#1KKR REAL ESTATE FINANCE TRUST Investor Presentation | July 2021 RUKE#2Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF", the "Company", "we", or "us"). This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment advice or any other service by KREF. Nothing in this presentation constitutes the provision of any tax, accounting, financial, investment, regulatory, legal or other advice by KREF or its advisors. This presentation may not be referenced, quoted or linked by website by any third party, in whole or in part, except as agreed to in writing by KREF. 2 This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify, in particular due to the uncertainties created by the COVID-19 pandemic, including the projected impact of COVID-19 on our business, financial performance and operating results. The forward-looking statements are based on the Company's beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the severity and duration of the COVID-19 pandemic; potential risks and uncertainties relating to the ultimate geographic spread of COVID-19; actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact; the potential negative impacts of COVID-19 on the global economy and the impacts of COVID-19 on the Company's financial condition and business operations; adverse developments in the availability of desirable investment opportunities whether they are due to competition, regulation or otherwise; the general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which we invest; the level and volatility of prevailing interest rates and credit spreads; adverse changes in the real estate and real estate capital markets; difficulty or delays in redeploying the proceeds from repayments of our existing investments; general volatility of the securities markets in which we participate; changes in our business, investment strategies or target assets; deterioration in the performance of the properties securing our investments that may cause deterioration in the performance of our investments and, potentially, principal losses to us; acts of God such as hurricanes, earthquakes and other natural disasters, pandemics such as COVID-19, acts of war and/or terrorism and other events that may cause unanticipated and uninsured performance declines and/or losses to us or the owners and operators of the real estate securing our investments; the adequacy of collateral securing our investments and declines in the fair value of our investments; difficulty in obtaining financing or raising capital; difficulty in successfully managing our growth, including integrating new assets into our existing systems; reductions in the yield on our investments and increases in the cost of our financing; defaults by borrowers in paying debt service on outstanding indebtedness; the availability of qualified personnel and our relationship with our Manager; subsidiaries of KKR & Co. Inc. control us and KKR's interests may conflict with those of our stockholders in the future; the cost of operating our platform, including, but not limited to, the cost of operating a real estate investment platform; adverse legislative or regulatory developments; our qualification as a real estate investment trust for U.S. federal income tax purposes and our exclusion from registration under the Investment Company Act of 1940, as amended; and authoritative accounting principles generally accepted in the United States of America or policy changes from such standard-setting bodies such as the Financial Accounting Standards Board, the Securities and Exchange Commission (the "SEC"), the Internal Revenue Service, the New York Stock Exchange and other authorities that we are subject to, as well as their counterparts in any foreign jurisdictions where we might do business; and other risks and uncertainties, including those described under Part I-Item 1A. "Risk Factors" of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this presentation. