KKR Real Estate Finance Trust Inc.

KKR Real Estate Finance Trust Inc. Investor Presentation November 2017

Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF"). This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment advice or any other service by KREF. Nothing in this presentation constitutes the provision of any tax, accounting, financial, investment, regulatory, legal or other advice by KREF or its advisors. This presentation may not be referenced, quoted or linked by website by any third party, in whole or in part, except as agreed to in writing by KREF. This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect KREF s current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. The forward-looking statements are based on KREF s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KREF or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which KREF invests; the level and volatility of prevailing interest rates and credit spreads; adverse changes in the real estate and real estate capital markets; general volatility of the securities markets in which KREF participates; changes in KREF s business, investment strategies or target assets; difficulty in obtaining financing or raising capital; reductions in the yield on KREF s investments and increases in the cost of KREF s financing; acts of God such as hurricanes, earthquakes and other natural disasters, acts of war and/or terrorism and other events that may cause unanticipated and uninsured performance declines and/or losses to KREF or the owners and operators of the real estate securing KREF s investments; deterioration in the performance of properties securing KREF s investments that may cause deterioration in the performance of KREF s investments and potentially principal losses to KREF; defaults by borrowers in paying debt service on outstanding indebtedness; the adequacy of collateral securing KREF s investments and declines in the fair value of KREF s investments; adverse developments in the availability of desirable investment opportunities whether they are due to competition, regulation or otherwise; difficulty in successfully managing KREF s growth, including integrating new assets into KREF s existing systems; the cost of operating KREF s platform, including, but not limited to, the cost of operating a real estate investment platform and the cost of operating as a publicly traded company; the availability of qualified personnel and KREF s relationship with KKR Real Estate Finance Manager LLC; KKR controls KREF and its interests may conflict with those of KREF s stockholders in the future; KREF s qualification as a REIT for U.S. federal income tax purposes and KREF s exclusion from registration under the Investment Company Act of 1940; authoritative GAAP or policy changes from such standard-setting bodies such as the Financial Accounting Standards Board, the Securities and Exchange Commission (the SEC ), the Internal Revenue Service, the New York Stock Exchange and other authorities that KREF is subject to, as well as their counterparts in any foreign jurisdictions where KREF might do business; and other risks and uncertainties, including those described under the section entitled "Risk Factors" in KREF s prospectus dated May 4, 2017, filed with the SEC on May 8, 2017, as such factors may be updated from time to time in KREF s filings with the SEC, which are accessible on the SEC s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this presentation. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this presentation and in KREF s filings with the SEC. All forward looking statements in this presentation speak only as of November 27, 2017. KREF undertakes no obligation to publicly update or review any forwardlooking statements, whether as a result of new information, future developments or otherwise, except as required by law. All financial information in this presentation is as of September 30, 2017 unless otherwise indicated. This presentation also includes non-gaap financial measures, including Core Earnings, Core Earnings per Weighted Average Share, Net Core Earnings and Net Core Earnings per Weighted Average Share. Such non-gaap financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-gaap financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP. 2

Overview of KKR Real Estate Finance Trust (KREF) Focused on larger, senior floating-rate loans Direct origination platform Fully integrated within KKR Real Estate KREF is a publicly traded externally managed REIT that focuses on originating senior commercial mortgage loans Three-year operating history; IPO in May 2017 15 dedicated investment professionals $1.8B portfolio, 100% performing 3

KKR Platform KREF is externally managed by KKR Real Estate Finance Manager LLC, a subsidiary of KKR (NYSE: KKR, Market Capitalization: $16.5B (1) ), a leading global investment firm with an over 40-year history and a diverse mix of investments across multiple asset classes, including private equity, real estate, energy, growth equity, infrastructure, credit and, through strategic manager partnerships, hedge funds KKR Attributes KKR Real Estate Attributes $153 billion in AUM and an over 40-year investment track record Over $5 billion of capital invested or committed spanning KKR Real Estate credit and equity strategies Offices in 20 cities in 16 countries Offices in 7 cities in 5 countries 370+ investment professionals across private and public markets 50+ dedicated investment and asset management professionals ~$11 billion of balance sheet capital invested in or committed to KKR strategies ~$1 billion of KKR balance sheet capital committed across KKR Real Estate strategies (1) Based on KKR Adjusted Units, representing the fully diluted common unit count using the if-converted method, as of September 30, 2017 and the closing price of KKR Common Units on November 21, 2017. 4

Integration with KKR Differentiates KREF in the Marketplace KREF further differentiates itself by seeking opportunities where it has sourcing, underwriting and execution advantages through KKR s brand, industry knowledge, relationships and deep bench of investment professionals Best-in-class financing creates attractive riskadjusted returns Deep network of direct relationships to source high-quality investments Differentiated credit assessment capabilities Solutions provider for complex business plans offering speed and certainty (1) Senior Advisors, Industry Advisors and KKR Advisors are engaged as consultants and are not employees of KKR. 5

