KKR Real Estate Finance Trust (KREF) Investor presentation summary

Portfolio overview and positioning

• $5.1 billion senior loan portfolio, with 63% in multifamily and industrial assets and 100% of loans as senior loans.

• Average loan size is $108 million, with 77% of the portfolio in multifamily and industrial properties.

• 93% of loans are in the U.S., with 8% exposure to Europe; 99% of loans are floating rate.

• Portfolio is positioned for proactive resolution of watch list and legacy office assets, with a focus on monetizing REO holdings.

• Weighted average loan-to-value is 66%, and the weighted average risk rating is 3.3.

Investment strategy and management

• Focus on lending to institutional-quality real estate owned by high-quality sponsors in top U.S. markets.

• 71% of loans are in the top 15 MSAs, and 88% in the top 25 MSAs.

• Multifamily loans represent 41% of the portfolio, with an average occupancy of 92%.

• Office loans are 18% of the portfolio, with a current average occupancy of 81%.

• Life science loans are concentrated in Boston and San Francisco, with 100% in top two markets.

Leadership and integration

• Leadership team has over 75 years of collective experience, with key executives from major real estate and finance firms.

• Integrated with KKR’s global platform, leveraging $758 billion in AUM and deep industry relationships.

• KKR owns 16% of the entity and provides access to 125+ real estate professionals.

• Integration with KKR provides sourcing, underwriting, and execution advantages.