#1FEBRUARY 2023 HABITU KKR REAL ESTATE FINANCE TRUST INVESTOR PRESENTATION#2Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF" or the "Company"). This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment advice or any other service by KREF. Nothing in this presentation constitutes the provision of any tax, accounting, financial, investment, regulatory, legal or other advice by KREF or its advisors. This presentation may not be referenced, quoted or linked by website by any third party, in whole or in part, except as agreed to in writing by KREF. This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on the Company's beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the general political, economic and competitive conditions in the United States and in any foreign jurisdictions in which the Company invests, including with respect to the effects of the COVID-19 pandemic, and their impact on the Company's loan portfolio, financial condition and business operations; accelerating inflationary trends, spurred by multiple factors including high commodity prices, a tight labor market, and low residential vacancy rates, may result further in interest rate increases and lead to increased market volatility; higher interest rates imposed by the Federal Reserve may lead to a decrease in prepayment speeds and an increase in the number of borrowers who exercise extension options, which could extend beyond the term of certain secured financing agreements the Company uses to finance its loan investments; the economic impact of escalating global trade tensions, the conflict between Russia and Ukraine, and the adoption or expansion of economic sanctions or trade restrictions; reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic and/or hybrid work schedules which allow work from remote locations other than the employer's office premises; how widely utilized COVID-19 vaccines will be, whether they will be effective in preventing the spread of COVID-19 (including its variant strains), and their impact on the ultimate severity and duration of the COVID-19 pandemic; actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact; the impact of, and market dislocations that may result from, governmental intervention in the economic and financial system or from regulatory reform of the oversight of financial markets; interest rate mismatches between the Company's target assets and any borrowings used to fund such assets; adverse developments in the availability of desirable investment opportunities whether they are due to competition, regulation or otherwise; the level and volatility of prevailing interest rates and credit spreads, including as a result of the planned discontinuance of LIBOR and the transition to alternative reference rates; adverse changes in the real estate and real estate capital markets; difficulty or delays in redeploying the proceeds from repayments of the Company's existing investments; general volatility of the securities markets in which the Company participates; changes in the Company's business, investment strategies or target assets; deterioration in the performance of the properties securing the Company's investments that may cause deterioration in the performance of the Company's investments, risks in collection of contractual interest payments, and potentially, principal losses to the Company; acts of God such as hurricanes, earthquakes and other natural disasters, pandemics such as COVID-19, acts of war and/or terrorism and other events that may cause unanticipated and uninsured performance declines and/or losses to the Company or the owners and operators of the real estate securing the Company's investments; the adequacy of collateral securing the Company's investments and declines in the fair value of the Company's investments; difficulty in obtaining financing or raising capital; difficulty in successfully managing the Company's growth, including integrating new assets into the Company's existing systems; reductions in the yield on the Company's investments and increases in the cost of the Company's financing; defaults by borrowers in paying debt service on outstanding indebtedness; the availability of qualified personnel and the Company's relationship with its Manager; subsidiaries of KKR & Co. Inc. have significant influence over the Company and KKR's interests may conflict with those of the Company's stockholders in the future; the cost of operating the Company's platform, including, but not limited to, the cost of operating a real estate investment platform; adverse legislative or regulatory developments; the Company's qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes and the Company's exclusion from registration under the Investment Company Act of 1940, as amended; authoritative accounting principles generally accepted in the United States of America ("GAAP") or policy changes from standard-setting bodies such as the Financial Accounting Standards Board, the Securities and Exchange Commission (the "SEC"), the Internal Revenue Service, the New York Stock Exchange and other authorities that the Company is subject to, as well as their counterparts in any foreign jurisdictions where the Company might do business; and other risks and uncertainties, including those described under Part I-Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this release. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this release and in the Company's filings with the SEC. All forward-looking statements in this release speak only as of the date of this release. The Company undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward looking statements in this presentation speak only as of February 8, 2023. KREF undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All financial information in this presentation is as of December 31, 2022 unless otherwise indicated. This presentation also includes non-GAAP financial measures, including Distributable Earnings and Distributable Earnings per Diluted Share. Such non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP. KREF 2#3KKR Real Estate Finance Trust Inc. Overview Best In Class Portfolio (1) (2) $7.9 B Investment Portfolio 99% Senior Loans $123 M Average Loan Size (1) 57% Multifamily & Industrial 100% Interest Collected Senior loans secured primarily by transitional, institutional multifamily and office properties owned by high quality sponsors Conservative Balance Sheet $9.1 B Financing Capacity 77% Fully Non-Mark-to-Market (²) $952 M Current Liquidity(³) Conservative liability management focused on diversified non-mark-to-market financing KREF's Manager Fully Integrated with KKR 14% KKR Ownership in KREF $504 B Global AUM $64 B Real Estate AUM(4) $24 B Balance Sheet 160+ Real Estate Professionals (5) One firm culture that rewards investment discipline, creativity and determination and emphasizes the sharing of information, resources, expertise and best practices Average loan size is inclusive of the unfunded commitment Based on outstanding face amount of secured financing, including non-consolidated senior interests, and