KKR Real Estate Credit Investment Team Diversity of Manager s Investment Committee creates a thorough vetting process that enables KREF to evaluate potential transactions through multiple lenses Manager Investment Committee Chris Lee Matt Salem Patrick Mattson Ralph Rosenberg Todd Fisher Jamie Weinstein Member & Co-Head of Real Estate Credit Co-CEO & Co- President KREF Joined KKR in 2012 Formerly a Principal at Apollo Global Management Over 15 years of industry experience Director & Co-Head of Real Estate Credit Co-CEO & Co- President KREF Joined KKR in 2015 Formerly a Managing Director at Rialto Capital Management Over 20 years of industry experience Director of Real Estate Credit Chief Operating Officer KREF Joined KKR in 2015 Formerly a Managing Director at Rialto Capital Management Over 20 years of industry experience Member & Global Head of Real Estate Chairman of KREF Board Joined KKR in 2011 Formerly a Partner at Eton Park and Goldman Sachs Over 25 years of industry experience Member & Chief Administrative Officer KREF Board Member Joined KKR in 1993 Oversees the finance, legal, IT, HR, risk, office operations and public affairs functions at KKR Over 25 years of industry experience Member & Global Co-Head of Special Situations Joined KKR in 2005 Formerly a Director at Tishman Speyer Properties Over 15 years of industry experience 12 additional real estate credit investment professionals with extensive backgrounds investing in commercial real estate debt, equity and CMBS KREF Management Team KREF Directors 6

Large Addressable Market Fueled by Favorable Regulatory Backdrop Record Value Added Real Estate Dry Powder ($B) (1) Significant Recovery in Transaction Volume $70 $60 $50 $40 $30 $20 $10 $0 Historical Commercial Real Estate Transaction Volume ($B) (2) Individual Portfolio Entity 600 500 400 300 200 100 0 New Lending Landscape Operating U.S. Commercial Banks (3) 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Regulatory Changes New regulations have increased capital and risk retention requirements Basel III established more stringent bank capital requirements and has created opportunities for non-bank capital providers in: Senior loans Subordinate debt CMBS Dodd-Frank has further restricted banks' ability to compete Enhanced disclosure and risk retention requirements (1) Preqin Real Estate Online, Q3 2017 data pack. (2) Real Capital Analytics, December 2016. Based on independent reports of properties and portfolios $2.5 million and greater. Prior to 2005, RCA primarily captured sales valued at $5.0 million and above. (3) Federal Reserve Bank of St. Louis, November 2017 7

Targeted KREF Strike Zone KREF focuses on a targeted asset class comprised of floating-rate senior loans collateralized by high-quality commercial real estate: Key Attributes of KREF s Investments Representative Terms on Newly-Originated Senior Loans Loan Size $50 - $250 million Collateral Primarily Transitional CRE Properties Primarily Larger, Floating-Rate Senior Loans Sponsorship Well-Established and Experienced Sponsors Geographies Top 30 U.S. Markets Institutional Sponsors Property Type Office, Multifamily, Retail, Industrial, Hospitality, and Other Commercial Property Types Major Markets Loan-to-Value Maturity Typically 80% or Less 2 3 years with Extension Options High-Quality Real Estate Representative Pricing Fees L + 3.00%+ Typically 1.00% Upfront Fee Plus Extension Fees 8

Key Investment Decision-Making Factors Disciplined Evaluation of Potential Investments Market Dynamics Attractive Basis High barrier-to-entry markets Infill locations Favorable market dynamics Liquid markets with historically robust capital flows Business Plan Underwriting Discount to replacement cost Borrower basis at a discount to competitive owners in the market Attractive stabilized debt yield relative to historic capitalization rates Ability to own asset through cycles at loan basis Sponsorship Supportable collateral cash flow Realistic and achievable business plan Incentive alignment Achievable take-out upon stabilization Ability to manage through credible downside scenario Institutional-quality, experienced sponsors with a proven track record and strong capitalization Existing relationships with KKR Real Estate and the KKR organization as a whole Experienced operators for the property type, market and business plan Note: The above highlights key decision making factors in the Manager s evaluation of investment opportunities, although not every investment will satisfy all of these criteria. 9

Rigorous Investment Screening and Selection For the nine months ended September 30, 2017, KREF has screened $14.8 billion of financing opportunities and originated $1.2 billion of senior loans Large opportunity set funneled through rigorous screening and approval process Rigorous Screening The KKR Edge Multidisciplinary Review Deals Screened: $14.8B (1) Total Underwritten: $6.9B (1) Total Quoted: $5.1B (1) Total Closed (2) : $1.2B (1) For the nine month period ending September 30, 2017, values represent approximations. (2) Total Closed represents nine months ended September 30, 2017. 10

