# EDGAR Filing Document

**Accession Number:** 0001803958
**File Stem:** 0001752724-25-212559
**Filing Date:** 2025-8
**Character Count:** 24362
**Document Hash:** f82676f0f5ac15b742cf3cebf745dfeb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212559.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212559

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**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:** 251278096

**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:** 2025-06-30

**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:** $1292392515.46

**Total Liabilities:** $12632905.59

**Net Assets:** $1279759609.87

**Cash Not Reported:** $1465815.15

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 5186.62904000 | **5-Year:** 21495.91861000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 208.04640000 | **1-Year:** 23618.66391000 | **5-Year:** 33377.56699000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000004 | -0.41%               | -0.93%               | 0.63%                |
| Class ID C000000002 | -0.40%               | -0.93%               | 0.63%                |
| Class ID C000000001 | -0.34%               | -0.86%               | 0.70%                |
| Class ID C000000003 | -0.35%               | -0.88%               | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-131112.36              | $-6010992.84                               |
| Month 2  | $11788.10                | $-13502129.16                              |
| Month 3  | $0.00                    | $5042420.38                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Residential Presidential City                     | Residential Presidential City                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $80529041.52  | 6.29%             |  |  |  | No            |                  3 | On Loan: No      |
| STANDARD CHARTERED BANK                           | USD/KRW FORWARD                                                 | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-74558.62    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Industrial - Lambert Farms                        | Industrial - Lambert Farms                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $32892220.83  | 2.57%             |  |  |  | No            |                  3 | On Loan: No      |
| Industrial - S. 500 Whitestown                    | Industrial - S. 500 Whitestown                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18068818.95  | 1.41%             |  |  |  | No            |                  3 | On Loan: No      |
| Industrial - Lakemont Blvd                        | Industrial - Lakemont Blvd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $11654531.05  | 0.91%             |  |  |  | No            |                  3 | On Loan: No      |
| Hawaii Hotel Trust                                | Hawaii Hotel Trust 2025-MAUI                                    | CUSIP: 419909AP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10600000 | PA      | $10574030.00  | 0.83%             | 2042-03-15      | Floating      | 10.10%                | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2022-LP2                           | CUSIP: 05610HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10500000 | PA      | $10493081.55  | 0.82%             | 2039-02-15      | Floating      | 8.42%                 | 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      | $35880788.50  | 2.80%             | 2038-10-15      | Floating      | 8.32%                 | No            |                  2 | 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      | $40644578.68  | 3.18%             |  |  |  | No            |                  3 | On Loan: No      |
| JP Morgan Chase Commercial Mor                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-ACB | CUSIP: 46593EAU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         1 | PA      | $0.00         | 0.00%             | 2039-03-15      | 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      | $2103829.14   | 0.16%             | 2038-10-15      | Floating      | 7.27%                 | No            |                  2 | 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      | $10019605.00  | 0.78%             | 2039-12-15      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| Residential - National Portfolio 1a               | Residential - National Portfolio 1a                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $8735195.63   | 0.68%             |  |  |  | No            |                  3 | 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 2021-21M                           | CUSIP: 05609CAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $6969756.50   | 0.54%             | 2036-10-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-XL2                           | CUSIP: 05609KAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11642400 | PA      | $11647443.48  | 0.91%             | 2038-10-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| MACQUARIE CAPITAL (USA) INC.                      | JPY/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: 549300670K07JRB5UQ40 | N/A              | DFE              | CORP              | US        |         1 | NC      | $4573233.00   | 0.36%             |  |  |  | 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      | $82127769.80  | 6.42%             |  |  |  | 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      | $7389376.88   | 0.58%             | 2038-10-15      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-DIME                                              | CUSIP: 05613UAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $7999888.00   | 0.63%             | 2035-02-15      | Floating      | 9.91%                 | No            |                  3 | 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      | $36537145.11  | 2.86%             |  |  |  | No            |                  3 | On Loan: No      |
