KKR Real Estate Finance Trust Investor Presentation Deck

KREF Loan Portfolio by the Numbers Current Portfolio: $5.2 billion (2) Including net funding and repayment activity subsequent to quarter-end $1,812 3Q'17 7% 7% Total Portfolio Growth Other <5%, 16% $3,383 3Q'18 $5,221 6% 3Q'19 Geography (3) 13% 22% 9% 7% $6% ($ in Millions) $5,035 3Q'20 8% Investment Type(4) Mezz 0.5% Class-B 25% Senior Loans 99.5% Hospitality 4% Condo (Residential) 6% Office Class-A 75% Property Type Student Housing 1% Retail 4% Office 30% Multifamily 53% Interest Rate Type Floating 99.9% Industrial 1% Class-B 14% Multifamily Class-A 86% Note: The charts above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans. (1) 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. See page 37 for additional details. (2) As of October 23, 2020. (3) Map excludes Midwest Mezzanine portfolio ($5.5 million). (4) Senior loans include senior mortgages and similar credit quality loans, including related contiguous junior participations in senior loans where KREF has financed a loan with structural leverage through the non-recourse sale of a corresponding first mortgage and excludes vertical loan syndications. 18 Fixed 0.1% KKR REAL ESTATE FINANCE TRUST

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