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 $50 Investment Portfolio Evolution At IPO <3% 97% 4Q'18 $100 <1% 4Q'18 99% Larger Average Loan Size 3Q'20 Securities Mezz Loan Senior Loan $135 3Q'20 100% Note: The charts above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans. 14 80% 60% 40% 20% 0% 25% 20% 15% 10% 5% 0% 62% 31% At IPO 23% Property Type Evolution At IPO 86% 7% 4Q'18 10% 83% 4Q'18 8% Future Funding as a Percentage of Total Commitments 3Q'20 Multifamily and Office Hospitality and Retail 9% 3Q'20 KKR REAL ESTATE FINANCE TRUST

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