | $20059452.00  | 1.39%             | 2042-11-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-DIME                                 | CUSIP: 05613UAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  43248000 | PA      | $43273922.85  | 2.99%             | 2035-02-15      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-XL2              | CUSIP: 05609KAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  36067524 | PA      | $36232367.51  | 2.51%             | 2038-10-15      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Medical Office - Southeastern Portfolio I         | Medical Office - Southeastern Portfolio I          | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $49985125.45  | 3.46%             |  |  |  | No            |                  3 | On Loan: No      |
| Residential - Tokyo Multifamily Portfolio I       | Residential - Tokyo Multifamily Portfolio I        | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | JP        |         1 | OU      | $35170875.47  | 2.43%             |  |  |  | No            |                  3 | On Loan: No      |
| MACQUARIE CAPITAL (USA) INC.                      | JPY/USD FORWARD                                    | CUSIP: 000000000<br>LEI: 549300670K07JRB5UQ40 | N/A              | DFE              | CORP              | US        |         1 | NC      | $7823901.00   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Prime ST - HQ @ First                             | Prime ST - HQ @ First                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $141871810.50 | 9.81%             |  |  |  | No            |                  3 | On Loan: No      |
| Industrial - Charleston                           | Industrial - Charleston                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $34507674.46  | 2.39%             |  |  |  | No            |                  3 | On Loan: No      |
| Industrial - Lakemont Blvd                        | Industrial - Lakemont Blvd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $11844244.82  | 0.82%             |  |  |  | No            |                  3 | On Loan: No      |
| FS Trust                                          | FS Trust 2024-HULA                                 | CUSIP: 30338DAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9400000 | PA      | $9532925.40   | 0.66%             | 2039-08-15      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| WCORE Commercial Mortgage Trus                    | WCORE Commercial Mortgage Trust 2024-CORE          | CUSIP: 951913AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $15118363.50  | 1.05%             | 2041-11-15      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| UBS Select Government Institutional Fund          | UBS Select Government Institutional Fund           | CUSIP: 90262Y760<br>LEI: 549300TZ2QEM4T3XX713 | Long             | EC               | RF                | US        |  29105538 | NS      | $29105537.54  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-DIME                                 | CUSIP: 05613UAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1999974.00   | 0.14%             | 2035-02-15      | Floating      | 9.35%                 | No            |                  3 | On Loan: No      |
| Prime ST - El Camino Real                         | Prime ST - El Camino Real                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $26845643.50  | 1.86%             |  |  |  | No            |                  3 | On Loan: No      |
| SCG Hotel Issuer Inc                              | SCG Trust 2025-SNIP                                | CUSIP: 78398JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  34000000 | PA      | $34105202.80  | 2.36%             | 2042-09-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-21M              | CUSIP: 05609CAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $6990812.50   | 0.48%             | 2036-10-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                           | USD/JPY FORWARD                                    | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $18562.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrial - AIP-PMR 3-Pack                       | Industrial - AIP-PMR 3-Pack                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $63823522.41  | 4.41%             |  |  |  | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-XL2              | CUSIP: 05609KAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7378000 | PA      | $7375581.49   | 0.51%             | 2038-10-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-LUNR                                 | CUSIP: 05594CAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13315204 | PA      | $13355525.58  | 0.92%             | 2040-06-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2022-LP2              | CUSIP: 05610HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10500000 | PA      | $10513106.10  | 0.73%             | 2039-02-15      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-DIME                                 | CUSIP: 05613UAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       100 | PA      | $0.00         | 0.00%             | 2035-02-15      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Industrial - S. 500 Whitestown                    | Industrial - S. 500 Whitestown                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $17998780.01  | 1.24%             |  |  |  | No            |                  3 | On Loan: No      |
| Residential Presidential City                     | Residential Presidential City                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $75020582.81  | 5.19%             |  |  |  | No            |                  3 | On Loan: No      |
| Industrial - Calhoun 75                           | Industrial - Calhoun 75                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $48858972.07  | 3.38%             |  |  |  | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-DIME                                 | CUSIP: 05613UAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $7999896.00   | 0.55%             | 2035-02-15      | Floating      | 9.35%                 | No            |                  3 | On Loan: No      |
| Industrial - MB Parts Korea DC                    | Industrial - MB Parts Korea DC                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | KR        |         1 | OU      | $36872258.18  | 2.55%             |  |  |  | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                           | JPY/USD FORWARD                                    | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $262815.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-GPA2             | CUSIP: 12433DAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18583000 | PA      | $18631802.67  | 1.29%             | 2041-11-15      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| Chicago NEMA (Fixed 7) 8/26/2026                  | Chicago NEMA (Fixed 7) 8/26/2026                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  65000000 | PA      | $67467016.17  | 4.67%             | 2026-08-26      | Fixed         | 7.00%                 | No            |                  3 | On Loan: No      |
| Industrial - Lambert Farms                        | Industrial - Lambert Farms                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $34295050.65  | 2.37%             |  |  |  | No            |                  3 | On Loan: No      |
| Residential - National Portfolio 1a               | Residential - National Portfolio 1a                | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $6866000.75   | 0.47%             |  |  |  | No            |                  3 | On Loan: No      |
| DBC 2025-DBC Mortgage Trust                       | DBC 2025-DBC Mortgage Trust                        | CUSIP: 23306HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  30000000 | PA      | $30066048.00  | 2.08%             | 2042-11-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                         | LBA Trust 2024-7IND                                | CUSIP: 52109XAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5412720 | PA      | $5428211.13   | 0.38%             | 2041-10-15      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| Residential - Main Line 4-Pack                    | Residential - Main Line 4-Pack                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $35171116.56  | 2.43%             |  |  |  | No            |                  3 | On Loan: No      |
| Phoenix Senior Living Portfolio                   | Phoenix Senior Living Portfolio                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $46343113.04  | 3.21%             |  |  |  | No            |                  3 | On Loan: No      |
| Fontainebleau Miami Beach Trus                    | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU | CUSIP: 34461WAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10089190.00  | 0.70%             | 2039-12-15      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Hawaii Hotel Trust                                | Hawaii Hotel Trust 2025-MAUI                       | CUSIP: 419909AR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2650000 | PA      | $2648717.40   | 0.18%             | 2042-03-15      | Floating      | 9.54%                 | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-LUNR                                 | CUSIP: 05594CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2663041 | PA      | $2670228.98   | 0.18%             | 2040-06-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Residential - The Beach House Apartments          | Residential - The Beach House Apartments           | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $33436533.12  | 2.31%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** KKR REAL ESTATE SELECT TRUST INC.

**Signature:** Megan Gaul

**Name of Signer:** Megan Gaul

**Title:** CFO of KREST