Please wait

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)

X0202 SCHEDULE 13D/A 0001820655 XXXXXXXX LIVE 18 Class I Shares of Common Stock, $0.001 per share 09/16/2026 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 N KKR Alternative Assets LLC OO DE 9866525.79 0 9866525.79 0 9866525.79 29.4 OO Y KKR Group Assets Holdings II L.P. OO DE 9866525.79 0 9866525.79 0 9866525.79 29.4 PN Y KKR Group Assets II GP LLC OO DE 9866525.79 0 9866525.79 0 9866525.79 29.4 OO Y KKR Group Partnership L.P. OO E9 9866525.79 0 9866525.79 0 9866525.79 29.4 PN Y KKR Group Holdings Corp. OO DE 9866525.79 0 9866525.79 0 9866525.79 29.4 CO Y KKR Group Co. Inc. OO DE 9866525.79 0 9866525.79 0 9866525.79 29.4 CO Y KKR & Co. Inc. OO DE 9866525.79 0 9866525.79 0 9866525.79 29.4 CO Y KKR Management LLP OO DE 9866525.79 0 9866525.79 0 9866525.79 29.4 PN Y Henry R. Kravis OO X1 0 9866525.79 0 9866525.79 9866525.79 29.4 IN Y George R. Roberts OO X1 0 9866525.79 0 9866525.79 9866525.79 29.4 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. 18 (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 by Amendment No. 15 filed on January 5, 2026, as amended by Amendment No. 16 filed on May 4, 2026, as amended by Amendment No. 17 filed on September 3, 2026 (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. 18 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 18 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. 18 to Schedule 13D as Exhibit 99.1, which is incorporated herein by reference. Item 4 of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in Item 6 of this Schedule 13D is hereby incorporated by reference into this Item 4. 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 9,866,525.787 Shares, representing 29.4% of the outstanding Shares. The percentages of beneficial ownership in this Schedule 13D are based on an aggregate of 33,605,418.73 Shares outstanding as of the date hereof based on information provided by the Issuer and includes the cancellation of 1,933,109 Shares as described in Item 6. 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 this Amendment No. 18, 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 since the filing of Amendment 17. Item 6 of the Schedule 13D is hereby amended and supplemented as follows: Based on information provided by the Issuer to Reporting Persons, as of the date hereof, NAV per Class I Share is $23.26. As previously disclosed, pursuant to the Amended NAV Support Agreement, on September 16, 2026, KKR Alternative Assets LLC contributed 1,933,109 Support Shares to the Issuer, representing approximately one quarter of the Support Shares as an Early Contribution. Notwithstanding any Early Contributions made pursuant to the Amended NAV Support Agreement, KKR Alternative Assets LLC remains obligated on June 1, 2027 to contribute to the Issuer in the aggregate (inclusive of any Early Contributions) no fewer than the number of Support Shares that KKR Alternative Assets LLC would have been required to contribute if its obligations under the Amended NAV Support Agreement had been determined on the June 1, 2027 without giving effect to any Early Contributions. Any Support Shares contributed and cancelled pursuant to an Early Contribution shall be permanently cancelled and shall not be reinstated, regardless of the Fund's net asset value per share on June 1, 2027. Item 7 of the Schedule 13D is hereby amended by adding the following exhibit: Exhibit 99.1 - Annex A Directors and Officers of KKR & Co. Inc. KKR Alternative Assets LLC /s/ Christopher Lee Christopher Lee, Secretary 09/18/2026 KKR Group Assets Holdings II L.P. /s/ Christopher Lee Christopher Lee, Secretary, KKR Group Assets II GP LLC, its general partner 09/18/2026 KKR Group Assets II GP LLC /s/ Christopher Lee Christopher Lee, Secretary 09/18/2026 KKR Group Partnership L.P. /s/ Christopher Lee Christopher Lee, Secretary, KKR Group Holdings Corp., its general Partner 09/18/2026 KKR Group Holdings Corp. /s/ Christopher Lee Christopher Lee, Secretary 09/18/2026 KKR Group Co. Inc. /s/ Christopher Lee Christopher Lee, Secretary 09/18/2026 KKR & Co. Inc. /s/ Christopher Lee Christopher Lee, Secretary 09/18/2026 KKR Management LLP /s/ Christopher Lee Christopher Lee, Assistant Secretary 09/18/2026 Henry R. Kravis /s/ Christopher Lee Christopher Lee, Attorney-in-fact 09/18/2026 George R. Roberts /s/ Christopher Lee Christopher Lee, Attorney-in-fact 09/18/2026