excludes convertible notes and the corporate revolving credit facility (3) Includes $240 million in cash, $610 million undrawn corporate revolver capacity and $102 million of available borrowings based on existing collateral (4) Figures represent AUM across all KKR real estate transactions (5) As of February 2023 KREF 3#41 Investment Highlights 2 Cycle Tested, Experienced Leadership Team KKR Sponsorship KREF X 3 A Differentiated Investment Strategy Mi (4 Best in Class Investment Portfolio $ S₂ KKR Real Estate Finance Trust ("KREF") benefits from its integration within KKR's -- broader Real Estate platform m -- 5 Conservative Liability Management % 6 Portfolio Benefits from Higher Rate Environment 4#5KREF KKR Sponsorship 5#6KKR Platform - A Leading Global Asset Manager KKR Founded 1976 $504 B Assets Under Management (1) (2) (3) $24 B Internal Balance Sheet KKR operates with a single culture that rewards investment discipline, creativity, determination and patience and emphasizes the sharing of information, resources, expertise and best practices across offices and asset classes. 00 813 Investment Professionals 23 / 17 Cities / Countries KKR Real Estate Attributes ~$64 billion in AUM in Real Estate strategies globally (¹) 160+ dedicated Real Estate investment and asset management professionals (2) across 16 cities in 10 countries Strategic Growth Vertical: $3.8+ billion of KKR balance sheet and employee capital committed across KKR real estate strategies(3) Figures represent AUM across all KKR real estate transactions As of February 2023 Includes investments / commitments made by KKR's balance sheet, KKR employees, and other affiliates. Investments made by current and former KKR employees are retained by those individuals personally. Includes unfunded commitments made by individuals KREF 6#7Integrated Global Real Estate Platform Founded in 2011 and fully integrated across both Real Estate Debt and Equity, as well as the Americas, Europe, and Asia Real Estate Equity $53B of Asset Value(2) Real Estate Loans $44B of Collateral Value(¹) Integrated Real Estate Platform Own or lend on $206B RE assets CMBS $108B Underlying Asset Value(¹) Note: As of September 30, 2022 unless otherwise noted. Numbers may not sum due to rounding. Foreign exchange rates as of August 26, 2022 (1) Represents implied value based on weighted average LTV of respective strategies (2) Represents current gross asset value across all KKR real estate transactions; strategies include Real Estate Partners Americas, Real Estate Partners Europe, Asia Real Estate Partners, Property Partners Americas, Property Partners Europe, Asia Property Partners, KKR Real Estate Select Trust (credit investments in KREST are represented in the Real Estate Loans or Real Estate CMBS Securities totals, as applicable), KJR Management, KRE RESDOC Americas, KRE RESDOC Europe, Global Atlantic assets, Private Equity funds, Special Situations, trophy single tenant investments in KKR Credit accounts, and Balance Sheet investments KREF 7#8KREF Integration with KKR KREF differentiates itself by seeking opportunities where it has sourcing, underwriting and execution advantages through KKR's brand, industry knowledge, relationships and deep bench of investment professionals KKR Private Equity $94B of AUM, 209 professionals globally, 100+ portfolio companies globally KKR Global Macro & Asset Allocation 41 professionals globally, insight on macro market observations and MSA analytics KKR Senior Advisors (¹) 85 advisors globally, including three dedicated real estate advisors Q KKR REAL ESTATE FINANCE TRUST Fo (1) Senior Advisors, Industry Advisors and KKR Advisors are engaged as consultants and are not employees of KKR KREF KKR Credit $194B of AUM, 192 professionals globally, sourcing & UW synergies KKR Capital Markets 75 professionals globally, sourcing and structuring expertise KKR Public Policy & Affairs 31 professionals globally, stakeholder relations Integration Drives Meaningful Benefits to KREF $ Deep network of direct relationships to source high-quality investments Differentiated credit assessment capabilities Solutions provider for complex business plans offering speed and certainty Best-in-class financing creates attractive risk- adjusted returns 8#9KREF Experienced Leadership Team 9#10KKR Real Estate Credit Investment Committee Diversity of Manager's Investment Committee creates a thorough vetting process Matt Salem CEO KREF Member of KREF Board Partner & Head of Real Estate Credit • Joined KKR in 2015 Formerly at Rialto Capital Management and Goldman Sachs KREF Patrick Mattson President & COO KREF Managing Director & COO of Real Estate Credit Jenny Box Partner & Co-Head of Special Situations Americas Joined KKR in 2019 Formerly at Oaktree and Blackstone Joined KKR in 2015 Formerly at Rialto Capital Management and Morgan Stanley ● US Investment Committee Ralph Rosenberg Chairman of KREF Board Partner & Global Head of Real Estate • Joined KKR in 2011 Formerly at Eton Park and Goldman Sachs Billy Butcher Partner & Chief Operating Officer of Global Real Estate Joined KKR in 2004 Formerly at Goldman Sachs Chris Lee Vice Chairman of KREF Board Partner & Head of Real Estate Americas • Joined KKR in 2012 Formerly at Apollo Global Management and Goldman Sachs Roger Morales Partner & Head of Real Estate Acquisitions Americas • Joined KKR in 2011 Formerly at Eton Park and Vornado Realty Trust Joel Traut Partner & Head of Originations • Joined KKR in 2015 Formerly at GE Capital Real Estate Justin Pattner Partner & Head of Real Estate Equity Americas • Joined KKR in 2011 Formerly at Eton Park and Lubert Adler 10#11KKR Real Estate Finance Trust Team Leadership Team Ralph Rosenberg Chairman of the Board Joel Traut Partner Head of Originations Joined KKR in 2015 Formerly a Director at GE Capital Real Estate with over 18 years industry experience Julia Butler Managing Director Joined KKR in 2017 Formerly an Executive VP at iStar with over 18 years industry experience Legal C Vincent Napolitano Director General Counsel & Secretary Joined KKR in 2020 Formerly an Associate at Skadden, Arps with over 10 years industry experience KREF Chris Lee Vice Chairman of the Board Paul Fine Managing Director Joined KKR in 2015 Formerly a Director At CCRE with over 14 years industry experience Ali Imraan Managing Director Head of European Originations Joined KKR in 2022 Formerly a Managing Director at LaSalle Investment Management with over 15 years industry experience Capital Markets & IR Jack Switala Director Equity Capital Markets & IR Joined KKR in 2021 Formerly a Vice President at Wells Fargo Securities with over 9 years industry experience Matt Salem Chief Executive Officer Member of the Board Senior Investment Team Rachel Hunter-Goldman Adam Simon Director Director Joined KKR in 2021 Formerly a Principal at Apollo Global Management with over 9 years industry experience Joined KKR in 2015 Formerly a VP at Rialto Capital Management with over 14 years industry experience Finance Leo Michalakos Director Finance Joined KKR in 2019 Formerly a controller for Terra Capital Partners with over 10 