No securities are beneficially owned.
Ms. Galligan is the General Counsel and Secretary of KKR Real Estate Finance Trust Inc. (the "Issuer") and an executive of Kohlberg Kravis Roberts & Co. L.P. ("KKR"). Certain of KKR's affiliates have filed separate Forms 3 and Forms 4 reporting securities of the Issuer that they may be deemed to beneficially own. Ms. Galligan disclaims beneficial ownership of any securities of the Issuer reported therein. Exhibit List: Exhibit 24 - Power of Attorney