KKR Real Estate Finance Trust Investor Presentation Deck

Diversified Financing Sources Totaling $6.4 Billion ($ in Millions) Term Credit Facilities Term Lending Agreement Warehouse Facility Asset Specific Financing Secured Term Loan Convertible Notes Corporate Revolving Credit Facility Total Corporate Obligations Term Loan Facility Collateralized Loan Obligation Senior Loan Interests (1) Total Leverage Summary of Outstanding Financing Outstanding Face Amount Weighted Avg. Coupon $911 L+1.6% $900 Maximum Capacity $2,000 $900 $500 $300 $300 $144 $335 $4,479 $1,000 $810 $144 $6,433 $0 $60 $300 $144 $0 $2,315 $982 $810 $144 $4,251 L+1.9% n/a L+1.7% L+4.8% 6.1% L+2.0% L+1.6% L+1.4% L+1.6% Advance Rate 65.9% 81.2% n/a 78.9% 82.4% 81.0% 80.0% Non- MTM (2) (1) Includes $143.6 million of Non-Consolidated Senior Interests, which result from non-recourse sales of senior loan interest in loans KREF originated. (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions. (3) Represents (i) facilities outstanding face amount (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) facilities outstanding face amount, secured term loan, convertible notes, loan participations sold (excluding vertical loan syndications), non-consolidated senior loan interests, 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 and excludes convertible notes and the corporate revolving credit facility. 27 1.9x 0.1x 1.8x Leverage Ratios 3.8x I 0.2x 3.6x I Debt-to-Equity Ratio Total Leverage Ratio (3) (4) CECL Impact Pre-CECL KKR REAL ESTATE FINANCE TRUST

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