KKR Real Estate Finance Trust Investor Presentation Deck

Case Studies: Watch List Loans (Risk Rating 5) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon Max Remaining Term (Yrs.) Loan Risk Rating KREF Minneapolis Office Floating-Rate Senior Loan November 2017 Two Class-A Office Buildings totaling 1.1mm SF Refinance Minneapolis, MN $194 million $194 million $179 / SF LIBOR + 3.8% 0.2 5 Philadelphia Office Floating-Rate Senior Loan April 2019 4-Building, 711k RSF Office Portfolio Acquisition Philadelphia, PA $183 million $157 million $220 / SF LIBOR + 2.6% 1.6 5 24

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