KKR Real Estate Select Trust Inc. (Form: 4, Received: 10/02/2025 17:07:39)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
Class I Common Stock, par value $0.001 per share	9/30/2025		J⁽¹⁾		121,051.211	A	$23.63	10,893,267.17	I	See footnotes ⁽²⁾⁽³⁾

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security
(Instr. 3)

2. Trans. Date

2A. Deemed Execution Date, if any

3. Trans. Code
(Instr. 8)

4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)

6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

7. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

Amount

(A) or (D)

Price

Class I Common Stock, par value $0.001 per share

9/30/2025

J⁽¹⁾

121,051.211

$23.63

10,893,267.17

See footnotes ⁽²⁾⁽³⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivate Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Trans. Date

3A. Deemed Execution Date, if any

4. Trans. Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

6. Date Exercisable and Expiration Date

7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Exhibit 99.1

Signature Page

KKR ALTERNATIVE ASSETS LLC
By: /s/ Christopher Lee	10/02/2025
Name: Christopher Lee
Title: Secretary

KKR GROUP ASSETS HOLDINGS II L.P.
By: KKR Group Assets II GP LLC, its general partner	10/02/2025
By: /s/ Christopher Lee
Name: Christopher Lee
Title: Secretary

KKR GROUP ASSETS II GP LLC
By: /s/ Christopher Lee	10/02/2025
Name: Christopher Lee
Title: Secretary

KKR GROUP PARTNERSHIP L.P.
By: KKR Group Holdings Corp., its general partner	10/02/2025
By: /s/ Christopher Lee
Name: Christopher Lee
Title: Secretary

KKR GROUP HOLDINGS CORP.
By: /s/ Christopher Lee	10/02/2025
Name: Christopher Lee
Title: Secretary

KKR GROUP CO. INC.
By: /s/ Christopher Lee	10/02/2025
Name: Christopher Lee
Title: Secretary

KKR & CO. INC.	10/02/2025
By: /s/ Christopher Lee
Name: Christopher Lee
Title: Secretary

KKR MANAGEMENT LLP
By: /s/ Christopher Lee	10/02/2025
Name: Christopher Lee
Title: Assistant Secretary

HENRY R. KRAVIS
By: /s/ Christopher Lee	10/02/2025
Name: Christopher Lee
Title: Attorney-in-fact

GEORGE R. ROBERTS
By: /s/ Christopher Lee	10/02/2025
Name: Christopher Lee
Title: Attorney-in-fact

FORM 4 ☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* KKR Alternative Assets LLC	2. Issuer Name and Ticker or Trading Symbol KKR Real Estate Select Trust Inc. [ NONE ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle) 30 HUDSON YARDS	3. Date of Earliest Transaction (MM/DD/YYYY) 9/30/2025
(Street) NEW YORK, NY 10001	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _ X _ Form filed by More than One Reporting Person
(City) (State) (Zip)

Explanation of Responses:
(1)	These shares of common stock of KKR Real Estate Select Trust Inc. ("Common Stock") were issued as payment for management and/or incentive fees 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.
(2)	The Common Stock is held by KKR Alternative Assets LLC. KKR Group Assets Holdings II L.P. is the sole member of KKR Alternative Assets LLC. KKR Group Assets II GP LLC is the general partner of KKR Group Assets Holdings II L.P. KKR Group Partnership L.P. is the sole member of KKR Group Assets II GP LLC. KKR Group Holdings Corp. is the general partner of KKR Group Partnership L.P. KKR Group Co. Inc. is the sole shareholder of KKR Group Holdings Corp. KKR & Co. Inc. is the sole shareholder of KKR Group Co. Inc. KKR Management LLP is the Series I preferred stockholder of KKR & Co. Inc. Messrs. Henry R. Kravis and George R. Roberts are the founding partners of KKR Management LLP.
(3)	Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein. The filing of this statement shall not be deemed to be an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the Reporting Persons are the beneficial owners of any securities reported herein.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
KKR Alternative Assets LLC 30 HUDSON YARDS NEW YORK, NY 10001		X
KKR Group Assets Holdings II L.P. 30 HUDSON YARDS NEW YORK, NY 10001		X
KKR Group Assets II GP LLC 30 HUDSON YARDS NEW YORK, NY 10001		X
KKR Group Partnership L.P. 30 HUDSON YARDS NEW YORK, NY 10001		X
KKR Group Holdings Corp. 30 HUDSON YARDS NEW YORK, NY 10001		X
KKR Group Co. Inc. 30 HUDSON YARDS NEW YORK, NY 10001		X
KKR & Co. Inc. 30 HUDSON YARDS NEW YORK, NY 10001		X
KKR Management LLP 30 HUDSON YARDS NEW YORK, NY 10001		X
KRAVIS HENRY R 30 HUDSON YARDS NEW YORK, NY 10001		X
ROBERTS GEORGE R 2800 SAND HILL ROAD, SUITE 200 MENLO PARK, CA 94025		X

Signatures
See Exhibit 99,1		10/2/2025
^**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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