KKR Real Estate Finance Trust Results Presentation Deck

1Q'20 Loan Activity C ($ in Millions) $4,111 Future Funding Obligations (3) $3661 $353mm Committed to 3 New Loans $3,745 66% Weighted Average LTV 1Q'19 Portfolio $1,479 2Q'19 Fundings $272 2Q'19 Repayments (4) $5,489 I $537 $4,952 2Q'19 Portfolio Summary of 1Q'20 Originations 94% Senior Loans Portfolio Funding Activity (2) $473 L+3.2% Weighted Average Coupon 3Q'19 Fundings $204 $5,777 $556 $5,221 3Q'19 3Q'19 Repayments (5) Portfolio $619 4Q'19 Fundings (1) See Appendix for definition. (2) Includes capital committed to our investment in an aggregator vehicle that invests in CMBS. (3) Future funding obligations are generally contingent upon certain events and may not result in investment by us. (4) Excludes non-consolidated senior interests and includes pari passu and vertical loan syndications, as applicable. (5) Includes sale of residual direct CMBS B-Piece investments with an initial cost of $10.0 million. 8 $765 4Q'19 Repayments (4) $5,696 Weighted Average Underwritten IRR (¹) $621 $5,075 100% Floating-Rate Loans 4Q'19 Portfolio 11.3% $338 1Q'20 Fundings $180 1Q'20 Repayments $5,826 $593 $5,233 1Q'20 Portfolio KKR REAL ESTATE FINANCE TRUST

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