Recent Loan Originations For the nine months ended September 30, 2017, originations of $1.2 billion of floating-rate senior loans Outstanding total loan portfolio of $1.8 billion as of September 30, 2017, up 115% from 2016 year end Subsequent to quarter end, originated a $150 million floating-rate senior loan, bringing YTD originations to $1.3 billion and total loan portfolio size to $1.9 billion Summary of 3Q17 Originations Loan Portfolio Growth (2) ($ in Millions) 5 New loans originated +115% $629MM Committed to new loans $1,811.6 100% Senior loans $1,264.5 100% Floating-rate loans $840.8 $1,079.4 69% Weighted average LTV L + 4.1% Weighted average coupon 11.7% Weighted average underwritten IRR (1) 4Q'16 1Q'17 2Q'17 3Q'17 (1) See Appendix for definition. (2) Includes non-consolidated senior interests. 11

Recent Operating Performance 3Q 2017 Net Income attributable to common stockholders increased to $17.3 million, up 23% QoQ; Net Core Earnings (1) increased to $16.5 million, up 26% QoQ Paid 3Q dividend of $0.37 per share on October 12, 2017, equating to a 7.2% annualized dividend yield (3) Net Income (2) and Net Core Earnings (1) Growth ($ in Millions) Dividends ($ in Millions, except per share data) Net Income: +23% Net Core Earnings: +26% Per share: Annualized dividend yield (3) : $0.25 N/A $0.37 7.2% $17.3 $16.5 $19.9 $14.1 $13.0 $13.4 2Q'17 3Q'17 2Q'17 3Q'17 (1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP. (2) Represents Net Income attributable to common stockholders. (3) Based on KREF closing price as of November 21, 2017. 12 Net Income Net Core Earnings

Diversified Portfolio with Strong Fundamentals $1.8 billion portfolio comprised of 31 investments as of September 30, 2017 Portfolio weighted average LTV of 67% (1) Investment Type (2) Interest Rate Type CMBS 6% Mezz 4% Fixed 8% Senior Loans 90% Floating 92% Property Type (3) Geography (3) Industrial/Flex 8% Hospitality 3% Condo (Residential) 13% Office 38% Other 33% NY 32% Retail 15% Multifamily 23% CO 9% GA 11% CA 15% Note: The charts above are based on total assets. Total assets reflect (i) the current principal amount of our senior and mezzanine loans and (ii) the cost basis of our CMBS B- Pieces, net of VIE liabilities. In accordance with GAAP, we carry our CMBS B-Pieces at fair value, which we valued above our cost basis as of September 30, 2017. (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. See page 25 for additional details. (2) 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. (3) Excludes CMBS. 13

Portfolio Credit Quality Remains Strong KREF s loan portfolio is 100% performing, with no defaulted or impaired loans The securities portfolio is performing as expected Loan-to-Value (1,2) Risk Rating Distribution (2,4) ($ in Millions) Weighted Average ($ in Millions) LTV (3) : 67% $678 $1,607 Weighted Average Risk Rating (3) : 3.0 $501 $320 $206 $78 $29 $75 $17 0% - 60% 60% - 65% 65% - 70% 70% - 75% 75% - 80% 80% - 85% 1 2 3 4 5 0 3 22 1 0 Loan Count (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. See page 25 for additional details. (2) Includes non-consolidated senior interests. (3) Weighted average is weighted by current principal amount for our senior and mezzanine loans and by net equity for our CMBS B-Pieces. (4) Excludes fixed-rate mezzanine loans and CMBS. 14

Illustrative Implementation of Senior Loan Leverage Bifurcated Financing Strategy to Optimize Risk-Adjusted Returns Levered Senior Loan Direct Leverage Original Senior Loan Levered Senior Loan Structural Leverage Facility Advance 75% of Original Senior Loan Original Senior Loan Syndication of Senior Interest to Third Party Lender 70% LTV KREF Senior Loan Exposure (Partial Recourse) KREF Senior Loan Exposure (1) (Junior Participation, Non-Recourse) Sponsor Equity 30% Sponsor Equity 30% Sponsor Equity 30% (1) 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. 15

Access to Efficient Capital Drives Financing Strategy Total financing capacity of $1.8 billion with $1.1 billion of undrawn capacity as of September 30, 2017 Subsequent to quarter end: Upsized Goldman Sachs term credit facility by $150 million and extended maturity to 2022 on a fully-extended basis Upsized Morgan Stanley term credit facility by $100 million (1) and extended maturity to 2022 Terminated JPMorgan term credit facility ($ in Millions) Summary of Outstanding Financing Maximum Capacity Outstanding Face Amount Weighted Average Coupon Term Credit Facilities $1,750 $762 L+2.07% Corporate Revolving Facility $75 -- -- Total Secured Debt $1,825 $762 Senior Loan Interests (2) $62 $62 L+2.00% Total Leverage $1,887 $824 Debt-to-Equity Ratio of 0.6x (3) Total Leverage Ratio of 0.7x (4) (1) Subject to customary conditions, KREF is permitted to request the facility be further increased by an additional $150 million. (2) Includes loans financed through non-recourse sale of a senior interest that is not included in our consolidated financial statements. (3) Represents (i) total outstanding face amount of secured debt agreements less cash to (ii) total stockholders equity. (4) Represents (i) total outstanding face amount of secured debt agreements and non-consolidated senior interests less cash to (ii) total stockholders equity. 16

