KKR Real Estate Finance Trust Results Presentation Deck

Portfolio Details # Investment Senior Loans (1) 1 Senior Loan 2 3 4 5 6 7 8 9 10 11 Senior Loan 12 Senior Loan 13. Senior Loan 14 Senior Loan 15 Senior Loan 16 Senior Loan 17 Senior Loan 18 Senior Loan 19 Senior Loan 20 Senior Loan 21 Senior Loan Senior Loan 22 23 Senior Loan Senior Loan 24 25 Senior Loan 26 Senior Loan Senior Loan 27 28 Senior Loan 29 Senior Loan 30 Senior Loan 31 Senior Loan 32 Senior Loan 33 Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Location Brooklyn, NY Chicago, IL Arlington, VA New York, NY Boston, MA Plano, TX Various Minneapolis, MN Chicago, IL Denver, CO Irvine, CA Philadelphia, PA Washington, D.C. Seattle, WA Chicago, IL Philadelphia, PA New York, NY North Bergen, NJ Fort Lauderdale, FL Various 34 35 36 37 38 Total / Weighted Average Mezzanine Loans 1 Fixed Rate Mezzanine 2 Floating Rate Mezzanine Total / Weighted Average CMBS Total / Weighted Average Portfolio Total / Weighted Average 1020 Outstanding Portfolio (8) New York, NY Boston, MA West Palm Beach, FL Portland, OR San Diego, CA State College, PA Seattle, WA Los Angeles, CA New York, NY Seattle, WA Philadelphia, PA Brooklyn, NY Queens, NY Atlanta, GA Herndon, VA Austin, TX Atlanta, GA Queens, NY Various Westbury, NY *See footnotes on subsequent page 19 Property Type Multifamily Multifamily Multifamily Multifamily Office Office Multifamily Office Multifamily Multifamily Office Office Office Office Office Office Multifamily Multifamily Hospitality Retail Condo (Resi) Multifamily Multifamily Retail Multifamily Student Housing Multifamily Multifamily Multifamily Office Multifamily Hospitality Industrial Industrial Multifamily Multifamily Multifamily Multifamily Retail Multifamily Investment Date 5/22/2019 6/28/2019 6/28/2019 12/20/2018 5/23/2018 2/6/2020 5/31/2019 11/13/2017 6/6/2019 8/13/2019 11/15/2019 4/11/2019 12/20/2019 9/13/2018 7/15/2019 6/19/2018 12/5/2018 10/23/2017 11/9/2018 12/19/2019 8/4/2017 3/29/2019 11/7/2018 10/26/2015 2/3/2020 10/15/2019 9/7/2018 12/11/2019 3/29/2018 3/20/2018 10/30/2018 1/18/2019 7/21/2017 7/24/2018 12/23/2019 9/12/2019 8/9/2019 10/9/2018 6/8/2015 1/27/2020 Committed Principal Amount Principal Amount $386.0 340.0 273.5 234.5 227.3 226.5 216.5 194.4 186.0 185.0 183.3 182.6 175.5 172.0 170.0 165.0 163.0 150.0 150.0 147.0 143.4 138.0 135.0 125.0 106.0 93.4 92.3 91.0 86.0 80.7 77.0 76.0 75.1 74.5 73.9 67.5 61.5 45.0 $5,769.3 5.5 20.0 $25.5 Current $40.0 $5,834.8 $367.6 320.3 264.6 190.2 204.9 164.4 200.8 187.8 179.5 154.4 151.0 153.3 47.3 168.0 126.1 157.3 148.0 150.0 140.0 102.2 143.4 137.0 131.6 125.0 106.0 69.4 92.3 90.0 86.0 80.7 77.0 76.0 66.3 72.1 72.5 67.5 61.5 42.0 $5,174.0 5.5 17.3 $22.8 Net Equity (2) $91.4 68.3 65.5 32.6 38.0 32.4 34.5 33.2 35.2 59.4 34.3 37.9 12.3 29.6 20.8 40.6 23.0 35.7 27.2 25.0 46.4 24.3 28.6 49.8 41.4 16.9 16.7 18.1 14.4 14.7 12.8 15.6 12.2 15.5 11.9 12.3 11.2 7.9 $1,147.6 5.5 17.2 $22.7 $35.7 $35.7 $5,232.5 $1,206.0 Future Funding (3) $18.4 19.7 8.9 44.3 22.3 62.1 15.7 6.6 1.3 30.6 32.3 29.3 128.2 4.0 43.9 7.7 15.0 10.0 44.8 1.0 3.4 - 23.9 1.0 8.8 2.4 1.4 - 3.0 $590.2 2.7 $2.7 $4.3 $597.2 Coupon (4) (5) L + 2.7% L + 2.8% L + 2.5% L + 3.6% L+2.4% L + 2.7% L + 3.5% L + 3.8% L+2.7% L + 2.8% L + 2.9% L + 2.6% L + 3.4% L + 3.8% L +3.3% L + 2.5% L + 2.6% L + 3.2% L + 2.9% L + 2.6% L + 4.7% L + 2.7% L + 2.9% L + 5.5% L +3.3% L + 2.7% L + 2.6% L + 2.8% L + 2.6% L + 3.6% L + 2.7% L + 2.9% L + 3.0% L + 2.7% L + 2.5% L + 2.5% L + 3.0% L + 2.8% L + 3.0% 11.0% L + 9.0% 11.0% 4.7% 4.8% Max Remaining Term (Yrs) (4) (6) 4.2 6.3 4.3 3.8 3.2 4.9 4.2 2.7 4.2 4.4 4.6 4.1 4.8 3.5 4.4 3.3 3.7 2.6 3.7 5.4 1.5 4.0 3.6 0.6 4.9 4.6 3.4 2.8 3.0 3.0 3.6 3.9 2.3 3.4 4.8 4.5 4.4 3.6 3.9 5.3 4.3 4.6 9.2 3.9 Loan Per SQFT / Unit / Key $ 428,966 / unit $ 400,426 / unit $ 238,357 / unit $ 970,296 / unit $ 442 / sqft $ 177 / sqft $ 187,693/ unit $ 176/sqft $364,837 / unit $ 259,986 / unit $ 248 / sqft $ 217 / sqft $ 286/sqft $ 490 / sqft $ 121 sqft $ 162/sqft $ 556,391 / unit $ 468,750 / unit $ 404,624/ key $76/ sqft $ 1,817/ sqft (9) $ 351,282 / unit $ 162,040 / unit $ 115 sqft $ 458,874 / unit $ 54,620/ bed $ 515,571 / unit $ 416,667 / unit $ 462,366 / unit $ 473/ sqft $ 150,980 unit $ 387,755 / key $ 116/sqft $ 66/ sqft $ 246,512 / unit $ 190,678 / unit $ 170,833 / unit $333,333 / unit LTV(4)(7) $ 46/sqft $452,875 / unit 51% 75% 70% 71% 68% 64% 74% 63% 74% 64% 66% 65% 58% 62% 59% 71% 67% 57% 62% 55% 53% 63% 73% 61% 71% 64% 76% 72% 48% 61% 73% 69% 64% 74% 72% 75% 74% 70% 66% 72% 66% 67% 58% 66% $5,232.5 KKR REAL ESTATE FINANCE TRUST

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