KKR Real Estate Finance Trust Investor Presentation Deck

Case Studies: Watch List Loans (Risk Rating 4) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon LTV(¹) Max Remaining Term (Yrs.) Loan Risk Rating Mountain View Office Floating-Rate Senior Loan July 2021 Five Class-A Office Buildings totaling 446k SF Acquisition Mountain View, CA $250 million (2) $195 million $636 / SF SOFR + 3.4% 73% 3.6 4 Washington, D.C. Office Floating-Rate Senior Loan December 2019 Class-A Office totaling 200k SF Refinance Washington, D.C. $176 million $149 million $729 / SF LIBOR + 3.4% 58% 2.0 4 (1) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated (2) The total whole loan facility is $363 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 69% of the loan or $250 million KREF West Hollywood Multifamily Floating-Rate Senior Loan January 2022 37-unit Class-A Multifamily Refinance West Hollywood, CA $102 million $102 million $2,756,757 / unit LIBOR + 3.0% 65% 4.1 4 25

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