KKR Real Estate Finance Trust Investor Presentation Deck

Recent Operating Performance 3Q'19 Net income: $23.6 Core earnings: $25.0 $0.41 Net Income (¹) and Core Earnings (2) $0.43 2Q'20 3Q'19 Net Income per Diluted Share $28.6 $25.0 $0.52 $0.45 3Q'20 ($ in Millions) $31.4 $32.5 $0.56 2Q'20 3Q'20 ■Core Earnings per Diluted Share Dividend per Share $0.58 (1) Represents Net Income attributable to common stockholders. (2) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP. 32 $0.43 $19.54 Dividends and Book Value Per Share 3Q'19 Dividend per share: $0.43 $0.43 Dividend yield on book value per share: 8.8% 9.3% 3Q'19 2Q'20 ■BVPS Post-CECL $19.73 $1.16 $18.57 2Q'20 3Q'20 LCECL Impact $0.43 9.2% $19.89 $1.16 $18.73 3Q'20 KKR REAL ESTATE FINANCE TRUST

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