Market Overview

KKR Real Estate Finance Trust Inc. Announces Launch of Public Offering of Common Stock

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KKR Real Estate Finance Trust Inc. ("KREF") (NYSE:KREF) today announced
the launch of a public offering of 5,000,000 shares of its common stock
(the "Shares") to be issued and sold by it. KREF intends to use the net
proceeds from the offering to acquire its target assets in a manner
consistent with its investment strategies and investment guidelines and
for general corporate purposes.

Citigroup, J.P. Morgan and Wells Fargo Securities are acting as the
underwriters for the offering.

A shelf registration statement on Form S-3, including a prospectus,
related to the Shares has been filed by KREF with the U.S. Securities
and Exchange Commission ("SEC") and has become effective. The offering
will be made only by means of a preliminary prospectus supplement and
the accompanying prospectus filed today by KREF with the SEC. Copies of
the preliminary prospectus supplement and the accompanying prospectus,
and the final prospectus supplement, when available, may be obtained
from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or J.P. Morgan,
Attention: Prospectus Department, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, New York 11717, or by calling
toll-free at (866) 803-9204; or from Wells Fargo Securities, LLC,
Attention: Equity Syndicate at 375 Park Avenue, New York, NY 10152-4077,
or by calling (800) 326-5897, or by email: cmclientsupport@wellsfargo.com,
or by visiting the SEC's website at www.sec.gov
under KREF's name.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

About KREF

KREF is a real estate investment trust that primarily originates or
acquires senior loans. KREF is externally managed and advised by KKR
Real Estate Finance Manager LLC, a registered investment adviser and an
indirect subsidiary of KKR & Co. Inc.

This press release contains certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally can be identified by the use of
forward-looking terminology such as "assumptions," "target," "guidance,"
"outlook," "plans," "projection," "may," "will," "would," "should,"
"seeks," "expect," "intend," "estimate," "anticipate," "believe,"
"potential" or "continue" (or the negative or other derivatives of each
of these terms) or similar expressions that concern KREF's operations,
strategy, projections or intentions. These "forward-looking" statements
include statements relating to, among other things, the proposed
offering of the Shares, the expected use of the net proceeds from the
offering, and KREF's expectations concerning market conditions for an
offering of common stock. Forward-looking statements are subject to a
number of risks and uncertainties, many of which involve factors or
circumstances that are beyond KREF's control. These and other important
risk factors are discussed under the heading "Risk Factors" in KREF's
Annual Report on Form 10-K for the fiscal year ended December 31, 2017,
as such factors may be updated from time to time in KREF's other
periodic filings with the SEC. KREF's actual results could differ
materially from those stated or implied in forward-looking statements.
Except as required by law, KREF undertakes no obligation to update or
revise any forward-looking statements KREF makes in its press releases,
whether as a result of new information, future events or otherwise.

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