years industry experience Patrick Mattson President Chief Operating Officer lan McConnell Director Joined KKR in 2020 Formerly a Senior VP at Starwood Property Trust with over 15 years industry experience Julian Hodgeman Director Joined KKR in 2015 Formerly an associate at Rialto Capital Management with over 11 years industry experience Kendra Decious Chief Financial Officer Treasurer Investment Professionals Celine Comeau Director Joined KKR in 2021 Formerly an associate at Global Atlantic Financial Group with over 10 years industry experience 66 + 03 Corey Hall Director Joined KKR in 2022 Formerly a Senior VP at Brookfield with over 14 years industry experience Finance, Legal, Investor Relations & Capital Markets Professionals 11#12KREF Differentiated Investment Strategy 12#13Differentiated, Conservative Investment Strategy Lending on institutional quality real estate owned by high-quality sponsors in top markets Institutional Quality Commercial Real Estate B Average Loan Size(¹) $123M Average Occupancy of Multifamily Loans 90% % of Portfolio Multifamily / Industrial Loans 57% Construction Loans 9% Top Markets with Strong Underlying Fundamentals Top 15 MSAS Top 25 MSAS 80% 91% Note: The data above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans (1) Average loan commitment is inclusive of the unfunded KREF commitment (2) FY 2022 (January 1, 2022 - December 31, 2022) KREF High-Quality, Experienced & Well-Capitalized Sponsors Select Examples: 息 AUM, Top 10 Publicly Traded Global Asset Manager $100B+ Market Capitalization, Top 5 Global Investment Bank $100B+ Units, Top Regional Multifamily Developer and Operator 15,000+ Repeat Borrowers(2) 72% 13#14Targeted Strike Zone Representative Terms on Newly-Originated Senior Loans Loan Size $50-$500+ million Collateral Primarily Transitional CRE Properties Sponsorship Well-Established, Capitalized & Experienced Geographies Top 30 U.S. Markets Property Types Multifamily, Office, Life Science, Industrial, Hospitality, Retail, and Other Commercial Property Types Loan-to-Value Typically 75% or less Maturity 2-3 years with Extension Options Representative Pricing SOFR +3.25 -4.50% with Rate Floors Fees Typically 1.00% Upfront Discount + Extension Fees KREF ▬▬▬▬▬▬▬▬▬ Key Attributes of KREF's Investments Primarily Larger, Floating-Rate Senior Loans Institutional Sponsors Major Markets High-Quality Real Estate 14#15Rigorous Investment Screening and Selection Process Over the last twelve months, KREF screened $118.8 billion of financing opportunities and originated $2.7 billion, 2.3% of senior loans screened Large opportunity set funneled through rigorous screening and approval process Rigorous Screening (1) LTM as of December 31, 2022. Values represent approximations KREF The "KKR Edge" Deals Screened: $118.8B(1) Total Underwritten: $49.3B (¹) Total Quoted: $26.2B(¹) Total Closed(¹): $2.7B Multidisciplinary Review 15.#16KREF Best In Class Investment Portfolio 16#17KREF Loan Portfolio by the Numbers ($ in Millions) $4,134 4Q'18 4- 18% Total Portfolio Growth $5,075 4Q'19 Other <5%: 21% $4,998 4Q'20 Geography (¹) 16% $6,792 4Q'21 5% 10% 5% 8% 11% $7,916 4Q'22 6% Washington, D.C. Investment Type(2) Class-B 8% Senior Loans 99% Non-Senior 1% Class-A 92% Industrial 12% Office (5) Life Science 7% Property Type Hospitality 5% (3) AN LEED 85% (4) Other 5% Office 26% Interest Rate Type 100% Floating LIBOR 45% Multifamily 45% SOFR 55% Multifamily Class-B 33% Class-A 67% Note: The charts above are based on total assets. Total assets reflect the principal amount of our senior and mezzanine loans (1) Map excludes a $40 million real estate corporate loan and one real estate owned asset with a net carrying value of $80 million (2) Senior loans include senior mortgages and similar credit quality loans, including related contiguous junior participations in senior loans where KREF has financed a loan with structural leverage through the non-recourse sale of a corresponding first mortgage (3) KREF classifies a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space (4) "Other" property types include: 3% Condo (Residential), 1% Student Housing, <1% Single Family Rental, <1% Self-Storage (5) Office property certification % is based on current principal loan balance; see description for LEED certification in the appendix KREF 17#18Multifamily and Office Loan Overview Multifamily: 45% of Loan Portfolio $100 M Average Loan Size(¹) (3) 78% W.A. Occupancy at Closing $1 69% W.A.LTV(2) 90% W.A. Occupancy Current (3) Property Locations 0% Construction Loans 2016 Median Year Built Office: 26% of Loan Portfolio $169 M Average Loan Size(¹) 69% W.A. Occupancy at Closing 63% W.A. LTV(2) 72% W.A. Occupancy Current (3) Property Locations 2.4% Co-Working Exposure 8.4 years W.A. Remaining Lease Term (1) Average loan commitment is inclusive of the unfunded KREF commitment (2) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value. Excludes loans risk-rated 5 Based on most recent data available from our borrowers as of December 31, 2022 KREF 18#19Case Studies: Largest Three Multifamily Loans Investment Loan Type Investment Date Collateral Location Committed Amount Current Principal Amount Basis Coupon (¹) LTV(2) Max Remaining Term (Yrs.) Asset Photos Arlington Multifamily Floating-Rate Senior Loan September 2021 912-unit Class-B+ and 198-unit Class-A Multifamily Arlington, VA $381 million $362 million $326k/ unit + 3.3% 69% 3.8 Los Angeles Multifamily Floating-Rate Senior Loan February 2021 536-unit Class-A Multifamily Los Angeles, CA $260 million $250 million $466k/ unit + 3.6% 68% 3.2 (1) Coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable for each loan LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated (2) KREF Sunbelt Multifamily Portfolio Floating-Rate Senior Loan May 2019 3-Property, 1,070-unit Class-A Multifamily Various $217 million $217 million $202k / unit + 4.0% 74% 1.4 19#20Case Studies: Largest Three Office Loans Investment Loan Type Investment Date Collateral Location Committed Amount Current Principal Amount Basis Coupon (¹) LTV(2) Max Remaining Term (Yrs.) Asset Photos Bellevue Office Floating-Rate Senior Loan September 2021 Class-A Office Totaling 609k SF Bellevue, WA $260 million (3) $105 million $855/SF + 3.6% 63% 4.3 Mountain View Office Floating-Rate Senior Loan July 2021 Five Class-A Office Buildings Totaling 446k SF Mountain View, CA $250 million (4) $195 million $636/SF +3.4% 73% 3.6 Minneapolis Office (3) The total whole loan is $520.8 million, co-originated by the Company and KKR affiliates. The Company's interest is 50.0% of the loan (4) The total whole loan is $362.8 million, co-originated by the Company and a KKR affiliate. The Company's interest is 68.9% of the loan KREF Floating-Rate Senior Loan November 2017 Two Class-A Office Buildings Totaling 1.1mm SF Minneapolis, MN $194 million $194 million $179 / SF + 3.8% N/A 0.3 (1) Coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable for each loan (2) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated. For the Bellevue Office, a Class-A development project, LTV is based on the appraised as