KKR Real Estate Finance Trust Results Presentation Deck

Consolidated Balance Sheets (in thousands - except share and per share data) Assets Cash and cash equivalents Commercial mortgage loans, held-for-investment Less: Allowance for credit losses Commercial mortgage loans, held-for-investment, net Equity method investments Accrued interest receivable Other assets Total Assets Liabilities and Equity Liabilities Secured financing agreements, net Collateralized loan obligation, net Convertible notes, net Loan participations sold, net Dividends payable Accrued interest payable Accounts payable, accrued expenses and other liabilities Due to affiliates Total Liabilities Commitments and Contingencies Temporary Equity Redeemable preferred stock (1) Permanent Equity Preferred stock, 50,000,000 authorized (1 share with par value of $0.01 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively) Common stock, 300,000,000 authorized (55,838,032 and 57,486,583 shares with par value of $0.01 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively) Additional paid-in capital Accumulated deficit Repurchased stock, 3,511,240 and 1,862,689 shares repurchased as of March 31, 2020 and December 31, 2019, respectively Total KKR Real Estate Finance Trust Inc. stockholders' equity 22 $ $ March 31, 2020 Total Permanent Equity Total Liabilities and Equity (1) Includes $4.3 million and $0.0 million of reserve for unfunded loan commitments at March 31, 2020 and December 31, 2019, respectively. 369,867 5,089,968 (65,979) 5,023,989 34,441 17,263 10,121 5,455,681 3,368,329 805,008 139,420 64,972 24,204 7,513 8,907 5,022 4,423,375 2,108 575 1,167,602 (82,777) (55,202) 1,030,198 1,030,198 5,455,681 December 31, 2019 $ $ $ 67,619 4,931,042 4,931,042 37,469 16,305 4,583 5,057,018 2,884,887 803,376 139,075 64,966 25,036 6,686 3,363 5,917 3,933,306 1,694 575 1,165,995 (8,594) (35,958) 1,122,018 1,122,018 5,057,018 KKR REAL ESTATE FINANCE TRUST

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