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this presentation and in the Company's filings with the SEC. All forward looking statements in this presentation speak only as of July 27, 2021. KREF undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All financial information in this presentation is as of June 30, 2021 unless otherwise indicated. This presentation also includes non-GAAP financial measures, including Distributable Earnings and Distributable Earnings per Diluted Share. Such non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP. U.S. GAAP. KKR REAL ESTATE FINANCE TRUST#3KKR Real Estate Finance Trust Inc. Overview Best In Class Portfolio Im $5.6 Billion Investment Portfolio 3 98.3% Senior Loans $132 Million Average Loan Commitment 83% Multifamily & Office 13.0% Unfunded Purpose built portfolio of senior loans secured primarily by lighter transitional, institutional multifamily and office properties owned by high quality sponsors. (3) (4) Figures represent AUM across all KKR real estate transactions. Conservative Balance Sheet $6.1 Billion Financing Capacity 76% Fully Non-Mark-to-Market (¹) $634 Million Current Liquidity (2) Conservative liability management focused on diversified non-mark-to-market financing capacity Fully Integrated with KKR 26% KKR Ownership in KREF $367 Billion $23 Billion Global AUM(3) Balance Sheet(³) $28 Billion Real Estate AUM(3) (4) (1) Based on outstanding face amount of secured financing, including non-consolidated senior interests, and excludes convertible notes and the corporate revolving credit facility. 100% of financings are non-mark-to-capital markets marks. (2) Includes $119.2 million in cash, $335.0 million undrawn corporate revolver capacity, and $138.8 million of available borrowings based on existing collateral. As of March 31, 2021. 114 Real Estate Professionals One firm culture that rewards investment discipline, creativity, determination and patience and emphasizes the sharing of information, resources, expertise and best practices KKR REAL ESTATE FINANCE TRUST#41 Investment Highlights 2 KKR 4 Cycle Tested, Experienced Leadership Team Sponsorship 3 Differentiated Investment Strategy 息 E 4 Best in Class Investment Portfolio $ KKR Real Estate Finance Trust FEA ("KREF") is a differentiated company fully integrated within KKR Real Estate ✔ 5 % Conservative Liability Management 6 Earnings Power from LIBOR Floors KKR REAL ESTATE FINANCE TRUST#5KKR Sponsorship LO 5 KKR REAL ESTATE FINANCE TRUST#6KKR Platform - A Leading Global Asset Manager KKR Founded 1976 (1) KKR operates with a single culture that rewards investment discipline, creativity, determination and patience and emphasizes the sharing of information, resources, expertise and best practices across offices and asset classes. (2) (3) $367bn Assets Under Management 6 $23bn Internal Balance Sheet ~632 Investment Professionals 0000 20 / 15 Cities / Countries KKR Real Estate Attributes ~$29 billion in AUM in Real Estate strategies globally(¹) ~114 dedicated Real Estate investment and asset management professionals (2) across 11 cities in 8 countries Strategic Growth Vertical: $3.2 billion of KKR balance sheet and employee capital committed across KKR real estate strategies (3) Figures represent AUM across all KKR real estate transactions since 2011; strategies include Real Estate Partners Americas, Real Estate Partners Europe, Asia Real Estate Partners, Property Partners Americas, Real Estate Credit, Global Atlantic assets, Real Estate NBFC, Private Equity funds, Special Situations, trophy single tenant investments in KKR Credit accounts, Balance Sheet investments and a pro rata portion of DRM's AUM ($423 million). KKR does not act as an investment adviser to Drawbridge or any of its portfolio investments. Please see the Important Information at the beginning of this presentation for additional information regarding KKR's investment in DRM and Drawbridge and the calculation of AUM. As of March 31, 2021. Includes investment and asset management professionals. Inception to date Balance Sheet commitments include Balance Sheet, KKR Financial Holdings LLC ("KFN") and KKR Employee Commitments to all RE transactions since inception of dedicated RE business in March 2011 including transactions in Special Situations and Asian Private Equity funds. KKR REAL ESTATE FINANCE TRUST#7Integrated Americas Real Estate Platform (1) Integrated Real Estate Platform ● Differentiated access to information and enhanced relevance in RE capital markets