stabilized estimated value upon completion 20#21Case Studies: Largest Three Industrial Loans Investment Loan Type Investment Date Collateral Location Committed Amount Current Principal Amount Basis Coupon (¹) LTV(2) Max Remaining Term (Yrs.) Asset Photos Western U.S. Industrial Portfolio Floating-Rate Senior Loan April 2022 14 Class A/B Industrial Properties Totaling 5.2mm SF Various $252 million (3) $252 million $98 / SF + 2.7% 64% 4.4 Bronx Industrial Floating-Rate Senior Loan August 2021 1.4mm RSF, Two-Story, Class A Distribution and Parking Facility Bronx, NY $229 million (4) $157 million $277/ SF + 4.2% 52% 3.7 (1) Coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable for each loan (2) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated (3) The total whole loan is $504.5 million, co-originated by the Company and KKR affiliates. The Company's interest is 50.0% of the loan (4) The total whole loan is $381.2 million, co-originated by the Company and a KKR affiliate. The Company's interest is 60.0% of the loan KREF U.S. Industrial Portfolio Floating-Rate Senior Loan June 2022 12 Class A/B Industrial Assets Totaling 2.8mm SF Various $188 million $142 million $102/SF + 2.9% 50% 4.5 ON SE 21#22Case Studies: 4Q'22 Loan Originations Investment Loan Type Investment Date Collateral Location Loan Size Loan Purpose Basis Coupon (¹) LTV(2) Max Remaining Term (Yrs.) Asset Photos National Self Storage Floating-Rate Senior Loan December 2022 11 Asset, 12k Unit, 1.5 Million RSF Self Storage Portfolio National $160 million (3) Acquisition $34/SF + 3.8% 61% 5.0 $eurspace Miami Multifamily Floating-Rate Senior Loan October 2022 282-Unit Class A Multifamily Rental Property Miami, FL $110 million Acquisition $333k/ unit + 3.8% 51% 4.9 (1) (2) (3) The total whole loan is $320 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 50% of the loan, or $160 million KREF Coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable for each loan LTV based on total commitment amount divided by the as-stabilized value as of the date the loan was originated North Carolina Multifamily Floating-Rate Senior Loan November 2022 390-Unit Class A Multifamily Rental Property Cary, NC $100 million Acquisition $239k / unit + 3.4% 63% 4.9 22#23Portfolio Credit Quality Overview Collected 100% of interest payments due on loan portfolio (% of total loan portfolio) 3Q'22 17% 0 - 60% 4Q'22 21% 0 - 60% 20% 60 - 65% 20% 60-65% Loan-to-Value(¹)(2) 32% 65 - 70% 31% 65 - 70% Weighted Average LTV(3): 67% 26% 70 - 75% 24% 4% Weighted Average LTV(3): 66% 70-75% 75-80% 4% 75-80% (% of loan portfolio) 3Q'22 0% 1 0 0% 1 0 4Q'22 1% 2 1 0% 2 0 Risk Rating Distribution 88% 3 69 Loan Count 88% 3 70 Weighted Average Risk Rating (³): 3.1 7% 4 3 6% 5% Weighted Average Risk Rating (3): 3.2 4 3 5 2 6% 5 3 Loan Count (1) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value, except as noted in the footnotes to the "Portfolio Details" Summary in the Appendix (2) Includes non-consolidated senior interests and excludes a real estate corporate loan and three 5 risk-rated loans (3) Weighted average is weighted by current principal amount KREF 23#24Case Studies: Watch List Loans (Risk Rating 5) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon Max Remaining Term (Yrs.) Loan Risk Rating Minneapolis Office Floating-Rate Senior Loan November 2017 Two Class-A Office Buildings totaling 1.1mm SF Refinance Minneapolis, MN $194 million $194 million $179 / SF LIBOR + 3.8% 0.3 5 Philadelphia Office Floating-Rate Senior Loan April 2019 4-Building, 711k RSF Office Portfolio Acquisition Philadelphia, PA $183 million $159 million $222 / SF LIBOR + 2.6% 1.4 5 (1) Committed Amount and Current Principal Amount are net of $25 million write-off (2) The senior loan was risk-rated 5 at December 31, 2022, then reassessed post-modification and is currently a risk-rated 3 loan. KREF Philadelphia Office Floating-Rate Senior Loan June 2018 2-Building, 978k RSF Office Portfolio Acquisition Philadelphia, PA $136 million (¹) $136 million (¹) $139 / SF SOFR + 3.5% 0.5 5(2) 24#25Case Studies: Watch List Loans (Risk Rating 4) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon LTV(¹) Max Remaining Term (Yrs.) Loan Risk Rating Mountain View Office Floating-Rate Senior Loan July 2021 Five Class-A Office Buildings totaling 446k SF Acquisition Mountain View, CA $250 million (2) $195 million $636 / SF SOFR + 3.4% 73% 3.6 4 Washington, D.C. Office Floating-Rate Senior Loan December 2019 Class-A Office totaling 200k SF Refinance Washington, D.C. $176 million $149 million $729 / SF LIBOR + 3.4% 58% 2.0 4 (1) LTV based on initial loan amount divided by the as-is appraised value as of the date the loan was originated (2) The total whole loan facility is $363 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 69% of the loan or $250 million KREF West Hollywood Multifamily Floating-Rate Senior Loan January 2022 37-unit Class-A Multifamily Refinance West Hollywood, CA $102 million $102 million $2,756,757 / unit LIBOR + 3.0% 65% 4.1 4 25#26KREF Conservative Liability Management 26#27Financing Overview: 77% Non-Mark-To-Market Diversified financing sources totaling $9.1 billion with $2.9 billion of undrawn capacity Summary of Outstanding Financing ($ in Millions) Term Credit Facilities Term Lending Agreements Asset Specific Financing Warehouse Facility Secured Term Loan Convertible Notes Corporate Revolving Credit Facility Total Debt Term Loan Facility Collateralized Loan Obligations Total Leverage Maximum Capacity $1,840 $1,881 $791 $500 $347 $144 $610 $6,112 $1,000 $1,943 $9,055 Outstanding Face Amount $1,436 $1,391 $311 $0 $347 $144 $0 $3,629 $632 $1,943 $6,204 Weighted Avg. Coupon (¹) +1.8% +1.8% +2.4% n/a +3.5% 6.1% n/a +1.8% +1.5% Advance Rate 68.5% 75.6% 79.9% n/a 80.4% 84.5% Non- MTM (2) Debt-To-Equity Ratio" Senior Loan Interests 4% Leverage Ratios Asset Specific_ Financing 5% 2.0X Secured Term_ Loan 5% Outstanding Secured Financing(5) Term Credit Facilities 23% 3.8X Term Loan Facility 10% Total Leverage (4) Ratio Collateralized Loan Obligation 31% Term Lending Agreements 22% Non-Mark- to-Market 77% (1) Weighted average coupon expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each financing (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions (3) Represents (i) total outstanding debt agreements (excluding non-recourse facilities), secured term loan and convertible notes, less cash to (ii) total permanent equity, in each case, at period end (4) Represents (i) total outstanding debt agreements, secured term loan, convertible notes, and collateralized loan obligation, less cash to (ii) total permanent equity, in each case, at period end (5) Based on outstanding face amount of secured financing, including non-consolidated senior interests, which result from non-recourse sales of senior loan interest in loans KREF originated, and excludes convertible notes and the corporate revolving credit facility KREF 27#28Focused on Growing Non-MTM Financing Capacity Creating a diversified liability structure built on non-mark-to-market financing has been a top priority $ in Millions $1,595 3Q'21 $52 4Q'21 $1,283 1Q'22 Summary of Non-MTM Financing Growth Since June 30, 2021 $540 $516 Over $4 billion of Non-MTM Financing Capacity added since the beginning of Q3 2021 2Q'22 3Q'22 $125 4Q'22 $4,111 $1,350 $491 $275 $52 $1,943 Term Lending Agreements Asset Specific Financings Corporate Revolver Secured Term Loan Total Added Since Beginning of 3Q'21(1)(2)(3) Collateralized Loan Obligations Bespoke Liabilities Public Markets Liabilities (1) In 3Q'21, KREF entered into a new $500.0M term lending agreement. The agreement was upsized by $250.0M in 10'22 and again by $250.0M in 30'22 (2) In 10'22 and 20'22, KREF increased the borrowing capacity on the corporate revolving credit facility by $185.0M and $90.0M, respectively, to $610.0M and extended the maturity by 5 years to March 2027 (3) In 4Q'21, KREF completed repricing of $297.8M existing secured term loan and a $52.2M add-on, for an aggregate principal amount of $350.0M at December 31, 2021, which was issued at par KREF 28#29Financing Overview: Term Credit Facilities ($ in Millions) Counterparty Drawn Capacity Collateral: Loans / Principal Balance Final Stated Maturity (¹) Weighted Average Pricing(²) Weighted Average Advance Mark-to-market (1) (2) (3) WELLS FARGO $673 $1,000 10 Loans / $924 September 2026 +1.5% 72.8% Credit Only Morgan Stanley $595 $600 11 Loans / $808 December 2023 + 2.0% 73.6% Credit Only Goldman Sachs $169 $240 7 Loans / $364 October 2025 + 2.2% 46.5% Credit Only Industrial 8% Total or Weighted Average Single Family Rental 2% Life Science 15% $1,436 28 Loans / $2,096 Based on extended maturity date Weighted average pricing expressed as spread over the relevant floating benchmark rates, which include one-month LIBOR and Term SOFR, as applicable to each financing Based on principal balance of financing KREF $1,840 +1.8% 68.5% Property Type(³): Office 35% Multifamily 39% 29#30Liquidity Overview In addition to the available liquidity below, KREF had $179 million of unencumbered senior loans that can be pledged to financing facilities subject to lender approval as of December 31, 2022 Sources of Available Liquidity ($ in Millions) $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 $240 Cash $610 Undrawn Corporate Revolver $102 Approved and Undrawn Credit Capacity (¹) $952 Total Available Liquidity (1) Represents under-levered amounts under financing facilities. While these amounts were previously contractually approved and/or drawn, in certain cases, the lender's consent is required for us to (re)borrow these amounts KREF 30#31Portfolio Positioned for Higher Rate Environment 100% floating-rate loan portfolio continues to benefit from a rising rate environment 55% indexed to Term SOFR and 45% to one-month LIBOR Annual Net Interest Income Per Share Sensitivity to Change in Market Rates One-month LIBOR = 4.39% Term SOFR = 4.36% As of December 31, 2022 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 $(0.05) $(0.10) $(0.15) $(0.20) $(0.25) $(0.20) -1.00% Note: Based on portfolio as of December 31, 2022 KREF $(0.10) -0.50% $0.00 0.00% Change in LIBOR/SOFR $0.10 +0.50% ($ Impact Per Share) $0.20 +1.00% 31#32Recent Operating Performance ($ in Millions) 1Q'22 Net Income and Distributable Earnings Net income (loss)(¹): $29.8 (1) (2) $19.4 Distributable earnings (²): $29.8 $33.1 2Q'22 $0.46 $0.47 1Q'22 $0.28 $0.48 2Q'22 3Q'22 ($48.4) $34.4 ($0.70) $0.50 3Q'22 Net Income (Loss) per Diluted Share Distributable Earnings per Diluted Share 4Q'22 $14.6 $12.4 $0.43 $0.21 $0.18 (3) 4Q'22⁹) Represents Net income (loss) attributable to common stockholders See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (3) 4Q'22 Distributable earnings before realized losses on loan write-offs is $0.54 per share KREF 1Q'22 Dividend per share: $0.43 Dividends and Book Value Per Share $19.46 1Q'22 2Q'22 $0.43 $0.43 Dividend yield on book value per share: 8.8% 8.9% 9.4% $19.36 3Q'22 2Q'22 $18.28 3Q'22 Book Value per Share 4Q'22 $0.43 9.6% $18.00 4Q'22 32#33Key Highlights Best in class investment portfolio -57% Multifamily and Industrial; 7% Life Science H HIFF FF F Scaled investment portfolio - +17% in net funded portfolio growth YoY KREF Conservative liability management – 77% diversified non-mark-to-market secured financing Fully integrated with KKR; aligned with shareholders - 14% ownership; ~$64B of real estate AUM Experienced leadership & asset management team - 75+ years of collective experience KKR REAL ESTATE FINANCE TRUST Strong liquidity position - Over $950 million of liquidity as of December 31, 2022, plus $179 million of unencumbered senior loans 33#34KREF Appendix 34#35Portfolio Details ($ in Millions) # Senior Loans 1⁹ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Investment (¹) Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan (10) Senior Loan Senior Loan Senior Loan Senior Loan (11) Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Location Arlington, VA Boston, MA Bellevue, WA Los Angeles, CA Various Mountain View, CA Bronx, NY Various Minneapolis, MN Various Washington, D.C. Boston, MA New York, NY The Woodlands, TX Philadelphia, PA Washington, D.C. West Palm Beach, FL Boston, MA Various Oakland, CA Plano, TX Chicago, IL Redwood City, CA Various Seattle, WA Dallas, TX Boston, MA Philadelphia, PA Arlington, VA Fontana, CA Fort Lauderdale, FL San Carlos, CA Irving, TX Cambridge, MA Pittsburgh, PA Miami, FL Las Vegas, NV Doral, FL San Diego, CA Orlando, FL West Hollywood, CA Boston, MA Washington, D.C. Phoenix, AZ Cary, NC Brisbane, CA Brandon, FL Dallas, TX Miami, FL Dallas, TX *See footnotes on subsequent page KREF Property Type Multifamily Life Science Office Multifamily Industrial Office Industrial Multifamily Office Industrial Office Office Condo (Residential) Hospitality Office Office Multifamily Life Science Self-Storage Office Office Office Life Science Industrial Life Science Office Multifamily Office Multifamily Industrial Hospitality Life Science Multifamily Life Science Student Housing Multifamily Multifamily Multifamily Multifamily. Multifamily Multifamily Industrial Office Industrial. Multifamily Life Science Multifamily Multifamily Multifamily Office Investment Date 9/30/2021 8/3/2022 9/13/2021 2/19/2021 4/28/2022 7/14/2021 8/27/2021 5/31/2019 11/13/2017 6/15/2022 11/9/2021 2/4/2021 12/20/2018 9/15/2021 4/11/2019 12/20/2019 12/29/2021 4/27/2021 12/21/2022 10/23/2020 2/6/2020 7/15/2019 9/30/2022 6/30/2021 10/1/2021 12/10/2021 3/29/20 6/19/2018 1/20/2022 5/11/2021 11/9/2018 2/1/2022 4/22/2021 12/22/2021 6/8/2021 10/28/2022 12/28/2021 12/10/2021 10/20/2021 12/14/2021 1/26/2022 6/28/2022 1/13/2022 1/13/2022 11/21/2022 7/22/2021 1/13/2022 12/23/2021 10/14/2021 1/22/2021 Total Whole Loan (2) $381.0 312.5 260.4 260.0 252.3 250.0 228.7 216.5 194.4 187.8 187.7 375.0 186.1 183.3 182.6 175.5 171.5 332.3 320.0 509.9 153.7 150.0 580.7 283.6 188.0 138.0 137.0 136.0 135.3 132.0 130.0 195.9 117.6 401.3 112.5 110.4 106.3 212.0 103.5 102.4 102.0 285.5 228.5 195.3 100.0 95.0 90.3 90.0 89.5 87.0 Committed Principal Amount (2) $381.0 312.5 260.4 260.0 252.3 250.0 228.7 216.5 194.4 187.8 187.7 187.5 186.1 183.3 182.6 175.5 