KKR Real Estate Finance Trust Results Presentation Deck

Rate Floors Provide Protection in a Declining Rate Environment ● ● 99.9% of the portfolio is indexed to one-month USD LIBOR Portfolio benefits from decreasing rates given in place LIBOR floors 98% of the portfolio is subject to a LIBOR floor of at least 0.95% ✓ 5% of total outstanding financing is subject to a LIBOR floor greater than 0.0% ($ Impact Per Share / Q) $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 $0.00 1.76% LIBOR as of 12/31/2019 Net Interest Income Per Share Sensitivity to LIBOR Movements (¹) (1) Portfolio as of March 31, 2020. 17 $0.02 1.50% $0.05 1.25% $0.09 0.99% LIBOR as of 3/31/2020 LIBOR $0.13 0.75% $0.17 0.50% $0.21 0.25% KKR REAL ESTATE FINANCE TRUST

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