Interest Rate Sensitivity Provides a Benefit in a Rising Rate Environment KREF benefits in a rising rate environment 92% of the portfolio is indexed to one-month USD LIBOR A 50 basis point increase in one-month USD LIBOR would increase net interest income by $2.9 million or $0.05 per share over the next 12 months (1) Net Interest Income Sensitivity to LIBOR Increases (1) ($ in Millions) $14.0 $12.0 $11.6 $10.0 $8.7 $8.0 $6.0 $5.8 $4.0 $2.9 $2.0 $0.0 0.50% 1.00% 1.50% 2.00% Change in LIBOR (1) As of September 30, 2017, assumes loans are drawn up to maximum approved advance rate based on current principal amount; per share amount assumes 53,685,440 shares outstanding. 17

Case Studies Acquisition of a newly-constructed class-a multifamily rental property in a residential market with positive macro trends Refinance of a newly-constructed class-a multifamily rental property in a high barrier desirable market New Jersey Multifamily Loan Type Loan Size Location Collateral Loan Purpose LTV (1) 57% Floating-Rate Senior Loan $150 million North Bergen, NJ 320 unit Class A apartment building Acquisition Investment Date October 2017 KKR Edge Direct sponsor relationship Market expertise Honolulu Multifamily Loan Type Loan Size Location Collateral Loan Purpose LTV (1) 66% Floating-Rate Senior Loan $105 million Honolulu, HI 270 unit Class A apartment building Refinance Investment Date August 2017 KKR Edge Strong relationship with sponsor Market expertise Rendering (1) LTV is based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. 18

Case Studies Acquisition of office buildings in an institutional, liquid office market Remaining inventory in a newly-constructed luxury residential condominium in Manhattan Atlanta Office Loan Type Loan Size Location Collateral Loan Purpose LTV (1) 66% Floating-Rate Senior Loan $119 million Atlanta, GA 821k SF Class B+ office Acquisition Investment Date August 2017 KKR Edge Strong relationship with sponsor Market expertise Capital markets expertise New York City Residential Condo Loan Type Loan Size Location Collateral Loan Purpose LTV (1) 69% Floating-Rate Senior Loan $239 million New York, NY 30 luxury condominium units Refinance Investment Date August 2017 KKR Edge Direct sponsor relationship; repeat borrower Sector expertise (1) LTV is based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. New York City Residential Condo LTV is based on the total loan amount of $239.2 million divided by the appraised net sell-out value of $345.4 million. 19 Rendering

Case Studies Refinance of a class-a multifamily rental property in a dense, infill location with strong demographics Value-enhancing repositioning of two well located industrial buildings Denver Multifamily Loan Type Loan Size Location Collateral Loan Purpose LTV (1) 73% Floating-Rate Senior Loan $91 million Denver, CO 274 unit Class A luxury apartment building Refinance Investment Date August 2017 KKR Edge Strong relationship with sponsor Market expertise Capital markets expertise Queens Industrial Loan Type Loan Size Location Collateral Loan Purpose LTV (1) 72% Floating-Rate Senior Loan $75 million Queens, NY Two adjacent, Class B, 616k SF industrial buildings Acquisition Investment Date July 2017 KKR Edge Direct sponsor relationship; repeat borrower Market expertise (1) LTV is based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Denver Multifamily LTV calculated based on $81.0 million senior loan amount at closing divided by the as-is appraised value of $111.4 million. 20 Rendering

Key Investment Highlights Established and growing business with strong operating and execution track record Differentiated platform and origination capabilities Large and compelling market opportunity Focused investment strategy with proven scale and access to capital Disciplined underwriting and risk management Well positioned for rising short-term interest rates 21

