KKR Real Estate Finance Trust Investor Presentation Deck

Liability Management: 78% Non-Mark-To-Credit IPO Term Credit Facilities 100% (2) 0% Non-MTC Conservative liability management focused on growing diversified non-mark-to-credit financing capacity Outstanding Secured Financing(¹) Asset Specific Financing 2% 4Q'18 Term Credit Facilities (2 (2) 40% Senior Loan Interests 5% CLO 28% Term Loan Facility 26% 60% Non-MTC (1) Based on outstanding face amount of asset level secured financing and excludes convertible notes and the corporate revolving credit facility. (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions. 26 Asset Specific Financing 1%. Senior Loan Interests 4% Secured Term. Loan 7% 3Q'20 Term Credit Facilities 22% Collateralized Loan Obligation 20% Term Lending Agreement 22% 78% Non-MTC Term Loan Facility 24% KKR REAL ESTATE FINANCE TRUST

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