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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D/A 0001140361-21-029434 0001820655 XXXXXXXX LIVE 15 Class I Shares of Common Stock, $0.001 per share 12/31/2025 false 0001803958 49836N502 KKR Real Estate Select Trust Inc. 30 Hudson Yards New York NY 10001 Christopher Lee, Esq. (212) 750-8300 Kohlberg Kravis Roberts & Co. L.P. 30 Hudson Yards New York NY 10001 Benjamin Wells, Esq. (212) 455-3577 Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York NY 10017 0001820655 KKR Alternative Assets LLC OO DE 11157985.83 0 11157985.83 0 11157985.83 N 31.7 OO Y KKR Group Assets Holdings II L.P. OO DE 11157985.83 0 11157985.83 0 11157985.83 N 31.7 PN Y KKR Group Assets II GP LLC OO DE 11157985.83 0 11157985.83 0 11157985.83 N 31.7 OO Y KKR Group Partnership L.P. OO E9 11157985.83 0 11157985.83 0 11157985.83 N 31.7 PN Y KKR Group Holdings Corp. OO DE 11157985.83 0 11157985.83 0 11157985.83 N 31.7 CO Y KKR Group Co. Inc. OO DE 11157985.83 0 11157985.83 0 11157985.83 N 31.7 CO Y KKR & Co. Inc. OO DE 11157985.83 0 11157985.83 0 11157985.83 N 31.7 CO Y KKR Management LLP OO DE 11157985.83 0 11157985.83 0 11157985.83 N 31.7 PN Y Henry R. Kravis OO X1 0 11157985.83 0 11157985.83 11157985.83 N 31.7 IN Y George R. Roberts OO X1 0 11157985.83 0 11157985.83 11157985.83 N 31.7 IN Class I Shares of Common Stock, $0.001 per share KKR Real Estate Select Trust Inc. 30 Hudson Yards New York NY 10001 This Amendment No. 15 (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 filed on December 3, 2024, as amended by Amendment No. 13 filed on April 2, 2025, as amended by Amendment No. 14 filed on August 4, 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. 15 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 15 shall have the same meanings herein as are ascribed to such terms in the Schedule 13D. Item 2 of the Schedule 13D is hereby amended and supplemented to include an amended and restated Annex A attached to this Amendment No. 15 to Schedule 13D as Exhibit 99.1, which is incorporated herein by reference. Item 3 of the Schedule 13D is hereby amended and supplemented as follows: On August 29, 2025, September 30, 2025, October 31, 2025, November 28, 2025 and December 31, 2025, the Issuer issued 57,812.917, 121,051.211, 61,725.029, 60,161.134 and 142,832.496 Shares respectively, to KKR Alternative Assets LLC as payment for management fees and/or incentive fees based on the NAV per Share for an aggregate fee payment equivalent to $1,370,744.27, $2,860,440.12, $1,459,796.94, $1,414,989.88 and $3,349,422.03 respectively, pursuant to the investment advisory agreement between KKR Real Estate Select Trust Inc. and KKR Registered Advisor LLC. Pursuant to such investment advisory agreement, KKR Registered Advisor LLC directed that KKR Alternative Assets LLC, its affiliate, receive these Shares on its behalf. 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 11,157,985.829 Shares, representing 31.7% of the outstanding Shares. The percentages of beneficial ownership in this Schedule 13D are based on an aggregate of 35,203,849.99 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. See Item 5(a) above. Other than as set forth in Item 3 of this Amendment No.15, 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. KKR Alternative Assets LLC /s/ Christopher Lee Christopher Lee, Secretary 01/05/2026 KKR Group Assets Holdings II L.P. /s/ Christopher Lee Christopher Lee, Secretary, KKR Group Assets II GP LLC, its general partner 01/05/2026 KKR Group Assets II GP LLC /s/ Christopher Lee Christopher Lee, Secretary 01/05/2026 KKR Group Partnership L.P. /s/ Christopher Lee Christopher Lee, Secretary, KKR Group Holdings Corp., its general 01/05/2026 KKR Group Holdings Corp. /s/ Christopher Lee Christopher Lee, Secretary 01/05/2026 KKR Group Co. Inc. /s/ Christopher Lee Christopher Lee, Secretary 01/05/2026 KKR & Co. Inc. /s/ Christopher Lee Christopher Lee, Secretary 01/05/2026 KKR Management LLP /s/ Christopher Lee Christopher Lee, Assistant Secretary 01/05/2026 Henry R. Kravis /s/ Christopher Lee Christopher Lee, Attorney-in-fact 01/05/2026 George R. Roberts /s/ Christopher Lee Christopher Lee, Attorney-in-fact 01/05/2026