KKR Real Estate Finance Trust Inc.

For information regarding the risk factors that could affect the Company’s business, results of operations, financial condition and liquidity, see the information below and under Part I, Item 1A. “Risk Factors” in the Form 10-K, which is accessible on the SEC’s website atwww.sec.gov. Except for the risk factor discussed below, there have been no material changes to the risk factors previously disclosed in the Form 10-K.

There can be no assurance that our board’s review of strategic alternatives will result in any transaction or other strategic change.

Our board of directors has established a strategic review committee to evaluate potential strategic alternatives intended to enhance shareholder value. The review process remains ongoing, and there can be no assurance that the process will result in any transaction, strategic initiative, or other change to our existing business plan. The timing and outcome of the review remain uncertain, and any potential transaction or strategic initiative may be subject to market conditions, third-party approvals, and other factors beyond our control. Furthermore, there can be no assurance that any strategic alternative pursued will be successfully implemented or result in increased shareholder value. The strategic review process may be time-consuming and disruptive to our business operations and may also result in additional costs and uncertainty that could adversely affect our business, financial condition, results of operations or the market price of our common stock.