171.5 166.2 160.0 159.7 153.7 150.0 145.2 141.8 140.3 138.0 37.0 136.0 135.3 132.0 130.0 125.0 117.6 115.7 112.5 110.4 106.3 106.0 103.5 102.4 102.0 100.0 100.0 100.0 100.0 95.0 90.3 90.0 89.5 87.0 Current Principal Amount $361.5 85.7 104.7 250.0 252.3 195.3 156.7 216.5 194.4 142.2 167.2 187.5 177.8 173.8 158.8 149.0 170.2 139.5 20.1 134.1 148.0 118.2 0.0 71.9 111.2 136.5 137.0 136.0 131.4 88.4 130.0 87.8 112.5 67.4 112.5 94.0 102.0 106.0 103.5 88.9 102.0 98.7 58.7 41.9 93.3 90.8 64.4 77.5 89.5 87.0 Net Equity(3) $79.1 10.1 29.4 38.4 49.3 49.0 40.3 39.2 87.6 27.6 49.1 37.4 56.2 33.8 26.9 42.4 26.2 27.7 3.5 21.1 25.0 21.0 (1.4) 70.6 29.7 25.9 30.8 136.8 32.3 59.5 24.1 21.3 17.7 18.9 17.1 22.5 19.9 21.0 18.6 21.6 15.3 19.6 10.2 11.6 17.5 17.7 9.0 15.0 17.2 21.2 Coupon (4) (5) +3.3% +4.2% +3.6% +3.6% +2.7% +3.4% +4.2% +4.0% +3.8% +2.9% +3.3% +3.3% +3.6% +4.2% +2.6% +3.4% +2.8% +3.6% +3.8% +4.3% +2.7% +3.3% +4.5% +5.5% +3.1% +3.7% +3.4% +3.5% +2.9% +4.7% +3.5% +3.6% +3.3% +4.0% +2.9% +3.8% +2.7% +2.8% +2.8% +3.1% +3.0% +3.0% +3.2% +4.0% +3.4% +3.1% +3,1% +2.8% +2.9% +3.3% Max Remaining Term (Yrs)(4)(6) 3.8 4.6 4.3 3.2 4.4 3.6 3.7 1.4 0.3 4.5 3.9 3.1 1.0 3.8 1.4 2.0 4.0 3.4 5.0 2.9 2.1 1.6 4.8 3.5 3.8 3.9 1.3 0.5 4.1 3.4 0.9 4.1 3.4 4.0 3.4 4.9 4.0 3.9 3.9 4.0 4.1 4.5 5.1 4.1 4.9 3.6 4.1 4.0 3.9 3.1 Loan Per SF / Unit / Key(7) $325,707 / unit $747/SF $ 855/SF $ 466,400/unit $ 98/SF $636/SF $ 277/SF $ 202,336 / unit $ 179/ SF $ 102/SF $ 469 / SF $ 506 / SF $ 1,393 / SF $191,243/key $ 222/SF $729/SF $ 209,632 / unit $579/SF $ 34/SF $ 412/SF $ 205/SF $ 114/SF $ 885 / SF $72/SF $ 710 / SF $ 434/SF $ 351,282/unit $ 139/SF $ 438,078/unit $ 113/SF $375,723 / key $ 599/SF $ 123,877/unit $ 1,072/SF $ 155,602/unit $333,333/unit $ 193,182/unit $335,975/unit $ 448,052/unit $ 234,565 / unit $ 2,756,757 / unit $ 197 / SF $ 215/SF $57/SF $ 239,231 / unit $ 784/SF $ 192,188/unit $ 238,488 / unit $ 304,422 / unit $ 294 / SF LTV(4)(8) 69% 56% 63% 68% 64% 73% 52% 74% n.a. 50% 55% 71% 69% 64% n.a. 58% 73% 66% 61% 54% 63% 57% 53% 62% 69% 68% 59% n.a. 65% 64% 66% 68% 70% 51% 74% 51% 61% 77% 71% 74% 65% 52% 55% 57% 63% 71% 75% 67% 76% 65% Risk Rating 3 3 3 3 3 4 3 3 5 3 3 3 3 3 5 4 3 3 3 3 3 3 3 3 3 3 3 5 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 35#36Portfolio Details ($ in Millions) # Senior Loans (⁹) 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 Investment (¹) Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Seni r Loan. Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan(¹2) Senior Loan Total/Weighted Average Non-Senior Loans 1 Corporate Total / Weighted Average CMBS B-Pieces RECOP (13) 1 Total / Weighted Average Real Estate Owned 1 Real Estate Asset Total/Weighted Average Portfolio Total / Weighted Average Location Charlotte, NC San Antonio, TX Scottsdale, AZ Raleigh, NC Hollywood, FL Phoenix, AZ Arlington, Denver, CO Washington, D.C. Dallas, TX Manassas Park, VA Plano, TX Nashville, TN Atlanta, GA Durham, NC San Antonio, TX Sharon, MA Queens, NY Reno, NV Carrollton, TX Dallas, TX Georgetown, TX San Diego, CA New York, NY Denver, CO *See footnotes on subsequent page KREF n.a. Various Portland, OR Property Type Multifamily Multifamily Multifamily Multifamily Multifamily Single Family Rental Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Hospitality Multifamily Multifamily Multifamily Multifamily Industrial. Industrial Multifamily Multifamily Multifamily Multifamily Condo (Residential) Industrial Multifamily Various Retail Investment Date 12/14/2021 6/1/2022 5/9/2022 4/27/2022 12/20/2021 4/22/2021 10/23/2020 9/14/2021 12/4/2020 8/18/2021 2/25/2022 3/31/2022 12/9/2021 12/10/2021 12/15/2021 4/20/2022 12/1/2021 2/22/2022 4/28/2022 4/1/2022 4/1/2022 12/16/2021 4/29/2022 8/4/2017 12/11/2020 12/11/2020 2/13/2017 12/16/2021 Total Whole Loan(2) $86.8 246.5 169.0 82.9 81.0 72.1 70.3 69.0 68.2 68.0 67.8 66.0 61.5 60.0 57.6 56.9 55.3 140.4 48.5 43.9 41.8 203.0 20.1 15.4 $13,216.4 101.1 101.1 n.a. n.a. Committed Principal Amount(2) $86.8 86.3 84.5 82.9 81.0 72.1 70.3 69.0 68.2 68.0 67.8 66.0 61.5 60.0 57.6 56.9 55.3 50.5 48.5 43.9 41.8 40.0 20.1 15.4 $9,321.3 40.4 40.4 40.0 40.0 n.a. 9,401.8 Current Principal Amount $76.0 80.3 84.5 77.7 81.0 40.2 70.9 69.9 66.7 68.2 68.0 65.8 64.7 57.8 53.6 55.9 56.9 52.7 50.5 45.6 40.3 41.8 39.1 20.1 7.4 $7,760.0 40.4 40.4 35.7 35.7 80.2 80.2 7,916.4 Net Equity (3) $11.0 19.7 12.8 16.0 14.8 11.7 11.8 10.9 10.0 13.2 18.8 10.3 14.4 9.6 10.7 8.4 13.6 11.1 13.8 11.3 10.2 6.8 20.1 3.3 $1,867.7 40.2 40.2 35.7 35.7 80.2 79.7 2,023.8 Coupon(4)(5) +3.1% +2.8% +2.9% +3.0% +3.0% +4.8% +2.7% +3.5% +3.9% +2.7% +2.8% +3.6% +3.0% +3.0% +2.7% +2.8% +4.0% +2.7% +2.9% +2.9% +3.4% +2.6% +4.2% +3.8% +3.3% +12.0% +12.0% 4.7% 4.7% n.a. 7.8% Max Remaining Term (Yrs)(4)(6) 4.0 4.4 4.4 4.4 4.0 3.4 2.8 3.8 2.9 3.7 4.2 4.3 4.0 4.0 4.0 4.4 3.9 1.2 4.4 4.3 4.3 4.0 4.4 0.3 3.0 3.3 3.0 3.0 6.4 6.4 n.a. 3.3 Loan Per SF / Unit / Key(7) $ 206,522 / unit $ 88,134 / unit $ 457,995/ unit $ 242,761 / unit $ 327,935 / unit $ 157,092 / unit $ 393,858 / unit $288,951/unit $ 266,727 / unit $ 189,444 / unit $ 223,684 / unit $ 247,505 / unit $ 281,237/key $191,491/ unit $ 155,225/unit $ 163,441 / unit $ 296,484 / unit $85/SF $ 117/SF $ 142,435 / unit $ 113,142/ unit $ 199,048/ unit $ 449,065 / unit $ 1,061/SF $ 47/SF n.a. n.a. n.a. LTV(4)(8) 74% 68% 64% 68% 74% 50% 73% 78% 63% 70% 73% 75% 68% 67% 67% 79% 70% 68% 74% 74% 73% 68% 63% 73% 61% 66% n.a. n.a. 58% 58% n.a. 66% Risk Rating 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3.2 3 3.0 n.a. n.a. 3.2 36#37Portfolio Details Our total portfolio represents the current principal amount on senior, mezzanine and corporate loans, net equity in RECOP I, which holds CMBS B-Piece investments, and net carrying value of our sole REO investment. Excludes one impaired mezzanine loan with an outstanding principal of $5.5 million that was fully written off. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) For Senior Loan 12, the total whole loan is $375.0 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the loan or $187.5 million, of which $150.0 million in senior notes were syndicated to a third party. Post syndication, we retained a mezzanine loan with a commitment of $37.5 million, fully funded as of December 31, 2022, at an interest rate of L+7.9%. For Senior Loan 20, the total whole loan is $509.9 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 31% of the loan or $159.7 million, of which $134.7 million in senior notes were syndicated to third party lenders. Post syndication, we retained a mezzanine loan with a commitment of $25.0 million, of which $21.0 million was funded as of December 31, 2022, at an interest rate of L+12.9%. Total Whole Loan represents total commitment of the entire whole loan originated. Committed Principal Amount includes participations by KKR affiliated entities and third parties that are syndicated/sold. Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; and (ii) the cost basis of our investments in RECOP I and REO. Weighted average is weighted by the current principal amount for our senior, mezzanine and corporate loans and by net equity for our RECOPI CMBS B-Pieces. Non-Senior Loan 1 and risk- rated 5 loans are excluded from the weighted average LTV. Coupon expressed as spread over the relevant floating benchmark rates, which include LIBOR and Term SOFR, as applicable to each loan. As of December 31, 2022, 44.6% and 55.4% of our loans by principal amount earned a floating rate of interest indexed to Term SOFR and LIBOR, respectively. Max remaining term (years) assumes all extension options are exercised, if applicable. Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 2, 3, 7, 23, 24, 30, 34, 44, 56, and 75, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key. For senior loans, LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated or by the current principal amount as of the date of the most recent as-is appraised value; for mezzanine loans, LTV is based on the current balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for RECOPI CMBS B-Pieces, LTV is based on the weighted average LTV of the underlying loan pool at issuance. Weighted Average LTV excludes risk rated-5 loans and one fully funded corporate loan to a multifamily operator with an outstanding principal amount of $40.4 million. For Senior Loans 13 and 74, LTV is based on the current principal amount divided by the adjusted appraised gross sellout value net of sales cost. For Senior Loans 2, 3, 7, 23, 24, 30, 34, 44, 56, and 75, LTV is calculated as the total commitment amount of the loan divided by the as-stabilized value as of the date the loan was originated. Senior loans include senior mortgages and similar credit quality investments, including junior participations in our originated senior loans for which we have syndicated the senior participations and retained the junior participations for our portfolio and excludes vertical loan participations. For Senior Loan 24, the total whole loan facility is $283.6 million, co-originated and co-funded by us and a KKR affiliate. Our interest was 50% of the facility or $141.8 million. The facility is comprised of individual cross-collateralized whole loans. As of December 31, 2022, there were ten underlying senior loans in the facility with a commitment of $141.8 million and outstanding principal of $71.9 million. For Senior Loan 28, Total Whole Loan, Committed Principal Amount, and Current Principal Amount are shown net of a $25.0 million write-off. For Senior Loan 74, Loan per SF of $1,061 is based on the allocated loan amount of the residential units. Excluding the value of the retail and parking components of the collateral, the Loan per SF is $2,321 based on allocating the full amount of the loan to only the residential units. Represents our investment in an aggregator vehicle alongside RECOP I that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current principal represents the current funded amount. KREF 37#38Fully Extended Loan Maturities Fully extended weighted average loan maturity of 3.3 years (¹) ($ in Millions) $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 $481 2023 $861 2024 (1) Excludes CMBS B-Pieces held through an equity method investment KREF Fully Extended Loan Maturities (¹) $609 2025 $2,984 2026 $2,787 2027 T $79 2028 38#39Consolidated Balance Sheets (in thousands - except share and per share data) Assets Cash and cash equivalents(¹) Commercial real estate loans, held-for-investment Less: Allowance for credit losses Commercial real estate loans, held-for-investment, net Real estate owned, net Accrued interest receivable Equity method investments Other assets (2) Total Assets Liabilities and Equity Liabilities Secured financing agreements, net Collateralized loan obligations, net Secured term loan, net Convertible notes, net Dividends payable Accrued interest payable Accounts payable, accrued expenses and other liabilities (3) Due to affiliates Total Liabilities Commitments and Contingencies Equity Preferred Stock, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, $0.01 par value, (13,110,000 and 6,900,000 shares issued and outstanding as of December 31, 2022 and 2021, respectively; liquidation preference of $25.00 per share) Common stock, $0.01 par value, 300,000,000 authorized (75,080,707 and 65,271,058 shares issued; 69,095,011 and 61,370,732 shares outstanding as of December 31, 2022 and 2021, respectively) Additional paid-in capital Accumulated deficit Repurchased stock (5,985,696 and 3,900,326 shares repurchased as of December 31, 2022 and 2021, respectively) Total KKR Real Estate Finance Trust Inc. stockholders' equity Noncontrolling interests in equity of consolidated joint venture Total Equity Total Liabilities and Equity (1) Includes $151 million and $54 million held in collateralized loan obligation as of December 31, 2022 and 2021, respectively (2) Includes $11 million and $2 million of restricted cash as of December 31, 2022 and 2021, respectively (3) Includes $4 million and $2 million of expected loss reserve for unfunded loan commitments as of December 31, 2022 and 2021, respectively KREF $ $ $ $ December 31, 2022 239,791 7,494,138 (106,974) 7,387,164 80,231 39,005 36,849 19,281 7,802,321 3,748,691 1,935,592 336,828 143,237 29,711 17,859 10,245 8,722 6,230,885 131 691 1,808,983 (141,503) (96,764) 1,571,538 (102) 1,571,436 7,802,321 $ $ $ $ December 31, 2021 271,487 6,316,733 (22,244) 6,294,489 78,569 15,241 35,537 7,916 6,703,239 3,726,593 1,087,976 338,549 141,851 26,589 6,627 7,521 5,952 5,341,658 69 613 1,459,959 (38,208) (60,999) 1,361,434 147 1,361,581 6,703,239 39#40Consolidated Statements of Income Three Months Ended September 30, 2022 (in thousands - except share and per share data) Net Interest Income Interest income Interest expense Total net ineterest income Other income Revenue from real estate owned operations Income from equity method investments Other income Gain on sale of investments Total other income Operating Expenses General and administrative Provision for (reversal of) credit losses, net Management fees to affiliate Incentive compensation to affiliate Expenses from real estate owned operations Total operating expenses Income (Loss) Before Income Taxes, Noncontrolling Interests, Preferred Dividends, Redemption Value Adjustment and Participating Securities' Share in Earnings Income tax expense Net Income (Loss) Noncontrolling interests in income (loss) of consolidated joint venture Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries Preferred Stock dividends and redemption value adjustment Participating securities' shares in earnings Net Income (Loss) Attributable to Common Stockholders Net Income (Loss) Per Share of Common Stock, Basic Net Income (Loss) Per Share of Common Stock, Diluted Weighted Average Number of Shares of Common Stock Outstanding, Basic Weighted Average Number of Shares of Common Stock Outstanding, Diluted Dividends Declared per Share of Common Stock KREF $ $ $ $ $ December 31, 2022 143,508 91,592 51,916 2,417 820 1,576 4,813 4,576 21,189 6,578 634 3,593 36,570 20,159 58 20,101 (227) 20,328 5,326 400 14,602 0.21 0.21 69,109,790 69,109,790 0.43 $ $ $ $ $ 114,627 67,311 47,316 2,092 914 840 3,846 4,286 