One leadership team Scaled portfolio: own or lend on ~$109bn of RE assets RE Equity ~$15bn of asset value(1) RE Senior Loans $14bn loan portfolio 23bn of collateral value(2) RE CMBS Securities $42bn principal loan balance $72bn underlying asset value(2) REPA I / II / III: opportunistic KPPA: core plus KREF: primarily senior loans on transitional properties in the top 15 MSAS ROX: real estate opportunistic credit Global Atlantic: primarily senior loans RECOP I / II: primarily newly originated conduit CMBS B-pieces RESTAC: SASB CMBS Global Atlantic: Conduit and SASB CMBS Represents current portfolio in REPA I, REPA II, KPPA, KFN, separately managed accounts, KKR-managed co-investment vehicles, third party co-investment capital, KKR employees, and trophy single tenant investments in KKR Credit accounts as of March 31, 2021. Figures include all closed transactions and transactions that have been committed to and are under contract as of March 31, 2021. Any transactions that have not closed are subject to customary closing conditions. Asset value represents total purchase price at closing. There can be no assurance that commitment amounts will be fully deployed and there can be no assurance that these transactions will be consummated, and if consummated, will be consummated on the terms and price herein. (2) Represents implied value based on weighted average LTV of respective strategies. 7 KKR REAL ESTATE FINANCE TRUST#8KREF Integration with KKR KREF differentiates itself by seeking opportunities where it has sourcing, underwriting and execution advantages through KKR's brand, industry knowledge, relationships and deep bench of investment professionals KKR Private Equity $86BN of AUM, ~184 professionals globally, 100+ portfolio. companies globally KKR Global Macro & Asset Allocation ~28 professionals globally, insight on macro market observations and MSA analytics KKR Senior Advisors(1) ~61 advisors globally, including four dedicated real estate advisors ® KKR REAL ESTATE FINANCE TRUST % 18 Note: As of March 31, 2021. (1) Senior Advisors, Industry Advisors and KKR Advisors are engaged as consultants and are not employees of KKR. 8 KKR Credit $165BN of AUM, ~159 professionals globally, sourcing & UW synergies KKR Capital Markets ~45 professionals globally, sourcing and structuring expertise KKR Public Affairs ~18 professionals globally, stakeholder relations Integration Drives Meaningful Benefits to KREF $ Deep network of direct relationships to source high-quality investments Differentiated credit assessment capabilities Solutions provider for complex business plans offering speed and certainty Best-in-class financing creates attractive risk- adjusted returns KKR REAL ESTATE FINANCE TRUST#9Experienced Leadership Team 9 KKR REAL ESTATE FINANCE TRUST#10KKR Real Estate Credit Investment Committee 10 Diversity of Manager's Investment Committee creates a thorough vetting process ● ● KREF Management Team ● MATT SALEM CEO KREF Partner & Head of Real Estate Credit Joined KKR in 2015 Formerly at Rialto Capital Management and Goldman Sachs JENNY BOX Partner & Co-Head of Special Situations Americas • Joined KKR in 2019 Formerly at Oaktree and Blackstone ● ● ● ● PATRICK MATTSON President & COO KREF Managing Director & COO of Real Estate Credit Joined KKR in 2015 Formerly at Rialto Capital Management and Morgan Stanley BILLY BUTCHER Partner & Chief Operating Officer of Global Real Estate Joined KKR in 2004 Formerly at Goldman Sachs ● ● ● RALPH ROSENBERG Chairman of KREF Board Partner & Global Head of Real Estate KREF Directors Joined KKR in 2011 Formerly at Eton Park and Goldman Sachs ROGER MORALES Partner & Head of Real Estate Acquisitions Americas Joined KKR in 2011 Formerly at Eton Park and Vornado Realty Trust ● ● ● CHRIS LEE Vice Chairman of KREF Board Partner & Head of Real Estate Americas Joined KKR in 2012 Formerly at Apollo Global Management and Goldman Sachs JUSTIN PATTNER Partner & Head of Real Estate Equity Americas Joined KKR in 2011 Formerly at Eton Park and Lubert Adler KKR REAL ESTATE FINANCE TRUST#11KKR Real Estate Finance Trust Team Leadership Team Senior Investment Team JOEL TRAUT Managing Director Head of Originations RALPH ROSENBERG Chairman of the Board