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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>BX Trust</name>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
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          <isin value="US05594LAC81"/>
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      <invstOrSec>
        <name>Hawaii Hotel Trust</name>
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          <isin value="US419909AS51"/>
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      <invstOrSec>
        <name>BX Trust</name>
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          <isin value="US05609KAN90"/>
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      <invstOrSec>
        <name>Prime ST - 300 Pine</name>
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        <name>STANDARD CHARTERED BANK</name>
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          <ticker value="N/A"/>
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        <name>Industrial - Veterans Point</name>
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      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2021-XL2</title>
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          <isin value="US05609KAJ88"/>
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        <name>Industrial - Rickenbacker Logistics Park</name>
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        <name>Hawaii Hotel Trust</name>
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        <title>Hawaii Hotel Trust 2025-MAUI</title>
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        <name>Hawaii Hotel Trust</name>
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        <name>DBC 2025-DBC Mortgage Trust</name>
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        <name>BX Trust</name>
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        <name>BX Trust</name>
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        <name>Medical Office - Southeastern Portfolio I</name>
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        <name>Residential - Tokyo Multifamily Portfolio I</name>
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        <name>Industrial - Calhoun 75</name>
        <lei>N/A</lei>
        <title>Industrial - Calhoun 75</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="CALHOUN"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>48858972.07000000</valUSD>
        <pctVal>3.379186279285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2025-DIME</title>
        <cusip>05613UAN1</cusip>
        <identifiers>
          <isin value="US05613UAN19"/>
        </identifiers>
        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7999896.00000000</valUSD>
        <pctVal>0.553289143295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.35012000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Industrial - MB Parts Korea DC</name>
        <lei>N/A</lei>
        <title>Industrial - MB Parts Korea DC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="LBPREIT11"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <currencyConditional curCd="KRW" exchangeRt="1440.55000000"/>
        <valUSD>36872258.18000000</valUSD>
        <pctVal>2.550160669561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>JPY/USD FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="IG59G81CVO3ARU2U"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>262815.00000000</valUSD>
        <pctVal>0.018176822073</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <amtCurSold>-126500000.00000000</amtCurSold>
            <curSold>JPY</curSold>
            <amtCurPur>1183791.88000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2029-12-03</settlementDt>
            <unrealizedAppr>262815.00000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-GPA2</title>
        <cusip>12433DAJ2</cusip>
        <identifiers>
          <isin value="US12433DAJ28"/>
        </identifiers>
        <balance>18583000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18631802.67000000</valUSD>
        <pctVal>1.288613519142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.28962000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago NEMA (Fixed 7) 8/26/2026</name>
        <lei>N/A</lei>
        <title>Chicago NEMA (Fixed 7) 8/26/2026</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="NEMACMEZZ2"/>
        </identifiers>
        <balance>65000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67467016.17000000</valUSD>
        <pctVal>4.666156607211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Industrial - Lambert Farms</name>
        <lei>N/A</lei>
        <title>Industrial - Lambert Farms</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="LAMBERTFA"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>34295050.65000000</valUSD>
        <pctVal>2.371915734081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Residential - National Portfolio 1a</name>
        <lei>N/A</lei>
        <title>Residential - National Portfolio 1a</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BRIDGETWR"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>6866000.75000000</valUSD>
        <pctVal>0.474866632370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DBC 2025-DBC Mortgage Trust</name>
        <lei>N/A</lei>
        <title>DBC 2025-DBC Mortgage Trust</title>
        <cusip>23306HAA3</cusip>
        <identifiers>
          <isin value="US23306HAA32"/>
        </identifiers>
        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30066048.00000000</valUSD>
        <pctVal>2.079429275105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.10100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LBA Trust</name>
        <lei>N/A</lei>
        <title>LBA Trust 2024-7IND</title>
        <cusip>52109XAN8</cusip>
        <identifiers>
          <isin value="US52109XAN84"/>
        </identifiers>
        <balance>5412719.93000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5428211.13000000</valUSD>
        <pctVal>0.375426166258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.34012000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Residential - Main Line 4-Pack</name>
        <lei>N/A</lei>
        <title>Residential - Main Line 4-Pack</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="MAINLINE5"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>35171116.56000000</valUSD>
        <pctVal>2.432506241359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phoenix Senior Living Portfolio</name>
        <lei>N/A</lei>
        <title>Phoenix Senior Living Portfolio</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="PHXSENIOR"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>46343113.04000000</valUSD>
        <pctVal>3.205184331340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fontainebleau Miami Beach Trus</name>
        <lei>N/A</lei>
        <title>Fontainebleau Miami Beach Mortgage Trust 2024-FBLU</title>
        <cusip>34461WAL4</cusip>
        <identifiers>
          <isin value="US34461WAL46"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10089190.00000000</valUSD>
        <pctVal>0.697788982712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.00012000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hawaii Hotel Trust</name>
        <lei>N/A</lei>
        <title>Hawaii Hotel Trust 2025-MAUI</title>
        <cusip>419909AR7</cusip>
        <identifiers>
          <isin value="US419909AR78"/>
        </identifiers>
        <balance>2650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2648717.40000000</valUSD>
        <pctVal>0.183190704113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.53667000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2025-LUNR</title>
        <cusip>05594CAA2</cusip>
        <identifiers>
          <isin value="US05594CAA27"/>
        </identifiers>
        <balance>2663040.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2670228.98000000</valUSD>
        <pctVal>0.184678488913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.25012000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Residential - The Beach House Apartments</name>
        <lei>N/A</lei>
        <title>Residential - The Beach House Apartments</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BEACHDEVP"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>33436533.12000000</valUSD>
        <pctVal>2.312538908598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Amounts indicated represent non-unitized equity ownership interests in unconsolidated subsidiaries that hold real properties." noteItem="C.2.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-26</ncom:dateSigned>
      <ncom:nameOfApplicant>KKR REAL ESTATE SELECT TRUST INC.</ncom:nameOfApplicant>
      <ncom:signature>Megan Gaul</ncom:signature>
      <ncom:signerName>Megan Gaul</ncom:signerName>
      <ncom:title>CFO of KREST</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
