KKR Real Estate Finance Trust Investor Presentation Deck

Case Studies: Largest Three Office Loans Investment Loan Type Investment Date Collateral Location Committed Amount Current Principal Amount Basis Coupon LTV(¹) Max Remaining Term (Yrs.) Asset Photos Boston Office Floating-Rate Senior Loan May 2018 Class-B+ Office Totaling 474k SF Boston, MA $251 million $225 million $482 / SF L + 3.2% 53% 2.5 www (1) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated. 21 Minneapolis Office Floating-Rate Senior Loan November 2017 Two Class-A Office Buildings Totaling 1.1mm SF Minneapolis, MN $194 million $194 million $179 / SF L + 3.8% 63% 1.4 Floating-Rate Senior Loan Boston Office February 2021 Three Class-A Office Buildings Totaling 742k SF Boston, MA HE WAREN WO LEN, HETARY SPO SON 1 713 REDPUMS (9) A u $188 million $188 million $506 / SF L + 3.3% 71% 4.6 e EIN NING TENTA AGHTS Sedikit KKR REAL ESTATE FINANCE TRUST

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