SECOND QUARTER 2022 SUPPLEMENTAL INFORMATION J U L Y 2 5 , 2 0 2 2 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" or the "Company"). This presentation is not and shall not be construed as an offer to pur ...

KKR Real Estate Finance Trust Inc. (NYSE:KREF) Q2 2022 Earnings Conference Call July 26, 2022 10:00 AM ET Company Participants Jack Switala - Investor Relations Matt Salem - Chief Executive Officer Patrick Mattson - President & Chief Operating Officer Kendra Decious - Chief Financial Officer Conference Call Participants Stephen Laws - Raymond James Jade Rahmani - KBW Don Fandetti - Wells Fargo Eric Hagen - BTIG Rick Shane - JPMorgan Steve Delaney - JMP Securities Operator Good morning and welcome to the KKR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 001-38082 KKR Real Estate Finance Trust Inc. (Exact name of registrant as specified in its charter) Maryland 47- ...

KKR REAL ESTATE FINANCE TRUST INVESTOR PRESENTATION M A Y 2 0 2 2 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" or the "Company"). This presentation is not and shall not be construed as an offer to purc ...

KKR Real Estate Finance Trust Inc. (NYSE:KREF) Q1 2022 Earnings Conference Call April 26, 2022 10:00 AM ET Company Participants Jack Switala - IR Matt Salem - CEO Patrick Mattson - President and COO Kendra Decious - CFO Conference Call Participants Jade Rahmani - KBW Stephen Laws - Raymond James Don Fandetti - Wells Fargo Rick Shane - JP Morgan Steve Delaney - JMP Securities Eric Hagen - BTIG Operator Good morning and welcome to the KKR Real Estate Finance Trust Inc. First Quarter 2022 financial results con ...

FIRST QUARTER 2022 SUPPLEMENTAL INFORMATION APRIL 25, 2022 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" or the "Company"). This presentation is not and shall not be construed as an offer to purchase or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 001-38082 KKR Real Estate Finance Trust Inc. (Exact name of registrant as specified in its charter) Maryland 47 ...

KKR Real Estate Finance Trust Inc. Fourth Quarter and Full Year 2021 Supplemental Information February 8, 2022 Legal Disclosures 2 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" or the "Company"). This presentation is not ...