Appendix 22

KKR Real Estate Finance Trust Management Team & Investment Committee Chris Lee: Chris joined KKR in 2012. He is a Member of KKR, serves as Co-Head of KKR Real Estate Credit and is responsible for KKR s real estate capital markets activities. Mr. Lee sits on KKR s Real Estate Credit Investment Committee, sits on KKR s Global Conflicts Committee and chairs KKR s Real Estate Valuation Committee. Prior to joining KKR, he spent three years at Apollo Global Management on its Global Real Estate team where he focused on real estate acquisitions. Before joining Apollo in 2009, Mr. Lee was a Vice President at Goldman Sachs Real Estate Principal Investment Area ( REPIA ). During his five years at REPIA, he was responsible for the sourcing, evaluation, and execution of over $1 billion of real estate equity investments in North America. Prior to working at REPIA, Mr. Lee spent two years as an analyst in Goldman Sachs Real Estate Investment Banking group. He is a former trustee of St. Mark s School of Texas in Dallas and currently serves as a member of the Board of Directors of Sponsors for Educational Opportunity ( SEO ) in New York. Mr. Lee is a member of the Urban Land Institute, CRE Finance Council and the Real Estate Capita Policy Advisory Committee for the Real Estate Roundtable. He received a B.A. in Economics from Emory University and an M.B.A from Harvard Business School. Matt Salem: Matt joined KKR in 2015 and is Co-Head of KKR Real Estate Credit and is a member of the Real Estate Investment Committee. Prior to joining KKR, Mr. Salem was a Managing Director and member of the Investment Committee at Rialto Capital Management where he was responsible for credit investing including mezzanine loans, preferred equity and CMBS B-Pieces. Prior to joining Rialto in 2012, Mr. Salem was a Managing Director and Head of CMBS trading at Goldman Sachs. In his five years in the Mortgage Department at Goldman, he had various responsibilities including management of the CMBS desk, trading credit CMBS and secondary market trading of performing and sub-performing CRE whole loans. Before joining Goldman Sachs in 2006, Mr. Salem was a Vice President at Morgan Stanley where he worked on the issuance and distribution of CMBS. Prior to joining Morgan Stanley, he worked for Citigroup Alternative Investments where he invested in mezzanine loans, CMBS B-Pieces and other high yield CRE debt instruments on behalf of the Travelers Insurance Companies. He began his career in 1996 at Midland Loan Services in Kansas City. Matt graduated from Bates College in 1996 with a BA in Economics. He is on the Board of Governors of the Commercial Real Estate Finance Council and recently served as Chair of the B-Piece Buyer Forum. Patrick Mattson: Patrick joined KKR in 2015. He is a Director in the Real Estate group and sits on KKR s Real Estate Credit Investment Committee. Prior to joining KKR, Mr. Mattson was a Managing Director at Rialto Capital Management where he was responsible for building and managing the firm s mezzanine lending platform. Mr. Mattson was a member of the firm s Investment Committee and involved in the acquisition and structuring of over 20 CMBS B-Piece transactions. Preceding Rialto, Mr. Mattson was an Executive Director at Morgan Stanley. During his nine years at the firm, he held various positions within the commercial real estate groups, most recently on the Securitized Products Group trading desk. In that role, Mr. Mattson was responsible for the distribution of B-Piece Securities as well as the pricing and syndication of large loans and new issue CMBS conduit transactions. Prior to Morgan Stanley, Mr. Mattson was a Senior Manager at Deloitte & Touche and managed the firm s domestic and international CMBS cash flow modelling practice. Mr. Mattson received a B.A. from the University of Virginia in 1995 and is a CFA Charterholder. William Miller: William Miller has served as Chief Financial Officer and Treasurer of KREF and of our Manager since October 2015 and March 2016, respectively. Mr. Miller joined KKR in 2015 as a Principal on the Real Estate team and is a member of KKR s Real Estate Valuation Committee. Prior to joining KKR, he was a Senior Vice President of Fortress Investment Group LLC and controller of New Residential Investment Corp. from September 2013 to August 2015, where he was primarily responsible for implementing the financial and operational strategies of New Residential. Mr. Miller also held various other positions with Fortress from January 2009 to September 2013, primarily focused on accounting and reporting. Prior to joining Fortress, Mr. Miller worked in the transaction services group at PricewaterhouseCoopers LLP from August 2005 to January 2009, focused on domestic and international equity and debt offerings. Mr. Miller holds two undergraduate degrees from The Ohio State University and is a certified public accountant. 23

