KKR Real Estate Finance Trust Investor Presentation Deck

Case Studies: Largest Three Office Loans Investment Loan Type Investment Date Collateral Location Committed Amount Current Principal Amount Basis Coupon (¹) LTV(2) Max Remaining Term (Yrs.) Asset Photos Bellevue Office Floating-Rate Senior Loan September 2021 Class-A Office Totaling 609k SF Bellevue, WA $260 million (3) $93 million $855/SF + 3.6% 63% 4.5 Mountain View Office Floating-Rate Senior Loan July 2021 Five Class-A Office Buildings Totaling 446k SF Mountain View, CA $250 million (4) $192 million $626/SF +3.3% 73% 3.9 Minneapolis Office (3) The total whole loan is $520.8 million, co-originated by the Company and KKR affiliates. The Company's interest is 50.0% of the loan (4) The total whole loan is $362.8 million, co-originated by the Company and a KKR affiliate. The Company's interest is 68.9% of the loan KREF Floating-Rate Senior Loan November 2017 Two Class-A Office Buildings Totaling 1.1mm SF Minneapolis, MN $194 million $194 million $179 / SF + 3.8% N/A 0.2 (1) Coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable for each loan (2) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated. For the Bellevue Office, a Class-A development project, LTV is based on the appraised as stabilized estimated value upon completion 20

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