Capital Structure and Investment Portfolio - KREF's total committed capital base reached $838.1 million, fully drawn prior to its IPO, which generated net proceeds of $225.9 million on May 5, 2017[19]. - As of December 31, 2021, KREF's aggregate investment portfolio totaled $6,791.5 million, primarily comprised of $6,677.2 million in senior and mezzanine loans[31]. - The average committed loan size, net of amounts committed by KKR affiliates, was $130.9 million for the year ended December 31, 2021, compared to $91.8 million for 2020[32]. - KREF's common book value as of December 31, 2021, was $1,188.9 million, net of a $23.7 million CECL allowance[32]. - KREF's portfolio is entirely located in the United States as of December 31, 2021[31]. - The total outstanding portfolio financing was $5.5 billion, with a maximum capacity of $6.9 billion[38]. - Non-Mark-to-Market financing sources accounted for 71% of the total portfolio financing, amounting to $3.8 billion as of December 31, 2021[37]. - The company closed a $1.3 billion managed collateralized loan obligation (CLO) with an 84.25% advance rate and a weighted average cost of capital of L+1.30%[39]. - A $500 million term lending agreement was entered into, providing asset-based financing on a Non-Mark-to-Market basis with a term of up to five years[39]. - The company targets a leverage ratio on senior loans between 3.5 and 4.0-to-1, with a total leverage ratio of 3.7-to-1 as of December 31, 2021[41]. Investment Strategy and Risk Management - KREF focuses on originating and acquiring transitional senior loans secured by institutional-quality commercial real estate properties located in liquid markets[18]. - The company expects future investment activity to be heavily weighted toward floating-rate senior loans, financed through repurchase facilities and non-mark-to-market financing[31]. - KREF's investment strategy includes lending at a substantial discount to intrinsic real estate value, supported by independent assessments[27]. - KREF's investment committee includes experienced professionals with over 25 years of commercial real estate experience, ensuring robust investment strategy execution[25]. - Approximately 98.3% of the total investment portfolio earned a floating rate of interest indexed to one-month LIBOR as of December 31, 2021[42]. - About 54% of the loan portfolio had a LIBOR floor of 0.25% or higher, with a weighted average floor of 0.74%[44]. - The company is monitoring the transition from LIBOR to SOFR, with no assets or liabilities indexed to SOFR as of December 31, 2021[47]. - The company operates in a competitive environment, facing competition from various institutional lenders and financial institutions[49]. - The company is exposed to risks associated with debt-oriented real estate investments, which could be negatively impacted by changes in economic conditions and real estate fundamentals[67]. - The company may experience difficulties in redeploying cash from repayments of existing loans, which could adversely affect financial performance[85]. Economic and Market Conditions - The ongoing COVID-19 pandemic has caused severe disruptions in the U.S. and global economy, impacting the company's performance and results of operations[55]. - The company has observed signs of economic recovery but cannot predict the time required for a widespread sustainable recovery, particularly with the emergence of new COVID-19 variants[56]. - The pandemic has led to increased inflation and labor shortages, negatively affecting borrowers' ability to execute their business plans[57]. - Economic conditions, including the impact of COVID-19, could negatively affect the creditworthiness of borrowers and the value of underlying real estate collateral[68]. - The company cannot predict the degree to which economic conditions will improve or decline, which could materially affect its business and financial condition[69]. - The pandemic may result in more frequent modifications of loans and instances of default or foreclosure on assets underlying the company's loans[62]. - The inability of borrowers' tenants to pay rent could lead to defaults, affecting the company's ability to pay dividends and meet debt obligations[58]. - Economic downturns may lead to defaults on concentrated investments, adversely affecting financial condition and results of operations[95]. Interest Rate and Credit Risk - 98.3% of the total investment portfolio earns a floating rate of interest indexed to one-month USD LIBOR, indicating a high exposure to interest rate fluctuations[70]. - In a declining interest rate environment, interest income generally decreases as LIBOR decreases, which could negatively impact net income[70]. - The company’s net interest income benefits from in-the-money LIBOR floors, but this benefit is expected to decrease as LIBOR increases[70]. - Changes in interest rates and credit spreads may lead to operating losses if interest and related expenses exceed interest and related income[71]. - Increases in interest rates may negatively affect demand for loans and could result in higher borrower default rates[72]. - The transition from LIBOR to SOFR may result in higher interest costs for the company, impacting its operating results[146]. Regulatory and Compliance Risks - The company must maintain less than 40% of total assets in "investment securities" to avoid registration under the Investment Company Act, limiting investment flexibility[183]. - To qualify for exclusions under the Investment Company Act, subsidiaries must hold at least 55% of assets in "qualifying" real estate assets and 80% in real estate-related assets[189]. - The company is subject to periodic reviews by its board of directors, relying on information provided by its manager, which may influence decision-making[180]. - The obligations of being a public company require significant resources, including compliance with the Sarbanes-Oxley Act and SEC regulations, which could strain management and financial resources[203]. - Failure to maintain effective internal controls over financial reporting could lead to a loss of investor confidence and negatively impact stock price[204]. - The company must maintain its qualification as a REIT to avoid substantial tax liabilities, which involves complex compliance requirements[206]. - Regulatory capital requirements could increase financing costs and limit the ability to originate or acquire loans, impacting liquidity[196]. - The potential for increased competition from deregulated financial institutions could affect the company's investment opportunities and yields[197]. Management and Governance - KREF's manager, KKR, reported $470.6 billion in assets under management as of December 31, 2021, providing significant advantages in sourcing and managing investments[23]. - KKR and its affiliates beneficially owned shares providing them with an aggregate 23.2% of the total voting power of the company as of December 31, 2021[172]. - The company pays base management fees regardless of portfolio performance, which may reduce the incentive for the Manager to seek attractive risk-adjusted returns[170]. - The Manager can earn incentive fees based on quarterly earnings, potentially leading to investments in riskier assets to boost short-term net income[171]. - The management agreement with the company's Manager can be terminated with 180 days' notice, which could be costly and difficult to execute[165]. - The current term of the management agreement extends to December 31, 2022, with automatic renewals unless terminated by the Manager[163]. - Conflicts of interest may arise in the allocation of investment opportunities between the company and KKR investment vehicles, potentially affecting the company's share of such opportunities[178]. - The company may co-invest with KKR investment vehicles, which could result in less favorable economic terms for the company compared to other parties[178]. - KKR's information-sharing policies may limit the company's ability to leverage KKR's resources effectively for its investments[179].

KKR Real Estate Finance Trust Inc. Third Quarter 2021 Supplemental Information October 25, 2021 Legal Disclosures 2 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" or the "Company"). This presentation is not and shall not ...