| Industrial - Veterans Point                       | Industrial - Veterans Point                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $59192858.18  | 4.63%             |  |  |  | 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      | $9818497.00   | 0.77%             | 2042-03-15      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-LUNR                                              | CUSIP: 05594CAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $15047560.50  | 1.18%             | 2040-06-15      | Floating      | 6.16%                 | 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      | $44080272.67  | 3.44%             |  |  |  | No            |                  3 | On Loan: No      |
| Residential - 80 Dekalb                           | Residential - 80 Dekalb                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $-0.01        | -0.00%            |  |  |  | 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      | $34000935.81  | 2.66%             |  |  |  | No            |                  3 | On Loan: No      |
| Industrial - Charleston                           | Industrial - Charleston                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $33514796.13  | 2.62%             |  |  |  | No            |                  3 | 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      | $15045295.50  | 1.18%             | 2041-11-15      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-DIME                                              | CUSIP: 05613UAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1999972.00   | 0.16%             | 2035-02-15      | Floating      | 9.91%                 | No            |                  3 | On Loan: No      |
| LBA Trust                                         | LBA Trust 2024-7IND                                             | CUSIP: 52109XAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6139000 | PA      | $6154746.54   | 0.48%             | 2041-10-15      | Floating      | 7.90%                 | 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      | $63546168.02  | 4.97%             |  |  |  | No            |                  3 | On Loan: No      |
| Hawaii Hotel Trust                                | Hawaii Hotel Trust 2025-MAUI                                    | CUSIP: 419909AR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2650000 | PA      | $2643507.50   | 0.21%             | 2042-03-15      | Floating      | 10.10%                | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                           | USD/JPY FORWARD                                                 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-99096.66    | -0.01%            |  |  |  | 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      | $139640254.79 | 10.91%            |  |  |  | No            |                  3 | On Loan: No      |
| STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC | USD/KRW FORWARD                                                 | CUSIP: 000000000<br>LEI: 5493003GCX71N8988W38 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2914748.00   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-ACB | CUSIP: 46593EAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  30573000 | PA      | $30486784.14  | 2.38%             | 2039-03-15      | Floating      | 11.30%                | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-21M                           | CUSIP: 05609CAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7042700 | PA      | $7017452.62   | 0.55%             | 2036-10-15      | Floating      | 6.60%                 | No            |                  2 | 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      | $25462105.90  | 1.99%             |  |  |  | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-LUNR                                              | CUSIP: 05594CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20000000 | PA      | $20056324.00  | 1.57%             | 2040-06-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-DIME                                              | CUSIP: 05613UAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  43248000 | PA      | $43241248.99  | 3.38%             | 2035-02-15      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-GPA3                          | CUSIP: 123910AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13127996 | PA      | $13161369.99  | 1.03%             | 2039-12-15      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-DIME                                              | CUSIP: 05613UAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       100 | PA      | $100.00       | 0.00%             | 2035-02-15      | None          | 0.01%                 | 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      | $51357305.45  | 4.01%             |  |  |  | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-SOAR                          | CUSIP: 05608WAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  23635098 | PA      | $23655499.69  | 1.85%             | 2038-06-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                           | JPY/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $158879.00    | 0.01%             |  |  |  | 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      | $18636816.37  | 1.46%             | 2041-11-15      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| FS Trust                                          | FS Trust 2024-HULA                                              | CUSIP: 30338DAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9400000 | PA      | $9499871.24   | 0.74%             | 2039-08-15      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| UBS Select Government Institutional Fund          | UBS Select Government Institutional Fund                        | CUSIP: 90262Y760<br>LEI: 549300TZ2QEM4T3XX713 | Long             | EC               | RF                | US        |  35520209 | NS      | $35520208.84  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Prime ST - 300 Pine                               | Prime ST - 300 Pine                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $57437530.64  | 4.49%             |  |  |  | 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      | $38107645.60  | 2.98%             |  |  |  | No            |                  3 | 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      | $66709409.10  | 5.21%             | 2026-08-26      | Fixed         | 7.00%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

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

**Signature:** Megan Gaul

**Name of Signer:** Megan Gaul

**Title:** CFO of Krest