KKR Real Estate Finance Trust Management Team & Investment Committee Ralph Rosenberg: Ralph joined KKR in 2011 and is a Member of the Firm and the Global Head of Real Estate. Before joining KKR, Ralph was a partner at Eton Park through the end of 2010, holding a seat on the firm s Operating, Commitment, Risk, and Valuation Committees. Ralph was responsible for the firm s CRE related investing in securities, whole loans and real property and historically was also involved in the firm s private lending efforts, performing and distressed credit investments and asset-backed financings. Prior to joining Eton Park in 2008, Ralph was the founder and Managing Partner of R6 Capital Management, an investment business focused on CRE, asset-based and corporate credit situations. Prior to founding R6 Capital, Ralph spent seventeen years at Goldman Sachs. He was the Co-founder and Co-Head of the Goldman Sachs Global Special Situations Group from 2004 to 2006. In this capacity, he had joint responsibility for the investment, risk management and asset management of Goldman s multi-billion dollar fixed income proprietary investment business. A core component of this platform was investing in CRE securities and whole loans. Prior to 2004, Ralph was the Co-Chief Operating Officer of the Goldman Sachs Real Estate Principal Investment Area, which invests the Whitehall Street Real Estate Partnerships. He oversaw the investment and management of over $50B of real estate transactions worldwide. Ralph co-founded both the Archon Group, which provided Whitehall with property and loan level diligence, asset management and servicing expertise world-wide, and Archon Capital, one of the leading providers of mezzanine financing to the real estate community. Ralph joined Goldman Sachs in 1986 and then returned to Goldman Sachs in 1990 after attending business school. He became a Partner and Managing Director in 1998. Ralph is a member of the Brown University Corporation and serves in several leadership positions on behalf of the University. He is also a Trustee of The Masters School in Dobbs Ferry, New York, an Honorary Trustee of the Francis W. Parker School in Chicago and a former member of the Stanford Graduate School of Business Trust. Ralph graduated from Brown University in 1986, magna cum laude, with a BA in American History. He received an MBA from the Stanford Graduate School of Business in 1990. Todd Fisher: Todd A. Fisher is a Partner and the Chief Administrative Officer at KKR, a global investment firm. He is responsible globally for all business operations functions (finance, legal, IT, HR, risk, office operations, public affairs), as well as coordinating across the firm on strategy, risk management and control infrastructure. He also oversees the firm s Real Estate investment business. He chairs KKR s Management Committee and Risk Committee and sits on the firm s Real Estate Investment and Portfolio Committees. He was a founding member of KKR s European private equity business and lived in London from 1999 to 2010. Prior to joining KKR in 1993, Mr. Fisher worked for Goldman, Sachs & Co. in New York and for Drexel Burnham Lambert in Los Angeles. Mr. Fisher graduated from Brown University with a B.A. in Biology and received an M.A. in International Affairs and Latin American studies from Johns Hopkins University School of Advanced International Studies (SAIS) and an M.B.A. in Finance from the Wharton School at the University of Pennsylvania. He is currently a Trustee of Brown University, Vice-Chairman of the Board of Advisors for SAIS, and a member of the United States Holocaust Memorial, the Advisory Board of the Clinton Health Access Initiative and the Council on Foreign Relations. Jamie Weinstein (1) : Jamie joined KKR in 2005 and is the Co-Head of Special Situations investing, which includes the firm's global activities in public and private distressed and structured principal investments. He is also a member of the Credit Portfolio Management Committee. Previously, he was a portfolio manager with responsibility across KKR s credit strategies. He also has extensive experience as a research analyst managing the financial services, healthcare and commercial real estate sectors. Prior to joining KKR, Mr. Weinstein was with Tishman Speyer Properties as Director of Acquisitions for Northern California and The Boston Consulting Group as a strategy consultant. He received a B.S.E. degree cum laude in Civil Engineering and Operations Research from Princeton University and a M.B.A. from the Stanford University Graduate School of Business, where he was an Arjay Miller Scholar. Mr. Weinstein serves as a Trustee of the Contemporary Jewish Museum in San Francisco and is actively involved in the Jewish Community Federation of San Francisco on its Endowment Investment Committee and Capital Planning Committee. (1) Investment Committee member only. Not a KKR real estate credit investment professional. 24

