KKR Real Estate Finance Trust Investor Presentation Deck

Key Highlights Best in class investment portfolio - 83% multifamily and office; only 8% hospitality and retail FF Conservative liability management - 78% diversified non-mark-to-credit secured financing Strong liquidity position Over $700 million of liquidity as of 9/30/20 33 - NU S DEL 1111 D - Fully integrated with KKR; aligned with shareholders - 36% ownership; ~$12b of real estate AUM KKR REAL ESTATE FINANCE TRUST Experienced leadership & asset management team - 75+ years of experience; manageable portfolio of <40 loans Benefiting from decreasing interest rates - 98% of the portfolio is subject to a LIBOR floor of at least 0.95% KKR REAL ESTATE FINANCE TRUST

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