KKR Real Estate Finance Trust Investor Presentation Deck

Case Studies: Watch List Loans (Risk Rating 4) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon Max Remaining Term (Yrs.) Loan Risk Rating Washington, D.C. Office Washington, D.C. Office Chicago Office Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan West Hollywood Multifamily February 2021 January 2022 November 2021 Class-A Office totaling 357k SF Refinance Washington, D.C. $188 million $175 million $489 / SF +3.4% 3.4 4 Boston Office Class-A Office totaling 741k SF Refinance Boston, MA $188 million (1¹) $188 million (¹) $506 / SF + 3.4% 2.6 4 December 2019 Class-A Office totaling 204k SF Refinance Washington, D.C. $176 million $162 million $792 / SF + 3.5% 1.5 (1) Amounts include $150 million of non-consolidated senior interest. KREF's retained mezzanine position is $38 million KREF 4 July 2019 Class-A Office totaling 1.0 million SF Refinance Chicago, IL $150 million $118 million $114/SF + 3.3% 1.1 4 37-unit Class-A Multifamily Refinance West Hollywood, CA $107 million $102 million $2,756,757 / unit + 3.1% 3.6 4 25

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