Supplemental Prospectus - Form 424B3

Filed pursuant to Rule 424(b)(3)
File No. 333-264475

KKR REAL ESTATE SELECT TRUST INC.

SUPPLEMENT NO. 2 DATED AUGUST 7, 2024

TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION

EACH DATED APRIL 25, 2024

This supplement (this "Supplement") is part of and should be read in conjunction with the prospectus ("Prospectus") and Statement of Additional Information ("SAI") of KKR Real Estate Select Trust Inc. dated April 25, 2024. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. References herein to the "Fund," "KREST," "we," "us," or "our" refer to KKR Real Estate Select Trust Inc. and its subsidiaries unless the context specifically requires otherwise.

The purpose of this Supplement is to update the Prospectus and SAI to reflect updates to the KREST leadership team as the result of promotions within Kohlberg Kravis Roberts & Co. L.P. ("KKR") and our commitment of senior KKR Real Estate leadership resources to support the Fund's objectives. Our Board of Directors has appointed Julia Butler as our Chief Executive Officer and to serve as President and a member of our board of directors. Ms. Butler had previously served as Chief Investment Officer of the Fund. Matt Salem, Partner and Head of KKR Real Estate Credit, has joined our board of directors as Vice Chairman of the Board of Directors.

Updates to the Prospectus

MANAGEMENT OF THE FUND

The fourth paragraph of the section of the Prospectus titled "Management of the Fund - Investment Management Team" is hereby deleted in its entirety.

The second to last paragraph of the section of the Prospectus titled "Management of the Fund - Investment Management Team" is hereby deleted and replaced with the following:

Julia Butler - Chief Executive Officer. Ms. Butler joined KKR in 2017 and is the Chief Executive Officer and President of the Fund. Ms. Butler has more than two decades of real estate investing experience across both real estate equity and credit. Prior to joining the KREST senior leadership team as Chief Investment Officer, Ms. Butler had been actively involved in the growth of KKR's Real Estate Credit business, including sourcing, underwriting, and structuring real estate credit investment opportunities as well as capital formation. Prior to joining KKR, Ms. Butler spent thirteen years at iStar where she was an executive vice president, responsible for sourcing, negotiating and managing debt and equity investments in the U.S. and Europe. Prior to iStar, Ms. Butler worked in the treasury department of The Walt Disney Company in Los Angeles, CA. She leads the Women's Network at KKR and is actively involved with several non-profits and currently serves on the Board of Directors for WIN (Women in Need), NYC's largest homeless organization for women and children. Ms. Butler is also a member of several real estate organizations, including the Urban Land Institute where she serves as a national multifamily council leader, the Commercial Real Estate Finance Council, and WX. Ms. Butler graduated cum laude from Harvard College with a B.A. in Government.

Updates to the Statement of Additional Information ("SAI")

MANAGEMENT OF THE FUND

The following table supersedes and replaces the table in the section of the SAI titled "Management of the Fund - Directors of the Fund - Interested Directors":

The last paragraph of the section of the SAI titled "Management of the Fund - Experience of Directors" is hereby deleted and replaced with the following:

Julia Butler, an Interested Director, joined KKR in 2017 and is the Chief Executive Officer and President of the Fund. Ms. Butler has more than two decades of real estate investing experience across both real estate equity and credit. Prior to joining the KREST senior leadership team as Chief Investment Officer, Ms. Butler had been actively involved in the growth of KKR's Real Estate Credit business, including sourcing, underwriting, and structuring real estate credit investment opportunities as well as capital formation. Prior to joining KKR, Ms. Butler spent thirteen years at iStar where she was an executive vice president, responsible for sourcing, negotiating and managing debt and equity investments in the U.S. and Europe. Prior to iStar, Ms. Butler worked in the treasury department of The Walt Disney Company in Los Angeles, CA. She leads the Women's Network at KKR and is actively involved with several non-profits and currently serves on the Board of Directors for WIN (Women in Need), NYC's largest homeless organization for women and children. Ms. Butler is also a member of several real estate organizations, including the Urban Land Institute where she serves as a national multifamily council leader, the Commercial Real Estate Finance Council, and WX. Ms. Butler graduated cum laude from Harvard College with a B.A. in Government.

Matt Salem, an Interested Director, joined KKR in 2015 and is a Partner and Head of Real Estate Credit. He has served as a director since February 2022 and as Chief Executive Officer of KKR Real Estate Finance Trust Inc. (KREF) since March 2020. Mr. Salem has also served as the Chief Executive Officer of KREF's manager since January 2021 and is a member of its investment committee. Mr. Salem previously served as Co-Chief Executive Officer and Co-President of KREF from October 2015 through March 2020, and of KREF's manager from March 2016 through January 2021. Mr. Salem sits on KKR's Real Estate Investment Committees. Prior to joining KKR, Mr. Salem was a managing director at Rialto Capital Management. Before joining Rialto in 2012, he was a managing director and head of CMBS trading at Goldman Sachs. Before joining Goldman Sachs in 2006, Mr. Salem held positions at Morgan Stanley and Citigroup Alternative Investments where he invested in mezzanine debt and other high yield CRE credit on behalf of the Travelers Insurance Companies. He began his career in 1996 at Midland Loan Services in Kansas City. Mr. Salem has a B.A. in Economics from Bates College. He has served on the Board of Governors of the Commercial Real Estate Finance Council and as Chair of the B-Piece Buyer Forum.

The following table supersedes and replaces the table in the section of the SAI titled "Management of the Fund - Director Beneficial Ownership of Fund Shares and Interests in Affiliates - Interested Directors":

The following table supersedes and replaces the table in the section of the SAI titled "Management of the Fund - Director and Officer Compensation - Interested Directors":

The section of the SAI titled "Management of the Fund - Officers of the Fund" is hereby deleted in its entirety and replaced with the following:

Officers of the Fund

The Fund's executive officers are elected each year at a regular meeting of the Board to hold office until their respective successors are duly elected and qualify. In addition to Julia Butler, the executive officers of the Fund currently are:

The second table in the section of the SAI titled "Management of the Fund - Portfolio Managers" is hereby deleted in its entirety.

The second row of the table in the section of the SAI titled "Management of the Fund - Securities Ownership of Portfolio Managers" is hereby deleted in its entirety.