KKR Real Estate Finance Trust Results Presentation Deck

Conservative Portfolio Construction and Liability Management 100% 80% 60% 40% 20% 0% $150 $100 4 $50 $0 Investment Portfolio Evolution 27% 6% 67% At IPO $50 <3% At IPO 97% 4Q'18 Larger Average Loan Size $100 <1% 4Q'18 99% 1Q'20 $130 1Q'20 Other Securities Mezz Loan Senior Loan 100% 80% 60% 40% 20% 0% 100% 80% 60% 40% 20% 0% Property Type Evolution 62% 31% At IPO 0% 86% At IPO 7% 4Q'18 Increased Non-MTM Financing 60% 85% 4Q'18 8% 1Q'20 73% 1Q'20 KREF benefits from KKR's alignment of interest (36% ownership), one firm culture and integrated real estate platform Multifamily and Office Hospitality and Retail KKR REAL ESTATE FINANCE TRUST

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