KKR Real Estate Finance Trust Results Presentation Deck

Case Studies: Watch List Loans (Risk Rating 4 & 5) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon LTV(¹) Max Remaining Term (Yrs.) Loan Risk Rating (1) (2) Philadelphia Office Floating-Rate Senior Loan April 2019 4-Building, 711k RSF Office Portfolio Acquisition Philadelphia, PA $183 million $157 million $220 / SF L + 2.6% (4.9% Coupon Floor) 68% 2.1 4 Philadelphia Office Floating-Rate Senior Loan June 2018 2-Building, 978k RSF Office Portfolio Acquisition Philadelphia, PA $165 million $165 million $169 / SF L + 2.5% (4.2% Coupon Floor) 71% 1.3 4 New York Condo Floating-Rate Senior Loan August 2017 4 Luxury Residential Condominiums Refinance New York, NY $33 million $33 million $1,244 / SF L+ 4.2% (5.1% Coupon Floor) 73% 0.5(2) 4 LTV is 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 Calculated based on the anticipated maturity date KREF 11

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