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(2) Max Remaining Term (Yrs.) Loan Risk Rating Mountain View Office (1) (2) Floating-Rate Senior Loan July 2021 Five Class-A Office Buildings totaling 446k SF Acquisition Mountain View, CA $250 million (¹) $192 million $626 / SF SOFR + 3.3% 73% 3.9 4 Washington, D.C. Office Floating-Rate Senior Loan December 2019 Class-A Office totaling 200k SF Refinance Washington, D.C. $176 million $144 million $706 / SF LIBOR + 3.4% 58% 2.3 4 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 LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated KREF Philadelphia Office Floating-Rate Senior Loan June 2018 2-Building, 978k RSF Office Portfolio Acquisition Philadelphia, PA $161 million $161 million $165 / SF SOFR + 3.5% 71% 0.8 4 25

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