KKR Real Estate Finance Trust Results Presentation Deck

4Q'21 Loan Originations - Select Case Studies Investment Loan Type Loan Size Location Collateral Loan Purpose LTV(3) Investment Date Asset Photos Dallas Office Floating-Rate Senior Loan $138.0 million Dallas, TX Class-A Office totaling 314k SF Refinance 68% December 2021 Cambridge Life Science Floating-Rate Senior Loan $115.7 million(1) Cambridge, MA Class-A Life Science totaling 374k SF Construction 51% December 2021 Doral Multifamily Floating-Rate Senior Loan $106.0 million (2) Doral, FL 631-unit Class-A Multifamily Acquisition 77% December 2021 Representative Photo (1) The total whole loan is $401.3 million, co-originated and co-funded by KREF and KKR affiliates. KREF's interest was 29% of the loan or $115.7 million. (2) The total whole loan is $212.0 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 50% of the loan or $106.0 million. (3) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the total commitment amount divided by the as-stabilized appraised value as of the date the loan was originated. 9 KKR REAL ESTATE FINANCE TRUST

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