Joined KKR in 2015 Formerly a Director at GE Capital Real Estate with over 18 years industry experience Asset Management 11 CHRISTINE PATTERSON Director Head of Asset Management Joined KKR in 2018 Formerly a Principal at Blackstone with over 20 years industry experience JULIA BUTLER Managing Director Northeast & Midwest Regions Joined KKR in 2017 Formerly an Executive VP at iStar with over 18 years industry experience JASON KELLEY CHRIS LEE Vice Chairman of the Board Director New York Portfolio Management PAUL FINE Director Northeast & Northwest Regions Joined KKR in 2015 Formerly a Director at CCRE with over 14 years industry experience Legal Joined KKR in 2021 Formerly head of credit for the real estate credit group at Global Atlantic with over 20 years industry experience MATT SALEM Chief Executive Officer RACHEL HUNTER-GOLDMAN Director Northeast and Southeast Regions Joined KKR in 2021 Formerly a Principal at Apollo Global Management with over 9 years industry experience VINCENT NAPOLITANO Director General Counsel & Secretary Joined KKR in 2020 Formerly an Associate at Skadden, Arps with over 10 years industry experience PATRICK MATTSON President & Chief Operating Officer IAN MCCONNELL Director West Coast Region Joined KKR in 2020 Formerly a Senior VP at Starwood Property Trust with over 15 years industry experience Capital Markets & Investor Relations JACK SWITALA Principal Investor Relations & Equity Capital Markets Joined KKR in 2021 Formerly a Vice President at Wells Fargo Securities with over 8 years industry experience MOSTAFA NAGATY Chief Financial Officer & Treasurer ADAM SIMON Director Northeast & Southwest Regions Joined KKR in 2015 Formerly a VP at Rialto Capital Management with over 14 years industry experience 46 + JULIAN HODGEMAN Principal Southeast & Southwest Regions Joined KKR in 2015 Formerly an associate at Rialto Capital Management with over 11 years industry experience Investment Professionals Finance, Investor Relations & Capital Markets Professionals KKR REAL ESTATE FINANCE TRUST#12Differentiated Investment Strategy 12 KKR REAL ESTATE FINANCE TRUST#13Differentiated, Conservative Investment Strategy Lending on institutional quality real estate owned by high-quality sponsors in the most liquid markets Institutional Quality Commercial Real Estate R Average Loan Size $132mm % of Portfolio Office / Multifamily Loans 83% Average Occupancy of Office / Multifamily Loans 81% Construction Loans **1.4% Most Liquid Markets, with Strong Underlying Fundamentals Top 15 MSAS 79% Top 20 MSAS 91% Note: The data above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans. (1) 1/1/2020 - 6/30/2021. 13 High-Quality, Experienced & Well-Capitalized Sponsors Select Examples: AUM, Top 10 Publicly Traded Global Asset Manager $100bn+ Market Capitalization, Top 5 Global Investment Bank $50bn+ Units, Top Regional Multifamily Developer and Operator 15,000+ 2020 2021 YTD Repeat Borrowers(¹) 33% KKR REAL ESTATE FINANCE TRUST#14Conservative Portfolio Construction 100% 80% 60% 40% 20% 0% ($ in Millions) $150 $100 $50 $0 27% 6% 67% At IPO $62 At IPO Investment Portfolio <1% 99% 2Q'20 $147 <2% 2Q'20 98% Average Loan Commitment 2Q¹21 Senior Loan Non-Senior/ Other Loan Securities $132 2Q¹21 Note: The charts above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine/other loans. 14 100% 80% 60% 40% 20% 0% 25% 20% 15% 10% 5% 0% 62% 31% At IPO 23% Property Type At IPO 81% 8% 2Q'20 9% 83% 2Q'20 6% Future Funding as a Percentage of Total Commitments 2Q¹21 Multifamily and Office Hospitality and Retail 13% 2Q¹21 KKR REAL ESTATE FINANCE TRUST#15Targeted Strike Zone 15 Representative Terms on Newly-Originated Senior Loans Loan Size $50-$400 million Collateral Primarily Light Transitional CRE Properties Sponsorship Well-Established, Capitalized & Experienced Geographies Top 30 U.S. Markets Property Types Multifamily, Office, Industrial, Hospitality, Retail, and Other Commercial Property Types Loan-to-Value Typically 75% or less Maturity 2-3 years with Extension Options Representative Pricing L+ 3.00 3.50% with LIBOR Floors Fees Typically 1.00% Upfront Discount + Extension Fees --- Key Attributes of KREF's Investments Primarily Larger, Floating-Rate Senior Loans Institutional Sponsors Major Markets High-Quality Real Estate KKR REAL ESTATE FINANCE TRUST#16Rigorous Investment Screening and Selection Process Over the last twelve months, KREF screened $67.5 billion of financing opportunities and originated $2.1 billion (3%) of senior loans (1) LTM as of 6/30/21, values represent approximations. 