KKR Real Estate Finance Trust Results Presentation Deck

1Q'20 Financial Summary ($ in Millions, except per share data) LO Net Interest Income 5 Other Income Income Statement Operating Expenses and Other CECL Provision for Credit Losses, Net Net Income Attributable to Common Stockholders Weighted Average Shares Outstanding, Diluted (¹) Net Income per Share, Diluted Core Earnings (2) Weighted Average Shares Outstanding, Diluted Core Earnings per Share, Diluted (²) Dividend per Share 1Q20 $32.0 (1.5) (10.4) (55.3) ($35.2) 57,346,726 ($0.61) $25.3 57,432,611 $0.44 $0.43 ($ in Millions, except per share data) Total Portfolio Term Credit Facilities Term Lending Agreement Asset Specific Financing Warehouse Facility Revolving Credit Agreements Convertible Notes Total Debt Balance Sheet Term Loan Facility Collateralized Loan Obligation Senior Loan Interests (3) Total Leverage Cash Total Permanent Equity Debt-to-Equity Ratio (4) Total Leverage Ratio (5) Shares Outstanding Book Value per Share (6) (1) Excludes 85,885 anti-dilutive restricted stock units. (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP. (3) Includes loans financed through the non-recourse sale of a senior interest that is not included in our GAAP consolidated financial statements. (4) Represents (i) total debt less cash to (ii) total permanent equity. The debt-to-equity ratio, adjusted for the impact of CECL allowance for credit losses, is 2.0x at 1Q'20. (5) Represents (i) total leverage less cash to (ii) total permanent equity. The total leverage ratio, adjusted for the impact of CECL allowance for credit losses, is 3.7x at 1Q'20. (6) Book value per share includes (i) CECL credit loss provision impact of ($70.3) million or ($1.22) per common share, and (2) the YTD impact of ($0.4) million, or ($0.01) per common share, non-cash redemption value adjustment to our redeemable SNVPS, resulting in a cumulative (since issuance of the SNVPS) decrease of $2.1 million to our book value as of March 31, 2020. 1Q20 $5,232.5 1,095.5 896.8 82.3 45.4 335.0 143.8 $2,598.8 924.9 810.0 143.6 $4,477.3 369.9 1,030.2 2.2x 4.0x 55,838,032 $18.45 KKR REAL ESTATE FINANCE TRUST

View entire presentation