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 LTV(¹) Max Remaining Term (Yrs.) Asset Photos Boston Office Floating-Rate Senior Loan EGEBEE May 2018 Class-B+ Office Totaling 474k SF Boston, MA $227 million $207 million $447 / SF L + 2.4% 68% 2.7 www (1) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated. 22 Plano Office Floating-Rate Senior Loan February 2020 Four Class-A- Office Buildings Totaling 930k SF Plano, TX $227 million $183 million $190 / SF L + 2.7% 64% 4.4 Minneapolis Office Floating-Rate Senior Loan November 2017 Two Class-A Office Buildings Totaling 1.1mm SF Minneapolis, MN $194 million $192 million $178 / SF L + 3.8% 63% 2.2 KKR REAL ESTATE FINANCE TRUST

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