KKR Real Estate Finance Trust Investor Presentation Deck

Case Studies: Watch List Loans(¹) (Risk Rating 4 & 5) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Spread LTV(2) Max Remaining Term (Yrs.) Loan Risk Rating Portland Retail October 2015 1.1M Square Foot Retail Center Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Refinance Portland, OR $110 million $110 million $101 / SF L + 5.5% 61% 0.1 New York Condo 5 December 2018 126-Unit Class-A Residential Condominium Acquisition New York, NY $235 million $196 million $1,227 / SF L + 3.6% 71% 3.3 Ft. Lauderdale Hotel 4 November 2018 346-Key Full-Service Hotel Refinance Ft. Lauderdale, FL $151 million $141 million $408k / key L + 2.9% 62% 3.2 4 New York Condo (1) Excludes $5.5 million mezzanine loan risk-rated 5. (2) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated. 24 August 2017 16 Luxury Residential Condominiums Refinance New York, NY $102 million $102 million $1,720 / SF L + 4.7% 53% 1.0 4 San Diego, Multifamily Floating-Rate Senior Loan Floating-Rate Senior Loan February 2020 231-Unit Class-A Multifamily Acquisition San Diego, CA $102 million $102 million $443k / unit L + 3.3% 71% 4.4 Brooklyn Hotel 4 January 2019 196-Key Hotel Refinance Brooklyn, NY $76 million $76 million $390k/ key L + 2.9% 69% 3.4 4 Queens Industrial Floating-Rate Senior Loan July 2017 Two Class-B Buildings Totaling 595k RSF Acquisition Queens, NY $70 million $67 million $117 / SF L + 3.0% 64% 1.8 4 KKR REAL ESTATE FINANCE TRUST

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