KKR Real Estate Finance Trust Results Presentation Deck

Financing Overview: 73% Non-Mark-To-Market Diversified financing sources totaling $6.1 billion with $1.7 billion of undrawn capacity ($ in Millions) Summary of Outstanding Financing Maximum Capacity Term Credit Facilities Term Lending Agreement Warehouse Facility Asset Specific Financing Convertible Notes Corporate Revolving Credit Facility Total Corporate Obligations Term Loan Facility Collateralized Loan Obligation Senior Loan Interests (1) $2,000 $900 $500 $300 $144 $335 $4,179 $1,000 $810 $144 Outstanding Face Amount $1,096 $897 $45 $82 $144 $335 $2,599 $925 $810 $144 Weighted Average Coupon L+1.7% L+1.9% L+1.5% L+1.7% 6.1% L+2.0% L+1.5% L+1.4% L+1.6% 2.2x 0.2x 2.0x Warehouse, Facility 1% Asset Specific. Financing 2% Leverage Ratios Senior Loan Interests 4% 4.0x 0.3x 3.7x Debt-to-Equity Ratio (2) Total Leverage Ratio (3) Outstanding Secured Financing (4) Term Credit Facilities 27% Collateralized Loan Obligation 20% CECL Impact Total Leverage $6,133 $4,478 (1) Includes $143.6 million of Non-Consolidated Senior Interests, which result from non-recourse sales of senior loan interest in loans KREF originated. (2) Represents (i) facilities outstanding face amount (excluding non-recourse term loan facility), and convertible notes less cash to (ii) total permanent equity, in each case, at period end. The debt-to-equity ratio, adjusted for the impact of CECL allowance for credit losses, is 2.0x at 1Q'20. (3) Represents (i) facilities outstanding face amount, convertible notes, loan participations sold (excluding pari passu and vertical loan syndications), non-consolidated senior loan interests, and collateralized loan obligation less cash to (ii) total permanent equity, in each case, at period end. The total leverage ratio, adjusted for the impact of CECL allowance for credit losses, is 3.7x at 1Q'20. (4) Based on outstanding face amount of secured financing and excludes convertible notes and the corporate revolving credit facility. 14 Pre-CECL Term Loan Facility 23% Term Lending Agreement 23% Non-Mark- to-Market 73% KKR REAL ESTATE FINANCE TRUST

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