Portfolio Details ($ in millions) # Investment Location Property Type Investment Date Committed Principal Amount Current Principal Amount Net Equity (2) Future Funding (3) Coupon (4)(5) Max Remaining Term (Yrs) (4)(6) LTV (4)(7) Senior Loans (1) 1 Senior Loan Manhattan, NY Condo (Residential) 8/4/2017 $239.2 $225.1 $223.7 $0.0 L + 4.8% 2.8 69% 2 Senior Loan Portland, OR Retail 10/26/2015 177.0 119.8 43.7 57.2 L + 5.5% 3.1 61% 3 Senior Loan San Diego, CA Office 9/9/2016 168.0 144.4 40.6 23.6 L + 4.2% 4.0 71% 4 Senior Loan Irvine, CA Office 4/11/2017 162.1 130.0 32.3 32.1 L + 3.9% 4.6 62% 5 Senior Loan Brooklyn, NY Retail 9/27/2016 138.6 119.6 37.5 19.0 L + 5.0% 4.0 59% 6 Senior Loan Brooklyn, NY Office 3/30/2017 132.3 98.8 24.8 33.5 L + 4.4% 4.5 68% 7 Senior Loan Atlanta, GA Office 8/15/2017 119.0 95.3 94.7 23.7 L + 3.0% 4.9 66% 8 Senior Loan Honolulu, HI Multifamily 8/23/2017 105.0 100.0 89.2 5.0 L + 4.0% 4.9 66% 9 Senior Loan Crystal City, VA Office 9/14/2016 103.5 78.1 23.6 25.4 L + 4.5% 4.0 59% 10 Senior Loan Denver, CO Multifamily 2/28/2017 85.9 77.8 15.6 0.0 L + 3.8% 4.4 75% 11 Senior Loan Denver, CO Multifamily 8/4/2017 81.0 81.0 70.4 0.0 L + 4.0% 4.8 73% 12 Senior Loan Austin, TX Multifamily 2/15/2017 79.2 59.9 15.0 19.3 L + 4.2% 4.4 71% 13 Senior Loan Queens, NY Industrial 7/21/2017 75.1 61.3 14.8 13.8 L + 3.7% 4.8 72% 14 Senior Loan New York, NY Multifamily 10/7/2016 74.5 66.2 17.0 8.3 L + 4.4% 4.1 68% 15 Senior Loan Atlanta, GA Industrial 12/17/2015 73.0 67.5 18.1 5.5 L + 4.0% 3.3 73% 16 Senior Loan Atlanta, GA Office 5/12/2017 61.9 43.8 11.7 18.1 L + 4.0% 4.7 71% 17 Senior Loan Nashville, TN Office 5/19/2016 55.0 52.8 13.3 2.2 L + 4.3% 3.7 70% Total / Weighted Average $1,930.3 $1,621.4 $786.0 $286.7 L + 4.3% 4.1 67% Mezzanine Loans 1 Mezzanine Loan Clearwater, FL Hospitality 1/22/2015 35.0 35.0 33.3 - L + 9.8% 2.4 73% 2 Mezzanine Loan Chicago, IL Retail 6/23/2015 16.5 16.5 16.4 - L + 9.2% 2.8 82% 3-8 Fixed Rate Mezzanine Loans Various Various Various 26.2 26.2 24.9-10.6% 7.6 77% Total / Weighted Average $77.7 $77.7 $74.6-10.8% 4.2 76% CMBS Total / Weighted Average $349.2 $317.2 $112.5 $32.0 4.2% 8.2 65% Portfolio Total / Weighted Average $2,357.2 $2,016.3 $973.1 $318.7 5.7% 4.3 67% 3Q17 Outstanding Portfolio (8) $1,811.6 (1) Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio. (2) Net equity reflects (i) the amortized cost basis of our loans, net of borrowings and a 5% noncontrolling interest in the entity that holds certain of our mezzanine loans; (ii) the cost basis of our CMBS B-Pieces, net of VIE liabilities; and (iii) the cost basis of our investment in RECOP. (3) Represents Committed Principal Amount less Current Principal Amount on Senior Loans with the exception of Loan #10, for which the future funding commitment is held by the syndicated senior participation; there is no future funding on mezzanine loans or CMBS with the exception of $32 million of remaining commitment to RECOP. (4) Weighted averages are weighted by current principal amount for senior loans and mezzanine loans; weighted averages are weighted by net equity for CMBS B-Pieces; weighted average coupon calculation includes one-month USD LIBOR for floating-rate Mezzanine Loans. (5) L = one-month USD LIBOR rate; spot one-month USD LIBOR rate of 1.23% included in mezzanine loan and portfolio-wide averages represented as fixed rates. (6) Max remaining term (years) assumes all extension options are exercised, if applicable. (7) For senior and mezzanine loans, loan-to-value ratio ("LTV") is based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated; for Senior Loan 1, LTV is based on the total loan amount of $239.2 million divided by the appraised net sell-out value of $345.4 million; for Mezzanine Loan 1, LTV is based on the total loan amount divided by the as-is appraised value at March 17, 2017; for CMBS B-Pieces, LTV is based on the weighted average LTV of the underlying loan pool at issuance. (8) Represents Current Principal Amount of Senior Loans and Mezzanine Loans and Net Equity Amount for CMBS. 25

Consolidated Balance Sheet (in thousands - except share and per share data) September 30, 2017 December 31, 2016 Assets Cash and cash equivalents $ 89,976 $ 96,189 Restricted cash and cash equivalents 600 157 Commercial mortgage loans, held-for-investment, net 1,543,851 674,596 Commercial mortgage loans, held-for-sale, net 81,550 26,230 Preferred interest in joint venture, held-to-maturity - 36,445 Equity method investments in unconsolidated subsidiaries, at fair value 8,328 - Accrued interest receivable 6,930 2,974 Other assets 2,894 2,728 Commercial mortgage loans held in variable interest entities, at fair value 5,429,874 5,426,084 Total Assets $ 7,164,003 $ 6,265,403 Liabilities and Equity Liabilities Secured financing agreements, net $ 755,987 $ 439,144 Accounts payable, accrued expenses and other liabilities 3,014 2,297 Dividends Payable 19,992 - Accrued interest payable 1,108 593 Due to affiliates 4,036 1,728 Variable interest entity liabilities, at fair value 5,313,914 5,313,574 Total Liabilities 6,098,051 5,757,336 Commitments and Contingencies Temporary Equity Redeemable noncontrolling interests in equity of consolidated joint venture 3,053 3,030 Redeemable preferred stock 949 - Permanent Equity Preferred stock, 50,000,000 authorized (1 share with par value of $0.01 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively, and 125 shares with stated value of $1,000.00 issued and outstanding as of December 31, 2016) - 125 Common stock, 300,000,000 authorized (53,685,440 and 24,158,392 shares with par value of $0.01 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively) 537 242 Additional paid-in capital 1,052,826 479,417 Retained earnings 9,110 17,914 Treasury stock: 26,398 shares held at cost as of September 30, 2017 (523) - Total KKR Real Estate Finance Trust Inc. stockholders equity 1,061,950 497,698 Noncontrolling interests in equity of consolidated joint venture - 7,339 Total Permanent Equity 1,061,950 505,037 Total Liabilities and Equity $ 7,164,003 $ 6,265,403 26

