KKR Real Estate Finance Trust ^{Priced, NYSE: KREF}

KREF are a real estate finance company that focuses primarily on originating and acquiring senior mortgage loans secured by commercial real estate (CRE) assets. Our investment strategy is to originate or acquire senior mortgage loans collateralized by institutional-quality CRE assets that are owned and operated by experienced and well-capitalized sponsors and located in liquid markets with strong underlying fundamentals. Our target assets also include mezzanine loans, preferred equity and other debt-oriented instruments with these characteristics. Our investment objective is capital preservation and generating attractive risk-adjusted returns for our stockholders over the long term, primarily through dividends. We began our investment activities in October 2014 with an initial commitment of $400 million from KKR. We raised an additional $438 million in equity commitments from third-party investors and certain current and former employees of and consultants to KKR as of December 31, 2016, bringing our total committed capital base to $838 million, which will be fully drawn prior to the completion of this offering. As of December 31, 2016, we had originated and established an $841 million diversified portfolio of performing CRE debt investments, including senior mortgage loans, mezzanine loans, preferred equity and the junior-most bonds (CMBS B-Pieces) of commercial mortgage-backed securities (CMBS), with $483 million of equity invested. As of December 31, 2016, we had undrawn equity capital commitments of $355 million remaining for future deployment.