KKR Real Estate Finance Trust Investor Presentation Deck

Conservative Portfolio Construction 100% 80% 60% 40% 20% 0% ($ in Millions) $150 $100 $50 $0 27% 6% 67% At IPO $62 At IPO Investment Portfolio <1% 99% 3Q'20 $148 <2% 3Q'20 98% Average Loan Commitment(¹) 3Q'21 Senior Loan Non-Senior/ Other Loan Securities $136 3Q'21 Note: The charts above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine/other loans. (1) Average loan commitment is inclusive of the unfunded commitment. 14 100% 80% 60% 40% 20% 0% 25% 20% 15% 10% 5% 0% 62% 31% At IPO 23% Property Type At IPO 83% 8% 3Q'20 9% 71% 3Q'20 8% Future Funding as a Percentage of Total Commitments 3Q'21 ■Multifamily and Office Hospitality and Retail 17% 3Q'21 KKR REAL ESTATE FINANCE TRUST

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