KKR Real Estate Finance Trust Investor Presentation Deck

Diversified Financing Sources Totaling $6.7 Billion ($ in Millions) Term Credit Facilities Term Lending Agreements Warehouse Facility Asset Specific Financing Secured Term Loan Convertible Notes Corporate Revolving Credit Facility Total Corporate Obligations Term Loan Facility Collateralized Loan Obligations Total Leverage Summary of Outstanding Financing Outstanding Face Amount Weighted Avg. Coupon L+1.7% Maximum Capacity $1,840 $1,213 $500 $300 $298 $144 $335 $4,630 $1,000 $1,095 $6,725 $847 $1,008 $0 $60 $298 $144 $150 $2,507 $904 $1,095 $4,506 L+1.8% n/a L+1.7% L+4.8% (2) 6.1% L+2.0% L+1.6% L+1.3% (1) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions. (2) Secured term loan is open for repricing following its first anniversary. Advance Rate 66.7% 82.1% n/a 78.9% 82.0% 84.3% Non- MTM (1) (3) Represents (i) total outstanding debt agreements (excluding non-recourse term loan facility), secured term loan and convertible notes, less cash to (ii) total permanent equity, in each case, at period end. (4) Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end. (5) Based on outstanding face amount of secured financing, including non-consolidated senior interests, which result from non-recourse sales of senior loan interest in loans KREF originated, and excludes convertible notes and the corporate revolving credit facility. 26 1.8x 0.1x 1.7x Leverage Ratios 3.4x 0.2x 3.2x Debt-to-Equity Total Leverage Ratio (3) Ratio (4) CECL Impact Pre-CECL KKR REAL ESTATE FINANCE TRUST

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