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Exhibit 10.2

REAFFIRMATION OF GUARANTY
 
THIS REAFFIRMATION OF GUARANTY (this “Reaffirmation”) is made and executed as of
this 1st day of November, 2017 by KKR REAL ESTATE FINANCE HOLDINGS L.P., a
Delaware limited partnership (the “Guarantor”), in favor of GOLDMAN SACHS BANK
USA, a New York chartered bank (together with its successors and permitted
assigns, “Buyer”).
 
RECITALS
 
WHEREAS, Buyer has entered into that certain Master Repurchase Agreement, dated
as of September 30, 2016, among KREF LENDING III LLC, a Delaware limited
liability company (together with its successors and permitted assigns, “QRS
Seller”), KREF LENDING III TRS LLC, a Delaware limited liability company
(together with its successors and permitted assigns, “TRS Seller”; together with
QRS Seller, the “Sellers” and each a “Seller”) and Buyer (the “Original MRA”);
 
WHEREAS, in connection with the Original MRA, the Guarantor executed and
delivered that certain Limited Guaranty, dated as of September 30, 2016, in
favor of Buyer (as may be amended, restated, supplemented or otherwise modified
from time to time, the “Guaranty”);
 
WHEREAS, as of the date hereof, the QRS Seller, the TRS Seller and Buyer wish to
amend and restate the Original MRA (such amended and restated Original MRA, the
“A&R MRA”) and to amend and restate the Fee Agreement (as defined in the
Original MRA) (such amended and restated Fee Agreement, the “A&R Fee Agreement”;
together with the A&R MRA, the “A&R Documents”); and
 
WHEREAS, as a condition to enter into the A&R Documents, Buyer requires the
Guarantor to unconditionally reaffirm that its obligations under the Guaranty
remain in full force and effect after giving effect to the A&R Documents and
that it consents to the A&R Documents.
 
AGREEMENT
 
NOW THEREFORE, as an inducement for Buyer to enter into the A&R Documents and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Guarantor hereby agrees as follows:
 
1.          Capitalized terms used herein and not otherwise defined shall have
the meanings given to them in the Guaranty or the A&R MRA, as the case may be.
 
2.          The Recitals set forth hereinabove are hereby incorporated by this
reference with the same force and effect as it fully set forth herein.
 
3.          The Guarantor acknowledges and agrees that (a) for purposes of the
Guaranty, the definition of “Transaction Documents” shall include the A&R
Documents, (b) pursuant to the A&R Documents, the Sellers have requested that
Buyer amend and restate the Original MRA and the Fee Agreement (as defined in
the Original MRA) to, among other things, allow the Sellers to enter into
Swingline Transactions (in an amount not to exceed the Swingline Facility
Amount) and Term Transactions (in an amount not to exceed the Term Facility
Amount) and make other amendments as set forth therein, and the Guarantor hereby
consents to such amendment and restatement, and (c) that, after giving effect to
the A&R Documents, the Guarantor’s obligations with respect to the Guaranteed
Obligations remain in full force and effect.
 

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4.          The Guarantor certifies that the representations and warranties
contained in the Guaranty remain true, correct and complete in all material
respects as of the date hereof with the same force and effect as if made on the
date hereof and that it has no offsets, counterclaims or defenses to any of its
obligations under the Guaranty.
 
5.          The Guaranty remains unmodified and in full force and effect.
 
[Signatures follow on the next page]
 
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IN WITNESS WHEREOF, the undersigned has executed and delivered this
Reaffirmation as of the day and year first hereinabove written.

 
GUARANTOR:
      
KKR REAL ESTATE FINANCE HOLDINGS L.P.
 
a Delaware limited partnership
      
By:
KKR REAL ESTATE FINANCE TRUST INC., its general partner
         
By:
/s/ Patrick Mattson
   
Name:
Patrick Mattson
   
Title:
Authorized Signatory
 

 
[Signature Page to Reaffirmation of Guaranty]
 
 

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