80,604 6,589 2,598 94,077 (42,915) (42,915) (161) (42,754) 5,326 341 (48,421) $ (0.70) $ (0.70) $ 69,382,730 $ 69,382,730 0.43 $ December 31, 2021 72,715 30,266 42,449 1,863 390 5,126 7,379 3,383 (3,077) 5,289 3,463 9,058 40,770 427 40,343 40,343 4,966 179 35,198 0.59 0.59 59,364,672 59,453,264 0.43 $ $ $ $ $ December 31, 2022 421,968 236,095 185,873 8,971 4,655 5,568 19,194 17,616 112,373 25,680 634 11,113 167,416 37,651 58 37,593 (510) 38,103 21,304 1,428 15,371 0.23 0.23 67,553,578 67,553,578 1.72 $ $ $ $ $ Year Ended December 31, 2021 279,950 114,439 165,511 6,371 686 5,126 12,183 14,235 (4,059) 19,378 10,273 39,827 137,867 684 137,183 137,183 11,369 179 125,635 2.22 2.21 56,571,200 56,783,388 1.72 $ $ December 31, 2020 $ $ $ 269,188 127,312 141,876 537 744 1,281 14,238 50,344 16,992 6,774 88,348 54,809 412 54,397 54,397 844 53,553 0.96 0.96 55,985,014 40 56,057,237 1.72#41Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (in thousands - except share and per share data) Net Income (Loss) Attributable to Common Stockholders Adjustments Non-cash equity compensation expense Unrealized (gains) or losses, net (2) Provision for (reversal of) credit losses, net Non-cash convertible notes discount amortization Distributable Earnings before realized loss on loan write-off Realized loss on loan write-off(3) Distributable Earnings Weighted average number of shares of common stock outstanding, diluted (1) (2) (3) $ $ $ Year Ended December 31, 2022 15,371 $ 7,835 (1,326) 112,373 361 134,614 $ (25,000) 109,614 $ 67,553,578 Per Diluted Share (¹) 0.23 $ 0.12 (0.02) 1.66 0.01 1.99 (0.37) 1.62 $ $ December 31, 2022 14,602 $ 1,494 (25) 21,189 91 September 30, 2022 (48,421) Three Months Ended 37,351 $ (25,000) 12,351 $ 69,109,790 2,175 (79) 80,604 91 34,370 $ 34,370 69,382,730 June 30, 2022 $ 19,394 Numbers presented may not foot due to rounding Includes primarily unrealized mark-to-market adjustment to CMBS B-Pieces held through an equity method investment Includes a $25 million write-off on a portion of a $161 million defaulted senior office loan that was deemed uncollectible during the year ended December 31, 2022 KREF $ 2,040 (190) 11,798 90 March 31, 2022 $ 29,796 33,132 $ 33,132 $ 68,549,049 2,126 (1,032) (1,218) 89 29,761 29,761 63,086,452 41#42Reconciliation of GAAP Net Income to Distributable Earnings (in thousands - except share and per share data) Net Income (Loss) Attributable to Common Stockholders Adjustments Non-cash equity compensation expense Unrealized (gains) or losses, net (2) Provision for (reversal of) credit losses, net Gain on redemption of non-voting manager units Non-cash convertible notes discount amortization Distributable Earnings before realized loss on loan write-offs Realized loss on loan write-offs(3) Distributable Earnings Weighted average number of shares of common stock outstanding, diluted (1) (2) (3) $ $ $ December 31, 2022 15,371 $ 7,835 (1,326) 112,373 361 134,614 (25,000) 109,614 $ 67,553,578 Per Diluted Share (¹) 0.23 0.12 (0.02) 1.66 $ 0.01 1.99 $ (0.37) 1.62 $ Year Ended December 31, 2021 125,635 $ 7,428 1,059 (4,059) (5,126) 361 125,298 $ (32,905) 92,393 $ 56,783,388 Per Diluted Share (¹) 2.21 $ 0.13 0.02 December 31, 2020 (0.07) (0.09) 0.01 2.21 (0.58) 1.63 $ $ 53,553 $ 5,676 4,036 50,344 362 113,971 (4,650) 109,321 $ $ 56,057,237 Per Diluted Share (¹) Numbers presented may not foot due to rounding Includes primarily unrealized mark-to-market adjustment to CMBS B-Pieces held through an equity method investment and non-cash redemption value adjustment of our Special Non-Voting Preferred Stock Includes a $25 million write-off on a portion of a $161 million defaulted senior office loan that was deemed uncollectible during the year ended December 31, 2022. Includes $32 million write-off on a defaulted senior retail loan for which we took title of the underlying property and $1 million write-off of the remaining balance on an impaired mezzanine retail loan during the year ended December 31, 2021. Includes $5 million write-off on a mezzanine retail loan that was deemed uncollectible during the year ended December 31, 2020 KREF 0.96 42 0.10 0.06 0.90 0.01 2.03 (0.08) 1.95#43Key Definitions "Distributable Earnings": Commencing for all periods ending on or after December 31, 2020, the Company has elected to present Distributable Earnings, a measure that is not prepared in accordance with GAAP, as a supplemental basis to KREF's net income as determined in accordance with GAAP as the Company believes it would be useful to investors in evaluating the Company's operating performance and its ability to pay its dividends. Distributable Earnings replaces the Company's prior presentation of Core Earnings, and Core Earnings presentations from prior reporting periods have been recast as Distributable Earnings. The Company defines Distributable Earnings as net income (loss) attributable to stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items agreed upon after discussions between the Company's Manager and board of directors and after approval by a majority of the independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments. Distributable Earnings should not be considered as a substitute for GAAP net income. The Company cautions readers that its methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company's reported Distributable Earnings may not be comparable to similar measures presented by other REITS. The weighted average diluted shares outstanding used for purposes of calculating Distributable Earnings per diluted weighted average share has been adjusted from the weighted average diluted shares outstanding under GAAP to exclude potential shares that may be issued upon the conversion of the Convertible Notes. Consistent with the treatment of other unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs, which we believe is a useful presentation for investors. We believe that excluding shares issued in connection with a potential conversion of the Convertible Notes from our computation of Distributable Earnings per diluted weighted average share is useful to investors for various reasons, including: (i) conversion of Convertible Notes to shares would require the holder of a note to elect to convert the Convertible Note and for us to elect to settle the conversion in the form of shares, and we currently intend to settle the Convertible Notes in cash; (ii) future conversion decisions by note holders will be based on our stock price in the future, which is presently not determinable; and (iii) we believe that when evaluating our operating performance, investors and potential investors consider our Distributable Earnings relative to our actual distributions, which are based on shares outstanding and not shares that might be issued in the future. LEED: LEED is the most widely used green building rating system in the world. LEED certification provides independent verification of a building or neighborhood's green features, allowing for the design, construction, operations and maintenance of resource-efficient, high-performing, healthy, cost-effective buildings. KREF 43