KKR Real Estate Finance Trust Investor Presentation Deck

Integrated Americas Real Estate Platform (1) Integrated Real Estate Platform ● Differentiated access to information and enhanced relevance in RE capital markets One leadership team Scaled portfolio: own or lend on ~$109bn of RE assets RE Equity ~$15bn of asset value(1) RE Senior Loans $14bn loan portfolio 23bn of collateral value(2) RE CMBS Securities $42bn principal loan balance $72bn underlying asset value(2) REPA I / II / III: opportunistic KPPA: core plus KREF: primarily senior loans on transitional properties in the top 15 MSAS ROX: real estate opportunistic credit Global Atlantic: primarily senior loans RECOP I / II: primarily newly originated conduit CMBS B-pieces RESTAC: SASB CMBS Global Atlantic: Conduit and SASB CMBS Represents current portfolio in REPA I, REPA II, KPPA, KFN, separately managed accounts, KKR-managed co-investment vehicles, third party co-investment capital, KKR employees, and trophy single tenant investments in KKR Credit accounts as of March 31, 2021. Figures include all closed transactions and transactions that have been committed to and are under contract as of March 31, 2021. Any transactions that have not closed are subject to customary closing conditions. Asset value represents total purchase price at closing. There can be no assurance that commitment amounts will be fully deployed and there can be no assurance that these transactions will be consummated, and if consummated, will be consummated on the terms and price herein. (2) Represents implied value based on weighted average LTV of respective strategies. 7 KKR REAL ESTATE FINANCE TRUST

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