KKR Real Estate Finance Trust Investor Presentation Deck

Portfolio Details Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan syndications. (1) (6) (7) (8) (9) ● For Senior Loan 21, the total whole loan is $509.9 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 31% of the loan or $159.7 million, of which $134.7 million in senior notes were syndicated to third party lenders. Post syndication, KREF retained a mezzanine loan with a total commitment of $25.0 million, of which $15.6 million was funded as of September 30, 2021, at an interest rate of L + 12.9%. (2) Total Whole Loan represents total commitment of the entire whole loan originated. Committed Principal Amount includes participations by KKR affiliated entities and third parties that are syndicated/sold. (3) Net equity reflects (i) the amortized cost basis of our loans, net of borrowings and (ii) the cost basis of our investment in RECOP I. (4) Represents Committed Principal Amount less Current Principal Amount on Senior Loans and $4.3 million of unfunded commitment to RECOP I. (5) Weighted averages are weighted by current principal amount for senior loans and non-senior loans and by net equity for our RECOP I CMBS B-Piece investment. Senior Loan 29 and Non-Senior Loans 2 and 3 are excluded from the weighted average LTV. 35 For Senior Loan 11, the total whole loan is $375.0 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 50% of the loan or $187.5 million, of which a $150.0 million senior note was syndicated to a third party lender. Post syndication, KREF retained a mezzanine loan with a total commitment of $37.5 million, fully funded as of September 30, 2021, at an interest rate of L + 7.9%. ● For Senior Loan 12, the total whole loan is $186.0 million, of which an $81.6 million senior note was syndicated to a third party lender. Post syndication, KREF retained the mezzanine loan and a 45% interest in the senior loan which both totaled $104.4 million commitment, of which $100.7 million was funded as of September 30, 2021, at a blended interest rate of L + 4.7%. For Senior Loan 9, the total whole loan facility is $425.0 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 50% of the facility or $212.5 million. The facility is comprised of individual cross-collateralized whole loans. As of September 30, 2021, there was one underlying senior loan in the facility with a commitment of $10.4 million and outstanding principal of $1.7 million. (10) Senior Loan 29 was placed on non-accrual status in October 2020. The loan has a $40.3 million CECL reserve as of September 30, 2021. The loan is currently in restructuring discussions. (11) For Senior Loan 49, Loan per SF of $1,343 is based on the allocated loan amount of the residential units. Excluding the value of the retail and parking components of the collateral, the Loan per SF is $1,894 based on allocating the full amount of the loan to only the residential units. (12) For Non-Senior Loan 2, Current Pri ipal Amount is gross of $4.7 million written-off (of amortized cost). (13) Non-Senior Loan 3 is a real estate corporate loan to a multifamily operator. (14) Represents Current Principal Amount of Senior Loans and Non-Senior Loans and Net Equity for our RECOP I CMBS B-Piece equity method investment. L = one-month USD LIBOR rate; greater of (i) spot one-month USD LIBOR rate of 0.08% and (ii) LIBOR floor, where applicable, included in portfolio-wide averages represented as fixed rates. Max remaining term (years) assumes all extension options are exercised, if applicable. For senior loans, loan-to-value ratio ("LTV") LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value; for Senior Loan 6, LTV is based on the initial loan amount divided by the appraised bulk sale value assuming a condo-conversion and no renovation; for Senior Loan 49, LTV is based on the current principal amount divided by the adjusted appraised gross sellout value net of sales cost; for mezzanine loans, LTV is based on the current balance of the whole loan dividend by the as-is appraised value as of the date the loan was originated; for RECOP I CMBS B-Pieces, LTV is based on the weighted average LTV of the underlying loan pool at issuance; for Senior Loans 2, 7, 9, 26, 31, 40, 42 and Mezzanine Loan 1, LTV is calculated as the total commitment amount of the loan divided by the as-stabilized value as of the date the loan was originated. Senior Loan 29 is a non-performing 5-rated loan that was placed on non-accrual status in October 2020. The loan is currently in restructuring discussions. KKR REAL ESTATE FINANCE TRUST

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