Consolidated Statement of Operations (in thousands - except share and per share data) For the Three Months Ended For the Nine Months Ended Sept 30, 2017 Sept 30, 2016 Sept 30, 2017 Sept 30, 2016 Net Interest Income Interest income $ 24,408 $ 7,896 $ 54,760 $ 20,884 Interest expense 5,414 1,627 12,592 3,976 Total net interest income 18,994 6,269 42,168 16,908 Other Income Change in net assets related to consolidated variable interest entities 4,025 6,220 12,810 9,960 Income from equity method investments in unconsolidated subsidiaries 115-461 Other income 177 64 616 143 Total other income 4,317 6,284 13,887 10,103 Operating Expenses General and administrative 1,339 548 3,254 1,748 Management fees to affiliate 3,989 1,621 9,513 4,088 Incentive compensation to affiliate - - - 365 Total operating expenses 5,328 2,169 12,767 6,201 Income Before Income Taxes, Noncontrolling Interests and Preferred Dividends 17,983 10,384 43,288 20,810 Income tax expense 120 71 388 214 Net Income 17,863 10,313 42,900 20,596 Redeemable Noncontrolling Interests in Income of Consolidated Joint Venture 54 87 134 248 Noncontrolling Interests in Income of Consolidated Joint Venture 377 210 801 601 Net Income Attributable to KKR Real Estate Finance Trust Inc. and Subsidiaries 17,432 10,016 41,965 19,747 Preferred Stock Dividends 93 4 181 12 Net Income Attributable to Common Stockholders $ 17,339 $ 10,012 $ 41,784 $ 19,735 Net Income Per Share of Common Stock, Basic and Diluted $ 0.32 $ 0.48 $ 0.98 $ 1.12 Weighted Average Number of Shares of Common Stock Outstanding, Basic 53,696,967 20,810,322 42,501,356 17,668,177 Weighted Average Number of Shares of Common Stock Outstanding, Diluted 53,697,041 20,810,322 42,501,530 17,668,177 Dividends Declared per Share of Common Stock $ 0.37 $ 0.26 $ 1.25 $ 0.95 27

Reconciliation of GAAP Net Income to Core Earnings and Net Core Earnings ($ in millions, except share and per share data) 3Q17 2Q17 Net Income Attributable to Common Stockholders $17.3 $14.1 Adjustments Non-cash equity compensation expense - - Incentive compensation to affiliate - - Depreciation and amortization - - Unrealized (gains) or losses (0.9) (1.1) Core Earnings (1) $16.5 $13.0 Less: Incentive compensation to affiliate - - Net Core Earnings (1) $16.5 $13.0 (1) See Appendix page 29 for definitions. Excludes $1.3 million and $1.3 million of original issue discount on CMBS B-pieces accreted as a component of taxable income during 3Q17 and 2Q17, respectively. 28

Key Definitions "Core Earnings" and Net Core Earnings : Used by the Company to evaluate the Company's performance excluding the effects of certain transactions and GAAP adjustments the Company believes are not necessarily indicative of the current loan activity and operations. Core Earnings and Net Core Earnings are measures that are not prepared in accordance with GAAP. The Company defines Core Earnings as net income (loss) attributable to stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) the incentive compensation payable to the Company's Manager, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items after discussions between the Company's Manager and board of directors (and after approval by a majority of the independent directors). The exclusion of depreciation and amortization from the calculation of Core Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments. Net Core Earnings is Core Earnings less incentive compensation payable to the Company s Manager. The Company believes providing Core Earnings and Net Core Earnings on a supplemental basis to net income as determined in accordance with GAAP is helpful to stockholders in assessing the overall performance of the Company's business. Core Earnings and Net Core Earnings should not be considered as substitutes for GAAP net income. The Company's methodology for calculating Core Earnings and Net Core Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company's Core Earnings and Net Core Earnings may not be comparable to similar measures presented by other REITs. IRR : IRR is the annualized effective compounded return rate that accounts for the time-value of money and represents the rate of return on an investment over a holding period expressed as a percentage of the investment. It is the discount rate that makes the net present value of all cash outflows (the costs of investment) equal to the net present value of cash inflows (returns on investment). It is derived from the negative and positive cash flows resulting from or produced by each transaction (or for a transaction involving more than one investment, cash flows resulting from or produced by each of the investments), whether positive, such as investment returns, or negative, such as transaction expenses or other costs of investment, taking into account the dates on which such cash flows occurred or are expected to occur, and compounding interest accordingly. The weighted average underwritten IRR for the investments shown reflects the returns underwritten by KKR Real Estate Finance Manager LLC, the Company s external manager, taking into account certain assumptions around leverage up to no more than the maximum approved advance rate, and calculated on a weighted average basis assuming no dispositions, early prepayments or defaults but assuming that extension options are exercised and that the cost of borrowings remains constant over the remaining term. With respect to certain loans included in the weighted average underwritten IRR shown, the calculation assumes certain estimates with respect to the timing and magnitude of the initial and future fundings for the total loan commitment and associated loan repayments, and assumes no defaults. With respect to certain loans included in the weighted average underwritten IRR shown, the calculation assumes the one-month spot USD LIBOR as of the date the loan was originated. There can be no assurance that the actual weighted average IRRs will equal the weighted average underwritten IRRs shown. 29