16 Large opportunity set funneled through rigorous screening and approval process Rigorous Screening The "KKR Edge" Deals Screened: $67.5bn (¹) Total Underwritten: $20.1bn(¹) Total Quoted: $12.2bn(¹) Total Closed(¹): $2.1bn Multidisciplinary Review KKR REAL ESTATE FINANCE TRUST#17Best In Class Investment Portfolio 17 KKR REAL ESTATE FINANCE TRUST#18KREF Loan Portfolio by the Numbers Current Portfolio: $5.9 billion (1) Including net funding and repayment activity subsequent to quarter-end $1,265 18 2Q¹17 6% 9% Total Portfolio Growth $2,960 2Q'18 Other <5%, 12% 6% $4,952 9% 2Q'19 Geography (2) 12% $5,257 2Q'20 12% 11% 6% $5% ($ in Millions) $5,618 2Q¹21 12% Investment Type(³) Class-B. 24% Senior Loans 98.9% Condo (Residential) 5% Office Mezz/Other 1.1% Hospitality. 4% Class-A 76% Property Type Student Housing 3% Office 33% Interest Rate Type Industrial Retail 3% 2% Multifamily 50% Floating 99.9% Single Family Rental <1% Class-B 15% Multifamily Note: The charts above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans. (1) As of July 23, 2021. (2) Map excludes $5.5 million Midwest Mezzanine portfolio and $38.1 million real estate corporate loan. (3) Senior loans include senior mortgages and similar credit quality loans, including related contiguous junior participations in senior loans where KREF has financed a loan with structural leverage through the non-recourse sale of a corresponding first mortgage and excludes vertical loan syndications. Class-A 85% Fixed 0.1% KKR REAL ESTATE FINANCE TRUST#19Multifamily and Office Loan Overview 70% Multifamily: 50% of Loan Portfolio $131 mm Average Loan Size 2019 59% W.A. Occupancy at Closing 73% 1Q20 W.A. Occupancy 74% 70% W.A. LTV 84% (¹) W.A. Occupancy Current 2Q20 77% 3Q20 3% Construction Loans 2019 Median Year Built Multifamily 74% 4Q20 Note: Data as of June 30, 2021. (1) Based on most recent data available from our borrowers as of June 30, 2021. 19 76% 1Q21 84% 2Q21 77% Office: 33% of Loan Portfolio $165 mm Average Loan Size 74% W.A. Occupancy at Closing 2019 75% li 1Q20 77% (¹) W.A. Occupancy Current W.A. Occupancy 78% 63% W.A. LTV 2Q20 73% 3Q20 1% Co-Working Exposure 6.0 years W.A. Remaining Lease Term Office 73% 4Q20 74% 1Q21 77% 2Q21 KKR REAL ESTATE FINANCE TRUST#20Case Studies: Largest Three Multifamily Loans Investment Loan Type Investment Date Collateral Location Committed Amount Current Principal Amount Basis Coupon LTV(¹) Max Remaining Term (Yrs.) Asset Photos Chicago Multifamily Floating-Rate Senior Loan June 2019 800-Unit Class-A Luxury Multifamily Chicago, IL $340 million $340 million $425k / unit L + 2.8% 75% 5.0 (1) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated. 20 Arlington Multifamily Floating-Rate Senior Loan June 2019 1,100-Unit Class-A Multifamily Arlington, VA $279 million $271 million $244k / unit L + 2.6% 70% 3.0 Los Angeles Multifamily Floating-Rate Senior Loan February 2021 536-unit Class-A Multifamily Los Angeles, CA $260 million $248 million $463k / unit L + 3.6% 68% 4.7 KKR REAL ESTATE FINANCE TRUST#21Case Studies: Largest Three Office Loans Investment Loan Type Investment Date Collateral Location Committed Amount Current Principal Amount Basis Coupon LTV(¹) Max Remaining Term (Yrs.) Asset Photos Boston Office Floating-Rate Senior Loan May 2018 Class-B+ Office Totaling 474k SF Boston, MA $251 million $225 million $482 / SF L + 3.2% 53% 2.5 www (1) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated. 21 Minneapolis Office Floating-Rate Senior Loan November 2017 Two Class-A Office Buildings Totaling 1.1mm SF Minneapolis, MN $194 million $194 million $179 / SF L + 3.8% 63% 1.4 Floating-Rate Senior Loan Boston Office February 2021 Three Class-A Office Buildings Totaling 742k SF Boston, MA HE WAREN WO LEN, HETARY SPO SON 1 713 REDPUMS (9) A u $188 million $188 million $506 / SF L + 3.3% 71% 4.6 e EIN NING TENTA AGHTS Sedikit KKR REAL ESTATE FINANCE TRUST